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Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-21-000016:open-20210511.htm#b22"], "char_count": 330, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "124438812e16634be9b6b3b6c792bbd89a1ecf58f852b1c80f17dd10219718ef", "derivation_id": "5c4a760dc8eab8af9e193ac805028d2e4e9b7153616be39f7ba89b360c85ca84", "document_id": "norm:0001801169:0001801169-21-000016:open-20210511.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2021-05-11", "filing_id": "sec:0001801169:0001801169-21-000016", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 2.02", "Results of Operations and Financial Condition"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000016:open-20210511.htm", "block_sequence": 22, "char_end": 330, "char_start": 0, "fragment_sha256": "6f91f4bfbe483ba3ea8ab5d1f5d4befec18f90c5ad8d4c23d557bdd45467a6d9", "heading_path": ["N/A", "Item 2.02", "Results of Operations and Financial Condition"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000016:open-20210511.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-05-11", "section_id": "norm:0001801169:0001801169-21-000016:open-20210511.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-21-000016:open-20210511.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000016/open-20210511.htm", "table_id": null, "text": "On May 11, 2021, Opendoor Technologies Inc. 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A copy of the press release and the shareholder letter is furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-21-000016:open-20210511.htm#b24"], "char_count": 767, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7d7ac4752b16cfe9154ff7128d9916ac97b7ebd6a02c46739aa126f63561d26f", "derivation_id": "5c4a760dc8eab8af9e193ac805028d2e4e9b7153616be39f7ba89b360c85ca84", "document_id": "norm:0001801169:0001801169-21-000016:open-20210511.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2021-05-11", "filing_id": "sec:0001801169:0001801169-21-000016", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 7.01 Regulation FD Disclosure"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000016:open-20210511.htm", "block_sequence": 24, "char_end": 767, "char_start": 0, "fragment_sha256": "85f9b98003409466124fcb1e0df5f9cb13956e9220c82576c410b2c1fe5951d8", "heading_path": ["N/A", "Item 7.01 Regulation FD Disclosure"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000016:open-20210511.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-05-11", "section_id": "norm:0001801169:0001801169-21-000016:open-20210511.htm#s14", "source_artifact_id": "sec:0001801169:0001801169-21-000016:open-20210511.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000016/open-20210511.htm", "table_id": null, "text": "On May 11, 2021, the Company posted an earnings supplement (the “Supplement”) in the “Investor Relations” portion of its website at investor.opendoor.com. A copy of the Supplement is attached to this Current Report on Form 8-K as Exhibit 99.3. The information contained in Items 2.02 and 7.01 of this Current Report (including Exhibits 99.1, 99.2, and 99.3 attached hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-21-000016:open-20210511.htm#b27"], "char_count": 12, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1bb512677b8189f063271298af785857c211249e9a13edc9cf8a2d4545faefd7", "derivation_id": "5c4a760dc8eab8af9e193ac805028d2e4e9b7153616be39f7ba89b360c85ca84", "document_id": "norm:0001801169:0001801169-21-000016:open-20210511.htm", "document_type": 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(Nasdaq: OPEN), a leading digital platform for residential real estate, today reported financial results for its quarter ended March 31, 2021. Opendoor\u2019s First Quarter 2021 financial results and management commentary can be accessed through the Company\u2019s shareholder letter on the quarterly results page of Opendoor\u2019s investor relations website at https://investor.opendoor.com. \u201cWe are relentless in our pursuit of making it possible to buy, sell, and move at the tap of a button,\u201d said Eric Wu, Co-Founder and CEO of Opendoor. \u201cWe exceeded our guidance for Q1 and are experiencing strong momentum as we look forward to the rest of the year. This quarter marked a number of record firsts for us - offer requests, conversion of real sellers and number of market launches. And we did this with an NPS north of 80 from our sellers, reminding us that customers love what we are building. While we are proud of these results, we are energized and focused on the opportunities ahead of us.\u201d" + }, + { + "block_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b12", + "block_sequence": 12, + "block_sha256": "a6d5472b2970d188397362cbeb120c141dfa00ea685622341f4da2accca23ec9", + "block_type": "heading", + "char_count": 35, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", + "block_sequence": 12, + "char_end": 35, + "char_start": 0, + "fragment_sha256": "8f4803ade21027cea3732425b5d91aff522b9219c7b3a8bb471d178586335c09", + "heading_path": [ + "EX-99.1", + "Exhibit 99.1", + "Opendoor Announces First Quarter 2021 Financial Results", + "GAAP Gross Profit of $97 million, or 13% of Total Revenue", + "Conference Call and Webcast Details" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s9", + "table": null, + "text": "Conference Call and Webcast Details" + }, + { + "block_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b13", + "block_sequence": 13, + "block_sha256": "f4a2eff3e38d24000db70fc040d612da06b1aa11796409c44e489636a4df7065", + "block_type": "paragraph", + "char_count": 323, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", + "block_sequence": 13, + "char_end": 323, + "char_start": 0, + "fragment_sha256": "4927b44a2d9221463257fa7f2395847b1eb1195d16268d0d207e09ae2ac332ea", + "heading_path": [ + "EX-99.1", + "Exhibit 99.1", + "Opendoor Announces First Quarter 2021 Financial Results", + "GAAP Gross Profit of $97 million, or 13% of Total Revenue", + "Conference Call and Webcast Details" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s9", + "table": null, + "text": "Opendoor will host a conference call to discuss its financial results on May 11, 2021 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call." + }, + { + "block_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b14", + "block_sequence": 14, + "block_sha256": "1d8469bf9c663edb3c938b337e8eb7b6386c9f6dc8633427fe813d5f0ad02182", + "block_type": "heading", + "char_count": 26, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", + "block_sequence": 14, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "1c1b2c1ff491441a71c1994c5ace986494b37cd4881e2f3417345dd8ad104d6e", + "heading_path": [ + "EX-99.1", + "Exhibit 99.1", + "Opendoor Announces First Quarter 2021 Financial Results", + "GAAP Gross Profit of $97 million, or 13% of Total Revenue", + "Forward Looking Statements" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s10", + "table": null, + "text": "Forward Looking Statements" + }, + { + "block_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b15", + "block_sequence": 15, + "block_sha256": "4e07fac9190a94c49055e699ffbdbdf33bbebb7cae2622e0f26951edd6907d2a", + "block_type": "paragraph", + "char_count": 3003, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", + "block_sequence": 15, + "char_end": 3003, + "char_start": 0, + "fragment_sha256": "4c586102922b74853633ed5d531dee7b6a48bfea89c8395dadafe1ebefee856e", + "heading_path": [ + "EX-99.1", + "Exhibit 99.1", + "Opendoor Announces First Quarter 2021 Financial Results", + "GAAP Gross Profit of $97 million, or 13% of Total Revenue", + "Forward Looking Statements" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s10", + "table": null, + "text": "This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our financial condition, anticipated financial performance, business strategy and plans, market opportunity and expansion and objectives of management for future operations. These forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject,\u201d \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cwill\u201d, or \u201cwould\u201d, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to our public securities\u2019 potential liquidity and trading; our ability to raise financing in the future; our success in retaining or recruiting, or changes required in, our offices, key employees or directors; the impact of the regulatory environment and complexities with compliance related to such environment; our ability to remediate our material weaknesses; various factors relating to our business, operations and financial performance, including, but not limited to, the impact of the COVID-19 pandemic on our ability to grow market share; our ability to respond to general economic conditions and the health of the U.S. residential real estate industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \"Risk Factors\" in our annual report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on March 4, 2021, as updated by our quarterly report on Form 10-Q for the quarter ended March 31, 2021, and our other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. 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| | | $ | 1,412,665 | |\n| Restricted cash | | 143,311 | | | 92,863 | | | |\n| Marketable securities | | 58,619 | | | 47,637 | | | |\n| Mortgage loans held for sale pledged under agreements to repurchase | | 8,307 | | | 7,529 | | | |\n| Escrow receivable | | 19,264 | | | 1,494 | | | |\n| Real estate inventory, net | | 840,632 | | | 465,936 | | | |\n| Other current assets ($414 and $373 carried at fair value) | | 33,292 | | | 24,987 | | | |\n| Total current assets | | 3,143,301 | | | 2,053,111 | | | |\n| PROPERTY AND EQUIPMENT \u2013 Net | | 31,042 | | | 29,228 | | | |\n| RIGHT OF USE ASSETS | | 47,114 | | | 49,517 | | | |\n| GOODWILL | | 30,945 | | | 30,945 | | | |\n| INTANGIBLES \u2013 Net | | 8,104 | | | 8,684 | | | |\n| OTHER ASSETS ($10,000 and $0 carried at fair value) | | 11,206 | | | 4,097 | | | |\n| TOTAL ASSETS | | $ | 3,271,712 | | | $ | 2,175,582 | |\n| LIABILITIES AND SHAREHOLDERS\u2019 EQUITY | | | | | | | | |\n| CURRENT LIABILITIES: | | | | | | | | |\n| Accounts payable 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"has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.95, + "markdown": "| | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| | Three Months Ended March 31, | | | | | | |\n| | 2021 | | 2020 | | | | |\n| CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | |\n| Net loss | $ | (270,436) | | | $ | (62,196) | |\n| Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: | | | | | | | |\n| Depreciation and amortization \u2013 net of accretion | 10,302 | | | 9,522 | | | |\n| Amortization of right of use asset | 2,457 | | | 3,660 | | | |\n| Stock-based compensation | 238,832 | | | 2,970 | | | |\n| Derivative and warrant fair value adjustment | 15,272 | | | 1,012 | | | |\n| Gain on settlement of lease liabilities | (5,237) | | | \u2014 | | | |\n| Inventory valuation adjustment | 20 | | | 6,221 | | | |\n| Changes in fair value of derivative instruments | (41) | | | (44) | | | |\n| Payment-in-kind interest | \u2014 | | | 1,349 | | | |\n| Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale | (977) | | | (355) | | | |\n| Origination of mortgage loans held for sale | (32,082) | | | (17,658) | | | |\n| Proceeds from sale and principal collections of mortgage loans held for sale | 32,281 | | | 15,453 | | | |\n| Changes in operating assets and liabilities: | | | | | | | |\n| Escrow receivable | (17,770) | | | (826) | | | |\n| Real estate inventories | (374,665) | | | 480,170 | | | |\n| Other assets | (9,128) | | | 6,379 | | | |\n| Accounts payable and other accrued liabilities | 15,680 | | | (4,597) | | | |\n| Interest payable | 344 | | | (1,590) | | | |\n| Lease liabilities | (9,559) | | | (3,088) | | | |\n| Net cash (used in) provided by operating activities | (404,707) | | | 436,382 | | | |\n| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | |\n| Purchase of property and equipment | (4,141) | | | (5,684) | | | |\n| Purchase of marketable securities | (34,583) | | | (69,778) | | | |\n| Proceeds from sales, maturities, redemptions and paydowns of marketable securities | 23,437 | | | 20,310 | | | |\n| Purchase of non-marketable equity securities | (10,000) | | | \u2014 | | | |\n| | | | | | | | |\n| Net cash used in investing activities | (25,287) | | | (55,152) | | | |\n| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from exercise of stock options | 250 | | | 411 | | | |\n| | | | | | | | |\n| Proceeds from the February 2021 Offering | 886,067 | | | \u2014 | | | |\n| Issuance cost of common stock | (28,848) | | | \u2014 | | | |\n| | | | | | | | |\n| Proceeds from credit facilities and other secured borrowings | 704,047 | | | 662,268 | | | |\n| Principal payments on credit facilities and other secured borrowings | (453,806) | | | (1,008,407) | | | |\n| Payment of loan origination fees and debt issuance costs | (57) | | | (1,187) | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Net cash provided by (used in) financing activities | 1,107,653 | | | (346,915) | | | |\n| NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 677,659 | | | 34,315 | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 Beginning of period | 1,505,528 | | | 684,822 | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 End of period | $ | 2,183,187 | | | $ | 719,137 | |\n| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION \u2013 Cash paid during the period for interest | $ | 9,091 | | | $ | 25,186 | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: | | | | | | | |\n| Cash and cash equivalents | $ | 2,039,876 | | | $ | 409,257 | |\n| Restricted cash | 143,311 | | | 309,880 | | | |\n| Cash, 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"sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", + "block_sequence": 39, + "char_end": 1270, + "char_start": 0, + "fragment_sha256": "756d61eb1f65dcbce994e96607d27275cac1d5b9aa9baaeca3c3839586dfbd8a", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s21", + "table": null, + "text": "To provide investors with additional information regarding the Company\u2019s financial results, this press release includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit, Contribution Profit After Interest, Adjusted Net Loss, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results." + }, + { + "block_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b40", + "block_sequence": 40, + "block_sha256": "d36dc3f3a1409994d5fd201d8582e0e68e2c36bec47c148908292fec8a24bbbe", + "block_type": "heading", + "char_count": 81, + "level": 8, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", + "block_sequence": 40, + "char_end": 81, + "char_start": 0, + "fragment_sha256": "78cfde759c71ab9456e04e200bad20f55d9df67455a0c0e05b2942c2622084f4", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s22", + "table": null, + "text": "Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest" + }, + { + "block_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b41", + "block_sequence": 41, + "block_sha256": "78335f9fbb67b9ab06705a002c21125746b994e271b39d1b92d50f19f55736e5", + "block_type": "paragraph", + "char_count": 2327, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", + "block_sequence": 41, + "char_end": 2327, + "char_start": 0, + "fragment_sha256": "d3c373a2b9b58cde27c3506af30ae7a7baa9694c7c2a3d5692b4191f92eaade6", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s22", + "table": null, + "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest, which are non-GAAP financial measures. We believe that Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance in our key markets. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Contribution Profit After Interest further impacts gross profit by including interest costs attributable to homes sold during a reporting period. We believe these measures facilitate meaningful period over period comparisons and illustrate our ability to generate returns on assets sold after considering the costs directly related to the assets sold in a given period. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. These measures also exclude the impact of certain restructuring costs that are required under GAAP. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit." + }, + { + "block_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b42", + "block_sequence": 42, + "block_sha256": "3a0f4b517b2973d0284f077238ba89bbd42b072b4d09fc22bba1dad3687e0f87", + "block_type": "heading", + "char_count": 30, + "level": 8, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", + "block_sequence": 42, + "char_end": 30, + "char_start": 0, + "fragment_sha256": "ad3435f9016ffd33bd846c44952e5af35add4d543073bbf72f364b3671a517b9", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Gross Profit / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s23", + "table": null, + "text": "Adjusted Gross Profit / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b43", + "block_sequence": 43, + "block_sha256": "6d4d4958beba2811759663c0a4653c41a8b4c2dc7893a48e69f65e3f37ea2fc5", + "block_type": "paragraph", + "char_count": 930, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", + "block_sequence": 43, + "char_end": 930, + "char_start": 0, + "fragment_sha256": "f048b96c291b3a1d30d16c2dea66edda0d199ddd53380e3e45207608188737c4", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Gross Profit / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s23", + "table": null, + "text": "We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory impairment in the current period, and (2) inventory impairment in prior periods. Inventory impairment in the current period is calculated by adding back the inventory impairment charges recorded during the period on homes that remain in inventory at period end. Inventory impairment in prior periods is calculated by subtracting the inventory impairment charges recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b44", + "block_sequence": 44, + "block_sha256": "530922c6281eb17366bc5afad3d135e14758fe69731bdbd8be3f74f8618ea5bf", + "block_type": "heading", + "char_count": 28, + "level": 8, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", + "block_sequence": 44, + "char_end": 28, + "char_start": 0, + "fragment_sha256": "de401b6badd9bfbd79ee63affb5bf42a8c0d4d049649690efdedd29a40b60c71", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s24", + "table": null, + "text": "Contribution Profit / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b45", + "block_sequence": 45, + "block_sha256": "12e7a05042bd9647048aca2e6fadec6b19c882c4de1eb81f37758b16fc3b3284", + "block_type": "paragraph", + "char_count": 799, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", + "block_sequence": 45, + "char_end": 799, + "char_start": 0, + "fragment_sha256": "5037321856cebc500352e1a41b697a21a21b15500bb2ff56ad02eace311c0b34", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s24", + "table": null, + "text": "We calculate Contribution Profit as Adjusted Gross Profit, minus (1) holding costs incurred in the current period on homes sold during the period, (2) holding costs incurred in prior periods on homes sold in the current period, and (3) direct selling costs incurred on homes sold during the current period. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflows directly associated with a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b46", + "block_sequence": 46, + "block_sha256": "6550d89a9b61260d0341c38394782c3ca94190a307c66c7ec8c6a91e0d85fff0", + "block_type": "heading", + "char_count": 43, + "level": 8, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", + "block_sequence": 46, + "char_end": 43, + "char_start": 0, + "fragment_sha256": "17208a9c4ac0166157479a69a444a5ed8c68eb01264411879f3cf7ade604f0b8", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin After Interest" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s25", + "table": null, + "text": "Contribution Profit / Margin After Interest" + }, + { + "block_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b47", + "block_sequence": 47, + "block_sha256": "13172ff69033124b7df96b43097f6112f7028b21b37df00bdedce020a437627d", + "block_type": "paragraph", + "char_count": 1048, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", + "block_sequence": 47, + "char_end": 1048, + "char_start": 0, + "fragment_sha256": "72e724c7a86aa597dbf022abf334a5f1336b0d63f7775497270d90936c7cb825", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin After Interest" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s25", + "table": null, + "text": "We define Contribution Profit After Interest as Contribution Profit, minus interest expense under our senior revolving credit facilities incurred on the homes sold during the period. This may include interest expense recorded in periods prior to the period in which the sale occurred. Our senior revolving credit facilities are secured by our homes in inventory and drawdowns are made on a per-home basis at the time of purchase and are required to be repaid at the time the homes are sold. We do not include interest expense associated with our mezzanine term debt facilities in this calculation as we do not view such facilities as reflective of our expected long term capital structure and cost of financing. Contribution Margin After Interest is Contribution Profit After Interest as a percentage of revenue. We view this metric as an important measure of business performance. Contribution Profit After Interest helps management assess Contribution Margin performance, per above, when fully burdened with expected long-term costs of financing." + }, + { + "block_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b48", + "block_sequence": 48, + "block_sha256": "7460ff5afa74595bed1ed49c4ec349f88984782302cbab9cee3bae99ec2b46cd", + "block_type": "heading", + "char_count": 26, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", + "block_sequence": 48, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "b8b8062826f34c01775f668e5b2cc75d457b8d2c8832287c6f571c29eac5c67b", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "OPENDOOR TECHNOLOGIES INC." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s26", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC." + }, + { + "block_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b49", + "block_sequence": 49, + "block_sha256": "b45fca062928c1cb7a7bd0ce5614493735536c7c2e0ce6f1b705c21b79953fe2", + "block_type": "heading", + "char_count": 43, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", + "block_sequence": 49, + "char_end": 43, + "char_start": 0, + "fragment_sha256": "624f45f319e6a58f1b913dc28eeefe1aabeb8b4f220964125c47963129d78d78", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s27", + "table": null, + "text": "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + }, + { + "block_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b50", + "block_sequence": 50, + "block_sha256": "6254e80952c8359410ad35b1181fb17f08dcb255cb9cc69c70488e56e28d7017", + "block_type": "paragraph", + "char_count": 50, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", + "block_sequence": 50, + "char_end": 50, + "char_start": 0, + "fragment_sha256": "6b44c963a78eac6afaebb6736512eb5ada1474dc691c90f65bfc305f2e8d6308", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s27", + "table": null, + "text": "(In thousands, except percentages, and homes sold)" + }, + { + "block_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b51", + "block_sequence": 51, + "block_sha256": "f9aa17ccb15e3a675fca6f8c1e57bf3db93b3cf876860608fe8d12b3aa8a8174", + "block_type": "paragraph", + "char_count": 11, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", + "block_sequence": 51, + "char_end": 11, + "char_start": 0, + "fragment_sha256": "2a7680d26ab0fd2298dd52fd36b9d301e5103004cef230dbf5fbd1eabb314fa8", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s27", + "table": null, + "text": "(Unaudited)" + }, + { + "block_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b52", + "block_sequence": 52, + "block_sha256": "f2efc3d99fb915bd7e8a227eaffb3975f9d1e6cdc043e6362c8c6be9e19cff48", + "block_type": "paragraph", + "char_count": 234, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", + "block_sequence": 52, + "char_end": 234, + "char_start": 0, + "fragment_sha256": "282df70ba30add14edc335c8110deaba6acbb9d1a399aedc655ebef30cf36211", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s27", + "table": null, + "text": "The following table presents a reconciliation of our Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest to our gross profit, which is the most directly comparable GAAP measure, for the periods indicated:" + }, + { + "block_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b53", + "block_sequence": 53, + "block_sha256": "ee55e082824cb5ad230dae09354092ecbd23606118edb72cc034ec1008241676", + "block_type": "table", + "char_count": 1778, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", + "block_sequence": 53, + "char_end": 1778, + "char_start": 0, + "fragment_sha256": "99a982e4d43359bbedd59c487312f2e1705dcc88b2357344cf807a5b842d1b20", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": 3, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s27", + "table": { + "caption": null, + "flags": [ + "wide_table" + ], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.95, + "markdown": "| | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended | | | | | | | | | | |\n| (in thousands, except percentages) | | March 31, 2021 | | December 31, 2020 | | March 31, 2020 | | | | | | |\n| Gross profit (GAAP) | | $ | 97,132 | | | $ | 38,365 | | | $ | 91,047 | |\n| Gross Margin | | 13.0 | % | | 15.4 | % | | 7.3 | % | | | |\n| Adjustments: | | | | | | | | | | | | |\n| Inventory impairment \u2013 Current Period(1) | | 20 | | | 79 | | | 6,222 | | | | |\n| Inventory impairment \u2013 Prior Periods(2) | | (114) | | | (216) | | | (8,421) | | | | |\n| | | | | | | | | | | | | |\n| Adjusted Gross Profit | | $ | 97,038 | | | $ | 38,228 | | | $ | 88,848 | |\n| Adjusted Gross Margin | | 13.0 | % | | 15.4 | % | | 7.1 | % | | | |\n| Adjustments: | | | | | | | | | | | | |\n| Direct selling costs(3) | | (17,340) | | | (5,243) | | | (36,648) | | | | |\n| Holding costs on sales \u2013 Current Period(4)(5) | | (2,126) | | | (778) | | | (4,876) | | | | |\n| Holding costs on sales \u2013 Prior Periods(4)(6) | | (1,426) | | | (750) | | | (8,768) | | | | |\n| Contribution Profit | | $ | 76,146 | | | $ | 31,457 | | | $ | 38,556 | |\n| Homes sold in period | | 2,462 | | | 849 | | | 4,908 | | | | |\n| Contribution Profit per Home Sold | | $ | 31 | | | $ | 37 | | | $ | 8 | |\n| Contribution Margin | | 10.2 | % | | 12.6 | % | | 3.1 | % | | | |\n| Adjustments: | | | | | | | | | | | | |\n| Interest on homes sold \u2013 Current Period(7)(8) | | (2,333) | | | (714) | | | (6,563) | | | | |\n| Interest on homes sold \u2013 Prior Periods(7)(9) | | (902) | | | (464) | | | (8,578) | | | | |\n| Contribution Profit After Interest | | $ | 72,911 | | | $ | 30,279 | | | $ | 23,415 | |\n| Contribution Margin After Interest | | 9.8 | % | | 12.2 | % | | 1.9 | % | | | |", + "n_cols": 13, + "n_rows": 23, + "plain_text": " | | Three Months Ended | | | | | | | | | | \n(in thousands, except percentages) | | March 31, 2021 | | December 31, 2020 | | March 31, 2020 | | | | | | \nGross profit (GAAP) | | $ | 97,132 | | | $ | 38,365 | | | $ | 91,047 | \nGross Margin | | 13.0 | % | | 15.4 | % | | 7.3 | % | | | \nAdjustments: | | | | | | | | | | | | \nInventory impairment \u2013 Current Period(1) | | 20 | | | 79 | | | 6,222 | | | | \nInventory impairment \u2013 Prior Periods(2) | | (114) | | | (216) | | | (8,421) | | | | \n | | | | | | | | | | | | \nAdjusted Gross Profit | | $ | 97,038 | | | $ | 38,228 | | | $ | 88,848 | \nAdjusted Gross Margin | | 13.0 | % | | 15.4 | % | | 7.1 | % | | | \nAdjustments: | | | | | | | | | | | | \nDirect selling costs(3) | | (17,340) | | | (5,243) | | | (36,648) | | | | \nHolding costs on sales \u2013 Current Period(4)(5) | | (2,126) | | | (778) | | | (4,876) | | | | \nHolding costs on sales \u2013 Prior Periods(4)(6) | | (1,426) | | | (750) | | | (8,768) | | | | \nContribution Profit | | $ | 76,146 | | | $ | 31,457 | | | $ | 38,556 | \nHomes sold in period | | 2,462 | | | 849 | | | 4,908 | | | | \nContribution Profit per Home Sold | | $ | 31 | | | $ | 37 | | | $ | 8 | \nContribution Margin | | 10.2 | % | | 12.6 | % | | 3.1 | % | | | \nAdjustments: | | | | | | | | | | | | \nInterest on homes sold \u2013 Current Period(7)(8) | | (2,333) | | | (714) | | | (6,563) | | | | \nInterest on homes sold \u2013 Prior Periods(7)(9) | | (902) | | | (464) | | | (8,578) | | | | \nContribution Profit After Interest | | $ | 72,911 | | | $ | 30,279 | | | $ | 23,415 | 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"1.9", + "%", + "", + "", + "" + ] + ], + "table_index": 3, + "table_kind": "data" + }, + "text": " | | Three Months Ended | | | | | | | | | | \n(in thousands, except percentages) | | March 31, 2021 | | December 31, 2020 | | March 31, 2020 | | | | | | \nGross profit (GAAP) | | $ | 97,132 | | | $ | 38,365 | | | $ | 91,047 | \nGross Margin | | 13.0 | % | | 15.4 | % | | 7.3 | % | | | \nAdjustments: | | | | | | | | | | | | \nInventory impairment \u2013 Current Period(1) | | 20 | | | 79 | | | 6,222 | | | | \nInventory impairment \u2013 Prior Periods(2) | | (114) | | | (216) | | | (8,421) | | | | \n | | | | | | | | | | | | \nAdjusted Gross Profit | | $ | 97,038 | | | $ | 38,228 | | | $ | 88,848 | \nAdjusted Gross Margin | | 13.0 | % | | 15.4 | % | | 7.1 | % | | | \nAdjustments: | | | | | | | | | | | | \nDirect selling costs(3) | | (17,340) | | | (5,243) | | | (36,648) | | | | \nHolding costs on sales \u2013 Current Period(4)(5) | | (2,126) | | | (778) | | | (4,876) | | | | \nHolding costs on 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"char_count": 16, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", + "block_sequence": 54, + "char_end": 16, + "char_start": 0, + "fragment_sha256": "7fdbb5bd0c91a386038a54dafc306bd55a27c3242e1540451c2885fb5da9076a", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s27", + "table": null, + "text": "________________" + }, + { + "block_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b55", + "block_sequence": 55, + "block_sha256": "6438eaaa9a9929f77a3035ac157cf80d9421ae50074d4946e209b0ba161327ea", + "block_type": "paragraph", + "char_count": 1332, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", + "block_sequence": 55, + "char_end": 1332, + "char_start": 0, + "fragment_sha256": "5885b2c723483be3aa2f63f2989d9b36d75e8bfa5a91773aa643591ed500a533", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s27", + "table": null, + "text": "(1)Inventory impairment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (2)Inventory impairment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (3)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (4)Holding costs include mainly property taxes, insurance, utilities, association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Consolidated Statements of Operations. (5)Represents holding costs incurred in the period presented on homes sold in the period presented. (6)Represents holding costs incurred in prior periods on homes sold in the period presented. (7)This does not include interest on mezzanine term debt facilities or other indebtedness. (8)Represents the interest expense under our senior revolving credit facilities incurred on homes sold for the current period during the period. (9)Represents the interest expense under our senior revolving credit facilities incurred on homes sold for the current period during prior periods." + }, + { + "block_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b56", + "block_sequence": 56, + "block_sha256": "37935488b247cdf343c0c8144ff521e96ad9f18f66bbb30d6e7419e323a258dd", + "block_type": "heading", + "char_count": 37, + "level": 9, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", + "block_sequence": 56, + "char_end": 37, + "char_start": 0, + "fragment_sha256": "a34f0fa36b4a64dc2e88e4f29b646c75e81b6238c2f3a7ba70bd93dfd5171121", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s28", + "table": null, + "text": "Adjusted Net Loss and Adjusted EBITDA" + }, + { + "block_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b57", + "block_sequence": 57, + "block_sha256": "e42b26072d109f38599c4dc7ccf11d388a5ec8f6a7e7d9f83ae547fa4172f2c2", + "block_type": "paragraph", + "char_count": 1452, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", + "block_sequence": 57, + "char_end": 1452, + "char_start": 0, + "fragment_sha256": "2c36997ae2470143023fa76eacaf3f9c808c1d0c65f6d6ed8a0d91051d093a49", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s28", + "table": null, + "text": "We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations or not aligned to related revenue. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include impairment costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, impairment costs required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss." + }, + { + "block_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b58", + "block_sequence": 58, + "block_sha256": "236a9f2403017a5277b663ccb31ec43d8c2bfa477b0ef7a6739ae4ae9f4de383", + "block_type": "heading", + "char_count": 17, + "level": 8, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", + "block_sequence": 58, + "char_end": 17, + "char_start": 0, + "fragment_sha256": "b8fea0efbc2ee5e70631f015f99f4bc0284f100f8a60109c90d8e6632c07df6a", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Net Loss" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s29", + "table": null, + "text": "Adjusted Net Loss" + }, + { + "block_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b59", + "block_sequence": 59, + "block_sha256": "8eba26b689d9f7aebbb346004b4058eadab3610659ac34fccfef2ed6909d94ae", + "block_type": "paragraph", + "char_count": 804, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", + "block_sequence": 59, + "char_end": 804, + "char_start": 0, + "fragment_sha256": "d9a7a76adc9080e2d536d24e42572c257bf3ffba41d08b0f49474cfbb45ddc38", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Net Loss" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s29", + "table": null, + "text": "We calculate Adjusted Net Loss as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, derivative and warrant fair value adjustment and intangible amortization. It also excludes non-recurring restructuring charges, gain on lease termination, and convertible note payment-in-kind (\u201cPIK\u201d) interest and issuance discount amortization. Adjusted Net Loss also aligns the timing of impairment charges recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date." + }, + { + "block_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b60", + "block_sequence": 60, + "block_sha256": "773660f28ede02e28c7f61ddeb64a36beccffd99caee7e409b39dd9eb04f06b9", + "block_type": "heading", + "char_count": 15, + "level": 8, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", + "block_sequence": 60, + "char_end": 15, + "char_start": 0, + "fragment_sha256": "9fb6e786e171bef58f47377e0b4f8eaa5be01cdfc8cecba9c6c1035fd236de44", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s30", + "table": null, + "text": "Adjusted EBITDA" + }, + { + "block_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b61", + "block_sequence": 61, + "block_sha256": "aa1584da39f3e4fe7e96c93ff478333f0097cd6374638b401df21eaacc889a25", + "block_type": "paragraph", + "char_count": 528, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", + "block_sequence": 61, + "char_end": 528, + "char_start": 0, + "fragment_sha256": "69c37c7a7f7278450ffd4ae61631646c065d100ed49471b301dce267369b4329", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s30", + "table": null, + "text": "We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. The following table presents a reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our net loss, which is the most directly comparable GAAP measure, for the periods indicated:" + }, + { + "block_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b62", + "block_sequence": 62, + "block_sha256": "9cee04eb1cb45a4bac3dbfa01b4f67596c7c15cf6913e2ebe345501762815139", + "block_type": "table", + "char_count": 1829, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", + "block_sequence": 62, + "char_end": 1829, + "char_start": 0, + "fragment_sha256": "d0fe5d41d3021446b416f578d9d08a6cfc38aaebbdce6df40963e1ac23361603", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted EBITDA" + ], + "table_index": 4, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s30", + "table": { + "caption": null, + "flags": [ + "wide_table" + ], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.95, + "markdown": "| | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended | | | | | | | | | | |\n| (in thousands, except percentages) | | March 31, 2021 | | December 31, 2020 | | March 31, 2020 | | | | | | |\n| Net loss (GAAP) | | $ | (270,436) | | | $ | (53,998) | | | $ | (62,196) | |\n| Adjustments: | | | | | | | | | | | | |\n| Stock-based compensation | | 238,832 | | | 28,843 | | | 2,970 | | | | |\n| Derivative and warrant fair value adjustment(1) | | 15,272 | | | (33,074) | | | 1,012 | | | | |\n| Intangibles amortization expense(2) | | 580 | | | 580 | | | 1,080 | | | | |\n| Inventory impairment \u2013 Current Period(3) | | 20 | | | 79 | | | 6,221 | | | | |\n| Inventory impairment \u2014 Prior Periods(4) | | (114) | | | (216) | | | (8,421) | | | | |\n| Restructuring(5) | | 79 | | | 211 | | | 889 | | | | |\n| Convertible note PIK 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"https://www.sec.gov/Archives/edgar/data/1801169/000180116921000016/q12021form8-kxexhibit991.htm", "table_id": null, "text": "html PUBLIC \"-//W3C//DTD HTML 4.01 Transitional//EN\" \"http://www.w3.org/TR/html4/loose.dtd\" Document created using Wdesk Copyright 2021 Workiva Document"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b11"], "char_count": 1055, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "658df87c56c359b5a299e325d97ec15b4e4098922a8d266dd6d5528c0394eeac", "derivation_id": "a33e88af6bdea67977686b3cc664f83d45301645fee2a94c419f7ad581900db6", "document_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-05-11", "filing_id": "sec:0001801169:0001801169-21-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Exhibit 99.1", "Opendoor Announces First Quarter 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"norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s8", "source_artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000016/q12021form8-kxexhibit991.htm", "table_id": null, "text": "SAN FRANCISCO, California - May 11, 2021 - Opendoor Technologies Inc. (Nasdaq: OPEN), a leading digital platform for residential real estate, today reported financial results for its quarter ended March 31, 2021. Opendoor’s First Quarter 2021 financial results and management commentary can be accessed through the Company’s shareholder letter on the quarterly results page of Opendoor’s investor relations website at https://investor.opendoor.com. “We are relentless in our pursuit of making it possible to buy, sell, and move at the tap of a button,” said Eric Wu, Co-Founder and CEO of Opendoor. “We exceeded our guidance for Q1 and are experiencing strong momentum as we look forward to the rest of the year. This quarter marked a number of record firsts for us - offer requests, conversion of real sellers and number of market launches. And we did this with an NPS north of 80 from our sellers, reminding us that customers love what we are building. 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A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. 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All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our financial condition, anticipated financial performance, business strategy and plans, market opportunity and expansion and objectives of management for future operations. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “intend”, “may”, “might”, “opportunity”, “plan”, “possible”, “potential”, “predict”, “project,” “should”, “strategy”, “strive”, “target”, “will”, or “would”, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to our public securities’ potential liquidity and trading; our ability to raise financing in the future; our success in retaining or recruiting, or changes required in, our offices, key employees or directors; the impact of the regulatory environment and complexities with compliance related to such environment; our ability to remediate our material weaknesses; various factors relating to our business, operations and financial performance, including, but not limited to, the impact of the COVID-19 pandemic on our ability to grow market share; our ability to respond to general economic conditions and the health of the U.S. residential real estate industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \"Risk Factors\" in our annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 4, 2021, as updated by our quarterly report on Form 10-Q for the quarter ended March 31, 2021, and our other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. 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Mortgage loans held for sale pledged under agreements to repurchase | | 8,307 | | | 7,529 | | | |\n| Escrow receivable | | 19,264 | | | 1,494 | | | |\n| Real estate inventory, net | | 840,632 | | | 465,936 | | | |\n| Other current assets ($414 and $373 carried at fair value) | | 33,292 | | | 24,987 | | | |\n| Total current assets | | 3,143,301 | | | 2,053,111 | | | |\n| PROPERTY AND EQUIPMENT – Net | | 31,042 | | | 29,228 | | | |\n| RIGHT OF USE ASSETS | | 47,114 | | | 49,517 | | | |\n| GOODWILL | | 30,945 | | | 30,945 | | | |\n| INTANGIBLES – Net | | 8,104 | | | 8,684 | | | |\n| OTHER ASSETS ($10,000 and $0 carried at fair value) | | 11,206 | | | 4,097 | | | |\n| TOTAL ASSETS | | $ | 3,271,712 | | | $ | 2,175,582 | |\n| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | |\n| CURRENT LIABILITIES: | | | | | | | | |\n| Accounts payable and other accrued liabilities | | $ | 41,413 | | | $ | 25,270 | |\n| Current portion of credit facilities and other secured borrowings | | 596,563 | | | 346,322 | | | |\n| Interest payable | | 1,228 | | | 1,081 | | | |\n| Lease liabilities, current portion | | 4,490 | | | 20,716 | | | |\n| Total current liabilities | | 643,694 | | | 393,389 | | | |\n| CREDIT FACILITIES – Net of current portion | | 136,473 | | | 135,467 | | | |\n| | | | | | | | | |\n| WARRANT LIABILITIES | | 62,621 | | | 47,349 | | | |\n| LEASE LIABILITIES – Net of current portion | | 45,241 | | | 46,625 | | | |\n| OTHER LIABILITIES | | 122 | | | 94 | | | |\n| Total liabilities | | 888,151 | | | 622,924 | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| SHAREHOLDERS’ EQUITY: | | | | | | | | |\n| Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 585,691,729 and 540,714,692 shares issued and outstanding, respectively | | 58 | | | 54 | | | |\n| Additional paid-in capital | | 3,697,382 | | | 2,596,012 | | | |\n| Accumulated deficit 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"passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-05-11", "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s20", "source_artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000016/q12021form8-kxexhibit991.htm", "table_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b37", "text": "| | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| | Three Months Ended March 31, | | | | | | |\n| | 2021 | | 2020 | | | | |\n| CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | |\n| Net loss | $ | (270,436) | | | $ | (62,196) | |\n| Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: | | | | | | | |\n| Depreciation and amortization – net of accretion | 10,302 | | | 9,522 | | | |\n| Amortization of right of use asset | 2,457 | | | 3,660 | | | |\n| Stock-based compensation | 238,832 | | | 2,970 | | | |\n| Derivative and warrant fair value adjustment | 15,272 | | | 1,012 | | | |\n| Gain on settlement of lease liabilities | (5,237) | | | — | | | |\n| Inventory valuation adjustment | 20 | | | 6,221 | | | |\n| Changes in fair value of derivative instruments | (41) | | | (44) | | | |\n| Payment-in-kind interest | — | | | 1,349 | | | |\n| Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale | (977) | | | (355) | | | |\n| Origination of mortgage loans held for sale | (32,082) | | | (17,658) | | | |\n| Proceeds from sale and principal collections of mortgage loans held for sale | 32,281 | | | 15,453 | | | |\n| Changes in operating assets and liabilities: | | | | | | | |\n| Escrow receivable | (17,770) | | | (826) | | | |\n| Real estate inventories | (374,665) | | | 480,170 | | | |\n| Other assets | (9,128) | | | 6,379 | | | |\n| Accounts payable and other accrued liabilities | 15,680 | | | (4,597) | | | |\n| Interest payable | 344 | | | (1,590) | | | |\n| Lease liabilities | (9,559) | | | (3,088) | | | |\n| Net cash (used in) provided by operating activities | (404,707) | | | 436,382 | | | |\n| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | |\n| Purchase of property and equipment | (4,141) | | | (5,684) | | | |\n| Purchase of marketable securities | (34,583) | | | (69,778) | | | |\n| Proceeds from sales, maturities, redemptions and paydowns of marketable securities | 23,437 | | | 20,310 | | | |\n| Purchase of non-marketable equity securities | (10,000) | | | — | | | |\n| | | | | | | | |\n| Net cash used in investing activities | (25,287) | | | (55,152) | | | |\n| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from exercise of stock options | 250 | | | 411 | | | |\n| | | | | | | | |\n| Proceeds from the February 2021 Offering | 886,067 | | | — | | | |\n| Issuance cost of common stock | (28,848) | | | — | | | |\n| | | | | | | | |\n| Proceeds from credit facilities and other secured borrowings | 704,047 | | | 662,268 | | | |\n| Principal payments on credit facilities and other secured borrowings | (453,806) | | | (1,008,407) | | | |\n| Payment of loan origination fees and debt issuance costs | (57) | | | (1,187) | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Net cash provided by (used in) financing activities | 1,107,653 | | | (346,915) | | | |\n| NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 677,659 | | | 34,315 | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period | 1,505,528 | | | 684,822 | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period | $ | 2,183,187 | | | $ | 719,137 | |\n| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest | $ | 9,091 | | | $ | 25,186 | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: | | | | | | | |\n| Cash and cash equivalents | $ | 2,039,876 | | | $ | 409,257 | |\n| Restricted cash | 143,311 | | | 309,880 | | | |\n| Cash, cash equivalents, and restricted cash | $ | 2,183,187 | | | $ | 719,137 | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b39"], "char_count": 1270, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "46289870f5eeda5ca18a34c97df51266f27fa3e5fe5278a931fe78df9c1f6416", "derivation_id": "a33e88af6bdea67977686b3cc664f83d45301645fee2a94c419f7ad581900db6", "document_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-05-11", "filing_id": "sec:0001801169:0001801169-21-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "block_sequence": 39, "char_end": 1270, "char_start": 0, "fragment_sha256": "756d61eb1f65dcbce994e96607d27275cac1d5b9aa9baaeca3c3839586dfbd8a", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#p14", "passage_kind": "narrative", "passage_sequence": 14, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-05-11", "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s21", "source_artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000016/q12021form8-kxexhibit991.htm", "table_id": null, "text": "To provide investors with additional information regarding the Company’s financial results, this press release includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit, Contribution Profit After Interest, Adjusted Net Loss, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b41"], "char_count": 2327, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "78335f9fbb67b9ab06705a002c21125746b994e271b39d1b92d50f19f55736e5", "derivation_id": "a33e88af6bdea67977686b3cc664f83d45301645fee2a94c419f7ad581900db6", "document_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-05-11", "filing_id": "sec:0001801169:0001801169-21-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "block_sequence": 41, "char_end": 2327, "char_start": 0, "fragment_sha256": "d3c373a2b9b58cde27c3506af30ae7a7baa9694c7c2a3d5692b4191f92eaade6", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#p15", "passage_kind": "narrative", "passage_sequence": 15, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-05-11", "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s22", "source_artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000016/q12021form8-kxexhibit991.htm", "table_id": null, "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest, which are non-GAAP financial measures. We believe that Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance in our key markets. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Contribution Profit After Interest further impacts gross profit by including interest costs attributable to homes sold during a reporting period. We believe these measures facilitate meaningful period over period comparisons and illustrate our ability to generate returns on assets sold after considering the costs directly related to the assets sold in a given period. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. These measures also exclude the impact of certain restructuring costs that are required under GAAP. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b43"], "char_count": 930, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6d4d4958beba2811759663c0a4653c41a8b4c2dc7893a48e69f65e3f37ea2fc5", "derivation_id": "a33e88af6bdea67977686b3cc664f83d45301645fee2a94c419f7ad581900db6", "document_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-05-11", "filing_id": "sec:0001801169:0001801169-21-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Gross Profit / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "block_sequence": 43, "char_end": 930, "char_start": 0, "fragment_sha256": "f048b96c291b3a1d30d16c2dea66edda0d199ddd53380e3e45207608188737c4", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Gross Profit / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#p16", "passage_kind": "narrative", "passage_sequence": 16, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-05-11", "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s23", "source_artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000016/q12021form8-kxexhibit991.htm", "table_id": null, "text": "We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory impairment in the current period, and (2) inventory impairment in prior periods. Inventory impairment in the current period is calculated by adding back the inventory impairment charges recorded during the period on homes that remain in inventory at period end. Inventory impairment in prior periods is calculated by subtracting the inventory impairment charges recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b45"], "char_count": 799, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "12e7a05042bd9647048aca2e6fadec6b19c882c4de1eb81f37758b16fc3b3284", "derivation_id": "a33e88af6bdea67977686b3cc664f83d45301645fee2a94c419f7ad581900db6", "document_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-05-11", "filing_id": "sec:0001801169:0001801169-21-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "block_sequence": 45, "char_end": 799, "char_start": 0, "fragment_sha256": "5037321856cebc500352e1a41b697a21a21b15500bb2ff56ad02eace311c0b34", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#p17", "passage_kind": "narrative", "passage_sequence": 17, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-05-11", "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s24", "source_artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000016/q12021form8-kxexhibit991.htm", "table_id": null, "text": "We calculate Contribution Profit as Adjusted Gross Profit, minus (1) holding costs incurred in the current period on homes sold during the period, (2) holding costs incurred in prior periods on homes sold in the current period, and (3) direct selling costs incurred on homes sold during the current period. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflows directly associated with a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b47"], "char_count": 1048, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "13172ff69033124b7df96b43097f6112f7028b21b37df00bdedce020a437627d", "derivation_id": "a33e88af6bdea67977686b3cc664f83d45301645fee2a94c419f7ad581900db6", "document_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-05-11", "filing_id": "sec:0001801169:0001801169-21-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "block_sequence": 47, "char_end": 1048, "char_start": 0, "fragment_sha256": "72e724c7a86aa597dbf022abf334a5f1336b0d63f7775497270d90936c7cb825", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#p18", "passage_kind": "narrative", "passage_sequence": 18, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-05-11", "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000016/q12021form8-kxexhibit991.htm", "table_id": null, "text": "We define Contribution Profit After Interest as Contribution Profit, minus interest expense under our senior revolving credit facilities incurred on the homes sold during the period. This may include interest expense recorded in periods prior to the period in which the sale occurred. Our senior revolving credit facilities are secured by our homes in inventory and drawdowns are made on a per-home basis at the time of purchase and are required to be repaid at the time the homes are sold. We do not include interest expense associated with our mezzanine term debt facilities in this calculation as we do not view such facilities as reflective of our expected long term capital structure and cost of financing. Contribution Margin After Interest is Contribution Profit After Interest as a percentage of revenue. We view this metric as an important measure of business performance. Contribution Profit After Interest helps management assess Contribution Margin performance, per above, when fully burdened with expected long-term costs of financing."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b50", "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b51", "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b52"], "char_count": 299, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "2171c5d5b28422676c3be5f7ae48ec0d654f7e3a31c56013ab9f1851886edad3", "derivation_id": "a33e88af6bdea67977686b3cc664f83d45301645fee2a94c419f7ad581900db6", "document_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-05-11", "filing_id": "sec:0001801169:0001801169-21-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "block_sequence": 50, "char_end": 50, "char_start": 0, "fragment_sha256": "6b44c963a78eac6afaebb6736512eb5ada1474dc691c90f65bfc305f2e8d6308", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "block_sequence": 51, "char_end": 11, "char_start": 0, "fragment_sha256": "2a7680d26ab0fd2298dd52fd36b9d301e5103004cef230dbf5fbd1eabb314fa8", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "block_sequence": 52, "char_end": 234, "char_start": 0, "fragment_sha256": "282df70ba30add14edc335c8110deaba6acbb9d1a399aedc655ebef30cf36211", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#p19", "passage_kind": "narrative", "passage_sequence": 19, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-05-11", "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s27", "source_artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000016/q12021form8-kxexhibit991.htm", "table_id": null, "text": "(In thousands, except percentages, and homes sold)\n\n(Unaudited)\n\nThe following table presents a reconciliation of our Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest to our gross profit, which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b53"], "char_count": 1991, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "36b62b57b4746a75a90a2cacf4c543e3b57ba55306908197ac7bf59cd7886287", "derivation_id": "a33e88af6bdea67977686b3cc664f83d45301645fee2a94c419f7ad581900db6", "document_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-05-11", "filing_id": "sec:0001801169:0001801169-21-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": 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"table_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b53", "text": "| | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended | | | | | | | | | | |\n| (in thousands, except percentages) | | March 31, 2021 | | December 31, 2020 | | March 31, 2020 | | | | | | |\n| Gross profit (GAAP) | | $ | 97,132 | | | $ | 38,365 | | | $ | 91,047 | |\n| Gross Margin | | 13.0 | % | | 15.4 | % | | 7.3 | % | | | |\n| Adjustments: | | | | | | | | | | | | |\n| Inventory impairment – Current Period(1) | | 20 | | | 79 | | | 6,222 | | | | |\n| Inventory impairment – Prior Periods(2) | | (114) | | | (216) | | | (8,421) | | | | |\n| | | | | | | | | | | | | |\n| Adjusted Gross Profit | | $ | 97,038 | | | $ | 38,228 | | | $ | 88,848 | |\n| Adjusted Gross Margin | | 13.0 | % | | 15.4 | % | | 7.1 | % | | | |\n| Adjustments: | | | | | | | | | | | | |\n| Direct selling costs(3) | | (17,340) | | | (5,243) | | | (36,648) | | | | |\n| Holding costs on sales – Current Period(4)(5) | | (2,126) | | | (778) | | | (4,876) | | | | |\n| Holding costs on sales – Prior Periods(4)(6) | | (1,426) | | | (750) | | | (8,768) | | | | |\n| Contribution Profit | | $ | 76,146 | | | $ | 31,457 | | | $ | 38,556 | |\n| Homes sold in period | | 2,462 | | | 849 | | | 4,908 | | | | |\n| Contribution Profit per Home Sold | | $ | 31 | | | $ | 37 | | | $ | 8 | |\n| Contribution Margin | | 10.2 | % | | 12.6 | % | | 3.1 | % | | | |\n| Adjustments: | | | | | | | | | | | | |\n| Interest on homes sold – Current Period(7)(8) | | (2,333) | | | (714) | | | (6,563) | | | | |\n| Interest on homes sold – Prior Periods(7)(9) | | (902) | | | (464) | | | (8,578) | | | | |\n| Contribution Profit After Interest | | $ | 72,911 | | | $ | 30,279 | | | $ | 23,415 | |\n| Contribution Margin After Interest | | 9.8 | % | | 12.2 | % | | 1.9 | % | | | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b54", "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b55"], "char_count": 1350, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "663581fb4860dd2c425fd3e558241b2a8b7624a61d8b8f1f36a6c516e7cb6875", "derivation_id": "a33e88af6bdea67977686b3cc664f83d45301645fee2a94c419f7ad581900db6", "document_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-05-11", "filing_id": "sec:0001801169:0001801169-21-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "block_sequence": 54, "char_end": 16, "char_start": 0, "fragment_sha256": "7fdbb5bd0c91a386038a54dafc306bd55a27c3242e1540451c2885fb5da9076a", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "block_sequence": 55, "char_end": 1332, "char_start": 0, "fragment_sha256": "5885b2c723483be3aa2f63f2989d9b36d75e8bfa5a91773aa643591ed500a533", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#p21", "passage_kind": "narrative", "passage_sequence": 21, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-05-11", "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s27", "source_artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000016/q12021form8-kxexhibit991.htm", "table_id": null, "text": "________________\n\n(1)Inventory impairment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (2)Inventory impairment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (3)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (4)Holding costs include mainly property taxes, insurance, utilities, association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Consolidated Statements of Operations. (5)Represents holding costs incurred in the period presented on homes sold in the period presented. (6)Represents holding costs incurred in prior periods on homes sold in the period presented. (7)This does not include interest on mezzanine term debt facilities or other indebtedness. (8)Represents the interest expense under our senior revolving credit facilities incurred on homes sold for the current period during the period. (9)Represents the interest expense under our senior revolving credit facilities incurred on homes sold for the current period during prior periods."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b57"], "char_count": 1452, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e42b26072d109f38599c4dc7ccf11d388a5ec8f6a7e7d9f83ae547fa4172f2c2", "derivation_id": "a33e88af6bdea67977686b3cc664f83d45301645fee2a94c419f7ad581900db6", "document_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-05-11", "filing_id": "sec:0001801169:0001801169-21-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "block_sequence": 57, "char_end": 1452, "char_start": 0, "fragment_sha256": "2c36997ae2470143023fa76eacaf3f9c808c1d0c65f6d6ed8a0d91051d093a49", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#p22", "passage_kind": "narrative", "passage_sequence": 22, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-05-11", "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s28", "source_artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000016/q12021form8-kxexhibit991.htm", "table_id": null, "text": "We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations or not aligned to related revenue. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include impairment costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, impairment costs required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b59"], "char_count": 804, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8eba26b689d9f7aebbb346004b4058eadab3610659ac34fccfef2ed6909d94ae", "derivation_id": "a33e88af6bdea67977686b3cc664f83d45301645fee2a94c419f7ad581900db6", "document_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-05-11", "filing_id": "sec:0001801169:0001801169-21-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Net Loss"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "block_sequence": 59, "char_end": 804, "char_start": 0, "fragment_sha256": "d9a7a76adc9080e2d536d24e42572c257bf3ffba41d08b0f49474cfbb45ddc38", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Net Loss"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#p23", "passage_kind": "narrative", "passage_sequence": 23, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-05-11", "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s29", "source_artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000016/q12021form8-kxexhibit991.htm", "table_id": null, "text": "We calculate Adjusted Net Loss as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, derivative and warrant fair value adjustment and intangible amortization. It also excludes non-recurring restructuring charges, gain on lease termination, and convertible note payment-in-kind (“PIK”) interest and issuance discount amortization. Adjusted Net Loss also aligns the timing of impairment charges recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b61"], "char_count": 528, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "aa1584da39f3e4fe7e96c93ff478333f0097cd6374638b401df21eaacc889a25", "derivation_id": "a33e88af6bdea67977686b3cc664f83d45301645fee2a94c419f7ad581900db6", "document_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-05-11", "filing_id": "sec:0001801169:0001801169-21-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "block_sequence": 61, "char_end": 528, "char_start": 0, "fragment_sha256": "69c37c7a7f7278450ffd4ae61631646c065d100ed49471b301dce267369b4329", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted EBITDA"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#p24", "passage_kind": "narrative", "passage_sequence": 24, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-05-11", "section_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#s30", "source_artifact_id": "sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000016/q12021form8-kxexhibit991.htm", "table_id": null, "text": "We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. The following table presents a reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our net loss, which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b62"], "char_count": 2042, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7a9e63f1755a679eed8d9c7d40e478c6be07ec3f2842c2dca06bf6949f421389", "derivation_id": "a33e88af6bdea67977686b3cc664f83d45301645fee2a94c419f7ad581900db6", "document_id": "norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-05-11", "filing_id": "sec:0001801169:0001801169-21-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": 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"norm:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm#b62", "text": "| | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended | | | | | | | | | | |\n| (in thousands, except percentages) | | March 31, 2021 | | December 31, 2020 | | March 31, 2020 | | | | | | |\n| Net loss (GAAP) | | $ | (270,436) | | | $ | (53,998) | | | $ | (62,196) | |\n| Adjustments: | | | | | | | | | | | | |\n| Stock-based compensation | | 238,832 | | | 28,843 | | | 2,970 | | | | |\n| Derivative and warrant fair value adjustment(1) | | 15,272 | | | (33,074) | | | 1,012 | | | | |\n| Intangibles amortization expense(2) | | 580 | | | 580 | | | 1,080 | | | | |\n| Inventory impairment – Current Period(3) | | 20 | | | 79 | | | 6,221 | | | | |\n| Inventory impairment — Prior Periods(4) | | (114) | | | (216) | | | (8,421) | | | | |\n| Restructuring(5) | | 79 | | | 211 | | | 889 | | | | |\n| Convertible note PIK interest and discount amortization(6) | | — | | | 14 | | | 2,695 | | | | |\n| Loss on extinguishment of debt | | — | | | 11,356 | | | — | | | | |\n| Gain on lease termination | | (5,237) | | | — | | | — | | | | |\n| Other(7) | | 203 | | | 4,882 | | | (44) | | | | |\n| Adjusted Net Loss | | $ | (20,801) | | | $ | (41,323) | | | $ | (55,794) | |\n| Adjustments: | | | | | | | | | | | | |\n| Depreciation and amortization, excluding amortization of intangibles and right of use assets | | 8,434 | | | 4,744 | | | 5,046 | | | | |\n| Property financing(8) | | 6,980 | | | 5,561 | | | 18,210 | | | | |\n| Other interest expense(9) | | 4,019 | | | 4,839 | | | 6,822 | | | | |\n| Interest income(10) | | (867) | | | (725) | | | (2,680) | | | | |\n| Income tax expense | | 94 | | | (171) | | | 119 | | | | |\n| Adjusted EBITDA | | $ | (2,141) | | | $ | (27,075) | | | $ | (28,277) | |\n| Adjusted EBITDA Margin | | (0.3) | % | | (10.9) | % | | (2.3) | % | | | |"} +{"artifact_role": "ex99-01", "block_ids": 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"sec:0001801169:0001801169-21-000016:q12021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000016/q12021form8-kxexhibit991.htm", "table_id": null, "text": "________________\n\n(1)Represents the gains and losses on our warrant liabilities, which are marked to fair value at the end of each period. (2)Represents amortization of intangibles acquired in the OSN and Open Listings acquisitions which contribute to revenue generation and are recorded as part of purchase accounting. The acquired intangible assets have useful lives ranging from 2 to 5 years and amortization is expected until the intangible assets are fully amortized. (3)Inventory impairment — Current Period is the inventory impairment charge recorded during the period presented associated with homes that remain in inventory at period end. (4)Inventory impairment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (5)Restructuring costs consist mainly of employee termination benefits, relocation packages and retention bonuses as well as costs related to the exiting of certain non-cancelable leases. (6)Includes non-cash payment-in-kind (“PIK”) interest and amortization of the discount on the convertible notes issued from July through November 2019. We exclude convertible note PIK interest and amortization from Adjusted Net Loss since these are non-cash in nature and were converted into equity in September 2020 when the Company entered into the Convertible Notes Exchange Agreement with the convertible note holders. (7)Includes primarily gain or loss on disposal of fixed assets, gain or loss on interest rate lock commitments, gain or loss on the sale of marketable securities, accrued legal matters and sublease income. (8)Includes interest expense on our senior revolving credit facilities and our asset-backed mezzanine term debt facilities. (9)Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, and other interest related costs on our senior revolving credit facilities and our mezzanine term debt facilities. (10)Consists mainly of interest earned on cash, cash equivalents and marketable securities."} diff --git a/data/normalized/sec/0001801169/8-K/2021-06-09_0001801169-21-000041/norm_0001801169_0001801169-21-000041_exhibit991-pressreleasedat.htm.json b/data/normalized/sec/0001801169/8-K/2021-06-09_0001801169-21-000041/norm_0001801169_0001801169-21-000041_exhibit991-pressreleasedat.htm.json new file mode 100644 index 0000000000000000000000000000000000000000..a3971e2d4a0b1b43a377f3be455cadaed6baa172 --- /dev/null +++ b/data/normalized/sec/0001801169/8-K/2021-06-09_0001801169-21-000041/norm_0001801169_0001801169-21-000041_exhibit991-pressreleasedat.htm.json @@ -0,0 +1,104 @@ +{ + "acceptance_datetime": "2021-06-09T08:35:15.000Z", + "amends_accession": null, + "artifact_role": "ex99-01", + "blocks": [ + { + "block_id": "norm:0001801169:0001801169-21-000041:exhibit991-pressreleasedat.htm#b0", + "block_sequence": 0, + "block_sha256": "bec8626505273ec77df58f549a22acad908429aa5cfdd25437f6e6c06395d5f7", + "block_type": "paragraph", + "char_count": 7695, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000041:exhibit991-pressreleasedat.htm", + "block_sequence": 0, + "char_end": 7695, + "char_start": 0, + "fragment_sha256": "6b2998d281925f897391e1339638db45244d9ebfbfb6343df3c75bf66ff8909e", + "heading_path": [], + "table_index": null, + "tag_name": "document" + }, + "section_id": "norm:0001801169:0001801169-21-000041:exhibit991-pressreleasedat.htm#s0", + "table": null, + "text": "EX-99.1 2 exhibit991-pressreleasedat.htm EX-99.1 Document created using Wdesk Copyright 2021 Workiva Document Exhibit 99.1 Opendoor Technologies Inc. Announces Redemption of All Outstanding Warrants SAN FRANCISCO, California \u2013 June 9, 2021 \u2013 Opendoor Technologies Inc. (Nasdaq: OPEN), (\u201cOpendoor\u201d or \u201cthe Company\u201d), a leading digital platform for residential real estate, today announced that the Company will redeem all of its outstanding warrants (the \u201cPublic Warrants\u201d) to purchase shares of the Company\u2019s common stock, par value $0.0001 per share (the \u201cCommon Stock\u201d), that were issued under the Warrant Agreement, dated April 27, 2020, by and between the Company and Continental Stock Transfer & Trust Company (\u201cCST\u201d), as warrant agent, as amended by the First Amendment to the Warrant Agreement, dated March 22, 2021, by and among the Company, CST and American Stock Transfer & Trust Company (the \u201cWarrant Agent\u201d), as warrant agent (as amended, the \u201cWarrant Agreement\u201d), as part of the units sold in the Company\u2019s initial public offering (the \u201cIPO\u201d) and that remain outstanding at 5:00 p.m. New York City time on July 9, 2021 (the \u201cRedemption Date\u201d) for a redemption price of $0.10 per Public Warrant. In addition, the Company will redeem all of its outstanding warrants to purchase Common Stock that were issued under the Warrant Agreement in a private placement simultaneously with the IPO (the \u201cPrivate Warrants\u201d and, together with the Public Warrants, the \u201cWarrants\u201d) on the same terms as the outstanding Public Warrants. Under the terms of the Warrant Agreement, the Company is entitled to redeem all of the outstanding Public Warrants at a redemption price of $0.10 per Public Warrant if (i) the last sales price (the \u201cReference Value\u201d) of the Common Stock is at least $10.00 per share on each of twenty trading days within any thirty-day trading period ending on the third trading day prior to the date on which a notice of redemption is given and (ii) if the Reference Value is less than $18.00 per share, the Private Warrants are also concurrently called for redemption on the same terms as the outstanding Public Warrants. At the direction of the Company, the Warrant Agent has delivered a notice of redemption to each of the registered holders of the outstanding Warrants. The Warrants may be exercised by the holders thereof until 5:00 p.m. New York City time on the Redemption Date to purchase fully paid and non-assessable shares of Common Stock underlying such Warrants. As the Reference Value is less than $18.00 per share, payment upon exercise of the Warrants may be made either (i) in cash, at an exercise price of $11.50 per share of Common Stock or (ii) on a \u201ccashless basis\u201d in which the exercising holder will receive a number of shares of Common Stock to be determined in accordance with the terms of the Warrant Agreement and based on the Redemption Date and the volume weighted average price (the \u201cFair Market Value\u201d) of the Common Stock during the 10 trading days immediately following the date on which the notice of redemption is sent to holders of Warrants. The Company will provide holders the Fair Market Value no later than one business day after such 10-trading day period ends. In no event will the number of shares of Common Stock issued in connection with an exercise on a cashless basis exceed 0.361 shares of Common Stock per Warrant. If any holder of Warrants would, after taking into account all of such holder\u2019s Warrants exercised at one time, be entitled to receive a fractional interest in a share of Common Stock, the number of shares the holder will be entitled to receive will be rounded down to the nearest whole number of shares. Any Warrants that remain unexercised at 5:00 p.m. New York City time on the Redemption Date will be void and no longer exercisable, and the holders of those Warrants will be entitled to receive only the redemption price of $0.10 per Warrant. None of the Company, its board of directors or employees has made or is making any representation or recommendation to any holder of the Warrants as to whether to exercise or refrain from exercising any Warrants. The shares of Common Stock underlying the Warrants have been registered by the Company under the Securities Act of 1933, as amended, and are covered by a registration statement filed on Form S-1 with, and declared effective by, the Securities and Exchange Commission (Registration No. 333-251529). The SEC maintains an Internet website that contains a copy of this prospectus. The address of that site is www.sec.gov. Alternatively, you can obtain a copy of the prospectus from the Company\u2019s investor relations website at https://investor.opendoor.com. Questions concerning redemption and exercise of the Warrants can be directed to our information agent, D.F. King & Co., Inc., at 48 Wall Street, 22nd Floor, New York, NY 10005, Attention: Michael Horthman, telephone number: (800) 578-5378 (toll-free) or (212) 269-5550 (banks and brokers) or email: opendoor@dfking.com. No Offer or Solicitation This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any offer of any of the Company\u2019s securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. Forward Looking Statements This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking. These forward-looking statements generally are identified by the words \u201canticipate,\u201d \u201cbelieve,\u201d \u201ccontemplate,\u201d \u201ccontinue,\u201d \u201ccould,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cforecast\u201d, \u201cfuture\u201d, \u201cintend,\u201d \u201cmay,\u201d \u201cmight\u201d, \u201copportunity\u201d, \u201cplan,\u201d \u201cpossible\u201d, \u201cpotential,\u201d \u201cpredict,\u201d \u201cproject,\u201d \u201cshould,\u201d \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget,\u201d \u201cwill,\u201d or \u201cwould\u201d, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the risks and uncertainties set forth in the Company\u2019s filings with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. The Company does not give any assurance that it will achieve its expectations. About Opendoor Opendoor\u2019s mission is to empower everyone with the freedom to move. Since 2014, Opendoor has provided people across the U.S. with a radically simple way to buy, sell or trade-in a home online. Opendoor currently operates in a growing number of markets across the U.S. Contact Information Investors: Whitney Kukulka The Blueshirt Group investors@opendoor.com Media: Sheila Tran / Charles Stewart Opendoor press@opendoor.com" + } + ], + "cik": 1801169, + "cik10": "0001801169", + "company_name": "Opendoor Technologies Inc.", + "config_hash": "a8e88d258eb39664414697e0926a7d29600e676d9810ec79743c3c9490c9d4a1", + "content_sha256": "bec8626505273ec77df58f549a22acad908429aa5cfdd25437f6e6c06395d5f7", + "derivation_id": "349a288228c0372f5a3d13aea2b1c973dc4fb7c2efef7496a04c01ff11e8a6d4", + "document_id": "norm:0001801169:0001801169-21-000041:exhibit991-pressreleasedat.htm", + "document_type": "earnings_release", + "exhibit_type": "EX-99.1", + "filing_date": "2021-06-09", + "filing_id": "sec:0001801169:0001801169-21-000041", + "flags": [ + "hierarchy_uncertain" + ], + "form": "8-K", + "form_sanitized": "8-K", + "is_amendment": false, + "items": [ + "8.01", + "9.01" + ], + "normalizer_version": "1.0.0", + "original_filename": "exhibit991-pressreleasedat.htm", + "parser_fallback_from": null, + "parser_fallback_reason": null, + "parser_name": "sec_html", + "parser_version": "0.58.1", + "related_xbrl_artifact_ids": [ + "sec:0001801169:0001801169-21-000041:open-20210609.xsd", + "sec:0001801169:0001801169-21-000041:open-20210609_def.xml", + "sec:0001801169:0001801169-21-000041:open-20210609_lab.xml", + "sec:0001801169:0001801169-21-000041:open-20210609_pre.xml" + ], + "report_date": "2021-06-09", + "schema_version": 1, + "sections": [ + { + "block_ids": [ + "norm:0001801169:0001801169-21-000041:exhibit991-pressreleasedat.htm#b0" + ], + "char_count": 7695, + "heading_block_id": null, + "heading_confidence": 1.0, + "heading_path": [], + "heading_source": "synthetic_root", + "level": 0, + "parent_section_id": null, + "section_id": "norm:0001801169:0001801169-21-000041:exhibit991-pressreleasedat.htm#s0", + "section_sequence": 0, + "title": "(document)" + } + ], + "selection_policy_version": "v1", + "source_artifact_id": "sec:0001801169:0001801169-21-000041:exhibit991-pressreleasedat.htm", + "source_content_sha256": "be436ae17782754fb4e661ec2211274cdca6ca2c513c85e1f9aa1ae107ad47d9", + "source_path": "sec/0001801169/8-K/2021-06-09_0001801169-21-000041/source/exhibit991-pressreleasedat.htm", + "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000041/exhibit991-pressreleasedat.htm", + "stats": { + "block_count": 1, + "char_count": 7695, + "data_table_count": 0, + "image_count": 0, + "layout_table_count": 0, + "max_section_depth": 0, + "passage_count": 2, + "section_count": 1, + "table_count": 0, + "text_yield_pct": 54.05 + }, + "tickers": [ + "OPEN", + "OPENL", + "OPENW", + "OPENZ" + ], + "title": "EX-99.1 2 exhibit991-pressreleasedat.htm EX-99.1 Document created using Wdesk Copyright 2021 Workiva Document Exhibit 99.1 Opendoor Technologies Inc. Announces Redemption of All Outstanding Warrants S" +} diff --git a/data/normalized/sec/0001801169/8-K/2021-06-09_0001801169-21-000041/norm_0001801169_0001801169-21-000041_exhibit991-pressreleasedat.htm.passages.jsonl b/data/normalized/sec/0001801169/8-K/2021-06-09_0001801169-21-000041/norm_0001801169_0001801169-21-000041_exhibit991-pressreleasedat.htm.passages.jsonl new file mode 100644 index 0000000000000000000000000000000000000000..d7560593c9698bb566e4e09776ba841f90778326 --- /dev/null +++ b/data/normalized/sec/0001801169/8-K/2021-06-09_0001801169-21-000041/norm_0001801169_0001801169-21-000041_exhibit991-pressreleasedat.htm.passages.jsonl @@ -0,0 +1,2 @@ +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000041:exhibit991-pressreleasedat.htm#b0"], "char_count": 3926, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0000c400381ef98a708fdf2bcfc8a0a030fa7290d5f77fb4c982fa83eef3e034", "derivation_id": "349a288228c0372f5a3d13aea2b1c973dc4fb7c2efef7496a04c01ff11e8a6d4", "document_id": "norm:0001801169:0001801169-21-000041:exhibit991-pressreleasedat.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-06-09", "filing_id": "sec:0001801169:0001801169-21-000041", "flags": [], "form": "8-K", "heading_path": [], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000041:exhibit991-pressreleasedat.htm", "block_sequence": 0, "char_end": 3926, "char_start": 0, "fragment_sha256": "6b2998d281925f897391e1339638db45244d9ebfbfb6343df3c75bf66ff8909e", "heading_path": [], "table_index": null, "tag_name": "document"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000041:exhibit991-pressreleasedat.htm#p0", "passage_kind": "narrative", "passage_sequence": 0, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-06-09", "section_id": "norm:0001801169:0001801169-21-000041:exhibit991-pressreleasedat.htm#s0", "source_artifact_id": "sec:0001801169:0001801169-21-000041:exhibit991-pressreleasedat.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000041/exhibit991-pressreleasedat.htm", "table_id": null, "text": "EX-99.1 2 exhibit991-pressreleasedat.htm EX-99.1 Document created using Wdesk Copyright 2021 Workiva Document Exhibit 99.1 Opendoor Technologies Inc. Announces Redemption of All Outstanding Warrants SAN FRANCISCO, California – June 9, 2021 – Opendoor Technologies Inc. (Nasdaq: OPEN), (“Opendoor” or “the Company”), a leading digital platform for residential real estate, today announced that the Company will redeem all of its outstanding warrants (the “Public Warrants”) to purchase shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), that were issued under the Warrant Agreement, dated April 27, 2020, by and between the Company and Continental Stock Transfer & Trust Company (“CST”), as warrant agent, as amended by the First Amendment to the Warrant Agreement, dated March 22, 2021, by and among the Company, CST and American Stock Transfer & Trust Company (the “Warrant Agent”), as warrant agent (as amended, the “Warrant Agreement”), as part of the units sold in the Company’s initial public offering (the “IPO”) and that remain outstanding at 5:00 p.m. New York City time on July 9, 2021 (the “Redemption Date”) for a redemption price of $0.10 per Public Warrant. In addition, the Company will redeem all of its outstanding warrants to purchase Common Stock that were issued under the Warrant Agreement in a private placement simultaneously with the IPO (the “Private Warrants” and, together with the Public Warrants, the “Warrants”) on the same terms as the outstanding Public Warrants. Under the terms of the Warrant Agreement, the Company is entitled to redeem all of the outstanding Public Warrants at a redemption price of $0.10 per Public Warrant if (i) the last sales price (the “Reference Value”) of the Common Stock is at least $10.00 per share on each of twenty trading days within any thirty-day trading period ending on the third trading day prior to the date on which a notice of redemption is given and (ii) if the Reference Value is less than $18.00 per share, the Private Warrants are also concurrently called for redemption on the same terms as the outstanding Public Warrants. At the direction of the Company, the Warrant Agent has delivered a notice of redemption to each of the registered holders of the outstanding Warrants. The Warrants may be exercised by the holders thereof until 5:00 p.m. New York City time on the Redemption Date to purchase fully paid and non-assessable shares of Common Stock underlying such Warrants. As the Reference Value is less than $18.00 per share, payment upon exercise of the Warrants may be made either (i) in cash, at an exercise price of $11.50 per share of Common Stock or (ii) on a “cashless basis” in which the exercising holder will receive a number of shares of Common Stock to be determined in accordance with the terms of the Warrant Agreement and based on the Redemption Date and the volume weighted average price (the “Fair Market Value”) of the Common Stock during the 10 trading days immediately following the date on which the notice of redemption is sent to holders of Warrants. The Company will provide holders the Fair Market Value no later than one business day after such 10-trading day period ends. In no event will the number of shares of Common Stock issued in connection with an exercise on a cashless basis exceed 0.361 shares of Common Stock per Warrant. If any holder of Warrants would, after taking into account all of such holder’s Warrants exercised at one time, be entitled to receive a fractional interest in a share of Common Stock, the number of shares the holder will be entitled to receive will be rounded down to the nearest whole number of shares. Any Warrants that remain unexercised at 5:00 p.m. New York City time on the Redemption Date will be void and no longer exercisable, and the holders of those Warrants will be entitled to receive only the redemption price of $0.10 per Warrant."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000041:exhibit991-pressreleasedat.htm#b0"], "char_count": 3768, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5cd0b01b0a7ee903108c480cf4962790337ecf633c917f99c58ed857beccc444", "derivation_id": "349a288228c0372f5a3d13aea2b1c973dc4fb7c2efef7496a04c01ff11e8a6d4", "document_id": "norm:0001801169:0001801169-21-000041:exhibit991-pressreleasedat.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-06-09", "filing_id": "sec:0001801169:0001801169-21-000041", "flags": [], "form": "8-K", "heading_path": [], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000041:exhibit991-pressreleasedat.htm", "block_sequence": 0, "char_end": 7694, "char_start": 3926, "fragment_sha256": "6b2998d281925f897391e1339638db45244d9ebfbfb6343df3c75bf66ff8909e", "heading_path": [], "table_index": null, "tag_name": "document"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000041:exhibit991-pressreleasedat.htm#p1", "passage_kind": "narrative", "passage_sequence": 1, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-06-09", "section_id": "norm:0001801169:0001801169-21-000041:exhibit991-pressreleasedat.htm#s0", "source_artifact_id": "sec:0001801169:0001801169-21-000041:exhibit991-pressreleasedat.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000041/exhibit991-pressreleasedat.htm", "table_id": null, "text": "None of the Company, its board of directors or employees has made or is making any representation or recommendation to any holder of the Warrants as to whether to exercise or refrain from exercising any Warrants. The shares of Common Stock underlying the Warrants have been registered by the Company under the Securities Act of 1933, as amended, and are covered by a registration statement filed on Form S-1 with, and declared effective by, the Securities and Exchange Commission (Registration No. 333-251529). The SEC maintains an Internet website that contains a copy of this prospectus. The address of that site is www.sec.gov. Alternatively, you can obtain a copy of the prospectus from the Company’s investor relations website at https://investor.opendoor.com. Questions concerning redemption and exercise of the Warrants can be directed to our information agent, D.F. King & Co., Inc., at 48 Wall Street, 22nd Floor, New York, NY 10005, Attention: Michael Horthman, telephone number: (800) 578-5378 (toll-free) or (212) 269-5550 (banks and brokers) or email: opendoor@dfking.com. No Offer or Solicitation This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any offer of any of the Company’s securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. Forward Looking Statements This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking. These forward-looking statements generally are identified by the words “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast”, “future”, “intend,” “may,” “might”, “opportunity”, “plan,” “possible”, “potential,” “predict,” “project,” “should,” “strategy”, “strive”, “target,” “will,” or “would”, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the risks and uncertainties set forth in the Company’s filings with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. The Company does not give any assurance that it will achieve its expectations. About Opendoor Opendoor’s mission is to empower everyone with the freedom to move. Since 2014, Opendoor has provided people across the U.S. with a radically simple way to buy, sell or trade-in a home online. 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Holder, Opendoor Technologies Inc. (the \u201cCompany\u201d) hereby gives notice that it is redeeming, at 5:00 p.m. New York City time on July 9, 2021 (the \u201cRedemption Date\u201d), all of the Company\u2019s outstanding warrants (the \u201cPublic Warrants\u201d) to purchase shares of the Company\u2019s common stock, par value $0.0001 per share (the \u201cCommon Stock\u201d), that were issued under the Warrant Agreement, dated April 27, 2020, by and between the Company and Continental Stock Transfer & Trust Company (\u201cCST\u201d), as warrant agent, as amended by the First Amendment to the Warrant Agreement, dated March 22, 2021, by and among the Company, CST and American Stock Transfer & Trust Company (the \u201cWarrant Agent\u201d), as warrant agent (as amended, the \u201cWarrant Agreement\u201d), as part of the units sold in the Company\u2019s initial public offering (the \u201cIPO\u201d) for a redemption price of $0.10 per Public Warrant (the \u201cRedemption Price\u201d). In addition, the Company will redeem all of its outstanding warrants to purchase Common Stock that were issued under the Warrant Agreement in a private placement simultaneously with the IPO (the \u201cPrivate Warrants\u201d and, together with the Public Warrants, the \u201cWarrants\u201d) on the same terms as the outstanding Public Warrants. Under the terms of the Warrant Agreement, the Company is entitled to redeem all of the outstanding Public Warrants at a redemption price of $0.10 per Public Warrant if (i) the last sales price (the \u201cReference Value\u201d) of the Common Stock is at least $10.00 per share on each of twenty trading days within any thirty-day trading period ending on the third trading day prior to the date on which a notice of redemption is given and (ii) if the Reference Value is less than $18.00 per share, the Private Warrants are also concurrently called for redemption on the same terms as the outstanding Public Warrants. At the direction of the Company, the Warrant Agent has delivered a notice of redemption to each of the registered holders of the outstanding Warrants. The Warrants may be exercised by the holders thereof until 5:00 p.m. New York City time on the Redemption Date to purchase fully paid and non-assessable shares of Common Stock underlying such Warrants. As the Reference Value is less than $18.00 per share, payment upon exercise of the Warrants may be made either (i) in cash, at an exercise price of $11.50 per share of Common Stock (the \u201cCash Exercise Price\u201d) or (ii) on a \u201ccashless basis\u201d in which the exercising holder will receive a number of shares of Common Stock to be determined in accordance with the terms of the Warrant Agreement and based on the Redemption Date and the volume weighted average price (the \u201cFair Market Value\u201d) of the Common Stock during the 10 trading days immediately following the date on which this notice of redemption is sent to holders of Warrants. The Company will provide holders the Fair Market Value no later than one business day after such 10-trading day period ends. In no event will the number of shares of Common Stock issued in connection with an exercise on a cashless basis exceed 0.361 shares of Common Stock per Warrant. If any holder of Warrants would, after taking into account all of such holder\u2019s Warrants exercised at one time, be entitled to receive a fractional interest in a share of Common Stock, the number of shares the holder will be entitled to receive will be rounded down to the nearest whole number of shares. The Public Warrants and the Common Stock are listed on the Nasdaq Global Select Market (the \u201cNasdaq\u201d) under the symbols \u201cOPENW\u201d and \u201cOPEN,\u201d respectively. On June 8, 2021, the closing price of the Public Warrants was $7.04 and the closing price of the Common Stock was $17.87. At 5:00 p.m. New York City time on the Redemption Date, the Public Warrants will cease trading on the Nasdaq." + }, + { + "block_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b10", + "block_sequence": 10, + "block_sha256": "c0ac30b4e74d5342a42f1c2b83ffca42e8f536e5792d44a2a31d28d2fdd019eb", + "block_type": "heading", + "char_count": 40, + "level": 3, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", + "block_sequence": 10, + "char_end": 40, + "char_start": 0, + "fragment_sha256": "c919b3a9548f9e3b8b315346ade9f3ddbf11b37b626ba5d65058347573945d2a", + "heading_path": [ + "EX-99.2", + "Exhibit 99.2", + "TERMS OF REDEMPTION; CESSATION OF RIGHTS" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#s6", + "table": null, + "text": "TERMS OF REDEMPTION; CESSATION OF RIGHTS" + }, + { + "block_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b11", + "block_sequence": 11, + "block_sha256": "9cd1b51ba093fdca22620b87a8ccdc429f6ed4f7b3a3e4faa9bc3010750519bc", + "block_type": "paragraph", + "char_count": 1478, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", + "block_sequence": 11, + "char_end": 1478, + "char_start": 0, + "fragment_sha256": "cb56b848802c8cbee0a2eaea6c34d6f32cc26a056c36e42fcd9155ccc692b746", + "heading_path": [ + "EX-99.2", + "Exhibit 99.2", + "TERMS OF REDEMPTION; CESSATION OF RIGHTS" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#s6", + "table": null, + "text": "The rights of the Warrant holders to exercise their Warrants will terminate immediately prior to 5:00 p.m. New York City time on the Redemption Date. At 5:00 p.m. New York City time on the Redemption Date and thereafter, holders of unexercised Warrants will have no rights with respect to those Warrants, except to receive the Redemption Price or as otherwise described in this notice for holders who hold their Warrants in \u201cstreet name.\u201d We encourage you to consult with your broker, financial advisor and/or tax advisor to consider whether or not to exercise your Warrants. The Company is exercising this right to redeem the Warrants pursuant to Section 6.2 of the Warrant Agreement. Pursuant to Section 6.2 of the Warrant Agreement, the Company has the right to redeem all of the outstanding Public Warrants if (i) the Reference Value is at least $10.00 per share on each of twenty trading days within any thirty-day trading period ending on the third trading day prior to the date on which a notice of redemption is given and (ii) if the Reference Value is less than $18.00 per share, the Private Warrants are also concurrently called for redemption on the same terms as the outstanding Public Warrants. The last sales price of the Common Stock has been at least $10.00 per share and less than $18.00 per share on each of 20 trading days within the 30-day trading period ending on June 4, 2021 (which is the third trading day prior to the date of this notice of redemption)." + }, + { + "block_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b12", + "block_sequence": 12, + "block_sha256": "af80d7f1bbb3f2dea40a37912f5ea9f573868cfe0540c730402bb1ef105fdb29", + "block_type": "heading", + "char_count": 18, + "level": 3, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", + "block_sequence": 12, + "char_end": 18, + "char_start": 0, + "fragment_sha256": "ceb8025c10c518fb4c280d72547bed78174ad0ef3dfb74469d5539713e81e319", + "heading_path": [ + "EX-99.2", + "Exhibit 99.2", + "EXERCISE PROCEDURE" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#s7", + "table": null, + "text": "EXERCISE PROCEDURE" + }, + { + "block_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b13", + "block_sequence": 13, + "block_sha256": "c827326ee5604e1422a8db7ee2a37afc8edb9cca9cdde57a094b19ce76855df4", + "block_type": "paragraph", + "char_count": 1250, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", + "block_sequence": 13, + "char_end": 1250, + "char_start": 0, + "fragment_sha256": "0bccb5b9e0a354569a19f6fbbd6048e404c94feff952089b1a6872748b3053bb", + "heading_path": [ + "EX-99.2", + "Exhibit 99.2", + "EXERCISE PROCEDURE" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#s7", + "table": null, + "text": "Warrant holders have until 5:00 p.m. New York City time on the Redemption Date to exercise their Warrants to purchase Common Stock. Payment upon exercise of the Warrants may be made either (i) in cash, at the Cash Exercise Price or (ii) on a \u201ccashless basis\u201d in which the exercising holder will receive a number of shares of Common Stock to be determined in accordance with the terms of the Warrant Agreement and based on the Redemption Date and the Fair Market Value. The Company will provide holders the Fair Market Value no later than one business day after such 10-trading day period ends. In no event will the Warrants be exercisable in connection with this redemption feature for more than 0.361 shares of Common Stock per Warrant. If any holder of Warrants would, after taking into account all of such holder\u2019s Warrants exercised at one time, be entitled to receive a fractional interest in a share of Common Stock, the number of shares the holder will be entitled to receive will be rounded down to the nearest whole number of shares. Payment of the Cash Exercise Price may be made by wire transfer of immediately available funds. Wire instructions will be provided to the Depository Trust Company and will otherwise be provided upon request." + }, + { + "block_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b14", + "block_sequence": 14, + "block_sha256": "6baa7f74ad9e8af8b106594e1a82e913bbc2f2d7a2a5613bffbdd49a8c837d45", + "block_type": "heading", + "char_count": 155, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", + "block_sequence": 14, + "char_end": 155, + "char_start": 0, + "fragment_sha256": "2946ec3046f58898ab32bda98711ed6d8337937e0db8f22ac8583510427dfb79", + "heading_path": [ + "EX-99.2", + "Those who hold their Warrants in \u201cstreet name\u201d should immediately contact their broker to determine their broker\u2019s procedure for exercising their Warrants." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#s8", + "table": null, + "text": "Those who hold their Warrants in \u201cstreet name\u201d should immediately contact their broker to determine their broker\u2019s procedure for exercising their Warrants." + }, + { + "block_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b15", + "block_sequence": 15, + "block_sha256": "d765505e466334430c66894dc69bd517ae5800767b34a964c769c35777c1cc51", + "block_type": "paragraph", + "char_count": 634, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", + "block_sequence": 15, + "char_end": 634, + "char_start": 0, + "fragment_sha256": "088e12eaba3f2aad48dd27f3262c1820825e82301c9d9f968971a0204de852b1", + "heading_path": [ + "EX-99.2", + "Those who hold their Warrants in \u201cstreet name\u201d should immediately contact their broker to determine their broker\u2019s procedure for exercising their Warrants." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#s8", + "table": null, + "text": "Persons who are holders of record of their Warrants may exercise their Warrants by sending (1) the warrant certificate representing the Warrants being exercised (a \u201cWarrant Certificate\u201d), (2) a fully and properly completed \u201cElection to Purchase\u201d (a form of which is attached hereto as Annex A), duly executed and indicating, among of things, the number of Warrants being exercised and whether such Warrants are being exercised on a cash or cashless basis, and (3) if exercised for cash, payment in full of the Cash Exercise Price via wire transfer or other method of payment permitted by the Warrant Agreement to the Warrant Agent at:" + }, + { + "block_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b16", + "block_sequence": 16, + "block_sha256": "a3ca0c3da0ad2127760b9337678596f1d696fd1a60011b411ad14399594b3a20", + "block_type": "heading", + 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"block_sha256": "5f6fad1d165fc9e9615091cd2969615d36576b11fe3883642e6c69627cf2bc7c", + "block_type": "heading", + "char_count": 19, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", + "block_sequence": 20, + "char_end": 19, + "char_start": 0, + "fragment_sha256": "1e93a6d44bb5fe14813b0a9bd3ac77684085bf6480f7f7bbf3cc4721c4784eda", + "heading_path": [ + "EX-99.2", + "Those who hold their Warrants in \u201cstreet name\u201d should immediately contact their broker to determine their broker\u2019s procedure for exercising their Warrants.", + "American Stock Transfer & Trust Company, LLC", + "Fax: (718) 236-2641" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#s13", + "table": null, + "text": "Fax: (718) 236-2641" + }, + { + "block_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b21", + "block_sequence": 21, + "block_sha256": "624ed9c983b4d574718b6ceea7465b5547267e2479172f2b6e3445ce6eedb374", + "block_type": "paragraph", + "char_count": 774, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", + "block_sequence": 21, + "char_end": 774, + "char_start": 0, + "fragment_sha256": "05990c92353c37b6cb454db6d5e7746c83aede139c9a2f64ec60ffa530b451ab", + "heading_path": [ + "EX-99.2", + "Those who hold their Warrants in \u201cstreet name\u201d should immediately contact their broker to determine their broker\u2019s procedure for exercising their Warrants.", + "American Stock Transfer & Trust Company, LLC", + "Fax: (718) 236-2641" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#s13", + "table": null, + "text": "The method of delivery of the Warrants is at the option and risk of the holder, but if mail is used, registered mail properly insured is suggested. The Warrant Certificate, the fully and properly completed Election to Purchase and, if the applicable Warrants are exercised for cash, payment in full of the Cash Exercise Price must be received by American Stock Transfer & Trust Company prior to 5:00 p.m. New York City time on the Redemption Date. Subject to the following paragraph, any failure to deliver the Warrant Certificate, a fully and properly completed Election to Purchase or, if the applicable Warrants are exercised for cash, the payment in full of the Cash Exercise Price before such time will result in such holder\u2019s Warrants being redeemed and not exercised." + }, + { + "block_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b22", + "block_sequence": 22, + "block_sha256": "7b0153c29d1ea11599cb2e1e14223d1ba337fba24dd71b50ef85eeb2e96bc3d1", + "block_type": "heading", + "char_count": 28, + "level": 3, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", + "block_sequence": 22, + "char_end": 28, + "char_start": 0, + "fragment_sha256": "f2fcccfe3277cd365440fadb2f32c42120729ba809b3a57f5bb7447b2148ceeb", + "heading_path": [ + "EX-99.2", + "Those who hold their Warrants in \u201cstreet name\u201d should immediately contact their broker to determine their broker\u2019s procedure for exercising their Warrants.", + "WARRANTS HELD IN STREET NAME" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#s14", + "table": null, + "text": "WARRANTS HELD IN STREET NAME" + }, + { + "block_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b23", + "block_sequence": 23, + "block_sha256": "f8130b0261312ca3e3e601d38c72c5e29eee3434c0c497d976b0e287116f49d5", + "block_type": "paragraph", + "char_count": 796, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", + "block_sequence": 23, + "char_end": 796, + "char_start": 0, + "fragment_sha256": "f630add8cd9e7a5b06849f3fc7a4366634e3b1a8bf38471c78f14b0d8271c456", + "heading_path": [ + "EX-99.2", + "Those who hold their Warrants in \u201cstreet name\u201d should immediately contact their broker to determine their broker\u2019s procedure for exercising their Warrants.", + "WARRANTS HELD IN STREET NAME" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#s14", + "table": null, + "text": "For holders of Warrants who hold their warrants in \u201cstreet name,\u201d broker-dealers shall have two business days from the Redemption Date, or 5:00 p.m. New York City time on July 9, 2021, to deliver the Warrants to the Warrant Agent provided that a Notice of Guaranteed Delivery and, in the case of a cash exercise, payment in full of the Cash Exercise Price, is received by the Warrant Agent prior to 5:00 p.m. New York City time on the Redemption Date. Any such Warrant received without the Election to Purchase or the Notice of Guaranteed Delivery having been duly executed and fully and properly completed or, in the case of a cash exercise, without the payment in full of the Cash Exercise Price will be deemed to have been delivered for redemption (at $0.10 per Warrant), and not for exercise." + }, + { + "block_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b24", + "block_sequence": 24, + "block_sha256": "a7d1c4b6a23c3117850fcdf054ac3cc77ed27dae38a50790a7f4b2ed5461801b", + "block_type": "heading", + "char_count": 10, + "level": 3, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", + "block_sequence": 24, + "char_end": 10, + "char_start": 0, + "fragment_sha256": "2fda52f122f37f94e364b8b47efaec5b4dd4edd0c2984a87574cf9319b8e17fc", + "heading_path": [ + "EX-99.2", + "Those who hold their Warrants in \u201cstreet name\u201d should immediately contact their broker to determine their broker\u2019s procedure for exercising their Warrants.", + "PROSPECTUS" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#s15", + "table": null, + "text": "PROSPECTUS" + }, + { + "block_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b25", + "block_sequence": 25, + "block_sha256": "ee2f17b318f2ac4b1bb1e3fd43006963de2d58f61e8522dc45da5a6478ceb36c", + "block_type": "paragraph", + "char_count": 670, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", + "block_sequence": 25, + "char_end": 670, + "char_start": 0, + "fragment_sha256": "057a1616da6009939a1dae428c191de65217ca6d13bf0d57dff441c5cdaf018d", + "heading_path": [ + "EX-99.2", + "Those who hold their Warrants in \u201cstreet name\u201d should immediately contact their broker to determine their broker\u2019s procedure for exercising their Warrants.", + "PROSPECTUS" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#s15", + "table": null, + "text": "A prospectus covering the Common Stock issuable upon the exercise of the Warrants is included in a registration statement (Registration No. 333-251529) initially filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on December 21, 2020 and originally declared effective by the SEC on January 22, 2021 (and post-effective amendments No. 1 and No. 2 to the registration statement declared effective on March 12, 2021). The SEC maintains an Internet website that contains a copy of this prospectus. The address of that site is www.sec.gov. Alternatively, you can obtain a copy of the prospectus from our investor relations website at https://investor.opendoor.com." + }, + { + "block_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b26", + "block_sequence": 26, + "block_sha256": "ddcdab6df6456ab1fd97d5fbe19cbb2d959f86e36cbf229dbe30da00408b3a7d", + "block_type": "heading", + "char_count": 20, + "level": 3, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", + "block_sequence": 26, + "char_end": 20, + "char_start": 0, + "fragment_sha256": "65abed43e996b50c5d6256dd482805cdd76e8ed61269391e18864014dfc1df08", + "heading_path": [ + "EX-99.2", + "Those who hold their Warrants in \u201cstreet name\u201d should immediately contact their broker to determine their broker\u2019s procedure for exercising their Warrants.", + "REDEMPTION PROCEDURE" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#s16", + "table": null, + "text": "REDEMPTION PROCEDURE" + }, + { + "block_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b27", + "block_sequence": 27, + "block_sha256": "7c780b048db60312bd34f554def7d2963b664c6b8ee0cbfa7c6bcd3f0214ed57", + "block_type": "paragraph", + "char_count": 490, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", + "block_sequence": 27, + "char_end": 490, + "char_start": 0, + "fragment_sha256": "713ff542c1d9570233311c3f1eb185a14b9f9e62eb23de5879fccadfc50797dd", + "heading_path": [ + "EX-99.2", + "Those who hold their Warrants in \u201cstreet name\u201d should immediately contact their broker to determine their broker\u2019s procedure for exercising their Warrants.", + "REDEMPTION PROCEDURE" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#s16", + "table": null, + "text": "Payment of the Redemption Price will be made by the Company upon presentation and surrender of a Warrant for payment after 5:00 p.m. New York City time on the Redemption Date. Those who hold their shares in \u201cstreet name\u201d should contact their broker to determine their broker\u2019s procedure for redeeming their Warrants. Any questions you may have about redemption and exercising your Warrants may be directed to the Warrant Agent at its address and telephone number set forth above. Sincerely," + }, + { + "block_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b28", + "block_sequence": 28, + "block_sha256": "788a99affa56b6a274da0d8ac31165c1668ad0b2a2cf1dfec091de0209a1e875", + "block_type": "other", + "char_count": 33, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", + "block_sequence": 28, + "char_end": 33, + "char_start": 0, + "fragment_sha256": "2b745511874a919a3e4945697dd08732df84e50a1025e198ff360da67f82627e", + "heading_path": [ + "EX-99.2", + "Those who hold their Warrants in \u201cstreet name\u201d should immediately contact their broker to determine their broker\u2019s procedure for exercising their Warrants.", + "REDEMPTION PROCEDURE" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#s16", + "table": null, + "text": "*********************************" + }, + { + "block_id": 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Carrie Wheeler", + "Annex A" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#s19", + "table": null, + "text": "Annex A" + }, + { + "block_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b33", + "block_sequence": 33, + "block_sha256": "7460ff5afa74595bed1ed49c4ec349f88984782302cbab9cee3bae99ec2b46cd", + "block_type": "heading", + "char_count": 26, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", + "block_sequence": 33, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "aff6584423ffc62c65c88443765c7ce4400a3c32311a73f30b8fa067ae60ac09", + "heading_path": [ + "EX-99.2", + "Opendoor Technologies Inc.", + "OPENDOOR TECHNOLOGIES INC." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#s20", + "table": null, + "text": 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(the \u201cCompany\u201d) and herewith tenders payment for such shares of Common Stock to the order of the Company in the amount of $____________ in accordance with the terms hereof. The undersigned requests that a certificate for such shares of Common Stock be registered in the name of __________________________, whose address is ________________________________________ and that such shares of Common Stock be delivered to __________________________ whose address is ________________________________________. If said number of shares of Common Stock is less than all of the shares of Common Stock purchasable hereunder, the undersigned requests that a new Warrant Certificate representing the remaining balance of such shares of Common Stock be registered in the name of __________________________, whose address is ________________________________________and that such Warrant Certificate be delivered to ________________________, whose address is ________________________________________. \u2610 The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant Agreement, to exercise its Warrant (as defined below) pursuant to a Make-Whole Exercise (as defined in the Warrant Agreement) to receive the number of shares of Common Stock, par value $0.0001 per share (\u201cCommon Stock\u201d), of Opendoor Technologies Inc. (the \u201cCompany\u201d), that this Warrant is exercisable for, as determined in accordance with subsection 3.3.1(c) or Section 6.2 of the Warrant Agreement, as applicable. If said number of shares is less than all of the shares of Common Stock purchasable hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate representing the remaining balance of such shares of Common Stock be registered in the name of __________________________, whose address is ________________________________________and that such Warrant Certificate be delivered to ________________________, whose address is ________________________________________. The warrants to purchase shares of Common Stock (each, a \u201cWarrant\u201d) have been called for redemption by the Company pursuant to Section 6.2 of the Warrant Agreement, dated April 27, 2020, by and between the Company and Continental Stock Transfer & Trust Company (\u201cCST\u201d), as warrant agent, as amended by the First Amendment to the Warrant Agreement, dated March 22, 2021, by and among the Company, CST and American Stock Transfer & Trust Company, as warrant agent (as amended, the \u201cWarrant Agreement\u201d). Pursuant to the terms of the Warrant Agreement, each whole Warrant is exercisable for one fully paid and non-assessable share of Common Stock. 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"norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-06-09", "section_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#s5", "source_artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000041/exhibit992opendoor-noticeo.htm", "table_id": null, "text": "Dear Warrant Holder, Opendoor Technologies Inc. (the “Company”) hereby gives notice that it is redeeming, at 5:00 p.m. New York City time on July 9, 2021 (the “Redemption Date”), all of the Company’s outstanding warrants (the “Public Warrants”) to purchase shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), that were issued under the Warrant Agreement, dated April 27, 2020, by and between the Company and Continental Stock Transfer & Trust Company (“CST”), as warrant agent, as amended by the First Amendment to the Warrant Agreement, dated March 22, 2021, by and among the Company, CST and American Stock Transfer & Trust Company (the “Warrant Agent”), as warrant agent (as amended, the “Warrant Agreement”), as part of the units sold in the Company’s initial public offering (the “IPO”) for a redemption price of $0.10 per Public Warrant (the “Redemption Price”). In addition, the Company will redeem all of its outstanding warrants to purchase Common Stock that were issued under the Warrant Agreement in a private placement simultaneously with the IPO (the “Private Warrants” and, together with the Public Warrants, the “Warrants”) on the same terms as the outstanding Public Warrants. Under the terms of the Warrant Agreement, the Company is entitled to redeem all of the outstanding Public Warrants at a redemption price of $0.10 per Public Warrant if (i) the last sales price (the “Reference Value”) of the Common Stock is at least $10.00 per share on each of twenty trading days within any thirty-day trading period ending on the third trading day prior to the date on which a notice of redemption is given and (ii) if the Reference Value is less than $18.00 per share, the Private Warrants are also concurrently called for redemption on the same terms as the outstanding Public Warrants. At the direction of the Company, the Warrant Agent has delivered a notice of redemption to each of the registered holders of the outstanding Warrants. The Warrants may be exercised by the holders thereof until 5:00 p.m. New York City time on the Redemption Date to purchase fully paid and non-assessable shares of Common Stock underlying such Warrants. As the Reference Value is less than $18.00 per share, payment upon exercise of the Warrants may be made either (i) in cash, at an exercise price of $11.50 per share of Common Stock (the “Cash Exercise Price”) or (ii) on a “cashless basis” in which the exercising holder will receive a number of shares of Common Stock to be determined in accordance with the terms of the Warrant Agreement and based on the Redemption Date and the volume weighted average price (the “Fair Market Value”) of the Common Stock during the 10 trading days immediately following the date on which this notice of redemption is sent to holders of Warrants. The Company will provide holders the Fair Market Value no later than one business day after such 10-trading day period ends. In no event will the number of shares of Common Stock issued in connection with an exercise on a cashless basis exceed 0.361 shares of Common Stock per Warrant. If any holder of Warrants would, after taking into account all of such holder’s Warrants exercised at one time, be entitled to receive a fractional interest in a share of Common Stock, the number of shares the holder will be entitled to receive will be rounded down to the nearest whole number of shares. The Public Warrants and the Common Stock are listed on the Nasdaq Global Select Market (the “Nasdaq”) under the symbols “OPENW” and “OPEN,” respectively. On June 8, 2021, the closing price of the Public Warrants was $7.04 and the closing price of the Common Stock was $17.87. At 5:00 p.m. New York City time on the Redemption Date, the Public Warrants will cease trading on the Nasdaq."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b11"], "char_count": 1478, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9cd1b51ba093fdca22620b87a8ccdc429f6ed4f7b3a3e4faa9bc3010750519bc", "derivation_id": "a8e16b3a3e1c7cdb8c8e3d90bd2868e0c69cfec20b14fde9e4fb2f5c8f0b0b60", "document_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-06-09", "filing_id": "sec:0001801169:0001801169-21-000041", "flags": [], "form": "8-K", "heading_path": ["EX-99.2", "Exhibit 99.2", "TERMS OF REDEMPTION; CESSATION OF RIGHTS"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", "block_sequence": 11, "char_end": 1478, "char_start": 0, "fragment_sha256": "cb56b848802c8cbee0a2eaea6c34d6f32cc26a056c36e42fcd9155ccc692b746", "heading_path": ["EX-99.2", "Exhibit 99.2", "TERMS OF REDEMPTION; CESSATION OF RIGHTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-06-09", "section_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#s6", "source_artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000041/exhibit992opendoor-noticeo.htm", "table_id": null, "text": "The rights of the Warrant holders to exercise their Warrants will terminate immediately prior to 5:00 p.m. New York City time on the Redemption Date. At 5:00 p.m. New York City time on the Redemption Date and thereafter, holders of unexercised Warrants will have no rights with respect to those Warrants, except to receive the Redemption Price or as otherwise described in this notice for holders who hold their Warrants in “street name.” We encourage you to consult with your broker, financial advisor and/or tax advisor to consider whether or not to exercise your Warrants. The Company is exercising this right to redeem the Warrants pursuant to Section 6.2 of the Warrant Agreement. Pursuant to Section 6.2 of the Warrant Agreement, the Company has the right to redeem all of the outstanding Public Warrants if (i) the Reference Value is at least $10.00 per share on each of twenty trading days within any thirty-day trading period ending on the third trading day prior to the date on which a notice of redemption is given and (ii) if the Reference Value is less than $18.00 per share, the Private Warrants are also concurrently called for redemption on the same terms as the outstanding Public Warrants. The last sales price of the Common Stock has been at least $10.00 per share and less than $18.00 per share on each of 20 trading days within the 30-day trading period ending on June 4, 2021 (which is the third trading day prior to the date of this notice of redemption)."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b13"], "char_count": 1250, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c827326ee5604e1422a8db7ee2a37afc8edb9cca9cdde57a094b19ce76855df4", "derivation_id": "a8e16b3a3e1c7cdb8c8e3d90bd2868e0c69cfec20b14fde9e4fb2f5c8f0b0b60", "document_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-06-09", "filing_id": "sec:0001801169:0001801169-21-000041", "flags": [], "form": "8-K", "heading_path": ["EX-99.2", "Exhibit 99.2", "EXERCISE PROCEDURE"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", "block_sequence": 13, "char_end": 1250, "char_start": 0, "fragment_sha256": "0bccb5b9e0a354569a19f6fbbd6048e404c94feff952089b1a6872748b3053bb", "heading_path": ["EX-99.2", "Exhibit 99.2", "EXERCISE PROCEDURE"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-06-09", "section_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#s7", "source_artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000041/exhibit992opendoor-noticeo.htm", "table_id": null, "text": "Warrant holders have until 5:00 p.m. New York City time on the Redemption Date to exercise their Warrants to purchase Common Stock. Payment upon exercise of the Warrants may be made either (i) in cash, at the Cash Exercise Price or (ii) on a “cashless basis” in which the exercising holder will receive a number of shares of Common Stock to be determined in accordance with the terms of the Warrant Agreement and based on the Redemption Date and the Fair Market Value. The Company will provide holders the Fair Market Value no later than one business day after such 10-trading day period ends. In no event will the Warrants be exercisable in connection with this redemption feature for more than 0.361 shares of Common Stock per Warrant. If any holder of Warrants would, after taking into account all of such holder’s Warrants exercised at one time, be entitled to receive a fractional interest in a share of Common Stock, the number of shares the holder will be entitled to receive will be rounded down to the nearest whole number of shares. Payment of the Cash Exercise Price may be made by wire transfer of immediately available funds. Wire instructions will be provided to the Depository Trust Company and will otherwise be provided upon request."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b15"], "char_count": 634, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d765505e466334430c66894dc69bd517ae5800767b34a964c769c35777c1cc51", "derivation_id": "a8e16b3a3e1c7cdb8c8e3d90bd2868e0c69cfec20b14fde9e4fb2f5c8f0b0b60", "document_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-06-09", "filing_id": "sec:0001801169:0001801169-21-000041", "flags": [], "form": "8-K", "heading_path": ["EX-99.2", "Those who hold their Warrants in “street name” should immediately contact their broker to determine their broker’s procedure for exercising their Warrants."], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", "block_sequence": 15, "char_end": 634, "char_start": 0, "fragment_sha256": "088e12eaba3f2aad48dd27f3262c1820825e82301c9d9f968971a0204de852b1", "heading_path": ["EX-99.2", "Those who hold their Warrants in “street name” should immediately contact their broker to determine their broker’s procedure for exercising their Warrants."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-06-09", "section_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#s8", "source_artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000041/exhibit992opendoor-noticeo.htm", "table_id": null, "text": "Persons who are holders of record of their Warrants may exercise their Warrants by sending (1) the warrant certificate representing the Warrants being exercised (a “Warrant Certificate”), (2) a fully and properly completed “Election to Purchase” (a form of which is attached hereto as Annex A), duly executed and indicating, among of things, the number of Warrants being exercised and whether such Warrants are being exercised on a cash or cashless basis, and (3) if exercised for cash, payment in full of the Cash Exercise Price via wire transfer or other method of payment permitted by the Warrant Agreement to the Warrant Agent at:"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b21"], "char_count": 774, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "624ed9c983b4d574718b6ceea7465b5547267e2479172f2b6e3445ce6eedb374", "derivation_id": "a8e16b3a3e1c7cdb8c8e3d90bd2868e0c69cfec20b14fde9e4fb2f5c8f0b0b60", "document_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-06-09", "filing_id": "sec:0001801169:0001801169-21-000041", "flags": [], "form": "8-K", "heading_path": ["EX-99.2", "Those who hold their Warrants in “street name” should immediately contact their broker to determine their broker’s procedure for exercising their Warrants.", "American Stock Transfer & Trust Company, LLC", "Fax: (718) 236-2641"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", "block_sequence": 21, "char_end": 774, "char_start": 0, "fragment_sha256": "05990c92353c37b6cb454db6d5e7746c83aede139c9a2f64ec60ffa530b451ab", "heading_path": ["EX-99.2", "Those who hold their Warrants in “street name” should immediately contact their broker to determine their broker’s procedure for exercising their Warrants.", "American Stock Transfer & Trust Company, LLC", "Fax: (718) 236-2641"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-06-09", "section_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000041/exhibit992opendoor-noticeo.htm", "table_id": null, "text": "The method of delivery of the Warrants is at the option and risk of the holder, but if mail is used, registered mail properly insured is suggested. The Warrant Certificate, the fully and properly completed Election to Purchase and, if the applicable Warrants are exercised for cash, payment in full of the Cash Exercise Price must be received by American Stock Transfer & Trust Company prior to 5:00 p.m. New York City time on the Redemption Date. Subject to the following paragraph, any failure to deliver the Warrant Certificate, a fully and properly completed Election to Purchase or, if the applicable Warrants are exercised for cash, the payment in full of the Cash Exercise Price before such time will result in such holder’s Warrants being redeemed and not exercised."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b23"], "char_count": 796, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f8130b0261312ca3e3e601d38c72c5e29eee3434c0c497d976b0e287116f49d5", "derivation_id": "a8e16b3a3e1c7cdb8c8e3d90bd2868e0c69cfec20b14fde9e4fb2f5c8f0b0b60", "document_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-06-09", "filing_id": "sec:0001801169:0001801169-21-000041", "flags": [], "form": "8-K", "heading_path": ["EX-99.2", "Those who hold their Warrants in “street name” should immediately contact their broker to determine their broker’s procedure for exercising their Warrants.", "WARRANTS HELD IN STREET NAME"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", "block_sequence": 23, "char_end": 796, "char_start": 0, "fragment_sha256": "f630add8cd9e7a5b06849f3fc7a4366634e3b1a8bf38471c78f14b0d8271c456", "heading_path": ["EX-99.2", "Those who hold their Warrants in “street name” should immediately contact their broker to determine their broker’s procedure for exercising their Warrants.", "WARRANTS HELD IN STREET NAME"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-06-09", "section_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#s14", "source_artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000041/exhibit992opendoor-noticeo.htm", "table_id": null, "text": "For holders of Warrants who hold their warrants in “street name,” broker-dealers shall have two business days from the Redemption Date, or 5:00 p.m. New York City time on July 9, 2021, to deliver the Warrants to the Warrant Agent provided that a Notice of Guaranteed Delivery and, in the case of a cash exercise, payment in full of the Cash Exercise Price, is received by the Warrant Agent prior to 5:00 p.m. New York City time on the Redemption Date. Any such Warrant received without the Election to Purchase or the Notice of Guaranteed Delivery having been duly executed and fully and properly completed or, in the case of a cash exercise, without the payment in full of the Cash Exercise Price will be deemed to have been delivered for redemption (at $0.10 per Warrant), and not for exercise."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b25"], "char_count": 670, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ee2f17b318f2ac4b1bb1e3fd43006963de2d58f61e8522dc45da5a6478ceb36c", "derivation_id": "a8e16b3a3e1c7cdb8c8e3d90bd2868e0c69cfec20b14fde9e4fb2f5c8f0b0b60", "document_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-06-09", "filing_id": "sec:0001801169:0001801169-21-000041", "flags": [], "form": "8-K", "heading_path": ["EX-99.2", "Those who hold their Warrants in “street name” should immediately contact their broker to determine their broker’s procedure for exercising their Warrants.", "PROSPECTUS"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", "block_sequence": 25, "char_end": 670, "char_start": 0, "fragment_sha256": "057a1616da6009939a1dae428c191de65217ca6d13bf0d57dff441c5cdaf018d", "heading_path": ["EX-99.2", "Those who hold their Warrants in “street name” should immediately contact their broker to determine their broker’s procedure for exercising their Warrants.", "PROSPECTUS"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-06-09", "section_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#s15", "source_artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000041/exhibit992opendoor-noticeo.htm", "table_id": null, "text": "A prospectus covering the Common Stock issuable upon the exercise of the Warrants is included in a registration statement (Registration No. 333-251529) initially filed with the Securities and Exchange Commission (the “SEC”) on December 21, 2020 and originally declared effective by the SEC on January 22, 2021 (and post-effective amendments No. 1 and No. 2 to the registration statement declared effective on March 12, 2021). The SEC maintains an Internet website that contains a copy of this prospectus. The address of that site is www.sec.gov. Alternatively, you can obtain a copy of the prospectus from our investor relations website at https://investor.opendoor.com."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b27", "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b28"], "char_count": 525, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a58f58d2d17a4acfa8975de9b2f43fa3644708064dd5e6413e788d6705becc7a", "derivation_id": "a8e16b3a3e1c7cdb8c8e3d90bd2868e0c69cfec20b14fde9e4fb2f5c8f0b0b60", "document_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-06-09", "filing_id": "sec:0001801169:0001801169-21-000041", "flags": [], "form": "8-K", "heading_path": ["EX-99.2", "Those who hold their Warrants in “street name” should immediately contact their broker to determine their broker’s procedure for exercising their Warrants.", "REDEMPTION PROCEDURE"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", "block_sequence": 27, "char_end": 490, "char_start": 0, "fragment_sha256": "713ff542c1d9570233311c3f1eb185a14b9f9e62eb23de5879fccadfc50797dd", "heading_path": ["EX-99.2", "Those who hold their Warrants in “street name” should immediately contact their broker to determine their broker’s procedure for exercising their Warrants.", "REDEMPTION PROCEDURE"], "table_index": null, "tag_name": "sec-parser-merged-text"}, {"artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", "block_sequence": 28, "char_end": 33, "char_start": 0, "fragment_sha256": "2b745511874a919a3e4945697dd08732df84e50a1025e198ff360da67f82627e", "heading_path": ["EX-99.2", "Those who hold their Warrants in “street name” should immediately contact their broker to determine their broker’s procedure for exercising their Warrants.", "REDEMPTION PROCEDURE"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-06-09", "section_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#s16", "source_artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000041/exhibit992opendoor-noticeo.htm", "table_id": null, "text": "Payment of the Redemption Price will be made by the Company upon presentation and surrender of a Warrant for payment after 5:00 p.m. New York City time on the Redemption Date. Those who hold their shares in “street name” should contact their broker to determine their broker’s procedure for redeeming their Warrants. Any questions you may have about redemption and exercising your Warrants may be directed to the Warrant Agent at its address and telephone number set forth above. Sincerely,\n\n*********************************"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b31"], "char_count": 38, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "dbd077fef685dd51a4b27ba42233b1d4b0470f531c08d9ba51e7745d6745d452", "derivation_id": "a8e16b3a3e1c7cdb8c8e3d90bd2868e0c69cfec20b14fde9e4fb2f5c8f0b0b60", "document_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-06-09", "filing_id": "sec:0001801169:0001801169-21-000041", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EX-99.2", "Opendoor Technologies Inc.", "/s/ Carrie Wheeler"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", "block_sequence": 31, "char_end": 38, "char_start": 0, "fragment_sha256": "d442785472364636acae0b57861e9658d776d80d1b55dadc25df2f287984ff9e", "heading_path": ["EX-99.2", "Opendoor Technologies Inc.", "/s/ Carrie Wheeler"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#p11", "passage_kind": "narrative", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-06-09", "section_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#s18", "source_artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000041/exhibit992opendoor-noticeo.htm", "table_id": null, "text": "Carrie Wheeler Chief Financial Officer"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b36"], "char_count": 3195, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a62eb669ee66141e811f2c4f1aad38d9febdf62c2de622ddebba1cfa1e2df983", "derivation_id": "a8e16b3a3e1c7cdb8c8e3d90bd2868e0c69cfec20b14fde9e4fb2f5c8f0b0b60", "document_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-06-09", "filing_id": "sec:0001801169:0001801169-21-000041", "flags": [], "form": "8-K", "heading_path": ["CHECK ONE BOX BELOW AND COMPLETE THE CORRESPONDING PARAGRAPH"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", "block_sequence": 36, "char_end": 3195, "char_start": 0, "fragment_sha256": "ee0121a6d5b8ecece188168f2dd16211dadc841f4dd0f0749cb8ee0b8545c52c", "heading_path": ["CHECK ONE BOX BELOW AND COMPLETE THE CORRESPONDING PARAGRAPH"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-06-09", "section_id": "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#s22", "source_artifact_id": "sec:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000041/exhibit992opendoor-noticeo.htm", "table_id": null, "text": "☐ The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive _____________ shares of Common Stock, par value $0.0001 per share (“Common Stock”), of Opendoor Technologies Inc. (the “Company”) and herewith tenders payment for such shares of Common Stock to the order of the Company in the amount of $____________ in accordance with the terms hereof. The undersigned requests that a certificate for such shares of Common Stock be registered in the name of __________________________, whose address is ________________________________________ and that such shares of Common Stock be delivered to __________________________ whose address is ________________________________________. If said number of shares of Common Stock is less than all of the shares of Common Stock purchasable hereunder, the undersigned requests that a new Warrant Certificate representing the remaining balance of such shares of Common Stock be registered in the name of __________________________, whose address is ________________________________________and that such Warrant Certificate be delivered to ________________________, whose address is ________________________________________. ☐ The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant Agreement, to exercise its Warrant (as defined below) pursuant to a Make-Whole Exercise (as defined in the Warrant Agreement) to receive the number of shares of Common Stock, par value $0.0001 per share (“Common Stock”), of Opendoor Technologies Inc. (the “Company”), that this Warrant is exercisable for, as determined in accordance with subsection 3.3.1(c) or Section 6.2 of the Warrant Agreement, as applicable. If said number of shares is less than all of the shares of Common Stock purchasable hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate representing the remaining balance of such shares of Common Stock be registered in the name of __________________________, whose address is ________________________________________and that such Warrant Certificate be delivered to ________________________, whose address is ________________________________________. The warrants to purchase shares of Common Stock (each, a “Warrant”) have been called for redemption by the Company pursuant to Section 6.2 of the Warrant Agreement, dated April 27, 2020, by and between the Company and Continental Stock Transfer & Trust Company (“CST”), as warrant agent, as amended by the First Amendment to the Warrant Agreement, dated March 22, 2021, by and among the Company, CST and American Stock Transfer & Trust Company, as warrant agent (as amended, the “Warrant Agreement”). Pursuant to the terms of the Warrant Agreement, each whole Warrant is exercisable for one fully paid and non-assessable share of Common Stock. Any Warrants that remain unexercised at 5:00 p.m. New York City time on the redemption date will be void and no longer exercisable, and the holders of those Warrants will be entitled to receive only the redemption price of $0.10 per Warrant."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b38", "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b39", "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b40", "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b41", "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b42", "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b43", "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b44", "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b45", "norm:0001801169:0001801169-21-000041:exhibit992opendoor-noticeo.htm#b46", 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(the \u201cCompany\u201d) issued a press release announcing the redemption of all of its outstanding warrants to purchase shares of the Company\u2019s common stock, par value $0.0001 per share, that were issued under the Warrant Agreement, dated April 27, 2020, by and between the Company and Continental Stock Transfer & Trust Company (\u201cCST\u201d), as warrant agent, as amended by the First Amendment to the Warrant Agreement, dated March 22, 2021, by and among the Company, CST and American Stock Transfer & Trust Company, as warrant agent. A copy of the press release is filed as Exhibit 99.1 hereto and is incorporated herein by reference. A copy of the Notice of Redemption delivered by the Company is filed as Exhibit 99.2 hereto and is incorporated herein by reference. Neither this Current Report on Form 8-K, the press release attached hereto as Exhibit 99.1 nor the Notice of Redemption attached hereto as Exhibit 99.2 constitutes an offer to sell or the solicitation of an offer to buy any of the Company\u2019s securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful." + }, + { + "block_id": "norm:0001801169:0001801169-21-000041:open-20210609.htm#b23", + "block_sequence": 23, + "block_sha256": "ceb51f1f84b7628f894076641909a6ff2852ffbb2bd4591f0389564d97779dc4", + "block_type": "heading", + "char_count": 9, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000041:open-20210609.htm", + "block_sequence": 23, + "char_end": 9, + "char_start": 0, + "fragment_sha256": "77452be327fe13e82730f642a34d8774ed38a893b8fc80af989d248f90dd760e", + "heading_path": [ + "N/A", + "Item 9.01" + ], + "table_index": null, + "tag_name": "span" + }, + 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Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-21-000041:open-20210609.htm#b22"], "char_count": 1193, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9f8429b7b2828bacfc9e29ca628476b5b475206a7fe65736d52879d48ee25de2", "derivation_id": "cf2c9066878f0f4df3cf336237704be154709ed5f2ad106ffd20ac767c2c78bc", "document_id": "norm:0001801169:0001801169-21-000041:open-20210609.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2021-06-09", "filing_id": "sec:0001801169:0001801169-21-000041", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 8.01", "Other Events."], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000041:open-20210609.htm", "block_sequence": 22, "char_end": 1193, "char_start": 0, "fragment_sha256": "ef858308a021ca2fa56a3685b617bf94d221bd2b149cd92746298c14992b851a", "heading_path": ["N/A", "Item 8.01", "Other Events."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000041:open-20210609.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-06-09", "section_id": "norm:0001801169:0001801169-21-000041:open-20210609.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-21-000041:open-20210609.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000041/open-20210609.htm", "table_id": null, "text": "On June 9, 2021, Opendoor Technologies Inc. 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Neither this Current Report on Form 8-K, the press release attached hereto as Exhibit 99.1 nor the Notice of Redemption attached hereto as Exhibit 99.2 constitutes an offer to sell or the solicitation of an offer to buy any of the Company’s securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-21-000041:open-20210609.htm#b25"], "char_count": 12, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1bb512677b8189f063271298af785857c211249e9a13edc9cf8a2d4545faefd7", "derivation_id": "cf2c9066878f0f4df3cf336237704be154709ed5f2ad106ffd20ac767c2c78bc", "document_id": "norm:0001801169:0001801169-21-000041:open-20210609.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2021-06-09", "filing_id": "sec:0001801169:0001801169-21-000041", "flags": 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Emerging growth company \u2610 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o" + }, + { + "block_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#b20", + "block_sequence": 20, + "block_sha256": "d67343becebe4f8540fe52b4a337f11871cf46307ea61e7d3f9f9742b6749e4d", + "block_type": "heading", + "char_count": 9, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000065:open-20210617.htm", + "block_sequence": 20, + "char_end": 9, + "char_start": 0, + "fragment_sha256": "19962a4bb31af796b47403c357cea483d28275d4264cfa8f351faf3dd0e9671f", + "heading_path": [ + "N/A", + "Item 5.07" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#s12", + "table": null, + "text": "Item 5.07" + }, + { + "block_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#b21", + "block_sequence": 21, + "block_sha256": "d550433ba63db76cd93e98b2890d0650936e0b5de52891094f5b0f5017b9eaf1", + "block_type": "heading", + "char_count": 52, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000065:open-20210617.htm", + "block_sequence": 21, + "char_end": 52, + "char_start": 0, + "fragment_sha256": "cc6c7eeeeebd5bb5dc1b660ca521a8cfa8704549d1c792af397f87909fe19738", + "heading_path": [ + "N/A", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders." + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#s13", + "table": null, + "text": "Submission of Matters to a Vote of Security Holders." + }, + { + "block_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#b22", + "block_sequence": 22, + "block_sha256": "52ef1b9e79f097075fa957e9993ddca3483980564b188aaaaf3b458b65180068", + "block_type": "paragraph", + "char_count": 763, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000065:open-20210617.htm", + "block_sequence": 22, + "char_end": 763, + "char_start": 0, + "fragment_sha256": "9b67cc5bb73cd54a14e558b5cb01e7438f3ae86424a297cc03fdb3d81306c753", + "heading_path": [ + "N/A", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#s13", + "table": null, + "text": "Opendoor Technologies Inc. (the \u201cCompany\u201d) held its 2021 Annual Meeting of Stockholders on June 17, 2021 (the \u201cMeeting\u201d). A total of 396,248,086 shares of the Company's common stock were present online or represented by proxy at the meeting, representing approximately 68.6% percent of the Company\u2019s outstanding common stock as of the April 20, 2021 record date. The following are the voting results for the proposals considered and voted upon at the meeting, all of which were described in the Company\u2019s definitive proxy statement filed with the Securities and Exchange Commission on April 30, 2021. 1. Election of Cipora Herman, Jonathan Jaffe and Glenn Solomon as Class I Directors, each for a three-year term ending at the 2024 Annual Meeting of Stockholders:" + }, + { + "block_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#b23", + "block_sequence": 23, + "block_sha256": "6802cf0e58cee51de1bc6a11a0786d1f69ae2ad3f46cf9460cad009aeed3245c", + "block_type": "table", + "char_count": 239, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000065:open-20210617.htm", + "block_sequence": 23, + "char_end": 239, + "char_start": 0, + "fragment_sha256": "25550df38bd1a7642d8b36661b0318b1e6043bb287fba1252dc0ab3a92d5c507", + "heading_path": [ + "N/A", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders." + ], + "table_index": 3, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#s13", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.95, + "markdown": "| | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| Nominees | | For | | Withhold | | Broker Non-Votes |\n| Cipora Herman | | 341,159,307 | | 16,506,644 | | 38,582,135 |\n| Jonathan Jaffe | | 356,118,058 | | 1,547,893 | | 38,582,135 |\n| Glenn Solomon | | 357,503,661 | | 162,290 | | 38,582,135 |", + "n_cols": 7, + "n_rows": 4, + "plain_text": "Nominees | | For | | Withhold | | Broker Non-Votes\nCipora Herman | | 341,159,307 | | 16,506,644 | | 38,582,135\nJonathan Jaffe | | 356,118,058 | | 1,547,893 | | 38,582,135\nGlenn Solomon | | 357,503,661 | | 162,290 | | 38,582,135", + "rows": [ + [ + "Nominees", + "", + "For", + "", + "Withhold", + "", + "Broker Non-Votes" + ], + [ + "Cipora Herman", + "", + "341,159,307", + "", + "16,506,644", + "", + "38,582,135" + ], + [ + "Jonathan Jaffe", + "", + "356,118,058", + "", + "1,547,893", + "", + "38,582,135" + ], + [ + "Glenn Solomon", + "", + "357,503,661", + "", + "162,290", + "", + "38,582,135" + ] + ], + "table_index": 3, + "table_kind": "data" + }, + "text": "Nominees | | For | | Withhold | | Broker Non-Votes\nCipora Herman | | 341,159,307 | | 16,506,644 | | 38,582,135\nJonathan Jaffe | | 356,118,058 | | 1,547,893 | | 38,582,135\nGlenn Solomon | | 357,503,661 | | 162,290 | | 38,582,135" + }, + { + "block_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#b24", + "block_sequence": 24, + "block_sha256": "2408559e55c8b071d220b261d22ec388e6363a76e7d6fbd9b548e5f849571813", + "block_type": "paragraph", + "char_count": 123, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000065:open-20210617.htm", + "block_sequence": 24, + "char_end": 123, + "char_start": 0, + "fragment_sha256": "88370ceb2ada72e16bf16e5bc62a3cbe0e21f32c5d45e493b092f4629ec8aed5", + "heading_path": [ + "N/A", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#s13", + "table": null, + "text": "2. Ratification of Deloitte & Touche LLP as the Company\u2019s independent auditor for the fiscal year ending December 31, 2021:" + }, + { + "block_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#b25", + "block_sequence": 25, + "block_sha256": "9a38dea0dca8aebe0ae4ae148547c43e60c816278dc3d00b5858bdcb9583a424", + "block_type": "table", + "char_count": 96, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000065:open-20210617.htm", + "block_sequence": 25, + "char_end": 96, + "char_start": 0, + "fragment_sha256": "eda366b23d7db8a2608aa78eac7e1a6eb771b38113e0a0f9fa582b39f0495887", + "heading_path": [ + "N/A", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders." + ], + "table_index": 4, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#s13", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.95, + "markdown": "| | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| For | | Against | | Abstain | | Broker Non-Votes |\n| 395,552,230 | | 473,282 | | 222,574 | | 0 |", + "n_cols": 7, + "n_rows": 2, + "plain_text": "For | | Against | | Abstain | | Broker Non-Votes\n395,552,230 | | 473,282 | | 222,574 | | 0", + "rows": [ + [ + "For", + "", + "Against", + "", + "Abstain", + "", + "Broker Non-Votes" + ], + [ + "395,552,230", + "", + "473,282", + "", + "222,574", + "", + "0" + ] + ], + "table_index": 4, + "table_kind": "data" + }, + "text": "For | | Against | | Abstain | | Broker Non-Votes\n395,552,230 | | 473,282 | | 222,574 | | 0" + }, + { + "block_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#b26", + "block_sequence": 26, + "block_sha256": "31360f713263b012a1a3e8984c03f928b233ff56db8756d7a21506e8d3f2f9dd", + "block_type": "paragraph", + "char_count": 115, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000065:open-20210617.htm", + "block_sequence": 26, + "char_end": 115, + "char_start": 0, + "fragment_sha256": "94e3c5f64766726e691be66317dfa7cda9fa41beb348d5419737f620107d32f6", + "heading_path": [ + "N/A", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#s13", + "table": null, + "text": "3. The approval, on an advisory (non-binding) basis, of the compensation of the Company's named executive officers:" + }, + { + "block_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#b27", + "block_sequence": 27, + "block_sha256": "6e28b040f8b3fa9967a6568aa0c62542e017db4060edf54f33d532dcbb07d448", + "block_type": "table", + "char_count": 107, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000065:open-20210617.htm", + "block_sequence": 27, + "char_end": 107, + "char_start": 0, + "fragment_sha256": "263f64b164eca953de410a1dcaef369c02dcade89ae25376d57fc5c917e5e0b5", + "heading_path": [ + "N/A", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders." + ], + "table_index": 5, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#s13", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.95, + "markdown": "| | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| For | | Against | | Abstain | | Broker Non-Votes |\n| 351,815,160 | | 753,598 | | 5,097,193 | | 38,582,135 |", + "n_cols": 7, + "n_rows": 2, + "plain_text": "For | | Against | | Abstain | | Broker Non-Votes\n351,815,160 | | 753,598 | | 5,097,193 | | 38,582,135", + "rows": [ + [ + "For", + "", + "Against", + "", + "Abstain", + "", + "Broker Non-Votes" + ], + [ + "351,815,160", + "", + "753,598", + "", + "5,097,193", + "", + "38,582,135" + ] + ], + "table_index": 5, + "table_kind": "data" + }, + "text": "For | | Against | | Abstain | | Broker Non-Votes\n351,815,160 | | 753,598 | | 5,097,193 | | 38,582,135" + }, + { + "block_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#b28", + "block_sequence": 28, + "block_sha256": "95bf25983135d6481f056ae925d267b6682cf0d985ede5f6915eb451d2cf65ad", + "block_type": "paragraph", + "char_count": 157, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000065:open-20210617.htm", + "block_sequence": 28, + "char_end": 157, + "char_start": 0, + "fragment_sha256": "d9ebba68341f6bc287a851754be06dda7ea28d5ddde43dc1db4fdaff0735f90d", + "heading_path": [ + "N/A", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#s13", + "table": null, + "text": "4. The approval, on an advisory (non-binding) basis, of the frequency of future advisory votes on the compensation of the Company's named executive officers:" + }, + { + "block_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#b29", + "block_sequence": 29, + "block_sha256": "dbe6bb38d7524a919821c8159950f05a05c694c872ee860bcebe8614b96acb9b", + "block_type": "table", + "char_count": 133, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000065:open-20210617.htm", + "block_sequence": 29, + "char_end": 133, + "char_start": 0, + "fragment_sha256": "0ca3a511672958c7bb84b96bb594f6b90bf1496aef4bf0d0841a6b46a0a7f551", + "heading_path": [ + "N/A", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders." + ], + "table_index": 6, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#s13", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.95, + "markdown": "| | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| 1 year | | 2 years | | 3 years | | Abstain | | Broker Non-Votes |\n| 357,074,798 | | 78,420 | | 335,928 | | 176,805 | | 38,582,135 |", + "n_cols": 9, + "n_rows": 2, + "plain_text": "1 year | | 2 years | | 3 years | | Abstain | | Broker Non-Votes\n357,074,798 | | 78,420 | | 335,928 | | 176,805 | | 38,582,135", + "rows": [ + [ + "1 year", + "", + "2 years", + "", + "3 years", + "", + "Abstain", + "", + "Broker Non-Votes" + ], + [ + "357,074,798", + "", + "78,420", + "", + "335,928", + "", + "176,805", + "", + "38,582,135" + ] + ], + "table_index": 6, + "table_kind": "data" + }, + "text": "1 year | | 2 years | | 3 years | | Abstain | | Broker Non-Votes\n357,074,798 | | 78,420 | | 335,928 | | 176,805 | | 38,582,135" + }, + { + "block_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#b30", + "block_sequence": 30, + "block_sha256": "334c992b972ebdef612ca812071221cbaee9251757c2d0e19546da8b0eb42871", + "block_type": "paragraph", + "char_count": 832, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000065:open-20210617.htm", + "block_sequence": 30, + "char_end": 832, + "char_start": 0, + "fragment_sha256": "5f74203f055b5dc44115030807b2a22ae0445a5a2e5bb0c7c85b8b8fa2078f9d", + "heading_path": [ + "N/A", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#s13", + "table": null, + "text": "Based on the foregoing, Cipora Herman, Jonathan Jaffe and Glenn Solomon were elected as Class I Directors, Items 2 and 3 were approved and the Company\u2019s stockholders recommended that future stockholder advisory votes on the compensation of the Company\u2019s named executive officers be held every year. 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Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-21-000065:open-20210617.htm#b22"], "char_count": 763, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "52ef1b9e79f097075fa957e9993ddca3483980564b188aaaaf3b458b65180068", "derivation_id": "3e31f5a3e10489af779721c65d301f1919beba886b4aa74fdbefd7b4d0f59e20", "document_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2021-06-22", "filing_id": "sec:0001801169:0001801169-21-000065", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000065:open-20210617.htm", "block_sequence": 22, "char_end": 763, "char_start": 0, "fragment_sha256": "9b67cc5bb73cd54a14e558b5cb01e7438f3ae86424a297cc03fdb3d81306c753", "heading_path": ["N/A", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-06-17", "section_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-21-000065:open-20210617.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000065/open-20210617.htm", "table_id": null, "text": "Opendoor Technologies Inc. (the “Company”) held its 2021 Annual Meeting of Stockholders on June 17, 2021 (the “Meeting”). A total of 396,248,086 shares of the Company's common stock were present online or represented by proxy at the meeting, representing approximately 68.6% percent of the Company’s outstanding common stock as of the April 20, 2021 record date. The following are the voting results for the proposals considered and voted upon at the meeting, all of which were described in the Company’s definitive proxy statement filed with the Securities and Exchange Commission on April 30, 2021. 1. Election of Cipora Herman, Jonathan Jaffe and Glenn Solomon as Class I Directors, each for a three-year term ending at the 2024 Annual Meeting of Stockholders:"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-21-000065:open-20210617.htm#b23"], "char_count": 322, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "652b997452dd348aa7dc698309eada108e3a1d196ce06967f1b6add5712c24d4", "derivation_id": "3e31f5a3e10489af779721c65d301f1919beba886b4aa74fdbefd7b4d0f59e20", "document_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2021-06-22", "filing_id": "sec:0001801169:0001801169-21-000065", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000065:open-20210617.htm", "block_sequence": 23, "char_end": 239, "char_start": 0, "fragment_sha256": "25550df38bd1a7642d8b36661b0318b1e6043bb287fba1252dc0ab3a92d5c507", "heading_path": ["N/A", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "table_index": 3, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#p9", "passage_kind": "table", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-06-17", "section_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-21-000065:open-20210617.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000065/open-20210617.htm", "table_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#b23", "text": "| | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| Nominees | | For | | Withhold | | Broker Non-Votes |\n| Cipora Herman | | 341,159,307 | | 16,506,644 | | 38,582,135 |\n| Jonathan Jaffe | | 356,118,058 | | 1,547,893 | | 38,582,135 |\n| Glenn Solomon | | 357,503,661 | | 162,290 | | 38,582,135 |"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-21-000065:open-20210617.htm#b24"], "char_count": 123, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "2408559e55c8b071d220b261d22ec388e6363a76e7d6fbd9b548e5f849571813", "derivation_id": "3e31f5a3e10489af779721c65d301f1919beba886b4aa74fdbefd7b4d0f59e20", "document_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2021-06-22", "filing_id": "sec:0001801169:0001801169-21-000065", "flags": ["short_passage"], "form": "8-K", "heading_path": ["N/A", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000065:open-20210617.htm", "block_sequence": 24, "char_end": 123, "char_start": 0, "fragment_sha256": "88370ceb2ada72e16bf16e5bc62a3cbe0e21f32c5d45e493b092f4629ec8aed5", "heading_path": ["N/A", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-06-17", "section_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-21-000065:open-20210617.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000065/open-20210617.htm", "table_id": null, "text": "2. Ratification of Deloitte & Touche LLP as the Company’s independent auditor for the fiscal year ending December 31, 2021:"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-21-000065:open-20210617.htm#b25"], "char_count": 171, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0f5861d1e54437fb464f89e5e241cd49300c08202ee7b516c780bf49f10adb07", "derivation_id": "3e31f5a3e10489af779721c65d301f1919beba886b4aa74fdbefd7b4d0f59e20", "document_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2021-06-22", "filing_id": "sec:0001801169:0001801169-21-000065", "flags": ["short_passage"], "form": "8-K", "heading_path": ["N/A", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000065:open-20210617.htm", "block_sequence": 25, "char_end": 96, "char_start": 0, "fragment_sha256": "eda366b23d7db8a2608aa78eac7e1a6eb771b38113e0a0f9fa582b39f0495887", "heading_path": ["N/A", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "table_index": 4, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#p11", "passage_kind": "table", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-06-17", "section_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-21-000065:open-20210617.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000065/open-20210617.htm", "table_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#b25", "text": "| | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| For | | Against | | Abstain | | Broker Non-Votes |\n| 395,552,230 | | 473,282 | | 222,574 | | 0 |"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-21-000065:open-20210617.htm#b26"], "char_count": 115, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "31360f713263b012a1a3e8984c03f928b233ff56db8756d7a21506e8d3f2f9dd", "derivation_id": "3e31f5a3e10489af779721c65d301f1919beba886b4aa74fdbefd7b4d0f59e20", "document_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2021-06-22", "filing_id": "sec:0001801169:0001801169-21-000065", "flags": ["short_passage"], "form": "8-K", "heading_path": ["N/A", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000065:open-20210617.htm", "block_sequence": 26, "char_end": 115, "char_start": 0, "fragment_sha256": "94e3c5f64766726e691be66317dfa7cda9fa41beb348d5419737f620107d32f6", "heading_path": ["N/A", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-06-17", "section_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-21-000065:open-20210617.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000065/open-20210617.htm", "table_id": null, "text": "3. The approval, on an advisory (non-binding) basis, of the compensation of the Company's named executive officers:"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-21-000065:open-20210617.htm#b27"], "char_count": 182, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5f8ab0beeb3658c88063f4e4e9253d3662f0aeb17572c97e1f9b07d33c59c195", "derivation_id": "3e31f5a3e10489af779721c65d301f1919beba886b4aa74fdbefd7b4d0f59e20", "document_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2021-06-22", "filing_id": "sec:0001801169:0001801169-21-000065", "flags": ["short_passage"], "form": "8-K", "heading_path": ["N/A", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000065:open-20210617.htm", "block_sequence": 27, "char_end": 107, "char_start": 0, "fragment_sha256": "263f64b164eca953de410a1dcaef369c02dcade89ae25376d57fc5c917e5e0b5", "heading_path": ["N/A", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "table_index": 5, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#p13", "passage_kind": "table", "passage_sequence": 13, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-06-17", "section_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-21-000065:open-20210617.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000065/open-20210617.htm", "table_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#b27", "text": "| | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| For | | Against | | Abstain | | Broker Non-Votes |\n| 351,815,160 | | 753,598 | | 5,097,193 | | 38,582,135 |"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-21-000065:open-20210617.htm#b28"], "char_count": 157, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "95bf25983135d6481f056ae925d267b6682cf0d985ede5f6915eb451d2cf65ad", "derivation_id": "3e31f5a3e10489af779721c65d301f1919beba886b4aa74fdbefd7b4d0f59e20", "document_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2021-06-22", "filing_id": "sec:0001801169:0001801169-21-000065", "flags": ["short_passage"], "form": "8-K", "heading_path": ["N/A", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000065:open-20210617.htm", "block_sequence": 28, "char_end": 157, "char_start": 0, "fragment_sha256": "d9ebba68341f6bc287a851754be06dda7ea28d5ddde43dc1db4fdaff0735f90d", "heading_path": ["N/A", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#p14", "passage_kind": "narrative", "passage_sequence": 14, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-06-17", "section_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-21-000065:open-20210617.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000065/open-20210617.htm", "table_id": null, "text": "4. The approval, on an advisory (non-binding) basis, of the frequency of future advisory votes on the compensation of the Company's named executive officers:"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-21-000065:open-20210617.htm#b29"], "char_count": 226, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0587064e9d7ea0db9c6bdd9cf71a72e088f841731705ece7fd8b07929cb39935", "derivation_id": "3e31f5a3e10489af779721c65d301f1919beba886b4aa74fdbefd7b4d0f59e20", "document_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2021-06-22", "filing_id": "sec:0001801169:0001801169-21-000065", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000065:open-20210617.htm", "block_sequence": 29, "char_end": 133, "char_start": 0, "fragment_sha256": "0ca3a511672958c7bb84b96bb594f6b90bf1496aef4bf0d0841a6b46a0a7f551", "heading_path": ["N/A", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "table_index": 6, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#p15", "passage_kind": "table", "passage_sequence": 15, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-06-17", "section_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-21-000065:open-20210617.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000065/open-20210617.htm", "table_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#b29", "text": "| | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| 1 year | | 2 years | | 3 years | | Abstain | | Broker Non-Votes |\n| 357,074,798 | | 78,420 | | 335,928 | | 176,805 | | 38,582,135 |"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-21-000065:open-20210617.htm#b30"], "char_count": 832, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "334c992b972ebdef612ca812071221cbaee9251757c2d0e19546da8b0eb42871", "derivation_id": "3e31f5a3e10489af779721c65d301f1919beba886b4aa74fdbefd7b4d0f59e20", "document_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2021-06-22", "filing_id": "sec:0001801169:0001801169-21-000065", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000065:open-20210617.htm", "block_sequence": 30, "char_end": 832, "char_start": 0, "fragment_sha256": "5f74203f055b5dc44115030807b2a22ae0445a5a2e5bb0c7c85b8b8fa2078f9d", "heading_path": ["N/A", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#p16", "passage_kind": "narrative", "passage_sequence": 16, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-06-17", "section_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-21-000065:open-20210617.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000065/open-20210617.htm", "table_id": null, "text": "Based on the foregoing, Cipora Herman, Jonathan Jaffe and Glenn Solomon were elected as Class I Directors, Items 2 and 3 were approved and the Company’s stockholders recommended that future stockholder advisory votes on the compensation of the Company’s named executive officers be held every year. Based on the foregoing voting results and consistent with the Board of Directors’ recommendation, the Company has determined to hold an advisory vote on the compensation of the Company’s named executive officers every year until the next advisory vote regarding the frequency of future advisory votes on the compensation of the Company’s named executive officers is submitted to the stockholders or the Board of Directors otherwise determines that a different frequency for such advisory vote is in the best interests of the Company."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-21-000065:open-20210617.htm#b33"], "char_count": 305, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f4b5c48d0c9a970768b44b8e0e591e32463bb2ac983c570f2869c00c08691da8", "derivation_id": "3e31f5a3e10489af779721c65d301f1919beba886b4aa74fdbefd7b4d0f59e20", "document_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2021-06-22", "filing_id": "sec:0001801169:0001801169-21-000065", "flags": [], "form": "8-K", "heading_path": ["N/A", "SIGNATURES"], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000065:open-20210617.htm", "block_sequence": 33, "char_end": 305, "char_start": 0, "fragment_sha256": "1b694204f8bbcf9288764ef23aa3560b0b44fe47a90740c70ed9135c50af2c9a", "heading_path": ["N/A", "SIGNATURES"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#p17", "passage_kind": "narrative", "passage_sequence": 17, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-06-17", "section_id": "norm:0001801169:0001801169-21-000065:open-20210617.htm#s15", "source_artifact_id": "sec:0001801169:0001801169-21-000065:open-20210617.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000065/open-20210617.htm", "table_id": null, "text": "Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Opendoor Technologies Inc. Date: June 22, 2021 By: /s/ Carrie Wheeler Name: Carrie Wheeler Title: Chief Financial Officer"} diff --git a/data/normalized/sec/0001801169/8-K/2021-07-26_0001801169-21-000089/norm_0001801169_0001801169-21-000089_exhibit991-pressreleasedat.htm.json b/data/normalized/sec/0001801169/8-K/2021-07-26_0001801169-21-000089/norm_0001801169_0001801169-21-000089_exhibit991-pressreleasedat.htm.json new file mode 100644 index 0000000000000000000000000000000000000000..0a444cb7650381d20d1288e35ef7af44802e1cf6 --- /dev/null +++ b/data/normalized/sec/0001801169/8-K/2021-07-26_0001801169-21-000089/norm_0001801169_0001801169-21-000089_exhibit991-pressreleasedat.htm.json @@ -0,0 +1,104 @@ +{ + "acceptance_datetime": "2021-07-26T09:05:34.000Z", + "amends_accession": null, + "artifact_role": "ex99-01", + "blocks": [ + { + "block_id": "norm:0001801169:0001801169-21-000089:exhibit991-pressreleasedat.htm#b0", + "block_sequence": 0, + "block_sha256": "433cefacbbdb55f00d164fe69033d395e74ceb91774ae0e5ccf52ed94a6856c2", + "block_type": "paragraph", + "char_count": 4000, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000089:exhibit991-pressreleasedat.htm", + "block_sequence": 0, + "char_end": 4000, + "char_start": 0, + "fragment_sha256": "0850b73bc83f1abf25524a42b23fa2da840b2e428e77b4633ec7815956281595", + "heading_path": [], + "table_index": null, + "tag_name": "document" + }, + "section_id": "norm:0001801169:0001801169-21-000089:exhibit991-pressreleasedat.htm#s0", + "table": null, + "text": "EX-99.1 2 exhibit991-pressreleasedat.htm EX-99.1 Document created using Wdesk Copyright 2021 Workiva Document Exhibit 99.1 Opendoor Technologies Inc. Announces the Results of the Completed Redemption of All Outstanding Warrants SAN FRANCISCO, California \u2013 July 26, 2021 \u2013 Opendoor Technologies Inc. (Nasdaq: OPEN), (\u201cOpendoor\u201d or \u201cthe Company\u201d), a leading digital platform for residential real estate, today announced the results of the completed redemption of all of its outstanding warrants (the \u201cPublic Warrants\u201d) to purchase shares of the Company\u2019s common stock, par value $0.0001 per share (the \u201cCommon Stock\u201d), that were issued under the Warrant Agreement, dated April 27, 2020, by and between the Company and Continental Stock Transfer & Trust Company (\u201cCST\u201d), as warrant agent, as amended by the First Amendment to the Warrant Agreement, dated March 22, 2021, by and among the Company, CST and American Stock Transfer & Trust Company, as warrant agent (as amended, the \u201cWarrant Agreement\u201d), as part of the units sold in the Company\u2019s initial public offering (the \u201cIPO\u201d) that remained outstanding at 5:00 p.m. New York City time on July 9, 2021 (the \u201cRedemption Date\u201d) for a redemption price of $0.10 per Public Warrant. On June 9, 2021, the Company issued a press release stating that, pursuant to the terms of the Warrant Agreement, it would redeem all of the outstanding Public Warrants at a redemption price of $0.10 per Public Warrant. The redemption was triggered because the last sales price (the \u201cReference Value\u201d) of the Common Stock was at least $10.00 per share on each of twenty trading days within a thirty-day trading period ending on the third trading day prior to June 9, 2021. Since the Reference Value was less than $18.00 per share, the outstanding warrants to purchase Common Stock that were issued under the Warrant Agreement in a private placement simultaneously with the IPO (the \u201cPrivate Warrants\u201d and, together with the Public Warrants, the \u201cWarrants\u201d) were also concurrently called for redemption on the same terms as the outstanding Public Warrants. 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Total cash proceeds generated from exercises of the Warrants were $22,402,828. As of July 23, 2021, the Company had no Warrants and 604,213,754 shares of Common Stock outstanding. In connection with the redemption, the Public Warrants stopped trading on the Nasdaq Global Select Market and were delisted, with the trading halt announced after close of market on July 9, 2021. The redemption had no effect on the trading of the Common Stock, which continues to trade on the Nasdaq Global Select Market under the symbol \u201cOPEN.\u201d About Opendoor Opendoor\u2019s mission is to empower everyone with the freedom to move. Since 2014, Opendoor has provided people across the U.S. with a radically simple way to buy, sell or trade-in a home online. Opendoor currently operates in a growing number of markets across the U.S. Contact Information Investors: Elise Wang Opendoor investors@opendoor.com Media: Sheila Tran / Charles Stewart Opendoor press@opendoor.com" + } + ], + "cik": 1801169, + "cik10": "0001801169", + "company_name": "Opendoor Technologies Inc.", + "config_hash": "a8e88d258eb39664414697e0926a7d29600e676d9810ec79743c3c9490c9d4a1", + "content_sha256": "433cefacbbdb55f00d164fe69033d395e74ceb91774ae0e5ccf52ed94a6856c2", + "derivation_id": "e0a0c1a397b330941880adb39961a528769d22e81c097bfce14ab99e9ac9b7ba", + "document_id": "norm:0001801169:0001801169-21-000089:exhibit991-pressreleasedat.htm", + "document_type": "earnings_release", + "exhibit_type": "EX-99.1", + "filing_date": "2021-07-26", + "filing_id": "sec:0001801169:0001801169-21-000089", + "flags": [ + "hierarchy_uncertain" + ], + "form": "8-K", + "form_sanitized": "8-K", + "is_amendment": false, + "items": [ + "8.01", + "9.01" + ], + "normalizer_version": "1.0.0", + "original_filename": "exhibit991-pressreleasedat.htm", + "parser_fallback_from": null, + "parser_fallback_reason": null, + "parser_name": "sec_html", + "parser_version": "0.58.1", + "related_xbrl_artifact_ids": [ + "sec:0001801169:0001801169-21-000089:open-20210726.xsd", + "sec:0001801169:0001801169-21-000089:open-20210726_def.xml", + "sec:0001801169:0001801169-21-000089:open-20210726_lab.xml", + "sec:0001801169:0001801169-21-000089:open-20210726_pre.xml" + ], + "report_date": "2021-07-26", + "schema_version": 1, + "sections": [ + { + "block_ids": [ + "norm:0001801169:0001801169-21-000089:exhibit991-pressreleasedat.htm#b0" + ], + "char_count": 4000, + "heading_block_id": null, + "heading_confidence": 1.0, + "heading_path": [], + "heading_source": "synthetic_root", + "level": 0, + "parent_section_id": null, + "section_id": "norm:0001801169:0001801169-21-000089:exhibit991-pressreleasedat.htm#s0", + "section_sequence": 0, + "title": "(document)" + } + ], + "selection_policy_version": "v1", + "source_artifact_id": "sec:0001801169:0001801169-21-000089:exhibit991-pressreleasedat.htm", + "source_content_sha256": "23d53a64f41d0a7738b68e42f7d68f849a40f8effbb639cd79dfb8c22cd51ad4", + "source_path": "sec/0001801169/8-K/2021-07-26_0001801169-21-000089/source/exhibit991-pressreleasedat.htm", + "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000089/exhibit991-pressreleasedat.htm", + "stats": { + "block_count": 1, + "char_count": 4000, + "data_table_count": 0, + "image_count": 0, + "layout_table_count": 0, + "max_section_depth": 0, + "passage_count": 1, + "section_count": 1, + "table_count": 0, + "text_yield_pct": 47.73 + }, + "tickers": [ + "OPEN", + "OPENL", + "OPENW", + "OPENZ" + ], + "title": "EX-99.1 2 exhibit991-pressreleasedat.htm EX-99.1 Document created using Wdesk Copyright 2021 Workiva Document Exhibit 99.1 Opendoor Technologies Inc. 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Announces the Results of the Completed Redemption of All Outstanding Warrants SAN FRANCISCO, California – July 26, 2021 – Opendoor Technologies Inc. (Nasdaq: OPEN), (“Opendoor” or “the Company”), a leading digital platform for residential real estate, today announced the results of the completed redemption of all of its outstanding warrants (the “Public Warrants”) to purchase shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), that were issued under the Warrant Agreement, dated April 27, 2020, by and between the Company and Continental Stock Transfer & Trust Company (“CST”), as warrant agent, as amended by the First Amendment to the Warrant Agreement, dated March 22, 2021, by and among the Company, CST and American Stock Transfer & Trust Company, as warrant agent (as amended, the “Warrant Agreement”), as part of the units sold in the Company’s initial public offering (the “IPO”) that remained outstanding at 5:00 p.m. New York City time on July 9, 2021 (the “Redemption Date”) for a redemption price of $0.10 per Public Warrant. On June 9, 2021, the Company issued a press release stating that, pursuant to the terms of the Warrant Agreement, it would redeem all of the outstanding Public Warrants at a redemption price of $0.10 per Public Warrant. The redemption was triggered because the last sales price (the “Reference Value”) of the Common Stock was at least $10.00 per share on each of twenty trading days within a thirty-day trading period ending on the third trading day prior to June 9, 2021. Since the Reference Value was less than $18.00 per share, the outstanding warrants to purchase Common Stock that were issued under the Warrant Agreement in a private placement simultaneously with the IPO (the “Private Warrants” and, together with the Public Warrants, the “Warrants”) were also concurrently called for redemption on the same terms as the outstanding Public Warrants. Of the 13,799,947 Public Warrants that were outstanding as of the time of the business combination of Opendoor with Social Capital Hedosophia Holdings Corp. II on December 18, 2020 (the “Business Combination”), 874,739 were exercised for cash at an exercise price of $11.50 per share of Common Stock and 12,521,776 were exercised on a cashless basis in exchange for an aggregate of 4,452,659 shares of Common Stock, in each case in accordance with the terms of the Warrant Agreement, representing approximately 97% of the Public Warrants. In addition, of the 6,133,333 Private Warrants that were outstanding as of the date of the Business Combination, 1,073,333 were exercised for cash at an exercise price of $11.50 per share of Common Stock and 5,060,000 were exercised on a cashless basis in exchange for an aggregate of 1,799,336 shares of Common Stock, in each case in accordance with the terms of the Warrant Agreement, representing 100% of the Private Warrants. Total cash proceeds generated from exercises of the Warrants were $22,402,828. As of July 23, 2021, the Company had no Warrants and 604,213,754 shares of Common Stock outstanding. In connection with the redemption, the Public Warrants stopped trading on the Nasdaq Global Select Market and were delisted, with the trading halt announced after close of market on July 9, 2021. The redemption had no effect on the trading of the Common Stock, which continues to trade on the Nasdaq Global Select Market under the symbol “OPEN.” About Opendoor Opendoor’s mission is to empower everyone with the freedom to move. Since 2014, Opendoor has provided people across the U.S. with a radically simple way to buy, sell or trade-in a home online. 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"exhibit9922q21opendoorsh002.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b8", + "block_sequence": 8, + "block_sha256": "70da04fa63f8f9427a672ba20a7794f10fc4e3c80aa27621bce34bb4c499475c", + "block_type": "paragraph", + "char_count": 2766, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 8, + "char_end": 2766, + "char_start": 0, + "fragment_sha256": "c1f765ee68abd2b29ac1987f23ec41ee1636e1ab9770f4b6b20f2bf95893672c", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "Each quarter, we get the opportunity to reflect on our journey to redefine how people buy and sell a home, and transform the world\u2019s largest asset class. Last quarter, I spoke to our tremendous momentum, created by our relentless focus on the consumer experience, pricing expertise, and operational excellence. Today, I am proud to share the results of those efforts. In the second quarter, we acquired a record 8,494 homes, generated revenue of $1.2 billion, and delivered adjusted EBITDA of $25.6 million, representing growth of 136% in homes acquired, 59% in revenue, and nearly $28 million in adjusted EBITDA compared to the first quarter. This strong outperformance is further evidence of the seismic shift in consumer demand towards the modern real estate experience we are pioneering. Based on our current momentum, we are operating today at a second half revenue run rate that is on track to meet the 2023 target we provided at the time of our December listing. We founded Opendoor with the mission to empower people with the freedom to move and make it possible to buy, sell, and move at the tap of a button. Tangibly, we are transforming what has historically been a complex, uncertain, time-consuming, and mostly offline process into a simple, online experience. Driven by an obsession and focus on the consumer experience, we have built scalable pricing capabilities, technology-enabled and centralized operations, and a suite of digital-first consumer products over the past seven years. Together, these investments have enabled us to help customers buy or sell homes in over 100,000 transactions and expand our footprint to 41 markets across the country, including 12 new markets in Q2 alone. Most importantly, we have scaled rapidly while delighting our customers with an experience that continues to exceed 80 in Net Promoter Score from our sellers. As we look forward, we believe that building the best-in-class consumer experience, the most accurate pricing engine, and the lowest cost platform are our foundation to become the clear digital one-stop-shop for all home buyers and sellers. Following the traction we\u2019ve seen in our integrated title and escrow services, we are continuing to invest in Buy with Opendoor and Opendoor Home Loans, which give customers the ability to buy, finance, sell, and close in one seamless transaction. I want to thank my teammates for being on this journey to redefine how people buy and sell a home. It is their dedication and hard work in serving our customers everyday that enable us to deliver best-in-class conversion, best-in-class unit economics, and best-in-class customer satisfaction. Eric Wu, Co-Founder & CEO Empower everyone with the freedom to move. Our Mission 2 A NOTE FROM ERIC Dear Shareholders," + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b9", + "block_sequence": 9, + "block_sha256": "52ad275c6e9c58ebc114fee669a8071a8487b6868504566437cdebe2c677a9d0", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 9, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "6c3deabc10f054fc51b08e3c9962c5fa62d2a267453d703df11756fd489fa0a4", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q21opendoorsh003.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b10", + "block_sequence": 10, + "block_sha256": "5c6028626c91b351a0010a464c67d9258b265bbb54b86ea446d0454d3c90f41b", + "block_type": "paragraph", + "char_count": 889, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 10, + "char_end": 889, + "char_start": 0, + "fragment_sha256": "a4e153345d0120e68b3a611b696584c40ca82a48fc23871452b821f9a7575ccd", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "Revenue of $1.2 billion, up 59% versus 1Q21, with 3,481 total homes sold, up 41% versus 1Q21 \u2014 Gross profit of $159 million, up 64% versus 1Q21; gross margin of 13.4%, up 40 basis points versus 1Q21 \u2014 Net income of ($144) million, versus ($270) million in 1Q21 \u2014 Adjusted net income of $2.5 million, versus ($21) million in 1Q21 \u2014 Contribution profit of $128 million, up 68% versus 1Q21; contribution margin of 10.8%, up 60 basis points versus 1Q21 \u2014 Adjusted EBITDA of $26 million versus ($2) million in 1Q21; adjusted EBITDA margin of 2.2% versus (0.3%) in 1Q21 \u2014 Expanded to 39 markets at the end of 2Q21 with 12 new market launches \u2014 Purchased 8,494 homes, up 136% versus 1Q21 \u2014 Grew inventory balance to 7,971 homes, representing $2.7 billion in value, up 224% versus 1Q21 \u2014 Ended the quarter with contracts to acquire 8,158 homes, representing $3.0 billion in value 3 2Q21 Highlights" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b11", + "block_sequence": 11, + "block_sha256": "8ca1b22b13ee058fb569ae48413e9840ea9a1154f113c2f7128bbb7500a5f624", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 11, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "08c2259d2e517371d763bf64c4daba9979b2b45af9444cf00bb50dd553ed7646", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q21opendoorsh004.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b12", + "block_sequence": 12, + "block_sha256": "086c6aeff95b9592ffc0ed591ae21d877aaa480e7eed55f75f71aeb7fc58962e", + "block_type": "paragraph", + "char_count": 1738, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 12, + "char_end": 1738, + "char_start": 0, + "fragment_sha256": "c73d82ad30da61169eef9fb68996fb9d99f8e7e5a6ffb698bade4a482c67409d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "Meet The Petitto\u2019s Jack Petitto, a homeowner in Orange County, California, needed to move to accommodate his growing family. The Petitto\u2019s had their sights set on moving to Colorado, and knew right away they needed to avoid the traditional route of prepping and listing their home. Both working from home with a young child, the thought of cleaning, staging, and vacating for showings seemed impossible. Plus, the added uncertainty of a buyer\u2019s offer falling through from financing, inspection or other contingencies was unsettling. HIGHLIGHT FROM OUR 100,000TH CUSTOMER TRANSACTION 4 So, they started shopping for alternatives to the traditional sale and came across Opendoor. After reading great reviews about the company, Jack decided to put in their address and see what the preliminary offer would be. Once they started their home selling journey with Opendoor, they were sold. Handling everything online, they accepted their offer and selected their closing date. As unexpected things happen, they ended up finding their next home quicker than expected. With a simple text to Opendoor, they were able to move their closing date up a month earlier to accommodate their move. \u201cFrom start to finish, it was very honest and open communication. It made us feel really confident and comfortable moving forward, especially with a company and a service that was new to us and different from the way we purchased our home originally.\u201d Nicole Petitto \u201cThe backend experience was easy and the app was seamless. Everything was very user-friendly and transparent, so we were in tune with every step of the process along the way. You rarely have those types of experiences with a brand that makes you kind of have that \u2018wow\u2019 moment.\u201d Jack Petitto" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b13", + "block_sequence": 13, + "block_sha256": "bd15c374efa6fa8cfac9b296bd2fd9de1ca93babe09409361064f2f84cb3e51d", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 13, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "aa3e15fed141af9f8a62084924665a7d70b91ee48e45e445cb9224b940f303da", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q21opendoorsh005.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b14", + "block_sequence": 14, + "block_sha256": "e2310bf1fc96a79731b011447dd67f2eb47ea560e90bee341a08a158f997258a", + "block_type": "paragraph", + "char_count": 2049, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 14, + "char_end": 2049, + "char_start": 0, + "fragment_sha256": "6d1297301e71225ab6871655f4f24e72222c785adf5003f00fb90641030c697a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "EXISTING MARKET GROWTH Our business continued to gain momentum in the second quarter. Offers more than doubled versus 1Q21 and real seller conversion was again at record levels. Acquisition volume grew 136% quarter-over-quarter to a total of 8,494 homes, the highest of any quarter by nearly 50%. This momentum continues to demonstrate the strong demand for our product experience as consumers gravitate towards more seamless, digital-first solutions. Q2\u2019s acquisition volume was in part driven by the 15% increase in our buybox coverage versus last quarter. This means that we are now able to underwrite an additional 15% of homes in our existing markets. As our pricing platform continues to ingest new data to learn and improve our price accuracy, we are able to expand the breadth of price points and home types that we can address. This in turn drives the flywheel for greater awareness, customer adoption, marketing efficiency, and market share over time. It is worth highlighting that since the reacceleration of our acquisition growth late last year, we have expanded our buybox coverage by over 50% compared to the end of 2019 and are now able to serve the majority of homes in all of our markets. The gains that we have made in market coverage to date will be a tailwind for growth as we strive towards servicing all homeowners nationwide. We have also gained scale across our existing markets, demonstrating that we have the platform and operational capabilities to dial up our market share as our buybox coverage expands. In our top five markets, for example, we are driving a combined acquisition run rate of over $8 billion. On a resale basis, as we sell through our inventory, we would anticipate ongoing share gains as our resale volumes follow our acquisition volumes. Business Highlights 5 2Q21 Homes Acquired 8,494 2Q21 Homes Sold 3,481 Our Q2 results were driven by strong execution against our three key priorities of existing market growth, new market expansion, and building a digital, end-to-end experience for our customers." + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b15", + "block_sequence": 15, + "block_sha256": "96c29286f1f11682286065fd8a062a809538e6e558239120934cc1e40dfe57de", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 15, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "bf04b4059682398e5eea3b227140e72b1e0206f53d2911dedba9fd083c6b9668", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q21opendoorsh006.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b16", + "block_sequence": 16, + "block_sha256": "743cf359d7d3529dac7e3c58e8edb2ddb556d51e24b32ed718bea9a0e93c56e6", + "block_type": "paragraph", + "char_count": 2724, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 16, + "char_end": 2724, + "char_start": 0, + "fragment_sha256": "e4650d1da4557b4349564c9c53aeae084d7abffd2399423092e1939f7f19043f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "A key driver of our market share growth has been the growing awareness of our product offering. In particular, we are observing an increase in organic awareness with direct traffic up 103% since the beginning of this year. This tells us that our value proposition is resonating deeply with customers and more and more home sellers are exploring Opendoor as an alternative to the traditional sale. In addition, the improvements in our marketing strategies are driving further efficiencies and growth. Our brand campaigns are paying dividends, our customer re-engagement strategies are driving higher conversion, and, as we continue to scale nationally, we will be able to access more efficient marketing channels to realize further cost leverage. While our first-offer conversion is running at very high levels, we are also seeing customers who might not have been ready to sell during their first interaction with Opendoor come back and sell to us. In fact, 35% of our Q2 acquisition volume came from homeowners who received their initial offer from Opendoor prior to January 2021. Based on this momentum, we see the significant uptick in our offer requests today as a bellwether for growth in coming quarters. On the innovation front, we are delivering win-win improvements for the customer experience and for our operational teams. Two notable examples in Q2 were the launch of customer self-guided interior and exterior virtual assessments. These two capabilities provide our customers with an experience that is completely self-serve and on-demand, bringing us another step closer to making it possible for homeowners to sell their home at the tap of a button. As a result, we have also been able to accelerate our speed to offer for customers and significantly drive down our home assessment costs. NEW MARKET EXPANSION Our mission to empower everyone with the freedom to move means expanding our presence to all markets nationwide. We have made significant strides towards achieving this goal by launching 12 new markets in the second quarter and two additional markets in July to bring our total count to 41 markets as of today. We are seeing consistent improvement in our launch playbook and demonstrating operational excellence and scalability as we expand our footprint. For example, through centralization and investments in technology, we now require very limited in-market presence when we enter a new market, relative to our launch model in 2018. This enables us to expand to new markets much faster and with less upfront investment. While new markets have limited revenue impact in the short-term, they are key drivers of our future growth. 6 Business Highlights 2Q21 Markets Launched 12 2Q21 Total Markets 39" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b17", + "block_sequence": 17, + "block_sha256": "949dc6ea4ec6cfd4a716a6d6245fc6d4d9c506e0171cc47c2df81cef4a038c83", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 17, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "486ca9eba60674bfff8fe3d9da5d0c39ca2b0144baa6f91ed9e8fb7c01e9b458", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q21opendoorsh007.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b18", + "block_sequence": 18, + "block_sha256": "ab60e5450df53b19536e8a49aeaa897578be871e3e63ee3d7af6acb369d74a14", + "block_type": "paragraph", + "char_count": 1420, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 18, + "char_end": 1420, + "char_start": 0, + "fragment_sha256": "ab6cad681dbad7ff44784fff7cc649f278b23d925d766b6c6480578234ea4737", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "DIGITAL, END-TO-END EXPERIENCE Our north star is to build the best end-to-end digital experience for every home buyer and seller. We are focused on continuing to refine our best-in-class seller experience and drive additional scale and efficiencies, while also making investments in enhancing the buyer experience with Opendoor Backed Offers and Opendoor Home Loans. These investments will bring us closer to our vision for a digital one-stop-shop that powers all transactions. The success of Buy with Opendoor is anchored on our continued pursuit to innovate and deliver more value to home buyers. Last quarter, we launched Opendoor Backed Offers, which provide qualifying buyers with the benefits of an all-cash offer when they bid on their next home. This service is deeply resonating with customers, and we have seen strong adoption since its launch six months ago through our accelerating Buy with Opendoor contract volume. This is a great example of the speed with which we are able to innovate and bring products and services to market by listening to the needs of our customers. We know that 65% of sellers are also buyers so we are integrating our products into one bundled experience. We are adding Buy with Opendoor for each of our sellers, who are also looking to buy and bundling title, escrow, and home loans to make the transaction completely seamless and low cost. 7 Business Highlights Buy with Opendoor" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b19", + "block_sequence": 19, + "block_sha256": "cd4cea8da9792afc047b44a02e626a222c502cb4c82a1e2a29f51a580566984d", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 19, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "955b51463b6066d7b799171ec00021703a46b6ade9f44e92d6099f539180f1e4", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q21opendoorsh008.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b20", + "block_sequence": 20, + "block_sha256": "9ff7865b0ab0d9f1e52691040577a04a3a014f971d3782cecf51e35f3ef8a4f7", + "block_type": "paragraph", + "char_count": 2259, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 20, + "char_end": 2259, + "char_start": 0, + "fragment_sha256": "40fb842ed9aa8fea451b3044df9ce1ff8ac63019fb28359060788cd4bc03f19a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "Our financial goal is to drive rapid growth at scale with sustained improvement in our profitability. We have been steadfastly executing on this goal and have made tremendous progress in driving acquisition and revenue growth along with improving adjusted EBITDA. This was evident in our Q2 results, where we materially exceeded our prior guidance. Based on our current momentum, we are operating today at a second half revenue run rate that is on track to meet the 2023 target we provided at the time of our December listing. As a reminder, in response to the COVID-19 pandemic, we made the decision to pause home acquisitions and actively sell through the vast majority of our homes over Q2 and Q3 of last year. As a result, we believe quarter-over-quarter comparisons better reflect our underlying growth trends. GROWTH We purchased 8,494 homes in the second quarter, up 136% versus Q1, and nearly 50% higher than our prior peak in 3Q19. This growth was driven by our superior pricing capabilities and value proposition, leading to record levels of conversion. Buybox expansion in existing markets also played a significant role in our acquisition growth, as we are able to offer on 50% more homes today than the end of 2019. As such, over 35% of our total homes purchased in Q2 came from homes that we were not able to offer on as of the end of 2019. Acquisition momentum has further accelerated into Q3 and we are on track to significantly exceed Q2 levels in the back half. On the resale front, we sold 3,481 homes in 2Q21, up 41% versus 1Q21. Similar to last quarter, the increase in homes sold was due to ramping inventory levels and high transaction velocity in a supply-constrained market. Revenue was $1,185 million in 2Q21, up 59% quarter-over-quarter. This was driven by volume growth, with tailwinds from home price appreciation and price-related buybox gains leading to a sequential increase in revenue per home sold of 12%. Revenue exceeded our initial expectations primarily due to acquisition strength fueled by strong offer growth and conversion. 2Q21 Homes Acquired 8,494 8 Financial Highlights 2Q20 3Q20 4Q20 1Q21 2Q21 461 799 2,016 3,594 8,494 2Q20 3Q20 4Q20 1Q21 2Q21 $740 $339 $249 $747 $1,185 ($ in millions) 2Q21 Revenue $1.2 billion" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b21", + "block_sequence": 21, + "block_sha256": "1c6e371de979ab5c93ad12b3c64c5e5f3903a038bf5196ac33310e80a750d168", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 21, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "2e5df7a416d56ed9a3a39dd6e760e3c8d86313230ec63f24434c7ff0f39bdaf1", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q21opendoorsh009.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b22", + "block_sequence": 22, + "block_sha256": "28fe89a7237faf89482e24d36a30db64605943e501a2450a947119b2b8cc476c", + "block_type": "paragraph", + "char_count": 3311, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 22, + "char_end": 3311, + "char_start": 0, + "fragment_sha256": "50949f3fc19b9bc2f4793e582391cd3fb7ddd7e7e9ad6b0bd4fd363fb213aeef", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "As of June 30, 2021, we had 7,971 homes on our balance sheet, representing $2,724 million in value. Our inventory balance grew 224% from the end of 1Q21, driven by the aforementioned strong growth in home acquisition volumes. In addition, we ended the quarter with 8,158 homes under contract to purchase, representing an aggregate purchase price of $2,962 million, which is over double last quarter. Homes under contract is another strong indicator of home acquisition momentum, as we would expect a substantial portion of these homes to close in the coming quarter. UNIT ECONOMICS Gross profit was $159 million and 13.4% of revenue, up 64% and 40 basis points versus 1Q21, respectively. Adjusted gross profit was $160 million and 13.5% of revenue, up 65% and 50 basis points versus 1Q21. Contribution profit, which accounts for the direct selling and holding costs incurred on the homes sold during the quarter, was $128 million in 2Q21, up 68% versus 1Q21. Contribution margin, which we view as an important measure of unit economics associated with a specific resale cohort, was 10.8%, or 60 basis points higher than 1Q21. Contribution profit after interest (CPAI) was $123 million in 2Q21, up 69% versus 1Q21. This represented a margin of 10.4%, up 60 basis points compared to 1Q21. Our margin performance was driven by a combination of structural improvements and temporary benefits. Our ability to use data and technology to manage our inventory resale is a structural advantage that is beneficial to margins. We use data to manage our sell-through velocity and margin, and a portfolio approach to optimize price compared to individual sellers who don\u2019t have that same level of insight. Furthermore, we continue to drive efficiency on our cost structure, which has resulted in over 200 basis points of structural improvement over the past year. In addition to these durable improvements, we did see higher than expected home price appreciation (HPA) as a tailwind to margins. We also continued to benefit from a healthy inventory mix, weighted to recently acquired homes. We anticipate both of these benefits to moderate during the course of the second half. As a result, as we indicated last quarter, we expect our contribution margin1 to trend lower in the second half of the year. Normalizing for these temporary benefits, we would expect contribution margin to trend to the mid-single digit level. As we operate at ever greater scale and leverage our structural advantages around resale strategy and cost structure, we feel confident in our ability to deliver our target contribution margin in any HPA environment. 9 Financial Highlights 2Q21 Gross Margin 13.4% 2Q21 Contribution Margin 10.8% 1. Opendoor has not provided a quantitative reconciliation of forecasted Contribution Profit or Contribution Margin to forecasted Gross Profit or Gross Margin, respectively, within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate inventory impairment. This item, which could materially affect the computation of forward-looking Gross Profit, is inherently uncertain and depends on various factors, some of which are outside of the Company\u2019s control. ($ in millions) 2Q21 Ending Inventory $2.7 billion $264 2Q20 3Q20 4Q20 1Q21 2Q21 $152 $466 $841 $2,724" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b23", + "block_sequence": 23, + "block_sha256": "95a7637bf307cc7e9c70de3913c447f4032ad4b1e2928b724c967d4ddab5ddca", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 23, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "43558a4cde0d0fb79775784544dc40bb995155019886d12a73d9a84f1465b5eb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q21opendoorsh010.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b24", + "block_sequence": 24, + "block_sha256": "9d21cc1f58bc043544b8701c02bdba4ff4c492622fef718187ec29938eb70a34", + "block_type": "paragraph", + "char_count": 1335, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 24, + "char_end": 1335, + "char_start": 0, + "fragment_sha256": "9bf75de04c31408e01bbcc4108c3324efda91858a8e084c233ab7f39df5416da", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "NET INCOME AND ADJUSTED EBITDA Net income was ($144) million in 2Q21 versus ($270) million in 1Q21. As a percent of revenue, net income was (12.2%) versus (36.2%) in 1Q21. Net income was impacted by stock-based compensation (SBC) expense of approximately $164 million in Q2, down from $239 million in Q1. As a reminder, the majority of this expense is related to historical equity awards to employees that were realized in Q1 as a result of going public in December 2020. We expect approximately $70 million of SBC expense in each of Q3 and Q4. Adjusted net income was $2.5 million or 0.2% of revenue in 2Q21, improving sequentially from ($21) million or (2.8%) of revenue in 1Q21. Adjusted EBITDA was $26 million, compared to ($2) million in 1Q21. As a percent of revenue, adjusted EBITDA was 2.2% in 2Q21 versus (0.3%) in 1Q21. Adjusted EBITDA was well ahead of our expectations due to revenue out-performance and strong unit economics - both of which provided incremental leverage against our operating expense base. BALANCE SHEET ITEMS We ended the quarter with $1.8 billion in cash, cash equivalents, and marketable securities. In addition, we ended the quarter with total borrowing capacity of $4.3 billion across our non-recourse, asset-backed facilities. 10 Financial Highlights 2Q21 Cash and Marketable Securities $1.8 billion" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b25", + "block_sequence": 25, + "block_sha256": "cef8d6d27bf40785b51f4d00b80e476dde67b8d4a6580cd8228acc86adc7f88c", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 25, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "09d8ed8cd5b1ee0a5ee842c91ea4c8925e0cd91f8c900f943b8ab6287ecea38b", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q21opendoorsh011.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b26", + "block_sequence": 26, + "block_sha256": "d46088f3231431c59aa87eb2f97852b02551a6e179f03485212d5e4ec89c523a", + "block_type": "paragraph", + "char_count": 3485, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 26, + "char_end": 3485, + "char_start": 0, + "fragment_sha256": "80550a78d5d5643fa2237dc49222bc58b1b2a90c8d9d3a0f09083f6fec90d0a0", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "3Q21 Guidance 11 The overall housing market continues to be underpinned by strong demand and tight supply. While inventory levels did pick up sequentially in Q2, they remain at multi-decade lows in terms of available supply. Furthermore, real mortgage rates remain at all-time lows and homeownership levels are still well off their previous-decade highs, which should further support demand for housing. On the HPA front, we are observing a moderation from the recent all-time highs and we are reflecting this in our pricing. That said, given our outlook for continued strong housing fundamentals, we expect HPA to remain elevated even when considering normal year-end seasonality. It\u2019s important to remember that the most important macro trend we are tied to is the massive secular shift in consumer demand from offline real estate to online. Our business model is designed to be housing cycle-agnostic. Our proprietary pricing capabilities allow us to optimize our acquisition and resale strategies and be a market maker under all market conditions. We are seeing clear evidence of this through our record results in arguably the hottest seller\u2019s market in history, giving us the confidence that we will be a share gainer across all cycles. As we look ahead, we are optimistic about our outlook for the second half of the year and beyond. Given strong market dynamics and our accelerating momentum, we expect acquisitions and revenue growth to remain strong in the back half. For the third quarter, we expect our revenue to be between $1.8 billion and $1.9 billion, which represents 56% sequential growth over 2Q21 at the midpoint of the expected range. We expect adjusted EBITDA1 to be between $15 million and $25 million, which represents approximately 1% margin at the midpoint of the expected range. This reflects our planned moderation in contribution margin as mentioned earlier. When we look at our second half trajectory, it\u2019s helpful to put into context the acceleration we have seen in our business year to date. At our current momentum, our second half revenue run rate is on track to meet the 2023 target that we provided at the time of our public listing. We have effectively pulled forward our financial plan by two years on both the top and bottom lines. We are extremely proud of the agility and hard work that our teams have displayed in driving this outperformance. It is clear that our value proposition is resonating with customers more than ever and we are relentlessly focused on building our business for scale and continuing to delight our customers with a best-in-class experience. 3Q21 Adjusted EBITDA1 Guidance $15 - $25 million 3Q21 Adjusted EBITDA Margin1 Guidance 0.8% - 1.3% side bar spacer graph spacer 3Q21 Revenue Guidance $1.8 - $1.9 billion 1. Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA or Adjusted EBITDA Margin to forecasted GAAP net income (loss) or GAAP net Income (Loss) Margin, respectively, within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory impairment and stock-based compensation with respect to future grants and forfeitures. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company\u2019s control." + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b27", + "block_sequence": 27, + "block_sha256": "dce9ff0b1af1a6a25f28159f3263eee4897c6fec8bd6c2e8da911950dc7454eb", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 27, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "ad6732e5392404d20f53957dbcff7da2b6133c3dc1c4813242f75e01a478220e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q21opendoorsh012.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b28", + "block_sequence": 28, + "block_sha256": "32bee8625c0ae934038c6d937225a5a1d7b294091aa67b14137a9d97eea1b4f8", + "block_type": "paragraph", + "char_count": 505, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 28, + "char_end": 505, + "char_start": 0, + "fragment_sha256": "9ff3cfc696d79e0d6bf8e3884b974c71d13b175302e506ba619491a4eef754b7", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "Eric Wu, Co-Founder & CEO Carrie Wheeler, CFO CONFERENCE CALL INFORMATION Opendoor will host a conference call to discuss its financial results on August 11, 2021 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. August 11, 2021 at 2 p.m. PT investor.opendoor.com LIVE WEBCAST 12 Sacramento, CA Opendoor\u2019s 13th market" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b29", + "block_sequence": 29, + "block_sha256": "314615fcfbe12dd8deee6cb87813545af09f66cdedd1963001f1c69ee5da21f0", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 29, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "85696d91d84c0bf84ba5580d0f5eca3fe278565ea773c90cf5ef67c9d470a195", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q21opendoorsh013.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b30", + "block_sequence": 30, + "block_sha256": "725c44b5db09fea1cf5a9919c0ee7602ba243a6bd2f4236e58f75160215f4820", + "block_type": "paragraph", + "char_count": 68, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 30, + "char_end": 68, + "char_start": 0, + "fragment_sha256": "0d282019ef61000a7027912ef8d266468d6f6037dac282ae0f5b619033dcffbb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "/ OpendoorHQ / Opendoor Company / Opendoor-com investor.opendoor.com" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b31", + "block_sequence": 31, + "block_sha256": "1f3cfba90e7a0a42729a5d642240f412b24044f7719159a9a3976968f691dbb8", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 31, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "6382c7d3c3af2f6a652ca798ce2a088502eb324fa2e03cd73d1f869e901e4ba4", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q21opendoorsh014.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b32", + "block_sequence": 32, + "block_sha256": "2c63f1d7ff27e1d33b27f30c0f9e95bf7c41948cd6f97c20788fda0ea9744012", + "block_type": "paragraph", + "char_count": 33, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 32, + "char_end": 33, + "char_start": 0, + "fragment_sha256": "55d6e3e3fd8bd50d9f47dbea2357b224e23bd6f8bc3dc43551d2094ed12484e8", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "14 Definitions & Financial Tables" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b33", + "block_sequence": 33, + "block_sha256": "91046cd7f61bc82c229497e23da7ca143e95b19b1875de2746b4e640955d9567", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 33, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "1d5dcb21e13f08c07f72e5f5e9b37f9e55cb05807c196b4b46a099b66ee67622", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q21opendoorsh015.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b34", + "block_sequence": 34, + "block_sha256": "759383134ad957f4ac353ee7f22de7ec1c7d4a6164e333cf15e49a4930befc7d", + "block_type": "paragraph", + "char_count": 3077, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 34, + "char_end": 3077, + "char_start": 0, + "fragment_sha256": "346e4b08b01652263892d8f59712fb88901b4b1a567928e20f02316a16c90cfc", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "This shareholder letter contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our financial condition, anticipated financial performance, business strategy and plans, market opportunity and expansion and objectives of management for future operations. These forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cwill\u201d, or \u201cwould\u201d, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this shareholder letter, including but not limited to our public securities\u2019 potential liquidity and trading; our ability to raise financing in the future; our success in retaining or recruiting, or changes required in, our offices, key employees or directors; the impact of the regulatory environment and complexities with compliance related to such environment; our ability to remediate our material weaknesses; various factors relating to our business, operations and financial performance, including, but not limited to, the impact of the COVID-19 pandemic on our ability to grow market share; our ability to respond to general economic conditions, and the health of the U.S. residential real estate industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \"Risk Factors\" in our annual report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on March 4, 2021, as updated by our quarterly report on Form 10-Q for the quarterly periods ended March 31, 2021 and June 30, 2021, and our other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 15 Forward-Looking Statements" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b35", + "block_sequence": 35, + "block_sha256": "5d9cc4897ac92c0ee3bd2991c433dcd2f299be8fc4a0b44ee79e90ac82436568", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 35, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "f27b5a1587417972e6842fdacca96f3a179a853355df04e289d2ce1c8f072a25", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q21opendoorsh016.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b36", + "block_sequence": 36, + "block_sha256": "164c1505178cb217fabb58dae99e20b20dd1fb3b1bd9f7245757a6fd0a5a5223", + "block_type": "paragraph", + "char_count": 3744, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 36, + "char_end": 3744, + "char_start": 0, + "fragment_sha256": "fa8178cb43d82a189b8dfcc651deda0d1839953da97a3422a0eac9a239b3461c", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company\u2019s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit, Contribution Profit After Interest, Adjusted Net Income (Loss), Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest, which are non-GAAP financial measures. We believe that Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance in our key markets. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Contribution Profit After Interest further impacts gross profit by including interest costs attributable to homes sold during a reporting period. We believe these measures facilitate meaningful period over period comparisons and illustrate our ability to generate returns on assets sold after considering the costs directly related to the assets sold in a given period. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. These measures also exclude the impact of certain restructuring costs that are required under GAAP. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit. 16 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b37", + "block_sequence": 37, + "block_sha256": "b088c8bb38e6283637c68e593f296b79cba6c3337d6e1dfc12451ec1b04c2381", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 37, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "1e8c7cedf5faf374d9392cb8d03971d72f084e98bcb831356f21d3008e7ef497", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q21opendoorsh017.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b38", + "block_sequence": 38, + "block_sha256": "c092f049ed2eeabdfa04dd600f98e202c50e23674caf557fb46265e3b6247ab1", + "block_type": "paragraph", + "char_count": 2957, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 38, + "char_end": 2957, + "char_start": 0, + "fragment_sha256": "52b77ee88de7cd61eff19816c56a6f6ce5f0ac0d9baab6683ee6bf4d0f1d8340", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "Adjusted Gross Profit / Margin We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory impairment in the current period, (2) inventory impairment in prior periods, and (3) restructuring in cost of revenue. Inventory impairment in the current period is calculated by adding back the inventory impairment charges recorded during the period on homes that remain in inventory at period end. Inventory impairment in prior periods is calculated by subtracting the inventory impairment charges recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution Profit / Margin We calculate Contribution Profit as Adjusted Gross Profit, minus (1) holding costs incurred in the current period on homes sold during the period, (2) holding costs incurred in prior periods on homes sold in the current period, and (3) direct selling costs incurred on homes sold during the current period. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflows directly associated with a specific resale cohort. Contribution Profit / Margin After Interest We define Contribution Profit After Interest as Contribution Profit, minus interest expense under our senior credit facilities incurred on the homes sold during the period. This may include interest expense recorded in periods prior to the period in which the sale occurred. Our senior credit facilities are secured by our homes in inventory. For our senior revolving credit facilities, drawdowns are made on a per-home basis at the time of purchase and are required to be repaid at the time the homes are sold. We do not include interest expense associated with our mezzanine term debt facilities in this calculation as we do not view such facilities as reflective of our expected long term capital structure and cost of financing. Contribution Margin After Interest is Contribution Profit After Interest as a percentage of revenue. We view this metric as an important measure of business performance. Contribution Profit After Interest helps management assess Contribution Margin performance, per above, when fully burdened with expected long-term costs of financing. 17 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b39", + "block_sequence": 39, + "block_sha256": "a4232faa131430ed633c88a2e530d3fbfdb62580c517fe0a7c72ac9e7eb03e54", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 39, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "8b5c2abe4c5c8943e339bf74d533351cc060bcd643b053f4c7f9dfb7ff5bb08d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q21opendoorsh018.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b40", + "block_sequence": 40, + "block_sha256": "e101ff6086656dc6e6467cf37c0ad8c2fc5bcd605a7ba14fe32477ebfda53541", + "block_type": "paragraph", + "char_count": 2753, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 40, + "char_end": 2753, + "char_start": 0, + "fragment_sha256": "bb2530437dc104e6f9f3b3f76c0cd3238f7829f515628a86bbc7a5412b424d91", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "Adjusted Net Income (Loss) and Adjusted EBITDA We also present Adjusted Net Income (Loss) and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations or not aligned to related revenue. Adjusted Net Income ( Loss) and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include impairment costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, impairment costs required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss. We calculate Adjusted Net Income (Loss) as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, derivative and warrant fair value adjustment, intangible amortization, and payroll tax on initial RSU release. It also excludes non-recurring restructuring charges, gain on lease termination, and convertible note payment-in-kind (\u201cPIK\u201d) interest and issuance discount amortization. Adjusted Net Income (Loss) also aligns the timing of impairment charges recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Income (Loss) does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net Income (Loss) adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. 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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) 19 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 REVENUE $1,185,386 $739,827 $1,932,660 $1,995,622 COST OF REVENUE 1,026,615 685,253 1,676,757 1,850,001 GROSS PROFIT $158,771 $54,574 $255,903 $145,621 OPERATING EXPENSES: Sales, marketing and operations $96,525 $47,265 $165,591 $128,954 General and administrative 190,611 29,323 412,695 58,906 Technology and development 24,388 16,838 75,065 32,625 Total operating expenses $311,524 $93,426 $653,351 $220,485 LOSS FROM OPERATIONS (152,753) (38,852) (397,448) (74,864) DERIVATIVE AND WARRANT FAIR VALUE ADJUSTMENT 23,952 122 8,680 (890) INTEREST EXPENSE (15,826) (17,290) (26,825) (45,017) OTHER INCOME \u2013 Net 1,012 180 1,636 2,855 LOSS BEFORE INCOME TAXES (143,615) (55,840) (413,957) (117,916) INCOME TAX EXPENSE (190) (79) (284) (199) NET LOSS ($143,805) ($55,919) ($414,241) ($118,115) Net loss per share attributable to common shareholders: Basic ($0.24) ($0.66) ($0.72) ($1.40) Diluted ($0.24) ($0.66) ($0.72) ($1.40) Weighted-average shares outstanding: Basic 588,374 84,588 576,941 84,308 Diluted 588,374 84,588 576,941 84,308" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b43", + "block_sequence": 43, + "block_sha256": "e93d6bffa956698ea836e694607598ed79b9269f67d35913b96eb1f045ef3650", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 43, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "5dfb9208e1a9cea19c9359e35bcd9e33765ae8879a16d978eeeb9b7ec958e462", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q21opendoorsh020.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b44", + "block_sequence": 44, + "block_sha256": "004db172a44e3fb168724159cbf65adb11a76eb0691398ec4676088d49e9885a", + "block_type": "paragraph", + "char_count": 1780, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 44, + "char_end": 1780, + "char_start": 0, + "fragment_sha256": "6d9970827b895f2d92ec7fe53b4e50b597d349eda40d893a9838e2b141dda1f3", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) (Unaudited) 20 June 30, 2021 December 31, 2020 ASSETS CURRENT ASSETS: Cash and cash equivalents $1,557,815 $1,412,665 Restricted cash 131,652 92,863 Marketable securities 200,143 47,637 Mortgage loans held for sale pledged under agreements to repurchase 25,368 7,529 Escrow receivable 32,848 1,494 Real estate inventory, net 2,723,648 465,936 Other current assets ($811 and $373 carried at fair value) 67,149 24,987 Total current assets 4,738,623 2,053,111 PROPERTY AND EQUIPMENT \u2013 Net 33,962 29,228 RIGHT OF USE ASSETS 45,581 49,517 GOODWILL 30,945 30,945 INTANGIBLES \u2013 Net 7,754 8,684 OTHER ASSETS ($10,000 and $0 carried at fair value) 11,396 4,097 TOTAL ASSETS $4,868,261 $2,175,582 LIABILITIES AND SHAREHOLDERS\u2019 EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $70,900 $25,270 Current portion of credit facilities and other secured borrowings 1,690,878 346,322 Warrant liabilities - current 38,669 - Interest payable 4,605 1,081 Lease liabilities - current portion 4,999 20,716 Total current liabilities 1,810,051 393,389 CREDIT FACILITIES \u2013 Net of current portion 595,579 135,467 WARRANT LIABILITIES - 47,349 LEASE LIABILITIES \u2013 Net of current portion 44,593 46,625 OTHER LIABILITIES 117 94 Total liabilities $2,450,340 $622,924 SHAREHOLDERS\u2019 EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 593,838,919 and 540,714,692 shares issued and outstanding, respectively $59 $54 Additional paid-in capital 3,875,552 2,596,012 Accumulated deficit (1,457,690) (1,043,449) Accumulated other comprehensive income - 41 Total shareholders\u2019 equity $2,417,921 $1,552,658 TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY $4,868,261 $2,175,582" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b45", + "block_sequence": 45, + "block_sha256": "e57cf03725b3f96fcfaa556fc06a8731cb4aa3f74c8ff19afe6b90846d04e533", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 45, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "1566a15ffbf7e0198d3703dd30ef3c81ff5f782aace28591340cef72987da524", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q21opendoorsh021.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b46", + "block_sequence": 46, + "block_sha256": "e6667ce2e136b1a59485a8825cf87d65306d492dcab1462d68c1658a8475e314", + "block_type": "paragraph", + "char_count": 2885, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 46, + "char_end": 2885, + "char_start": 0, + "fragment_sha256": "19619950a96a893e0462272f3a0c4fa39e0e16ac201a2247160612bfa05d2d44", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) 21 Six Months Ended June 30, 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss ($414,241) ($118,115) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: Depreciation and amortization \u2013 net of accretion $16,608 $20,065 Amortization of right of use asset 4,260 8,712 Impairment of software development costs 2,515 - Stock-based compensation 403,048 6,640 Derivative and warrant fair value adjustment (8,680) 890 Gain on settlement of lease liabilities (5,237) - Inventory valuation adjustment 942 7,452 Changes in fair value of derivative instruments (438) (527) Payment-in-kind interest - 2,704 Dividend-in-kind 143 - Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale (2,032) (829) Origination of mortgage loans held for sale (83,360) (42,636) Proceeds from sale and principal collections of mortgage loans held for sale 67,566 34,397 Changes in operating assets and liabilities: Escrow receivable (31,354) 4,178 Real estate inventories (2,249,488) 1,035,088 Other assets (37,057) 10,809 Accounts payable and other accrued liabilities 34,569 (8,881) Interest payable 96 (3,044) Lease liabilities (9,968) (6,556) Net cash (used in) provided by operating activities (2,312,108) 950,347 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (10,957) (10,753) Purchase of intangible assets (240) - Purchase of marketable securities (238,464) (113,833) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 85,638 55,666 Purchase of non-marketable equity securities (10,000) - Net cash used in investing activities (174,023) (68,920) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise of stock options 6,739 688 Proceeds from warrant exercise 4,823 - Proceeds from the February 2021 Offering 886,067 - Issuance cost of common stock (28,876) - Proceeds from credit facilities and other secured borrowings 3,241,692 824,597 Principal payments on credit facilities and other secured borrowings (1,438,136) (1,723,443) Payment of loan origination fees and debt issuance costs (2,239) (2,386) Net cash provided by (used in) financing activities 2,670,070 (900,544) NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 183,939 (19,117) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 Beginning of period 1,505,528 684,822 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 End of period $1,689,467 $665,705 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION \u2013 Cash paid during the period for interest $20,526 $40,333 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $1,557,815 $458,058 Restricted cash 131,652 207,647 Cash, cash equivalents, and restricted cash $1,689,467 $665,705" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b47", + "block_sequence": 47, + "block_sha256": "711cce024078028bb92cf41028493f9210fd6dbccacd985204e7ef642ab9c48f", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 47, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "f5794350ff8d9ba572630f626e039d95d798baa70a314fe3082bce004f9d74a2", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q21opendoorsh022.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b48", + "block_sequence": 48, + "block_sha256": "8e504e3e10944676630a748f9ffb71e95d433dc5b9c28073f689ca34a87e86d7", + "block_type": "paragraph", + "char_count": 3070, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 48, + "char_end": 3070, + "char_start": 0, + "fragment_sha256": "58e063d31f60f91ce87f0ee9145bb18e47b1e4f52d975a3ca5c21aae485b8fa6", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT, CONTRIBUTION PROFIT AND CONTRIBUTION PROFIT AFTER INTEREST TO OUR GROSS PROFIT 22 Three Months Ended (in thousands, except percentages) June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 Gross profit (GAAP) $158,771 $97,132 $38,365 $35,811 $54,574 Gross Margin 13.4 % 13.0 % 15.4 % 10.6 % 7.4 % Adjustments: Inventory impairment \u2013 Current Period (1) $922 $20 $79 $64 $1,231 Inventory impairment \u2013 Prior Periods (2) (19) (114) (216) (2,803) (6,581) Restructuring in cost of revenue (3) - - - 1 1,901 Adjusted Gross Profit $159,674 $97,038 $38,228 $33,073 $51,125 Adjusted Gross Margin 13.5 % 13.0 % 15.4 % 9.8 % 6.9 % Adjustments: Direct selling costs (4) ($26,813) ($17,340) ($5,243) ($8,909) ($22,128) Holding costs on sales \u2013 Current Period (5)(6) (2,666) (2,126) (778) (1,011) (2,383) Holding costs on sales \u2013 Prior Periods (5)(7) (2,633) (1,426) (750) (3,140) (6,517) Contribution Profit $127,562 $76,146 $31,457 $20,013 $20,097 Homes sold in period 3,481 2,462 849 1,232 2,924 Contribution Profit per Home Sold $37 $31 $37 $16 $7 Contribution Margin 10.8 % 10.2 % 12.6 % 5.9 % 2.7 % Adjustments: Interest on homes sold \u2013 Current Period (8)(9) ($3,110) ($2,333) ($714) ($1,060) ($3,155) Interest on homes sold \u2013 Prior Periods (8)(10) (1,587) (902) (464) (2,591) (5,309) Contribution Profit After Interest $122,865 $72,911 $30,279 $16,362 $11,633 Contribution Margin After Interest 10.4 % 9.8 % 12.2 % 4.8 % 1.6 % 1. Inventory impairment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. 2. Inventory impairment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. 3. Restructuring in cost of revenue consists mainly of severance and employee termination benefits that were recorded to cost of revenue due to a reduction in workforce in Q2 2020 following the outbreak of the COVID-19 pandemic. 4. Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. 5. Holding costs include mainly property taxes, insurance, utilities, association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the condensed consolidated statements of operations. 6. Represents holding costs incurred in the period presented on homes sold in the period presented. 7. Represents holding costs incurred in prior periods on homes sold in the period presented. 8. This does not include interest on mezzanine term debt facilities or other indebtedness. 9. Represents the interest expense under our senior credit facilities incurred on homes sold for the current period during the period. 10. Represents the interest expense under our senior credit facilities incurred on homes sold for the current period during prior periods." + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b49", + "block_sequence": 49, + "block_sha256": "1ca233d538e1ba7d0ccda598698dc8ab3a9f046a21728304054c15cae020988f", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 49, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "8773f3d674bab1cda266d83af3c64e917f28d88c17258558ab956a1b9bc9e322", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q21opendoorsh023.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b50", + "block_sequence": 50, + "block_sha256": "525342b6b43f0ae30d3d1b1255aabf27cf5991ae047265e80a84c2a8dce86379", + "block_type": "paragraph", + "char_count": 3655, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", + "block_sequence": 50, + "char_end": 3655, + "char_start": 0, + "fragment_sha256": "8e0c25ca17a777aaa122f3fbf50f4d45ec42461cbd531ffddcd5e6f1f33e0d52", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", + "table": null, + "text": "23 1. Represents the gains and losses on our derivative and warrant liabilities, which are marked to fair value at the end of each period. 2. Represents amortization of intangibles acquired in the OSN and Open Listings acquisitions which contribute to revenue generation and are recorded as part of purchase accounting. The acquired intangible assets have useful lives ranging from 2 to 5 years and amortization is expected until the intangible assets are fully amortized. 3. Inventory impairment \u2014 Current Period is the inventory impairment charge recorded during the period presented associated with homes that remain in inventory at period end. 4. Inventory impairment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. 5. Restructuring costs consists mainly of employee termination benefits, relocation packages and retention bonuses as well as costs related to the exiting of certain non-cancelable leases. In 2020, these costs related mainly to a reduction in workforce implemented in April 2020 as well as our exercise of the early termination option related to our San Francisco headquarters. 6. Includes non-cash payment-in-kind (\u201cPIK\u201d) interest and amortization of the discount on the convertible notes issued from July through November 2019. We exclude convertible note PIK interest and amortization from Adjusted Net Income (Loss) since these are non-cash in nature and were converted into equity in September 2020 when the Company entered into the Convertible Notes Exchange Agreement with the convertible note holders. 7. Includes primarily gain or loss on disposal of fixed assets, gain or loss on interest rate lock commitments, gain or loss on the sale of marketable securities, accrued legal matters and sublease income. 8. Includes interest expense on our asset-backed debt facilities. 9. Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, and other interest related costs on our asset-backed debt facilities. 10. Consists mainly of interest earned on cash, cash equivalents and marketable securities. OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED NET INCOME (LOSS) AND ADJUSTED EBITDA TO OUR NET LOSS Three Months Ended (in thousands, except percentages) June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 Net loss (GAAP) ($143,805) ($270,436) ($53,998) ($80,853) ($55,919) Adjustments: Stock-based compensation $164,216 $238,832 $28,843 $2,523 $3,669 Derivative and warrant fair value adjustment (1) (23,952) 15,272 (33,074) 24,329 (122) Intangibles amortization expense (2) 591 580 580 986 1,068 Inventory impairment \u2013 Current Period (3) 922 20 79 64 1,231 Inventory impairment \u2014 Prior Periods (4) (19) (114) (216) (2,803) (6,580) Restructuring (5) - 79 211 17,217 12,435 Convertible note PIK interest and discount amortization (6) - - 14 2,416 2,713 Loss on extinguishment of debt - - 11,356 - - Gain on lease termination - (5,237) - - - Payroll tax on initial RSU release 5,124 - - - - Other (7) (602) 203 4,882 (322) (1) Adjusted Net Income (Loss) $2,475 ($20,801) 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"https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/exhibit9922q21opendoorsh.htm", "table_id": null, "text": "Document generated by Workiva Inc exhibit9922q21opendoorsh\n\nLetter to Shareholders Opendoor home in Azusa, CA 2Q21 Exhibit 99.2\n\nEach quarter, we get the opportunity to reflect on our journey to redefine how people buy and sell a home, and transform the world’s largest asset class. Last quarter, I spoke to our tremendous momentum, created by our relentless focus on the consumer experience, pricing expertise, and operational excellence. Today, I am proud to share the results of those efforts. In the second quarter, we acquired a record 8,494 homes, generated revenue of $1.2 billion, and delivered adjusted EBITDA of $25.6 million, representing growth of 136% in homes acquired, 59% in revenue, and nearly $28 million in adjusted EBITDA compared to the first quarter. This strong outperformance is further evidence of the seismic shift in consumer demand towards the modern real estate experience we are pioneering. Based on our current momentum, we are operating today at a second half revenue run rate that is on track to meet the 2023 target we provided at the time of our December listing. We founded Opendoor with the mission to empower people with the freedom to move and make it possible to buy, sell, and move at the tap of a button. Tangibly, we are transforming what has historically been a complex, uncertain, time-consuming, and mostly offline process into a simple, online experience. Driven by an obsession and focus on the consumer experience, we have built scalable pricing capabilities, technology-enabled and centralized operations, and a suite of digital-first consumer products over the past seven years. Together, these investments have enabled us to help customers buy or sell homes in over 100,000 transactions and expand our footprint to 41 markets across the country, including 12 new markets in Q2 alone. Most importantly, we have scaled rapidly while delighting our customers with an experience that continues to exceed 80 in Net Promoter Score from our sellers. As we look forward, we believe that building the best-in-class consumer experience, the most accurate pricing engine, and the lowest cost platform are our foundation to become the clear digital one-stop-shop for all home buyers and sellers. Following the traction we’ve seen in our integrated title and escrow services, we are continuing to invest in Buy with Opendoor and Opendoor Home Loans, which give customers the ability to buy, finance, sell, and close in one seamless transaction. I want to thank my teammates for being on this journey to redefine how people buy and sell a home. It is their dedication and hard work in serving our customers everyday that enable us to deliver best-in-class conversion, best-in-class unit economics, and best-in-class customer satisfaction. Eric Wu, Co-Founder & CEO Empower everyone with the freedom to move. 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The Petitto’s had their sights set on moving to Colorado, and knew right away they needed to avoid the traditional route of prepping and listing their home. Both working from home with a young child, the thought of cleaning, staging, and vacating for showings seemed impossible. Plus, the added uncertainty of a buyer’s offer falling through from financing, inspection or other contingencies was unsettling. HIGHLIGHT FROM OUR 100,000TH CUSTOMER TRANSACTION 4 So, they started shopping for alternatives to the traditional sale and came across Opendoor. After reading great reviews about the company, Jack decided to put in their address and see what the preliminary offer would be. Once they started their home selling journey with Opendoor, they were sold. Handling everything online, they accepted their offer and selected their closing date. As unexpected things happen, they ended up finding their next home quicker than expected. With a simple text to Opendoor, they were able to move their closing date up a month earlier to accommodate their move. “From start to finish, it was very honest and open communication. It made us feel really confident and comfortable moving forward, especially with a company and a service that was new to us and different from the way we purchased our home originally.” Nicole Petitto “The backend experience was easy and the app was seamless. Everything was very user-friendly and transparent, so we were in tune with every step of the process along the way. You rarely have those types of experiences with a brand that makes you kind of have that ‘wow’ moment.” Jack Petitto"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b14"], "char_count": 2049, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e2310bf1fc96a79731b011447dd67f2eb47ea560e90bee341a08a158f997258a", "derivation_id": "6248a50707b33b68758a43a1761745c46822f2487ab87e9fe61ea835a035c0ae", "document_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "block_sequence": 14, "char_end": 2049, "char_start": 0, "fragment_sha256": "6d1297301e71225ab6871655f4f24e72222c785adf5003f00fb90641030c697a", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/exhibit9922q21opendoorsh.htm", "table_id": null, "text": "EXISTING MARKET GROWTH Our business continued to gain momentum in the second quarter. Offers more than doubled versus 1Q21 and real seller conversion was again at record levels. Acquisition volume grew 136% quarter-over-quarter to a total of 8,494 homes, the highest of any quarter by nearly 50%. This momentum continues to demonstrate the strong demand for our product experience as consumers gravitate towards more seamless, digital-first solutions. Q2’s acquisition volume was in part driven by the 15% increase in our buybox coverage versus last quarter. This means that we are now able to underwrite an additional 15% of homes in our existing markets. As our pricing platform continues to ingest new data to learn and improve our price accuracy, we are able to expand the breadth of price points and home types that we can address. This in turn drives the flywheel for greater awareness, customer adoption, marketing efficiency, and market share over time. It is worth highlighting that since the reacceleration of our acquisition growth late last year, we have expanded our buybox coverage by over 50% compared to the end of 2019 and are now able to serve the majority of homes in all of our markets. The gains that we have made in market coverage to date will be a tailwind for growth as we strive towards servicing all homeowners nationwide. We have also gained scale across our existing markets, demonstrating that we have the platform and operational capabilities to dial up our market share as our buybox coverage expands. In our top five markets, for example, we are driving a combined acquisition run rate of over $8 billion. On a resale basis, as we sell through our inventory, we would anticipate ongoing share gains as our resale volumes follow our acquisition volumes. Business Highlights 5 2Q21 Homes Acquired 8,494 2Q21 Homes Sold 3,481 Our Q2 results were driven by strong execution against our three key priorities of existing market growth, new market expansion, and building a digital, end-to-end experience for our customers."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b16"], "char_count": 2724, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "743cf359d7d3529dac7e3c58e8edb2ddb556d51e24b32ed718bea9a0e93c56e6", "derivation_id": "6248a50707b33b68758a43a1761745c46822f2487ab87e9fe61ea835a035c0ae", "document_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "block_sequence": 16, "char_end": 2724, "char_start": 0, "fragment_sha256": "e4650d1da4557b4349564c9c53aeae084d7abffd2399423092e1939f7f19043f", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/exhibit9922q21opendoorsh.htm", "table_id": null, "text": "A key driver of our market share growth has been the growing awareness of our product offering. In particular, we are observing an increase in organic awareness with direct traffic up 103% since the beginning of this year. This tells us that our value proposition is resonating deeply with customers and more and more home sellers are exploring Opendoor as an alternative to the traditional sale. In addition, the improvements in our marketing strategies are driving further efficiencies and growth. Our brand campaigns are paying dividends, our customer re-engagement strategies are driving higher conversion, and, as we continue to scale nationally, we will be able to access more efficient marketing channels to realize further cost leverage. While our first-offer conversion is running at very high levels, we are also seeing customers who might not have been ready to sell during their first interaction with Opendoor come back and sell to us. In fact, 35% of our Q2 acquisition volume came from homeowners who received their initial offer from Opendoor prior to January 2021. Based on this momentum, we see the significant uptick in our offer requests today as a bellwether for growth in coming quarters. On the innovation front, we are delivering win-win improvements for the customer experience and for our operational teams. Two notable examples in Q2 were the launch of customer self-guided interior and exterior virtual assessments. These two capabilities provide our customers with an experience that is completely self-serve and on-demand, bringing us another step closer to making it possible for homeowners to sell their home at the tap of a button. As a result, we have also been able to accelerate our speed to offer for customers and significantly drive down our home assessment costs. NEW MARKET EXPANSION Our mission to empower everyone with the freedom to move means expanding our presence to all markets nationwide. We have made significant strides towards achieving this goal by launching 12 new markets in the second quarter and two additional markets in July to bring our total count to 41 markets as of today. We are seeing consistent improvement in our launch playbook and demonstrating operational excellence and scalability as we expand our footprint. For example, through centralization and investments in technology, we now require very limited in-market presence when we enter a new market, relative to our launch model in 2018. This enables us to expand to new markets much faster and with less upfront investment. While new markets have limited revenue impact in the short-term, they are key drivers of our future growth. 6 Business Highlights 2Q21 Markets Launched 12 2Q21 Total Markets 39"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b18", "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b20"], "char_count": 3681, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "421e5ae7f017997ee4f66fa07ccebf8f280dc501aa7872ced8de113c38b57c32", "derivation_id": "6248a50707b33b68758a43a1761745c46822f2487ab87e9fe61ea835a035c0ae", "document_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "block_sequence": 18, "char_end": 1420, "char_start": 0, "fragment_sha256": "ab6cad681dbad7ff44784fff7cc649f278b23d925d766b6c6480578234ea4737", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "block_sequence": 20, "char_end": 2259, "char_start": 0, "fragment_sha256": "40fb842ed9aa8fea451b3044df9ce1ff8ac63019fb28359060788cd4bc03f19a", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/exhibit9922q21opendoorsh.htm", "table_id": null, "text": "DIGITAL, END-TO-END EXPERIENCE Our north star is to build the best end-to-end digital experience for every home buyer and seller. We are focused on continuing to refine our best-in-class seller experience and drive additional scale and efficiencies, while also making investments in enhancing the buyer experience with Opendoor Backed Offers and Opendoor Home Loans. These investments will bring us closer to our vision for a digital one-stop-shop that powers all transactions. The success of Buy with Opendoor is anchored on our continued pursuit to innovate and deliver more value to home buyers. Last quarter, we launched Opendoor Backed Offers, which provide qualifying buyers with the benefits of an all-cash offer when they bid on their next home. This service is deeply resonating with customers, and we have seen strong adoption since its launch six months ago through our accelerating Buy with Opendoor contract volume. This is a great example of the speed with which we are able to innovate and bring products and services to market by listening to the needs of our customers. We know that 65% of sellers are also buyers so we are integrating our products into one bundled experience. We are adding Buy with Opendoor for each of our sellers, who are also looking to buy and bundling title, escrow, and home loans to make the transaction completely seamless and low cost. 7 Business Highlights Buy with Opendoor\n\nOur financial goal is to drive rapid growth at scale with sustained improvement in our profitability. We have been steadfastly executing on this goal and have made tremendous progress in driving acquisition and revenue growth along with improving adjusted EBITDA. This was evident in our Q2 results, where we materially exceeded our prior guidance. Based on our current momentum, we are operating today at a second half revenue run rate that is on track to meet the 2023 target we provided at the time of our December listing. As a reminder, in response to the COVID-19 pandemic, we made the decision to pause home acquisitions and actively sell through the vast majority of our homes over Q2 and Q3 of last year. As a result, we believe quarter-over-quarter comparisons better reflect our underlying growth trends. GROWTH We purchased 8,494 homes in the second quarter, up 136% versus Q1, and nearly 50% higher than our prior peak in 3Q19. This growth was driven by our superior pricing capabilities and value proposition, leading to record levels of conversion. Buybox expansion in existing markets also played a significant role in our acquisition growth, as we are able to offer on 50% more homes today than the end of 2019. As such, over 35% of our total homes purchased in Q2 came from homes that we were not able to offer on as of the end of 2019. Acquisition momentum has further accelerated into Q3 and we are on track to significantly exceed Q2 levels in the back half. On the resale front, we sold 3,481 homes in 2Q21, up 41% versus 1Q21. Similar to last quarter, the increase in homes sold was due to ramping inventory levels and high transaction velocity in a supply-constrained market. Revenue was $1,185 million in 2Q21, up 59% quarter-over-quarter. This was driven by volume growth, with tailwinds from home price appreciation and price-related buybox gains leading to a sequential increase in revenue per home sold of 12%. Revenue exceeded our initial expectations primarily due to acquisition strength fueled by strong offer growth and conversion. 2Q21 Homes Acquired 8,494 8 Financial Highlights 2Q20 3Q20 4Q20 1Q21 2Q21 461 799 2,016 3,594 8,494 2Q20 3Q20 4Q20 1Q21 2Q21 $740 $339 $249 $747 $1,185 ($ in millions) 2Q21 Revenue $1.2 billion"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b22"], "char_count": 3311, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "28fe89a7237faf89482e24d36a30db64605943e501a2450a947119b2b8cc476c", "derivation_id": "6248a50707b33b68758a43a1761745c46822f2487ab87e9fe61ea835a035c0ae", "document_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "block_sequence": 22, "char_end": 3311, "char_start": 0, "fragment_sha256": "50949f3fc19b9bc2f4793e582391cd3fb7ddd7e7e9ad6b0bd4fd363fb213aeef", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/exhibit9922q21opendoorsh.htm", "table_id": null, "text": "As of June 30, 2021, we had 7,971 homes on our balance sheet, representing $2,724 million in value. Our inventory balance grew 224% from the end of 1Q21, driven by the aforementioned strong growth in home acquisition volumes. In addition, we ended the quarter with 8,158 homes under contract to purchase, representing an aggregate purchase price of $2,962 million, which is over double last quarter. Homes under contract is another strong indicator of home acquisition momentum, as we would expect a substantial portion of these homes to close in the coming quarter. UNIT ECONOMICS Gross profit was $159 million and 13.4% of revenue, up 64% and 40 basis points versus 1Q21, respectively. Adjusted gross profit was $160 million and 13.5% of revenue, up 65% and 50 basis points versus 1Q21. Contribution profit, which accounts for the direct selling and holding costs incurred on the homes sold during the quarter, was $128 million in 2Q21, up 68% versus 1Q21. Contribution margin, which we view as an important measure of unit economics associated with a specific resale cohort, was 10.8%, or 60 basis points higher than 1Q21. Contribution profit after interest (CPAI) was $123 million in 2Q21, up 69% versus 1Q21. This represented a margin of 10.4%, up 60 basis points compared to 1Q21. Our margin performance was driven by a combination of structural improvements and temporary benefits. Our ability to use data and technology to manage our inventory resale is a structural advantage that is beneficial to margins. We use data to manage our sell-through velocity and margin, and a portfolio approach to optimize price compared to individual sellers who don’t have that same level of insight. Furthermore, we continue to drive efficiency on our cost structure, which has resulted in over 200 basis points of structural improvement over the past year. In addition to these durable improvements, we did see higher than expected home price appreciation (HPA) as a tailwind to margins. We also continued to benefit from a healthy inventory mix, weighted to recently acquired homes. We anticipate both of these benefits to moderate during the course of the second half. As a result, as we indicated last quarter, we expect our contribution margin1 to trend lower in the second half of the year. Normalizing for these temporary benefits, we would expect contribution margin to trend to the mid-single digit level. As we operate at ever greater scale and leverage our structural advantages around resale strategy and cost structure, we feel confident in our ability to deliver our target contribution margin in any HPA environment. 9 Financial Highlights 2Q21 Gross Margin 13.4% 2Q21 Contribution Margin 10.8% 1. Opendoor has not provided a quantitative reconciliation of forecasted Contribution Profit or Contribution Margin to forecasted Gross Profit or Gross Margin, respectively, within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate inventory impairment. This item, which could materially affect the computation of forward-looking Gross Profit, is inherently uncertain and depends on various factors, some of which are outside of the Company’s control. ($ in millions) 2Q21 Ending Inventory $2.7 billion $264 2Q20 3Q20 4Q20 1Q21 2Q21 $152 $466 $841 $2,724"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b24"], "char_count": 1335, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9d21cc1f58bc043544b8701c02bdba4ff4c492622fef718187ec29938eb70a34", "derivation_id": "6248a50707b33b68758a43a1761745c46822f2487ab87e9fe61ea835a035c0ae", "document_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "block_sequence": 24, "char_end": 1335, "char_start": 0, "fragment_sha256": "9bf75de04c31408e01bbcc4108c3324efda91858a8e084c233ab7f39df5416da", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/exhibit9922q21opendoorsh.htm", "table_id": null, "text": "NET INCOME AND ADJUSTED EBITDA Net income was ($144) million in 2Q21 versus ($270) million in 1Q21. As a percent of revenue, net income was (12.2%) versus (36.2%) in 1Q21. Net income was impacted by stock-based compensation (SBC) expense of approximately $164 million in Q2, down from $239 million in Q1. As a reminder, the majority of this expense is related to historical equity awards to employees that were realized in Q1 as a result of going public in December 2020. We expect approximately $70 million of SBC expense in each of Q3 and Q4. Adjusted net income was $2.5 million or 0.2% of revenue in 2Q21, improving sequentially from ($21) million or (2.8%) of revenue in 1Q21. Adjusted EBITDA was $26 million, compared to ($2) million in 1Q21. As a percent of revenue, adjusted EBITDA was 2.2% in 2Q21 versus (0.3%) in 1Q21. Adjusted EBITDA was well ahead of our expectations due to revenue out-performance and strong unit economics - both of which provided incremental leverage against our operating expense base. BALANCE SHEET ITEMS We ended the quarter with $1.8 billion in cash, cash equivalents, and marketable securities. In addition, we ended the quarter with total borrowing capacity of $4.3 billion across our non-recourse, asset-backed facilities. 10 Financial Highlights 2Q21 Cash and Marketable Securities $1.8 billion"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b26"], "char_count": 3485, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d46088f3231431c59aa87eb2f97852b02551a6e179f03485212d5e4ec89c523a", "derivation_id": "6248a50707b33b68758a43a1761745c46822f2487ab87e9fe61ea835a035c0ae", "document_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "block_sequence": 26, "char_end": 3485, "char_start": 0, "fragment_sha256": "80550a78d5d5643fa2237dc49222bc58b1b2a90c8d9d3a0f09083f6fec90d0a0", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/exhibit9922q21opendoorsh.htm", "table_id": null, "text": "3Q21 Guidance 11 The overall housing market continues to be underpinned by strong demand and tight supply. While inventory levels did pick up sequentially in Q2, they remain at multi-decade lows in terms of available supply. Furthermore, real mortgage rates remain at all-time lows and homeownership levels are still well off their previous-decade highs, which should further support demand for housing. On the HPA front, we are observing a moderation from the recent all-time highs and we are reflecting this in our pricing. That said, given our outlook for continued strong housing fundamentals, we expect HPA to remain elevated even when considering normal year-end seasonality. It’s important to remember that the most important macro trend we are tied to is the massive secular shift in consumer demand from offline real estate to online. Our business model is designed to be housing cycle-agnostic. Our proprietary pricing capabilities allow us to optimize our acquisition and resale strategies and be a market maker under all market conditions. We are seeing clear evidence of this through our record results in arguably the hottest seller’s market in history, giving us the confidence that we will be a share gainer across all cycles. As we look ahead, we are optimistic about our outlook for the second half of the year and beyond. Given strong market dynamics and our accelerating momentum, we expect acquisitions and revenue growth to remain strong in the back half. For the third quarter, we expect our revenue to be between $1.8 billion and $1.9 billion, which represents 56% sequential growth over 2Q21 at the midpoint of the expected range. We expect adjusted EBITDA1 to be between $15 million and $25 million, which represents approximately 1% margin at the midpoint of the expected range. This reflects our planned moderation in contribution margin as mentioned earlier. When we look at our second half trajectory, it’s helpful to put into context the acceleration we have seen in our business year to date. At our current momentum, our second half revenue run rate is on track to meet the 2023 target that we provided at the time of our public listing. We have effectively pulled forward our financial plan by two years on both the top and bottom lines. We are extremely proud of the agility and hard work that our teams have displayed in driving this outperformance. It is clear that our value proposition is resonating with customers more than ever and we are relentlessly focused on building our business for scale and continuing to delight our customers with a best-in-class experience. 3Q21 Adjusted EBITDA1 Guidance $15 - $25 million 3Q21 Adjusted EBITDA Margin1 Guidance 0.8% - 1.3% side bar spacer graph spacer 3Q21 Revenue Guidance $1.8 - $1.9 billion 1. Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA or Adjusted EBITDA Margin to forecasted GAAP net income (loss) or GAAP net Income (Loss) Margin, respectively, within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory impairment and stock-based compensation with respect to future grants and forfeitures. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b28", "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b30", "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b32", "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b34"], "char_count": 3689, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "69d4327361bf58ab1990439ccad7e70e6c302f1ec567abc005387a17024bf2c8", "derivation_id": "6248a50707b33b68758a43a1761745c46822f2487ab87e9fe61ea835a035c0ae", "document_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "block_sequence": 28, "char_end": 505, "char_start": 0, "fragment_sha256": "9ff3cfc696d79e0d6bf8e3884b974c71d13b175302e506ba619491a4eef754b7", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "block_sequence": 30, "char_end": 68, "char_start": 0, "fragment_sha256": "0d282019ef61000a7027912ef8d266468d6f6037dac282ae0f5b619033dcffbb", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "block_sequence": 32, "char_end": 33, "char_start": 0, "fragment_sha256": "55d6e3e3fd8bd50d9f47dbea2357b224e23bd6f8bc3dc43551d2094ed12484e8", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "block_sequence": 34, "char_end": 3077, "char_start": 0, "fragment_sha256": "346e4b08b01652263892d8f59712fb88901b4b1a567928e20f02316a16c90cfc", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/exhibit9922q21opendoorsh.htm", "table_id": null, "text": "Eric Wu, Co-Founder & CEO Carrie Wheeler, CFO CONFERENCE CALL INFORMATION Opendoor will host a conference call to discuss its financial results on August 11, 2021 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. August 11, 2021 at 2 p.m. PT investor.opendoor.com LIVE WEBCAST 12 Sacramento, CA Opendoor’s 13th market\n\n/ OpendoorHQ / Opendoor Company / Opendoor-com investor.opendoor.com\n\n14 Definitions & Financial Tables\n\nThis shareholder letter contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our financial condition, anticipated financial performance, business strategy and plans, market opportunity and expansion and objectives of management for future operations. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “intend”, “may”, “might”, “opportunity”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “will”, or “would”, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this shareholder letter, including but not limited to our public securities’ potential liquidity and trading; our ability to raise financing in the future; our success in retaining or recruiting, or changes required in, our offices, key employees or directors; the impact of the regulatory environment and complexities with compliance related to such environment; our ability to remediate our material weaknesses; various factors relating to our business, operations and financial performance, including, but not limited to, the impact of the COVID-19 pandemic on our ability to grow market share; our ability to respond to general economic conditions, and the health of the U.S. residential real estate industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \"Risk Factors\" in our annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 4, 2021, as updated by our quarterly report on Form 10-Q for the quarterly periods ended March 31, 2021 and June 30, 2021, and our other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 15 Forward-Looking Statements"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b36"], "char_count": 3744, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "164c1505178cb217fabb58dae99e20b20dd1fb3b1bd9f7245757a6fd0a5a5223", "derivation_id": "6248a50707b33b68758a43a1761745c46822f2487ab87e9fe61ea835a035c0ae", "document_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "block_sequence": 36, "char_end": 3744, "char_start": 0, "fragment_sha256": "fa8178cb43d82a189b8dfcc651deda0d1839953da97a3422a0eac9a239b3461c", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/exhibit9922q21opendoorsh.htm", "table_id": null, "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company’s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit, Contribution Profit After Interest, Adjusted Net Income (Loss), Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest, which are non-GAAP financial measures. We believe that Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance in our key markets. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Contribution Profit After Interest further impacts gross profit by including interest costs attributable to homes sold during a reporting period. We believe these measures facilitate meaningful period over period comparisons and illustrate our ability to generate returns on assets sold after considering the costs directly related to the assets sold in a given period. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. These measures also exclude the impact of certain restructuring costs that are required under GAAP. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit. 16 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b38"], "char_count": 2957, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c092f049ed2eeabdfa04dd600f98e202c50e23674caf557fb46265e3b6247ab1", "derivation_id": "6248a50707b33b68758a43a1761745c46822f2487ab87e9fe61ea835a035c0ae", "document_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "block_sequence": 38, "char_end": 2957, "char_start": 0, "fragment_sha256": "52b77ee88de7cd61eff19816c56a6f6ce5f0ac0d9baab6683ee6bf4d0f1d8340", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#p11", "passage_kind": "narrative", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/exhibit9922q21opendoorsh.htm", "table_id": null, "text": "Adjusted Gross Profit / Margin We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory impairment in the current period, (2) inventory impairment in prior periods, and (3) restructuring in cost of revenue. Inventory impairment in the current period is calculated by adding back the inventory impairment charges recorded during the period on homes that remain in inventory at period end. Inventory impairment in prior periods is calculated by subtracting the inventory impairment charges recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution Profit / Margin We calculate Contribution Profit as Adjusted Gross Profit, minus (1) holding costs incurred in the current period on homes sold during the period, (2) holding costs incurred in prior periods on homes sold in the current period, and (3) direct selling costs incurred on homes sold during the current period. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflows directly associated with a specific resale cohort. Contribution Profit / Margin After Interest We define Contribution Profit After Interest as Contribution Profit, minus interest expense under our senior credit facilities incurred on the homes sold during the period. This may include interest expense recorded in periods prior to the period in which the sale occurred. Our senior credit facilities are secured by our homes in inventory. For our senior revolving credit facilities, drawdowns are made on a per-home basis at the time of purchase and are required to be repaid at the time the homes are sold. We do not include interest expense associated with our mezzanine term debt facilities in this calculation as we do not view such facilities as reflective of our expected long term capital structure and cost of financing. Contribution Margin After Interest is Contribution Profit After Interest as a percentage of revenue. We view this metric as an important measure of business performance. Contribution Profit After Interest helps management assess Contribution Margin performance, per above, when fully burdened with expected long-term costs of financing. 17 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b40"], "char_count": 2753, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e101ff6086656dc6e6467cf37c0ad8c2fc5bcd605a7ba14fe32477ebfda53541", "derivation_id": "6248a50707b33b68758a43a1761745c46822f2487ab87e9fe61ea835a035c0ae", "document_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "block_sequence": 40, "char_end": 2753, "char_start": 0, "fragment_sha256": "bb2530437dc104e6f9f3b3f76c0cd3238f7829f515628a86bbc7a5412b424d91", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/exhibit9922q21opendoorsh.htm", "table_id": null, "text": "Adjusted Net Income (Loss) and Adjusted EBITDA We also present Adjusted Net Income (Loss) and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations or not aligned to related revenue. Adjusted Net Income ( Loss) and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include impairment costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, impairment costs required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss. We calculate Adjusted Net Income (Loss) as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, derivative and warrant fair value adjustment, intangible amortization, and payroll tax on initial RSU release. It also excludes non-recurring restructuring charges, gain on lease termination, and convertible note payment-in-kind (“PIK”) interest and issuance discount amortization. Adjusted Net Income (Loss) also aligns the timing of impairment charges recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Income (Loss) does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net Income (Loss) adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. 18 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b42", "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b44"], "char_count": 3017, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "76b1afaf62d0299a51bd8af053b634085626a4ebaec90f03bbf5d5dcd0240d46", "derivation_id": "6248a50707b33b68758a43a1761745c46822f2487ab87e9fe61ea835a035c0ae", "document_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "block_sequence": 42, "char_end": 1235, "char_start": 0, "fragment_sha256": "7a00d187cfaee16574828053d81236678d5c2cf2f14e06d865f4d0d879ac1472", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "block_sequence": 44, "char_end": 1780, "char_start": 0, "fragment_sha256": "6d9970827b895f2d92ec7fe53b4e50b597d349eda40d893a9838e2b141dda1f3", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#p13", "passage_kind": "narrative", "passage_sequence": 13, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/exhibit9922q21opendoorsh.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) 19 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 REVENUE $1,185,386 $739,827 $1,932,660 $1,995,622 COST OF REVENUE 1,026,615 685,253 1,676,757 1,850,001 GROSS PROFIT $158,771 $54,574 $255,903 $145,621 OPERATING EXPENSES: Sales, marketing and operations $96,525 $47,265 $165,591 $128,954 General and administrative 190,611 29,323 412,695 58,906 Technology and development 24,388 16,838 75,065 32,625 Total operating expenses $311,524 $93,426 $653,351 $220,485 LOSS FROM OPERATIONS (152,753) (38,852) (397,448) (74,864) DERIVATIVE AND WARRANT FAIR VALUE ADJUSTMENT 23,952 122 8,680 (890) INTEREST EXPENSE (15,826) (17,290) (26,825) (45,017) OTHER INCOME – Net 1,012 180 1,636 2,855 LOSS BEFORE INCOME TAXES (143,615) (55,840) (413,957) (117,916) INCOME TAX EXPENSE (190) (79) (284) (199) NET LOSS ($143,805) ($55,919) ($414,241) ($118,115) Net loss per share attributable to common shareholders: Basic ($0.24) ($0.66) ($0.72) ($1.40) Diluted ($0.24) ($0.66) ($0.72) ($1.40) Weighted-average shares outstanding: Basic 588,374 84,588 576,941 84,308 Diluted 588,374 84,588 576,941 84,308\n\nOPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) (Unaudited) 20 June 30, 2021 December 31, 2020 ASSETS CURRENT ASSETS: Cash and cash equivalents $1,557,815 $1,412,665 Restricted cash 131,652 92,863 Marketable securities 200,143 47,637 Mortgage loans held for sale pledged under agreements to repurchase 25,368 7,529 Escrow receivable 32,848 1,494 Real estate inventory, net 2,723,648 465,936 Other current assets ($811 and $373 carried at fair value) 67,149 24,987 Total current assets 4,738,623 2,053,111 PROPERTY AND EQUIPMENT – Net 33,962 29,228 RIGHT OF USE ASSETS 45,581 49,517 GOODWILL 30,945 30,945 INTANGIBLES – Net 7,754 8,684 OTHER ASSETS ($10,000 and $0 carried at fair value) 11,396 4,097 TOTAL ASSETS $4,868,261 $2,175,582 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $70,900 $25,270 Current portion of credit facilities and other secured borrowings 1,690,878 346,322 Warrant liabilities - current 38,669 - Interest payable 4,605 1,081 Lease liabilities - current portion 4,999 20,716 Total current liabilities 1,810,051 393,389 CREDIT FACILITIES – Net of current portion 595,579 135,467 WARRANT LIABILITIES - 47,349 LEASE LIABILITIES – Net of current portion 44,593 46,625 OTHER LIABILITIES 117 94 Total liabilities $2,450,340 $622,924 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 593,838,919 and 540,714,692 shares issued and outstanding, respectively $59 $54 Additional paid-in capital 3,875,552 2,596,012 Accumulated deficit (1,457,690) (1,043,449) Accumulated other comprehensive income - 41 Total shareholders’ equity $2,417,921 $1,552,658 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $4,868,261 $2,175,582"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b46"], "char_count": 2885, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e6667ce2e136b1a59485a8825cf87d65306d492dcab1462d68c1658a8475e314", "derivation_id": "6248a50707b33b68758a43a1761745c46822f2487ab87e9fe61ea835a035c0ae", "document_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "block_sequence": 46, "char_end": 2885, "char_start": 0, "fragment_sha256": "19619950a96a893e0462272f3a0c4fa39e0e16ac201a2247160612bfa05d2d44", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#p14", "passage_kind": "narrative", "passage_sequence": 14, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/exhibit9922q21opendoorsh.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) 21 Six Months Ended June 30, 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss ($414,241) ($118,115) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: Depreciation and amortization – net of accretion $16,608 $20,065 Amortization of right of use asset 4,260 8,712 Impairment of software development costs 2,515 - Stock-based compensation 403,048 6,640 Derivative and warrant fair value adjustment (8,680) 890 Gain on settlement of lease liabilities (5,237) - Inventory valuation adjustment 942 7,452 Changes in fair value of derivative instruments (438) (527) Payment-in-kind interest - 2,704 Dividend-in-kind 143 - Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale (2,032) (829) Origination of mortgage loans held for sale (83,360) (42,636) Proceeds from sale and principal collections of mortgage loans held for sale 67,566 34,397 Changes in operating assets and liabilities: Escrow receivable (31,354) 4,178 Real estate inventories (2,249,488) 1,035,088 Other assets (37,057) 10,809 Accounts payable and other accrued liabilities 34,569 (8,881) Interest payable 96 (3,044) Lease liabilities (9,968) (6,556) Net cash (used in) provided by operating activities (2,312,108) 950,347 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (10,957) (10,753) Purchase of intangible assets (240) - Purchase of marketable securities (238,464) (113,833) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 85,638 55,666 Purchase of non-marketable equity securities (10,000) - Net cash used in investing activities (174,023) (68,920) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise of stock options 6,739 688 Proceeds from warrant exercise 4,823 - Proceeds from the February 2021 Offering 886,067 - Issuance cost of common stock (28,876) - Proceeds from credit facilities and other secured borrowings 3,241,692 824,597 Principal payments on credit facilities and other secured borrowings (1,438,136) (1,723,443) Payment of loan origination fees and debt issuance costs (2,239) (2,386) Net cash provided by (used in) financing activities 2,670,070 (900,544) NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 183,939 (19,117) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 1,505,528 684,822 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $1,689,467 $665,705 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $20,526 $40,333 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $1,557,815 $458,058 Restricted cash 131,652 207,647 Cash, cash equivalents, and restricted cash $1,689,467 $665,705"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b48"], "char_count": 3070, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8e504e3e10944676630a748f9ffb71e95d433dc5b9c28073f689ca34a87e86d7", "derivation_id": "6248a50707b33b68758a43a1761745c46822f2487ab87e9fe61ea835a035c0ae", "document_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "block_sequence": 48, "char_end": 3070, "char_start": 0, "fragment_sha256": "58e063d31f60f91ce87f0ee9145bb18e47b1e4f52d975a3ca5c21aae485b8fa6", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#p15", "passage_kind": "narrative", "passage_sequence": 15, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/exhibit9922q21opendoorsh.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT, CONTRIBUTION PROFIT AND CONTRIBUTION PROFIT AFTER INTEREST TO OUR GROSS PROFIT 22 Three Months Ended (in thousands, except percentages) June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 Gross profit (GAAP) $158,771 $97,132 $38,365 $35,811 $54,574 Gross Margin 13.4 % 13.0 % 15.4 % 10.6 % 7.4 % Adjustments: Inventory impairment – Current Period (1) $922 $20 $79 $64 $1,231 Inventory impairment – Prior Periods (2) (19) (114) (216) (2,803) (6,581) Restructuring in cost of revenue (3) - - - 1 1,901 Adjusted Gross Profit $159,674 $97,038 $38,228 $33,073 $51,125 Adjusted Gross Margin 13.5 % 13.0 % 15.4 % 9.8 % 6.9 % Adjustments: Direct selling costs (4) ($26,813) ($17,340) ($5,243) ($8,909) ($22,128) Holding costs on sales – Current Period (5)(6) (2,666) (2,126) (778) (1,011) (2,383) Holding costs on sales – Prior Periods (5)(7) (2,633) (1,426) (750) (3,140) (6,517) Contribution Profit $127,562 $76,146 $31,457 $20,013 $20,097 Homes sold in period 3,481 2,462 849 1,232 2,924 Contribution Profit per Home Sold $37 $31 $37 $16 $7 Contribution Margin 10.8 % 10.2 % 12.6 % 5.9 % 2.7 % Adjustments: Interest on homes sold – Current Period (8)(9) ($3,110) ($2,333) ($714) ($1,060) ($3,155) Interest on homes sold – Prior Periods (8)(10) (1,587) (902) (464) (2,591) (5,309) Contribution Profit After Interest $122,865 $72,911 $30,279 $16,362 $11,633 Contribution Margin After Interest 10.4 % 9.8 % 12.2 % 4.8 % 1.6 % 1. Inventory impairment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. 2. Inventory impairment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. 3. Restructuring in cost of revenue consists mainly of severance and employee termination benefits that were recorded to cost of revenue due to a reduction in workforce in Q2 2020 following the outbreak of the COVID-19 pandemic. 4. Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. 5. Holding costs include mainly property taxes, insurance, utilities, association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the condensed consolidated statements of operations. 6. Represents holding costs incurred in the period presented on homes sold in the period presented. 7. Represents holding costs incurred in prior periods on homes sold in the period presented. 8. This does not include interest on mezzanine term debt facilities or other indebtedness. 9. Represents the interest expense under our senior credit facilities incurred on homes sold for the current period during the period. 10. Represents the interest expense under our senior credit facilities incurred on homes sold for the current period during prior periods."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#b50"], "char_count": 3655, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "525342b6b43f0ae30d3d1b1255aabf27cf5991ae047265e80a84c2a8dce86379", "derivation_id": "6248a50707b33b68758a43a1761745c46822f2487ab87e9fe61ea835a035c0ae", "document_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "block_sequence": 50, "char_end": 3655, "char_start": 0, "fragment_sha256": "8e0c25ca17a777aaa122f3fbf50f4d45ec42461cbd531ffddcd5e6f1f33e0d52", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#p16", "passage_kind": "narrative", "passage_sequence": 16, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000099:exhibit9922q21opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/exhibit9922q21opendoorsh.htm", "table_id": null, "text": "23 1. Represents the gains and losses on our derivative and warrant liabilities, which are marked to fair value at the end of each period. 2. Represents amortization of intangibles acquired in the OSN and Open Listings acquisitions which contribute to revenue generation and are recorded as part of purchase accounting. The acquired intangible assets have useful lives ranging from 2 to 5 years and amortization is expected until the intangible assets are fully amortized. 3. Inventory impairment — Current Period is the inventory impairment charge recorded during the period presented associated with homes that remain in inventory at period end. 4. Inventory impairment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. 5. Restructuring costs consists mainly of employee termination benefits, relocation packages and retention bonuses as well as costs related to the exiting of certain non-cancelable leases. In 2020, these costs related mainly to a reduction in workforce implemented in April 2020 as well as our exercise of the early termination option related to our San Francisco headquarters. 6. Includes non-cash payment-in-kind (“PIK”) interest and amortization of the discount on the convertible notes issued from July through November 2019. We exclude convertible note PIK interest and amortization from Adjusted Net Income (Loss) since these are non-cash in nature and were converted into equity in September 2020 when the Company entered into the Convertible Notes Exchange Agreement with the convertible note holders. 7. Includes primarily gain or loss on disposal of fixed assets, gain or loss on interest rate lock commitments, gain or loss on the sale of marketable securities, accrued legal matters and sublease income. 8. Includes interest expense on our asset-backed debt facilities. 9. Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, and other interest related costs on our asset-backed debt facilities. 10. Consists mainly of interest earned on cash, cash equivalents and marketable securities. OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED NET INCOME (LOSS) AND ADJUSTED EBITDA TO OUR NET LOSS Three Months Ended (in thousands, except percentages) June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 Net loss (GAAP) ($143,805) ($270,436) ($53,998) ($80,853) ($55,919) Adjustments: Stock-based compensation $164,216 $238,832 $28,843 $2,523 $3,669 Derivative and warrant fair value adjustment (1) (23,952) 15,272 (33,074) 24,329 (122) Intangibles amortization expense (2) 591 580 580 986 1,068 Inventory impairment – Current Period (3) 922 20 79 64 1,231 Inventory impairment — Prior Periods (4) (19) (114) (216) (2,803) (6,580) Restructuring (5) - 79 211 17,217 12,435 Convertible note PIK interest and discount amortization (6) - - 14 2,416 2,713 Loss on extinguishment of debt - - 11,356 - - Gain on lease termination - (5,237) - - - Payroll tax on initial RSU release 5,124 - - - - Other (7) (602) 203 4,882 (322) (1) Adjusted Net Income (Loss) $2,475 ($20,801) ($41,323) 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(26,813) (17,340) (5,243) (8,909) (22,128) Holding Costs (5,299) (3,552) (1,528) (4,151) (8,900) Contribution Profit $ 127,562 $ 76,146 $ 31,457 $ 20,013 $ 20,097 Contribution Profit After Interest $ 122,865 $ 72,911 $ 30,279 $ 16,362 $ 11,633 Adjusted EBITDA $ 25,579 $ (2,141) $ (27,075) $ (20,998) $ (21,661) Adjusted Net Income (Loss) $ 2,475 $ (20,801) $ (41,323) $ (36,443) $ (41,506) Margins Total Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Adjusted Gross Profit 13.5 % 13.0 % 15.4 % 9.8 % 6.9 % Contribution Margin 10.8 % 10.2 % 12.6 % 5.9 % 2.7 % Contribution Margin After Interest 10.4 % 9.8 % 12.2 % 4.8 % 1.6 % Adjusted EBITDA 2.2 % (0.3)% (10.9)% (6.2)% (2.9)% Adjusted Net Income (Loss) 0.2 % (2.8)% (16.6)% (10.8)% (5.6)% Period Ended NON-GAAP MEASURES & KEY METRICS OPENDOOR TECHNOLOGIES INC. 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(In thousands) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Six Months Ended June 30," + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit993q22021financia.htm#b13", + "block_sequence": 13, + "block_sha256": "05f01cd5b613846dcb34cac0106f6b5a48c5f46b90cf893cb49cb5db08068ae7", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit993q22021financia.htm", + "block_sequence": 13, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "78025fe94f62055321064991fcc3126adb37bbf1873a1800cb806ee78aba5c0e", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit993q22021financia.htm#s2", + "table": null, + "text": "exhibit993q22021financia005.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:exhibit993q22021financia.htm#b14", + "block_sequence": 14, + "block_sha256": "7f7fe1fb6ca0728d34b4e46d489947216f2b9e2e009ddc2b5dbcbca5319c8610", + "block_type": "paragraph", + "char_count": 3136, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:exhibit993q22021financia.htm", + "block_sequence": 14, + "char_end": 3136, + "char_start": 0, + "fragment_sha256": "07766308dd96de5a3341d2ad1856e7787f0168a738b6e9a99c9b6c116dd765e3", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:exhibit993q22021financia.htm#s2", + "table": null, + "text": "Reconciliation of our Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest to our Gross Profit (in thousands, except percentages) June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 Gross profit (GAAP) $ 158,771 $ 97,132 $ 38,365 $ 35,811 $ 54,574 Gross Margin 13.4 % 13.0 % 15.4 % 10.6 % 7.4 % Adjustments: Inventory impairment \u2013 Current Period\ufeff (1) 922 20 79 64 1,231 Inventory impairment \u2013 Prior Periods \ufeff (2) (19) (114) (216) (2,803) (6,581) Restructuring in cost of revenue\ufeff (3) - - - 1 1,901 Adjusted Gross Profit $ 159,674 $ 97,038 $ 38,228 $ 33,073 $ 51,125 Adjusted Gross Margin 13.5 % 13.0 % 15.4 % 9.8 % 6.9 % Adjustments: Direct selling costs (4) (26,813) (17,340) (5,243) (8,909) (22,128) Holding costs on sales \u2013 Current Period\ufeff (5)(6) (2,666) (2,126) (778) (1,011) (2,383) Holding costs on sales \u2013 Prior Periods \ufeff (5)(7) (2,633) (1,426) (750) (3,140) (6,517) Contribution Profit $ 127,562 $ 76,146 $ 31,457 $ 20,013 $ 20,097 Homes sold in period 3,481 2,462 849 1,232 2,924 Contribution Profit per Home Sold $ 37 $ 31 $ 37 $ 16 $ 7 Contribution Margin 10.8 % 10.2 % 12.6 % 5.9 % 2.7 % Adjustments: \u200b \u200b Interest on homes sold \u2013 Current Period\ufeff (8)(9) (3,110) (2,333) (714) (1,060) (3,155) Interest on homes sold \u2013 Prior Periods \ufeff (8)(10) (1,587) (902) (464) (2,591) (5,309) Contribution Profit After Interest $ 122,865 $ 72,911 $ 30,279 $ 16,362 $ 11,633 Contribution Margin After Interest 10.4 % 9.8 % 12.2 % 4.8 % 1.6 % Three Months Ended NON-GAAP FINANCIAL MEASURES OPENDOOR TECHNOLOGIES INC. \u200b(2) Inventory impairment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (1) Inventory impairment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Restructuring in cost of revenue consists mainly of severance and employee termination benefits that were recorded to cost of revenue due to a reduction in workforce in Q2 2020 following the outbreak of the COVID-19 pandemic. \u200b(5) Holding costs include mainly property taxes, insurance, utilities, association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the condensed consolidated statements of operations. \u200b(6) Represents holding costs incurred in the period presented on homes sold in the period presented. (10) Represents the interest expense under our senior credit facilities incurred on homes sold for the current period during prior periods. \u200b(9) Represents the interest expense under our senior credit facilities incurred on homes sold for the current period during the period. \u200b(8) This does not include interest on mezzanine term debt facilities or other indebtedness. \u200b(7) Represents holding costs incurred in prior periods on homes sold in the period presented. \u200b(4) Represents selling costs incurred related to homes sold in the relevant period. 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We exclude convertible note PIK interest and amortization from Adjusted Net Income (Loss) since these are non-cash in nature and were converted into equity in September 2020 when the Company entered into the Convertible Notes Exchange Agreement with the convertible note holders. Three Months Ended (2) Represents amortization of intangibles acquired in the OSN and Open Listings acquisitions which contribute to revenue generation and are recorded as part of purchase accounting. The acquired intangible assets have useful lives ranging from 2 to 5 years and amortization is expected until the intangible assets are fully amortized. (1) Represents the gains and losses on our derivative and warrant liabilities, which are marked to fair value at the end of each period. \u200b(5) Restructuring costs consist mainly of employee termination benefits, relocation packages and retention bonuses as well as costs related to the exiting of certain non- cancelable leases. 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$ 20,097 Contribution Profit After Interest $ 122,865 $ 72,911 $ 30,279 $ 16,362 $ 11,633 Adjusted EBITDA $ 25,579 $ (2,141) $ (27,075) $ (20,998) $ (21,661) Adjusted Net Income (Loss) $ 2,475 $ (20,801) $ (41,323) $ (36,443) $ (41,506) Margins Total Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Adjusted Gross Profit 13.5 % 13.0 % 15.4 % 9.8 % 6.9 % Contribution Margin 10.8 % 10.2 % 12.6 % 5.9 % 2.7 % Contribution Margin After Interest 10.4 % 9.8 % 12.2 % 4.8 % 1.6 % Adjusted EBITDA 2.2 % (0.3)% (10.9)% (6.2)% (2.9)% Adjusted Net Income (Loss) 0.2 % (2.8)% (16.6)% (10.8)% (5.6)% Period Ended NON-GAAP MEASURES & KEY METRICS OPENDOOR TECHNOLOGIES INC. Exhibit 99.3\n\n2021 2020 2021 2020 REVENUE $ 1,185,386 $ 739,827 $ 1,932,660 $ 1,995,622 COST OF REVENUE 1,026,615 685,253 1,676,757 1,850,001 GROSS PROFIT 158,771 54,574 255,903 145,621 OPERATING EXPENSES: Sales, marketing and operations 96,525 47,265 165,591 128,954 General and administrative 190,611 29,323 412,695 58,906 Technology and development 24,388 16,838 75,065 32,625 Total operating expenses 311,524 93,426 653,351 220,485 LOSS FROM OPERATIONS (152,753) (38,852) (397,448) (74,864) DERIVATIVE AND WARRANT FAIR VALUE ADJUSTMENT 23,952 122 8,680 (890) INTEREST EXPENSE (15,826) (17,290) (26,825) (45,017) OTHER INCOME – Net 1,012 180 1,636 2,855 LOSS BEFORE INCOME TAXES (143,615) (55,840) (413,957) (117,916) INCOME TAX EXPENSE (190) (79) (284) (199) NET LOSS $ (143,805) $ (55,919) $ (414,241) $ (118,115) Net loss per share attributable to common shareholders: Basic $ (0.24) $ (0.66) $ (0.72) $ (1.40) Diluted $ (0.24) $ (0.66) $ (0.72) $ (1.40) Weighted-average shares outstanding: Basic 588,374 84,588 576,941 84,308 Diluted 588,374 84,588 576,941 84,308 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) Three Months Ended June 30, (Unaudited) Six Months Ended June 30,"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-21-000099:exhibit993q22021financia.htm#b10"], "char_count": 1775, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5115a748b820e6927050cba2ed10f04f01f516c1ef4e3404e5d02e97d86594bb", "derivation_id": "68aae32e3386f848716caf405e33d3e94946c4416d36446b85c310a2e3c7acf4", "document_id": "norm:0001801169:0001801169-21-000099:exhibit993q22021financia.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:exhibit993q22021financia.htm", "block_sequence": 10, "char_end": 1775, "char_start": 0, "fragment_sha256": "837690020a2953b3634d43515d7febbbb1f6eef2d374f7033adcfa2f20cef2d3", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:exhibit993q22021financia.htm#p2", "passage_kind": "narrative", "passage_sequence": 2, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:exhibit993q22021financia.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000099:exhibit993q22021financia.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/exhibit993q22021financia.htm", "table_id": null, "text": "June 30, 2021 December 31, 2020 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,557,815 $ 1,412,665 Restricted cash 131,652 92,863 Marketable securities 200,143 47,637 Mortgage loans held for sale pledged under agreements to repurchase 25,368 7,529 Escrow receivable 32,848 1,494 Real estate inventory, net 2,723,648 465,936 Other current assets ($811 and $373 carried at fair value) 67,149 24,987 Total current assets 4,738,623 2,053,111 PROPERTY AND EQUIPMENT – Net 33,962 29,228 RIGHT OF USE ASSETS 45,581 49,517 GOODWILL 30,945 30,945 INTANGIBLES – Net 7,754 8,684 OTHER ASSETS ($10,000 and $0 carried at fair value) 11,396 4,097 TOTAL ASSETS $ 4,868,261 $ 2,175,582 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 70,900 $ 25,270 Current portion of credit facilities and other secured borrowings 1,690,878 346,322 Warrant liabilities - current 38,669 - Interest payable 4,605 1,081 Lease liabilities - current portion 4,999 20,716 Total current liabilities 1,810,051 393,389 CREDIT FACILITIES – Net of current portion 595,579 135,467 WARRANT LIABILITIES - 47,349 LEASE LIABILITIES – Net of current portion 44,593 46,625 OTHER LIABILITIES 117 94 Total liabilities 2,450,340 622,924 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 593,838,919 and 540,714,692 shares issued and outstanding, respectively 59 54 Additional paid-in capital 3,875,552 2,596,012 Accumulated deficit (1,457,690) (1,043,449) Accumulated other comprehensive income - 41 Total shareholders’ equity 2,417,921 1,552,658 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 4,868,261 $ 2,175,582 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited)"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-21-000099:exhibit993q22021financia.htm#b12"], "char_count": 2890, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d75bd7ad559b5afae55cf7acd603030ee1084497b6078e009fe132bcee146fb3", "derivation_id": "68aae32e3386f848716caf405e33d3e94946c4416d36446b85c310a2e3c7acf4", "document_id": "norm:0001801169:0001801169-21-000099:exhibit993q22021financia.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:exhibit993q22021financia.htm", "block_sequence": 12, "char_end": 2890, "char_start": 0, "fragment_sha256": "8710251c3cc757c82a113941aadc571b1c85f9015fb50ff642ffc273a5f868f1", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:exhibit993q22021financia.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:exhibit993q22021financia.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000099:exhibit993q22021financia.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/exhibit993q22021financia.htm", "table_id": null, "text": "2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (414,241) $ (118,115) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: Depreciation and amortization – net of accretion 16,608 20,065 Amortization of right of use asset 4,260 8,712 Impairment of software development costs 2,515 - Stock-based compensation 403,048 6,640 Derivative and warrant fair value adjustment (8,680) 890 Gain on settlement of lease liabilities (5,237) - Inventory valuation adjustment 942 7,452 Changes in fair value of derivative instruments (438) (527) Payment-in-kind interest - 2,704 Dividend-in-kind 143 - Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale (2,032) (829) Origination of mortgage loans held for sale (83,360) (42,636) Proceeds from sale and principal collections of mortgage loans held for sale 67,566 34,397 Changes in operating assets and liabilities: Escrow receivable (31,354) 4,178 Real estate inventories (2,249,488) 1,035,088 Other assets (37,057) 10,809 Accounts payable and other accrued liabilities 34,569 (8,881) Interest payable 96 (3,044) Lease liabilities (9,968) (6,556) Net cash (used in) provided by operating activities (2,312,108) 950,347 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (10,957) (10,753) Purchase of intangible assets (240) - Purchase of marketable securities (238,464) (113,833) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 85,638 55,666 Purchase of non-marketable equity securities (10,000) - Net cash used in investing activities (174,023) (68,920) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise of stock options 6,739 688 Proceeds from warrant exercise 4,823 - Proceeds from the February 2021 Offering 886,067 - Issuance cost of common stock (28,876) - Proceeds from credit facilities and other secured borrowings 3,241,692 824,597 Principal payments on credit facilities and other secured borrowings (1,438,136) (1,723,443) Payment of loan origination fees and debt issuance costs (2,239) (2,386) Net cash provided by (used in) financing activities 2,670,070 (900,544) NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 183,939 (19,117) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 1,505,528 684,822 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $ 1,689,467 $ 665,705 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $ 20,526 $ 40,333 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 1,557,815 $ 458,058 Restricted cash 131,652 207,647 Cash, cash equivalents, and restricted cash $ 1,689,467 $ 665,705 OPENDOOR TECHNOLOGIES INC. (In thousands) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Six Months Ended June 30,"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-21-000099:exhibit993q22021financia.htm#b14"], "char_count": 3136, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7f7fe1fb6ca0728d34b4e46d489947216f2b9e2e009ddc2b5dbcbca5319c8610", "derivation_id": "68aae32e3386f848716caf405e33d3e94946c4416d36446b85c310a2e3c7acf4", "document_id": "norm:0001801169:0001801169-21-000099:exhibit993q22021financia.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:exhibit993q22021financia.htm", "block_sequence": 14, "char_end": 3136, "char_start": 0, "fragment_sha256": "07766308dd96de5a3341d2ad1856e7787f0168a738b6e9a99c9b6c116dd765e3", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:exhibit993q22021financia.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:exhibit993q22021financia.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000099:exhibit993q22021financia.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/exhibit993q22021financia.htm", "table_id": null, "text": "Reconciliation of our Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest to our Gross Profit (in thousands, except percentages) June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 Gross profit (GAAP) $ 158,771 $ 97,132 $ 38,365 $ 35,811 $ 54,574 Gross Margin 13.4 % 13.0 % 15.4 % 10.6 % 7.4 % Adjustments: Inventory impairment – Current Period (1) 922 20 79 64 1,231 Inventory impairment – Prior Periods  (2) (19) (114) (216) (2,803) (6,581) Restructuring in cost of revenue (3) - - - 1 1,901 Adjusted Gross Profit $ 159,674 $ 97,038 $ 38,228 $ 33,073 $ 51,125 Adjusted Gross Margin 13.5 % 13.0 % 15.4 % 9.8 % 6.9 % Adjustments: Direct selling costs (4) (26,813) (17,340) (5,243) (8,909) (22,128) Holding costs on sales – Current Period (5)(6) (2,666) (2,126) (778) (1,011) (2,383) Holding costs on sales – Prior Periods  (5)(7) (2,633) (1,426) (750) (3,140) (6,517) Contribution Profit $ 127,562 $ 76,146 $ 31,457 $ 20,013 $ 20,097 Homes sold in period 3,481 2,462 849 1,232 2,924 Contribution Profit per Home Sold $ 37 $ 31 $ 37 $ 16 $ 7 Contribution Margin 10.8 % 10.2 % 12.6 % 5.9 % 2.7 % Adjustments: ​ ​ Interest on homes sold – Current Period (8)(9) (3,110) (2,333) (714) (1,060) (3,155) Interest on homes sold – Prior Periods  (8)(10) (1,587) (902) (464) (2,591) (5,309) Contribution Profit After Interest $ 122,865 $ 72,911 $ 30,279 $ 16,362 $ 11,633 Contribution Margin After Interest 10.4 % 9.8 % 12.2 % 4.8 % 1.6 % Three Months Ended NON-GAAP FINANCIAL MEASURES OPENDOOR TECHNOLOGIES INC. ​(2) Inventory impairment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (1) Inventory impairment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Restructuring in cost of revenue consists mainly of severance and employee termination benefits that were recorded to cost of revenue due to a reduction in workforce in Q2 2020 following the outbreak of the COVID-19 pandemic. ​(5) Holding costs include mainly property taxes, insurance, utilities, association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the condensed consolidated statements of operations. ​(6) Represents holding costs incurred in the period presented on homes sold in the period presented. (10) Represents the interest expense under our senior credit facilities incurred on homes sold for the current period during prior periods. ​(9) Represents the interest expense under our senior credit facilities incurred on homes sold for the current period during the period. ​(8) This does not include interest on mezzanine term debt facilities or other indebtedness. ​(7) Represents holding costs incurred in prior periods on homes sold in the period presented. ​(4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes."} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-21-000099:exhibit993q22021financia.htm#b16"], "char_count": 3637, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "17847bbb5bc9e332ed6e7b5f3723e04c403c38bc21dfe8316f9102285dc550f1", "derivation_id": "68aae32e3386f848716caf405e33d3e94946c4416d36446b85c310a2e3c7acf4", "document_id": "norm:0001801169:0001801169-21-000099:exhibit993q22021financia.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:exhibit993q22021financia.htm", "block_sequence": 16, "char_end": 3637, "char_start": 0, "fragment_sha256": "08afed272b663cb399e9045e9b36d2497450b1adfa1abb0bc936f6302bbab96a", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:exhibit993q22021financia.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:exhibit993q22021financia.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000099:exhibit993q22021financia.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/exhibit993q22021financia.htm", "table_id": null, "text": "Reconciliation of our Adjusted Net Income (Loss) and Adjusted EBITDA to our Net Loss (in thousands, except percentages) June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 Net loss (GAAP) $ (143,805) $ (270,436) $ (53,998) $ (80,853) $ (55,919) Adjustments: Stock-based compensation 164,216 238,832 28,843 2,523 3,669 Derivative and warrant fair value adjustment  (1) (23,952) 15,272 (33,074) 24,329 (122) Intangibles amortization expense (2) 591 580 580 986 1,068 Inventory impairment – Current Period (3) 922 20 79 64 1,231 Inventory impairment – Prior Periods  (4) (19) (114) (216) (2,803) (6,580) Restructuring (5) - 79 211 17,217 12,435 Convertible note PIK interest and discount amortization (6) - - 14 2,416 2,713 Loss on extinguishment of debt - - 11,356 - - Gain on lease termination - (5,237) - - - Payroll tax on initial RSU release 5,124 - - - - Other (7) (602) 203 4,882 (322) (1) Adjusted Net Income (Loss) 2,475 (20,801) (41,323) (36,443) (41,506) Adjustments: Depreciation and amortization, excluding amortization of intangibles and right of use assets 7,894 8,434 4,744 6,115 5,850 Property financing (8) 12,284 6,980 5,561 5,236 8,564 Other interest expense (9) 3,542 4,019 4,839 4,724 6,013 Interest income (10) (806) (867) (725) (665) (662) Income tax expense 190 94 (171) 35 80 Adjusted EBITDA 25,579 (2,141) (27,075) (20,998) (21,661) Adjusted EBITDA Margin 2.2 % (0.3)% (10.9)% (6.2)% (2.9)% (10) Consists mainly of interest earned on cash, cash equivalents and marketable securities. ​(9) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, and other interest related costs on our asset-backed debt facilities. ​(6) Includes non-cash payment-in-kind (“PIK”) interest and amortization of the discount on the convertible notes issued from July through November 2019. We exclude convertible note PIK interest and amortization from Adjusted Net Income (Loss) since these are non-cash in nature and were converted into equity in September 2020 when the Company entered into the Convertible Notes Exchange Agreement with the convertible note holders. Three Months Ended (2) Represents amortization of intangibles acquired in the OSN and Open Listings acquisitions which contribute to revenue generation and are recorded as part of purchase accounting. The acquired intangible assets have useful lives ranging from 2 to 5 years and amortization is expected until the intangible assets are fully amortized. (1) Represents the gains and losses on our derivative and warrant liabilities, which are marked to fair value at the end of each period. ​(5) Restructuring costs consist mainly of employee termination benefits, relocation packages and retention bonuses as well as costs related to the exiting of certain non- cancelable leases. In 2020, these costs related mainly to a reduction in workforce implemented in April 2020 as well as our exercise of the early termination option related to our San Francisco headquarters. ​(4) Inventory impairment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (3) Inventory impairment — Current Period is the inventory impairment charge recorded during the period presented associated with homes that remain in inventory at period end. ​(7) Includes primarily gain or loss on disposal of fixed assets, gain or loss on interest rate lock commitments, gain or loss on the sale of marketable securities, accrued legal matters, and sublease income. ​(8) Includes interest expense on our asset-backed debt facilities."} diff --git a/data/normalized/sec/0001801169/8-K/2021-08-11_0001801169-21-000099/norm_0001801169_0001801169-21-000099_open-20210811.htm.json b/data/normalized/sec/0001801169/8-K/2021-08-11_0001801169-21-000099/norm_0001801169_0001801169-21-000099_open-20210811.htm.json new file mode 100644 index 0000000000000000000000000000000000000000..ec6a12d9a6b5cca2ab392b20bc09bf47f87be145 --- /dev/null +++ b/data/normalized/sec/0001801169/8-K/2021-08-11_0001801169-21-000099/norm_0001801169_0001801169-21-000099_open-20210811.htm.json @@ -0,0 +1,1401 @@ 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A copy of the press release and the shareholder letter is furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K." + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:open-20210811.htm#b23", + "block_sequence": 23, + "block_sha256": "b89696dd562dc98e2d1749a869ddb9e170e8ec4b569de938d823dcf31e61ed4a", + "block_type": "heading", + "char_count": 34, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:open-20210811.htm", + "block_sequence": 23, + "char_end": 34, + "char_start": 0, + "fragment_sha256": "fcec0789832f49277de82434595e218c54afde9c84449c5911f7736e0ddd34bf", + "heading_path": [ + "UNITED STATES", + "Item 7.01 Regulation FD Disclosure" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000099:open-20210811.htm#s14", + "table": null, + "text": "Item 7.01 Regulation FD Disclosure" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:open-20210811.htm#b24", + "block_sequence": 24, + "block_sha256": "d7e666354f64e3f2602ab2fa21835a404de29950854b5f5b236d3399e6237a93", + "block_type": "paragraph", + "char_count": 770, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:open-20210811.htm", + "block_sequence": 24, + "char_end": 770, + "char_start": 0, + "fragment_sha256": "5c337194f7e81986a44de4a5ea83b3fdc207687a3038d1a4a289fcde126d32eb", + "heading_path": [ + "UNITED STATES", + "Item 7.01 Regulation FD Disclosure" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000099:open-20210811.htm#s14", + "table": null, + "text": "On August 11, 2021, the Company posted an earnings supplement (the \u201cSupplement\u201d) in the \u201cInvestor Relations\u201d portion of its website at investor.opendoor.com. 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Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-21-000099:open-20210811.htm#b22"], "char_count": 332, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1e04ef8f3dfa00257e7b0574c36c48acfdbb0f7fd423105bccdea17b8c272a34", "derivation_id": "fdf0eb3a8a0751fef8c955bf3a6b5579be5dbf2e7fd79fb7002a585107a5145f", "document_id": "norm:0001801169:0001801169-21-000099:open-20210811.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 2.02", "Results of Operations and Financial Condition"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:open-20210811.htm", "block_sequence": 22, "char_end": 332, "char_start": 0, "fragment_sha256": "c0d9202784a95e4cb201300235fa9c2de4416bba0516b5027230102651bf1d49", "heading_path": ["UNITED STATES", "Item 2.02", "Results of Operations and Financial Condition"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:open-20210811.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:open-20210811.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-21-000099:open-20210811.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/open-20210811.htm", "table_id": null, "text": "On August 11, 2021, Opendoor Technologies Inc. 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A copy of the press release and the shareholder letter is furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-21-000099:open-20210811.htm#b24"], "char_count": 770, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d7e666354f64e3f2602ab2fa21835a404de29950854b5f5b236d3399e6237a93", "derivation_id": "fdf0eb3a8a0751fef8c955bf3a6b5579be5dbf2e7fd79fb7002a585107a5145f", "document_id": "norm:0001801169:0001801169-21-000099:open-20210811.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 7.01 Regulation FD Disclosure"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:open-20210811.htm", "block_sequence": 24, "char_end": 770, "char_start": 0, "fragment_sha256": "5c337194f7e81986a44de4a5ea83b3fdc207687a3038d1a4a289fcde126d32eb", "heading_path": ["UNITED STATES", "Item 7.01 Regulation FD Disclosure"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:open-20210811.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:open-20210811.htm#s14", "source_artifact_id": "sec:0001801169:0001801169-21-000099:open-20210811.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/open-20210811.htm", "table_id": null, "text": "On August 11, 2021, the Company posted an earnings supplement (the “Supplement”) in the “Investor Relations” portion of its website at investor.opendoor.com. A copy of the Supplement is attached to this Current Report on Form 8-K as Exhibit 99.3. The information contained in Items 2.02 and 7.01 of this Current Report (including Exhibits 99.1, 99.2, and 99.3 attached hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-21-000099:open-20210811.htm#b27"], "char_count": 12, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1bb512677b8189f063271298af785857c211249e9a13edc9cf8a2d4545faefd7", "derivation_id": "fdf0eb3a8a0751fef8c955bf3a6b5579be5dbf2e7fd79fb7002a585107a5145f", "document_id": "norm:0001801169:0001801169-21-000099:open-20210811.htm", "document_type": 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"norm:0001801169:0001801169-21-000099:open-20210811.htm#b28", "text": "| | | |\n| --- | --- | --- |\n| Exhibit No. | | Description |\n| | | |\n| 99.1 | | Press Release dated August 11, 2021 |\n| 99.2 | | Shareholder Letter issued by Opendoor Technologies Inc. on August 11, 2021 |\n| 99.3 | | Supplement entitled “Financial Supplement” issued by Opendoor Technologies Inc. on August 11, 2021 |\n| 104 | | Cover Page Interactive Data File (Cover page XBRL tags are embedded within the Inline XBRL document) |"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-21-000099:open-20210811.htm#b31"], "char_count": 307, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "3c8341efa3434db7798e6233880b3e9e7494ca1525a7dbc8ae2be0c37f8d32e3", "derivation_id": "fdf0eb3a8a0751fef8c955bf3a6b5579be5dbf2e7fd79fb7002a585107a5145f", "document_id": "norm:0001801169:0001801169-21-000099:open-20210811.htm", "document_type": "narrative_primary", 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Opendoor Technologies Inc. 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Announces Second Quarter 2021 Financial Results" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s4", + "table": null, + "text": "SAN FRANCISCO, California - August 11, 2021 - Opendoor Technologies Inc. (Nasdaq: OPEN), a leading digital platform for residential real estate, today reported financial results for its quarter ended June 30, 2021. Opendoor\u2019s Second Quarter 2021 financial results and management commentary can be accessed through the Company\u2019s shareholder letter on the quarterly results page of Opendoor\u2019s investor relations website at https://investor.opendoor.com. \u201cEach quarter, we get the opportunity to reflect on our journey to redefine how people buy and sell a home and transform the world\u2019s largest asset class. Last quarter, I spoke to our tremendous momentum, created by our relentless focus on the consumer experience, pricing expertise, and operational excellence. Today, I am proud to share the results of those efforts,\u201d said Eric Wu, Co-Founder and CEO of Opendoor. \u201cIn the second quarter of 2021, we acquired a record 8,494 homes, generated revenue of $1.2 billion, and delivered adjusted EBITDA of $25.6 million, representing growth of 136% in homes acquired, 59% in revenue, and nearly $28 million in adjusted EBITDA compared to the first quarter. This strong outperformance is further evidence of the seismic shift in consumer demand towards the modern real estate experience we are pioneering. Based on our current momentum, we are operating today at a second half revenue run rate that is on track to meet the 2023 target we provided at the time of our December listing.\u201d" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b8", + "block_sequence": 8, + "block_sha256": "6c29f481b8e31d7adfd937373c98645c96a25a5061cafb6416abb1a34d4c817b", + "block_type": "heading", + "char_count": 34, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", + "block_sequence": 8, + "char_end": 34, + "char_start": 0, + "fragment_sha256": "77d4e161869cbeaa278961e3fe75e2a1273c677ed6f9674ae0d1324966565876", + "heading_path": [ + "EX-99.1", + "Second Quarter 2021 Key Highlights" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s5", + "table": null, + "text": "Second Quarter 2021 Key Highlights" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b9", + "block_sequence": 9, + "block_sha256": "a50be33c632683d07e55c1cea631e5ad8d68665da9f0a7e24af080f1d4648d81", + "block_type": "paragraph", + "char_count": 1124, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", + "block_sequence": 9, + "char_end": 1124, + "char_start": 0, + "fragment_sha256": "8c450bac9be4019fdc0423bc831bec3c79d13c39add8d046142a7b49b51b0b60", + "heading_path": [ + "EX-99.1", + "Second Quarter 2021 Key Highlights" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s5", + "table": null, + "text": "Unless otherwise stated, all comparisons are on a quarter-over-quarter basis. We believe that sequential comparisons better reflect our underlying growth trends given our decision to pause home acquisitions and actively sell through our inventory last year due to COVID-19. \u2022Revenue of $1.2 billion, up 59% versus 1Q21, with 3,481 total homes sold, up 41% versus 1Q21 \u2022Gross profit of $159 million, up 64% versus 1Q21; gross margin of 13.4%, up 40 basis points versus 1Q21 \u2022Net income of ($144) million, versus ($270) million in 1Q21 \u2022Adjusted net income of $2.5 million versus adjusted net income of ($21) million in 1Q21 \u2022Contribution profit of $128 million, up 68% versus 1Q21; contribution margin of 10.8%, up 60 basis points versus 1Q21 \u2022Adjusted EBITDA of $26 million versus ($2) million in 1Q21; adjusted EBITDA margin of 2.2% versus (0.3%) in 1Q21 \u2022Expanded to 39 markets at the end of 2Q21 with 12 new market launches \u2022Purchased 8,494 homes, up 136% versus 1Q21 \u2022Grew inventory balance to $2.7 billion, up 224% versus 1Q21 \u2022Ended the quarter with contracts to acquire 8,158 homes, representing $3.0 billion in value" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b10", + "block_sequence": 10, + "block_sha256": "709be924400857c9537a1f1377b05e038633bc91e391591dfef5a32c0bb1dada", + "block_type": "heading", + "char_count": 7, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", + "block_sequence": 10, + "char_end": 7, + "char_start": 0, + "fragment_sha256": "dd91fbc1c8ad2b99acb4521a7e8ce5c75236244b89fece31335460fb1b0a96ed", + "heading_path": [ + "EX-99.1", + "Outlook" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s6", + "table": null, + "text": "Outlook" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b11", + "block_sequence": 11, + "block_sha256": "7364b772fa1fc26448a5cb87640634fda9c40da29df095f3adfe21dc4859e018", + "block_type": "paragraph", + "char_count": 114, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", + "block_sequence": 11, + "char_end": 114, + "char_start": 0, + "fragment_sha256": "631cfd7c4909585bfd19c39867fc117460b64a3a052306694d0751e23b13a70a", + "heading_path": [ + "EX-99.1", + "Outlook" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s6", + "table": null, + "text": "\u20223Q21 revenue guidance of $1.8 billion - $1.9 billion \u20223Q21 adjusted EBITDA1 guidance of $15 million - $25 million" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b12", + "block_sequence": 12, + "block_sha256": "a6d5472b2970d188397362cbeb120c141dfa00ea685622341f4da2accca23ec9", + "block_type": "heading", + "char_count": 35, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", + "block_sequence": 12, + "char_end": 35, + "char_start": 0, + "fragment_sha256": "8f4803ade21027cea3732425b5d91aff522b9219c7b3a8bb471d178586335c09", + "heading_path": [ + "EX-99.1", + "Outlook", + "Conference Call and Webcast Details" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s7", + "table": null, + "text": "Conference Call and Webcast Details" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b13", + "block_sequence": 13, + "block_sha256": "2cd4d02c290283d055125500b327852d779fdf9881710ac7fb83e8ca91189642", + "block_type": "paragraph", + "char_count": 326, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", + "block_sequence": 13, + "char_end": 326, + "char_start": 0, + "fragment_sha256": "cd48a010fc41dc1ec0407a7b7d354b7cb8de0eef8d5c7cbceb5575619d480657", + "heading_path": [ + "EX-99.1", + "Outlook", + "Conference Call and Webcast Details" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s7", + "table": null, + "text": "Opendoor will host a conference call to discuss its financial results on August 11, 2021 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call." + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b14", + "block_sequence": 14, + "block_sha256": "1d8469bf9c663edb3c938b337e8eb7b6386c9f6dc8633427fe813d5f0ad02182", + "block_type": "heading", + "char_count": 26, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", + "block_sequence": 14, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "1c1b2c1ff491441a71c1994c5ace986494b37cd4881e2f3417345dd8ad104d6e", + "heading_path": [ + "EX-99.1", + "Outlook", + "Conference Call and Webcast Details", + "Forward Looking Statements" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s8", + "table": null, + "text": "Forward Looking Statements" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b15", + "block_sequence": 15, + "block_sha256": "013284d01197de5667a4d27154b9681506910eadf5aae6e4a38fb0c6432d0880", + "block_type": "paragraph", + "char_count": 3810, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", + "block_sequence": 15, + "char_end": 3810, + "char_start": 0, + "fragment_sha256": "55ddc3ca48bf0b8419681767c78414f6212f75fde1ce8c5e147d2b7728b8a8db", + "heading_path": [ + "EX-99.1", + "Outlook", + "Conference Call and Webcast Details", + "Forward Looking Statements" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s8", + "table": null, + "text": "This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our financial condition, anticipated financial performance, business strategy and plans, market opportunity and expansion and objectives of management for future operations. These forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject,\u201d \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cwill\u201d, or \u201cwould\u201d, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to our public securities\u2019 potential liquidity and trading; our ability to raise financing in the future; our success in retaining or recruiting, or changes required in, our offices, key employees or directors; the impact of the regulatory environment and complexities with compliance related to such environment; our ability to remediate our material weaknesses; various factors relating to our business, operations and financial performance, including, but not limited to, the impact of the COVID-19 pandemic on our ability to grow market share; our ability to respond to general economic conditions and the health of the U.S. residential real estate industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \"Risk Factors\" in our annual report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on March 4, 2021, as updated by our Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2021 and June 30, 2021, and our other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 1 Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory impairment and stock-based compensation with respect to future grants and forfeitures. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company\u2019s control. For more information regarding the non-GAAP financial measures discussed in this press release, please see \u201cUse of Non-GAAP Financial Measures\u201d below." + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b16", + "block_sequence": 16, + "block_sha256": "bee3b0c71ab4d6d3fe30831f8a6898f49de6dcbb44cd92a09d86856b2468a886", + "block_type": "heading", + "char_count": 14, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", + "block_sequence": 16, + "char_end": 14, + "char_start": 0, + "fragment_sha256": "3d07b6b22079852bb7e3061832cbd4e1b50684ab4fc951fe2188bff33bd5f1be", + "heading_path": [ + "EX-99.1", + "About Opendoor" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s9", + "table": null, + "text": "About Opendoor" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b17", + "block_sequence": 17, + "block_sha256": "728a6be9af5984289973d5c797852c20b20733c22f5009c2f70111ea91a1cea5", + "block_type": "paragraph", + "char_count": 267, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", + "block_sequence": 17, + "char_end": 267, + "char_start": 0, + "fragment_sha256": "cdff04a27af8da1be848380dc9803f1385749dc97f8e34109b858e9b6bdbeee4", + "heading_path": [ + "EX-99.1", + "About Opendoor" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s9", + "table": null, + "text": "Opendoor\u2019s mission is to empower everyone with the freedom to move. 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30, | | Six Months Ended June 30, | | | | | | | | | | | | |\n| | 2021 | | 2020 | | 2021 | | 2020 | | | | | | | | |\n| REVENUE | $ | 1,185,386 | | | $ | 739,827 | | | $ | 1,932,660 | | | $ | 1,995,622 | |\n| COST OF REVENUE | 1,026,615 | | | 685,253 | | | 1,676,757 | | | 1,850,001 | | | | | |\n| GROSS PROFIT | 158,771 | | | 54,574 | | | 255,903 | | | 145,621 | | | | | |\n| OPERATING EXPENSES: | | | | | | | | | | | | | | | |\n| Sales, marketing and operations | 96,525 | | | 47,265 | | | 165,591 | | | 128,954 | | | | | |\n| General and administrative | 190,611 | | | 29,323 | | | 412,695 | | | 58,906 | | | | | |\n| Technology and development | 24,388 | | | 16,838 | | | 75,065 | | | 32,625 | | | | | |\n| Total operating expenses | 311,524 | | | 93,426 | | | 653,351 | | | 220,485 | | | | | |\n| LOSS FROM OPERATIONS | (152,753) | | | (38,852) | | | (397,448) | | | (74,864) | | | | | |\n| DERIVATIVE AND WARRANT FAIR VALUE ADJUSTMENT | 23,952 | | | 122 | | | 8,680 | | | (890) | | | | | |\n| | | 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liabilities | (5,237) | | | \u2014 | | | |\n| Inventory valuation adjustment | 942 | | | 7,452 | | | |\n| Changes in fair value of derivative instruments | (438) | | | (527) | | | |\n| Payment-in-kind interest | \u2014 | | | 2,704 | | | |\n| Dividend-in-kind | 143 | | | \u2014 | | | |\n| Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale | (2,032) | | | (829) | | | |\n| Origination of mortgage loans held for sale | (83,360) | | | (42,636) | | | |\n| Proceeds from sale and principal collections of mortgage loans held for sale | 67,566 | | | 34,397 | | | |\n| Changes in operating assets and liabilities: | | | | | | | |\n| Escrow receivable | (31,354) | | | 4,178 | | | |\n| Real estate inventories | (2,249,488) | | | 1,035,088 | | | |\n| Other assets | (37,057) | | | 10,809 | | | |\n| Accounts payable and other accrued liabilities | 34,569 | | | (8,881) | | | |\n| Interest payable | 96 | | | (3,044) | | | |\n| Lease liabilities | (9,968) | | | (6,556) | | | |\n| Net cash (used in) provided by operating activities | (2,312,108) | | | 950,347 | | | |\n| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | |\n| Purchase of property and equipment | (10,957) | | | (10,753) | | | |\n| Purchase of intangible assets | (240) | | | \u2014 | | | |\n| Purchase of marketable securities | (238,464) | | | (113,833) | | | |\n| Proceeds from sales, maturities, redemptions and paydowns of marketable securities | 85,638 | | | 55,666 | | | |\n| Purchase of non-marketable equity securities | (10,000) | | | \u2014 | | | |\n| | | | | | | | |\n| Net cash used in investing activities | (174,023) | | | (68,920) | | | |\n| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from exercise of stock options | 6,739 | | | 688 | | | |\n| Proceeds from warrant exercise | 4,823 | | | \u2014 | | | |\n| | | | | | | | |\n| Proceeds from the February 2021 Offering | 886,067 | | | \u2014 | | | |\n| Issuance cost of common stock | (28,876) | | | \u2014 | | | |\n| | | | | | | | |\n| Proceeds from credit facilities and other secured borrowings | 3,241,692 | | | 824,597 | | | |\n| Principal payments on credit facilities and other secured borrowings | (1,438,136) | | | (1,723,443) | | | |\n| Payment of loan origination fees and debt issuance costs | (2,239) | | | (2,386) | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Net cash provided by (used in) financing activities | 2,670,070 | | | (900,544) | | | |\n| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 183,939 | | | (19,117) | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 Beginning of period | 1,505,528 | | | 684,822 | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 End of period | $ | 1,689,467 | | | $ | 665,705 | |\n| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION \u2013 Cash 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"", + "", + "207,647", + "", + "", + "" + ], + [ + "Cash, cash equivalents, and restricted cash", + "$", + "1,689,467", + "", + "", + "$", + "665,705", + "" + ] + ], + "table_index": 2, + "table_kind": "data" + }, + "text": " | Six Months Ended June 30, | | | | | | \n | 2021 | | 2020 | | | | \nCASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | \nNet loss | $ | (414,241) | | | $ | (118,115) | \nAdjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: | | | | | | | \nDepreciation and amortization \u2013 net of accretion | 16,608 | | | 20,065 | | | \nAmortization of right of use asset | 4,260 | | | 8,712 | | | \nImpairment of software development costs | 2,515 | | | \u2014 | | | \nStock-based compensation | 403,048 | | | 6,640 | | | \nDerivative and warrant fair value adjustment | (8,680) | | | 890 | | | \nGain on settlement of lease liabilities | (5,237) | | | \u2014 | | | \nInventory valuation adjustment | 942 | | | 7,452 | | | \nChanges in fair value of derivative instruments | (438) | | | (527) | | | \nPayment-in-kind interest | \u2014 | | | 2,704 | | | \nDividend-in-kind | 143 | | | \u2014 | | | \nNet fair value adjustments and gain (loss) on sale of mortgage loans held for sale | (2,032) | | | (829) | | | \nOrigination of mortgage loans held for sale | (83,360) | | | (42,636) | | | \nProceeds from sale and principal collections of mortgage loans held for sale | 67,566 | | | 34,397 | | | \nChanges in operating assets and liabilities: | | | | | | | \nEscrow receivable | (31,354) | | | 4,178 | | | \nReal estate inventories | (2,249,488) | | | 1,035,088 | | | \nOther assets | (37,057) | | | 10,809 | | | \nAccounts payable and other accrued liabilities | 34,569 | | | (8,881) | | | \nInterest payable | 96 | | | (3,044) | | | \nLease liabilities | (9,968) | | | (6,556) | | | \nNet cash (used in) provided by operating activities | (2,312,108) | | | 950,347 | | | \nCASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | \nPurchase of property and equipment | (10,957) | | | (10,753) | | | \nPurchase of intangible assets | (240) | | | \u2014 | | | \nPurchase of marketable securities | (238,464) | | | (113,833) | | | \nProceeds from sales, maturities, redemptions and paydowns of marketable securities | 85,638 | | | 55,666 | | | \nPurchase of non-marketable equity securities | (10,000) | | | \u2014 | | | \n | | | | | | | \nNet cash used in investing activities | (174,023) | | | (68,920) | | | \nCASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \nProceeds from exercise of stock options | 6,739 | | | 688 | | | \nProceeds from warrant exercise | 4,823 | | | \u2014 | | | \n | | | | | | | \nProceeds from the February 2021 Offering | 886,067 | | | \u2014 | | | \nIssuance cost of common stock | (28,876) | | | \u2014 | | | \n | | | | | | | \nProceeds from credit facilities and other secured borrowings | 3,241,692 | | | 824,597 | | | \nPrincipal payments on credit facilities and other secured borrowings | (1,438,136) | | | (1,723,443) | | | \nPayment of loan origination fees and debt issuance costs | (2,239) | | | (2,386) | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \nNet cash provided by (used in) financing activities | 2,670,070 | | | (900,544) | | | \nNET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 183,939 | | | (19,117) | | | \nCASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 Beginning of period | 1,505,528 | | | 684,822 | | | \nCASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 End of period | $ | 1,689,467 | | | $ | 665,705 | \nSUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION \u2013 Cash paid during the period for interest | $ | 20,526 | | | $ | 40,333 | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \nRECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: | | | | | | | \nCash and cash equivalents | $ | 1,557,815 | | | $ | 458,058 | \nRestricted cash | 131,652 | | | 207,647 | | | \nCash, cash equivalents, and restricted cash | $ | 1,689,467 | | | $ | 665,705 | " + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b38", + "block_sequence": 38, + "block_sha256": "61ce451d56b5c51c91e5651c8c1eb2f789865a105e276a451dae5284de9edbe2", + "block_type": "heading", + "char_count": 27, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", + "block_sequence": 38, + "char_end": 27, + "char_start": 0, + "fragment_sha256": "bde2bb19d419fe553e959f43bcf90538bbb28a0fdc06751dfc9f1b2baa35cb40", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s19", + "table": null, + "text": "Non-GAAP Financial Measures" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b39", + "block_sequence": 39, + "block_sha256": "46289870f5eeda5ca18a34c97df51266f27fa3e5fe5278a931fe78df9c1f6416", + "block_type": "paragraph", + "char_count": 1270, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", + "block_sequence": 39, + "char_end": 1270, + "char_start": 0, + "fragment_sha256": "756d61eb1f65dcbce994e96607d27275cac1d5b9aa9baaeca3c3839586dfbd8a", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s19", + "table": null, + "text": "To provide investors with additional information regarding the Company\u2019s financial results, this press release includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit, Contribution Profit After Interest, Adjusted Net Loss, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results." + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b40", + "block_sequence": 40, + "block_sha256": "d36dc3f3a1409994d5fd201d8582e0e68e2c36bec47c148908292fec8a24bbbe", + "block_type": "heading", + "char_count": 81, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", + "block_sequence": 40, + "char_end": 81, + "char_start": 0, + "fragment_sha256": "78cfde759c71ab9456e04e200bad20f55d9df67455a0c0e05b2942c2622084f4", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s20", + "table": null, + "text": "Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b41", + "block_sequence": 41, + "block_sha256": "78335f9fbb67b9ab06705a002c21125746b994e271b39d1b92d50f19f55736e5", + "block_type": "paragraph", + "char_count": 2327, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", + "block_sequence": 41, + "char_end": 2327, + "char_start": 0, + "fragment_sha256": "d3c373a2b9b58cde27c3506af30ae7a7baa9694c7c2a3d5692b4191f92eaade6", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s20", + "table": null, + "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest, which are non-GAAP financial measures. We believe that Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance in our key markets. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Contribution Profit After Interest further impacts gross profit by including interest costs attributable to homes sold during a reporting period. We believe these measures facilitate meaningful period over period comparisons and illustrate our ability to generate returns on assets sold after considering the costs directly related to the assets sold in a given period. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. These measures also exclude the impact of certain restructuring costs that are required under GAAP. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit." + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b42", + "block_sequence": 42, + "block_sha256": "3a0f4b517b2973d0284f077238ba89bbd42b072b4d09fc22bba1dad3687e0f87", + "block_type": "heading", + "char_count": 30, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", + "block_sequence": 42, + "char_end": 30, + "char_start": 0, + "fragment_sha256": "ad3435f9016ffd33bd846c44952e5af35add4d543073bbf72f364b3671a517b9", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Gross Profit / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s21", + "table": null, + "text": "Adjusted Gross Profit / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b43", + "block_sequence": 43, + "block_sha256": "503f92fedec97bf66076f8ce5e2e26ab7728481aa9f6b9806a821d58afd66880", + "block_type": "paragraph", + "char_count": 968, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", + "block_sequence": 43, + "char_end": 968, + "char_start": 0, + "fragment_sha256": "e9467a4c2236dd9f026893251ed2c2a157a210ebf3dc1b4d2c40b4dd2596e744", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Gross Profit / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s21", + "table": null, + "text": "We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory impairment in the current period, (2) inventory impairment in prior periods, and (3) restructuring in cost of revenue. Inventory impairment in the current period is calculated by adding back the inventory impairment charges recorded during the period on homes that remain in inventory at period end. Inventory impairment in prior periods is calculated by subtracting the inventory impairment charges recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b44", + "block_sequence": 44, + "block_sha256": "530922c6281eb17366bc5afad3d135e14758fe69731bdbd8be3f74f8618ea5bf", + "block_type": "heading", + "char_count": 28, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", + "block_sequence": 44, + "char_end": 28, + "char_start": 0, + "fragment_sha256": "de401b6badd9bfbd79ee63affb5bf42a8c0d4d049649690efdedd29a40b60c71", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s22", + "table": null, + "text": "Contribution Profit / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b45", + "block_sequence": 45, + "block_sha256": "12e7a05042bd9647048aca2e6fadec6b19c882c4de1eb81f37758b16fc3b3284", + "block_type": "paragraph", + "char_count": 799, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", + "block_sequence": 45, + "char_end": 799, + "char_start": 0, + "fragment_sha256": "f5001366521560d121603526027a489cd6401bd7dc294707ad7da32de4749168", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s22", + "table": null, + "text": "We calculate Contribution Profit as Adjusted Gross Profit, minus (1) holding costs incurred in the current period on homes sold during the period, (2) holding costs incurred in prior periods on homes sold in the current period, and (3) direct selling costs incurred on homes sold during the current period. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflows directly associated with a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b46", + "block_sequence": 46, + "block_sha256": "6550d89a9b61260d0341c38394782c3ca94190a307c66c7ec8c6a91e0d85fff0", + "block_type": "heading", + "char_count": 43, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", + "block_sequence": 46, + "char_end": 43, + "char_start": 0, + "fragment_sha256": "17208a9c4ac0166157479a69a444a5ed8c68eb01264411879f3cf7ade604f0b8", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin After Interest" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s23", + "table": null, + "text": "Contribution Profit / Margin After Interest" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b47", + "block_sequence": 47, + "block_sha256": "e282e01179a8d12415d51f54da9ff800cd6cfbf396b67bfbe78e5d7c7309fc4c", + "block_type": "paragraph", + "char_count": 1069, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", + "block_sequence": 47, + "char_end": 1069, + "char_start": 0, + "fragment_sha256": "b671965bb70e4333c7126edfc60e058c04b480ba1d1bdcbb867ae0b8e795ebfc", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin After Interest" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s23", + "table": null, + "text": "We define Contribution Profit After Interest as Contribution Profit, minus interest expense under our senior credit facilities incurred on the homes sold during the period. This may include interest expense recorded in periods prior to the period in which the sale occurred. Our senior credit facilities are secured by our homes in inventory. For our senior revolving credit facilities, drawdowns are made on a per-home basis at the time of purchase and are required to be repaid at the time the homes are sold. We do not include interest expense associated with our mezzanine term debt facilities in this calculation as we do not view such facilities as reflective of our expected long term capital structure and cost of financing. Contribution Margin After Interest is Contribution Profit After Interest as a percentage of revenue. We view this metric as an important measure of business performance. Contribution Profit After Interest helps management assess Contribution Margin performance, per above, when fully burdened with expected long-term costs of financing." + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b48", + "block_sequence": 48, + "block_sha256": "7460ff5afa74595bed1ed49c4ec349f88984782302cbab9cee3bae99ec2b46cd", + "block_type": "heading", + "char_count": 26, + "level": 6, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", + "block_sequence": 48, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "b8b8062826f34c01775f668e5b2cc75d457b8d2c8832287c6f571c29eac5c67b", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin After Interest", + "OPENDOOR TECHNOLOGIES INC." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s24", + "table": null, + "text": 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"block_sha256": "f2efc3d99fb915bd7e8a227eaffb3975f9d1e6cdc043e6362c8c6be9e19cff48", + "block_type": "paragraph", + "char_count": 234, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", + "block_sequence": 52, + "char_end": 234, + "char_start": 0, + "fragment_sha256": "282df70ba30add14edc335c8110deaba6acbb9d1a399aedc655ebef30cf36211", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin After Interest", + "OPENDOOR TECHNOLOGIES INC.", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s25", + "table": null, + "text": "The following table presents a reconciliation of our Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest to our gross profit, which is the most directly comparable GAAP measure, for the periods 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"kind_confidence": 0.95, + "markdown": "| | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended | | | | | | | | | | |\n| (in thousands, except percentages) | | June 30, 2021 | | March 31, 2021 | | June 30, 2020 | | | | | | |\n| Gross profit (GAAP) | | $ | 158,771 | | | $ | 97,132 | | | $ | 54,574 | |\n| Gross Margin | | 13.4 | % | | 13.0 | % | | 7.4 | % | | | |\n| Adjustments: | | | | | | | | | | | | |\n| Inventory impairment \u2013 Current Period(1) | | 922 | | | 20 | | | 1,231 | | | | |\n| Inventory impairment \u2013 Prior Periods(2) | | (19) | | | (114) | | | (6,581) | | | | |\n| Restructuring in cost of revenue(3) | | \u2014 | | | \u2014 | | | 1,901 | | | | |\n| Adjusted Gross Profit | | $ | 159,674 | | | $ | 97,038 | | | $ | 51,125 | |\n| Adjusted Gross Margin | | 13.5 | % | | 13.0 | % | | 6.9 | % | | | |\n| Adjustments: | | | | | | | | | | | | |\n| Direct selling costs(4) | | (26,813) | | | (17,340) | 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"7fdbb5bd0c91a386038a54dafc306bd55a27c3242e1540451c2885fb5da9076a", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin After Interest", + "OPENDOOR TECHNOLOGIES INC.", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s25", + "table": null, + "text": "________________" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b55", + "block_sequence": 55, + "block_sha256": "2ace985506f6765841bb0aba85ac7e913030546fd1853f54a13cc6779524861c", + "block_type": "paragraph", + "char_count": 1552, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", + "block_sequence": 55, + "char_end": 1552, + "char_start": 0, + "fragment_sha256": "55de1fb2f117aab46ea78610ed537f06544d5ac8909035ff59f5cf470c12da36", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin After Interest", + "OPENDOOR TECHNOLOGIES INC.", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s25", + "table": null, + "text": "(1)Inventory impairment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (2)Inventory impairment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (3)Restructuring in cost of revenue consists mainly of severance and employee termination benefits that were recorded to cost of revenue due to a reduction in workforce in Q2 2020 following the outbreak of the COVID-19 pandemic. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5)Holding costs include mainly property taxes, insurance, utilities, association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the condensed consolidated statements of operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented. (8)This does not include interest on mezzanine term debt facilities or other indebtedness. (9)Represents the interest expense under our senior credit facilities incurred on homes sold for the current period during the period. (10)Represents the interest expense under our senior credit facilities incurred on homes sold for the current period during prior periods." + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b56", + "block_sequence": 56, + "block_sha256": "941b27d2d684562b75454996b02837000a23d21ef5ee296148de586cb4fa519f", + "block_type": "heading", + "char_count": 46, + "level": 8, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", + "block_sequence": 56, + "char_end": 46, + "char_start": 0, + "fragment_sha256": "ecb1f8290c4e287cf5263ecd791c8dde62c51a8dc33e5b72c2f53eec3985d61d", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Net Income (Loss) and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s26", + "table": null, + "text": "Adjusted Net Income (Loss) and Adjusted EBITDA" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b57", + "block_sequence": 57, + "block_sha256": "8eeb20497ce0af947e81931391d56a278c8030eb664e4ec64c60c83a0fc60adf", + "block_type": "paragraph", + "char_count": 1470, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", + "block_sequence": 57, + "char_end": 1470, + "char_start": 0, + "fragment_sha256": "5aef77ddc09f8144f8b63f36b573c12bea8bdefb2125b7e9e647e7db5ae945d4", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Net Income (Loss) and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s26", + "table": null, + "text": "We also present Adjusted Net Income (Loss) and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations or not aligned to related revenue. Adjusted Net Income (Loss) and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include impairment costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, impairment costs required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss." + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b58", + "block_sequence": 58, + "block_sha256": "b5fa405bfa4f8ab945fc1f1d6635d37b1c27507f631cdb5af980fc9eed2d7bf1", + "block_type": "heading", + "char_count": 26, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", + "block_sequence": 58, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "4f473c571dc8897f8549b47a56e53da9f07358c1bdcd6933a714dbdad1370bd8", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Net Income (Loss)" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s27", + "table": null, + "text": "Adjusted Net Income (Loss)" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b59", + "block_sequence": 59, + "block_sha256": "38bea51feb9989afeb34d3e6caf40c074903c914c1efb13b8ad6256e24c3707f", + "block_type": "paragraph", + "char_count": 868, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", + "block_sequence": 59, + "char_end": 868, + "char_start": 0, + "fragment_sha256": "f81bbc414765adacbb9f1b069a39681e4860251cccae0b21652af79d99f6a733", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Net Income (Loss)" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s27", + "table": null, + "text": "We calculate Adjusted Net Income (Loss) as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, derivative and warrant fair value adjustment, intangible amortization, and payroll tax on initial RSU release. It also excludes non-recurring restructuring charges, gain on lease termination, and convertible note payment-in-kind (\u201cPIK\u201d) interest and issuance discount amortization. Adjusted Net Income (Loss) also aligns the timing of impairment charges recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Income (Loss) does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date." + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b60", + "block_sequence": 60, + "block_sha256": "773660f28ede02e28c7f61ddeb64a36beccffd99caee7e409b39dd9eb04f06b9", + "block_type": "heading", + "char_count": 15, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", + "block_sequence": 60, + "char_end": 15, + "char_start": 0, + "fragment_sha256": "9fb6e786e171bef58f47377e0b4f8eaa5be01cdfc8cecba9c6c1035fd236de44", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s28", + "table": null, + "text": "Adjusted EBITDA" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b61", + "block_sequence": 61, + "block_sha256": "6bee3ddf15639e058ecc96c8dd2e243abe18c53093a3df0151f85c8de18ade59", + "block_type": "paragraph", + "char_count": 546, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", + "block_sequence": 61, + "char_end": 546, + "char_start": 0, + "fragment_sha256": "a3ea903e0da1ef5fe5285520f30696a36341f88fa2e3960389c8b053e492d894", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s28", + "table": null, + "text": "We calculated Adjusted EBITDA as Adjusted Net Income (Loss) adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. The following table presents a reconciliation of our Adjusted Net Income (Loss) and Adjusted EBITDA to our net loss, which is the most directly comparable GAAP measure, for the periods indicated:" + }, + { + "block_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b62", + "block_sequence": 62, + "block_sha256": "c4fc7c1dd5f76ce65eef907d160604e64a06be9e677eb4580d8b8eb192539a8d", + "block_type": "table", + "char_count": 1894, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", + "block_sequence": 62, + "char_end": 1894, + "char_start": 0, + "fragment_sha256": "93ad65dd4a785f6ea2f3ae79b060de85110c00bc60403d84b6b1cc5f0c2e0849", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted EBITDA" + ], + "table_index": 4, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s28", + "table": { + "caption": null, + "flags": [ + 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(2)Represents amortization of intangibles acquired in the OSN and Open Listings acquisitions which contribute to revenue generation and are recorded as part of purchase accounting. The acquired intangible assets have useful lives ranging from 2 to 5 years and amortization is expected until the intangible assets are fully amortized. (3)Inventory impairment \u2014 Current Period is the inventory impairment charge recorded during the period presented associated with homes that remain in inventory at period end. (4)Inventory impairment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (5)Restructuring costs consist mainly of employee termination benefits, relocation packages and retention bonuses as well as costs related to the exiting of certain non-cancelable leases. In 2020, these costs related mainly to a reduction in workforce implemented in April 2020 as well as our exercise of the early termination option related to our San Francisco headquarters. (6)Includes non-cash payment-in-kind (\u201cPIK\u201d) interest and amortization of the discount on the convertible notes issued from July through November 2019. We exclude convertible note PIK interest and amortization from Adjusted Net Income (Loss) since these are non-cash in nature and were converted into equity in September 2020 when the Company entered into the Convertible Notes Exchange Agreement with the convertible note holders. (7)Includes primarily gain or loss on disposal of fixed assets, gain or loss on interest rate lock commitments, gain or loss on the sale of marketable securities, and sublease income. (8)Includes interest expense on our asset-backed debt facilities. (9)Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, and other interest related costs on our asset-backed debt facilities. (10)Consists mainly of interest earned on cash, cash equivalents and marketable securities." + } + ], + "cik": 1801169, + "cik10": "0001801169", + "company_name": "Opendoor Technologies Inc.", + "config_hash": "a8e88d258eb39664414697e0926a7d29600e676d9810ec79743c3c9490c9d4a1", + "content_sha256": "d1cc14bcf055c29346e4be25289fc0aa5b668c913e8294a08e53418976cd8835", + "derivation_id": "681bc5313904578e996b5865561367b83c8624e6241440a0ee05774e5212e573", + "document_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", + "document_type": "earnings_release", + "exhibit_type": "EX-99.1", + "filing_date": "2021-08-11", + "filing_id": "sec:0001801169:0001801169-21-000099", + "flags": [ + "wide_table" + ], + "form": "8-K", + "form_sanitized": "8-K", + "is_amendment": false, + "items": [ + "2.02", + "7.01", + "9.01" + ], + "normalizer_version": "1.0.0", + "original_filename": "q22021form8-kxexhibit991.htm", + "parser_fallback_from": null, + "parser_fallback_reason": null, + 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(Nasdaq: OPEN), a leading digital platform for residential real estate, today reported financial results for its quarter ended June 30, 2021. Opendoor’s Second Quarter 2021 financial results and management commentary can be accessed through the Company’s shareholder letter on the quarterly results page of Opendoor’s investor relations website at https://investor.opendoor.com. “Each quarter, we get the opportunity to reflect on our journey to redefine how people buy and sell a home and transform the world’s largest asset class. Last quarter, I spoke to our tremendous momentum, created by our relentless focus on the consumer experience, pricing expertise, and operational excellence. Today, I am proud to share the results of those efforts,” said Eric Wu, Co-Founder and CEO of Opendoor. “In the second quarter of 2021, we acquired a record 8,494 homes, generated revenue of $1.2 billion, and delivered adjusted EBITDA of $25.6 million, representing growth of 136% in homes acquired, 59% in revenue, and nearly $28 million in adjusted EBITDA compared to the first quarter. This strong outperformance is further evidence of the seismic shift in consumer demand towards the modern real estate experience we are pioneering. Based on our current momentum, we are operating today at a second half revenue run rate that is on track to meet the 2023 target we provided at the time of our December listing.”"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b9"], "char_count": 1124, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a50be33c632683d07e55c1cea631e5ad8d68665da9f0a7e24af080f1d4648d81", "derivation_id": "681bc5313904578e996b5865561367b83c8624e6241440a0ee05774e5212e573", "document_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Second Quarter 2021 Key Highlights"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "block_sequence": 9, "char_end": 1124, "char_start": 0, "fragment_sha256": "8c450bac9be4019fdc0423bc831bec3c79d13c39add8d046142a7b49b51b0b60", "heading_path": ["EX-99.1", "Second Quarter 2021 Key Highlights"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s5", "source_artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/q22021form8-kxexhibit991.htm", "table_id": null, "text": "Unless otherwise stated, all comparisons are on a quarter-over-quarter basis. We believe that sequential comparisons better reflect our underlying growth trends given our decision to pause home acquisitions and actively sell through our inventory last year due to COVID-19. •Revenue of $1.2 billion, up 59% versus 1Q21, with 3,481 total homes sold, up 41% versus 1Q21 •Gross profit of $159 million, up 64% versus 1Q21; gross margin of 13.4%, up 40 basis points versus 1Q21 •Net income of ($144) million, versus ($270) million in 1Q21 •Adjusted net income of $2.5 million versus adjusted net income of ($21) million in 1Q21 •Contribution profit of $128 million, up 68% versus 1Q21; contribution margin of 10.8%, up 60 basis points versus 1Q21 •Adjusted EBITDA of $26 million versus ($2) million in 1Q21; adjusted EBITDA margin of 2.2% versus (0.3%) in 1Q21 •Expanded to 39 markets at the end of 2Q21 with 12 new market launches •Purchased 8,494 homes, up 136% versus 1Q21 •Grew inventory balance to $2.7 billion, up 224% versus 1Q21 •Ended the quarter with contracts to acquire 8,158 homes, representing $3.0 billion in value"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b11"], "char_count": 114, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7364b772fa1fc26448a5cb87640634fda9c40da29df095f3adfe21dc4859e018", "derivation_id": "681bc5313904578e996b5865561367b83c8624e6241440a0ee05774e5212e573", "document_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EX-99.1", "Outlook"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "block_sequence": 11, "char_end": 114, "char_start": 0, "fragment_sha256": "631cfd7c4909585bfd19c39867fc117460b64a3a052306694d0751e23b13a70a", "heading_path": ["EX-99.1", "Outlook"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s6", "source_artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/q22021form8-kxexhibit991.htm", "table_id": null, "text": "•3Q21 revenue guidance of $1.8 billion - $1.9 billion •3Q21 adjusted EBITDA1 guidance of $15 million - $25 million"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b13"], "char_count": 326, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "2cd4d02c290283d055125500b327852d779fdf9881710ac7fb83e8ca91189642", "derivation_id": "681bc5313904578e996b5865561367b83c8624e6241440a0ee05774e5212e573", "document_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Outlook", "Conference Call and Webcast Details"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "block_sequence": 13, "char_end": 326, "char_start": 0, "fragment_sha256": "cd48a010fc41dc1ec0407a7b7d354b7cb8de0eef8d5c7cbceb5575619d480657", "heading_path": ["EX-99.1", "Outlook", "Conference Call and Webcast Details"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s7", "source_artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/q22021form8-kxexhibit991.htm", "table_id": null, "text": "Opendoor will host a conference call to discuss its financial results on August 11, 2021 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b15"], "char_count": 3810, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "013284d01197de5667a4d27154b9681506910eadf5aae6e4a38fb0c6432d0880", "derivation_id": "681bc5313904578e996b5865561367b83c8624e6241440a0ee05774e5212e573", "document_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Outlook", "Conference Call and Webcast Details", "Forward Looking Statements"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "block_sequence": 15, "char_end": 3810, "char_start": 0, "fragment_sha256": "55ddc3ca48bf0b8419681767c78414f6212f75fde1ce8c5e147d2b7728b8a8db", "heading_path": ["EX-99.1", "Outlook", "Conference Call and Webcast Details", "Forward Looking Statements"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s8", "source_artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/q22021form8-kxexhibit991.htm", "table_id": null, "text": "This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our financial condition, anticipated financial performance, business strategy and plans, market opportunity and expansion and objectives of management for future operations. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “intend”, “may”, “might”, “opportunity”, “plan”, “possible”, “potential”, “predict”, “project,” “should”, “strategy”, “strive”, “target”, “will”, or “would”, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to our public securities’ potential liquidity and trading; our ability to raise financing in the future; our success in retaining or recruiting, or changes required in, our offices, key employees or directors; the impact of the regulatory environment and complexities with compliance related to such environment; our ability to remediate our material weaknesses; various factors relating to our business, operations and financial performance, including, but not limited to, the impact of the COVID-19 pandemic on our ability to grow market share; our ability to respond to general economic conditions and the health of the U.S. residential real estate industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \"Risk Factors\" in our annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 4, 2021, as updated by our Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2021 and June 30, 2021, and our other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 1 Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory impairment and stock-based compensation with respect to future grants and forfeitures. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. For more information regarding the non-GAAP financial measures discussed in this press release, please see “Use of Non-GAAP Financial Measures” below."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b17"], "char_count": 267, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "728a6be9af5984289973d5c797852c20b20733c22f5009c2f70111ea91a1cea5", "derivation_id": "681bc5313904578e996b5865561367b83c8624e6241440a0ee05774e5212e573", "document_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "About Opendoor"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "block_sequence": 17, "char_end": 267, "char_start": 0, "fragment_sha256": "cdff04a27af8da1be848380dc9803f1385749dc97f8e34109b858e9b6bdbeee4", "heading_path": ["EX-99.1", "About Opendoor"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s9", "source_artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/q22021form8-kxexhibit991.htm", "table_id": null, "text": "Opendoor’s mission is to empower everyone with the freedom to move. 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"norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s14", "source_artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/q22021form8-kxexhibit991.htm", "table_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b27", "text": "| | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | Three Months Ended June 30, | | Six Months Ended June 30, | | | | | | | | | | | | |\n| | 2021 | | 2020 | | 2021 | | 2020 | | | | | | | | |\n| REVENUE | $ | 1,185,386 | | | $ | 739,827 | | | $ | 1,932,660 | | | $ | 1,995,622 | |\n| COST OF REVENUE | 1,026,615 | | | 685,253 | | | 1,676,757 | | | 1,850,001 | | | | | |\n| GROSS PROFIT | 158,771 | | | 54,574 | | | 255,903 | | | 145,621 | | | | | |\n| OPERATING EXPENSES: | | | | | | | | | | | | | | | |\n| Sales, marketing and operations | 96,525 | | | 47,265 | | | 165,591 | | | 128,954 | | | | | |\n| General and administrative | 190,611 | | | 29,323 | | | 412,695 | | | 58,906 | | | | | |\n| Technology and development | 24,388 | | | 16,838 | | | 75,065 | | | 32,625 | | | | | |\n| Total operating expenses | 311,524 | | | 93,426 | | | 653,351 | | | 220,485 | | | | | |\n| LOSS FROM OPERATIONS | (152,753) | | | (38,852) | | | (397,448) | | | (74,864) | | | | | |\n| DERIVATIVE AND WARRANT FAIR VALUE ADJUSTMENT | 23,952 | | | 122 | | | 8,680 | | | (890) | | | | | |\n| | | | | | | | | | | | | | | | |\n| INTEREST EXPENSE | (15,826) | | | (17,290) | | | (26,825) | | | (45,017) | | | | | |\n| OTHER INCOME – Net | 1,012 | | | 180 | | | 1,636 | | | 2,855 | | | | | |\n| LOSS BEFORE INCOME TAXES | (143,615) | | | (55,840) | | | (413,957) | | | (117,916) | | | | | |\n| INCOME TAX EXPENSE | (190) | | | (79) | | | (284) | | | (199) | | | | | |\n| NET LOSS | $ | (143,805) | | | $ | (55,919) | | | $ | (414,241) | | | $ | (118,115) | |\n| | | | | | | | | | | | | | | | |\n| | | | | | | | | | | | | | | | |\n| Net loss per share attributable to common shareholders: | | | | | | | | | | | | | | | |\n| Basic | $ | (0.24) | | | $ | (0.66) | | | $ | (0.72) | | | $ | (1.40) | |\n| Diluted | $ | (0.24) | | | $ | (0.66) | | | $ | (0.72) | | | $ | (1.40) | |\n| Weighted-average shares outstanding: | | | | | | | | | | | | | | | |\n| Basic | 588,374 | | | 84,588 | | | 576,941 | | | 84,308 | | | | | |\n| Diluted | 588,374 | | | 84,588 | | | 576,941 | | | 84,308 | | | | | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b30", "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b31"], "char_count": 46, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b16ba8327268505dd50238541cfa03d6503a5c2caf361ad87c40d251648ca050", "derivation_id": "681bc5313904578e996b5865561367b83c8624e6241440a0ee05774e5212e573", "document_id": 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--- | --- | --- | --- | --- | --- |\n| | | June 30, 2021 | | December 31, 2020 | | | | |\n| ASSETS | | | | | | | | |\n| CURRENT ASSETS: | | | | | | | | |\n| Cash and cash equivalents | | $ | 1,557,815 | | | $ | 1,412,665 | |\n| Restricted cash | | 131,652 | | | 92,863 | | | |\n| Marketable securities | | 200,143 | | | 47,637 | | | |\n| Mortgage loans held for sale pledged under agreements to repurchase | | 25,368 | | | 7,529 | | | |\n| Escrow receivable | | 32,848 | | | 1,494 | | | |\n| Real estate inventory, net | | 2,723,648 | | | 465,936 | | | |\n| Other current assets ($811 and $373 carried at fair value) | | 67,149 | | | 24,987 | | | |\n| Total current assets | | 4,738,623 | | | 2,053,111 | | | |\n| PROPERTY AND EQUIPMENT – Net | | 33,962 | | | 29,228 | | | |\n| RIGHT OF USE ASSETS | | 45,581 | | | 49,517 | | | |\n| GOODWILL | | 30,945 | | | 30,945 | | | |\n| INTANGIBLES – Net | | 7,754 | | | 8,684 | | | |\n| OTHER ASSETS ($10,000 and $0 carried at fair value) | | 11,396 | | | 4,097 | | | |\n| TOTAL ASSETS | | $ | 4,868,261 | | | $ | 2,175,582 | |\n| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | |\n| CURRENT LIABILITIES: | | | | | | | | |\n| Accounts payable and other accrued liabilities | | $ | 70,900 | | | $ | 25,270 | |\n| Current portion of credit facilities and other secured borrowings | | 1,690,878 | | | 346,322 | | | |\n| Warrant liabilities - current | | 38,669 | | | — | | | |\n| Interest payable | | 4,605 | | | 1,081 | | | |\n| Lease liabilities - current portion | | 4,999 | | | 20,716 | | | |\n| Total current liabilities | | 1,810,051 | | | 393,389 | | | |\n| CREDIT FACILITIES – Net of current portion | | 595,579 | | | 135,467 | | | |\n| | | | | | | | | |\n| WARRANT LIABILITIES | | — | | | 47,349 | | | |\n| LEASE LIABILITIES – Net of current portion | | 44,593 | | | 46,625 | | | |\n| OTHER LIABILITIES | | 117 | | | 94 | | | |\n| Total liabilities | | 2,450,340 | | | 622,924 | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| SHAREHOLDERS’ EQUITY: | | | | | | | | |\n| Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 593,838,919 and 540,714,692 shares issued and outstanding, respectively | | 59 | | | 54 | | | |\n| Additional paid-in capital | | 3,875,552 | | | 2,596,012 | | | |\n| Accumulated deficit | | (1,457,690) | | | (1,043,449) | | | |\n| Accumulated other comprehensive income | | — | | | 41 | | | |\n| Total shareholders’ equity | | 2,417,921 | | | 1,552,658 | | | |\n| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | | $ | 4,868,261 | | | $ | 2,175,582 | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b35", "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b36"], "char_count": 27, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": 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| | | |\n| Inventory valuation adjustment | 942 | | | 7,452 | | | |\n| Changes in fair value of derivative instruments | (438) | | | (527) | | | |\n| Payment-in-kind interest | — | | | 2,704 | | | |\n| Dividend-in-kind | 143 | | | — | | | |\n| Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale | (2,032) | | | (829) | | | |\n| Origination of mortgage loans held for sale | (83,360) | | | (42,636) | | | |\n| Proceeds from sale and principal collections of mortgage loans held for sale | 67,566 | | | 34,397 | | | |\n| Changes in operating assets and liabilities: | | | | | | | |\n| Escrow receivable | (31,354) | | | 4,178 | | | |\n| Real estate inventories | (2,249,488) | | | 1,035,088 | | | |\n| Other assets | (37,057) | | | 10,809 | | | |\n| Accounts payable and other accrued liabilities | 34,569 | | | (8,881) | | | |\n| Interest payable | 96 | | | (3,044) | | | |\n| Lease liabilities | (9,968) | | | (6,556) | | | |\n| Net cash (used in) provided by operating activities | (2,312,108) | | | 950,347 | | | |\n| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | |\n| Purchase of property and equipment | (10,957) | | | (10,753) | | | |\n| Purchase of intangible assets | (240) | | | — | | | |\n| Purchase of marketable securities | (238,464) | | | (113,833) | | | |\n| Proceeds from sales, maturities, redemptions and paydowns of marketable securities | 85,638 | | | 55,666 | | | |\n| Purchase of non-marketable equity securities | (10,000) | | | — | | | |\n| | | | | | | | |\n| Net cash used in investing activities | (174,023) | | | (68,920) | | | |\n| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from exercise of stock options | 6,739 | | | 688 | | | |\n| Proceeds from warrant exercise | 4,823 | | | — | | | |\n| | | | | | | | |\n| Proceeds from the February 2021 Offering | 886,067 | | | — | | | |\n| Issuance cost of common stock | (28,876) | | | — | | | |\n| | | | | | | | |\n| Proceeds from credit facilities and other secured borrowings | 3,241,692 | | | 824,597 | | | |\n| Principal payments on credit facilities and other secured borrowings | (1,438,136) | | | (1,723,443) | | | |\n| Payment of loan origination fees and debt issuance costs | (2,239) | | | (2,386) | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Net cash provided by (used in) financing activities | 2,670,070 | | | (900,544) | | | |\n| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 183,939 | | | (19,117) | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period | 1,505,528 | | | 684,822 | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period | $ | 1,689,467 | | | $ | 665,705 | |\n| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest | $ | 20,526 | | | $ | 40,333 | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: | | | | | | | |\n| Cash and cash equivalents | $ | 1,557,815 | | | $ | 458,058 | |\n| Restricted cash | 131,652 | | | 207,647 | | | |\n| Cash, cash equivalents, and restricted cash | $ | 1,689,467 | | | $ | 665,705 | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b39"], "char_count": 1270, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "46289870f5eeda5ca18a34c97df51266f27fa3e5fe5278a931fe78df9c1f6416", "derivation_id": "681bc5313904578e996b5865561367b83c8624e6241440a0ee05774e5212e573", "document_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "block_sequence": 39, "char_end": 1270, "char_start": 0, "fragment_sha256": "756d61eb1f65dcbce994e96607d27275cac1d5b9aa9baaeca3c3839586dfbd8a", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#p16", "passage_kind": "narrative", "passage_sequence": 16, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s19", "source_artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/q22021form8-kxexhibit991.htm", "table_id": null, "text": "To provide investors with additional information regarding the Company’s financial results, this press release includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit, Contribution Profit After Interest, Adjusted Net Loss, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b41"], "char_count": 2327, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "78335f9fbb67b9ab06705a002c21125746b994e271b39d1b92d50f19f55736e5", "derivation_id": "681bc5313904578e996b5865561367b83c8624e6241440a0ee05774e5212e573", "document_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "block_sequence": 41, "char_end": 2327, "char_start": 0, "fragment_sha256": "d3c373a2b9b58cde27c3506af30ae7a7baa9694c7c2a3d5692b4191f92eaade6", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#p17", "passage_kind": "narrative", "passage_sequence": 17, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s20", "source_artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/q22021form8-kxexhibit991.htm", "table_id": null, "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest, which are non-GAAP financial measures. We believe that Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance in our key markets. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Contribution Profit After Interest further impacts gross profit by including interest costs attributable to homes sold during a reporting period. We believe these measures facilitate meaningful period over period comparisons and illustrate our ability to generate returns on assets sold after considering the costs directly related to the assets sold in a given period. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. These measures also exclude the impact of certain restructuring costs that are required under GAAP. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b43"], "char_count": 968, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "503f92fedec97bf66076f8ce5e2e26ab7728481aa9f6b9806a821d58afd66880", "derivation_id": "681bc5313904578e996b5865561367b83c8624e6241440a0ee05774e5212e573", "document_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Gross Profit / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "block_sequence": 43, "char_end": 968, "char_start": 0, "fragment_sha256": "e9467a4c2236dd9f026893251ed2c2a157a210ebf3dc1b4d2c40b4dd2596e744", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Gross Profit / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#p18", "passage_kind": "narrative", "passage_sequence": 18, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s21", "source_artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/q22021form8-kxexhibit991.htm", "table_id": null, "text": "We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory impairment in the current period, (2) inventory impairment in prior periods, and (3) restructuring in cost of revenue. Inventory impairment in the current period is calculated by adding back the inventory impairment charges recorded during the period on homes that remain in inventory at period end. Inventory impairment in prior periods is calculated by subtracting the inventory impairment charges recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b45"], "char_count": 799, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "12e7a05042bd9647048aca2e6fadec6b19c882c4de1eb81f37758b16fc3b3284", "derivation_id": "681bc5313904578e996b5865561367b83c8624e6241440a0ee05774e5212e573", "document_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "block_sequence": 45, "char_end": 799, "char_start": 0, "fragment_sha256": "f5001366521560d121603526027a489cd6401bd7dc294707ad7da32de4749168", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#p19", "passage_kind": "narrative", "passage_sequence": 19, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s22", "source_artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/q22021form8-kxexhibit991.htm", "table_id": null, "text": "We calculate Contribution Profit as Adjusted Gross Profit, minus (1) holding costs incurred in the current period on homes sold during the period, (2) holding costs incurred in prior periods on homes sold in the current period, and (3) direct selling costs incurred on homes sold during the current period. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflows directly associated with a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b47"], "char_count": 1069, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e282e01179a8d12415d51f54da9ff800cd6cfbf396b67bfbe78e5d7c7309fc4c", "derivation_id": "681bc5313904578e996b5865561367b83c8624e6241440a0ee05774e5212e573", "document_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "block_sequence": 47, "char_end": 1069, "char_start": 0, "fragment_sha256": "b671965bb70e4333c7126edfc60e058c04b480ba1d1bdcbb867ae0b8e795ebfc", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#p20", "passage_kind": "narrative", "passage_sequence": 20, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s23", "source_artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/q22021form8-kxexhibit991.htm", "table_id": null, "text": "We define Contribution Profit After Interest as Contribution Profit, minus interest expense under our senior credit facilities incurred on the homes sold during the period. This may include interest expense recorded in periods prior to the period in which the sale occurred. Our senior credit facilities are secured by our homes in inventory. For our senior revolving credit facilities, drawdowns are made on a per-home basis at the time of purchase and are required to be repaid at the time the homes are sold. We do not include interest expense associated with our mezzanine term debt facilities in this calculation as we do not view such facilities as reflective of our expected long term capital structure and cost of financing. Contribution Margin After Interest is Contribution Profit After Interest as a percentage of revenue. We view this metric as an important measure of business performance. Contribution Profit After Interest helps management assess Contribution Margin performance, per above, when fully burdened with expected long-term costs of financing."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b50", "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b51", "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b52"], "char_count": 299, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "2171c5d5b28422676c3be5f7ae48ec0d654f7e3a31c56013ab9f1851886edad3", "derivation_id": "681bc5313904578e996b5865561367b83c8624e6241440a0ee05774e5212e573", "document_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "block_sequence": 50, "char_end": 50, "char_start": 0, "fragment_sha256": "6b44c963a78eac6afaebb6736512eb5ada1474dc691c90f65bfc305f2e8d6308", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "block_sequence": 51, "char_end": 11, "char_start": 0, "fragment_sha256": "2a7680d26ab0fd2298dd52fd36b9d301e5103004cef230dbf5fbd1eabb314fa8", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "block_sequence": 52, "char_end": 234, "char_start": 0, "fragment_sha256": "282df70ba30add14edc335c8110deaba6acbb9d1a399aedc655ebef30cf36211", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#p21", "passage_kind": "narrative", "passage_sequence": 21, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/q22021form8-kxexhibit991.htm", "table_id": null, "text": "(In thousands, except percentages, and homes sold)\n\n(Unaudited)\n\nThe following table presents a reconciliation of our Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest to our gross profit, which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b53"], "char_count": 2044, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "fbe8668756a914b09140de2156e53f85154e04f45b21521af21668bf9ff836ca", "derivation_id": "681bc5313904578e996b5865561367b83c8624e6241440a0ee05774e5212e573", "document_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "block_sequence": 53, "char_end": 1831, "char_start": 0, "fragment_sha256": "b8d18814c48c0ef2921ef9e29f2ad8c47028c08b240a2c25e34e09ee8bcbedac", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": 3, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#p22", "passage_kind": "table", "passage_sequence": 22, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/q22021form8-kxexhibit991.htm", "table_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b53", "text": "| | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended | | | | | | | | | | |\n| (in thousands, except percentages) | | June 30, 2021 | | March 31, 2021 | | June 30, 2020 | | | | | | |\n| Gross profit (GAAP) | | $ | 158,771 | | | $ | 97,132 | | | $ | 54,574 | |\n| Gross Margin | | 13.4 | % | | 13.0 | % | | 7.4 | % | | | |\n| Adjustments: | | | | | | | | | | | | |\n| Inventory impairment – Current Period(1) | | 922 | | | 20 | | | 1,231 | | | | |\n| Inventory impairment – Prior Periods(2) | | (19) | | | (114) | | | (6,581) | | | | |\n| Restructuring in cost of revenue(3) | | — | | | — | | | 1,901 | | | | |\n| Adjusted Gross Profit | | $ | 159,674 | | | $ | 97,038 | | | $ | 51,125 | |\n| Adjusted Gross Margin | | 13.5 | % | | 13.0 | % | | 6.9 | % | | | |\n| Adjustments: | | | | | | | | | | | | |\n| Direct selling costs(4) | | (26,813) | | | (17,340) | | | (22,128) | | | | |\n| Holding costs on sales – Current Period(5)(6) | | (2,666) | | | (2,126) | | | (2,383) | | | | |\n| Holding costs on sales – Prior Periods(5)(7) | | (2,633) | | | (1,426) | | | (6,517) | | | | |\n| Contribution Profit | | $ | 127,562 | | | $ | 76,146 | | | $ | 20,097 | |\n| Homes sold in period | | 3,481 | | | 2,462 | | | 2,924 | | | | |\n| Contribution Profit per Home Sold | | $ | 37 | | | $ | 31 | | | $ | 7 | |\n| Contribution Margin | | 10.8 | % | | 10.2 | % | | 2.7 | % | | | |\n| Adjustments: | | | | | | | | | | | | |\n| Interest on homes sold – Current Period(8)(9) | | (3,110) | | | (2,333) | | | (3,155) | | | | |\n| Interest on homes sold – Prior Periods(8)(10) | | (1,587) | | | (902) | | | (5,309) | | | | |\n| Contribution Profit After Interest | | $ | 122,865 | | | $ | 72,911 | | | $ | 11,633 | |\n| Contribution Margin After Interest | | 10.4 | % | | 9.8 | % | | 1.6 | % | | | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b54", "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b55"], "char_count": 1570, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "43bd3b1ea212eec5e38bfb26f7f5121e8a5d1c9a3aed0dbfd845f3d1f9e92f4b", "derivation_id": "681bc5313904578e996b5865561367b83c8624e6241440a0ee05774e5212e573", "document_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "block_sequence": 54, "char_end": 16, "char_start": 0, "fragment_sha256": "7fdbb5bd0c91a386038a54dafc306bd55a27c3242e1540451c2885fb5da9076a", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "block_sequence": 55, "char_end": 1552, "char_start": 0, "fragment_sha256": "55de1fb2f117aab46ea78610ed537f06544d5ac8909035ff59f5cf470c12da36", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#p23", "passage_kind": "narrative", "passage_sequence": 23, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/q22021form8-kxexhibit991.htm", "table_id": null, "text": "________________\n\n(1)Inventory impairment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (2)Inventory impairment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (3)Restructuring in cost of revenue consists mainly of severance and employee termination benefits that were recorded to cost of revenue due to a reduction in workforce in Q2 2020 following the outbreak of the COVID-19 pandemic. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5)Holding costs include mainly property taxes, insurance, utilities, association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the condensed consolidated statements of operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented. (8)This does not include interest on mezzanine term debt facilities or other indebtedness. (9)Represents the interest expense under our senior credit facilities incurred on homes sold for the current period during the period. (10)Represents the interest expense under our senior credit facilities incurred on homes sold for the current period during prior periods."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b57"], "char_count": 1470, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8eeb20497ce0af947e81931391d56a278c8030eb664e4ec64c60c83a0fc60adf", "derivation_id": "681bc5313904578e996b5865561367b83c8624e6241440a0ee05774e5212e573", "document_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Net Income (Loss) and Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "block_sequence": 57, "char_end": 1470, "char_start": 0, "fragment_sha256": "5aef77ddc09f8144f8b63f36b573c12bea8bdefb2125b7e9e647e7db5ae945d4", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Net Income (Loss) and Adjusted EBITDA"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#p24", "passage_kind": "narrative", "passage_sequence": 24, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s26", "source_artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/q22021form8-kxexhibit991.htm", "table_id": null, "text": "We also present Adjusted Net Income (Loss) and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations or not aligned to related revenue. Adjusted Net Income (Loss) and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include impairment costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, impairment costs required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b59"], "char_count": 868, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "38bea51feb9989afeb34d3e6caf40c074903c914c1efb13b8ad6256e24c3707f", "derivation_id": "681bc5313904578e996b5865561367b83c8624e6241440a0ee05774e5212e573", "document_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Net Income (Loss)"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "block_sequence": 59, "char_end": 868, "char_start": 0, "fragment_sha256": "f81bbc414765adacbb9f1b069a39681e4860251cccae0b21652af79d99f6a733", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Net Income (Loss)"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#p25", "passage_kind": "narrative", "passage_sequence": 25, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s27", "source_artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/q22021form8-kxexhibit991.htm", "table_id": null, "text": "We calculate Adjusted Net Income (Loss) as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, derivative and warrant fair value adjustment, intangible amortization, and payroll tax on initial RSU release. It also excludes non-recurring restructuring charges, gain on lease termination, and convertible note payment-in-kind (“PIK”) interest and issuance discount amortization. Adjusted Net Income (Loss) also aligns the timing of impairment charges recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Income (Loss) does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b61"], "char_count": 546, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6bee3ddf15639e058ecc96c8dd2e243abe18c53093a3df0151f85c8de18ade59", "derivation_id": "681bc5313904578e996b5865561367b83c8624e6241440a0ee05774e5212e573", "document_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "block_sequence": 61, "char_end": 546, "char_start": 0, "fragment_sha256": "a3ea903e0da1ef5fe5285520f30696a36341f88fa2e3960389c8b053e492d894", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted EBITDA"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#p26", "passage_kind": "narrative", "passage_sequence": 26, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s28", "source_artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/q22021form8-kxexhibit991.htm", "table_id": null, "text": "We calculated Adjusted EBITDA as Adjusted Net Income (Loss) adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. The following table presents a reconciliation of our Adjusted Net Income (Loss) and Adjusted EBITDA to our net loss, which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b62"], "char_count": 2111, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9d179bd0cd3a256fe0fa8c4e7a034aa648dd3eea72cb96f08bd5e5d092c6b1ae", "derivation_id": "681bc5313904578e996b5865561367b83c8624e6241440a0ee05774e5212e573", "document_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-08-11", "filing_id": "sec:0001801169:0001801169-21-000099", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "block_sequence": 62, "char_end": 1894, "char_start": 0, "fragment_sha256": "93ad65dd4a785f6ea2f3ae79b060de85110c00bc60403d84b6b1cc5f0c2e0849", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted EBITDA"], "table_index": 4, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#p27", "passage_kind": "table", "passage_sequence": 27, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-11", "section_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#s28", "source_artifact_id": "sec:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000099/q22021form8-kxexhibit991.htm", "table_id": "norm:0001801169:0001801169-21-000099:q22021form8-kxexhibit991.htm#b62", "text": "| | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended | | | | | | | | | | |\n| (in thousands, except percentages) | | June 30, 2021 | | March 31, 2021 | | June 30, 2020 | | | | | | |\n| Net loss (GAAP) | | $ | (143,805) | | | $ | (270,436) | | | $ | (55,919) | |\n| Adjustments: | | | | | | | | | | | | |\n| Stock-based compensation | | 164,216 | | | 238,832 | | | 3,669 | | | | |\n| Derivative and warrant fair value adjustment(1) | | (23,952) | | | 15,272 | | | (122) | | | | |\n| Intangibles amortization expense(2) | | 591 | | | 580 | | | 1,068 | | | | |\n| Inventory impairment – Current Period(3) | | 922 | | | 20 | | | 1,231 | | | | |\n| Inventory impairment — Prior Periods(4) | | (19) | | | (114) | | | (6,580) | | | | |\n| Restructuring(5) | | — | | | 79 | | | 12,435 | | | | |\n| Convertible note PIK interest and discount amortization(6) | | — | | | — | | | 2,713 | | | | |\n| Loss on extinguishment of debt | | — | | | — | | | — | | | | |\n| Gain on lease termination | | — | | | (5,237) | | | — | | | | |\n| Payroll tax on initial RSU release | | 5,124 | | | — | | | — | | | | |\n| Other(7) | | (602) | | | 203 | | | (1) | | | | |\n| Adjusted Net Income (Loss) | | $ | 2,475 | | | $ | (20,801) | | | $ | (41,506) | |\n| Adjustments: | | | | | | | | | | | | |\n| Depreciation and amortization, excluding amortization of intangibles and right of use assets | | 7,894 | | | 8,434 | | | 5,850 | | | | |\n| Property financing(8) | | 12,284 | | | 6,980 | | | 8,564 | | | | |\n| Other interest expense(9) | | 3,542 | | | 4,019 | | | 6,013 | | | | |\n| Interest income(10) | | (806) | | | (867) | | | (662) | | | | |\n| Income tax expense | | 190 | | | 94 | | | 80 | | | | |\n| Adjusted EBITDA | | $ | 25,579 | | | $ | (2,141) | | | $ | (21,661) | |\n| Adjusted EBITDA Margin | | 2.2 | % | | (0.3) | % | | (2.9) | % | | | |"} 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Opendoor Technologies Inc. Date: August 16, 2021 By: /s/ Carrie Wheeler Carrie Wheeler Chief Financial Officer"} diff --git a/data/normalized/sec/0001801169/8-K/2021-08-16_0001193125-21-247975/norm_0001801169_0001193125-21-247975_d221169dex991.htm.json b/data/normalized/sec/0001801169/8-K/2021-08-16_0001193125-21-247975/norm_0001801169_0001193125-21-247975_d221169dex991.htm.json new file mode 100644 index 0000000000000000000000000000000000000000..71bf7ed15380619299fd032d10498b75f4eb08fb --- /dev/null +++ b/data/normalized/sec/0001801169/8-K/2021-08-16_0001193125-21-247975/norm_0001801169_0001193125-21-247975_d221169dex991.htm.json @@ -0,0 +1,103 @@ +{ + "acceptance_datetime": "2021-08-16T17:21:06.000Z", + "amends_accession": null, + "artifact_role": "ex99-01", + "blocks": [ + { + "block_id": "norm:0001801169:0001193125-21-247975:d221169dex991.htm#b0", + "block_sequence": 0, + "block_sha256": "e5111cc40403e4ddd9da199e44ca8e9a41e9807c4cb67dd406d1e20f9585eb2c", + "block_type": "paragraph", + "char_count": 8617, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-247975:d221169dex991.htm", + "block_sequence": 0, + "char_end": 8617, + "char_start": 0, + "fragment_sha256": "23de3144b1c7449d8d2d9372453b9b94b243358ab10a6272e0294c6eeffd45ca", + "heading_path": [], + "table_index": null, + "tag_name": "document" + }, + "section_id": "norm:0001801169:0001193125-21-247975:d221169dex991.htm#s0", + "table": null, + "text": "EX-99.1 2 d221169dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 Opendoor Technologies Inc. Announces Proposed Convertible Senior Notes Offering SAN FRANCISCO, California\u0097August 16, 2021\u0097Opendoor Technologies Inc. (Nasdaq: OPEN) (\u0093Opendoor\u0094), a leading digital platform for residential real estate, today announced its intention to offer, subject to market and other conditions, $750,000,000 aggregate principal amount of convertible senior notes due 2026 (the \u0093notes\u0094) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the \u0093Securities Act\u0094). Opendoor also expects to grant the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date when the notes are first issued, up to an additional $112,500,000 principal amount of notes. The notes will be senior, unsecured obligations of Opendoor, will accrue interest payable semi-annually in arrears and will mature on August 15, 2026, unless earlier repurchased, redeemed or converted. Noteholders will have the right to convert their notes in certain circumstances and during specified periods. Opendoor will settle conversions by paying cash up to the aggregate principal amount of the notes to be converted and paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the notes being converted based on the applicable conversion rate(s). The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at Opendoor\u0092s option at any time, and from time to time, on a redemption date on or after August 20, 2024 and before the 36th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of Opendoor\u0092s common stock exceeds 130% of the conversion price for a specified period of time and certain liquidity conditions have been satisfied. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The interest rate, initial conversion rate and other terms of the notes will be determined at the pricing of the offering. Opendoor intends to use a portion of the net proceeds from the offering to fund the cost of entering into the capped call transactions described below. Opendoor intends to use the remainder of the net proceeds from the offering for general corporate purposes. If the initial purchasers exercise their option to purchase additional notes, then Opendoor intends to use a portion of the additional net proceeds to fund the cost of entering into additional capped call transactions as described below. In connection with the pricing of the notes, Opendoor expects to enter into privately negotiated capped call transactions with one or more of the initial purchasers or their affiliates and/or other financial institutions (the \u0093option counterparties\u0094). The capped call transactions are expected to cover, subject to anti-dilution adjustments substantially similar to those applicable to the notes, the number of shares of Opendoor\u0092s common stock that will initially underlie the notes. If the initial purchasers exercise their option to purchase additional notes, Opendoor expects to enter into additional capped call transactions with the option counterparties. - 1 - The capped call transactions are expected generally to reduce the potential dilution to Opendoor\u0092s common stock upon any conversion of the notes and/or offset any potential cash payments Opendoor is required to make in excess of the principal amount of converted notes, as the case may be, upon conversion of the notes. If, however, the market price per share of Opendoor\u0092s common stock, as measured under the terms of the capped call transactions, exceeds the cap price of the capped call transactions, there would nevertheless be dilution and/or there would not be an offset of such potential cash payments, in each case, to the extent that such market price exceeds the cap price of the capped call transactions. In connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to enter into various derivative transactions with respect to Opendoor\u0092s common stock and/or purchase shares of Opendoor\u0092s common stock concurrently with or shortly after the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of Opendoor\u0092s common stock or the notes at that time. In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Opendoor\u0092s common stock and/or purchasing or selling Opendoor\u0092s common stock or selling Opendoor\u0092s common stock or other securities in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so following any conversion of the notes, any repurchase of the notes by Opendoor on any fundamental change repurchase date, any redemption date or any other date on which the notes are retired by Opendoor, in each case, if Opendoor exercises its option to terminate the relevant portion of the capped call transactions). This activity could also cause or avoid an increase or decrease in the market price of Opendoor\u0092s common stock or the notes, which could affect the ability to convert the notes, and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the number of shares and value of the consideration that noteholders will receive upon conversion of the notes. The offer and sale of the notes and any shares of common stock issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the notes or any shares of common stock issuable upon conversion of the notes, nor will there be any sale of the notes or any such shares, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful. About Opendoor Opendoor\u0092s mission is to empower everyone with the freedom to move. Since 2014, Opendoor has provided people across the U.S. with a radically simple way to buy, sell or trade-in a home online. Opendoor currently operates in a growing number of markets across the U.S. - 2 - Forward-Looking Statements This press release includes forward-looking statements, including statements regarding the anticipated terms of the notes being offered, the completion, timing and size of the proposed offering, and the intended use of the proceeds and the anticipated terms of, and the effects of entering into, the capped call transactions described above. Forward-looking statements represent Opendoor\u0092s current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions, including market interest rates, the trading price and volatility of Opendoor\u0092s common stock and risks relating to Opendoor\u0092s business, including those described in periodic reports that Opendoor files from time to time with the Securities and Exchange Commission. Opendoor may not consummate the proposed offering described in this press release and, if the proposed offering is consummated, cannot provide any assurances regarding the final terms of the offering or the notes or its ability to effectively apply the net proceeds as described above. The forward-looking statements included in this press release speak only as of the date of this press release, and Opendoor does not undertake to update the statements included in this press release for subsequent developments, except as may be required by law. Contact Information Investors: Elise Wang Opendoor investors@opendoor.com Media: Sheila Tran / Charles Stewart Opendoor press@opendoor.com - 3 -" + } + ], + "cik": 1801169, + "cik10": "0001801169", + "company_name": "Opendoor Technologies Inc.", + "config_hash": "a8e88d258eb39664414697e0926a7d29600e676d9810ec79743c3c9490c9d4a1", + "content_sha256": "e5111cc40403e4ddd9da199e44ca8e9a41e9807c4cb67dd406d1e20f9585eb2c", + "derivation_id": "621cd0e3394b9aff6e036a9057ac265c647a5be2b0eb7000ae0f49937ead928a", + "document_id": "norm:0001801169:0001193125-21-247975:d221169dex991.htm", + "document_type": "earnings_release", + "exhibit_type": "EX-99.1", + "filing_date": "2021-08-16", + "filing_id": "sec:0001801169:0001193125-21-247975", + "flags": [ + "hierarchy_uncertain" + ], + "form": "8-K", + "form_sanitized": "8-K", + "is_amendment": false, + "items": [ + "8.01", + "9.01" + ], + "normalizer_version": "1.0.0", + "original_filename": "d221169dex991.htm", + "parser_fallback_from": null, + "parser_fallback_reason": null, + "parser_name": "sec_html", + "parser_version": "0.58.1", + "related_xbrl_artifact_ids": [ + "sec:0001801169:0001193125-21-247975:open-20210816.xsd", + "sec:0001801169:0001193125-21-247975:open-20210816_lab.xml", + "sec:0001801169:0001193125-21-247975:open-20210816_pre.xml" + ], + "report_date": "2021-08-16", + "schema_version": 1, + "sections": [ + { + "block_ids": [ + "norm:0001801169:0001193125-21-247975:d221169dex991.htm#b0" + ], + "char_count": 8617, + "heading_block_id": null, + "heading_confidence": 1.0, + "heading_path": [], + "heading_source": "synthetic_root", + "level": 0, + "parent_section_id": null, + "section_id": "norm:0001801169:0001193125-21-247975:d221169dex991.htm#s0", + "section_sequence": 0, + "title": "(document)" + } + ], + "selection_policy_version": "v1", + "source_artifact_id": "sec:0001801169:0001193125-21-247975:d221169dex991.htm", + "source_content_sha256": "16a96c0ff508ef8cfb3c24e555aedfe6b103b20996e5abcb7b3cc1a797465331", + "source_path": "sec/0001801169/8-K/2021-08-16_0001193125-21-247975/source/d221169dex991.htm", + "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521247975/d221169dex991.htm", + "stats": { + "block_count": 1, + "char_count": 8617, + "data_table_count": 0, + "image_count": 0, + "layout_table_count": 0, + "max_section_depth": 0, + "passage_count": 3, + "section_count": 1, + "table_count": 0, + "text_yield_pct": 70.43 + }, + "tickers": [ + "OPEN", + "OPENL", + "OPENW", + "OPENZ" + ], + "title": "EX-99.1 2 d221169dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 Opendoor Technologies Inc. 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Announces Proposed Convertible Senior Notes Offering SAN FRANCISCO, California—August 16, 2021—Opendoor Technologies Inc. (Nasdaq: OPEN) (“Opendoor”), a leading digital platform for residential real estate, today announced its intention to offer, subject to market and other conditions, $750,000,000 aggregate principal amount of convertible senior notes due 2026 (the “notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Opendoor also expects to grant the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date when the notes are first issued, up to an additional $112,500,000 principal amount of notes. The notes will be senior, unsecured obligations of Opendoor, will accrue interest payable semi-annually in arrears and will mature on August 15, 2026, unless earlier repurchased, redeemed or converted. Noteholders will have the right to convert their notes in certain circumstances and during specified periods. Opendoor will settle conversions by paying cash up to the aggregate principal amount of the notes to be converted and paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the notes being converted based on the applicable conversion rate(s). The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at Opendoor’s option at any time, and from time to time, on a redemption date on or after August 20, 2024 and before the 36th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of Opendoor’s common stock exceeds 130% of the conversion price for a specified period of time and certain liquidity conditions have been satisfied. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The interest rate, initial conversion rate and other terms of the notes will be determined at the pricing of the offering. Opendoor intends to use a portion of the net proceeds from the offering to fund the cost of entering into the capped call transactions described below. Opendoor intends to use the remainder of the net proceeds from the offering for general corporate purposes. If the initial purchasers exercise their option to purchase additional notes, then Opendoor intends to use a portion of the additional net proceeds to fund the cost of entering into additional capped call transactions as described below. In connection with the pricing of the notes, Opendoor expects to enter into privately negotiated capped call transactions with one or more of the initial purchasers or their affiliates and/or other financial institutions (the “option counterparties”). The capped call transactions are expected to cover, subject to anti-dilution adjustments substantially similar to those applicable to the notes, the number of shares of Opendoor’s common stock that will initially underlie the notes. If the initial purchasers exercise their option to purchase additional notes, Opendoor expects to enter into additional capped call transactions with the option counterparties. - 1 - The capped call transactions are expected generally to reduce the potential dilution to Opendoor’s common stock upon any conversion of the notes and/or offset any potential cash payments Opendoor is required to make in excess of the principal amount of converted notes, as the case may be, upon conversion of the notes."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001193125-21-247975:d221169dex991.htm#b0"], "char_count": 3721, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5d9ac35c339b5a694886cf8489474209f08e362a2251575dab909d5eb50bf9a0", "derivation_id": "621cd0e3394b9aff6e036a9057ac265c647a5be2b0eb7000ae0f49937ead928a", "document_id": "norm:0001801169:0001193125-21-247975:d221169dex991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-08-16", "filing_id": "sec:0001801169:0001193125-21-247975", "flags": [], "form": "8-K", "heading_path": [], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-247975:d221169dex991.htm", "block_sequence": 0, "char_end": 7599, "char_start": 3878, "fragment_sha256": "23de3144b1c7449d8d2d9372453b9b94b243358ab10a6272e0294c6eeffd45ca", "heading_path": [], "table_index": null, "tag_name": "document"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-247975:d221169dex991.htm#p1", "passage_kind": "narrative", "passage_sequence": 1, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-16", "section_id": "norm:0001801169:0001193125-21-247975:d221169dex991.htm#s0", "source_artifact_id": "sec:0001801169:0001193125-21-247975:d221169dex991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521247975/d221169dex991.htm", "table_id": null, "text": "If, however, the market price per share of Opendoor’s common stock, as measured under the terms of the capped call transactions, exceeds the cap price of the capped call transactions, there would nevertheless be dilution and/or there would not be an offset of such potential cash payments, in each case, to the extent that such market price exceeds the cap price of the capped call transactions. In connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to enter into various derivative transactions with respect to Opendoor’s common stock and/or purchase shares of Opendoor’s common stock concurrently with or shortly after the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of Opendoor’s common stock or the notes at that time. In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Opendoor’s common stock and/or purchasing or selling Opendoor’s common stock or selling Opendoor’s common stock or other securities in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so following any conversion of the notes, any repurchase of the notes by Opendoor on any fundamental change repurchase date, any redemption date or any other date on which the notes are retired by Opendoor, in each case, if Opendoor exercises its option to terminate the relevant portion of the capped call transactions). This activity could also cause or avoid an increase or decrease in the market price of Opendoor’s common stock or the notes, which could affect the ability to convert the notes, and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the number of shares and value of the consideration that noteholders will receive upon conversion of the notes. The offer and sale of the notes and any shares of common stock issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the notes or any shares of common stock issuable upon conversion of the notes, nor will there be any sale of the notes or any such shares, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful. About Opendoor Opendoor’s mission is to empower everyone with the freedom to move. Since 2014, Opendoor has provided people across the U.S. with a radically simple way to buy, sell or trade-in a home online. Opendoor currently operates in a growing number of markets across the U.S. - 2 - Forward-Looking Statements This press release includes forward-looking statements, including statements regarding the anticipated terms of the notes being offered, the completion, timing and size of the proposed offering, and the intended use of the proceeds and the anticipated terms of, and the effects of entering into, the capped call transactions described above. Forward-looking statements represent Opendoor’s current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001193125-21-247975:d221169dex991.htm#b0"], "char_count": 1016, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "fea775fdec769473a86ab00b60d866d6c22e1eda422edd5bdd92e2ae1b4e55b7", "derivation_id": "621cd0e3394b9aff6e036a9057ac265c647a5be2b0eb7000ae0f49937ead928a", "document_id": "norm:0001801169:0001193125-21-247975:d221169dex991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-08-16", "filing_id": "sec:0001801169:0001193125-21-247975", "flags": [], "form": "8-K", "heading_path": [], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-247975:d221169dex991.htm", "block_sequence": 0, "char_end": 8615, "char_start": 7599, "fragment_sha256": "23de3144b1c7449d8d2d9372453b9b94b243358ab10a6272e0294c6eeffd45ca", "heading_path": [], "table_index": null, "tag_name": "document"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-247975:d221169dex991.htm#p2", "passage_kind": "narrative", "passage_sequence": 2, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-16", "section_id": "norm:0001801169:0001193125-21-247975:d221169dex991.htm#s0", "source_artifact_id": "sec:0001801169:0001193125-21-247975:d221169dex991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521247975/d221169dex991.htm", "table_id": null, "text": "Among those risks and uncertainties are market conditions, including market interest rates, the trading price and volatility of Opendoor’s common stock and risks relating to Opendoor’s business, including those described in periodic reports that Opendoor files from time to time with the Securities and Exchange Commission. Opendoor may not consummate the proposed offering described in this press release and, if the proposed offering is consummated, cannot provide any assurances regarding the final terms of the offering or the notes or its ability to effectively apply the net proceeds as described above. The forward-looking statements included in this press release speak only as of the date of this press release, and Opendoor does not undertake to update the statements included in this press release for subsequent developments, except as may be required by law. 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Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001193125-21-249666:d198410d8k.htm#b19"], "char_count": 626, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6f3561379ec3b9b573e5a5ce4add13bdd9052926d0cc159b5f877902bfdb75fc", "derivation_id": "1cd1f4b712bbead508f22afbf10a288f824def3b6241e073c39d2ca3f6db2e2a", "document_id": "norm:0001801169:0001193125-21-249666:d198410d8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2021-08-18", "filing_id": "sec:0001801169:0001193125-21-249666", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 8.01. 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The Company also granted to the initial purchasers an option to purchase up to an additional $127,500,000 aggregate principal amount of Convertible Notes. The Convertible Notes will be sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. 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Opendoor Technologies Inc. Date: August 18, 2021 By: /s/ Carrie Wheeler Carrie Wheeler Chief Financial Officer"} diff --git a/data/normalized/sec/0001801169/8-K/2021-08-18_0001193125-21-249666/norm_0001801169_0001193125-21-249666_d198410dex991.htm.json b/data/normalized/sec/0001801169/8-K/2021-08-18_0001193125-21-249666/norm_0001801169_0001193125-21-249666_d198410dex991.htm.json new file mode 100644 index 0000000000000000000000000000000000000000..61de05d43e3dbc50c2e0ad4e3311168c8a90af78 --- /dev/null +++ b/data/normalized/sec/0001801169/8-K/2021-08-18_0001193125-21-249666/norm_0001801169_0001193125-21-249666_d198410dex991.htm.json @@ -0,0 +1,103 @@ +{ + "acceptance_datetime": "2021-08-18T07:02:31.000Z", + "amends_accession": null, + "artifact_role": "ex99-01", + "blocks": [ + { + "block_id": "norm:0001801169:0001193125-21-249666:d198410dex991.htm#b0", + "block_sequence": 0, + "block_sha256": "7fdbe42e323f3873bccee65b8378d45fa1655f8edca3cf87c0488b1efeadfac4", + "block_type": "paragraph", + "char_count": 10301, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-249666:d198410dex991.htm", + "block_sequence": 0, + "char_end": 10301, + "char_start": 0, + "fragment_sha256": "65c054ba0b904a81a5f3903cecef4d5540412d0fff1a71f581bebb024537388f", + "heading_path": [], + "table_index": null, + "tag_name": "document" + }, + "section_id": "norm:0001801169:0001193125-21-249666:d198410dex991.htm#s0", + "table": null, + "text": "EX-99.1 2 d198410dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 Opendoor Technologies Inc. Prices Upsized $850 Million Convertible Senior Notes Offering SAN FRANCISCO, California \u0097August 18, 2021\u0097Opendoor Technologies Inc. (Nasdaq: OPEN) (\u0093Opendoor\u0094), a leading digital platform for residential real estate, today announced the pricing of its offering of $850,000,000 aggregate principal amount of 0.25% convertible senior notes due 2026 (the \u0093notes\u0094) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the \u0093Securities Act\u0094). The offering size was increased from the previously announced offering size of $750,000,000 aggregate principal amount of notes. The issuance and sale of the notes are scheduled to settle on August 20, 2021, subject to customary closing conditions. Opendoor also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date when the notes are first issued, up to an additional $127,500,000 principal amount of notes. The notes will be senior, unsecured obligations of Opendoor and will accrue interest at a rate of 0.25% per annum, payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2022. The notes will mature on August 15, 2026, unless earlier repurchased, redeemed or converted. Before February 15, 2026, noteholders will have the right to convert their notes only upon the occurrence of certain events. From and including February 15, 2026, noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. Opendoor will settle conversions by paying cash up to the aggregate principal amount of the notes to be converted and paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the notes being converted based on the applicable conversion rate(s). The initial conversion rate is 51.9926 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $19.23 per share of common stock. The initial conversion price represents a premium of approximately 30% over the last reported sale price of $14.795 per share of Opendoor\u0092s common stock on August 17, 2021. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events. The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at Opendoor\u0092s option at any time, and from time to time, on a redemption date on or after August 20, 2024 and before the 36th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of Opendoor\u0092s common stock exceeds 130% of the conversion price for a specified period of time and certain liquidity conditions have been satisfied. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If a \u0093fundamental change\u0094 (as defined in the indenture for the notes) occurs, then, subject to a limited exception, noteholders may require Opendoor to repurchase their notes for cash. The repurchase price will be equal to the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date. - 1 - Opendoor estimates that the net proceeds from the offering will be approximately $827.9 million (or approximately $952.2 million if the initial purchasers fully exercise their option to purchase additional notes), after deducting the initial purchasers\u0092 discounts and commissions and estimated offering expenses. Opendoor intends to use approximately $103.3 million of the net proceeds to fund the cost of entering into the capped call transactions described below. Opendoor intends to use the remainder of the net proceeds from the offering for general corporate purposes. If the initial purchasers exercise their option to purchase additional notes, then Opendoor intends to use a portion of the additional net proceeds to fund the cost of entering into additional capped call transactions as described below. In connection with the pricing of the notes, Opendoor entered into privately negotiated capped call transactions with one or more of the initial purchasers or their affiliates and other financial institutions (the \u0093option counterparties\u0094). The capped call transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the notes, the number of shares of Opendoor\u0092s common stock underlying the notes. If the initial purchasers exercise their option to purchase additional notes, Opendoor expects to enter into additional capped call transactions with the option counterparties. The cap price of the capped call transactions will initially be $29.59 per share, which represents a premium of 100% over the last reported sale price of Opendoor\u0092s common stock of $14.795 per share on August 17, 2021, and is subject to certain adjustments under the terms of the capped call transactions. The capped call transactions are expected generally to reduce the potential dilution to Opendoor\u0092s common stock upon any conversion of the notes and/or offset any potential cash payments Opendoor is required to make in excess of the principal amount of converted notes, as the case may be, upon conversion of the notes. If, however, the market price per share of Opendoor\u0092s common stock, as measured under the terms of the capped call transactions, exceeds the cap price of the capped call transactions, there would nevertheless be dilution and/or there would not be an offset of such potential cash payments, in each case, to the extent that such market price exceeds the cap price of the capped call transactions. In connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to enter into various derivative transactions with respect to Opendoor\u0092s common stock and/or purchase shares of Opendoor\u0092s common stock concurrently with or shortly after the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of Opendoor\u0092s common stock or the notes at that time. In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Opendoor\u0092s common stock and/or purchasing or selling Opendoor\u0092s common stock or selling Opendoor\u0092s common stock or other securities in secondary market transactions following the pricing of the notes and - 2 - prior to the maturity of the notes (and are likely to do so following any conversion of the notes, any repurchase of the notes by Opendoor on any fundamental change repurchase date, any redemption date or any other date on which the notes are retired by Opendoor, in each case, if Opendoor exercises its option to terminate the relevant portion of the capped call transactions). This activity could also cause or avoid an increase or decrease in the market price of Opendoor\u0092s common stock or the notes, which could affect the ability to convert the notes, and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the number of shares and value of the consideration that noteholders will receive upon conversion of the notes. The offer and sale of the notes and any shares of common stock issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the notes or any shares of common stock issuable upon conversion of the notes, nor will there be any sale of the notes or any such shares, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful. About Opendoor Opendoor\u0092s mission is to empower everyone with the freedom to move. Since 2014, Opendoor has provided people across the U.S. with a radically simple way to buy, sell or trade-in a home online. Opendoor currently operates in a growing number of markets across the U.S. Forward-Looking Statements This press release includes forward-looking statements, including statements regarding the completion of the offering, the expected amount and intended use of the net proceeds and the effects of entering into the capped call transactions described above. Forward-looking statements represent Opendoor\u0092s current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions, the satisfaction of the closing conditions related to the offering and risks relating to Opendoor\u0092s business, including those described in periodic reports that Opendoor files from time to time with the Securities and Exchange Commission. Opendoor may not consummate the offering described in this press release and, if the offering is consummated, cannot provide any assurances regarding its ability to effectively apply the net proceeds as described above. The forward-looking statements included in this press release speak only as of the date of this press release, and Opendoor does not undertake to update the statements included in this press release for subsequent developments, except as may be required by law. Contact Information Investors: Elise Wang - 3 - Opendoor investors@opendoor.com Media: Sheila Tran / Charles Stewart Opendoor press@opendoor.com - 4 -" + } + ], + "cik": 1801169, + "cik10": "0001801169", + "company_name": "Opendoor Technologies Inc.", + "config_hash": "a8e88d258eb39664414697e0926a7d29600e676d9810ec79743c3c9490c9d4a1", + "content_sha256": "7fdbe42e323f3873bccee65b8378d45fa1655f8edca3cf87c0488b1efeadfac4", + "derivation_id": "49120eb98b3f0263b70508c3d50f5bf6bafee9fb223699833600cf9108988b89", + "document_id": "norm:0001801169:0001193125-21-249666:d198410dex991.htm", + "document_type": "earnings_release", + "exhibit_type": "EX-99.1", + "filing_date": "2021-08-18", + "filing_id": "sec:0001801169:0001193125-21-249666", + "flags": [ + "hierarchy_uncertain" + ], + "form": "8-K", + "form_sanitized": "8-K", + "is_amendment": false, + "items": [ + "8.01", + "9.01" + ], + "normalizer_version": "1.0.0", + "original_filename": "d198410dex991.htm", + "parser_fallback_from": null, + "parser_fallback_reason": null, + "parser_name": "sec_html", + "parser_version": "0.58.1", + "related_xbrl_artifact_ids": [ + "sec:0001801169:0001193125-21-249666:open-20210817.xsd", + "sec:0001801169:0001193125-21-249666:open-20210817_lab.xml", + "sec:0001801169:0001193125-21-249666:open-20210817_pre.xml" + ], + "report_date": "2021-08-17", + "schema_version": 1, + "sections": [ + { + "block_ids": [ + "norm:0001801169:0001193125-21-249666:d198410dex991.htm#b0" + ], + "char_count": 10301, + "heading_block_id": null, + "heading_confidence": 1.0, + "heading_path": [], + "heading_source": "synthetic_root", + "level": 0, + "parent_section_id": null, + "section_id": "norm:0001801169:0001193125-21-249666:d198410dex991.htm#s0", + "section_sequence": 0, + "title": "(document)" + } + ], + "selection_policy_version": "v1", + "source_artifact_id": "sec:0001801169:0001193125-21-249666:d198410dex991.htm", + "source_content_sha256": "1e11f312c5fee46be94a5934ecc41e0ee38f5031a3dc0ff8db9266022e285507", + "source_path": "sec/0001801169/8-K/2021-08-18_0001193125-21-249666/source/d198410dex991.htm", + "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521249666/d198410dex991.htm", + "stats": { + "block_count": 1, + "char_count": 10301, + "data_table_count": 0, + "image_count": 0, + "layout_table_count": 0, + "max_section_depth": 0, + "passage_count": 3, + "section_count": 1, + "table_count": 0, + "text_yield_pct": 69.04 + }, + "tickers": [ + "OPEN", + "OPENL", + "OPENW", + "OPENZ" + ], + "title": "EX-99.1 2 d198410dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 Opendoor Technologies Inc. Prices Upsized $850 Million Convertible Senior Notes Offering SAN FRANCISCO, California \u0097August 18, 2021\u0097Opendoor Te" +} diff --git a/data/normalized/sec/0001801169/8-K/2021-08-18_0001193125-21-249666/norm_0001801169_0001193125-21-249666_d198410dex991.htm.passages.jsonl b/data/normalized/sec/0001801169/8-K/2021-08-18_0001193125-21-249666/norm_0001801169_0001193125-21-249666_d198410dex991.htm.passages.jsonl new file mode 100644 index 0000000000000000000000000000000000000000..b378313c449a4537391dbc90c554c84751bfae19 --- /dev/null +++ b/data/normalized/sec/0001801169/8-K/2021-08-18_0001193125-21-249666/norm_0001801169_0001193125-21-249666_d198410dex991.htm.passages.jsonl @@ -0,0 +1,3 @@ +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001193125-21-249666:d198410dex991.htm#b0"], "char_count": 3994, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "996a4b0c1f3f57ea7353aaaa2f708b80ac44baa1a2a4f62a7f0f19d0b2ae4758", "derivation_id": "49120eb98b3f0263b70508c3d50f5bf6bafee9fb223699833600cf9108988b89", "document_id": "norm:0001801169:0001193125-21-249666:d198410dex991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-08-18", "filing_id": "sec:0001801169:0001193125-21-249666", "flags": [], "form": "8-K", "heading_path": [], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-249666:d198410dex991.htm", "block_sequence": 0, "char_end": 3994, "char_start": 0, "fragment_sha256": "65c054ba0b904a81a5f3903cecef4d5540412d0fff1a71f581bebb024537388f", "heading_path": [], "table_index": null, "tag_name": "document"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-249666:d198410dex991.htm#p0", "passage_kind": "narrative", "passage_sequence": 0, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-17", "section_id": "norm:0001801169:0001193125-21-249666:d198410dex991.htm#s0", "source_artifact_id": "sec:0001801169:0001193125-21-249666:d198410dex991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521249666/d198410dex991.htm", "table_id": null, "text": "EX-99.1 2 d198410dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 Opendoor Technologies Inc. Prices Upsized $850 Million Convertible Senior Notes Offering SAN FRANCISCO, California —August 18, 2021—Opendoor Technologies Inc. (Nasdaq: OPEN) (“Opendoor”), a leading digital platform for residential real estate, today announced the pricing of its offering of $850,000,000 aggregate principal amount of 0.25% convertible senior notes due 2026 (the “notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The offering size was increased from the previously announced offering size of $750,000,000 aggregate principal amount of notes. The issuance and sale of the notes are scheduled to settle on August 20, 2021, subject to customary closing conditions. Opendoor also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date when the notes are first issued, up to an additional $127,500,000 principal amount of notes. The notes will be senior, unsecured obligations of Opendoor and will accrue interest at a rate of 0.25% per annum, payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2022. The notes will mature on August 15, 2026, unless earlier repurchased, redeemed or converted. Before February 15, 2026, noteholders will have the right to convert their notes only upon the occurrence of certain events. From and including February 15, 2026, noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. Opendoor will settle conversions by paying cash up to the aggregate principal amount of the notes to be converted and paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the notes being converted based on the applicable conversion rate(s). The initial conversion rate is 51.9926 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $19.23 per share of common stock. The initial conversion price represents a premium of approximately 30% over the last reported sale price of $14.795 per share of Opendoor’s common stock on August 17, 2021. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events. The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at Opendoor’s option at any time, and from time to time, on a redemption date on or after August 20, 2024 and before the 36th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of Opendoor’s common stock exceeds 130% of the conversion price for a specified period of time and certain liquidity conditions have been satisfied. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If a “fundamental change” (as defined in the indenture for the notes) occurs, then, subject to a limited exception, noteholders may require Opendoor to repurchase their notes for cash. The repurchase price will be equal to the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date. - 1 - Opendoor estimates that the net proceeds from the offering will be approximately $827.9 million (or approximately $952.2 million if the initial purchasers fully exercise their option to purchase additional notes), after deducting the initial purchasers’ discounts and commissions and estimated offering expenses."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001193125-21-249666:d198410dex991.htm#b0"], "char_count": 3790, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f3106579070258a12e9237a28c0595cff9e952fcf5e6b3f7efe0bdf3ba6b7de5", "derivation_id": "49120eb98b3f0263b70508c3d50f5bf6bafee9fb223699833600cf9108988b89", "document_id": "norm:0001801169:0001193125-21-249666:d198410dex991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-08-18", "filing_id": "sec:0001801169:0001193125-21-249666", "flags": [], "form": "8-K", "heading_path": [], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-249666:d198410dex991.htm", "block_sequence": 0, "char_end": 7784, "char_start": 3994, "fragment_sha256": "65c054ba0b904a81a5f3903cecef4d5540412d0fff1a71f581bebb024537388f", "heading_path": [], "table_index": null, "tag_name": "document"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-249666:d198410dex991.htm#p1", "passage_kind": "narrative", "passage_sequence": 1, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-17", "section_id": "norm:0001801169:0001193125-21-249666:d198410dex991.htm#s0", "source_artifact_id": "sec:0001801169:0001193125-21-249666:d198410dex991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521249666/d198410dex991.htm", "table_id": null, "text": "Opendoor intends to use approximately $103.3 million of the net proceeds to fund the cost of entering into the capped call transactions described below. Opendoor intends to use the remainder of the net proceeds from the offering for general corporate purposes. If the initial purchasers exercise their option to purchase additional notes, then Opendoor intends to use a portion of the additional net proceeds to fund the cost of entering into additional capped call transactions as described below. In connection with the pricing of the notes, Opendoor entered into privately negotiated capped call transactions with one or more of the initial purchasers or their affiliates and other financial institutions (the “option counterparties”). The capped call transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the notes, the number of shares of Opendoor’s common stock underlying the notes. If the initial purchasers exercise their option to purchase additional notes, Opendoor expects to enter into additional capped call transactions with the option counterparties. The cap price of the capped call transactions will initially be $29.59 per share, which represents a premium of 100% over the last reported sale price of Opendoor’s common stock of $14.795 per share on August 17, 2021, and is subject to certain adjustments under the terms of the capped call transactions. The capped call transactions are expected generally to reduce the potential dilution to Opendoor’s common stock upon any conversion of the notes and/or offset any potential cash payments Opendoor is required to make in excess of the principal amount of converted notes, as the case may be, upon conversion of the notes. If, however, the market price per share of Opendoor’s common stock, as measured under the terms of the capped call transactions, exceeds the cap price of the capped call transactions, there would nevertheless be dilution and/or there would not be an offset of such potential cash payments, in each case, to the extent that such market price exceeds the cap price of the capped call transactions. In connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to enter into various derivative transactions with respect to Opendoor’s common stock and/or purchase shares of Opendoor’s common stock concurrently with or shortly after the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of Opendoor’s common stock or the notes at that time. In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Opendoor’s common stock and/or purchasing or selling Opendoor’s common stock or selling Opendoor’s common stock or other securities in secondary market transactions following the pricing of the notes and - 2 - prior to the maturity of the notes (and are likely to do so following any conversion of the notes, any repurchase of the notes by Opendoor on any fundamental change repurchase date, any redemption date or any other date on which the notes are retired by Opendoor, in each case, if Opendoor exercises its option to terminate the relevant portion of the capped call transactions). This activity could also cause or avoid an increase or decrease in the market price of Opendoor’s common stock or the notes, which could affect the ability to convert the notes, and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the number of shares and value of the consideration that noteholders will receive upon conversion of the notes."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001193125-21-249666:d198410dex991.htm#b0"], "char_count": 2515, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "81ec0e7534d2347d356515d09a736808084745421aae41f219e5a9ab5f962177", "derivation_id": "49120eb98b3f0263b70508c3d50f5bf6bafee9fb223699833600cf9108988b89", "document_id": "norm:0001801169:0001193125-21-249666:d198410dex991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-08-18", "filing_id": "sec:0001801169:0001193125-21-249666", "flags": [], "form": "8-K", "heading_path": [], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-249666:d198410dex991.htm", "block_sequence": 0, "char_end": 10299, "char_start": 7784, "fragment_sha256": "65c054ba0b904a81a5f3903cecef4d5540412d0fff1a71f581bebb024537388f", "heading_path": [], "table_index": null, "tag_name": "document"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-249666:d198410dex991.htm#p2", "passage_kind": "narrative", "passage_sequence": 2, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-17", "section_id": "norm:0001801169:0001193125-21-249666:d198410dex991.htm#s0", "source_artifact_id": "sec:0001801169:0001193125-21-249666:d198410dex991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521249666/d198410dex991.htm", "table_id": null, "text": "The offer and sale of the notes and any shares of common stock issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the notes or any shares of common stock issuable upon conversion of the notes, nor will there be any sale of the notes or any such shares, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful. About Opendoor Opendoor’s mission is to empower everyone with the freedom to move. Since 2014, Opendoor has provided people across the U.S. with a radically simple way to buy, sell or trade-in a home online. Opendoor currently operates in a growing number of markets across the U.S. Forward-Looking Statements This press release includes forward-looking statements, including statements regarding the completion of the offering, the expected amount and intended use of the net proceeds and the effects of entering into the capped call transactions described above. Forward-looking statements represent Opendoor’s current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions, the satisfaction of the closing conditions related to the offering and risks relating to Opendoor’s business, including those described in periodic reports that Opendoor files from time to time with the Securities and Exchange Commission. Opendoor may not consummate the offering described in this press release and, if the offering is consummated, cannot provide any assurances regarding its ability to effectively apply the net proceeds as described above. The forward-looking statements included in this press release speak only as of the date of this press release, and Opendoor does not undertake to update the statements included in this press release for subsequent developments, except as may be required by law. 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In addition, calling any Note for redemption will constitute a Make-Whole Fundamental Change with respect to that Note, in which case the conversion rate applicable to the conversion of that Note will be increased in certain circumstances if it is converted after it is called for redemption and prior to the close of business on the business day immediately preceding the related redemption date. If certain corporate events that constitute a \u201cFundamental Change\u201d (as defined in the Indenture) occur, then noteholders may require the Company to repurchase their Notes at a cash repurchase price equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. The definition of Fundamental Change includes certain business combination transactions involving the Company and certain de-listing events with respect to the Company\u2019s common stock. The Notes will have customary provisions relating to the occurrence of \u201cEvents of Default\u201d (as defined in the Indenture), which include the following: (i) certain payment defaults on the Notes (which, in the case of a default in the payment of interest on the Notes, will be subject to a 30-day cure period); (ii) the Company\u2019s failure to send certain notices under the Indenture within specified periods of time; (iii) the Company\u2019s failure to comply with certain covenants in the Indenture relating to the Company\u2019s ability to consolidate with or merge with or into, or sell, lease or otherwise transfer, in one transaction or a series of transactions, all or substantially all of the assets of the Company and its subsidiaries, taken as a whole, to another person; (iv) a default by the Company in its other obligations or agreements under the Indenture or the Notes if such default is not cured or waived within 60 days after notice is given in accordance with the Indenture; (v) certain defaults by the Company or any of its subsidiaries with respect to certain indebtedness for borrowed money of at least $50,000,000; and (vi) certain events of bankruptcy, insolvency and reorganization involving the Company or any of its significant subsidiaries. If an Event of Default involving bankruptcy, insolvency or reorganization events with respect to the Company (and not solely with respect to a significant subsidiary of the Company) occurs, then the principal amount of, and all accrued and unpaid interest on, all of the Notes then outstanding will immediately become due and payable without any further action or notice by any person. If any other Event of Default occurs and is continuing, then, the Trustee, by notice to the Company, or noteholders of at least 25% of the aggregate principal amount of Notes then outstanding, by notice to the Company and the Trustee, may declare the principal amount of, and all accrued and unpaid interest on, all of the Notes then outstanding to become due and payable immediately. However, notwithstanding the foregoing, the Company may elect, at its option, that the sole remedy for an Event of Default relating to certain failures by the Company to comply with certain reporting covenants in the Indenture consists exclusively of the right of the noteholders to receive special interest on the Notes for up to 180 days at a specified rate per annum not exceeding 1.00% on the principal amount of the Notes." + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617d8k.htm#b22", + "block_sequence": 22, + "block_sha256": "365a0917c982105aab4d348cad42144f23ca82dca2fe3d018c1c1c7843efbae8", + "block_type": "paragraph", + "char_count": 370, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617d8k.htm", + "block_sequence": 22, + "char_end": 370, + "char_start": 0, + "fragment_sha256": "8e35e401d753e6ed8899724a2d0cb231b2d6bbd3519de414dd9257a8004cf097", + "heading_path": [ + "N/A", + "Item 1.01. 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A copy of the Indenture and the form of the certificate representing the Notes are filed as exhibits 4.1 and 4.2, respectively, to this Current Report on Form 8-K, and the above summary is qualified by reference to the terms of the Indenture and the Notes set forth in such exhibits." + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617d8k.htm#b23", + "block_sequence": 23, + "block_sha256": "a2fda19d3d5db61bd2873d4f2b2bfba7bd001d58c61ea1c09e442f75e27f94f4", + "block_type": "heading", + "char_count": 24, + "level": 3, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617d8k.htm", + "block_sequence": 23, + "char_end": 24, + "char_start": 0, + "fragment_sha256": "e1e155d2ce80c22278c6d2c15eebe5bb059038989e6bfdfcb412d0af53a767ae", + "heading_path": [ + "N/A", + "Item 1.01. 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The Capped Call Transactions cover, subject to customary anti-dilution adjustments, the aggregate number of shares of the Company\u2019s common stock that initially underlie the Notes, and are expected generally to reduce potential dilution to the Company\u2019s common stock upon any conversion of Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap, based on the cap price of the Capped Call Transactions. The cap price of the Capped Call Transactions is initially $29.5900, which represents a premium of 100% over the last reported sale price of the Company\u2019s common stock on August 17, 2021. The cost of the Capped Call Transactions was approximately $118.8 million. The Capped Call Transactions are separate transactions, each between the Company and the applicable Option Counterparty, and are not part of the terms of the Notes and will not affect any holder\u2019s rights under the Notes or the Indenture. Holders of the Notes will not have any rights with respect to the Capped Call Transactions. The above description of the Capped Call Transactions is a summary and is not complete. A copy of the confirmation for the Capped Call Transactions is filed as exhibit 10.1 to this Current Report on Form 8-K, and the above summary is qualified by reference to the terms of the confirmation set forth in such exhibit." + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617d8k.htm#b25", + "block_sequence": 25, + "block_sha256": "abf4d65dd84fbdf6cafd1c63d15c8c7ba027ec7c4013a781848c0e7621d9029e", + "block_type": "heading", + "char_count": 89, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617d8k.htm", + "block_sequence": 25, + "char_end": 89, + "char_start": 0, + "fragment_sha256": "c46b4add909d90f39436750d43120ac1d9f4e94ae304b1457c969c767035bd2a", + "heading_path": [ + "N/A", + "Item 2.03. 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The Notes were issued to the initial purchasers in reliance upon Section 4(a)(2) of the Securities Act of 1933, as amended (the \u201cSecurities Act\u201d), in transactions not involving any public offering." + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617d8k.htm#b29", + "block_sequence": 29, + "block_sha256": "7dd68e1e5b0f9cdf9cfb4f39e86a5db1fff1a39d564d7858fd6c0d401edd912b", + "block_type": "paragraph", + "char_count": 846, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617d8k.htm", + "block_sequence": 29, + "char_end": 846, + "char_start": 0, + "fragment_sha256": "9f9e7c60cf7055d65d9b9443074280eb390b11e7836f7e21119dddc8c2a84b70", + "heading_path": [ + "N/A", + "Item 3.02. 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Assuming the initial purchasers fully exercise their option to purchase additional Notes, initially, a maximum of 66,069,616 shares of the Company\u2019s common stock may be issued upon conversion of the Notes, based on the initial maximum conversion rate of 67.5904 shares of common stock per $1,000 principal amount of Notes, which is subject to customary anti-dilution adjustment provisions." + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617d8k.htm#b30", + "block_sequence": 30, + "block_sha256": "cc6fc0105a9b60ba6db00dc61b81911555960446be5f16ed27335a50cb7e2e18", + "block_type": "heading", + "char_count": 45, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617d8k.htm", + "block_sequence": 30, + "char_end": 45, + "char_start": 0, + "fragment_sha256": "819dba4e338268056d9145fd647e68924f7956ae98db50c55b48359192f86df4", + "heading_path": [ + "N/A", + "Item 9.01. 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1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617d8k.htm#b20"], "char_count": 3662, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "4840c75e15fe9c4d5073e74455c11dbb8b9cf9ff66d3ad68efa81de99e0626f4", "derivation_id": "34764b4728b379b0dd52e6dcf459d811843803fdad1e741c90e74b11cd02a0d4", "document_id": "norm:0001801169:0001193125-21-255177:d194617d8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 1.01. 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The Notes were issued pursuant to, and are governed by, an indenture (the “Indenture”), dated as of August 20, 2021, between the Company and U.S. Bank National Association, as trustee (the “Trustee”). Pursuant to the purchase agreement between the Company and the initial purchasers of the Notes, the Company granted the initial purchasers an option to purchase, for settlement within a period of 13 days from, and including, the date when the Notes are first issued, up to an additional $127,500,000 principal amount of Notes. The Notes issued on August 24, 2021 include $127,500,000 principal amount of Notes issued pursuant to the full exercise by the initial purchasers of such option. The Notes will be the Company’s senior, unsecured obligations and will be (i) equal in right of payment with the Company’s existing and future senior, unsecured indebtedness; (ii) senior in right of payment to the Company’s existing and future indebtedness that is expressly subordinated to the Notes; (iii) effectively subordinated to the Company’s existing and future secured indebtedness, to the extent of the value of the collateral securing that indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and (to the extent the Company is not a holder thereof) preferred equity, if any, of the Company’s subsidiaries. The Notes will accrue interest at a rate of 0.25% per annum, payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2022. The Notes will mature on August 15, 2026, unless earlier repurchased, redeemed or converted. Before February 15, 2026, noteholders will have the right to convert their Notes only upon the occurrence of certain events. From and after February 15, 2026, noteholders may convert their Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company will have the right to elect to settle conversions either entirely in cash or in a combination of cash and shares of its common stock. However, upon conversion of any Notes, the conversion value, which will be determined over an “Observation Period” (as defined in the Indenture) consisting of 30 trading days, will be paid in cash up to at least the principal amount of the Notes being converted. The initial conversion rate is 51.9926 shares of common stock per $1,000 principal amount of Notes, which represents an initial conversion price of approximately $19.23 per share of common stock. The conversion rate and conversion price will be subject to customary adjustments upon the occurrence of certain events. In addition, if certain corporate events that constitute a “Make-Whole Fundamental Change” (as defined in the Indenture) occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time. The Notes will be redeemable, in whole or in part (subject to certain limitations described below), at the Company’s option at any time, and from time to time, on or after August 20, 2024 and before the 36th scheduled trading day immediately before the maturity date, but only if (i) the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price on (a) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617d8k.htm#b21"], "char_count": 3628, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "098ab886ca7f965d4af672d9f342b72f72f6ab0898cd50886f434241c0279c07", "derivation_id": "34764b4728b379b0dd52e6dcf459d811843803fdad1e741c90e74b11cd02a0d4", "document_id": "norm:0001801169:0001193125-21-255177:d194617d8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 1.01. 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However, the Company may not redeem less than all of the outstanding Notes unless at least $150.0 million aggregate principal amount of Notes are outstanding and not called for redemption as of the time the Company sends the related redemption notice. The redemption price will be a cash amount equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, calling any Note for redemption will constitute a Make-Whole Fundamental Change with respect to that Note, in which case the conversion rate applicable to the conversion of that Note will be increased in certain circumstances if it is converted after it is called for redemption and prior to the close of business on the business day immediately preceding the related redemption date. If certain corporate events that constitute a “Fundamental Change” (as defined in the Indenture) occur, then noteholders may require the Company to repurchase their Notes at a cash repurchase price equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. The definition of Fundamental Change includes certain business combination transactions involving the Company and certain de-listing events with respect to the Company’s common stock. The Notes will have customary provisions relating to the occurrence of “Events of Default” (as defined in the Indenture), which include the following: (i) certain payment defaults on the Notes (which, in the case of a default in the payment of interest on the Notes, will be subject to a 30-day cure period); (ii) the Company’s failure to send certain notices under the Indenture within specified periods of time; (iii) the Company’s failure to comply with certain covenants in the Indenture relating to the Company’s ability to consolidate with or merge with or into, or sell, lease or otherwise transfer, in one transaction or a series of transactions, all or substantially all of the assets of the Company and its subsidiaries, taken as a whole, to another person; (iv) a default by the Company in its other obligations or agreements under the Indenture or the Notes if such default is not cured or waived within 60 days after notice is given in accordance with the Indenture; (v) certain defaults by the Company or any of its subsidiaries with respect to certain indebtedness for borrowed money of at least $50,000,000; and (vi) certain events of bankruptcy, insolvency and reorganization involving the Company or any of its significant subsidiaries. If an Event of Default involving bankruptcy, insolvency or reorganization events with respect to the Company (and not solely with respect to a significant subsidiary of the Company) occurs, then the principal amount of, and all accrued and unpaid interest on, all of the Notes then outstanding will immediately become due and payable without any further action or notice by any person. If any other Event of Default occurs and is continuing, then, the Trustee, by notice to the Company, or noteholders of at least 25% of the aggregate principal amount of Notes then outstanding, by notice to the Company and the Trustee, may declare the principal amount of, and all accrued and unpaid interest on, all of the Notes then outstanding to become due and payable immediately."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617d8k.htm#b21"], "char_count": 427, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "254cec24ed39246ebf759e84ae0bdfc1ca91cde741897f8dc7fe00a4b4e40126", "derivation_id": "34764b4728b379b0dd52e6dcf459d811843803fdad1e741c90e74b11cd02a0d4", "document_id": "norm:0001801169:0001193125-21-255177:d194617d8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 1.01. 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A copy of the Indenture and the form of the certificate representing the Notes are filed as exhibits 4.1 and 4.2, respectively, to this Current Report on Form 8-K, and the above summary is qualified by reference to the terms of the Indenture and the Notes set forth in such exhibits."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617d8k.htm#b24"], "char_count": 2129, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "87d0dbf2c3f67782de3bdfe33254f3c5d8498a2ccf22d373ff8146ea557cfacb", "derivation_id": "34764b4728b379b0dd52e6dcf459d811843803fdad1e741c90e74b11cd02a0d4", "document_id": "norm:0001801169:0001193125-21-255177:d194617d8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 1.01. 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In addition, on August 20, 2021, in connection with the initial purchasers’ exercise of their option to purchase additional Notes, the Company entered into additional capped call transactions (the “Additional Capped Call Transactions,” and, together with the Base Capped Call Transactions, the “Capped Call Transactions”) with each of the Option Counterparties. The Capped Call Transactions cover, subject to customary anti-dilution adjustments, the aggregate number of shares of the Company’s common stock that initially underlie the Notes, and are expected generally to reduce potential dilution to the Company’s common stock upon any conversion of Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap, based on the cap price of the Capped Call Transactions. 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The Notes were issued to the initial purchasers in reliance upon Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), in transactions not involving any public offering.\n\nThe Notes were resold by the initial purchasers to persons whom the initial purchasers reasonably believe are “qualified institutional buyers,” as defined in, and in accordance with, Rule 144A under the Securities Act. Any shares of the Company’s common stock that may be issued upon conversion of the Notes will be issued in reliance upon Section 3(a)(9) of the Securities Act as involving an exchange by the Company exclusively with its security holders. 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Opendoor Technologies Inc. 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"flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.6, + "markdown": "| | | |\n| --- | --- | --- |\n| From: | | [_____] |\n| | | |\n| To: | | Opendoor Technologies Inc. |\n| | | 410 N. Scottsdale Road, Suite 1600 |\n| | | Tempe, AZ 85281 |\n| Attention: | | Treasury Team |\n| Telephone No.: | | (408) 218-6591 (Sandra Tullis) or (415) 283-9940 (Allen Colhoun) |\n| Email: | | treasury@opendoor.com |", + "n_cols": 3, + "n_rows": 8, + "plain_text": "From: | | [_____]\n | | \nTo: | | Opendoor Technologies Inc.\n | | 410 N. Scottsdale Road, Suite 1600\n | | Tempe, AZ 85281\nAttention: | | Treasury Team\nTelephone No.: | | (408) 218-6591 (Sandra Tullis) or (415) 283-9940 (Allen Colhoun)\nEmail: | | treasury@opendoor.com", + "rows": [ + [ + "From:", + "", + "[_____]" + ], + [ + "", + "", + "" + ], + [ + "To:", + "", + "Opendoor Technologies Inc." + ], + [ + "", + "", + "410 N. Scottsdale Road, Suite 1600" + ], + [ + "", + "", + "Tempe, AZ 85281" + ], + [ + "Attention:", + "", + "Treasury Team" + ], + [ + "Telephone No.:", + "", + "(408) 218-6591 (Sandra Tullis) or (415) 283-9940 (Allen Colhoun)" + ], + [ + "Email:", + "", + "treasury@opendoor.com" + ] + ], + "table_index": 0, + "table_kind": "data" + }, + "text": "From: | | [_____]\n | | \nTo: | | Opendoor Technologies Inc.\n | | 410 N. Scottsdale Road, Suite 1600\n | | Tempe, AZ 85281\nAttention: | | Treasury Team\nTelephone No.: | | (408) 218-6591 (Sandra Tullis) or (415) 283-9940 (Allen Colhoun)\nEmail: | | treasury@opendoor.com" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b6", + "block_sequence": 6, + "block_sha256": "29f360ae152a7df69012ac2f8c43169648b1c2cb225bc5088857f2008a23cfdb", + "block_type": "paragraph", + "char_count": 4215, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 6, + "char_end": 4215, + "char_start": 0, + "fragment_sha256": "ecd09269a97169815e3fcb35d7686748c46a1896c7d7306fde176ea200361f64", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "Re: Base Call Option Transaction The purpose of this communication (this \u0093Confirmation\u0094) is to set forth the terms and conditions of the call option transaction entered into on the Trade Date specified below (the \u0093Transaction\u0094) between [_____] (\u0093Dealer\u0094) and Opendoor Technologies Inc. (\u0093Counterparty\u0094). This communication constitutes a \u0093Confirmation\u0094 as referred to in the Agreement specified below. 1. This Confirmation is subject to, and incorporates, the definitions and provisions of the 2006 ISDA Definitions (the \u00932006 Definitions\u0094) and the definitions and provisions of the 2002 ISDA Equity Derivatives Definitions (the \u0093Equity Definitions\u0094, and together with the 2006 Definitions, the \u0093Definitions\u0094), in each case as published by the International Swaps and Derivatives Association, Inc. (\u0093ISDA\u0094). Certain defined terms used herein have the meanings assigned to them in the Offering Memorandum dated August 16, 2021 (as so supplemented, the \u0093Offering Memorandum\u0094) relating to the USD 850,000,000 principal amount of 0.25% Convertible Senior Notes due 2026 (the \u0093Base Convertible Securities\u0094) issued by Counterparty (as increased by up to an additional USD 127,500,000 principal amount of 0.25% Convertible Senior Notes due 2026 that may be issued pursuant to the option to purchase additional convertible securities (the \u0093Optional Convertible Securities\u0094 and, together with the Base Convertible Securities, the \u0093Convertible Securities\u0094)) pursuant to an Indenture to be dated August 20, 2021 between Counterparty and U.S. Bank National Association, as trustee (the \u0093Indenture\u0094). In the event of any inconsistency between the terms defined in the Indenture and this Confirmation, this Confirmation shall govern. The parties acknowledge that this Confirmation is entered into on the date hereof with the understanding that (i) definitions set forth in the Indenture that are also defined herein by reference to the Indenture and (ii) sections of the Indenture that are referred to herein, in each case, will conform to the descriptions thereof in the Offering Memorandum. If any such definitions in the Indenture or any such sections of the Indenture differ from the descriptions thereof in the Offering Memorandum, the descriptions thereof in the Offering Memorandum will govern for purposes of this Confirmation. For the avoidance of doubt, subject to the foregoing, references herein to sections of, or definitions set forth in, the Indenture are based on the draft of the Indenture most recently reviewed by the parties at the time of execution of this Confirmation. If any relevant sections of, or definitions set forth in, the Indenture are changed, added or renumbered between the execution of this Confirmation and the execution of the Indenture, the parties will amend this Confirmation in good faith and in a commercially reasonable manner to preserve the economic intent of the parties as evidenced by such draft of the Indenture. In addition, subject to the foregoing, the parties acknowledge that references to the Indenture herein are references to the Indenture as in effect on the date hereof and if the Indenture is, or the Convertible Securities are, amended, modified or supplemented following the date hereof or the date of their execution, respectively, any such amendment, modification or supplement (other than any amendment, modification or supplement (i) pursuant to Section 5.09 of the Indenture, subject to the provisions opposite the caption \u0093Discretionary Adjustments\u0094 in Section 2 hereof, or (ii) pursuant to Section 8.01(I) of the Indenture that, as determined by the Calculation Agent in good faith and in a commercially reasonable manner, conforms the Indenture to the description of Convertible Securities in the Offering Memorandum) will be disregarded for purposes of this Confirmation unless the parties agree otherwise in writing. Each party is hereby advised, and each such party acknowledges, that the other party has engaged in, or refrained from engaging in, substantial financial transactions and has taken other material actions in reliance upon the parties\u0092 entry into the Transaction to which this Confirmation relates on the terms and conditions set forth below." + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b7", + "block_sequence": 7, + "block_sha256": "3ed7c12e9ab14956e297680a1acb4724e69928c08f71814d00c9ca15f0f37ae6", + "block_type": "page_number", + "char_count": 12, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 7, + "char_end": 12, + "char_start": 0, + "fragment_sha256": "3649d8bfdffe2b875232a02ba9c1a7a07bb2716f1130ad854e6635703225cc93", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "Page 1 of 30" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b8", + "block_sequence": 8, + "block_sha256": "dde7fa3660efc7fc59292ff30b90c8d472ef858c8c392b92a6416682b3099916", + "block_type": "paragraph", + "char_count": 3162, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 8, + "char_end": 3162, + "char_start": 0, + "fragment_sha256": "5cbcbb41c8b2a7fa8fcd0cb49c3f67349cc9a24a09f226fd03450f9f2f90a9be", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "This Confirmation evidences a complete and binding agreement between Dealer and Counterparty as to the terms of the Transaction to which this Confirmation relates. This Confirmation shall be subject to an agreement (the \u0093Agreement\u0094) in the form of the 2002 ISDA Master Agreement as if Dealer and Counterparty had executed an agreement in such form on the date hereof (but without any Schedule except for (i) the election of US Dollars (\u0093USD\u0094) as the Termination Currency, (ii) the election of the laws of the State of New York as the governing law (without reference to choice of law doctrine) and (iii) (A) the election that the \u0093Cross Default\u0094 provisions of Section 5(a)(vi) of the Agreement shall apply to Dealer with a \u0093Threshold Amount\u0094 of three percent of Dealer\u0092s [ultimate parent\u0092s] shareholders\u0092 equity; provided that \u0093Specified Indebtedness\u0094 shall not include obligations in respect of deposits received in the ordinary course of Dealer\u0092s banking business, (B) the phrase \u0093or becoming capable at such time of being declared\u0094 shall be deleted from clause (1) of such Section 5(a)(vi) and (C) the following language shall be added to the end thereof \u0093Notwithstanding the foregoing, a default under subsection (2) hereof shall not constitute an Event of Default if (x) the default was caused solely by error or omission of an administrative or operational nature; (y) funds were available to enable the party to make the payment when due; and (z) the payment is made within two Local Business Days of such party\u0092s receipt of written notice of its failure to pay.\u0094). All provisions contained in, or incorporated by reference to, the Agreement will govern this Confirmation except as expressly modified herein. In the event of any inconsistency among this Confirmation, the Equity Definitions, the 2006 Definitions or the Agreement, the following shall prevail in the order of precedence indicated: (i) this Confirmation; (ii) the Equity Definitions; (iii) the 2006 Definitions; and (iv) the Agreement. For the avoidance of doubt, except to the extent of an express conflict, the application of any provision of this Confirmation, the Agreement, the Equity Definitions or the 2006 Definitions shall not be construed to exclude or limit any other provision of this Confirmation, the Agreement, the Equity Definitions or the 2006 Definitions. The Transaction hereunder shall be the sole Transaction under the Agreement. If there exists any ISDA Master Agreement between Dealer and Counterparty or any confirmation or other agreement between Dealer and Counterparty pursuant to which an ISDA Master Agreement is deemed to exist between Dealer and Counterparty, then notwithstanding anything to the contrary in such ISDA Master Agreement, such confirmation or agreement or any other agreement to which Dealer and Counterparty are parties, the Transaction shall not be considered a Transaction under, or otherwise governed by, such existing or deemed ISDA Master Agreement. 2. The Transaction constitutes a Share Option Transaction for purposes of the Equity Definitions. The terms of the particular Transaction to which this Confirmation relates are as follows:" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b9", + "block_sequence": 9, + "block_sha256": "d8552965a465340f48815add2331819884873c005b30d79c308fc2e739ac400d", + "block_type": "table", + "char_count": 446, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 9, + "char_end": 446, + "char_start": 0, + "fragment_sha256": "5377af9e2cbe2088bf6efcba8798efb63dcda47721723bfa20154bd7cfb49145", + "heading_path": [ + "EX-10.1" + ], + "table_index": 1, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.6, + "markdown": "| | | |\n| --- | --- | --- |\n| General Terms: | | |\n| | | |\n| Trade Date: | | August 17, 2021 |\n| | | |\n| Effective Date: | | The closing date of the initial issuance of the Convertible Securities. |\n| | | |\n| Option Style: | | Modified American, as described under \u0093Procedures for Exercise\u0094 below. |\n| | | |\n| Option Type: | | Call |\n| | | |\n| Seller: | | Dealer |\n| | | |\n| Buyer: | | Counterparty |\n| | | |\n| Shares: | | The Common Stock of Counterparty, par value USD 0.0001 (Ticker Symbol: \u0093OPEN\u0094). |", + "n_cols": 3, + "n_rows": 15, + "plain_text": "General Terms: | | \n | | \nTrade Date: | | August 17, 2021\n | | \nEffective Date: | | The closing date of the initial issuance of the Convertible Securities.\n | | \nOption Style: | | Modified American, as described under \u0093Procedures for Exercise\u0094 below.\n | | \nOption Type: | | Call\n | | \nSeller: | | Dealer\n | | \nBuyer: | | Counterparty\n | | \nShares: | | The Common Stock of Counterparty, par value USD 0.0001 (Ticker Symbol: \u0093OPEN\u0094).", + "rows": [ + [ + "General Terms:", + "", + "" + ], + [ + "", + "", + "" + ], + [ + "Trade Date:", + "", + "August 17, 2021" + ], + [ + "", + "", + "" + ], + [ + "Effective Date:", + "", + "The closing date of the initial issuance of the Convertible Securities." + ], + [ + "", + "", + "" + ], + [ + "Option Style:", + "", + "Modified American, as described under \u0093Procedures for Exercise\u0094 below." + ], + [ + "", + "", + "" + ], + [ + "Option Type:", + "", + "Call" + ], + [ + "", + "", + "" + ], + [ + "Seller:", + "", + "Dealer" + ], + [ + "", + "", + "" + ], + [ + "Buyer:", + "", + "Counterparty" + ], + [ + "", + "", + "" + ], + [ + "Shares:", + "", + "The Common Stock of Counterparty, par value USD 0.0001 (Ticker Symbol: \u0093OPEN\u0094)." + ] + ], + "table_index": 1, + "table_kind": "data" + }, + "text": "General Terms: | | \n | | \nTrade Date: | | August 17, 2021\n | | \nEffective Date: | | The closing date of the initial issuance of the Convertible Securities.\n | | \nOption Style: | | Modified American, as described under \u0093Procedures for Exercise\u0094 below.\n | | \nOption Type: | | Call\n | | \nSeller: | | Dealer\n | | \nBuyer: | | Counterparty\n | | \nShares: | | The Common Stock of Counterparty, par value USD 0.0001 (Ticker Symbol: \u0093OPEN\u0094)." + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b10", + "block_sequence": 10, + "block_sha256": "c4c66fc42c8863e755e2a5e22e225e23c761b1750c9fad19d3571f0f0f63a6d7", + "block_type": "page_number", + "char_count": 12, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 10, + "char_end": 12, + "char_start": 0, + "fragment_sha256": "120ba063dd7bcd2dd8c820aaa8f82f54a4ffb27e15ca29120f01cf05ef982e46", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "Page 2 of 30" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b11", + "block_sequence": 11, + "block_sha256": "06be7a77024803e7dcb40e436b33ae1aadc60b3124db462b9f3adc8513184c43", + "block_type": "table", + "char_count": 1984, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 11, + "char_end": 1984, + "char_start": 0, + "fragment_sha256": "3df4f9ef743046379b4b21494d43dd00776cddaec431436935efb1c188377f8e", + "heading_path": [ + "EX-10.1" + ], + "table_index": 2, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.3, + "markdown": "| | | |\n| --- | --- | --- |\n| Number of Options: | | The number of Base Convertible Securities in denominations of USD 1,000 principal amount issued by Counterparty on the closing date for the initial issuance of the Convertible Securities. For the avo\u2026 |\n| | | |\n| Applicable Percentage: | | [_____]% |\n| | | |\n| Option Entitlement: | | A number equal to the product of the Applicable Percentage and 51.9926 |\n| | | |\n| Make-Whole Adjustment: | | Any adjustment to the Conversion Rate pursuant to Section 5.07 of the Indenture. |\n| | | |\n| Discretionary Adjustment: | | Any adjustment to the Conversion Rate pursuant to Section 5.06 of the Indenture. |\n| | | |\n| Strike Price: | | USD 19.2335 |\n| | | |\n| Cap Price: | | USD 29.5900 |\n| | | |\n| Rounding of Strike Price/Cap Price/Option Entitlement: | | In connection with any adjustment to the Option Entitlement or Strike Price, the Option Entitlement or Strike Price, as the case may be, shall be rounded by the Calculation Agent in accordance with t\u2026 |\n| | | |\n| Number of Shares: | | As of any date, a number of Shares equal to the product of the Number of Options and the Option Entitlement. |\n| | | |\n| Premium: | | USD [_____] |\n| | | |\n| Premium Payment Date: | | The Effective Date |\n| | | |\n| Exchange: | | The Nasdaq Global Select Market |\n| | | |\n| Related Exchange: | | All Exchanges; provided that Section 1.26 of the Equity Definitions shall be amended to add the words \u0093United States\u0094 before the word \u0093exchange\u0094 in the tenth line of such Section. |\n| | | |\n| Procedures for Exercise: | | |\n| | | |\n| Exercise Dates: | | Each Conversion Date. |", + "n_cols": 3, + "n_rows": 29, + "plain_text": "Number of Options: | | The number of Base Convertible Securities in denominations of USD 1,000 principal amount issued by Counterparty on the closing date for the initial issuance of the Convertible Securities. For the avoidance of doubt, the Number of Options outstanding shall be reduced by each exercise of Options hereunder. In no event will the Number of Options be less than zero.\n | | \nApplicable Percentage: | | [_____]%\n | | \nOption Entitlement: | | A number equal to the product of the Applicable Percentage and 51.9926\n | | \nMake-Whole Adjustment: | | Any adjustment to the Conversion Rate pursuant to Section 5.07 of the Indenture.\n | | \nDiscretionary Adjustment: | | Any adjustment to the Conversion Rate pursuant to Section 5.06 of the Indenture.\n | | \nStrike Price: | | USD 19.2335\n | | \nCap Price: | | USD 29.5900\n | | \nRounding of Strike Price/Cap Price/Option Entitlement: | | In connection with any adjustment to the Option Entitlement or Strike Price, the Option Entitlement or Strike Price, as the case may be, shall be rounded by the Calculation Agent in accordance with the provisions of the Indenture relating to rounding of the \u0093Conversion Price\u0094 or the \u0093Conversion Rate\u0094, as applicable (each as defined in the Indenture). In connection with any adjustment to the Cap Price hereunder, the Calculation Agent will round the adjusted Cap Price to the nearest USD 0.0001.\n | | \nNumber of Shares: | | As of any date, a number of Shares equal to the product of the Number of Options and the Option Entitlement.\n | | \nPremium: | | USD [_____]\n | | \nPremium Payment Date: | | The Effective Date\n | | \nExchange: | | The Nasdaq Global Select Market\n | | \nRelated Exchange: | | All Exchanges; provided that Section 1.26 of the Equity Definitions shall be amended to add the words \u0093United States\u0094 before the word \u0093exchange\u0094 in the tenth line of such Section.\n | | \nProcedures for Exercise: | | \n | | \nExercise Dates: | | Each Conversion Date.", + "rows": [ + [ + "Number of Options:", + "", + "The number of Base Convertible Securities in denominations of USD 1,000 principal amount issued by Counterparty on the closing date for the initial issuance of the Convertible Securities. For the avoidance of doubt, the Number of Options outstanding shall be reduced by each exercise of Options hereunder. In no event will the Number of Options be less than zero." + ], + [ + "", + "", + "" + ], + [ + "Applicable Percentage:", + "", + "[_____]%" + ], + [ + "", + "", + "" + ], + [ + "Option Entitlement:", + "", + "A number equal to the product of the Applicable Percentage and 51.9926" + ], + [ + "", + "", + "" + ], + [ + "Make-Whole Adjustment:", + "", + "Any adjustment to the Conversion Rate pursuant to Section 5.07 of the Indenture." + ], + [ + "", + "", + "" + ], + [ + "Discretionary Adjustment:", + "", + "Any adjustment to the Conversion Rate pursuant to Section 5.06 of the Indenture." + ], + [ + "", + "", + "" + ], + [ + "Strike Price:", + "", + "USD 19.2335" + ], + [ + "", + "", + "" + ], + [ + "Cap Price:", + "", + "USD 29.5900" + ], + [ + "", + "", + "" + ], + [ + "Rounding of Strike Price/Cap Price/Option Entitlement:", + "", + "In connection with any adjustment to the Option Entitlement or Strike Price, the Option Entitlement or Strike Price, as the case may be, shall be rounded by the Calculation Agent in accordance with the provisions of the Indenture relating to rounding of the \u0093Conversion Price\u0094 or the \u0093Conversion Rate\u0094, as applicable (each as defined in the Indenture). In connection with any adjustment to the Cap Price hereunder, the Calculation Agent will round the adjusted Cap Price to the nearest USD 0.0001." + ], + [ + "", + "", + "" + ], + [ + "Number of Shares:", + "", + "As of any date, a number of Shares equal to the product of the Number of Options and the Option Entitlement." + ], + [ + "", + "", + "" + ], + [ + "Premium:", + "", + "USD [_____]" + ], + [ + "", + "", + "" + ], + [ + "Premium Payment Date:", + "", + "The Effective Date" + ], + [ + "", + "", + "" + ], + [ + "Exchange:", + "", + "The Nasdaq Global Select Market" + ], + [ + "", + "", + "" + ], + [ + "Related Exchange:", + "", + "All Exchanges; provided that Section 1.26 of the Equity Definitions shall be amended to add the words \u0093United States\u0094 before the word \u0093exchange\u0094 in the tenth line of such Section." + ], + [ + "", + "", + "" + ], + [ + "Procedures for Exercise:", + "", + "" + ], + [ + "", + "", + "" + ], + [ + "Exercise Dates:", + "", + "Each Conversion Date." + ] + ], + "table_index": 2, + "table_kind": "unknown" + }, + "text": "Number of Options: | | The number of Base Convertible Securities in denominations of USD 1,000 principal amount issued by Counterparty on the closing date for the initial issuance of the Convertible Securities. For the avoidance of doubt, the Number of Options outstanding shall be reduced by each exercise of Options hereunder. In no event will the Number of Options be less than zero.\n | | \nApplicable Percentage: | | [_____]%\n | | \nOption Entitlement: | | A number equal to the product of the Applicable Percentage and 51.9926\n | | \nMake-Whole Adjustment: | | Any adjustment to the Conversion Rate pursuant to Section 5.07 of the Indenture.\n | | \nDiscretionary Adjustment: | | Any adjustment to the Conversion Rate pursuant to Section 5.06 of the Indenture.\n | | \nStrike Price: | | USD 19.2335\n | | \nCap Price: | | USD 29.5900\n | | \nRounding of Strike Price/Cap Price/Option Entitlement: | | In connection with any adjustment to the Option Entitlement or Strike Price, the Option Entitlement or Strike Price, as the case may be, shall be rounded by the Calculation Agent in accordance with the provisions of the Indenture relating to rounding of the \u0093Conversion Price\u0094 or the \u0093Conversion Rate\u0094, as applicable (each as defined in the Indenture). In connection with any adjustment to the Cap Price hereunder, the Calculation Agent will round the adjusted Cap Price to the nearest USD 0.0001.\n | | \nNumber of Shares: | | As of any date, a number of Shares equal to the product of the Number of Options and the Option Entitlement.\n | | \nPremium: | | USD [_____]\n | | \nPremium Payment Date: | | The Effective Date\n | | \nExchange: | | The Nasdaq Global Select Market\n | | \nRelated Exchange: | | All Exchanges; provided that Section 1.26 of the Equity Definitions shall be amended to add the words \u0093United States\u0094 before the word \u0093exchange\u0094 in the tenth line of such Section.\n | | \nProcedures for Exercise: | | \n | | \nExercise Dates: | | Each Conversion Date." + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b12", + "block_sequence": 12, + "block_sha256": "2004e530e31684632eb2624c5d2e6b8323d76f4ae80c74f982e016b0b11da687", + "block_type": "page_number", + "char_count": 12, + "level": 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3, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.4, + "markdown": "| | | |\n| --- | --- | --- |\n| Conversion Date: | | With respect to any conversion of a Convertible Security (other than (x) any conversion of Convertible Securities with a \u0093Conversion Date\u0094 (as defined in the Indenture) occurring prior to the Free Co\u2026 |\n| | | |\n| Free Convertibility Date: | | February 15, 2026 |\n| | | |\n| Exchanged Securities: | | With respect to any Conversion Date, any Convertible Securities with respect to which Counterparty makes the election described in Section 5.08 of the Indenture and the financial institution designat\u2026 |\n| | | |\n| Expiration Date: | | August 15, 2026, subject to earlier exercise. |\n| | | |\n| Automatic Exercise on Conversion Dates: | | Applicable, which means that on each Conversion Date occurring on or after the Free Convertibility Date, a number of Options equal to the number of Relevant Convertible Securities for such Conversion\u2026 |\n| | | |\n| Automatic Exercise After Free Convertibility Date: | | Notwithstanding anything to the contrary herein or in the Equity Definitions, unless Counterparty notifies Dealer in writing prior to 5:00 p.m., New York City time, on the \u0093Scheduled Trading Day\u0094 (as\u2026 |", + "n_cols": 3, + "n_rows": 11, + "plain_text": "Conversion Date: | | With respect to any conversion of a Convertible Security (other than (x) any conversion of Convertible Securities with a \u0093Conversion Date\u0094 (as defined in the Indenture) occurring prior to the Free Convertibility Date or (y) any conversion of Convertible Securities in respect of which holder(s) of such Convertible Securities would be entitled to an increase in the Conversion Rate pursuant to a Make-Whole Adjustment (including, for the avoidance of doubt, if such Make-Whole Adjustment does not result in an increase to the Conversion Rate) (any such conversion described in clause (x) or clause (y), an \u0093Early Conversion\u0094), to which the provisions of Section 8(b)(iii) of this Confirmation shall apply), the \u0093Conversion Date\u0094 (as defined in the Indenture), provided that no Conversion Date shall be deemed to have occurred with respect to Exchanged Securities (such Convertible Securities, other than Exchanged Securities, the \u0093Relevant Convertible Securities\u0094 for such Conversion Date).\n | | \nFree Convertibility Date: | | February 15, 2026\n | | \nExchanged Securities: | | With respect to any Conversion Date, any Convertible Securities with respect to which Counterparty makes the election described in Section 5.08 of the Indenture and the financial institution designated by Counterparty accepts such Convertible Securities in accordance with Section 5.08 of the Indenture, as long as Counterparty does not submit a Notice of Exercise in respect thereof.\n | | \nExpiration Date: | | August 15, 2026, subject to earlier exercise.\n | | \nAutomatic Exercise on Conversion Dates: | | Applicable, which means that on each Conversion Date occurring on or after the Free Convertibility Date, a number of Options equal to the number of Relevant Convertible Securities for such Conversion Date in denominations of USD 1,000 principal amount shall be automatically exercised, subject to \u0093Notice of Exercise\u0094 below.\n | | \nAutomatic Exercise After Free Convertibility Date: | | Notwithstanding anything to the contrary herein or in the Equity Definitions, unless Counterparty notifies Dealer in writing prior to 5:00 p.m., New York City time, on the \u0093Scheduled Trading Day\u0094 (as defined in the Indenture) immediately preceding the \u0093Maturity Date\u0094 (as defined in the Indenture) that it does not wish automatic exercise to occur, all Options then outstanding as of 5:00 p.m., New York City time, on the Expiration Date shall be deemed to be automatically exercised as if (i) a number of Relevant Convertible Securities (in denominations of USD 1,000 principal amount) equal to such number of then-outstanding Options were converted with a Conversion Date occurring on or after the Free Convertibility Date and (ii) such Relevant Convertible Securities were outstanding under the Indenture immediately prior to such deemed conversion; provided that no such automatic exercise pursuant to this paragraph shall occur if the \u0093Daily VWAP\u0094 (as defined in the Indenture) for each \u0093VWAP Trading Day\u0094 (as defined in the Indenture) during the Cash Settlement Averaging Period is less than or equal to the Strike Price.", + "rows": [ + [ + "Conversion Date:", + "", + "With respect to any conversion of a Convertible Security (other than (x) any conversion of Convertible Securities with a \u0093Conversion Date\u0094 (as defined in the Indenture) occurring prior to the Free Convertibility Date or (y) any conversion of Convertible Securities in respect of which holder(s) of such Convertible Securities would be entitled to an increase in the Conversion Rate pursuant to a Make-Whole Adjustment (including, for the avoidance of doubt, if such Make-Whole Adjustment does not result in an increase to the Conversion Rate) (any such conversion described in clause (x) or clause (y), an \u0093Early Conversion\u0094), to which the provisions of Section 8(b)(iii) of this Confirmation shall apply), the \u0093Conversion Date\u0094 (as defined in the Indenture), provided that no Conversion Date shall be deemed to have occurred with respect to Exchanged Securities (such Convertible Securities, other than Exchanged Securities, the \u0093Relevant Convertible Securities\u0094 for such Conversion Date)." + ], + [ + "", + "", + "" + ], + [ + "Free Convertibility Date:", + "", + "February 15, 2026" + ], + [ + "", + "", + "" + ], + [ + "Exchanged Securities:", + "", + "With respect to any Conversion Date, any Convertible Securities with respect to which Counterparty makes the election described in Section 5.08 of the Indenture and the financial institution designated by Counterparty accepts such Convertible Securities in accordance with Section 5.08 of the Indenture, as long as Counterparty does not submit a Notice of Exercise in respect thereof." + ], + [ + "", + "", + "" + ], + [ + "Expiration Date:", + "", + "August 15, 2026, subject to earlier exercise." + ], + [ + "", + "", + "" + ], + [ + "Automatic Exercise on Conversion Dates:", + "", + "Applicable, which means that on each Conversion Date occurring on or after the Free Convertibility Date, a number of Options equal to the number of Relevant Convertible Securities for such Conversion Date in denominations of USD 1,000 principal amount shall be automatically exercised, subject to \u0093Notice of Exercise\u0094 below." + ], + [ + "", + "", + "" + ], + [ + "Automatic Exercise After Free Convertibility Date:", + "", + "Notwithstanding anything to the contrary herein or in the Equity Definitions, unless Counterparty notifies Dealer in writing prior to 5:00 p.m., New York City time, on the \u0093Scheduled Trading Day\u0094 (as defined in the Indenture) immediately preceding the \u0093Maturity Date\u0094 (as defined in the Indenture) that it does not wish automatic exercise to occur, all Options then outstanding as of 5:00 p.m., New York City time, on the Expiration Date shall be deemed to be automatically exercised as if (i) a number of Relevant Convertible Securities (in denominations of USD 1,000 principal amount) equal to such number of then-outstanding Options were converted with a Conversion Date occurring on or after the Free Convertibility Date and (ii) such Relevant Convertible Securities were outstanding under the Indenture immediately prior to such deemed conversion; provided that no such automatic exercise pursuant to this paragraph shall occur if the \u0093Daily VWAP\u0094 (as defined in the Indenture) for each \u0093VWAP Trading Day\u0094 (as defined in the Indenture) during the Cash Settlement Averaging Period is less than or equal to the Strike Price." + ] + ], + "table_index": 3, + "table_kind": "mixed" + }, + "text": "Conversion Date: | | With respect to any conversion of a Convertible Security (other than (x) any conversion of Convertible Securities with a \u0093Conversion Date\u0094 (as defined in the Indenture) occurring prior to the Free Convertibility Date or (y) any conversion of Convertible Securities in respect of which holder(s) of such Convertible Securities would be entitled to an increase in the Conversion Rate pursuant to a Make-Whole Adjustment (including, for the avoidance of doubt, if such Make-Whole Adjustment does not result in an increase to the Conversion Rate) (any such conversion described in clause (x) or clause (y), an \u0093Early Conversion\u0094), to which the provisions of Section 8(b)(iii) of this Confirmation shall apply), the \u0093Conversion Date\u0094 (as defined in the Indenture), provided that no Conversion Date shall be deemed to have occurred with respect to Exchanged Securities (such Convertible Securities, other than Exchanged Securities, the \u0093Relevant Convertible Securities\u0094 for such Conversion Date).\n | | \nFree Convertibility Date: | | February 15, 2026\n | | \nExchanged Securities: | | With respect to any Conversion Date, any Convertible Securities with respect to which Counterparty makes the election described in Section 5.08 of the Indenture and the financial institution designated by Counterparty accepts such Convertible Securities in accordance with Section 5.08 of the Indenture, as long as Counterparty does not submit a Notice of Exercise in respect thereof.\n | | \nExpiration Date: | | August 15, 2026, subject to earlier exercise.\n | | \nAutomatic Exercise on Conversion Dates: | | Applicable, which means that on each Conversion Date occurring on or after the Free Convertibility Date, a number of Options equal to the number of Relevant Convertible Securities for such Conversion Date in denominations of USD 1,000 principal amount shall be automatically exercised, subject to \u0093Notice of Exercise\u0094 below.\n | | \nAutomatic Exercise After Free Convertibility Date: | | Notwithstanding anything to the contrary herein or in the Equity Definitions, unless Counterparty notifies Dealer in writing prior to 5:00 p.m., New York City time, on the \u0093Scheduled Trading Day\u0094 (as defined in the Indenture) immediately preceding the \u0093Maturity Date\u0094 (as defined in the Indenture) that it does not wish automatic exercise to occur, all Options then outstanding as of 5:00 p.m., New York City time, on the Expiration Date shall be deemed to be automatically exercised as if (i) a number of Relevant Convertible Securities (in denominations of USD 1,000 principal amount) equal to such number of then-outstanding Options were converted with a Conversion Date occurring on or after the Free Convertibility Date and (ii) such Relevant Convertible Securities were outstanding under the Indenture immediately prior to such deemed conversion; provided that no such automatic exercise pursuant to this paragraph shall occur if the \u0093Daily VWAP\u0094 (as defined in the Indenture) for each \u0093VWAP Trading Day\u0094 (as defined in the Indenture) during the Cash Settlement Averaging Period is less than or equal to the Strike Price." + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b14", + "block_sequence": 14, + "block_sha256": "31d35522d048a0825c5f12a601b55a6140d39f2ea95993c025762381e4929c5d", + "block_type": "page_number", + "char_count": 12, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 14, + "char_end": 12, + "char_start": 0, + "fragment_sha256": 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true, + "header_rows": 0, + "kind_confidence": 0.4, + "markdown": "| | | |\n| --- | --- | --- |\n| Notice Deadline: | | In respect of any exercise of Options hereunder on any Conversion Date on or after the Free Convertibility Date, 5:00 p.m., New York City time, on the \u0093Scheduled Trading Day\u0094 (as defined in the Inden\u2026 |\n| | | |\n| Notice of Exercise: | | Counterparty shall notify Dealer in writing prior to the Notice Deadline of the number of Relevant Convertible Securities being converted on the related Conversion Date. For the avoidance of doubt, i\u2026 |\n| | | |\n| Notice of Final Convertible Security Settlement Method: | | In addition, Counterparty shall notify Dealer in writing before 5:00 p.m., New York City time, on the \u0093Scheduled Trading Day\u0094 (as defined in the Indenture) immediately preceding the Free Convertibili\u2026 |\n| | | |\n| Dealer\u0092s Contact Details for purpose of Giving Notice: | | As specified in Section 6(b) below. |\n| | | |\n| Settlement Terms: | | |\n| | | |\n| Settlement Date: | | For any Exercise Date, the date one Settlement Cycle following the final day of the Cash Settlement Averaging Period. |\n| | | |\n| Delivery Obligation: | | In lieu of the obligations set forth in Sections 8.1 and 9.1 of the Equity Definitions, and subject to \u0093Automatic Exercise on Conversion Dates\u0094 and \u0093Notice of Exercise\u0094 above and \u0093Method of Adjustmen\u2026 |", + "n_cols": 3, + "n_rows": 13, + "plain_text": "Notice Deadline: | | In respect of any exercise of Options hereunder on any Conversion Date on or after the Free Convertibility Date, 5:00 p.m., New York City time, on the \u0093Scheduled Trading Day\u0094 (as defined in the Indenture) immediately preceding the \u0093Maturity Date\u0094 (as defined in the Indenture).\n | | \nNotice of Exercise: | | Counterparty shall notify Dealer in writing prior to the Notice Deadline of the number of Relevant Convertible Securities being converted on the related Conversion Date. For the avoidance of doubt, if Counterparty fails to give such notice when due in respect of any exercise of Options hereunder with a Conversion Date occurring on or after the Free Convertibility Date, Automatic Exercise shall apply and the Conversion Date shall be deemed to be the Notice Deadline.\n | | \nNotice of Final Convertible Security Settlement Method: | | In addition, Counterparty shall notify Dealer in writing before 5:00 p.m., New York City time, on the \u0093Scheduled Trading Day\u0094 (as defined in the Indenture) immediately preceding the Free Convertibility Date of the settlement method (and, if applicable, the \u0093Specified Dollar Amount\u0094 (as defined in the Indenture)) elected (or deemed to be elected) with respect to Relevant Convertible Securities with a Conversion Date occurring on or after the Free Convertibility Date (any such notice, a \u0093Notice of Final Convertible Security Settlement Method\u0094); provided that if Counterparty does not timely deliver the Notice of Final Convertible Security Settlement Method then the Notice of Final Convertible Security Settlement Method shall be deemed timely given and the Applicable Settlement Method shall be a Cash Election with a \u0093Specified Dollar Amount\u0094 (as defined in the Indenture) of USD 1,000. If Counterparty elects a Settlement Method other than Net Share Settlement in the Notice of Final Convertible Security Settlement Method, the Notice of Final Convertible Security Settlement Method shall contain a written representation by Counterparty to Dealer that Counterparty is not, on the date of the Notice of Final Convertible Security Settlement Method, in possession of any material non-public information with respect to Counterparty or the Shares.\n | | \nDealer\u0092s Contact Details for purpose of Giving Notice: | | As specified in Section 6(b) below.\n | | \nSettlement Terms: | | \n | | \nSettlement Date: | | For any Exercise Date, the date one Settlement Cycle following the final day of the Cash Settlement Averaging Period.\n | | \nDelivery Obligation: | | In lieu of the obligations set forth in Sections 8.1 and 9.1 of the Equity Definitions, and subject to \u0093Automatic Exercise on Conversion Dates\u0094 and \u0093Notice of Exercise\u0094 above and \u0093Method of Adjustment\u0094, \u0093Discretionary Adjustments\u0094, \u0093Consequences of Merger Events/Tender Offers\u0094, \u0093Consequences of Announcement Events\u0094 and Section 8(u) below, in respect of an Exercise Date, Dealer will deliver to Counterparty on the related Settlement Date (the \u0093Delivery Obligation\u0094), (i) a number of Shares equal to the product of the Applicable Percentage and the aggregate number of Shares, if any, that Counterparty would be obligated", + "rows": [ + [ + "Notice Deadline:", + "", + "In respect of any exercise of Options hereunder on any Conversion Date on or after the Free Convertibility Date, 5:00 p.m., New York City time, on the \u0093Scheduled Trading Day\u0094 (as defined in the Indenture) immediately preceding the \u0093Maturity Date\u0094 (as defined in the Indenture)." + ], + [ + "", + "", + "" + ], + [ + "Notice of Exercise:", + "", + "Counterparty shall notify Dealer in writing prior to the Notice Deadline of the number of Relevant Convertible Securities being converted on the related Conversion Date. For the avoidance of doubt, if Counterparty fails to give such notice when due in respect of any exercise of Options hereunder with a Conversion Date occurring on or after the Free Convertibility Date, Automatic Exercise shall apply and the Conversion Date shall be deemed to be the Notice Deadline." + ], + [ + "", + "", + "" + ], + [ + "Notice of Final Convertible Security Settlement Method:", + "", + "In addition, Counterparty shall notify Dealer in writing before 5:00 p.m., New York City time, on the \u0093Scheduled Trading Day\u0094 (as defined in the Indenture) immediately preceding the Free Convertibility Date of the settlement method (and, if applicable, the \u0093Specified Dollar Amount\u0094 (as defined in the Indenture)) elected (or deemed to be elected) with respect to Relevant Convertible Securities with a Conversion Date occurring on or after the Free Convertibility Date (any such notice, a \u0093Notice of Final Convertible Security Settlement Method\u0094); provided that if Counterparty does not timely deliver the Notice of Final Convertible Security Settlement Method then the Notice of Final Convertible Security Settlement Method shall be deemed timely given and the Applicable Settlement Method shall be a Cash Election with a \u0093Specified Dollar Amount\u0094 (as defined in the Indenture) of USD 1,000. If Counterparty elects a Settlement Method other than Net Share Settlement in the Notice of Final Convertible Security Settlement Method, the Notice of Final Convertible Security Settlement Method shall contain a written representation by Counterparty to Dealer that Counterparty is not, on the date of the Notice of Final Convertible Security Settlement Method, in possession of any material non-public information with respect to Counterparty or the Shares." + ], + [ + "", + "", + "" + ], + [ + "Dealer\u0092s Contact Details for purpose of Giving Notice:", + "", + "As specified in Section 6(b) below." + ], + [ + "", + "", + "" + ], + [ + "Settlement Terms:", + "", + "" + ], + [ + "", + "", + "" + ], + [ + "Settlement Date:", + "", + "For any Exercise Date, the date one Settlement Cycle following the final day of the Cash Settlement Averaging Period." + ], + [ + "", + "", + "" + ], + [ + "Delivery Obligation:", + "", + "In lieu of the obligations set forth in Sections 8.1 and 9.1 of the Equity Definitions, and subject to \u0093Automatic Exercise on Conversion Dates\u0094 and \u0093Notice of Exercise\u0094 above and \u0093Method of Adjustment\u0094, \u0093Discretionary Adjustments\u0094, \u0093Consequences of Merger Events/Tender Offers\u0094, \u0093Consequences of Announcement Events\u0094 and Section 8(u) below, in respect of an Exercise Date, Dealer will deliver to Counterparty on the related Settlement Date (the \u0093Delivery Obligation\u0094), (i) a number of Shares equal to the product of the Applicable Percentage and the aggregate number of Shares, if any, that Counterparty would be obligated" + ] + ], + "table_index": 4, + "table_kind": "mixed" + }, + "text": "Notice Deadline: | | In respect of any exercise of Options hereunder on any Conversion Date on or after the Free Convertibility Date, 5:00 p.m., New York City time, on the \u0093Scheduled Trading Day\u0094 (as defined in the Indenture) immediately preceding the \u0093Maturity Date\u0094 (as defined in the Indenture).\n | | \nNotice of Exercise: | | Counterparty shall notify Dealer in writing prior to the Notice Deadline of the number of Relevant Convertible Securities being converted on the related Conversion Date. For the avoidance of doubt, if Counterparty fails to give such notice when due in respect of any exercise of Options hereunder with a Conversion Date occurring on or after the Free Convertibility Date, Automatic Exercise shall apply and the Conversion Date shall be deemed to be the Notice Deadline.\n | | \nNotice of Final Convertible Security Settlement Method: | | In addition, Counterparty shall notify Dealer in writing before 5:00 p.m., New York City time, on the \u0093Scheduled Trading Day\u0094 (as defined in the Indenture) immediately preceding the Free Convertibility Date of the settlement method (and, if applicable, the \u0093Specified Dollar Amount\u0094 (as defined in the Indenture)) elected (or deemed to be elected) with respect to Relevant Convertible Securities with a Conversion Date occurring on or after the Free Convertibility Date (any such notice, a \u0093Notice of Final Convertible Security Settlement Method\u0094); provided that if Counterparty does not timely deliver the Notice of Final Convertible Security Settlement Method then the Notice of Final Convertible Security Settlement Method shall be deemed timely given and the Applicable Settlement Method shall be a Cash Election with a \u0093Specified Dollar Amount\u0094 (as defined in the Indenture) of USD 1,000. If Counterparty elects a Settlement Method other than Net Share Settlement in the Notice of Final Convertible Security Settlement Method, the Notice of Final Convertible Security Settlement Method shall contain a written representation by Counterparty to Dealer that Counterparty is not, on the date of the Notice of Final Convertible Security Settlement Method, in possession of any material non-public information with respect to Counterparty or the Shares.\n | | \nDealer\u0092s Contact Details for purpose of Giving Notice: | | As specified in Section 6(b) below.\n | | \nSettlement Terms: | | \n | | \nSettlement Date: | | For any Exercise Date, the date one Settlement Cycle following the final day of the Cash Settlement Averaging Period.\n | | \nDelivery Obligation: | | In lieu of the obligations set forth in Sections 8.1 and 9.1 of the Equity Definitions, and subject to \u0093Automatic Exercise on Conversion Dates\u0094 and \u0093Notice of Exercise\u0094 above and \u0093Method of Adjustment\u0094, \u0093Discretionary Adjustments\u0094, \u0093Consequences of Merger Events/Tender Offers\u0094, \u0093Consequences of Announcement Events\u0094 and Section 8(u) below, in respect of an Exercise Date, Dealer will deliver to Counterparty on the related Settlement Date (the \u0093Delivery Obligation\u0094), (i) a number of Shares equal to the product of the Applicable Percentage and the aggregate number of Shares, if any, that Counterparty would be obligated" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b16", + "block_sequence": 16, + "block_sha256": "8340e720ab7d66d84fe5989271bf98a93725e614364b59149dc3fce473c57f98", + "block_type": "page_number", + "char_count": 12, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 16, + "char_end": 12, + "char_start": 0, + "fragment_sha256": "6832d58c7fcafa7150b2d3fe1f56fa465d1c5e1f8b15b949caafc2f8215656ac", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "Page 5 of 30" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b17", + "block_sequence": 17, + "block_sha256": "05c8e005cb9d0ed25b0ea33bd0637ee040d1b9eb1f57936a948186f87eff3179", + "block_type": "table", + "char_count": 3535, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 17, + "char_end": 3535, + "char_start": 0, + "fragment_sha256": "9263c57c91bdabb61fc9507845980ac350b355655634572516fa2dbd49fa8d01", + "heading_path": [ + "EX-10.1" + ], + "table_index": 5, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.4, + "markdown": "| | | |\n| --- | --- | --- |\n| | | to deliver to the holder(s) of the Relevant Convertible Securities for such Conversion Date pursuant to Section 5.03(B) of the Indenture (except that such number of Shares shall be rounded down to th\u2026 |\n| | | |\n| Applicable Settlement Method: | | For any Relevant Convertible Securities, if Counterparty has notified Dealer in the Notice of Final Convertible Security Settlement Method that it has elected, or is deemed to have elected, to satisf\u2026 |\n| | | |\n| Cash Settlement Averaging Period: | | The 30 \u0093VWAP Trading Days\u0094 (as defined in the Indenture) commencing on the 31st \u0093Scheduled Trading Day\u0094 (as defined in the Indenture) prior to the \u0093Maturity Date\u0094 (as defined in the Indenture). |", + "n_cols": 3, + "n_rows": 5, + "plain_text": " | | to deliver to the holder(s) of the Relevant Convertible Securities for such Conversion Date pursuant to Section 5.03(B) of the Indenture (except that such number of Shares shall be rounded down to the nearest whole number) and cash in lieu of any fractional Share resulting from such rounding and/or (ii) the product of the Applicable Percentage and the aggregate amount of cash, if any, in excess of the principal amount of the Relevant Convertible Securities that Counterparty would be obligated to deliver to holder(s) of the Relevant Convertible Securities for such Conversion Date pursuant to Section 5.03(B) of the Indenture, determined, for each of clauses (i) and (ii), by the Calculation Agent in a commercially reasonable manner by reference to such Sections of the Indenture as if Counterparty had elected to satisfy its conversion obligation in respect of such Relevant Convertible Securities by the Applicable Settlement Method, notwithstanding any different actual election by Counterparty with respect to the settlement of such Relevant Convertible Securities; provided that if the \u0093Daily VWAP\u0094 (as defined in the Indenture) for any \u0093VWAP Trading Day\u0094 (as defined in the Indenture) during the Cash Settlement Averaging Period is greater than the Cap Price, then clause (B) of the relevant \u0093Daily Conversion Value\u0094 (as defined in the Indenture) for such \u0093VWAP Trading Day\u0094 shall be determined as if such \u0093Daily VWAP\u0094 for such \u0093VWAP Trading Day\u0094 were deemed to equal the Cap Price; provided further that the Delivery Obligation shall be determined excluding any Shares and/or cash that Counterparty is obligated to deliver to holder(s) of the Relevant Convertible Securities as a direct or indirect result of any adjustments to the Conversion Rate pursuant to a Discretionary Adjustment, a Make-Whole Adjustment and any interest payment that Counterparty is (or would have been) obligated to deliver to holder(s) of the Relevant Convertible Securities for such Conversion Date.\n | | \nApplicable Settlement Method: | | For any Relevant Convertible Securities, if Counterparty has notified Dealer in the Notice of Final Convertible Security Settlement Method that it has elected, or is deemed to have elected, to satisfy its conversion obligation in respect of such Relevant Convertible Securities in cash or in a combination of cash and Shares in accordance with Section 5.03(A) of the Indenture (a \u0093Cash Election\u0094) with a \u0093Specified Dollar Amount\u0094 (as defined in the Indenture) of at least USD 1,000, the Applicable Settlement Method shall be the settlement method actually so elected, or deemed to be elected, by Counterparty in respect of such Relevant Convertible Securities (the \u0093Convertible Securities Settlement Method\u0094); otherwise, the Applicable Settlement Method shall assume Counterparty had made a Cash Election with respect to such Relevant Convertible Securities (a \u0093Deemed Cash Election\u0094) with a \u0093Specified Dollar Amount\u0094 (as defined in the Indenture) of USD 1,000 per Relevant Convertible Security (\u0093Net Share Settlement\u0094) and the Delivery Obligation shall be determined by the Calculation Agent pursuant to Section 5.03(B)(i)(2) of the Indenture as if the relevant \u0093Observation Period\u0094 (as defined in the Indenture) were the Cash Settlement Averaging Period.\n | | \nCash Settlement Averaging Period: | | The 30 \u0093VWAP Trading Days\u0094 (as defined in the Indenture) commencing on the 31st \u0093Scheduled Trading Day\u0094 (as defined in the Indenture) prior to the \u0093Maturity Date\u0094 (as defined in the Indenture).", + "rows": [ + [ + "", + "", + "to deliver to the holder(s) of the Relevant Convertible Securities for such Conversion Date pursuant to Section 5.03(B) of the Indenture (except that such number of Shares shall be rounded down to the nearest whole number) and cash in lieu of any fractional Share resulting from such rounding and/or (ii) the product of the Applicable Percentage and the aggregate amount of cash, if any, in excess of the principal amount of the Relevant Convertible Securities that Counterparty would be obligated to deliver to holder(s) of the Relevant Convertible Securities for such Conversion Date pursuant to Section 5.03(B) of the Indenture, determined, for each of clauses (i) and (ii), by the Calculation Agent in a commercially reasonable manner by reference to such Sections of the Indenture as if Counterparty had elected to satisfy its conversion obligation in respect of such Relevant Convertible Securities by the Applicable Settlement Method, notwithstanding any different actual election by Counterparty with respect to the settlement of such Relevant Convertible Securities; provided that if the \u0093Daily VWAP\u0094 (as defined in the Indenture) for any \u0093VWAP Trading Day\u0094 (as defined in the Indenture) during the Cash Settlement Averaging Period is greater than the Cap Price, then clause (B) of the relevant \u0093Daily Conversion Value\u0094 (as defined in the Indenture) for such \u0093VWAP Trading Day\u0094 shall be determined as if such \u0093Daily VWAP\u0094 for such \u0093VWAP Trading Day\u0094 were deemed to equal the Cap Price; provided further that the Delivery Obligation shall be determined excluding any Shares and/or cash that Counterparty is obligated to deliver to holder(s) of the Relevant Convertible Securities as a direct or indirect result of any adjustments to the Conversion Rate pursuant to a Discretionary Adjustment, a Make-Whole Adjustment and any interest payment that Counterparty is (or would have been) obligated to deliver to holder(s) of the Relevant Convertible Securities for such Conversion Date." + ], + [ + "", + "", + "" + ], + [ + "Applicable Settlement Method:", + "", + "For any Relevant Convertible Securities, if Counterparty has notified Dealer in the Notice of Final Convertible Security Settlement Method that it has elected, or is deemed to have elected, to satisfy its conversion obligation in respect of such Relevant Convertible Securities in cash or in a combination of cash and Shares in accordance with Section 5.03(A) of the Indenture (a \u0093Cash Election\u0094) with a \u0093Specified Dollar Amount\u0094 (as defined in the Indenture) of at least USD 1,000, the Applicable Settlement Method shall be the settlement method actually so elected, or deemed to be elected, by Counterparty in respect of such Relevant Convertible Securities (the \u0093Convertible Securities Settlement Method\u0094); otherwise, the Applicable Settlement Method shall assume Counterparty had made a Cash Election with respect to such Relevant Convertible Securities (a \u0093Deemed Cash Election\u0094) with a \u0093Specified Dollar Amount\u0094 (as defined in the Indenture) of USD 1,000 per Relevant Convertible Security (\u0093Net Share Settlement\u0094) and the Delivery Obligation shall be determined by the Calculation Agent pursuant to Section 5.03(B)(i)(2) of the Indenture as if the relevant \u0093Observation Period\u0094 (as defined in the Indenture) were the Cash Settlement Averaging Period." + ], + [ + "", + "", + "" + ], + [ + "Cash Settlement Averaging Period:", + "", + "The 30 \u0093VWAP Trading Days\u0094 (as defined in the Indenture) commencing on the 31st \u0093Scheduled Trading Day\u0094 (as defined in the Indenture) prior to the \u0093Maturity Date\u0094 (as defined in the Indenture)." + ] + ], + "table_index": 5, + "table_kind": "mixed" + }, + "text": " | | to deliver to the holder(s) of the Relevant Convertible Securities for such Conversion Date pursuant to Section 5.03(B) of the Indenture (except that such number of Shares shall be rounded down to the nearest whole number) and cash in lieu of any fractional Share resulting from such rounding and/or (ii) the product of the Applicable Percentage and the aggregate amount of cash, if any, in excess of the principal amount of the Relevant Convertible Securities that Counterparty would be obligated to deliver to holder(s) of the Relevant Convertible Securities for such Conversion Date pursuant to Section 5.03(B) of the Indenture, determined, for each of clauses (i) and (ii), by the Calculation Agent in a commercially reasonable manner by reference to such Sections of the Indenture as if Counterparty had elected to satisfy its conversion obligation in respect of such Relevant Convertible Securities by the Applicable Settlement Method, notwithstanding any different actual election by Counterparty with respect to the settlement of such Relevant Convertible Securities; provided that if the \u0093Daily VWAP\u0094 (as defined in the Indenture) for any \u0093VWAP Trading Day\u0094 (as defined in the Indenture) during the Cash Settlement Averaging Period is greater than the Cap Price, then clause (B) of the relevant \u0093Daily Conversion Value\u0094 (as defined in the Indenture) for such \u0093VWAP Trading Day\u0094 shall be determined as if such \u0093Daily VWAP\u0094 for such \u0093VWAP Trading Day\u0094 were deemed to equal the Cap Price; provided further that the Delivery Obligation shall be determined excluding any Shares and/or cash that Counterparty is obligated to deliver to holder(s) of the Relevant Convertible Securities as a direct or indirect result of any adjustments to the Conversion Rate pursuant to a Discretionary Adjustment, a Make-Whole Adjustment and any interest payment that Counterparty is (or would have been) obligated to deliver to holder(s) of the Relevant Convertible Securities for such Conversion Date.\n | | \nApplicable Settlement Method: | | For any Relevant Convertible Securities, if Counterparty has notified Dealer in the Notice of Final Convertible Security Settlement Method that it has elected, or is deemed to have elected, to satisfy its conversion obligation in respect of such Relevant Convertible Securities in cash or in a combination of cash and Shares in accordance with Section 5.03(A) of the Indenture (a \u0093Cash Election\u0094) with a \u0093Specified Dollar Amount\u0094 (as defined in the Indenture) of at least USD 1,000, the Applicable Settlement Method shall be the settlement method actually so elected, or deemed to be elected, by Counterparty in respect of such Relevant Convertible Securities (the \u0093Convertible Securities Settlement Method\u0094); otherwise, the Applicable Settlement Method shall assume Counterparty had made a Cash Election with respect to such Relevant Convertible Securities (a \u0093Deemed Cash Election\u0094) with a \u0093Specified Dollar Amount\u0094 (as defined in the Indenture) of USD 1,000 per Relevant Convertible Security (\u0093Net Share Settlement\u0094) and the Delivery Obligation shall be determined by the Calculation Agent pursuant to Section 5.03(B)(i)(2) of the Indenture as if the relevant \u0093Observation Period\u0094 (as defined in the Indenture) were the Cash Settlement Averaging Period.\n | | \nCash Settlement Averaging Period: | | The 30 \u0093VWAP Trading Days\u0094 (as defined in the Indenture) commencing on the 31st \u0093Scheduled Trading Day\u0094 (as defined in the Indenture) prior to the \u0093Maturity Date\u0094 (as defined in the Indenture)." + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b18", + "block_sequence": 18, + "block_sha256": "ac4e4b9125c68cf649874cfc3da9079224010feade726c56bcbb0ba8eef34f33", + "block_type": "page_number", + "char_count": 12, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 18, + "char_end": 12, + "char_start": 0, + "fragment_sha256": "bd44a08d502de2eee43c7fa69e0511f9f9af080dc86700227c811db3744cb3ab", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "Page 6 of 30" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b19", + "block_sequence": 19, + "block_sha256": "79a5f7a3ddcc767154d77796f4752acd1bbda85737cbbb10cb93f51a028c0b1e", + "block_type": "table", + "char_count": 3121, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 19, + "char_end": 3121, + "char_start": 0, + "fragment_sha256": "20b8200b8c03813babc4548743930e4d4f96fb868448859a51954c892b256a5a", + "heading_path": [ + "EX-10.1" + ], + "table_index": 6, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.4, + "markdown": "| | | |\n| --- | --- | --- |\n| Other Applicable Provisions: | | To the extent Dealer is obligated to deliver Shares hereunder, the provisions of Sections 9.8, 9.9 and 9.11 of the Equity Definitions will be applicable as if \u0093Physical Settlement\u0094 applied to the Tra\u2026 |\n| Restricted Certificated Shares: | | Notwithstanding anything to the contrary in the Equity Definitions, Dealer may, in whole or in part, deliver Shares required to be delivered to Counterparty hereunder in certificated form in lieu of \u2026 |\n| Adjustments: | | |\n| | | |\n| Method of Adjustment: | | Notwithstanding Section 11.2 of the Equity Definitions, upon the occurrence of any event or condition set forth in the Dilution Adjustment Provisions (a \u0093Potential Adjustment Event\u0094) that requires an\u2026 |", + "n_cols": 3, + "n_rows": 5, + "plain_text": "Other Applicable Provisions: | | To the extent Dealer is obligated to deliver Shares hereunder, the provisions of Sections 9.8, 9.9 and 9.11 of the Equity Definitions will be applicable as if \u0093Physical Settlement\u0094 applied to the Transaction; provided that the Representation and Agreement contained in Section 9.11 of the Equity Definitions shall be modified by excluding any representations therein relating to restrictions, obligations, limitations or requirements under applicable securities laws that exist as a result of the fact that Counterparty is the issuer of the Shares.\nRestricted Certificated Shares: | | Notwithstanding anything to the contrary in the Equity Definitions, Dealer may, in whole or in part, deliver Shares required to be delivered to Counterparty hereunder in certificated form in lieu of delivery through the Clearance System. With respect to such certificated Shares, the Representation and Agreement contained in Section 9.11 of the Equity Definitions shall be modified by deleting the remainder of the provision after the word \u0093encumbrance\u0094 in the fourth line thereof.\nAdjustments: | | \n | | \nMethod of Adjustment: | | Notwithstanding Section 11.2 of the Equity Definitions, upon the occurrence of any event or condition set forth in the Dilution Adjustment Provisions (a \u0093Potential Adjustment Event\u0094) that requires an adjustment under the Indenture, the Calculation Agent shall, in good faith and in a commercially reasonable manner, make a corresponding adjustment in respect of any one or more of the Strike Price, the Number of Options, the Option Entitlement and any other term relevant to the exercise, settlement or payment of the Transaction, to the extent an analogous adjustment is required under the Indenture, subject to \u0093Discretionary Adjustments\u0094 below. Immediately upon the occurrence of any Potential Adjustment Event, Counterparty shall notify the Calculation Agent of such Potential Adjustment Event. Notwithstanding anything to the contrary herein or in the Equity Definitions: (i) in connection with any Potential Adjustment Event as a result of an event or condition set forth in Section 5.05(A)(ii) of the Indenture or Section 5.05(A)(iii)(1) of the Indenture where, in either case, the period for determining \u0093Y\u0094 (as such term is used in Section 5.05(A)(ii) of the Indenture) or \u0093SP\u0094 (as such term is used in Section 5.05(A)(iii)(1) of the Indenture), as the case may be, begins before Counterparty has publicly announced the event or condition giving rise to such Potential Adjustment Event, then the Calculation Agent shall, in good faith and in a commercially reasonable manner, have the right to adjust any variable relevant to the exercise, settlement or payment for the Transaction as appropriate to reflect the commercially reasonable costs (to account solely for hedging mismatches and market losses) and commercially reasonable out-of-pocket expenses incurred by Dealer in connection with its commercially reasonable hedging activities as a result of such event or condition not having been publicly announced prior to the beginning of such period; and", + "rows": [ + [ + "Other Applicable Provisions:", + "", + "To the extent Dealer is obligated to deliver Shares hereunder, the provisions of Sections 9.8, 9.9 and 9.11 of the Equity Definitions will be applicable as if \u0093Physical Settlement\u0094 applied to the Transaction; provided that the Representation and Agreement contained in Section 9.11 of the Equity Definitions shall be modified by excluding any representations therein relating to restrictions, obligations, limitations or requirements under applicable securities laws that exist as a result of the fact that Counterparty is the issuer of the Shares." + ], + [ + "Restricted Certificated Shares:", + "", + "Notwithstanding anything to the contrary in the Equity Definitions, Dealer may, in whole or in part, deliver Shares required to be delivered to Counterparty hereunder in certificated form in lieu of delivery through the Clearance System. With respect to such certificated Shares, the Representation and Agreement contained in Section 9.11 of the Equity Definitions shall be modified by deleting the remainder of the provision after the word \u0093encumbrance\u0094 in the fourth line thereof." + ], + [ + "Adjustments:", + "", + "" + ], + [ + "", + "", + "" + ], + [ + "Method of Adjustment:", + "", + "Notwithstanding Section 11.2 of the Equity Definitions, upon the occurrence of any event or condition set forth in the Dilution Adjustment Provisions (a \u0093Potential Adjustment Event\u0094) that requires an adjustment under the Indenture, the Calculation Agent shall, in good faith and in a commercially reasonable manner, make a corresponding adjustment in respect of any one or more of the Strike Price, the Number of Options, the Option Entitlement and any other term relevant to the exercise, settlement or payment of the Transaction, to the extent an analogous adjustment is required under the Indenture, subject to \u0093Discretionary Adjustments\u0094 below. Immediately upon the occurrence of any Potential Adjustment Event, Counterparty shall notify the Calculation Agent of such Potential Adjustment Event. Notwithstanding anything to the contrary herein or in the Equity Definitions: (i) in connection with any Potential Adjustment Event as a result of an event or condition set forth in Section 5.05(A)(ii) of the Indenture or Section 5.05(A)(iii)(1) of the Indenture where, in either case, the period for determining \u0093Y\u0094 (as such term is used in Section 5.05(A)(ii) of the Indenture) or \u0093SP\u0094 (as such term is used in Section 5.05(A)(iii)(1) of the Indenture), as the case may be, begins before Counterparty has publicly announced the event or condition giving rise to such Potential Adjustment Event, then the Calculation Agent shall, in good faith and in a commercially reasonable manner, have the right to adjust any variable relevant to the exercise, settlement or payment for the Transaction as appropriate to reflect the commercially reasonable costs (to account solely for hedging mismatches and market losses) and commercially reasonable out-of-pocket expenses incurred by Dealer in connection with its commercially reasonable hedging activities as a result of such event or condition not having been publicly announced prior to the beginning of such period; and" + ] + ], + "table_index": 6, + "table_kind": "mixed" + }, + "text": "Other Applicable Provisions: | | To the extent Dealer is obligated to deliver Shares hereunder, the provisions of Sections 9.8, 9.9 and 9.11 of the Equity Definitions will be applicable as if \u0093Physical Settlement\u0094 applied to the Transaction; provided that the Representation and Agreement contained in Section 9.11 of the Equity Definitions shall be modified by excluding any representations therein relating to restrictions, obligations, limitations or requirements under applicable securities laws that exist as a result of the fact that Counterparty is the issuer of the Shares.\nRestricted Certificated Shares: | | Notwithstanding anything to the contrary in the Equity Definitions, Dealer may, in whole or in part, deliver Shares required to be delivered to Counterparty hereunder in certificated form in lieu of delivery through the Clearance System. With respect to such certificated Shares, the Representation and Agreement contained in Section 9.11 of the Equity Definitions shall be modified by deleting the remainder of the provision after the word \u0093encumbrance\u0094 in the fourth line thereof.\nAdjustments: | | \n | | \nMethod of Adjustment: | | Notwithstanding Section 11.2 of the Equity Definitions, upon the occurrence of any event or condition set forth in the Dilution Adjustment Provisions (a \u0093Potential Adjustment Event\u0094) that requires an adjustment under the Indenture, the Calculation Agent shall, in good faith and in a commercially reasonable manner, make a corresponding adjustment in respect of any one or more of the Strike Price, the Number of Options, the Option Entitlement and any other term relevant to the exercise, settlement or payment of the Transaction, to the extent an analogous adjustment is required under the Indenture, subject to \u0093Discretionary Adjustments\u0094 below. Immediately upon the occurrence of any Potential Adjustment Event, Counterparty shall notify the Calculation Agent of such Potential Adjustment Event. Notwithstanding anything to the contrary herein or in the Equity Definitions: (i) in connection with any Potential Adjustment Event as a result of an event or condition set forth in Section 5.05(A)(ii) of the Indenture or Section 5.05(A)(iii)(1) of the Indenture where, in either case, the period for determining \u0093Y\u0094 (as such term is used in Section 5.05(A)(ii) of the Indenture) or \u0093SP\u0094 (as such term is used in Section 5.05(A)(iii)(1) of the Indenture), as the case may be, begins before Counterparty has publicly announced the event or condition giving rise to such Potential Adjustment Event, then the Calculation Agent shall, in good faith and in a commercially reasonable manner, have the right to adjust any variable relevant to the exercise, settlement or payment for the Transaction as appropriate to reflect the commercially reasonable costs (to account solely for hedging mismatches and market losses) and commercially reasonable out-of-pocket expenses incurred by Dealer in connection with its commercially reasonable hedging activities as a result of such event or condition not having been publicly announced prior to the beginning of such period; and" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b20", + "block_sequence": 20, + "block_sha256": "c1436ae5a652a10978d5b8275c190873f4cf5883a87e6c305a4e36f5fcafb375", + "block_type": "page_number", + "char_count": 12, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 20, + "char_end": 12, + "char_start": 0, + "fragment_sha256": "eec8de765c67cd359cb4b5d6571cebd3b850000dc66db38a2e34ae7c4188b3a8", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "Page 7 of 30" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b21", + "block_sequence": 21, + "block_sha256": "b70c9dc5b70190f580a0f95933f854e227f4592aabf177bb22435ddf05dd37f7", + "block_type": "table", + "char_count": 3773, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 21, + "char_end": 3773, + "char_start": 0, + "fragment_sha256": "0c7979f218087522ebdacc26c98a2b6170ad35ac774b18c0e856f89d15e008c1", + "heading_path": [ + "EX-10.1" + ], + "table_index": 7, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.4, + "markdown": "| | | |\n| --- | --- | --- |\n| | | (ii) if any Potential Adjustment Event is declared and (a) the event or condition giving rise to such Potential Adjustment Event is subsequently amended, modified, cancelled or abandoned, (b) the \u0093Co\u2026 |\n| | | |\n| Dilution Adjustment Provisions: | | Sections 5.05(A)(i), (ii), (iii), (iv) and (v) and Section 5.05(H) of the Indenture |\n| | | |\n| Discretionary Adjustments: | | Notwithstanding anything to the contrary herein or in the Equity Definitions, if the Calculation Agent in good faith disagrees with any adjustment under the Indenture that is the basis of any adjustm\u2026 |", + "n_cols": 3, + "n_rows": 5, + "plain_text": " | | (ii) if any Potential Adjustment Event is declared and (a) the event or condition giving rise to such Potential Adjustment Event is subsequently amended, modified, cancelled or abandoned, (b) the \u0093Conversion Rate\u0094 (as defined in the Indenture) is otherwise not adjusted at the time or in the manner contemplated by the relevant Dilution Adjustment Provision based on such declaration or (c) the \u0093Conversion Rate\u0094 (as defined in the Indenture) is adjusted as a result of such Potential Adjustment Event and subsequently re-adjusted (each of clauses (a), (b) and (c), a \u0093Potential Adjustment Event Change\u0094) then, in each case, the Calculation Agent shall, in good faith and in a commercially reasonable manner, have the right to adjust any variable relevant to the exercise, settlement or payment for the Transaction as appropriate to reflect the commercially reasonable costs (to account solely for hedging mismatches and market losses) and commercially reasonable out-of-pocket expenses incurred by Dealer in connection with its commercially reasonable hedging activities as a result of such Potential Adjustment Event Change. For the avoidance of doubt, Dealer shall not have any payment or delivery obligation hereunder in respect of, and no adjustment shall be made to the terms of the Transaction on account of, (x) any distribution of cash, property or securities by Counterparty to the holders of Convertible Securities (upon conversion or otherwise) or (y) any other transaction in which holders of Convertible Securities are entitled to participate, in each case, in lieu of an adjustment under the Indenture in respect of a Potential Adjustment Event (including, without limitation, under the proviso to the first sentence of Section 5.05(A)(iii)(1) of the Indenture or the proviso to the first sentence of Section 5.05(A)(iv) of the Indenture).\n | | \nDilution Adjustment Provisions: | | Sections 5.05(A)(i), (ii), (iii), (iv) and (v) and Section 5.05(H) of the Indenture\n | | \nDiscretionary Adjustments: | | Notwithstanding anything to the contrary herein or in the Equity Definitions, if the Calculation Agent in good faith disagrees with any adjustment under the Indenture that is the basis of any adjustment hereunder and that involves an exercise of discretion by Counterparty, its board of directors or a committee of its board of directors (including, without limitation, pursuant to Section 5.05(H) of the Indenture or pursuant to Section 5.09 of the Indenture or any supplemental indenture entered into thereunder or in connection with the determination of the fair value of any securities, property, rights or other assets), then the Calculation Agent will determine the corresponding adjustment to be made to any one or more of the Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment of or under the Transaction in good faith and in a commercially reasonable manner consistent with the methodology set forth in the Indenture. In addition, notwithstanding the foregoing, if any Potential Adjustment Event occurs during the Cash Settlement Averaging Period but no adjustment was made to any Convertible Security under the Indenture because the relevant holder of such Convertible Security was deemed to be a record owner of the underlying Shares on the related Conversion Date, then the Calculation Agent shall, in good faith and in a commercially reasonable manner, make an adjustment, consistent with the methodology set forth in the Indenture as determined by it, to the terms hereof in order to account for such Potential Adjustment Event. For the avoidance of doubt, the Delivery Obligation shall be calculated on the basis of such adjustments by the Calculation Agent.", + "rows": [ + [ + "", + "", + "(ii) if any Potential Adjustment Event is declared and (a) the event or condition giving rise to such Potential Adjustment Event is subsequently amended, modified, cancelled or abandoned, (b) the \u0093Conversion Rate\u0094 (as defined in the Indenture) is otherwise not adjusted at the time or in the manner contemplated by the relevant Dilution Adjustment Provision based on such declaration or (c) the \u0093Conversion Rate\u0094 (as defined in the Indenture) is adjusted as a result of such Potential Adjustment Event and subsequently re-adjusted (each of clauses (a), (b) and (c), a \u0093Potential Adjustment Event Change\u0094) then, in each case, the Calculation Agent shall, in good faith and in a commercially reasonable manner, have the right to adjust any variable relevant to the exercise, settlement or payment for the Transaction as appropriate to reflect the commercially reasonable costs (to account solely for hedging mismatches and market losses) and commercially reasonable out-of-pocket expenses incurred by Dealer in connection with its commercially reasonable hedging activities as a result of such Potential Adjustment Event Change. For the avoidance of doubt, Dealer shall not have any payment or delivery obligation hereunder in respect of, and no adjustment shall be made to the terms of the Transaction on account of, (x) any distribution of cash, property or securities by Counterparty to the holders of Convertible Securities (upon conversion or otherwise) or (y) any other transaction in which holders of Convertible Securities are entitled to participate, in each case, in lieu of an adjustment under the Indenture in respect of a Potential Adjustment Event (including, without limitation, under the proviso to the first sentence of Section 5.05(A)(iii)(1) of the Indenture or the proviso to the first sentence of Section 5.05(A)(iv) of the Indenture)." + ], + [ + "", + "", + "" + ], + [ + "Dilution Adjustment Provisions:", + "", + "Sections 5.05(A)(i), (ii), (iii), (iv) and (v) and Section 5.05(H) of the Indenture" + ], + [ + "", + "", + "" + ], + [ + "Discretionary Adjustments:", + "", + "Notwithstanding anything to the contrary herein or in the Equity Definitions, if the Calculation Agent in good faith disagrees with any adjustment under the Indenture that is the basis of any adjustment hereunder and that involves an exercise of discretion by Counterparty, its board of directors or a committee of its board of directors (including, without limitation, pursuant to Section 5.05(H) of the Indenture or pursuant to Section 5.09 of the Indenture or any supplemental indenture entered into thereunder or in connection with the determination of the fair value of any securities, property, rights or other assets), then the Calculation Agent will determine the corresponding adjustment to be made to any one or more of the Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment of or under the Transaction in good faith and in a commercially reasonable manner consistent with the methodology set forth in the Indenture. In addition, notwithstanding the foregoing, if any Potential Adjustment Event occurs during the Cash Settlement Averaging Period but no adjustment was made to any Convertible Security under the Indenture because the relevant holder of such Convertible Security was deemed to be a record owner of the underlying Shares on the related Conversion Date, then the Calculation Agent shall, in good faith and in a commercially reasonable manner, make an adjustment, consistent with the methodology set forth in the Indenture as determined by it, to the terms hereof in order to account for such Potential Adjustment Event. For the avoidance of doubt, the Delivery Obligation shall be calculated on the basis of such adjustments by the Calculation Agent." + ] + ], + "table_index": 7, + "table_kind": "mixed" + }, + "text": " | | (ii) if any Potential Adjustment Event is declared and (a) the event or condition giving rise to such Potential Adjustment Event is subsequently amended, modified, cancelled or abandoned, (b) the \u0093Conversion Rate\u0094 (as defined in the Indenture) is otherwise not adjusted at the time or in the manner contemplated by the relevant Dilution Adjustment Provision based on such declaration or (c) the \u0093Conversion Rate\u0094 (as defined in the Indenture) is adjusted as a result of such Potential Adjustment Event and subsequently re-adjusted (each of clauses (a), (b) and (c), a \u0093Potential Adjustment Event Change\u0094) then, in each case, the Calculation Agent shall, in good faith and in a commercially reasonable manner, have the right to adjust any variable relevant to the exercise, settlement or payment for the Transaction as appropriate to reflect the commercially reasonable costs (to account solely for hedging mismatches and market losses) and commercially reasonable out-of-pocket expenses incurred by Dealer in connection with its commercially reasonable hedging activities as a result of such Potential Adjustment Event Change. For the avoidance of doubt, Dealer shall not have any payment or delivery obligation hereunder in respect of, and no adjustment shall be made to the terms of the Transaction on account of, (x) any distribution of cash, property or securities by Counterparty to the holders of Convertible Securities (upon conversion or otherwise) or (y) any other transaction in which holders of Convertible Securities are entitled to participate, in each case, in lieu of an adjustment under the Indenture in respect of a Potential Adjustment Event (including, without limitation, under the proviso to the first sentence of Section 5.05(A)(iii)(1) of the Indenture or the proviso to the first sentence of Section 5.05(A)(iv) of the Indenture).\n | | \nDilution Adjustment Provisions: | | Sections 5.05(A)(i), (ii), (iii), (iv) and (v) and Section 5.05(H) of the Indenture\n | | \nDiscretionary Adjustments: | | Notwithstanding anything to the contrary herein or in the Equity Definitions, if the Calculation Agent in good faith disagrees with any adjustment under the Indenture that is the basis of any adjustment hereunder and that involves an exercise of discretion by Counterparty, its board of directors or a committee of its board of directors (including, without limitation, pursuant to Section 5.05(H) of the Indenture or pursuant to Section 5.09 of the Indenture or any supplemental indenture entered into thereunder or in connection with the determination of the fair value of any securities, property, rights or other assets), then the Calculation Agent will determine the corresponding adjustment to be made to any one or more of the Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment of or under the Transaction in good faith and in a commercially reasonable manner consistent with the methodology set forth in the Indenture. In addition, notwithstanding the foregoing, if any Potential Adjustment Event occurs during the Cash Settlement Averaging Period but no adjustment was made to any Convertible Security under the Indenture because the relevant holder of such Convertible Security was deemed to be a record owner of the underlying Shares on the related Conversion Date, then the Calculation Agent shall, in good faith and in a commercially reasonable manner, make an adjustment, consistent with the methodology set forth in the Indenture as determined by it, to the terms hereof in order to account for such Potential Adjustment Event. For the avoidance of doubt, the Delivery Obligation shall be calculated on the basis of such adjustments by the Calculation Agent." + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b22", + "block_sequence": 22, + "block_sha256": "fe410c1fd67da09ca9b9de0229dc769c7be765934222acf7116579d59baf665e", + "block_type": "page_number", + "char_count": 12, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 22, + "char_end": 12, + "char_start": 0, + "fragment_sha256": "e2af2106fe55cc3bf7776de1e6c01164b1b77291b791f871362ad526ce9f5f78", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "Page 8 of 30" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b23", + "block_sequence": 23, + "block_sha256": "45eafb40e3912554dac77d30e02ecac613a9f10ea70ca34928e0b32f6f10f9fd", + "block_type": "table", + "char_count": 3524, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 23, + "char_end": 3524, + "char_start": 0, + "fragment_sha256": "2bafe4125277293991fadfdc2a10a677d4dff532c457134e1a5d93198c5802ad", + "heading_path": [ + "EX-10.1" + ], + "table_index": 8, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.4, + "markdown": "| | | |\n| --- | --- | --- |\n| Extraordinary Events: | | |\n| | | |\n| Merger Events: | | Notwithstanding Section 12.1(b) of the Equity Definitions, \u0093Merger Event\u0094 shall have the same meaning as the meaning of \u0093Common Stock Change Event\u0094 set forth in Section 5.09(A) of the Indenture. |\n| | | |\n| Consequences of Merger Events/Tender Offers: | | Notwithstanding Section 12.2 of the Equity Definitions, upon the occurrence of a Merger Event, the Calculation Agent, acting in good faith and commercially reasonably, shall make a corresponding adju\u2026 |\n| | | |\n| Notice of Merger Consideration: | | Upon the occurrence of a Merger Event, Counterparty shall reasonably promptly (but in any event prior to consummation of such Merger Event) notify the Calculation Agent of, in the case of a Merger Ev\u2026 |", + "n_cols": 3, + "n_rows": 7, + "plain_text": "Extraordinary Events: | | \n | | \nMerger Events: | | Notwithstanding Section 12.1(b) of the Equity Definitions, \u0093Merger Event\u0094 shall have the same meaning as the meaning of \u0093Common Stock Change Event\u0094 set forth in Section 5.09(A) of the Indenture.\n | | \nConsequences of Merger Events/Tender Offers: | | Notwithstanding Section 12.2 of the Equity Definitions, upon the occurrence of a Merger Event, the Calculation Agent, acting in good faith and commercially reasonably, shall make a corresponding adjustment in respect of any adjustment under the Indenture to any one or more of the nature of the Shares, the Number of Options, the Option Entitlement, composition of the \u0093Shares\u0094 hereunder and any other variable relevant to the exercise, settlement or payment for the Transaction, to the extent an analogous adjustment is required under Section 5.09 of the Indenture in respect of such Merger Event, as determined in good faith and in a commercially reasonable manner by the Calculation Agent by reference to such Section, subject to \u0093Discretionary Adjustments\u0094 above; provided that such adjustment shall be made without regard to any adjustment to the Conversion Rate pursuant to a Make-Whole Adjustment or a Discretionary Adjustment; provided further that in respect of any election by the holders of Shares with respect to the consideration due upon consummation of any Merger Event, the Calculation Agent shall have the right to adjust any variable relevant to the exercise, settlement or payment for the Transaction as appropriate to compensate Dealer for any losses (including, without limitation, market losses customary for transactions similar to the Transaction with counterparties similar to Counterparty) relating to any mismatch on its Hedge Position, assuming Dealer maintains a commercially reasonable Hedge Position, and the type and amount of consideration actually paid or issued to the holders of Shares in respect of such Merger Event; and provided further that if, with respect to a Merger Event or a Tender Offer, (i) the consideration for the Shares includes (or, at the option of a holder of Shares, may include) securities issued by an entity that is not a corporation organized under the laws of the United States, any state thereof or the District of Columbia or (ii) the Counterparty to the Transaction, following such Merger Event, will not be a corporation organized under the laws of the United States, any State thereof or the District of Columbia or will not be the Issuer, Dealer may elect in its commercially reasonable discretion that Cancellation and Payment (Calculation Agent Determination) shall apply. For the avoidance of doubt, adjustments shall be made pursuant to the provisions set forth above regardless of whether any Merger Event gives rise to an Early Conversion. For purposes of this paragraph, \u0093Tender Offer\u0094 means the occurrence of any event or condition set forth in Section 5.05(A)(v) of the Indenture.\n | | \nNotice of Merger Consideration: | | Upon the occurrence of a Merger Event, Counterparty shall reasonably promptly (but in any event prior to consummation of such Merger Event) notify the Calculation Agent of, in the case of a Merger Event that causes the Shares to be converted into the right to receive more than a single type of consideration (determined based in part upon any form of stockholder election), the weighted average of the types and amounts of consideration actually received by holders of Shares upon consummation of such Merger Event.", + "rows": [ + [ + "Extraordinary Events:", + "", + "" + ], + [ + "", + "", + "" + ], + [ + "Merger Events:", + "", + "Notwithstanding Section 12.1(b) of the Equity Definitions, \u0093Merger Event\u0094 shall have the same meaning as the meaning of \u0093Common Stock Change Event\u0094 set forth in Section 5.09(A) of the Indenture." + ], + [ + "", + "", + "" + ], + [ + "Consequences of Merger Events/Tender Offers:", + "", + "Notwithstanding Section 12.2 of the Equity Definitions, upon the occurrence of a Merger Event, the Calculation Agent, acting in good faith and commercially reasonably, shall make a corresponding adjustment in respect of any adjustment under the Indenture to any one or more of the nature of the Shares, the Number of Options, the Option Entitlement, composition of the \u0093Shares\u0094 hereunder and any other variable relevant to the exercise, settlement or payment for the Transaction, to the extent an analogous adjustment is required under Section 5.09 of the Indenture in respect of such Merger Event, as determined in good faith and in a commercially reasonable manner by the Calculation Agent by reference to such Section, subject to \u0093Discretionary Adjustments\u0094 above; provided that such adjustment shall be made without regard to any adjustment to the Conversion Rate pursuant to a Make-Whole Adjustment or a Discretionary Adjustment; provided further that in respect of any election by the holders of Shares with respect to the consideration due upon consummation of any Merger Event, the Calculation Agent shall have the right to adjust any variable relevant to the exercise, settlement or payment for the Transaction as appropriate to compensate Dealer for any losses (including, without limitation, market losses customary for transactions similar to the Transaction with counterparties similar to Counterparty) relating to any mismatch on its Hedge Position, assuming Dealer maintains a commercially reasonable Hedge Position, and the type and amount of consideration actually paid or issued to the holders of Shares in respect of such Merger Event; and provided further that if, with respect to a Merger Event or a Tender Offer, (i) the consideration for the Shares includes (or, at the option of a holder of Shares, may include) securities issued by an entity that is not a corporation organized under the laws of the United States, any state thereof or the District of Columbia or (ii) the Counterparty to the Transaction, following such Merger Event, will not be a corporation organized under the laws of the United States, any State thereof or the District of Columbia or will not be the Issuer, Dealer may elect in its commercially reasonable discretion that Cancellation and Payment (Calculation Agent Determination) shall apply. For the avoidance of doubt, adjustments shall be made pursuant to the provisions set forth above regardless of whether any Merger Event gives rise to an Early Conversion. For purposes of this paragraph, \u0093Tender Offer\u0094 means the occurrence of any event or condition set forth in Section 5.05(A)(v) of the Indenture." + ], + [ + "", + "", + "" + ], + [ + "Notice of Merger Consideration:", + "", + "Upon the occurrence of a Merger Event, Counterparty shall reasonably promptly (but in any event prior to consummation of such Merger Event) notify the Calculation Agent of, in the case of a Merger Event that causes the Shares to be converted into the right to receive more than a single type of consideration (determined based in part upon any form of stockholder election), the weighted average of the types and amounts of consideration actually received by holders of Shares upon consummation of such Merger Event." + ] + ], + "table_index": 8, + "table_kind": "mixed" + }, + "text": "Extraordinary Events: | | \n | | \nMerger Events: | | Notwithstanding Section 12.1(b) of the Equity Definitions, \u0093Merger Event\u0094 shall have the same meaning as the meaning of \u0093Common Stock Change Event\u0094 set forth in Section 5.09(A) of the Indenture.\n | | \nConsequences of Merger Events/Tender Offers: | | Notwithstanding Section 12.2 of the Equity Definitions, upon the occurrence of a Merger Event, the Calculation Agent, acting in good faith and commercially reasonably, shall make a corresponding adjustment in respect of any adjustment under the Indenture to any one or more of the nature of the Shares, the Number of Options, the Option Entitlement, composition of the \u0093Shares\u0094 hereunder and any other variable relevant to the exercise, settlement or payment for the Transaction, to the extent an analogous adjustment is required under Section 5.09 of the Indenture in respect of such Merger Event, as determined in good faith and in a commercially reasonable manner by the Calculation Agent by reference to such Section, subject to \u0093Discretionary Adjustments\u0094 above; provided that such adjustment shall be made without regard to any adjustment to the Conversion Rate pursuant to a Make-Whole Adjustment or a Discretionary Adjustment; provided further that in respect of any election by the holders of Shares with respect to the consideration due upon consummation of any Merger Event, the Calculation Agent shall have the right to adjust any variable relevant to the exercise, settlement or payment for the Transaction as appropriate to compensate Dealer for any losses (including, without limitation, market losses customary for transactions similar to the Transaction with counterparties similar to Counterparty) relating to any mismatch on its Hedge Position, assuming Dealer maintains a commercially reasonable Hedge Position, and the type and amount of consideration actually paid or issued to the holders of Shares in respect of such Merger Event; and provided further that if, with respect to a Merger Event or a Tender Offer, (i) the consideration for the Shares includes (or, at the option of a holder of Shares, may include) securities issued by an entity that is not a corporation organized under the laws of the United States, any state thereof or the District of Columbia or (ii) the Counterparty to the Transaction, following such Merger Event, will not be a corporation organized under the laws of the United States, any State thereof or the District of Columbia or will not be the Issuer, Dealer may elect in its commercially reasonable discretion that Cancellation and Payment (Calculation Agent Determination) shall apply. For the avoidance of doubt, adjustments shall be made pursuant to the provisions set forth above regardless of whether any Merger Event gives rise to an Early Conversion. For purposes of this paragraph, \u0093Tender Offer\u0094 means the occurrence of any event or condition set forth in Section 5.05(A)(v) of the Indenture.\n | | \nNotice of Merger Consideration: | | Upon the occurrence of a Merger Event, Counterparty shall reasonably promptly (but in any event prior to consummation of such Merger Event) notify the Calculation Agent of, in the case of a Merger Event that causes the Shares to be converted into the right to receive more than a single type of consideration (determined based in part upon any form of stockholder election), the weighted average of the types and amounts of consideration actually received by holders of Shares upon consummation of such Merger Event." + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b24", + "block_sequence": 24, + "block_sha256": "d7d0ae4ee2723697c6aae7bf591ff777f5704508acef4590e559c2357d488799", + "block_type": "page_number", + "char_count": 12, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 24, + "char_end": 12, + "char_start": 0, + "fragment_sha256": "831c9d665d90cc8ccc96114b4f97dd23dc65ee4a4c0f98264b8e20e6cca1b7ec", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "Page 9 of 30" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b25", + "block_sequence": 25, + "block_sha256": "5eaf3af6119a1429bd342e7ddbd6dc2f005f025b37d89934c5689ad35611b29c", + "block_type": "table", + "char_count": 3644, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 25, + "char_end": 3644, + "char_start": 0, + "fragment_sha256": "7bfd2fc0725a19765e0dd5f16e596db8a27e72e06b8048e6e1e6fa0164cfed8c", + "heading_path": [ + "EX-10.1" + ], + "table_index": 9, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.4, + "markdown": "| | | |\n| --- | --- | --- |\n| Consequences of Announcement Events: | | Modified Calculation Agent Adjustment as set forth in Section 12.3(d) of the Equity Definitions; provided that, in respect of an Announcement Event, (x) references to \u0093Tender Offer\u0094 shall be replaced\u2026 |\n| | | |\n| Announcement Event: | | (i) The public announcement by Issuer, any subsidiary of Issuer, any affiliate of Issuer, any agent or representative of Issuer, any Valid Third Party Entity or any affiliate of a Valid Third Party E\u2026 |", + "n_cols": 3, + "n_rows": 3, + "plain_text": "Consequences of Announcement Events: | | Modified Calculation Agent Adjustment as set forth in Section 12.3(d) of the Equity Definitions; provided that, in respect of an Announcement Event, (x) references to \u0093Tender Offer\u0094 shall be replaced by references to \u0093Announcement Event\u0094 and references to \u0093Tender Offer Date\u0094 shall be replaced by references to \u0093date of such Announcement Event\u0094, (y) the phrase \u0093exercise, settlement, payment or any other terms of the Transaction (including, without limitation, the spread)\u0094 shall be replaced with the phrase \u0093Cap Price (provided that in no event shall the Cap Price be less than the Strike Price)\u0094 and the words \u0093whether within a commercially reasonable (as determined by the Calculation Agent) period of time prior to or after the Announcement Event\u0094 shall be inserted prior to the word \u0093, which\u0094 in the seventh line, and (z) for the avoidance of doubt, the Calculation Agent shall, in good faith and in a commercially reasonable manner, determine whether the relevant Announcement Event has had an economic effect on the Transaction (the terms of which include, among other terms, the Strike Price and Cap Price), and, if so, shall adjust the Cap Price accordingly to take into account such economic effect on one or more occasions on or after the date of the Announcement Event up to, and including, the Expiration Date, any Early Termination Date and/or any other date of cancellation, it being understood that (i) any adjustment in respect of an Announcement Event shall take into account any earlier adjustment relating to the same Announcement Event and (ii) in making any adjustment the Calculation Agent shall take into account volatility, liquidity or other factors before and after such Announcement Event. An Announcement Event shall be an \u0093Extraordinary Event\u0094 for purposes of the Equity Definitions, to which Article 12 of the Equity Definitions is applicable.\n | | \nAnnouncement Event: | | (i) The public announcement by Issuer, any subsidiary of Issuer, any affiliate of Issuer, any agent or representative of Issuer, any Valid Third Party Entity or any affiliate of a Valid Third Party Entity of (x) any transaction or event that, if completed, would constitute a Merger Event or Tender Offer, (y) any potential acquisition or disposition by Issuer and/or its subsidiaries where the aggregate consideration exceeds 35% of the market capitalization of Issuer as of the date of such announcement (a \u0093Transformative Transaction\u0094) or (z) the intention to enter into a Merger Event or Tender Offer or a Transformative Transaction, (ii) the public announcement by Issuer of an intention to solicit or enter into, or to explore strategic alternatives or other similar undertaking that may include, a Merger Event or Tender Offer or a Transformative Transaction or (iii) any subsequent public announcement by Issuer, any subsidiary of Issuer, any affiliate of Issuer, any agent or representative of Issuer or a Valid Third Party Entity of a change to a transaction or intention that is the subject of an announcement of the type described in clause (i) or (ii) of this sentence (including, without limitation, a new announcement, whether or not by the same party, relating to such a transaction or intention or the announcement of a withdrawal from, or the abandonment or discontinuation of, such a transaction or intention), as determined by the Calculation Agent in good faith and in a commercially reasonable manner. For the avoidance of doubt, the occurrence of an Announcement Event with respect to any transaction or intention shall not preclude the occurrence of a later Announcement", + "rows": [ + [ + "Consequences of Announcement Events:", + "", + "Modified Calculation Agent Adjustment as set forth in Section 12.3(d) of the Equity Definitions; provided that, in respect of an Announcement Event, (x) references to \u0093Tender Offer\u0094 shall be replaced by references to \u0093Announcement Event\u0094 and references to \u0093Tender Offer Date\u0094 shall be replaced by references to \u0093date of such Announcement Event\u0094, (y) the phrase \u0093exercise, settlement, payment or any other terms of the Transaction (including, without limitation, the spread)\u0094 shall be replaced with the phrase \u0093Cap Price (provided that in no event shall the Cap Price be less than the Strike Price)\u0094 and the words \u0093whether within a commercially reasonable (as determined by the Calculation Agent) period of time prior to or after the Announcement Event\u0094 shall be inserted prior to the word \u0093, which\u0094 in the seventh line, and (z) for the avoidance of doubt, the Calculation Agent shall, in good faith and in a commercially reasonable manner, determine whether the relevant Announcement Event has had an economic effect on the Transaction (the terms of which include, among other terms, the Strike Price and Cap Price), and, if so, shall adjust the Cap Price accordingly to take into account such economic effect on one or more occasions on or after the date of the Announcement Event up to, and including, the Expiration Date, any Early Termination Date and/or any other date of cancellation, it being understood that (i) any adjustment in respect of an Announcement Event shall take into account any earlier adjustment relating to the same Announcement Event and (ii) in making any adjustment the Calculation Agent shall take into account volatility, liquidity or other factors before and after such Announcement Event. An Announcement Event shall be an \u0093Extraordinary Event\u0094 for purposes of the Equity Definitions, to which Article 12 of the Equity Definitions is applicable." + ], + [ + "", + "", + "" + ], + [ + "Announcement Event:", + "", + "(i) The public announcement by Issuer, any subsidiary of Issuer, any affiliate of Issuer, any agent or representative of Issuer, any Valid Third Party Entity or any affiliate of a Valid Third Party Entity of (x) any transaction or event that, if completed, would constitute a Merger Event or Tender Offer, (y) any potential acquisition or disposition by Issuer and/or its subsidiaries where the aggregate consideration exceeds 35% of the market capitalization of Issuer as of the date of such announcement (a \u0093Transformative Transaction\u0094) or (z) the intention to enter into a Merger Event or Tender Offer or a Transformative Transaction, (ii) the public announcement by Issuer of an intention to solicit or enter into, or to explore strategic alternatives or other similar undertaking that may include, a Merger Event or Tender Offer or a Transformative Transaction or (iii) any subsequent public announcement by Issuer, any subsidiary of Issuer, any affiliate of Issuer, any agent or representative of Issuer or a Valid Third Party Entity of a change to a transaction or intention that is the subject of an announcement of the type described in clause (i) or (ii) of this sentence (including, without limitation, a new announcement, whether or not by the same party, relating to such a transaction or intention or the announcement of a withdrawal from, or the abandonment or discontinuation of, such a transaction or intention), as determined by the Calculation Agent in good faith and in a commercially reasonable manner. For the avoidance of doubt, the occurrence of an Announcement Event with respect to any transaction or intention shall not preclude the occurrence of a later Announcement" + ] + ], + "table_index": 9, + "table_kind": "mixed" + }, + "text": "Consequences of Announcement Events: | | Modified Calculation Agent Adjustment as set forth in Section 12.3(d) of the Equity Definitions; provided that, in respect of an Announcement Event, (x) references to \u0093Tender Offer\u0094 shall be replaced by references to \u0093Announcement Event\u0094 and references to \u0093Tender Offer Date\u0094 shall be replaced by references to \u0093date of such Announcement Event\u0094, (y) the phrase \u0093exercise, settlement, payment or any other terms of the Transaction (including, without limitation, the spread)\u0094 shall be replaced with the phrase \u0093Cap Price (provided that in no event shall the Cap Price be less than the Strike Price)\u0094 and the words \u0093whether within a commercially reasonable (as determined by the Calculation Agent) period of time prior to or after the Announcement Event\u0094 shall be inserted prior to the word \u0093, which\u0094 in the seventh line, and (z) for the avoidance of doubt, the Calculation Agent shall, in good faith and in a commercially reasonable manner, determine whether the relevant Announcement Event has had an economic effect on the Transaction (the terms of which include, among other terms, the Strike Price and Cap Price), and, if so, shall adjust the Cap Price accordingly to take into account such economic effect on one or more occasions on or after the date of the Announcement Event up to, and including, the Expiration Date, any Early Termination Date and/or any other date of cancellation, it being understood that (i) any adjustment in respect of an Announcement Event shall take into account any earlier adjustment relating to the same Announcement Event and (ii) in making any adjustment the Calculation Agent shall take into account volatility, liquidity or other factors before and after such Announcement Event. An Announcement Event shall be an \u0093Extraordinary Event\u0094 for purposes of the Equity Definitions, to which Article 12 of the Equity Definitions is applicable.\n | | \nAnnouncement Event: | | (i) The public announcement by Issuer, any subsidiary of Issuer, any affiliate of Issuer, any agent or representative of Issuer, any Valid Third Party Entity or any affiliate of a Valid Third Party Entity of (x) any transaction or event that, if completed, would constitute a Merger Event or Tender Offer, (y) any potential acquisition or disposition by Issuer and/or its subsidiaries where the aggregate consideration exceeds 35% of the market capitalization of Issuer as of the date of such announcement (a \u0093Transformative Transaction\u0094) or (z) the intention to enter into a Merger Event or Tender Offer or a Transformative Transaction, (ii) the public announcement by Issuer of an intention to solicit or enter into, or to explore strategic alternatives or other similar undertaking that may include, a Merger Event or Tender Offer or a Transformative Transaction or (iii) any subsequent public announcement by Issuer, any subsidiary of Issuer, any affiliate of Issuer, any agent or representative of Issuer or a Valid Third Party Entity of a change to a transaction or intention that is the subject of an announcement of the type described in clause (i) or (ii) of this sentence (including, without limitation, a new announcement, whether or not by the same party, relating to such a transaction or intention or the announcement of a withdrawal from, or the abandonment or discontinuation of, such a transaction or intention), as determined by the Calculation Agent in good faith and in a commercially reasonable manner. For the avoidance of doubt, the occurrence of an Announcement Event with respect to any transaction or intention shall not preclude the occurrence of a later Announcement" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b26", + "block_sequence": 26, + "block_sha256": "1814c231457ad0f8c76a62fb69a82acdc1a47adce97ac6a15c577baa8eb79ef5", + "block_type": "page_number", + "char_count": 13, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 26, + "char_end": 13, + "char_start": 0, + "fragment_sha256": "d551e9b1ceb1ad77f1c954ee6d492702f0bfee72ccdab65ae6ce14a82f822769", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "Page 10 of 30" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b27", + "block_sequence": 27, + "block_sha256": "161d785eec93f7789bbaa1786e78a311ea0935262a026d6edf2afd294dbe198a", + "block_type": "table", + "char_count": 3390, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 27, + "char_end": 3390, + "char_start": 0, + "fragment_sha256": "c911798bb22896ec6c63bfa8a364ae3589427436918afd59d9e18a49dc0a7e9f", + "heading_path": [ + "EX-10.1" + ], + "table_index": 10, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.4, + "markdown": "| | | |\n| --- | --- | --- |\n| | | Event with respect to such transaction or intention. For purposes of this definition of \u0093Announcement Event,\u0094 (A) \u0093Merger Event\u0094 shall mean such term as defined under Section 12.1(b) of the Equity De\u2026 |\n| | | |\n| Valid Third Party Entity: | | In respect of any transaction, any third party that has a bona fide intent to enter into or consummate such transaction (it being understood and agreed that in determining whether such third party ha\u2026 |\n| | | |\n| Nationalization, Insolvency or Delisting: | | Cancellation and Payment (Calculation Agent Determination); provided that in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the S\u2026 |\n| | | |\n| Additional Termination Event(s): | | Notwithstanding anything to the contrary in the Equity Definitions, if, as a result of an Extraordinary Event, the Transaction would be cancelled or terminated (whether in whole or in part) pursuant \u2026 |\n| | | |\n| Additional Disruption Events: | | |\n| | | |\n| (a) Change in Law: | | Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase \u0093the interpretation\u0094 in the third line thereof with the phrase \u0093, or public annou\u2026 |", + "n_cols": 3, + "n_rows": 11, + "plain_text": " | | Event with respect to such transaction or intention. For purposes of this definition of \u0093Announcement Event,\u0094 (A) \u0093Merger Event\u0094 shall mean such term as defined under Section 12.1(b) of the Equity Definitions (but, for the avoidance of doubt, the remainder of the definition of \u0093Merger Event\u0094 in Section 12.1(b) of the Equity Definitions following the definition of \u0093Reverse Merger\u0094 therein shall be disregarded) and (B) \u0093Tender Offer\u0094 shall mean such term as defined under Section 12.1(d) of the Equity Definitions.\n | | \nValid Third Party Entity: | | In respect of any transaction, any third party that has a bona fide intent to enter into or consummate such transaction (it being understood and agreed that in determining whether such third party has such a bona fide intent, the Calculation Agent may take into consideration the effect of the relevant announcement by such third party (or its agent or representative) on the Shares and/or options relating to the Shares).\n | | \nNationalization, Insolvency or Delisting: | | Cancellation and Payment (Calculation Agent Determination); provided that in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The Nasdaq Global Select Market or The Nasdaq Global Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any such exchange or quotation system, such exchange or quotation system shall thereafter be deemed to be the Exchange.\n | | \nAdditional Termination Event(s): | | Notwithstanding anything to the contrary in the Equity Definitions, if, as a result of an Extraordinary Event, the Transaction would be cancelled or terminated (whether in whole or in part) pursuant to Article 12 of the Equity Definitions, an Additional Termination Event (with the Transaction (or the cancelled or terminated portion thereof) being the Affected Transaction and Counterparty being the sole Affected Party) shall be deemed to occur, and, in lieu of Sections 12.7, 12.8 and 12.9 of the Equity Definitions, Section 6 of the Agreement shall apply to such Affected Transaction.\n | | \nAdditional Disruption Events: | | \n | | \n(a) Change in Law: | | Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase \u0093the interpretation\u0094 in the third line thereof with the phrase \u0093, or public announcement of, the formal or informal interpretation\u0094, (ii) by adding the phrase \u0093and/or Hedge Position\u0094 after the word \u0093Shares\u0094 in clause (X) thereof and (iii) by immediately following the word \u0093Transaction\u0094 in clause (X) thereof, adding the phrase \u0093in the manner contemplated by the Hedging Party on the Trade Date\u0094; and provided further that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the parenthetical beginning after the word \u0093regulation\u0094 in the second line thereof with the words \u0093(including, for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption or promulgation of new regulations authorized or mandated by existing statute)\u0094 and (ii) adding the words \u0093, or holding, acquiring or disposing of Shares or any Hedge Positions relating to,\u0094 after the words \u0093obligations under\u0094 in clause (Y) thereof.", + "rows": [ + [ + "", + "", + "Event with respect to such transaction or intention. For purposes of this definition of \u0093Announcement Event,\u0094 (A) \u0093Merger Event\u0094 shall mean such term as defined under Section 12.1(b) of the Equity Definitions (but, for the avoidance of doubt, the remainder of the definition of \u0093Merger Event\u0094 in Section 12.1(b) of the Equity Definitions following the definition of \u0093Reverse Merger\u0094 therein shall be disregarded) and (B) \u0093Tender Offer\u0094 shall mean such term as defined under Section 12.1(d) of the Equity Definitions." + ], + [ + "", + "", + "" + ], + [ + "Valid Third Party Entity:", + "", + "In respect of any transaction, any third party that has a bona fide intent to enter into or consummate such transaction (it being understood and agreed that in determining whether such third party has such a bona fide intent, the Calculation Agent may take into consideration the effect of the relevant announcement by such third party (or its agent or representative) on the Shares and/or options relating to the Shares)." + ], + [ + "", + "", + "" + ], + [ + "Nationalization, Insolvency or Delisting:", + "", + "Cancellation and Payment (Calculation Agent Determination); provided that in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The Nasdaq Global Select Market or The Nasdaq Global Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any such exchange or quotation system, such exchange or quotation system shall thereafter be deemed to be the Exchange." + ], + [ + "", + "", + "" + ], + [ + "Additional Termination Event(s):", + "", + "Notwithstanding anything to the contrary in the Equity Definitions, if, as a result of an Extraordinary Event, the Transaction would be cancelled or terminated (whether in whole or in part) pursuant to Article 12 of the Equity Definitions, an Additional Termination Event (with the Transaction (or the cancelled or terminated portion thereof) being the Affected Transaction and Counterparty being the sole Affected Party) shall be deemed to occur, and, in lieu of Sections 12.7, 12.8 and 12.9 of the Equity Definitions, Section 6 of the Agreement shall apply to such Affected Transaction." + ], + [ + "", + "", + "" + ], + [ + "Additional Disruption Events:", + "", + "" + ], + [ + "", + "", + "" + ], + [ + "(a) Change in Law:", + "", + "Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase \u0093the interpretation\u0094 in the third line thereof with the phrase \u0093, or public announcement of, the formal or informal interpretation\u0094, (ii) by adding the phrase \u0093and/or Hedge Position\u0094 after the word \u0093Shares\u0094 in clause (X) thereof and (iii) by immediately following the word \u0093Transaction\u0094 in clause (X) thereof, adding the phrase \u0093in the manner contemplated by the Hedging Party on the Trade Date\u0094; and provided further that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the parenthetical beginning after the word \u0093regulation\u0094 in the second line thereof with the words \u0093(including, for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption or promulgation of new regulations authorized or mandated by existing statute)\u0094 and (ii) adding the words \u0093, or holding, acquiring or disposing of Shares or any Hedge Positions relating to,\u0094 after the words \u0093obligations under\u0094 in clause (Y) thereof." + ] + ], + "table_index": 10, + "table_kind": "mixed" + }, + "text": " | | Event with respect to such transaction or intention. For purposes of this definition of \u0093Announcement Event,\u0094 (A) \u0093Merger Event\u0094 shall mean such term as defined under Section 12.1(b) of the Equity Definitions (but, for the avoidance of doubt, the remainder of the definition of \u0093Merger Event\u0094 in Section 12.1(b) of the Equity Definitions following the definition of \u0093Reverse Merger\u0094 therein shall be disregarded) and (B) \u0093Tender Offer\u0094 shall mean such term as defined under Section 12.1(d) of the Equity Definitions.\n | | \nValid Third Party Entity: | | In respect of any transaction, any third party that has a bona fide intent to enter into or consummate such transaction (it being understood and agreed that in determining whether such third party has such a bona fide intent, the Calculation Agent may take into consideration the effect of the relevant announcement by such third party (or its agent or representative) on the Shares and/or options relating to the Shares).\n | | \nNationalization, Insolvency or Delisting: | | Cancellation and Payment (Calculation Agent Determination); provided that in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The Nasdaq Global Select Market or The Nasdaq Global Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any such exchange or quotation system, such exchange or quotation system shall thereafter be deemed to be the Exchange.\n | | \nAdditional Termination Event(s): | | Notwithstanding anything to the contrary in the Equity Definitions, if, as a result of an Extraordinary Event, the Transaction would be cancelled or terminated (whether in whole or in part) pursuant to Article 12 of the Equity Definitions, an Additional Termination Event (with the Transaction (or the cancelled or terminated portion thereof) being the Affected Transaction and Counterparty being the sole Affected Party) shall be deemed to occur, and, in lieu of Sections 12.7, 12.8 and 12.9 of the Equity Definitions, Section 6 of the Agreement shall apply to such Affected Transaction.\n | | \nAdditional Disruption Events: | | \n | | \n(a) Change in Law: | | Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase \u0093the interpretation\u0094 in the third line thereof with the phrase \u0093, or public announcement of, the formal or informal interpretation\u0094, (ii) by adding the phrase \u0093and/or Hedge Position\u0094 after the word \u0093Shares\u0094 in clause (X) thereof and (iii) by immediately following the word \u0093Transaction\u0094 in clause (X) thereof, adding the phrase \u0093in the manner contemplated by the Hedging Party on the Trade Date\u0094; and provided further that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the parenthetical beginning after the word \u0093regulation\u0094 in the second line thereof with the words \u0093(including, for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption or promulgation of new regulations authorized or mandated by existing statute)\u0094 and (ii) adding the words \u0093, or holding, acquiring or disposing of Shares or any Hedge Positions relating to,\u0094 after the words \u0093obligations under\u0094 in clause (Y) thereof." + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b28", + "block_sequence": 28, + "block_sha256": "d75ede0675e7c023c96947a6d6732469991defb26c918c90189f63da9ac0baa5", + "block_type": "page_number", + "char_count": 13, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 28, + "char_end": 13, + "char_start": 0, + "fragment_sha256": "4a7ceb0afdedd152b07c7b0ea90582940efe6c144765cc9dd12da8b20606bd09", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "Page 11 of 30" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b29", + "block_sequence": 29, + "block_sha256": "3e4d56e8a6132f98dc0e5c4c55fe5b95a9a29b999f134d391359d984308f8e68", + "block_type": "table", + "char_count": 2439, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 29, + "char_end": 2439, + "char_start": 0, + "fragment_sha256": "ac90716b7e69445d1386e4e1d39689ee2133420c559d56ad3d47350f325f127e", + "heading_path": [ + "EX-10.1" + ], + "table_index": 11, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.3, + "markdown": "| | | |\n| --- | --- | --- |\n| (b) Failure to Deliver: | | Applicable |\n| | | |\n| (c) Insolvency Filing: | | Applicable |\n| | | |\n| (d) Hedging Disruption: | | Applicable; provided that: (i) Section 12.9(a)(v) of the Equity Definitions is hereby amended by inserting the following sentence at the end of such Section: \u0093For the avoidance of doubt, (i) the term\u2026 |\n| | | |\n| (e) Increased Cost of Hedging: | | Applicable |\n| | | |\n| Hedging Party: | | Dealer |\n| | | |\n| Determining Party: | | Dealer; provided that the Determining Party will promptly, upon written notice from Counterparty, provide a statement displaying in reasonable detail the basis for such determination, adjustment or c\u2026 |\n| | | |\n| Non-Reliance: | | |\n| | | |\n| Agreements and Acknowledgments | | Applicable |\n| | | |\n| Regarding Hedging Activities: | | Applicable |\n| | | |\n| Additional Acknowledgments: | | Applicable |\n| | | |\n| Hedging Adjustment: | | For the avoidance of doubt, whenever Dealer, Determining Party or the Calculation Agent makes an adjustment, calculation or determination permitted or required to be made pursuant to the terms of thi\u2026 |", + "n_cols": 3, + "n_rows": 21, + "plain_text": "(b) Failure to Deliver: | | Applicable\n | | \n(c) Insolvency Filing: | | Applicable\n | | \n(d) Hedging Disruption: | | Applicable; provided that: (i) Section 12.9(a)(v) of the Equity Definitions is hereby amended by inserting the following sentence at the end of such Section: \u0093For the avoidance of doubt, (i) the term \u0093equity price risk\u0094 shall be deemed to include, but shall not be limited to, stock price and volatility risk, and (ii) the transactions or assets referred to in phrases (A) or (B) above must be available on commercially reasonable pricing and other terms.\u0094; and (ii) Section 12.9(b)(iii) of the Equity Definitions is hereby amended by inserting in the third line thereof, after the words \u0093to terminate the Transaction\u0094, the words \u0093or a portion of the Transaction affected by such Hedging Disruption\u0094.\n | | \n(e) Increased Cost of Hedging: | | Applicable\n | | \nHedging Party: | | Dealer\n | | \nDetermining Party: | | Dealer; provided that the Determining Party will promptly, upon written notice from Counterparty, provide a statement displaying in reasonable detail the basis for such determination, adjustment or calculation, as the case may be (including any quotations, market data or information from internal or external sources used in making such determination, adjustment or calculation, it being understood that the Determining Party shall not be required to disclose any confidential information or proprietary models used by it in connection with such determination, adjustment or calculation, as the case may be).\n | | \nNon-Reliance: | | \n | | \nAgreements and Acknowledgments | | Applicable\n | | \nRegarding Hedging Activities: | | Applicable\n | | \nAdditional Acknowledgments: | | Applicable\n | | \nHedging Adjustment: | | For the avoidance of doubt, whenever Dealer, Determining Party or the Calculation Agent makes an adjustment, calculation or determination permitted or required to be made pursuant to the terms of this Confirmation or the Equity Definitions to take into account the effect of any event (other than an adjustment, calculation or determination made by reference to the Indenture), the Calculation Agent, Determining Party or Dealer, as the case may be, shall make such adjustment, calculation or determination in a commercially reasonable manner and by reference to the effect of such event on Dealer assuming that Dealer maintains a commercially reasonable hedge position.", + "rows": [ + [ + "(b) Failure to Deliver:", + "", + "Applicable" + ], + [ + "", + "", + "" + ], + [ + "(c) Insolvency Filing:", + "", + "Applicable" + ], + [ + "", + "", + "" + ], + [ + "(d) Hedging Disruption:", + "", + "Applicable; provided that: (i) Section 12.9(a)(v) of the Equity Definitions is hereby amended by inserting the following sentence at the end of such Section: \u0093For the avoidance of doubt, (i) the term \u0093equity price risk\u0094 shall be deemed to include, but shall not be limited to, stock price and volatility risk, and (ii) the transactions or assets referred to in phrases (A) or (B) above must be available on commercially reasonable pricing and other terms.\u0094; and (ii) Section 12.9(b)(iii) of the Equity Definitions is hereby amended by inserting in the third line thereof, after the words \u0093to terminate the Transaction\u0094, the words \u0093or a portion of the Transaction affected by such Hedging Disruption\u0094." + ], + [ + "", + "", + "" + ], + [ + "(e) Increased Cost of Hedging:", + "", + "Applicable" + ], + [ + "", + "", + "" + ], + [ + "Hedging Party:", + "", + "Dealer" + ], + [ + "", + "", + "" + ], + [ + "Determining Party:", + "", + "Dealer; provided that the Determining Party will promptly, upon written notice from Counterparty, provide a statement displaying in reasonable detail the basis for such determination, adjustment or calculation, as the case may be (including any quotations, market data or information from internal or external sources used in making such determination, adjustment or calculation, it being understood that the Determining Party shall not be required to disclose any confidential information or proprietary models used by it in connection with such determination, adjustment or calculation, as the case may be)." + ], + [ + "", + "", + "" + ], + [ + "Non-Reliance:", + "", + "" + ], + [ + "", + "", + "" + ], + [ + "Agreements and Acknowledgments", + "", + "Applicable" + ], + [ + "", + "", + "" + ], + [ + "Regarding Hedging Activities:", + "", + "Applicable" + ], + [ + "", + "", + "" + ], + [ + "Additional Acknowledgments:", + "", + "Applicable" + ], + [ + "", + "", + "" + ], + [ + "Hedging Adjustment:", + "", + "For the avoidance of doubt, whenever Dealer, Determining Party or the Calculation Agent makes an adjustment, calculation or determination permitted or required to be made pursuant to the terms of this Confirmation or the Equity Definitions to take into account the effect of any event (other than an adjustment, calculation or determination made by reference to the Indenture), the Calculation Agent, Determining Party or Dealer, as the case may be, shall make such adjustment, calculation or determination in a commercially reasonable manner and by reference to the effect of such event on Dealer assuming that Dealer maintains a commercially reasonable hedge position." + ] + ], + "table_index": 11, + "table_kind": "unknown" + }, + "text": "(b) Failure to Deliver: | | Applicable\n | | \n(c) Insolvency Filing: | | Applicable\n | | \n(d) Hedging Disruption: | | Applicable; provided that: (i) Section 12.9(a)(v) of the Equity Definitions is hereby amended by inserting the following sentence at the end of such Section: \u0093For the avoidance of doubt, (i) the term \u0093equity price risk\u0094 shall be deemed to include, but shall not be limited to, stock price and volatility risk, and (ii) the transactions or assets referred to in phrases (A) or (B) above must be available on commercially reasonable pricing and other terms.\u0094; and (ii) Section 12.9(b)(iii) of the Equity Definitions is hereby amended by inserting in the third line thereof, after the words \u0093to terminate the Transaction\u0094, the words \u0093or a portion of the Transaction affected by such Hedging Disruption\u0094.\n | | \n(e) Increased Cost of Hedging: | | Applicable\n | | \nHedging Party: | | Dealer\n | | \nDetermining Party: | | Dealer; provided that the Determining Party will promptly, upon written notice from Counterparty, provide a statement displaying in reasonable detail the basis for such determination, adjustment or calculation, as the case may be (including any quotations, market data or information from internal or external sources used in making such determination, adjustment or calculation, it being understood that the Determining Party shall not be required to disclose any confidential information or proprietary models used by it in connection with such determination, adjustment or calculation, as the case may be).\n | | \nNon-Reliance: | | \n | | \nAgreements and Acknowledgments | | Applicable\n | | \nRegarding Hedging Activities: | | Applicable\n | | \nAdditional Acknowledgments: | | Applicable\n | | \nHedging Adjustment: | | For the avoidance of doubt, whenever Dealer, Determining Party or the Calculation Agent makes an adjustment, calculation or determination permitted or required to be made pursuant to the terms of this Confirmation or the Equity Definitions to take into account the effect of any event (other than an adjustment, calculation or determination made by reference to the Indenture), the Calculation Agent, Determining Party or Dealer, as the case may be, shall make such adjustment, calculation or determination in a commercially reasonable manner and by reference to the effect of such event on Dealer assuming that Dealer maintains a commercially reasonable hedge position." + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b30", + "block_sequence": 30, + "block_sha256": "12b55f29b03ad7b459e30c3b4ddb63f10a1dd82c7df2153f5a4b06b99785e702", + "block_type": "page_number", + "char_count": 13, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 30, + "char_end": 13, + "char_start": 0, + "fragment_sha256": "278a9d11ab7f8287790879038a5202550f538dce65b37281c493bc2dd08eb23b", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "Page 12 of 30" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b31", + "block_sequence": 31, + "block_sha256": "9712e156626a3a40822cd45b5b404441ee9156c972600b8ce034a83d9ed69fc1", + "block_type": "paragraph", + "char_count": 1923, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 31, + "char_end": 1923, + "char_start": 0, + "fragment_sha256": "24709ba49ab9a9082d10ae1cfa9bddd7c29d8cb25d2619bd892a63e8d24d9a7e", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "3. Calculation Agent: Dealer; provided that all calculations and determinations by the Calculation Agent (other than calculations or determinations made by reference to the Indenture) shall be made in good faith and in a commercially reasonable manner and assuming for such purposes that Dealer is maintaining, establishing and/or unwinding, as applicable, a commercially reasonable hedge position; provided further that if an Event of Default of the type described in Section 5(a)(vii) of the Agreement with respect to which Dealer is the sole Defaulting Party occurs, Counterparty shall have the right to appoint a successor calculation agent which shall be a nationally recognized third-party dealer in over-the-counter corporate equity derivatives. The Calculation Agent agrees that it will promptly, upon written notice from Counterparty, provide a statement displaying in reasonable detail the basis for such determination, adjustment or calculation, as the case may be (including any quotations, market data or information from internal or external sources used in making such determination, adjustment or calculation, it being understood that the Calculation Agent shall not be required to disclose any confidential information or proprietary models used by it in connection with such determination, adjustment or calculation, as the case may be). 4. Account Details: Dealer Payment Instructions: Counterparty Payment Instructions: 5. Offices: The Office of Dealer for the Transaction is: The Office of Counterparty for the Transaction is: Inapplicable, Counterparty is not a Multibranch Party 6. Notices: For purposes of this Confirmation: (a) Address for notices or communications to Counterparty: To: Opendoor Technologies Inc. 410 N. Scottsdale Road, Suite 1600 Tempe, AZ 85281 Attention: Treasury Team Telephone No.: (408) 218-6591 (Sandra Tullis) or (415) 283-9940 (Allen Colhoun) Email: treasury@opendoor.com" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b32", + "block_sequence": 32, + "block_sha256": "09e43de57702b9410c9220b8ccef04dcfc47ee7c5196c6cd72d086d28015bf8b", + "block_type": "other", + "char_count": 7, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 32, + "char_end": 7, + "char_start": 0, + "fragment_sha256": "02176338f4a3b0d8270f5283d5d486eda694305f03899403bc763aceabc8e246", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "[_____]" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b33", + "block_sequence": 33, + "block_sha256": "09e43de57702b9410c9220b8ccef04dcfc47ee7c5196c6cd72d086d28015bf8b", + "block_type": "other", + "char_count": 7, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 33, + "char_end": 7, + "char_start": 0, + "fragment_sha256": "02176338f4a3b0d8270f5283d5d486eda694305f03899403bc763aceabc8e246", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "[_____]" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b34", + "block_sequence": 34, + "block_sha256": "09e43de57702b9410c9220b8ccef04dcfc47ee7c5196c6cd72d086d28015bf8b", + "block_type": "other", + "char_count": 7, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 34, + "char_end": 7, + "char_start": 0, + "fragment_sha256": "02176338f4a3b0d8270f5283d5d486eda694305f03899403bc763aceabc8e246", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "[_____]" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b35", + "block_sequence": 35, + "block_sha256": "0caac9a1b8acb1096fe693ca4af9c5b958f09ad28e3875878ff7f263f801a62b", + "block_type": "page_number", + "char_count": 13, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 35, + "char_end": 13, + "char_start": 0, + "fragment_sha256": "235113cf538ab2db2ec128c407b0e46b4a6cdf77afaf6b50f8ae39da5ab8df02", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "Page 13 of 30" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b36", + "block_sequence": 36, + "block_sha256": "cb75857a8184f424295b697f0b3cbeda5dce436b97ca470978431f0615a02433", + "block_type": "paragraph", + "char_count": 3431, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 36, + "char_end": 3431, + "char_start": 0, + "fragment_sha256": "cda12a32192d34efe4ebb3fde85d79075a28ec0f02a87170f1bfe6a2fb47f846", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "(b) Address for notices or communications to Dealer: 7. Representations, Warranties and Agreements: (a) In addition to the representations and warranties in the Agreement and those contained elsewhere herein, Counterparty represents and warrants to and for the benefit of, and agrees with, Dealer as follows: (i) On the Trade Date, (A) Counterparty is not aware of any material nonpublic information regarding Counterparty or the Shares and (B) all reports and other documents filed by Counterparty with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended (the \u0093Exchange Act\u0094) when considered as a whole (with the more recent such reports and documents deemed to amend inconsistent statements contained in any earlier such reports and documents), do not contain any untrue statement of a material fact or any omission of a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading. (ii) (A) On the Trade Date, the Shares or securities that are convertible into, or exchangeable or exercisable for Shares, are not subject to a \u0093restricted period,\u0094 as such term is defined in Regulation M under the Exchange Act (\u0093Regulation M\u0094) and (B) Counterparty shall not engage in any \u0093distribution,\u0094 as such term is defined in Regulation M, other than a distribution meeting the requirements of the exceptions set forth in sections 101(b)(10) and 102(b)(7) of Regulation M, until the third Exchange Business Day immediately following the Trade Date. (iii) Without limiting the generality of Section 13.1 of the Equity Definitions, Counterparty acknowledges that neither Dealer nor any of its affiliates is making any representations or warranties or taking any position or expressing any view with respect to the treatment of the Transaction under any accounting standards including ASC Topic 260, Earnings Per Share, ASC Topic 815, Derivatives and Hedging, or ASC Topic 480, Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and Hedging\u0097Contracts in Entity\u0092s Own Equity (or any successor issue statements). (iv) Without limiting the generality of Section 3(a)(iii) of the Agreement, the Transaction will not violate Rule 13e-1 or Rule 13e-4 under the Exchange Act. (v) Prior to the Trade Date, Counterparty shall deliver to Dealer a resolution of Counterparty\u0092s board of directors authorizing the Transaction. (vi) Counterparty is not entering into this Confirmation to create actual or apparent trading activity in the Shares (or any security convertible into or exchangeable for Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for Shares) or otherwise in violation of the Exchange Act. (vii) Counterparty is not, and after giving effect to the transactions contemplated hereby will not be, required to register as, an \u0093investment company\u0094 as such term is defined in the Investment Company Act of 1940, as amended. (viii) On each of the Trade Date and the Premium Payment Date, Counterparty is not \u0093insolvent\u0094 (as such term is defined under Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code) (the \u0093Bankruptcy Code\u0094)) and Counterparty would be able to purchase the Number of Shares in compliance with the laws of the jurisdiction of Counterparty\u0092s incorporation." + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b37", + "block_sequence": 37, + "block_sha256": "09e43de57702b9410c9220b8ccef04dcfc47ee7c5196c6cd72d086d28015bf8b", + "block_type": "other", + "char_count": 7, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 37, + "char_end": 7, + "char_start": 0, + "fragment_sha256": "02176338f4a3b0d8270f5283d5d486eda694305f03899403bc763aceabc8e246", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "[_____]" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b38", + "block_sequence": 38, + "block_sha256": "82f0a957abd1b7dcee1f0e20f7298f316f88c1a4c19c5a026ac4f6e0b0134322", + "block_type": "page_number", + "char_count": 13, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 38, + "char_end": 13, + "char_start": 0, + "fragment_sha256": "97825e3fa1e93031b15920a1c90ba647af19efe4c66f9cda41b795db9419135f", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "Page 14 of 30" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b39", + "block_sequence": 39, + "block_sha256": "89292a62d89719d8bafc7088f7c8c218f5ba75a272c64098283ee6822fb38632", + "block_type": "paragraph", + "char_count": 9871, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 39, + "char_end": 9871, + "char_start": 0, + "fragment_sha256": "c37a4e1b8a1275563ae22f69b76aab9052af0f7949cba4a97b3e1dbaeec20fee", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "(ix) The representations and warranties of Counterparty set forth in Section 3 of the Agreement and Section 1 of the Purchase Agreement, dated as of August 17, 2021, among Counterparty and Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC, as representatives of the initial purchasers party thereto (the \u0093Purchase Agreement\u0094), are true and correct as of the Trade Date and the Effective Date and are hereby deemed to be repeated to Dealer as if set forth herein. (x) To the knowledge of Counterparty, no state or local (including non-U.S. jurisdictions) law, rule, regulation or regulatory order applicable to the Shares would give rise to any reporting, consent, registration or other requirement (including without limitation a requirement to obtain prior approval from any person or entity) as a result of Dealer or its affiliates owning or holding (however defined) Shares; provided that Counterparty makes no representation or warranty regarding any such requirement that is applicable generally to the ownership of equity securities by Dealer or any of its affiliates solely as a result of it or any of such affiliates being financial institutions or broker-dealers. (xi) Counterparty (A) is capable of evaluating investment risks independently, both in general and with regard to all transactions and investment strategies involving a security or securities; (B) will exercise independent judgment in evaluating the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the broker-dealer in writing; and (C) has total assets of at least USD 50 million as of the date hereof. (xii) The assets of Counterparty do not constitute \u0093plan assets\u0094 under the Employee Retirement Income Security Act of 1974, as amended, the Department of Labor Regulations promulgated thereunder or similar law. (b) Each of Dealer and Counterparty agrees and represents that it is an \u0093eligible contract participant\u0094 as defined in Section 1a(18) of the U.S. Commodity Exchange Act, as amended, and is entering into the Transaction as principal (and not as agent or in any other capacity, fiduciary or otherwise) and not for the benefit of any third party. (c) Each of Dealer and Counterparty acknowledges that the offer and sale of the Transaction to it is intended to be exempt from registration under the Securities Act of 1933, as amended (the \u0093Securities Act\u0094), by virtue of Section 4(a)(2) thereof. Accordingly, Counterparty represents and warrants to Dealer that (i) it has the financial ability to bear the economic risk of its investment in the Transaction and is able to bear a total loss of its investment and its investments in and liabilities in respect of the Transaction, which it understands are not readily marketable, are not disproportionate to its net worth, and it is able to bear any loss in connection with the Transaction, including the loss of its entire investment in the Transaction, (ii) it is an \u0093accredited investor\u0094 as that term is defined in Regulation D as promulgated under the Securities Act, (iii) it is entering into the Transaction for its own account and without a view to the distribution or resale thereof, (iv) the assignment, transfer or other disposition of the Transaction has not been and will not be registered under the Securities Act and is restricted under this Confirmation, the Securities Act and state securities laws, and (v) its financial condition is such that it has no need for liquidity with respect to its investment in the Transaction and no need to dispose of any portion thereof to satisfy any existing or contemplated undertaking or indebtedness and is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of the Transaction. (d) Each of Dealer and Counterparty agrees and acknowledges that Dealer is a \u0093financial institution\u0094 and \u0093financial participant\u0094 within the meaning of Sections 101(22) and 101(22A) of the Bankruptcy Code. The parties hereto further agree and acknowledge (A) that this Confirmation is a \u0093securities contract,\u0094 as such term is defined in Section 741(7) of the Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection herewith is a \u0093termination value,\u0094 \u0093payment amount\u0094 or \u0093other transfer obligation\u0094 within the meaning of Section 362 of the Bankruptcy Code and a \u0093settlement payment\u0094 within the meaning of Section 546 of the Bankruptcy Code, and (B) that Dealer is entitled to the protections afforded by, among other sections, Sections 362(b)(6), 362(b)(27), 362(o), 546(e), 546(j), 548(d)(2), 555 and 561 of the Bankruptcy Code. Page 15 of 30 (e) As a condition to the effectiveness of the Transaction, Counterparty shall deliver to Dealer an opinion of counsel, dated as of the Premium Payment Date and reasonably acceptable to Dealer in form and substance, with respect to the matters set forth in Section 3(a) of the Agreement and Section 7(a)(vii) hereof; provided that any such opinion of counsel may contain customary exceptions and qualifications, including, without limitation, exceptions and qualifications relating to indemnification provisions. (f) Counterparty understands that notwithstanding any other relationship between Counterparty and Dealer and its affiliates, in connection with this Transaction and any other over-the-counter derivative transactions between Counterparty and Dealer or its affiliates, Dealer or its affiliates is acting as principal and is not a fiduciary or advisor in respect of any such transaction, including any entry, exercise, amendment, unwind or termination thereof. (g) Counterparty represents and warrants that neither it nor any of its subsidiaries has applied, and neither it nor any of its subsidiaries shall until after the first date on which no portion of the Transaction remains outstanding following any final exercise and settlement, cancellation or early termination of the Transaction, apply, for a loan, loan guarantee, direct loan (as that term is defined in the Coronavirus Aid, Relief and Economic Security Act (the \u0093CARES Act\u0094)) or other investment, or to receive any financial assistance or relief under any program or facility (collectively \u0093Financial Assistance\u0094) that (i) is established under applicable law (whether in existence as of the Trade Date or subsequently enacted, adopted or amended), including without limitation the CARES Act and the Federal Reserve Act, as amended, and (ii) (A) requires under applicable law (or any regulation, guidance, interpretation or other pronouncement of a governmental authority with jurisdiction for such program or facility) as a condition of such Financial Assistance, that Counterparty or any of its subsidiaries comply with any requirement not to, or otherwise agree, attest, certify or warrant that it or any of its subsidiaries has not, as of the date specified in such condition, repurchased, or will not repurchase, any equity security of Counterparty, and that neither it nor any of its subsidiaries has, as of the date specified in the condition, made a capital distribution or will make a capital distribution, or (B) where the terms of the Transaction would cause Counterparty or any of its subsidiaries under any circumstances to fail to satisfy any condition for application for or receipt or retention of the Financial Assistance (collectively \u0093Restricted Financial Assistance\u0094); provided that Counterparty or any of its subsidiaries may apply for Restricted Financial Assistance if Counterparty either (x) determines based on the advice of outside counsel of national standing that the terms of the Transaction would not cause Counterparty or any of its subsidiaries to fail to satisfy any condition for application for or receipt or retention of such Financial Assistance based on the terms of the program or facility as of the date of such advice or (y) delivers to Dealer evidence or other guidance from a governmental authority with jurisdiction for such program or facility that the Transaction is permitted under such program or facility (either by specific reference to the Transaction or by general reference to transactions with the attributes of the Transaction in all relevant respects). Counterparty further represents and warrants that the Premium is not being paid, in whole or in part, directly or indirectly, with funds received under or pursuant to any program or facility, including the U.S. Small Business Administration\u0092s \u0093Paycheck Protection Program\u0094, that (a) is established under applicable law (whether in existence as of the Trade Date or subsequently enacted, adopted or amended), including without limitation the CARES Act and the Federal Reserve Act, as amended, and (b) requires under such applicable law (or any regulation, guidance, interpretation or other pronouncement of a governmental authority with jurisdiction for such program or facility) that such funds be used for specified or enumerated purposes that do not include the purchase of the Transaction (either by specific reference to the Transaction or by general reference to transactions with the attributes of the Transaction in all relevant respects). (h) [Counterparty represents and warrants that it has received, read and understands the OTC Options Risk Disclosure Statement and a copy of the most recent disclosure pamphlet prepared by The Options Clearing Corporation entitled \u0093Characteristics and Risks of Standardized Options\u0094. (i) Each party acknowledges and agrees to be bound by the Conduct Rules of the Financial Industry Regulatory Authority, Inc. applicable to transactions in options, and further agrees not to violate the position and exercise limits set forth therein, in each case, to the extent such rules are applicable to such party.] Page 16 of 30" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b40", + "block_sequence": 40, + "block_sha256": "98a0d8b61d05235609c36db008e64cf1f6a17ec9fc51e163aa8c6b880ce907a6", + "block_type": "paragraph", + "char_count": 4901, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 40, + "char_end": 4901, + "char_start": 0, + "fragment_sha256": "b00fc230e80b2c53674c3daf7712dd66bd927b7021a237c8b422f445b5f706d7", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "8. Other Provisions: (a) Right to Extend. Dealer may postpone or add, in whole or in part, any Exercise Date or Settlement Date or any other date of valuation, payment or delivery by Dealer, with respect to some or all of the relevant Options (in which event the Calculation Agent, in good faith and in a commercially reasonable manner, shall make appropriate adjustments to the Delivery Obligation), if Dealer determines, in good faith and in a commercially reasonable manner, and, in respect of clause (ii) below, based on the advice of counsel, that such extension is reasonably necessary or appropriate (i) to preserve Dealer\u0092s commercially reasonable hedging or hedge unwind activity hereunder in light of existing liquidity conditions in the cash market, the stock borrow market or other relevant market (but only if there is a material decrease in liquidity relative to Dealer\u0092s expectations on the Trade Date), or (ii) to enable Dealer to effect purchases or sales of Shares or Share Termination Delivery Units in connection with its commercially reasonable hedging, hedge unwind or settlement activity hereunder in a manner that would (assuming, in the case of purchases, Dealer were Counterparty or an affiliated purchaser of Counterparty) be in compliance with applicable legal, regulatory or self-regulatory requirements, or with related policies and procedures (whether or not such requirements, policies or procedures are imposed by law or have been voluntarily adopted by Dealer and, in the case of policies or procedures, so long as such policies or procedures are consistently applied to transactions similar to the Transaction); provided that no such Exercise Date, Settlement Date or other date of valuation, payment or delivery may be postponed or added more than 60 \u0093VWAP Trading Days\u0094 (as defined in the Indenture) after the original Exercise Date, Settlement Date or other date of valuation, payment or delivery, as the case may be. (b) Additional Termination Events. (i) The occurrence of an event of default with respect to Counterparty under the terms of the Convertible Securities as set forth in Section 7.01 of the Indenture, which default has resulted in the Convertible Securities becoming due and payable under the terms thereof, shall constitute an Additional Termination Event with respect to which the Transaction is the sole Affected Transaction and Counterparty is the sole Affected Party, and Dealer shall be the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement and to determine the amount payable pursuant to Section 6(e) of the Agreement. (ii) Within five Exchange Business Days immediately following any Repurchase Event (as defined below), Counterparty (x) in the case of a Repurchase Event resulting from the redemption of any Convertible Securities by Counterparty or the repurchase of any Convertible Securities by Counterparty upon the occurrence of a \u0093Fundamental Change\u0094 (as defined in the Indenture), shall notify Dealer in writing of such Repurchase Event and (y) in the case of a Repurchase Event not described in clause (x) above, may notify Dealer of such Repurchase Event, in each case, including the number of Convertible Securities subject to such Repurchase Event (any such notice, a \u0093Convertible Securities Repurchase Notice\u0094). Notwithstanding anything to the contrary in this Confirmation, the receipt by Dealer from Counterparty of (1) any Convertible Securities Repurchase Notice, and (2) in the case of any Convertible Securities Repurchase Notice described in clause (y) above, a written representation and warranty by Counterparty that, as of the date of such Convertible Securities Repurchase Notice, Counterparty is not in possession of any material nonpublic information regarding Counterparty or the Shares, in each case, within the applicable time period set forth in the preceding sentence, shall constitute an Additional Termination Event as provided in this Section 8(b)(ii). Upon receipt of any such Convertible Securities Repurchase Notice and the related written representation and warranty, Dealer shall promptly designate an Exchange Business Day following receipt of such Convertible Securities Repurchase Notice (which in no event shall be earlier than the related repurchase date for such Convertible Securities) as an Early Termination Date with respect to the portion of this Transaction corresponding to a number of Options (the \u0093Repurchase Options\u0094) equal to the lesser of (A) the number of such Convertible Securities specified in such Convertible Securities Repurchase Notice and (B) the Number of Options as of the date Dealer designates such Early Termination Date and, as of such date, the Number of Options shall be reduced by the number of Repurchase Options. Any payment hereunder with respect to such termination shall be calculated pursuant to Section 6 of the" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b41", + "block_sequence": 41, + "block_sha256": "e89cbe55adf05fe3a885fc521a6f353ef7965b04c1900ec7ae36d2ee042d7679", + "block_type": "page_number", + "char_count": 13, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 41, + "char_end": 13, + "char_start": 0, + "fragment_sha256": "f72750606c46d4c3a90a4405e7e755af02efe18f9045f76d14827a2182d5dcc0", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "Page 17 of 30" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b42", + "block_sequence": 42, + "block_sha256": "d1ae14d1f52c94c366ab6a41961e595825fd7d001547792280143f12d483bc7c", + "block_type": "paragraph", + "char_count": 4252, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 42, + "char_end": 4252, + "char_start": 0, + "fragment_sha256": "fc9fe3dad417c3c9f3d603a784bb7eaa23da369ef7147778e9012acaf6fd678e", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "Agreement as if (1) an Early Termination Date had been designated in respect of a Transaction having terms identical to this Transaction and a Number of Options equal to the number of Repurchase Options, (2) Counterparty were the sole Affected Party with respect to such Additional Termination Event and (3) the terminated portion of the Transaction were the sole Affected Transaction. \u0093Repurchase Event\u0094 means that (i) any Convertible Securities are repurchased or redeemed (whether pursuant to Section 4.02 or 4.03 of the Indenture or otherwise) by Counterparty or any of its subsidiaries (including in connection with, or as a result of, a Fundamental Change (as defined in the Indenture), a tender offer, exchange offer or similar transaction or for any other reason), (ii) any Convertible Securities are delivered to Counterparty in exchange for delivery of any property or assets of Counterparty or any of its subsidiaries (howsoever described), (iii) any principal of any of the Convertible Securities is repaid prior to the final maturity date of the Convertible Securities, or (iv) any Convertible Securities are exchanged by or for the benefit of the \u0093Holders\u0094 (as such term is defined in the Indenture) thereof for any other securities of Counterparty or any of its affiliates (or any other property, or any combination thereof) pursuant to any exchange offer or similar transaction. For the avoidance of doubt, any conversion of Convertible Securities (whether into cash, Shares, \u0093Reference Property\u0094 (as defined in the Indenture) or any combination thereof) pursuant to the terms of the Indenture shall not constitute a Repurchase Event. Counterparty acknowledges and agrees that if an Additional Termination Event has occurred under this Section 8(b)(ii), then any related Convertible Securities subject to a Repurchase Event will be deemed to be cancelled and disregarded and no longer outstanding for all purposes hereunder. (iii) Notwithstanding anything to the contrary in this Confirmation, upon any Early Conversion in respect of which the relevant converting \u0093Holder\u0094 (as such term is defined in the Indenture) has satisfied the requirements to conversion set forth in Section 5.02(A) of the Indenture: (A) Counterparty may, as promptly as practicable (but in any event within five Scheduled Trading Days of the \u0093Conversion Date\u0094 (as defined in the Indenture) for such Early Conversion), provide written notice (an \u0093Early Conversion Notice\u0094) to Dealer specifying the number of Convertible Securities surrendered for conversion on such Conversion Date (such Convertible Securities, the \u0093Affected Convertible Securities\u0094), and the giving of such Early Conversion Notice shall constitute an Additional Termination Event as provided in this Section 8(b)(iii); provided that any such Early Conversion Notice shall contain a written acknowledgement by Counterparty of its responsibilities under applicable securities laws, and in particular Section 9 and Section 10(b) of the Exchange Act and the rules and regulations thereunder, in respect of the delivery of such Early Conversion Notice; (B) upon receipt of any such Early Conversion Notice, within a commercially reasonable period of time thereafter, Dealer shall designate an Exchange Business Day as an Early Termination Date (which Exchange Business Day shall be on or as promptly as reasonably practicable after the related settlement date for such Affected Convertible Securities) with respect to the portion of the Transaction corresponding to a number of Options (the \u0093Affected Number of Options\u0094) equal to the lesser of (x) the number of Affected Convertible Securities and (y) the Number of Options as of the \u0093Conversion Date\u0094 (as defined in the Indenture) for such Early Conversion; (C) any payment hereunder with respect to such termination shall be calculated pursuant to Section 6 of the Agreement as if (x) an Early Termination Date had been designated in respect of a Transaction having terms identical to the Transaction and a Number of Options equal to the Affected Number of Options, (y) Counterparty were the sole Affected Party with respect to such Additional Termination Event and (z) the terminated portion of the Transaction were the sole Affected Transaction;" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b43", + "block_sequence": 43, + "block_sha256": "0ec55e64131d1dde6e7ceea3a5712724438a482cfb12bde2970ef2917ec819ad", + "block_type": "page_number", + "char_count": 13, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 43, + "char_end": 13, + "char_start": 0, + "fragment_sha256": "a100d4d7a2ce2260e2d27715228cf42346b5fba63a398ea1312bcdec0423708d", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "Page 18 of 30" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b44", + "block_sequence": 44, + "block_sha256": "c437b1eb1739d20bd028582632dc402a56dcf714df33c63dd73b8cf569b1eb20", + "block_type": "paragraph", + "char_count": 2992, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 44, + "char_end": 2992, + "char_start": 0, + "fragment_sha256": "926db36b199a909519f7b1b916159241961b4382acfb7c4da5f5b9265ca45561", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "(D) for the avoidance of doubt, in determining the amount payable in respect of such Affected Transaction pursuant to Section 6 of the Agreement, the Calculation Agent shall assume that (x) the relevant Early Conversion and any conversions, adjustments, agreements, payments, deliveries or acquisitions by or on behalf of Counterparty leading thereto had not occurred, (y) no adjustment to the conversion rate for the Convertible Securities has occurred pursuant to any Make-Whole Adjustment or Discretionary Adjustment and (z) the corresponding Convertible Securities remain outstanding; and (E) the Transaction shall remain in full force and effect, except that, as of the \u0093Conversion Date\u0094(as defined in the Indenture) for such Early Conversion, the Number of Options shall be reduced by the Affected Number of Options. (c) Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events. If (a) an Early Termination Date (whether as a result of an Event of Default or a Termination Event) occurs or is designated with respect to the Transaction or (b) the Transaction is cancelled or terminated upon the occurrence of an Extraordinary Event (except as a result of (i) a Nationalization, Insolvency or Merger Event in which the consideration to be paid to all holders of Shares consists solely of cash, (ii) a Merger Event or Tender Offer that is within Counterparty\u0092s control, or (iii) an Event of Default in which Counterparty is the Defaulting Party or a Termination Event in which Counterparty is the Affected Party other than an Event of Default of the type described in Section 5(a)(iii), (v), (vi), (vii) or (viii) of the Agreement or a Termination Event of the type described in Section 5(b) of the Agreement, in each case that resulted from an event or events outside Counterparty\u0092s control), and if Dealer would owe any amount to Counterparty pursuant to Section 6(d)(ii) and 6(e) of the Agreement (any such amount, a \u0093Payment Obligation\u0094), then Dealer shall satisfy the Payment Obligation by the Share Termination Alternative (as defined below) unless (a) Counterparty gives irrevocable telephonic notice to Dealer, confirmed in writing within one Scheduled Trading Day, no later than 12:00 p.m. (New York City time) on the Merger Date, Tender Offer Date, Announcement Date (in the case of a Nationalization, Insolvency or Delisting), Early Termination Date or date of cancellation, as applicable, of its election that the Share Termination Alternative shall not apply, (b) as of the date of such election, Counterparty represents that is not in possession of any material non-public information regarding Counterparty or the Shares, and that such election is being made in good faith and not as part of a plan or scheme to evade compliance with the federal securities laws, and (c) Dealer agrees, in its sole discretion, to such election, in which case the provisions of Section 6(d)(ii) and 6(e) of the Agreement, as the case may be, shall apply." + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b45", + "block_sequence": 45, + "block_sha256": "29def02463c54fff619088ea9662de99d408843c6e5b6ec4e353ea74ff007275", + "block_type": "table", + "char_count": 1108, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 45, + "char_end": 1108, + "char_start": 0, + "fragment_sha256": "b8b2128f255174f988019f7d4eee9d7b035caa213f06dc22212da09f07a4ad45", + "heading_path": [ + "EX-10.1" + ], + "table_index": 12, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.4, + "markdown": "| | | |\n| --- | --- | --- |\n| Share Termination Alternative: | | If applicable, means that Dealer shall deliver to Counterparty the Share Termination Delivery Property on the date on which the Payment Obligation would otherwise be due pursuant to Section 6(d)(ii) \u2026 |\n| | | |\n| Share Termination Delivery Property: | | A number of Share Termination Delivery Units, as calculated by the Calculation Agent in good faith and in a commercially reasonable manner, equal to the Payment Obligation divided by the Share Termin\u2026 |", + "n_cols": 3, + "n_rows": 3, + "plain_text": "Share Termination Alternative: | | If applicable, means that Dealer shall deliver to Counterparty the Share Termination Delivery Property on the date on which the Payment Obligation would otherwise be due pursuant to Section 6(d)(ii) of the Agreement or such later date or dates as Dealer may commercially reasonably determine (the \u0093Share Termination Payment Date\u0094) taking into account commercially reasonable hedging or hedge unwind activity, in satisfaction of the Payment Obligation.\n | | \nShare Termination Delivery Property: | | A number of Share Termination Delivery Units, as calculated by the Calculation Agent in good faith and in a commercially reasonable manner, equal to the Payment Obligation divided by the Share Termination Unit Price. The Calculation Agent shall, in good faith and in a commercially reasonable manner, adjust the Share Termination Delivery Property by replacing any fractional portion of the aggregate amount of a security therein with an amount of cash equal to the value of such fractional security based on the values used to calculate the Share Termination Unit Price.", + "rows": [ + [ + "Share Termination Alternative:", + "", + "If applicable, means that Dealer shall deliver to Counterparty the Share Termination Delivery Property on the date on which the Payment Obligation would otherwise be due pursuant to Section 6(d)(ii) of the Agreement or such later date or dates as Dealer may commercially reasonably determine (the \u0093Share Termination Payment Date\u0094) taking into account commercially reasonable hedging or hedge unwind activity, in satisfaction of the Payment Obligation." + ], + [ + "", + "", + "" + ], + [ + "Share Termination Delivery Property:", + "", + "A number of Share Termination Delivery Units, as calculated by the Calculation Agent in good faith and in a commercially reasonable manner, equal to the Payment Obligation divided by the Share Termination Unit Price. The Calculation Agent shall, in good faith and in a commercially reasonable manner, adjust the Share Termination Delivery Property by replacing any fractional portion of the aggregate amount of a security therein with an amount of cash equal to the value of such fractional security based on the values used to calculate the Share Termination Unit Price." + ] + ], + "table_index": 12, + "table_kind": "mixed" + }, + "text": "Share Termination Alternative: | | If applicable, means that Dealer shall deliver to Counterparty the Share Termination Delivery Property on the date on which the Payment Obligation would otherwise be due pursuant to Section 6(d)(ii) of the Agreement or such later date or dates as Dealer may commercially reasonably determine (the \u0093Share Termination Payment Date\u0094) taking into account commercially reasonable hedging or hedge unwind activity, in satisfaction of the Payment Obligation.\n | | \nShare Termination Delivery Property: | | A number of Share Termination Delivery Units, as calculated by the Calculation Agent in good faith and in a commercially reasonable manner, equal to the Payment Obligation divided by the Share Termination Unit Price. The Calculation Agent shall, in good faith and in a commercially reasonable manner, adjust the Share Termination Delivery Property by replacing any fractional portion of the aggregate amount of a security therein with an amount of cash equal to the value of such fractional security based on the values used to calculate the Share Termination Unit Price." + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b46", + "block_sequence": 46, + "block_sha256": "64b627491ee46a0fbfdb6497d994d2d203764e517e18000121da7d57a08f5053", + "block_type": "page_number", + "char_count": 13, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 46, + "char_end": 13, + "char_start": 0, + "fragment_sha256": "2ba6f6d0a9be7412658b0eff137aa365d6d7cb0c0cda05ed4a8a156edd4b6fcd", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "Page 19 of 30" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b47", + "block_sequence": 47, + "block_sha256": "82fa9b9e8b8bf175f2f20207791ecc96af2201be359a42d5c212e598d71e07ac", + "block_type": "table", + "char_count": 1960, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 47, + "char_end": 1960, + "char_start": 0, + "fragment_sha256": "1169356d3439ad337cec9b09957f68a828b08870e8f2db99eefb3e412884dbe5", + "heading_path": [ + "EX-10.1" + ], + "table_index": 13, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.4, + "markdown": "| | | |\n| --- | --- | --- |\n| Share Termination Unit Price: | | The value of property contained in one Share Termination Delivery Unit on the date such Share Termination Delivery Units are to be delivered as Share Termination Delivery Property, as determined by t\u2026 |\n| | | |\n| Share Termination Delivery Unit: | | In the case of a Termination Event (other than on account of an Insolvency, Nationalization or Merger Event), Event of Default, Delisting or Additional Disruption Event, one Share or, in the case of \u2026 |\n| | | |\n| Failure to Deliver: | | Applicable |\n| | | |\n| Other Applicable Provisions: | | If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9 and 9.11 of the Equity Definitions will be applicable as if \u0093Physical Settlement\u0094 applied to the Transaction, excep\u2026 |", + "n_cols": 3, + "n_rows": 7, + "plain_text": "Share Termination Unit Price: | | The value of property contained in one Share Termination Delivery Unit on the date such Share Termination Delivery Units are to be delivered as Share Termination Delivery Property, as determined by the Calculation Agent in a commercially reasonable manner and notified by the Calculation Agent to Dealer at the time of notification of the Payment Obligation.\n | | \nShare Termination Delivery Unit: | | In the case of a Termination Event (other than on account of an Insolvency, Nationalization or Merger Event), Event of Default, Delisting or Additional Disruption Event, one Share or, in the case of an Insolvency, Nationalization or Merger Event, one Share or a unit consisting of the number or amount of each type of property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any securities) in such Insolvency, Nationalization or Merger Event, as applicable. If such Insolvency, Nationalization or Merger Event involves a choice of consideration to be received by holders, such holder shall be deemed to have elected to receive the maximum possible amount of cash.\n | | \nFailure to Deliver: | | Applicable\n | | \nOther Applicable Provisions: | | If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9 and 9.11 of the Equity Definitions will be applicable as if \u0093Physical Settlement\u0094 applied to the Transaction, except that all references to \u0093Shares\u0094 shall be read as references to \u0093Share Termination Delivery Units\u0094; provided that the Representation and Agreement contained in Section 9.11 of the Equity Definitions shall be modified by excluding any representations therein relating to restrictions, obligations, limitations or requirements under applicable securities laws as a result of the fact that Counterparty is the issuer of any Share Termination Delivery Units (or any part thereof).", + "rows": [ + [ + "Share Termination Unit Price:", + "", + "The value of property contained in one Share Termination Delivery Unit on the date such Share Termination Delivery Units are to be delivered as Share Termination Delivery Property, as determined by the Calculation Agent in a commercially reasonable manner and notified by the Calculation Agent to Dealer at the time of notification of the Payment Obligation." + ], + [ + "", + "", + "" + ], + [ + "Share Termination Delivery Unit:", + "", + "In the case of a Termination Event (other than on account of an Insolvency, Nationalization or Merger Event), Event of Default, Delisting or Additional Disruption Event, one Share or, in the case of an Insolvency, Nationalization or Merger Event, one Share or a unit consisting of the number or amount of each type of property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any securities) in such Insolvency, Nationalization or Merger Event, as applicable. If such Insolvency, Nationalization or Merger Event involves a choice of consideration to be received by holders, such holder shall be deemed to have elected to receive the maximum possible amount of cash." + ], + [ + "", + "", + "" + ], + [ + "Failure to Deliver:", + "", + "Applicable" + ], + [ + "", + "", + "" + ], + [ + "Other Applicable Provisions:", + "", + "If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9 and 9.11 of the Equity Definitions will be applicable as if \u0093Physical Settlement\u0094 applied to the Transaction, except that all references to \u0093Shares\u0094 shall be read as references to \u0093Share Termination Delivery Units\u0094; provided that the Representation and Agreement contained in Section 9.11 of the Equity Definitions shall be modified by excluding any representations therein relating to restrictions, obligations, limitations or requirements under applicable securities laws as a result of the fact that Counterparty is the issuer of any Share Termination Delivery Units (or any part thereof)." + ] + ], + "table_index": 13, + "table_kind": "mixed" + }, + "text": "Share Termination Unit Price: | | The value of property contained in one Share Termination Delivery Unit on the date such Share Termination Delivery Units are to be delivered as Share Termination Delivery Property, as determined by the Calculation Agent in a commercially reasonable manner and notified by the Calculation Agent to Dealer at the time of notification of the Payment Obligation.\n | | \nShare Termination Delivery Unit: | | In the case of a Termination Event (other than on account of an Insolvency, Nationalization or Merger Event), Event of Default, Delisting or Additional Disruption Event, one Share or, in the case of an Insolvency, Nationalization or Merger Event, one Share or a unit consisting of the number or amount of each type of property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any securities) in such Insolvency, Nationalization or Merger Event, as applicable. If such Insolvency, Nationalization or Merger Event involves a choice of consideration to be received by holders, such holder shall be deemed to have elected to receive the maximum possible amount of cash.\n | | \nFailure to Deliver: | | Applicable\n | | \nOther Applicable Provisions: | | If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9 and 9.11 of the Equity Definitions will be applicable as if \u0093Physical Settlement\u0094 applied to the Transaction, except that all references to \u0093Shares\u0094 shall be read as references to \u0093Share Termination Delivery Units\u0094; provided that the Representation and Agreement contained in Section 9.11 of the Equity Definitions shall be modified by excluding any representations therein relating to restrictions, obligations, limitations or requirements under applicable securities laws as a result of the fact that Counterparty is the issuer of any Share Termination Delivery Units (or any part thereof)." + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b48", + "block_sequence": 48, + "block_sha256": "baf646c4413531e767f71c1d2aa7dba115db99b469b5b747cba3b9d686da190a", + "block_type": "paragraph", + "char_count": 2573, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 48, + "char_end": 2573, + "char_start": 0, + "fragment_sha256": "a364a35dae9460e161dee59a967cb9910adcedcfa3809ff6ec877b16d2f183d7", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "(d) Disposition of Hedge Shares. Counterparty hereby agrees that if, in the good faith reasonable judgment of Dealer, based on the advice of counsel, the Shares (the \u0093Hedge Shares\u0094) acquired by Dealer for the purpose of hedging its obligations pursuant to the Transaction in a commercially reasonable manner cannot be sold in the U.S. public market by Dealer without registration under the Securities Act, Counterparty shall, at its election: (i) in order to allow Dealer to sell the Hedge Shares in a registered offering, make available to Dealer an effective registration statement under the Securities Act to cover the resale of such Hedge Shares and (A) enter into an agreement, in form and substance reasonably satisfactory to Dealer, substantially in the form of an underwriting agreement for a registered offering, (B) provide accountant\u0092s \u0093comfort\u0094 letters in customary form for registered offerings of equity securities, (C) provide disclosure opinions of nationally recognized outside counsel to Counterparty reasonably acceptable to Dealer, (D) provide other customary opinions, certificates and closing documents customary in form for registered offerings of equity securities and (E) afford Dealer a reasonable opportunity to conduct a \u0093due diligence\u0094 investigation with respect to Counterparty customary in scope for underwritten offerings of equity securities (in all cases of (A)-(E) above, as would be usual and customary for offerings for companies of similar size and industry); provided that if Counterparty elects clause (i) above but the items referred to therein are not completed in a timely manner, or if Dealer, in its sole reasonable discretion, is not satisfied with access to due diligence materials, the results of its due diligence investigation, or the procedures and documentation for the registered offering referred to above, then clause (ii) or clause (iii) of this Section 8(d) shall apply at the election of Counterparty; (ii) in order to allow Dealer to sell the Hedge Shares in a private placement, enter into a private placement agreement substantially similar to private placement purchase agreements customary for private placements of equity securities of similar size and industry, in form and substance commercially reasonably satisfactory to Dealer, including customary representations, covenants, blue sky and other governmental filings and/or registrations, indemnities to Dealer, due diligence rights (for Dealer or any designated buyer of the Hedge Shares from Dealer), and best efforts obligations to provide opinions and" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b49", + "block_sequence": 49, + "block_sha256": "0ab9dabde6eb5f482219821968e5bb15a27d88e18ed3a5a25f4e069b8d5cf650", + "block_type": "page_number", + "char_count": 13, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 49, + "char_end": 13, + "char_start": 0, + "fragment_sha256": "a1e1203e5031cef19743b231174ec4627d5f5f188c5ebce25eb6924f313c174c", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "Page 20 of 30" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b50", + "block_sequence": 50, + "block_sha256": "eb63a9f5a9d6ea7e739386622016e703206d50f6cf2ce5edbc9808023fd0b06d", + "block_type": "paragraph", + "char_count": 10524, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 50, + "char_end": 10524, + "char_start": 0, + "fragment_sha256": "21e0e9e4ef102819a32feff6131985d19ec3624c6f8b4ae9fbc7cf61006f6695", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "certificates and such other documentation as is customary for private placements agreements for transactions of similar size and type, as is commercially reasonably acceptable to Dealer (in which case, the Calculation Agent shall make any adjustments to the terms of the Transaction that are necessary, in its good faith, commercially reasonable judgment, to compensate Dealer for any commercially reasonable discount from the public market price of the Shares incurred on the sale of Hedge Shares in a private placement); or (iii) purchase the Hedge Shares from Dealer at the then-current market price on such Exchange Business Days, and in the amounts and at such time(s), commercially reasonably requested by Dealer. This Section 8(d) shall survive the termination, expiration or early unwind of the Transaction. (e) Repurchase and Conversion Rate Adjustment Notices. Counterparty shall, at least two Scheduled Trading Days prior to any day on which Counterparty effects any repurchase of Shares or consummates or otherwise engages in any transaction or event (a \u0093Conversion Rate Adjustment Event\u0094) that could reasonably be expected to lead to an increase in the \u0093Conversion Rate\u0094 (as defined in the Indenture), give Dealer a written notice of such repurchase or Conversion Rate Adjustment Event (a \u0093Repurchase Notice\u0094) if, following such repurchase or Conversion Rate Adjustment Event, the Notice Percentage would reasonably be expected to be (i) greater than 3.02% and (ii) greater by 0.50% than the Notice Percentage included in the immediately preceding Repurchase Notice (or, in the case of the first such Repurchase Notice, greater than the Notice Percentage as of the date hereof). The \u0093Notice Percentage\u0094 as of any day is the fraction, expressed as a percentage, the numerator of which is the Number of Shares plus the number of Shares underlying any other convertible bond hedge transactions or similar call options sold by Dealer to Counterparty and the denominator of which is the number of Shares outstanding on such day. In the event that Counterparty fails to provide Dealer with a Repurchase Notice on the day and in the manner specified in this Section 8(e) then Counterparty agrees to indemnify and hold harmless Dealer, its affiliates and their respective directors, officers, employees, agents and controlling persons (Dealer and each such person being an \u0093Indemnified Party\u0094) from and against any and all commercially reasonable losses (including losses relating to the Dealer\u0092s commercially reasonable hedging activities as a consequence of becoming, or of the risk of becoming, a Section 16 \u0093insider\u0094, including without limitation, any forbearance from hedging activities or cessation of hedging activities and any losses in connection therewith with respect to this Transaction), claims, damages and liabilities (or actions in respect thereof), joint or several, to which such Indemnified Party may become subject under applicable securities laws, including without limitation, Section 16 of the Exchange Act or under any state or federal law, regulation or regulatory order, relating to or arising out of such failure. If for any reason the foregoing indemnification is unavailable to any Indemnified Party or insufficient to hold harmless any Indemnified Party, then Counterparty shall contribute, to the maximum extent permitted by law, to the amount paid or payable by the Indemnified Party as a result of such loss, claim, damage or liability. In addition, Counterparty will reimburse any Indemnified Party for all commercially reasonable out-of-pocket expenses (including commercially reasonable counsel fees and expenses) as they are incurred (after notice to Counterparty) in connection with the investigation of, preparation for or defense or settlement of any pending or threatened claim or any action, suit or proceeding arising therefrom, whether or not such Indemnified Party is a party thereto and whether or not such claim, action, suit or proceeding is initiated or brought by or on behalf of Counterparty. This indemnity shall survive the completion of the Transaction contemplated by this Confirmation and any assignment and delegation of the Transaction made pursuant to this Confirmation or the Agreement and shall inure to the benefit of any permitted assignee of Dealer. (f) Transfer and Assignment. (i) Either party may transfer or assign any of its rights or obligations under the Transaction with the prior written consent of the non-transferring party, such consent not to be unreasonably withheld or delayed; provided that Dealer may transfer or assign without any consent of Counterparty its rights and obligations hereunder, in whole or in part, to any person, or any person whose obligations would be guaranteed by a person, in either case, with a rating (i) for its long-term, unsecured and unsubordinated indebtedness at least equivalent to Dealer\u0092s (or its ultimate parent\u0092s) or (ii) that is no lower than A3 from Moody\u0092s Investor Service, Inc. (or its successor) or A- from Standard and Poor\u0092s Rating Group, Inc. (or its successor); provided further that, at the time of such transfer or assignment either (x) both the Dealer and transferee or assignee in any such transfer or assignment are a \u0093dealer in securities\u0094 within the meaning of Section 475(c) (1) of the Internal Page 21 of 30 Revenue Code of 1986, as amended (the \u0093Code\u0094) or (y) the transfer or assignment does not result in a deemed exchange by Counterparty within the meaning of Section 1001 of the Code. In the event of any such transfer or assignment, the transferee or assignee shall agree that (i) Counterparty shall not be required to pay the transferee or assignee under Section 2(d)(i)(4) of the Agreement any amount greater than the amount Counterparty would have been required to pay to Dealer in the absence of such transfer or assignment, (ii) Counterparty shall not receive from the transferee or assignee any amount or number of Shares (after taking into account any amounts payable or deliverable under Section 2(d)(i)(4) of the Agreement) less than it would have been entitled to receive in the absence of such transfer or assignment and (iii) Dealer shall cause the transferee or assignee to provide Counterparty with a complete and accurate U.S. Internal Revenue Service Form W-9 or W-8 (or successor form), as applicable. If at any time at which (1) the Equity Percentage exceeds 8.0% or (2) Dealer, Dealer Group (as defined below) or any person whose ownership position would be aggregated with that of Dealer or Dealer Group (Dealer, Dealer Group or any such person, a \u0093Dealer Person\u0094) under Section 203 of the Delaware General Corporation Law or other federal, state or local law, rule, regulation or regulatory order or organizational documents or contracts of Counterparty applicable to ownership of Shares (\u0093Applicable Restrictions\u0094), owns, beneficially owns, constructively owns, controls, holds the power to vote or otherwise meets a relevant definition of ownership in excess of a number of Shares equal to (x) the number of Shares that would give rise to reporting, registration, filing or notification obligations or other requirements (including obtaining prior approval by a state or federal regulator, but excluding reporting obligations arising under Section 13 of the Exchange Act as in effect on the Trade Date) of a Dealer Person under Applicable Restrictions and with respect to which such requirements have not been met or the relevant approval has not been received, or that would have any other adverse effect on a Dealer Person, under Applicable Restrictions minus (y) 1% of the number of Shares outstanding on the date of determination (either such condition described in clause (1) or (2), an \u0093Excess Ownership Position\u0094), Dealer, in its discretion, is unable to effect a transfer or assignment to a third party after its commercially reasonable efforts on pricing and terms and within a time period reasonably acceptable to Dealer such that an Excess Ownership Position no longer exists, Dealer may designate any Scheduled Trading Day as an Early Termination Date with respect to a portion (the \u0093Terminated Portion\u0094) of the Transaction, such that an Excess Ownership Position would no longer exist following the resulting partial termination of the Transaction (after taking into account commercially reasonable adjustments to Dealer\u0092s commercially reasonable Hedge Positions from such partial termination). In the event that Dealer so designates an Early Termination Date with respect to a portion of the Transaction, a payment or delivery shall be made pursuant to Section 6 of the Agreement or Section 8(c) of this Confirmation as if (i) an Early Termination Date had been designated in respect of a Transaction having terms identical to the Terminated Portion of the Transaction, (ii) Counterparty were the sole Affected Party with respect to such partial termination, (iii) such portion of the Transaction were the only Terminated Transaction and (iv) Dealer were the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement and to determine the amount payable pursuant to Section 6(e) of the Agreement. The \u0093Equity Percentage\u0094 as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the number of Shares that Dealer and any of its affiliates or any other person subject to aggregation with Dealer for purposes of the \u0093beneficial ownership\u0094 test under Section 13 of the Exchange Act, or any \u0093group\u0094 (within the meaning of Section 13 of the Exchange Act) of which Dealer is or may be deemed to be a part (collectively, \u0093Dealer Group\u0094) beneficially owns (within the meaning of Section 13 of the Exchange Act), without duplication, on such day (or, to the extent that for any reason the equivalent calculation under Section 16 of the Exchange Act and the rules and regulations thereunder results in a higher number, such higher number) and (B) the denominator of which is the number of Shares outstanding on such day. In the case of a transfer or assignment by Counterparty of its rights and obligations hereunder and under the Agreement, in whole or in part (any such Options so transferred or assigned, the \u0093Transfer Options\u0094), to any party, withholding of such consent by Dealer shall not be considered unreasonable if such transfer or assignment does not meet the reasonable conditions that Dealer may impose including, but not limited, to the following conditions: Page 22 of 30" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b51", + "block_sequence": 51, + "block_sha256": "8db0eebef118942156913b83fff75a9c857d9177a5cbed3b98095a3bd8458a66", + "block_type": "paragraph", + "char_count": 3529, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 51, + "char_end": 3529, + "char_start": 0, + "fragment_sha256": "fce23aa685339c9bed3658a406e80280d2b8ed65d4f213c6bcaf0c0649087df5", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "(A) With respect to any Transfer Options, Counterparty shall not be released from its notice and indemnification obligations pursuant to Section 8(e) or any obligations under Section 2 (regarding Extraordinary Events) or 8(d) of this Confirmation; (B) Any Transfer Options shall only be transferred or assigned to a third party that is a United States person (as defined in the Code); (C) Such transfer or assignment shall be effected on terms, including any reasonable undertakings by such third party (including, but not limited to, undertakings with respect to compliance with applicable securities laws in a manner that, in the reasonable judgment of Dealer, will not expose Dealer to material risks under applicable securities laws) and execution of any documentation and delivery of legal opinions with respect to securities laws and other matters by such third party and Counterparty as are requested by, and reasonably satisfactory to, Dealer; (D) Dealer shall not, as a result of such transfer and assignment, be required to pay the transferee on any payment date an amount under Section 2(d)(i)(4) of the Agreement greater than an amount that Dealer would have been required to pay to Counterparty in the absence of such transfer and assignment; (E) Dealer shall not, as a result of such transfer or assignment, receive from the transferee or assignee any amount or number of Shares (after taking into account any amounts payable or deliverable under Section 2(d)(i)(4) of the Agreement) less than it would have been entitled to receive in the absence of such transfer or assignment; (F) An Event of Default, Potential Event of Default or Termination Event shall not occur as a result of such transfer and assignment; (G) Without limiting the generality of clause (B), Counterparty shall have caused the transferee to make such Payee Tax Representations and to provide such tax documentation as may be reasonably requested by Dealer to permit Dealer to determine that results described in clauses (D) and (E) will not occur upon or after such transfer and assignment; and (H) Counterparty shall be responsible for all reasonable costs and expenses, including reasonable counsel fees, incurred by Dealer in connection with such transfer or assignment. (ii) Notwithstanding any other provision in this Confirmation to the contrary requiring or allowing Dealer to purchase, sell, receive or deliver any Shares or other securities, or make or receive any payment in cash, to or from Counterparty, Dealer may designate any of its affiliates to purchase, sell, receive or deliver such Shares or other securities, or to make or receive such payment in cash, and otherwise to perform Dealer\u0092s obligations in respect of the Transaction and any such designee may assume such obligations. Dealer shall be discharged of its obligations to Counterparty solely to the extent of any such performance. (g) Staggered Settlement. If upon advice of counsel with respect to applicable legal and regulatory requirements, including any requirements relating to Dealer\u0092s commercially reasonable hedging activities hereunder, Dealer reasonably determines that it would not be practicable or advisable to deliver, or to acquire Shares to deliver, any or all of the Shares to be delivered by Dealer on any Settlement Date for the Transaction, Dealer may, by notice to Counterparty on or prior to any Settlement Date (a \u0093Nominal Settlement Date\u0094), elect to deliver the Shares on two or more dates (each, a \u0093Staggered Settlement Date\u0094) as follows:" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b52", + "block_sequence": 52, + "block_sha256": "26f2d3f22179f495c3238c277975cba856d54fdfca4cd154b83b4d0168557015", + "block_type": "page_number", + "char_count": 13, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 52, + "char_end": 13, + "char_start": 0, + "fragment_sha256": "be523c99b3c441bfdcc4c8b9cd8e0d669a145c7dbd36abedbc0a3bf64f13cf6f", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "Page 23 of 30" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b53", + "block_sequence": 53, + "block_sha256": "d5249b686ce0fb0eba0ad4d51fdcb8296d73c3484d81f96ef6d678cd4d5f6fc8", + "block_type": "paragraph", + "char_count": 8745, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 53, + "char_end": 8745, + "char_start": 0, + "fragment_sha256": "a6e10ce2f5c9640e3cbb8b8e3a6e376ac4dd45f2256016c10183227d2811e973", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "(i) in such notice, Dealer will specify to Counterparty the related Staggered Settlement Dates (each of which will be on or prior to such Nominal Settlement Date) and the number of Shares that it will deliver on each Staggered Settlement Date; and (ii) the aggregate number of Shares that Dealer will deliver to Counterparty hereunder on all such Staggered Settlement Dates will equal the number of Shares that Dealer would otherwise be required to deliver on such Nominal Settlement Date. (h) Disclosure. Effective from the date of commencement of discussions concerning the Transaction, Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including opinions or other tax analyses) that are provided to Counterparty relating to such tax treatment and tax structure. (i) No Netting and Set-off. The provisions of Section 2(c) of the Agreement shall not apply to the Transaction. Each party waives any and all rights it may have to set-off delivery or payment obligations it owes to the other party under the Transaction against any delivery or payment obligations owed to it by the other party, whether arising under the Agreement, under any other agreement between parties hereto, by operation of law or otherwise. (j) Equity Rights. Dealer acknowledges and agrees that this Confirmation is not intended to convey to it rights with respect to the Transaction that are senior to the claims of common stockholders in the event of Counterparty\u0092s bankruptcy. For the avoidance of doubt, the parties agree that the preceding sentence shall not apply at any time other than during Counterparty\u0092s bankruptcy to any claim arising as a result of a breach by Counterparty of any of its obligations under this Confirmation or the Agreement. For the avoidance of doubt, the parties acknowledge that the obligations of Counterparty under this Confirmation are not secured by any collateral that would otherwise secure the obligations of Counterparty herein under or pursuant to any other agreement. (k) Early Unwind. In the event the sale by Counterparty of the Base Convertible Securities is not consummated pursuant to the Purchase Agreement for any reason by the close of business in New York on August 20, 2021 (or such later date as agreed upon by the parties) (August 20, 2021 or such later date being the \u0093Early Unwind Date\u0094), the Transaction shall automatically terminate (the \u0093Early Unwind\u0094) on the Early Unwind Date and the Transaction and all of the respective rights and obligations of Dealer and Counterparty hereunder shall be cancelled and terminated. Following such termination and cancellation, each party shall be released and discharged by the other party from, and agrees not to make any claim against the other party with respect to, any obligations or liabilities of either party arising out of, and to be performed in connection with, the Transaction either prior to or after the Early Unwind Date. Dealer and Counterparty represent and acknowledge to the other that upon an Early Unwind, all obligations with respect to the Transaction shall be deemed fully and finally discharged. (l) Agreements and Acknowledgements Regarding Hedging. Counterparty understands, acknowledges and agrees that: (A) at any time on and prior to the Expiration Date, Dealer and its affiliates may buy or sell Shares or other securities or buy or sell options or futures contracts or enter into swaps or other derivative securities in order to adjust its hedge position with respect to the Transaction; (B) Dealer and its affiliates also may be active in the market for Shares other than in connection with hedging activities in relation to the Transaction; (C) Dealer shall make its own determination as to whether, when or in what manner any hedging or market activities in securities of Issuer shall be conducted and shall do so in a manner that it deems appropriate to hedge its price and market risk with respect to the \u0093Daily VWAP\u0094 (as defined in the Indenture); (D) any market activities of Dealer and its affiliates with respect to Shares may affect the market price and volatility of Shares, as well as the \u0093Daily VWAP\u0094 (as defined in the Indenture), each in a manner that may be adverse to Counterparty; and (E) the Transaction is a derivatives transaction in which it has granted Dealer an option, and Dealer may purchase shares for its own account at an average price that may be greater than, or less than, the price paid by Counterparty under the terms of the Transaction. Page 24 of 30 (m) Wall Street Transparency and Accountability Act. In connection with Section 739 of the Wall Street Transparency and Accountability Act of 2010 (the \u0093WSTAA\u0094), the parties hereby agree that neither the enactment of the WSTAA (or any statute containing any legal certainty provision similar to Section 739 of the WSTAA) or any regulation under the WSTAA (or any such statute), nor any requirement under the WSTAA (or any statute containing any legal certainty provision similar to Section 739 of the WSTAA) or an amendment made by the WSTAA (or any such statute), shall limit or otherwise impair either party\u0092s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs, regulatory change or similar event under this Confirmation, the Equity Definitions incorporated herein, or the Agreement (including, but not limited to, rights arising from Change in Law, Hedging Disruption, Increased Cost of Hedging or Illegality). (n) Governing Law; Exclusive Jurisdiction; Waiver of Jury. (i) THE AGREEMENT, THIS CONFIRMATION AND ALL MATTERS ARISING IN CONNECTION WITH THE AGREEMENT AND THIS CONFIRMATION SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO ITS CHOICE OF LAW DOCTRINE, OTHER THAN TITLE 14 OF ARTICLE 5 OF THE NEW YORK GENERAL OBLIGATIONS LAW). (ii) Section 13(b) of the Agreement is deleted in its entirety and replaced by the following: \u0093Each party hereby irrevocably and unconditionally submits for itself and its property in any suit, legal action or proceeding relating to this Confirmation or the Agreement, or for recognition and enforcement of any judgment in respect thereof, (each, \u0093Proceedings\u0094) to the exclusive jurisdiction of the Supreme Court of the State of New York, sitting in New York County, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof. Nothing in this Confirmation or the Agreement precludes either party from bringing Proceedings in any other jurisdiction if (A) the courts of the State of New York or the United States of America for the Southern District of New York lack jurisdiction over the parties or the subject matter of the Proceedings or decline to accept the Proceedings on the grounds of lacking such jurisdiction; (B) the Proceedings are commenced by a party for the purpose of enforcing against the other party\u0092s property, assets or estate any decision or judgment rendered by any court in which Proceedings may be brought as provided hereunder; (C) the Proceedings are commenced to appeal any such court\u0092s decision or judgment to any higher court with competent appellate jurisdiction over that court\u0092s decisions or judgments if that higher court is located outside the State of New York or Borough of Manhattan, such as a federal court of appeals or the U.S. Supreme Court; or (D) any suit, action or proceeding has been commenced in another jurisdiction by or against the other party or against its property, assets or estate and, in order to exercise or protect its rights, interests or remedies under this Confirmation or the Agreement, the party (1) joins, files a claim, or takes any other action, in any such suit, action or proceeding, or (2) otherwise commences any Proceeding in that other jurisdiction as the result of that other suit, action or proceeding having commenced in that other jurisdiction.\u0094 (iii) EACH OF COUNTERPARTY AND DEALER HEREBY IRREVOCABLY WAIVES (ON ITS OWN BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS STOCKHOLDERS) ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS CONFIRMATION OR THE AGREEMENT. (o) Amendment. This Confirmation and the Agreement may not be modified, amended or supplemented, except in a written instrument signed by Counterparty and Dealer. Page 25 of 30" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b54", + "block_sequence": 54, + "block_sha256": "e2bb3fdb1c99f28f853551732d044ff454f3d335ecae2e3d8e8b4979775e7add", + "block_type": "paragraph", + "char_count": 3739, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 54, + "char_end": 3739, + "char_start": 0, + "fragment_sha256": "beb68eb0227189616de7f6d716d5eb4a00b14c208aaefa55bcf8d254eef8dc4f", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "(p) Counterparts. This Confirmation may be executed in several counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. Delivery of an executed signature page by facsimile or electronic transmission (e.g. \u0093pdf\u0094 or \u0093tif\u0094), or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law, e.g., www.docusign.com, shall be effective as delivery of a manually executed counterpart hereof. (q) Tax Matters. For purposes of Sections 4(a)(i) and (ii) of the Agreement, Counterparty agrees to deliver to Dealer one duly executed and completed United States Internal Revenue Service Form W-9 (or successor thereto) and Dealer shall provide to Counterparty one duly executed and completed United States Internal Revenue Service Form W-9 (or successor thereto). Such forms shall be delivered upon (i) execution and delivery of this Confirmation, (ii) promptly upon reasonable request of the other party and (iii) promptly upon learning that any such form previously provided by the other party has become obsolete or incorrect. (r) Withholding Tax with Respect to Non-US Counterparties. \u0093Indemnifiable Tax\u0094 as defined in Section 14 of the Agreement shall not include (i) any U.S. federal withholding tax imposed or collected pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (a \u0093FATCA Withholding Tax\u0094) or (ii) any U.S. federal withholding tax imposed on amounts treated as dividends from sources within the United States under Section 871(m) of the Code (or any Treasury regulations or other guidance issued thereunder). For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable law for the purposes of Section 2(d) of the Agreement. (s) Payee Tax Representations. For the purpose of Section 3(f) of the Agreement, the parties make the representations below: (i) [_____] (ii) Counterparty is a corporation for U.S. federal income tax purposes and is organized under the laws of the United States. It is \u0093exempt\u0094 within the meaning of Treasury Regulation sections 1.6041-3(p) and 1.6049-4(c) from information reporting on IRS Form 1099 and backup withholding. (t) Amendment to Equity Definitions and the Agreement. (i) Solely in respect of adjustments to the Cap Price pursuant to Section 8(u): (1) Section 11.2(e)(v) of the Equity Definitions is hereby amended by adding the phrase \u0093, provided that, notwithstanding this Section 11.2(e)(v), the parties hereto agree that, with respect to the Transaction, the following repurchases of Shares by the Issuer or any of its subsidiaries shall not be considered Potential Adjustment Events: any repurchases of Shares in open-market transactions at prevailing market prices or privately negotiated accelerated Share repurchase (or similar) transactions that are entered into at prevailing market prices and in accordance with customary market terms for transactions of such type to repurchase the Shares, in each case, to the extent that, after giving effect to such transactions, the aggregate number of Shares repurchased during the term of the Transaction pursuant to all transactions described in this proviso would not exceed 10% of the number of Shares outstanding as of the Trade Date, as determined by the Calculation Agent\u0094 at the end of such Section." + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b55", + "block_sequence": 55, + "block_sha256": "4bfe7df6cebcc9b86066da7f29db074de9f91c7515b1ec96272563e8f42c4ae2", + "block_type": "page_number", + "char_count": 13, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 55, + "char_end": 13, + "char_start": 0, + "fragment_sha256": "2eed19c74f04d22b3dd6fecd11ad552da43cee6619e9a851e039a181d3459b5a", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "Page 26 of 30" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b56", + "block_sequence": 56, + "block_sha256": "58e0758f5ebdb811f892d7ff575155e0df8cdd5dd4042148fdb947dddc881172", + "block_type": "paragraph", + "char_count": 3811, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 56, + "char_end": 3811, + "char_start": 0, + "fragment_sha256": "026ba50884908231d14518cfdb4ef8448c49320bd35440604031faf79d7e9424", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "(2) Section 11.2(e)(vii) of the Equity Definitions is hereby amended by deleting the words \u0093that may have a diluting or concentrative effect on the theoretical value of the relevant Shares\u0094 and replacing them with the words \u0093that is the result of a corporate event involving the Issuer or its securities that has, in the commercially reasonable judgment of the Calculation Agent, a material economic effect on the Shares or options on the Shares; provided that such event is not based on (a) an observable market, other than the market for the Counterparty\u0092s own stock or (b) an observable index, other than an index calculated and measured solely by reference to Counterparty\u0092s own operations.\u0094 (3) Section 12.1(d) of the Equity Definitions is hereby amended by replacing \u009310%\u0094 with \u009315%\u0094. (ii) Section 12.9(b)(i) of the Equity Definitions is hereby amended by replacing \u0093either party may elect\u0094 with \u0093Dealer may elect or, if Counterparty represents to Dealer in writing at the time of such election that (i) it is not aware of any material nonpublic information with respect to Counterparty or the Shares and (ii) it is not making such election as part of a plan or scheme to evade compliance with the U.S. federal securities laws, Counterparty may elect.\u0094 (iii) Section 12.9(b)(vi) of the Equity Definitions is hereby amended by (1) adding the word \u0093or\u0094 immediately before subsection \u0093(B)\u0094, (2) deleting the comma at the end of subsection (A), (3) deleting subsection (C) in its entirety, (4) deleting the word \u0093or\u0094 immediately preceding subsection (C) and (5) replacing the words \u0093either party\u0094 in the last sentence of such Section with \u0093Dealer\u0094. (iv) Section 12(a) of the Agreement is hereby amended by (1) deleting the phrase \u0093or email\u0094 in the third line thereof and (2) deleting the phrase \u0093or that communication is delivered (or attempted) or received, as applicable, after the close of business on a Local Business Day\u0094 in the final clause thereof. (u) Other Adjustments Pursuant to the Equity Definitions. Notwithstanding anything to the contrary in the Agreement, the Equity Definitions or this Confirmation, upon the occurrence of a Merger Date, the occurrence of a Tender Offer Date, or declaration by Counterparty of the terms of any Potential Adjustment Event, the Calculation Agent shall determine in good faith and in a commercially reasonable manner whether such occurrence or declaration, as applicable, has had a material economic effect on the Transaction and, if so, shall, in its good faith and commercially reasonable discretion, adjust the Cap Price to preserve the fair value of the Options taking into account, for the avoidance of doubt, such economic effect on both the Strike Price and Cap Price (provided that in no event shall the Cap Price be less than the Strike Price; provided further that any adjustment to the Cap Price made pursuant to this Section 8(u) shall be made without duplication of any other adjustment hereunder). Solely for purposes of this Section 8(u), (x) the terms \u0093Potential Adjustment Event,\u0094 \u0093Merger Event,\u0094 and \u0093Tender Offer\u0094 shall each have the meanings assigned to each such term in the Equity Definitions (as amended by Section 8(t)(i)) and (y) \u0093Extraordinary Dividend\u0094 means any cash dividend on the Shares. (v) Notice of Certain Other Events. (A) Counterparty shall give Dealer commercially reasonable advance (but in no event less than one Exchange Business Day) written notice of the section or sections of the Indenture and, if applicable, the formula therein, pursuant to which any adjustment will be made to the Convertible Securities in connection with any Potential Adjustment Event, Merger Event or Tender Offer and (B) promptly following any such adjustment, Counterparty shall give Dealer written notice of the details of such adjustment." + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b57", + "block_sequence": 57, + "block_sha256": "a0097cafafd2b14c8ee1e8c650fb9c11cd91094961f01cac4ae4f5bcebb9cc13", + "block_type": "page_number", + "char_count": 13, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 57, + "char_end": 13, + "char_start": 0, + "fragment_sha256": "e239a1b032c29b7f58e6426cbf330c2f48a7c67d0433ecabfa3e2ba53d2d08cc", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "Page 27 of 30" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b58", + "block_sequence": 58, + "block_sha256": "0535b7fc0c8dc8135161f4fbb2823429c72adff62b675c40bbd3f3df6b7d35fc", + "block_type": "paragraph", + "char_count": 660, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", + "block_sequence": 58, + "char_end": 660, + "char_start": 0, + "fragment_sha256": "96db414fbffb4d6eebe56a1127a6936efe14d2816bb0bda4ae7a8985e06a0dea", + "heading_path": [ + "EX-10.1" + ], + "table_index": null, + "tag_name": "center" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", + "table": null, + "text": "(w) Payment by Counterparty. In the event that, following payment of the Premium, (i) an Early Termination Date occurs or is designated with respect to the Transaction as a result of a Termination Event or an Event of Default (other than an Event of Default arising under Section 5(a)(ii) or 5(a)(iv) of the Agreement) and, as a result, Counterparty owes to Dealer an amount calculated under Section 6(e) of the Agreement, or (ii) Counterparty owes to Dealer, pursuant to Section 12.7 or Section 12.9 of the Equity Definitions, an amount calculated under Section 12.8 of the Equity Definitions, such amount shall be deemed to be zero. 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"https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b5", "text": "| | | |\n| --- | --- | --- |\n| From: | | [_____] |\n| | | |\n| To: | | Opendoor Technologies Inc. |\n| | | 410 N. Scottsdale Road, Suite 1600 |\n| | | Tempe, AZ 85281 |\n| Attention: | | Treasury Team |\n| Telephone No.: | | (408) 218-6591 (Sandra Tullis) or (415) 283-9940 (Allen Colhoun) |\n| Email: | | treasury@opendoor.com |"} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b6"], "char_count": 3874, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "fae327fb0def38a51af2af6ac5bd849d665c10b22a48638c0bb0991cddbe1c77", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 6, "char_end": 3874, "char_start": 0, "fragment_sha256": "ecd09269a97169815e3fcb35d7686748c46a1896c7d7306fde176ea200361f64", "heading_path": ["EX-10.1"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": null, "text": "Re: Base Call Option Transaction The purpose of this communication (this “Confirmation”) is to set forth the terms and conditions of the call option transaction entered into on the Trade Date specified below (the “Transaction”) between [_____] (“Dealer”) and Opendoor Technologies Inc. (“Counterparty”). This communication constitutes a “Confirmation” as referred to in the Agreement specified below. 1. This Confirmation is subject to, and incorporates, the definitions and provisions of the 2006 ISDA Definitions (the “2006 Definitions”) and the definitions and provisions of the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”, and together with the 2006 Definitions, the “Definitions”), in each case as published by the International Swaps and Derivatives Association, Inc. (“ISDA”). Certain defined terms used herein have the meanings assigned to them in the Offering Memorandum dated August 16, 2021 (as so supplemented, the “Offering Memorandum”) relating to the USD 850,000,000 principal amount of 0.25% Convertible Senior Notes due 2026 (the “Base Convertible Securities”) issued by Counterparty (as increased by up to an additional USD 127,500,000 principal amount of 0.25% Convertible Senior Notes due 2026 that may be issued pursuant to the option to purchase additional convertible securities (the “Optional Convertible Securities” and, together with the Base Convertible Securities, the “Convertible Securities”)) pursuant to an Indenture to be dated August 20, 2021 between Counterparty and U.S. Bank National Association, as trustee (the “Indenture”). In the event of any inconsistency between the terms defined in the Indenture and this Confirmation, this Confirmation shall govern. The parties acknowledge that this Confirmation is entered into on the date hereof with the understanding that (i) definitions set forth in the Indenture that are also defined herein by reference to the Indenture and (ii) sections of the Indenture that are referred to herein, in each case, will conform to the descriptions thereof in the Offering Memorandum. If any such definitions in the Indenture or any such sections of the Indenture differ from the descriptions thereof in the Offering Memorandum, the descriptions thereof in the Offering Memorandum will govern for purposes of this Confirmation. For the avoidance of doubt, subject to the foregoing, references herein to sections of, or definitions set forth in, the Indenture are based on the draft of the Indenture most recently reviewed by the parties at the time of execution of this Confirmation. If any relevant sections of, or definitions set forth in, the Indenture are changed, added or renumbered between the execution of this Confirmation and the execution of the Indenture, the parties will amend this Confirmation in good faith and in a commercially reasonable manner to preserve the economic intent of the parties as evidenced by such draft of the Indenture. In addition, subject to the foregoing, the parties acknowledge that references to the Indenture herein are references to the Indenture as in effect on the date hereof and if the Indenture is, or the Convertible Securities are, amended, modified or supplemented following the date hereof or the date of their execution, respectively, any such amendment, modification or supplement (other than any amendment, modification or supplement (i) pursuant to Section 5.09 of the Indenture, subject to the provisions opposite the caption “Discretionary Adjustments” in Section 2 hereof, or (ii) pursuant to Section 8.01(I) of the Indenture that, as determined by the Calculation Agent in good faith and in a commercially reasonable manner, conforms the Indenture to the description of Convertible Securities in the Offering Memorandum) will be disregarded for purposes of this Confirmation unless the parties agree otherwise in writing."} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b6"], "char_count": 340, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6bff4ddb02b85c1c2232072ab473c8b6ea3eda710b811aff61785a7e283a13a2", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 6, "char_end": 4214, "char_start": 3874, "fragment_sha256": "ecd09269a97169815e3fcb35d7686748c46a1896c7d7306fde176ea200361f64", "heading_path": ["EX-10.1"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": null, "text": "Each party is hereby advised, and each such party acknowledges, that the other party has engaged in, or refrained from engaging in, substantial financial transactions and has taken other material actions in reliance upon the parties’ entry into the Transaction to which this Confirmation relates on the terms and conditions set forth below."} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b8"], "char_count": 3162, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "dde7fa3660efc7fc59292ff30b90c8d472ef858c8c392b92a6416682b3099916", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 8, "char_end": 3162, "char_start": 0, "fragment_sha256": "5cbcbb41c8b2a7fa8fcd0cb49c3f67349cc9a24a09f226fd03450f9f2f90a9be", "heading_path": ["EX-10.1"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": null, "text": "This Confirmation evidences a complete and binding agreement between Dealer and Counterparty as to the terms of the Transaction to which this Confirmation relates. This Confirmation shall be subject to an agreement (the “Agreement”) in the form of the 2002 ISDA Master Agreement as if Dealer and Counterparty had executed an agreement in such form on the date hereof (but without any Schedule except for (i) the election of US Dollars (“USD”) as the Termination Currency, (ii) the election of the laws of the State of New York as the governing law (without reference to choice of law doctrine) and (iii) (A) the election that the “Cross Default” provisions of Section 5(a)(vi) of the Agreement shall apply to Dealer with a “Threshold Amount” of three percent of Dealer’s [ultimate parent’s] shareholders’ equity; provided that “Specified Indebtedness” shall not include obligations in respect of deposits received in the ordinary course of Dealer’s banking business, (B) the phrase “or becoming capable at such time of being declared” shall be deleted from clause (1) of such Section 5(a)(vi) and (C) the following language shall be added to the end thereof “Notwithstanding the foregoing, a default under subsection (2) hereof shall not constitute an Event of Default if (x) the default was caused solely by error or omission of an administrative or operational nature; (y) funds were available to enable the party to make the payment when due; and (z) the payment is made within two Local Business Days of such party’s receipt of written notice of its failure to pay.”). All provisions contained in, or incorporated by reference to, the Agreement will govern this Confirmation except as expressly modified herein. In the event of any inconsistency among this Confirmation, the Equity Definitions, the 2006 Definitions or the Agreement, the following shall prevail in the order of precedence indicated: (i) this Confirmation; (ii) the Equity Definitions; (iii) the 2006 Definitions; and (iv) the Agreement. For the avoidance of doubt, except to the extent of an express conflict, the application of any provision of this Confirmation, the Agreement, the Equity Definitions or the 2006 Definitions shall not be construed to exclude or limit any other provision of this Confirmation, the Agreement, the Equity Definitions or the 2006 Definitions. The Transaction hereunder shall be the sole Transaction under the Agreement. If there exists any ISDA Master Agreement between Dealer and Counterparty or any confirmation or other agreement between Dealer and Counterparty pursuant to which an ISDA Master Agreement is deemed to exist between Dealer and Counterparty, then notwithstanding anything to the contrary in such ISDA Master Agreement, such confirmation or agreement or any other agreement to which Dealer and Counterparty are parties, the Transaction shall not be considered a Transaction under, or otherwise governed by, such existing or deemed ISDA Master Agreement. 2. The Transaction constitutes a Share Option Transaction for purposes of the Equity Definitions. The terms of the particular Transaction to which this Confirmation relates are as follows:"} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b9"], "char_count": 537, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "cc90ddfa5a0da6231ca685cc9395129642fe40fafcbf383459a0ec49feef9a5f", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 9, "char_end": 446, "char_start": 0, "fragment_sha256": "5377af9e2cbe2088bf6efcba8798efb63dcda47721723bfa20154bd7cfb49145", "heading_path": ["EX-10.1"], "table_index": 1, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p6", "passage_kind": "table", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b9", "text": "| | | |\n| --- | --- | --- |\n| General Terms: | | |\n| | | |\n| Trade Date: | | August 17, 2021 |\n| | | |\n| Effective Date: | | The closing date of the initial issuance of the Convertible Securities. |\n| | | |\n| Option Style: | | Modified American, as described under “Procedures for Exercise” below. |\n| | | |\n| Option Type: | | Call |\n| | | |\n| Seller: | | Dealer |\n| | | |\n| Buyer: | | Counterparty |\n| | | |\n| Shares: | | The Common Stock of Counterparty, par value USD 0.0001 (Ticker Symbol: “OPEN”). |"} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b11"], "char_count": 1671, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b5cada31ad6b579bdc660dbeb61a37178c8272b6bdcfe1cf18561beedfbacc59", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 11, "char_end": 1984, "char_start": 0, "fragment_sha256": "3df4f9ef743046379b4b21494d43dd00776cddaec431436935efb1c188377f8e", "heading_path": ["EX-10.1"], "table_index": 2, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p7", "passage_kind": "table", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b11", "text": "| | | |\n| --- | --- | --- |\n| Number of Options: | | The number of Base Convertible Securities in denominations of USD 1,000 principal amount issued by Counterparty on the closing date for the initial issuance of the Convertible Securities. For the avo… |\n| | | |\n| Applicable Percentage: | | [_____]% |\n| | | |\n| Option Entitlement: | | A number equal to the product of the Applicable Percentage and 51.9926 |\n| | | |\n| Make-Whole Adjustment: | | Any adjustment to the Conversion Rate pursuant to Section 5.07 of the Indenture. |\n| | | |\n| Discretionary Adjustment: | | Any adjustment to the Conversion Rate pursuant to Section 5.06 of the Indenture. |\n| | | |\n| Strike Price: | | USD 19.2335 |\n| | | |\n| Cap Price: | | USD 29.5900 |\n| | | |\n| Rounding of Strike Price/Cap Price/Option Entitlement: | | In connection with any adjustment to the Option Entitlement or Strike Price, the Option Entitlement or Strike Price, as the case may be, shall be rounded by the Calculation Agent in accordance with t… |\n| | | |\n| Number of Shares: | | As of any date, a number of Shares equal to the product of the Number of Options and the Option Entitlement. |\n| | | |\n| Premium: | | USD [_____] |\n| | | |\n| Premium Payment Date: | | The Effective Date |\n| | | |\n| Exchange: | | The Nasdaq Global Select Market |\n| | | |\n| Related Exchange: | | All Exchanges; provided that Section 1.26 of the Equity Definitions shall be amended to add the words “United States” before the word “exchange” in the tenth line of such Section. |\n| | | |\n| Procedures for Exercise: | | |\n| | | |\n| Exercise Dates: | | Each Conversion Date. |"} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b13"], "char_count": 1180, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "32cbe2affeef8dadb86c82416ba0100d5c571a266f2e6b169ca4c2aeb0d824f5", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 13, "char_end": 3130, "char_start": 0, "fragment_sha256": "1b7a8a8058661eec040da397c0d6b86401ef6052fb2bcf83d5814b75b10851b2", "heading_path": ["EX-10.1"], "table_index": 3, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p8", "passage_kind": "table", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b13", "text": "| | | |\n| --- | --- | --- |\n| Conversion Date: | | With respect to any conversion of a Convertible Security (other than (x) any conversion of Convertible Securities with a “Conversion Date” (as defined in the Indenture) occurring prior to the Free Co… |\n| | | |\n| Free Convertibility Date: | | February 15, 2026 |\n| | | |\n| Exchanged Securities: | | With respect to any Conversion Date, any Convertible Securities with respect to which Counterparty makes the election described in Section 5.08 of the Indenture and the financial institution designat… |\n| | | |\n| Expiration Date: | | August 15, 2026, subject to earlier exercise. |\n| | | |\n| Automatic Exercise on Conversion Dates: | | Applicable, which means that on each Conversion Date occurring on or after the Free Convertibility Date, a number of Options equal to the number of Relevant Convertible Securities for such Conversion… |\n| | | |\n| Automatic Exercise After Free Convertibility Date: | | Notwithstanding anything to the contrary herein or in the Equity Definitions, unless Counterparty notifies Dealer in writing prior to 5:00 p.m., New York City time, on the “Scheduled Trading Day” (as… |"} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b15"], "char_count": 1322, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f7976ef7e51ee22e821e72ad088a1b76e3fa0d9de3252740c75abb6ea8520517", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": 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exercise of Options hereunder on any Conversion Date on or after the Free Convertibility Date, 5:00 p.m., New York City time, on the “Scheduled Trading Day” (as defined in the Inden… |\n| | | |\n| Notice of Exercise: | | Counterparty shall notify Dealer in writing prior to the Notice Deadline of the number of Relevant Convertible Securities being converted on the related Conversion Date. For the avoidance of doubt, i… |\n| | | |\n| Notice of Final Convertible Security Settlement Method: | | In addition, Counterparty shall notify Dealer in writing before 5:00 p.m., New York City time, on the “Scheduled Trading Day” (as defined in the Indenture) immediately preceding the Free Convertibili… |\n| | | |\n| Dealer’s Contact Details for purpose of Giving Notice: | | As specified in Section 6(b) below. |\n| | | |\n| Settlement Terms: | | |\n| | | |\n| Settlement Date: | | For any Exercise Date, the date one Settlement Cycle following the final day of the Cash Settlement Averaging Period. |\n| | | |\n| Delivery Obligation: | | In lieu of the obligations set forth in Sections 8.1 and 9.1 of the Equity Definitions, and subject to “Automatic Exercise on Conversion Dates” and “Notice of Exercise” above and “Method of Adjustmen… |"} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b17"], "char_count": 740, "cik10": "0001801169", 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"passage_kind": "table", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b17", "text": "| | | |\n| --- | --- | --- |\n| | | to deliver to the holder(s) of the Relevant Convertible Securities for such Conversion Date pursuant to Section 5.03(B) of the Indenture (except that such number of Shares shall be rounded down to th… |\n| | | |\n| Applicable Settlement Method: | | For any Relevant Convertible Securities, if Counterparty has notified Dealer in the Notice of Final Convertible Security Settlement Method that it has elected, or is deemed to have elected, to satisf… |\n| | | |\n| Cash Settlement Averaging Period: | | The 30 “VWAP Trading Days” (as defined in the Indenture) commencing on the 31st “Scheduled Trading Day” (as defined in the Indenture) prior to the “Maturity Date” (as defined in the Indenture). |"} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b19"], "char_count": 777, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b693926059d9f83eb8944e7b2d6d2adc3195f2cf318ba5c1edbe70988f360353", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": 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extent Dealer is obligated to deliver Shares hereunder, the provisions of Sections 9.8, 9.9 and 9.11 of the Equity Definitions will be applicable as if “Physical Settlement” applied to the Tra… |\n| Restricted Certificated Shares: | | Notwithstanding anything to the contrary in the Equity Definitions, Dealer may, in whole or in part, deliver Shares required to be delivered to Counterparty hereunder in certificated form in lieu of … |\n| Adjustments: | | |\n| | | |\n| Method of Adjustment: | | Notwithstanding Section 11.2 of the Equity Definitions, upon the occurrence of any event or condition set forth in the Dilution Adjustment Provisions (a “Potential Adjustment Event”) that requires an… |"} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b21"], "char_count": 625, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7add03158d53559b3ff2e57d746a9e8c1f69a99f7dc35011c2915224aa36cc25", "derivation_id": 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"2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b21", "text": "| | | |\n| --- | --- | --- |\n| | | (ii) if any Potential Adjustment Event is declared and (a) the event or condition giving rise to such Potential Adjustment Event is subsequently amended, modified, cancelled or abandoned, (b) the “Co… |\n| | | |\n| Dilution Adjustment Provisions: | | Sections 5.05(A)(i), (ii), (iii), (iv) and (v) and Section 5.05(H) of the Indenture |\n| | | |\n| Discretionary Adjustments: | | Notwithstanding anything to the contrary herein or in the Equity Definitions, if the Calculation Agent in good faith disagrees with any adjustment under the Indenture that is the basis of any adjustm… |"} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b23"], "char_count": 811, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "245f3c50a30178a627e27143cf52d979d57760819f8519b95c147ba9fe3bfad6", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 23, "char_end": 3524, "char_start": 0, "fragment_sha256": "2bafe4125277293991fadfdc2a10a677d4dff532c457134e1a5d93198c5802ad", "heading_path": ["EX-10.1"], "table_index": 8, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p13", "passage_kind": "table", "passage_sequence": 13, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b23", "text": "| | | |\n| --- | --- | --- |\n| Extraordinary Events: | | |\n| | | |\n| Merger Events: | | Notwithstanding Section 12.1(b) of the Equity Definitions, “Merger Event” shall have the same meaning as the meaning of “Common Stock Change Event” set forth in Section 5.09(A) of the Indenture. |\n| | | |\n| Consequences of Merger Events/Tender Offers: | | Notwithstanding Section 12.2 of the Equity Definitions, upon the occurrence of a Merger Event, the Calculation Agent, acting in good faith and commercially reasonably, shall make a corresponding adju… |\n| | | |\n| Notice of Merger Consideration: | | Upon the occurrence of a Merger Event, Counterparty shall reasonably promptly (but in any event prior to consummation of such Merger Event) notify the Calculation Agent of, in the case of a Merger Ev… |"} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b25"], "char_count": 518, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a5127877cfa3daf45bfc4d98a038285dee6bc360ad6b74593bd71d1134cdd55b", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": 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"https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b25", "text": "| | | |\n| --- | --- | --- |\n| Consequences of Announcement Events: | | Modified Calculation Agent Adjustment as set forth in Section 12.3(d) of the Equity Definitions; provided that, in respect of an Announcement Event, (x) references to “Tender Offer” shall be replaced… |\n| | | |\n| Announcement Event: | | (i) The public announcement by Issuer, any subsidiary of Issuer, any affiliate of Issuer, any agent or representative of Issuer, any Valid Third Party Entity or any affiliate of a Valid Third Party E… |"} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b27"], "char_count": 1296, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "55d6543fb5b19510bf1a79161ef6256f0250c6fbcda300508cdffa59b1d152ee", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 27, "char_end": 3390, "char_start": 0, "fragment_sha256": "c911798bb22896ec6c63bfa8a364ae3589427436918afd59d9e18a49dc0a7e9f", "heading_path": ["EX-10.1"], "table_index": 10, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p15", "passage_kind": "table", "passage_sequence": 15, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b27", "text": "| | | |\n| --- | --- | --- |\n| | | Event with respect to such transaction or intention. For purposes of this definition of “Announcement Event,” (A) “Merger Event” shall mean such term as defined under Section 12.1(b) of the Equity De… |\n| | | |\n| Valid Third Party Entity: | | In respect of any transaction, any third party that has a bona fide intent to enter into or consummate such transaction (it being understood and agreed that in determining whether such third party ha… |\n| | | |\n| Nationalization, Insolvency or Delisting: | | Cancellation and Payment (Calculation Agent Determination); provided that in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the S… |\n| | | |\n| Additional Termination Event(s): | | Notwithstanding anything to the contrary in the Equity Definitions, if, as a result of an Extraordinary Event, the Transaction would be cancelled or terminated (whether in whole or in part) pursuant … |\n| | | |\n| Additional Disruption Events: | | |\n| | | |\n| (a) Change in Law: | | Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase “the interpretation” in the third line thereof with the phrase “, or public annou… |"} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b29"], "char_count": 1175, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c569d249cc4111e7bbbd917d8bd168705d3308652f59b55a5d734453a635510f", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 29, "char_end": 2439, "char_start": 0, "fragment_sha256": "ac90716b7e69445d1386e4e1d39689ee2133420c559d56ad3d47350f325f127e", "heading_path": ["EX-10.1"], "table_index": 11, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p16", "passage_kind": "table", "passage_sequence": 16, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b29", "text": "| | | |\n| --- | --- | --- |\n| (b) Failure to Deliver: | | Applicable |\n| | | |\n| (c) Insolvency Filing: | | Applicable |\n| | | |\n| (d) Hedging Disruption: | | Applicable; provided that: (i) Section 12.9(a)(v) of the Equity Definitions is hereby amended by inserting the following sentence at the end of such Section: “For the avoidance of doubt, (i) the term… |\n| | | |\n| (e) Increased Cost of Hedging: | | Applicable |\n| | | |\n| Hedging Party: | | Dealer |\n| | | |\n| Determining Party: | | Dealer; provided that the Determining Party will promptly, upon written notice from Counterparty, provide a statement displaying in reasonable detail the basis for such determination, adjustment or c… |\n| | | |\n| Non-Reliance: | | |\n| | | |\n| Agreements and Acknowledgments | | Applicable |\n| | | |\n| Regarding Hedging Activities: | | Applicable |\n| | | |\n| Additional Acknowledgments: | | Applicable |\n| | | |\n| Hedging Adjustment: | | For the avoidance of doubt, whenever Dealer, Determining Party or the Calculation Agent makes an adjustment, calculation or determination permitted or required to be made pursuant to the terms of thi… |"} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b31"], "char_count": 1923, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9712e156626a3a40822cd45b5b404441ee9156c972600b8ce034a83d9ed69fc1", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 31, "char_end": 1923, "char_start": 0, "fragment_sha256": "24709ba49ab9a9082d10ae1cfa9bddd7c29d8cb25d2619bd892a63e8d24d9a7e", "heading_path": ["EX-10.1"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p17", "passage_kind": "narrative", "passage_sequence": 17, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": null, "text": "3. Calculation Agent: Dealer; provided that all calculations and determinations by the Calculation Agent (other than calculations or determinations made by reference to the Indenture) shall be made in good faith and in a commercially reasonable manner and assuming for such purposes that Dealer is maintaining, establishing and/or unwinding, as applicable, a commercially reasonable hedge position; provided further that if an Event of Default of the type described in Section 5(a)(vii) of the Agreement with respect to which Dealer is the sole Defaulting Party occurs, Counterparty shall have the right to appoint a successor calculation agent which shall be a nationally recognized third-party dealer in over-the-counter corporate equity derivatives. The Calculation Agent agrees that it will promptly, upon written notice from Counterparty, provide a statement displaying in reasonable detail the basis for such determination, adjustment or calculation, as the case may be (including any quotations, market data or information from internal or external sources used in making such determination, adjustment or calculation, it being understood that the Calculation Agent shall not be required to disclose any confidential information or proprietary models used by it in connection with such determination, adjustment or calculation, as the case may be). 4. Account Details: Dealer Payment Instructions: Counterparty Payment Instructions: 5. Offices: The Office of Dealer for the Transaction is: The Office of Counterparty for the Transaction is: Inapplicable, Counterparty is not a Multibranch Party 6. Notices: For purposes of this Confirmation: (a) Address for notices or communications to Counterparty: To: Opendoor Technologies Inc. 410 N. Scottsdale Road, Suite 1600 Tempe, AZ 85281 Attention: Treasury Team Telephone No.: (408) 218-6591 (Sandra Tullis) or (415) 283-9940 (Allen Colhoun) Email: treasury@opendoor.com"} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b32", "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b33", "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b34", "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b36"], "char_count": 3458, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "68009063e3c29448245867c28b0d0b5cafff28448e0fbf1c6fa096c5f9215ca2", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 32, "char_end": 7, "char_start": 0, "fragment_sha256": "02176338f4a3b0d8270f5283d5d486eda694305f03899403bc763aceabc8e246", "heading_path": ["EX-10.1"], "table_index": null, "tag_name": "p"}, {"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 33, "char_end": 7, "char_start": 0, "fragment_sha256": "02176338f4a3b0d8270f5283d5d486eda694305f03899403bc763aceabc8e246", "heading_path": ["EX-10.1"], "table_index": null, "tag_name": "p"}, {"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 34, "char_end": 7, "char_start": 0, "fragment_sha256": "02176338f4a3b0d8270f5283d5d486eda694305f03899403bc763aceabc8e246", "heading_path": ["EX-10.1"], "table_index": null, "tag_name": "p"}, {"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 36, "char_end": 3431, "char_start": 0, "fragment_sha256": "cda12a32192d34efe4ebb3fde85d79075a28ec0f02a87170f1bfe6a2fb47f846", "heading_path": ["EX-10.1"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p18", "passage_kind": "narrative", "passage_sequence": 18, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": null, "text": "[_____]\n\n[_____]\n\n[_____]\n\n(b) Address for notices or communications to Dealer: 7. Representations, Warranties and Agreements: (a) In addition to the representations and warranties in the Agreement and those contained elsewhere herein, Counterparty represents and warrants to and for the benefit of, and agrees with, Dealer as follows: (i) On the Trade Date, (A) Counterparty is not aware of any material nonpublic information regarding Counterparty or the Shares and (B) all reports and other documents filed by Counterparty with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”) when considered as a whole (with the more recent such reports and documents deemed to amend inconsistent statements contained in any earlier such reports and documents), do not contain any untrue statement of a material fact or any omission of a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading. (ii) (A) On the Trade Date, the Shares or securities that are convertible into, or exchangeable or exercisable for Shares, are not subject to a “restricted period,” as such term is defined in Regulation M under the Exchange Act (“Regulation M”) and (B) Counterparty shall not engage in any “distribution,” as such term is defined in Regulation M, other than a distribution meeting the requirements of the exceptions set forth in sections 101(b)(10) and 102(b)(7) of Regulation M, until the third Exchange Business Day immediately following the Trade Date. (iii) Without limiting the generality of Section 13.1 of the Equity Definitions, Counterparty acknowledges that neither Dealer nor any of its affiliates is making any representations or warranties or taking any position or expressing any view with respect to the treatment of the Transaction under any accounting standards including ASC Topic 260, Earnings Per Share, ASC Topic 815, Derivatives and Hedging, or ASC Topic 480, Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity (or any successor issue statements). (iv) Without limiting the generality of Section 3(a)(iii) of the Agreement, the Transaction will not violate Rule 13e-1 or Rule 13e-4 under the Exchange Act. (v) Prior to the Trade Date, Counterparty shall deliver to Dealer a resolution of Counterparty’s board of directors authorizing the Transaction. (vi) Counterparty is not entering into this Confirmation to create actual or apparent trading activity in the Shares (or any security convertible into or exchangeable for Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for Shares) or otherwise in violation of the Exchange Act. (vii) Counterparty is not, and after giving effect to the transactions contemplated hereby will not be, required to register as, an “investment company” as such term is defined in the Investment Company Act of 1940, as amended. (viii) On each of the Trade Date and the Premium Payment Date, Counterparty is not “insolvent” (as such term is defined under Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”)) and Counterparty would be able to purchase the Number of Shares in compliance with the laws of the jurisdiction of Counterparty’s incorporation."} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b37"], "char_count": 7, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "09e43de57702b9410c9220b8ccef04dcfc47ee7c5196c6cd72d086d28015bf8b", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 37, "char_end": 7, "char_start": 0, "fragment_sha256": "02176338f4a3b0d8270f5283d5d486eda694305f03899403bc763aceabc8e246", "heading_path": ["EX-10.1"], "table_index": null, "tag_name": "p"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p19", "passage_kind": "narrative", "passage_sequence": 19, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": null, "text": "[_____]"} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b39"], "char_count": 2435, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "272b0b4b2346d2efdb245b1784349ad5b41e00a2f892842bb2e74acbe0cba9ca", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 39, "char_end": 2435, "char_start": 0, "fragment_sha256": "c37a4e1b8a1275563ae22f69b76aab9052af0f7949cba4a97b3e1dbaeec20fee", "heading_path": ["EX-10.1"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p20", "passage_kind": "narrative", "passage_sequence": 20, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": null, "text": "(ix) The representations and warranties of Counterparty set forth in Section 3 of the Agreement and Section 1 of the Purchase Agreement, dated as of August 17, 2021, among Counterparty and Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC, as representatives of the initial purchasers party thereto (the “Purchase Agreement”), are true and correct as of the Trade Date and the Effective Date and are hereby deemed to be repeated to Dealer as if set forth herein. (x) To the knowledge of Counterparty, no state or local (including non-U.S. jurisdictions) law, rule, regulation or regulatory order applicable to the Shares would give rise to any reporting, consent, registration or other requirement (including without limitation a requirement to obtain prior approval from any person or entity) as a result of Dealer or its affiliates owning or holding (however defined) Shares; provided that Counterparty makes no representation or warranty regarding any such requirement that is applicable generally to the ownership of equity securities by Dealer or any of its affiliates solely as a result of it or any of such affiliates being financial institutions or broker-dealers. (xi) Counterparty (A) is capable of evaluating investment risks independently, both in general and with regard to all transactions and investment strategies involving a security or securities; (B) will exercise independent judgment in evaluating the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the broker-dealer in writing; and (C) has total assets of at least USD 50 million as of the date hereof. (xii) The assets of Counterparty do not constitute “plan assets” under the Employee Retirement Income Security Act of 1974, as amended, the Department of Labor Regulations promulgated thereunder or similar law. (b) Each of Dealer and Counterparty agrees and represents that it is an “eligible contract participant” as defined in Section 1a(18) of the U.S. Commodity Exchange Act, as amended, and is entering into the Transaction as principal (and not as agent or in any other capacity, fiduciary or otherwise) and not for the benefit of any third party. (c) Each of Dealer and Counterparty acknowledges that the offer and sale of the Transaction to it is intended to be exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), by virtue of Section 4(a)(2) thereof."} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b39"], "char_count": 2273, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5a4bbb8dec0bc5e113413fdd5cecb7d2bc3fb59d88a41caf683fb38324d7c473", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 39, "char_end": 4708, "char_start": 2435, "fragment_sha256": "c37a4e1b8a1275563ae22f69b76aab9052af0f7949cba4a97b3e1dbaeec20fee", "heading_path": ["EX-10.1"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p21", "passage_kind": "narrative", "passage_sequence": 21, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": null, "text": "Accordingly, Counterparty represents and warrants to Dealer that (i) it has the financial ability to bear the economic risk of its investment in the Transaction and is able to bear a total loss of its investment and its investments in and liabilities in respect of the Transaction, which it understands are not readily marketable, are not disproportionate to its net worth, and it is able to bear any loss in connection with the Transaction, including the loss of its entire investment in the Transaction, (ii) it is an “accredited investor” as that term is defined in Regulation D as promulgated under the Securities Act, (iii) it is entering into the Transaction for its own account and without a view to the distribution or resale thereof, (iv) the assignment, transfer or other disposition of the Transaction has not been and will not be registered under the Securities Act and is restricted under this Confirmation, the Securities Act and state securities laws, and (v) its financial condition is such that it has no need for liquidity with respect to its investment in the Transaction and no need to dispose of any portion thereof to satisfy any existing or contemplated undertaking or indebtedness and is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of the Transaction. (d) Each of Dealer and Counterparty agrees and acknowledges that Dealer is a “financial institution” and “financial participant” within the meaning of Sections 101(22) and 101(22A) of the Bankruptcy Code. The parties hereto further agree and acknowledge (A) that this Confirmation is a “securities contract,” as such term is defined in Section 741(7) of the Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection herewith is a “termination value,” “payment amount” or “other transfer obligation” within the meaning of Section 362 of the Bankruptcy Code and a “settlement payment” within the meaning of Section 546 of the Bankruptcy Code, and (B) that Dealer is entitled to the protections afforded by, among other sections, Sections 362(b)(6), 362(b)(27), 362(o), 546(e), 546(j), 548(d)(2), 555 and 561 of the Bankruptcy Code."} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b39"], "char_count": 3807, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "684ab9baa6089502c2555527b6df78cde91d9e27ddcd22ad743f9995a96100f2", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 39, "char_end": 8515, "char_start": 4708, "fragment_sha256": "c37a4e1b8a1275563ae22f69b76aab9052af0f7949cba4a97b3e1dbaeec20fee", "heading_path": ["EX-10.1"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p22", "passage_kind": "narrative", "passage_sequence": 22, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": null, "text": "Page 15 of 30 (e) As a condition to the effectiveness of the Transaction, Counterparty shall deliver to Dealer an opinion of counsel, dated as of the Premium Payment Date and reasonably acceptable to Dealer in form and substance, with respect to the matters set forth in Section 3(a) of the Agreement and Section 7(a)(vii) hereof; provided that any such opinion of counsel may contain customary exceptions and qualifications, including, without limitation, exceptions and qualifications relating to indemnification provisions. (f) Counterparty understands that notwithstanding any other relationship between Counterparty and Dealer and its affiliates, in connection with this Transaction and any other over-the-counter derivative transactions between Counterparty and Dealer or its affiliates, Dealer or its affiliates is acting as principal and is not a fiduciary or advisor in respect of any such transaction, including any entry, exercise, amendment, unwind or termination thereof. (g) Counterparty represents and warrants that neither it nor any of its subsidiaries has applied, and neither it nor any of its subsidiaries shall until after the first date on which no portion of the Transaction remains outstanding following any final exercise and settlement, cancellation or early termination of the Transaction, apply, for a loan, loan guarantee, direct loan (as that term is defined in the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”)) or other investment, or to receive any financial assistance or relief under any program or facility (collectively “Financial Assistance”) that (i) is established under applicable law (whether in existence as of the Trade Date or subsequently enacted, adopted or amended), including without limitation the CARES Act and the Federal Reserve Act, as amended, and (ii) (A) requires under applicable law (or any regulation, guidance, interpretation or other pronouncement of a governmental authority with jurisdiction for such program or facility) as a condition of such Financial Assistance, that Counterparty or any of its subsidiaries comply with any requirement not to, or otherwise agree, attest, certify or warrant that it or any of its subsidiaries has not, as of the date specified in such condition, repurchased, or will not repurchase, any equity security of Counterparty, and that neither it nor any of its subsidiaries has, as of the date specified in the condition, made a capital distribution or will make a capital distribution, or (B) where the terms of the Transaction would cause Counterparty or any of its subsidiaries under any circumstances to fail to satisfy any condition for application for or receipt or retention of the Financial Assistance (collectively “Restricted Financial Assistance”); provided that Counterparty or any of its subsidiaries may apply for Restricted Financial Assistance if Counterparty either (x) determines based on the advice of outside counsel of national standing that the terms of the Transaction would not cause Counterparty or any of its subsidiaries to fail to satisfy any condition for application for or receipt or retention of such Financial Assistance based on the terms of the program or facility as of the date of such advice or (y) delivers to Dealer evidence or other guidance from a governmental authority with jurisdiction for such program or facility that the Transaction is permitted under such program or facility (either by specific reference to the Transaction or by general reference to transactions with the attributes of the Transaction in all relevant respects). Counterparty further represents and warrants that the Premium is not being paid, in whole or in part, directly or indirectly, with funds received under or pursuant to any program or facility, including the U.S."} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b39"], "char_count": 1353, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "fb972fed9c65f5eeae24673c105cd8a982fe06f76f8145e66a995d2b9f4284e7", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 39, "char_end": 9868, "char_start": 8515, "fragment_sha256": "c37a4e1b8a1275563ae22f69b76aab9052af0f7949cba4a97b3e1dbaeec20fee", "heading_path": ["EX-10.1"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p23", "passage_kind": "narrative", "passage_sequence": 23, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": null, "text": "Small Business Administration’s “Paycheck Protection Program”, that (a) is established under applicable law (whether in existence as of the Trade Date or subsequently enacted, adopted or amended), including without limitation the CARES Act and the Federal Reserve Act, as amended, and (b) requires under such applicable law (or any regulation, guidance, interpretation or other pronouncement of a governmental authority with jurisdiction for such program or facility) that such funds be used for specified or enumerated purposes that do not include the purchase of the Transaction (either by specific reference to the Transaction or by general reference to transactions with the attributes of the Transaction in all relevant respects). (h) [Counterparty represents and warrants that it has received, read and understands the OTC Options Risk Disclosure Statement and a copy of the most recent disclosure pamphlet prepared by The Options Clearing Corporation entitled “Characteristics and Risks of Standardized Options”. (i) Each party acknowledges and agrees to be bound by the Conduct Rules of the Financial Industry Regulatory Authority, Inc. applicable to transactions in options, and further agrees not to violate the position and exercise limits set forth therein, in each case, to the extent such rules are applicable to such party.] Page 16 of 30"} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b40"], "char_count": 3994, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d78facd2a3d6abd39c331db32299e7944d6de839e029caaeaa339c9297d3ed7f", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 40, "char_end": 3994, "char_start": 0, "fragment_sha256": "b00fc230e80b2c53674c3daf7712dd66bd927b7021a237c8b422f445b5f706d7", "heading_path": ["EX-10.1"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p24", "passage_kind": "narrative", "passage_sequence": 24, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": null, "text": "8. Other Provisions: (a) Right to Extend. Dealer may postpone or add, in whole or in part, any Exercise Date or Settlement Date or any other date of valuation, payment or delivery by Dealer, with respect to some or all of the relevant Options (in which event the Calculation Agent, in good faith and in a commercially reasonable manner, shall make appropriate adjustments to the Delivery Obligation), if Dealer determines, in good faith and in a commercially reasonable manner, and, in respect of clause (ii) below, based on the advice of counsel, that such extension is reasonably necessary or appropriate (i) to preserve Dealer’s commercially reasonable hedging or hedge unwind activity hereunder in light of existing liquidity conditions in the cash market, the stock borrow market or other relevant market (but only if there is a material decrease in liquidity relative to Dealer’s expectations on the Trade Date), or (ii) to enable Dealer to effect purchases or sales of Shares or Share Termination Delivery Units in connection with its commercially reasonable hedging, hedge unwind or settlement activity hereunder in a manner that would (assuming, in the case of purchases, Dealer were Counterparty or an affiliated purchaser of Counterparty) be in compliance with applicable legal, regulatory or self-regulatory requirements, or with related policies and procedures (whether or not such requirements, policies or procedures are imposed by law or have been voluntarily adopted by Dealer and, in the case of policies or procedures, so long as such policies or procedures are consistently applied to transactions similar to the Transaction); provided that no such Exercise Date, Settlement Date or other date of valuation, payment or delivery may be postponed or added more than 60 “VWAP Trading Days” (as defined in the Indenture) after the original Exercise Date, Settlement Date or other date of valuation, payment or delivery, as the case may be. (b) Additional Termination Events. (i) The occurrence of an event of default with respect to Counterparty under the terms of the Convertible Securities as set forth in Section 7.01 of the Indenture, which default has resulted in the Convertible Securities becoming due and payable under the terms thereof, shall constitute an Additional Termination Event with respect to which the Transaction is the sole Affected Transaction and Counterparty is the sole Affected Party, and Dealer shall be the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement and to determine the amount payable pursuant to Section 6(e) of the Agreement. (ii) Within five Exchange Business Days immediately following any Repurchase Event (as defined below), Counterparty (x) in the case of a Repurchase Event resulting from the redemption of any Convertible Securities by Counterparty or the repurchase of any Convertible Securities by Counterparty upon the occurrence of a “Fundamental Change” (as defined in the Indenture), shall notify Dealer in writing of such Repurchase Event and (y) in the case of a Repurchase Event not described in clause (x) above, may notify Dealer of such Repurchase Event, in each case, including the number of Convertible Securities subject to such Repurchase Event (any such notice, a “Convertible Securities Repurchase Notice”). Notwithstanding anything to the contrary in this Confirmation, the receipt by Dealer from Counterparty of (1) any Convertible Securities Repurchase Notice, and (2) in the case of any Convertible Securities Repurchase Notice described in clause (y) above, a written representation and warranty by Counterparty that, as of the date of such Convertible Securities Repurchase Notice, Counterparty is not in possession of any material nonpublic information regarding Counterparty or the Shares, in each case, within the applicable time period set forth in the preceding sentence, shall constitute an Additional Termination Event as provided in this Section 8(b)(ii)."} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b40"], "char_count": 906, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "27a102d58bc2427eb9526cff2c2cc0aadef58d020d4ce0b27cd74f9f65a0f470", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 40, "char_end": 4900, "char_start": 3994, "fragment_sha256": "b00fc230e80b2c53674c3daf7712dd66bd927b7021a237c8b422f445b5f706d7", "heading_path": ["EX-10.1"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p25", "passage_kind": "narrative", "passage_sequence": 25, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": null, "text": "Upon receipt of any such Convertible Securities Repurchase Notice and the related written representation and warranty, Dealer shall promptly designate an Exchange Business Day following receipt of such Convertible Securities Repurchase Notice (which in no event shall be earlier than the related repurchase date for such Convertible Securities) as an Early Termination Date with respect to the portion of this Transaction corresponding to a number of Options (the “Repurchase Options”) equal to the lesser of (A) the number of such Convertible Securities specified in such Convertible Securities Repurchase Notice and (B) the Number of Options as of the date Dealer designates such Early Termination Date and, as of such date, the Number of Options shall be reduced by the number of Repurchase Options. Any payment hereunder with respect to such termination shall be calculated pursuant to Section 6 of the"} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b42"], "char_count": 1650, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "048a76fd6626c6c53a39bc144bab1cff33166fd52ca59a0f81ddf1024536bf80", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 42, "char_end": 1650, "char_start": 0, "fragment_sha256": "fc9fe3dad417c3c9f3d603a784bb7eaa23da369ef7147778e9012acaf6fd678e", "heading_path": ["EX-10.1"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p26", "passage_kind": "narrative", "passage_sequence": 26, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": null, "text": "Agreement as if (1) an Early Termination Date had been designated in respect of a Transaction having terms identical to this Transaction and a Number of Options equal to the number of Repurchase Options, (2) Counterparty were the sole Affected Party with respect to such Additional Termination Event and (3) the terminated portion of the Transaction were the sole Affected Transaction. “Repurchase Event” means that (i) any Convertible Securities are repurchased or redeemed (whether pursuant to Section 4.02 or 4.03 of the Indenture or otherwise) by Counterparty or any of its subsidiaries (including in connection with, or as a result of, a Fundamental Change (as defined in the Indenture), a tender offer, exchange offer or similar transaction or for any other reason), (ii) any Convertible Securities are delivered to Counterparty in exchange for delivery of any property or assets of Counterparty or any of its subsidiaries (howsoever described), (iii) any principal of any of the Convertible Securities is repaid prior to the final maturity date of the Convertible Securities, or (iv) any Convertible Securities are exchanged by or for the benefit of the “Holders” (as such term is defined in the Indenture) thereof for any other securities of Counterparty or any of its affiliates (or any other property, or any combination thereof) pursuant to any exchange offer or similar transaction. For the avoidance of doubt, any conversion of Convertible Securities (whether into cash, Shares, “Reference Property” (as defined in the Indenture) or any combination thereof) pursuant to the terms of the Indenture shall not constitute a Repurchase Event."} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b42"], "char_count": 2601, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "2cc75cdd791041d448b11f5af5e71ad4184eb6d089dc6c0906705f8ce72a9fb6", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 42, "char_end": 4251, "char_start": 1650, "fragment_sha256": "fc9fe3dad417c3c9f3d603a784bb7eaa23da369ef7147778e9012acaf6fd678e", "heading_path": ["EX-10.1"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p27", "passage_kind": "narrative", "passage_sequence": 27, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": null, "text": "Counterparty acknowledges and agrees that if an Additional Termination Event has occurred under this Section 8(b)(ii), then any related Convertible Securities subject to a Repurchase Event will be deemed to be cancelled and disregarded and no longer outstanding for all purposes hereunder. (iii) Notwithstanding anything to the contrary in this Confirmation, upon any Early Conversion in respect of which the relevant converting “Holder” (as such term is defined in the Indenture) has satisfied the requirements to conversion set forth in Section 5.02(A) of the Indenture: (A) Counterparty may, as promptly as practicable (but in any event within five Scheduled Trading Days of the “Conversion Date” (as defined in the Indenture) for such Early Conversion), provide written notice (an “Early Conversion Notice”) to Dealer specifying the number of Convertible Securities surrendered for conversion on such Conversion Date (such Convertible Securities, the “Affected Convertible Securities”), and the giving of such Early Conversion Notice shall constitute an Additional Termination Event as provided in this Section 8(b)(iii); provided that any such Early Conversion Notice shall contain a written acknowledgement by Counterparty of its responsibilities under applicable securities laws, and in particular Section 9 and Section 10(b) of the Exchange Act and the rules and regulations thereunder, in respect of the delivery of such Early Conversion Notice; (B) upon receipt of any such Early Conversion Notice, within a commercially reasonable period of time thereafter, Dealer shall designate an Exchange Business Day as an Early Termination Date (which Exchange Business Day shall be on or as promptly as reasonably practicable after the related settlement date for such Affected Convertible Securities) with respect to the portion of the Transaction corresponding to a number of Options (the “Affected Number of Options”) equal to the lesser of (x) the number of Affected Convertible Securities and (y) the Number of Options as of the “Conversion Date” (as defined in the Indenture) for such Early Conversion; (C) any payment hereunder with respect to such termination shall be calculated pursuant to Section 6 of the Agreement as if (x) an Early Termination Date had been designated in respect of a Transaction having terms identical to the Transaction and a Number of Options equal to the Affected Number of Options, (y) Counterparty were the sole Affected Party with respect to such Additional Termination Event and (z) the terminated portion of the Transaction were the sole Affected Transaction;"} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b44"], "char_count": 2992, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c437b1eb1739d20bd028582632dc402a56dcf714df33c63dd73b8cf569b1eb20", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 44, "char_end": 2992, "char_start": 0, "fragment_sha256": "926db36b199a909519f7b1b916159241961b4382acfb7c4da5f5b9265ca45561", "heading_path": ["EX-10.1"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p28", "passage_kind": "narrative", "passage_sequence": 28, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": null, "text": "(D) for the avoidance of doubt, in determining the amount payable in respect of such Affected Transaction pursuant to Section 6 of the Agreement, the Calculation Agent shall assume that (x) the relevant Early Conversion and any conversions, adjustments, agreements, payments, deliveries or acquisitions by or on behalf of Counterparty leading thereto had not occurred, (y) no adjustment to the conversion rate for the Convertible Securities has occurred pursuant to any Make-Whole Adjustment or Discretionary Adjustment and (z) the corresponding Convertible Securities remain outstanding; and (E) the Transaction shall remain in full force and effect, except that, as of the “Conversion Date”(as defined in the Indenture) for such Early Conversion, the Number of Options shall be reduced by the Affected Number of Options. (c) Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events. If (a) an Early Termination Date (whether as a result of an Event of Default or a Termination Event) occurs or is designated with respect to the Transaction or (b) the Transaction is cancelled or terminated upon the occurrence of an Extraordinary Event (except as a result of (i) a Nationalization, Insolvency or Merger Event in which the consideration to be paid to all holders of Shares consists solely of cash, (ii) a Merger Event or Tender Offer that is within Counterparty’s control, or (iii) an Event of Default in which Counterparty is the Defaulting Party or a Termination Event in which Counterparty is the Affected Party other than an Event of Default of the type described in Section 5(a)(iii), (v), (vi), (vii) or (viii) of the Agreement or a Termination Event of the type described in Section 5(b) of the Agreement, in each case that resulted from an event or events outside Counterparty’s control), and if Dealer would owe any amount to Counterparty pursuant to Section 6(d)(ii) and 6(e) of the Agreement (any such amount, a “Payment Obligation”), then Dealer shall satisfy the Payment Obligation by the Share Termination Alternative (as defined below) unless (a) Counterparty gives irrevocable telephonic notice to Dealer, confirmed in writing within one Scheduled Trading Day, no later than 12:00 p.m. (New York City time) on the Merger Date, Tender Offer Date, Announcement Date (in the case of a Nationalization, Insolvency or Delisting), Early Termination Date or date of cancellation, as applicable, of its election that the Share Termination Alternative shall not apply, (b) as of the date of such election, Counterparty represents that is not in possession of any material non-public information regarding Counterparty or the Shares, and that such election is being made in good faith and not as part of a plan or scheme to evade compliance with the federal securities laws, and (c) Dealer agrees, in its sole discretion, to such election, in which case the provisions of Section 6(d)(ii) and 6(e) of the Agreement, as the case may be, shall apply."} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b45"], "char_count": 529, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "4dca05150db5874158ba1259c39432a895d5969b3e658d5e2c7eb3b509724790", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 45, "char_end": 1108, "char_start": 0, "fragment_sha256": "b8b2128f255174f988019f7d4eee9d7b035caa213f06dc22212da09f07a4ad45", "heading_path": ["EX-10.1"], "table_index": 12, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p29", "passage_kind": "table", "passage_sequence": 29, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b45", "text": "| | | |\n| --- | --- | --- |\n| Share Termination Alternative: | | If applicable, means that Dealer shall deliver to Counterparty the Share Termination Delivery Property on the date on which the Payment Obligation would otherwise be due pursuant to Section 6(d)(ii) … |\n| | | |\n| Share Termination Delivery Property: | | A number of Share Termination Delivery Units, as calculated by the Calculation Agent in good faith and in a commercially reasonable manner, equal to the Payment Obligation divided by the Share Termin… |"} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b47"], "char_count": 825, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "aab07cf86ec8c3ade11016ec963b1e894ba5127044467be8cb965bca38ab175d", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 47, "char_end": 1960, "char_start": 0, "fragment_sha256": "1169356d3439ad337cec9b09957f68a828b08870e8f2db99eefb3e412884dbe5", "heading_path": ["EX-10.1"], "table_index": 13, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p30", "passage_kind": "table", "passage_sequence": 30, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b47", "text": "| | | |\n| --- | --- | --- |\n| Share Termination Unit Price: | | The value of property contained in one Share Termination Delivery Unit on the date such Share Termination Delivery Units are to be delivered as Share Termination Delivery Property, as determined by t… |\n| | | |\n| Share Termination Delivery Unit: | | In the case of a Termination Event (other than on account of an Insolvency, Nationalization or Merger Event), Event of Default, Delisting or Additional Disruption Event, one Share or, in the case of … |\n| | | |\n| Failure to Deliver: | | Applicable |\n| | | |\n| Other Applicable Provisions: | | If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9 and 9.11 of the Equity Definitions will be applicable as if “Physical Settlement” applied to the Transaction, excep… |"} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b48"], "char_count": 2573, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "baf646c4413531e767f71c1d2aa7dba115db99b469b5b747cba3b9d686da190a", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 48, "char_end": 2573, "char_start": 0, "fragment_sha256": "a364a35dae9460e161dee59a967cb9910adcedcfa3809ff6ec877b16d2f183d7", "heading_path": ["EX-10.1"], "table_index": null, "tag_name": "p"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p31", "passage_kind": "narrative", "passage_sequence": 31, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": null, "text": "(d) Disposition of Hedge Shares. Counterparty hereby agrees that if, in the good faith reasonable judgment of Dealer, based on the advice of counsel, the Shares (the “Hedge Shares”) acquired by Dealer for the purpose of hedging its obligations pursuant to the Transaction in a commercially reasonable manner cannot be sold in the U.S. public market by Dealer without registration under the Securities Act, Counterparty shall, at its election: (i) in order to allow Dealer to sell the Hedge Shares in a registered offering, make available to Dealer an effective registration statement under the Securities Act to cover the resale of such Hedge Shares and (A) enter into an agreement, in form and substance reasonably satisfactory to Dealer, substantially in the form of an underwriting agreement for a registered offering, (B) provide accountant’s “comfort” letters in customary form for registered offerings of equity securities, (C) provide disclosure opinions of nationally recognized outside counsel to Counterparty reasonably acceptable to Dealer, (D) provide other customary opinions, certificates and closing documents customary in form for registered offerings of equity securities and (E) afford Dealer a reasonable opportunity to conduct a “due diligence” investigation with respect to Counterparty customary in scope for underwritten offerings of equity securities (in all cases of (A)-(E) above, as would be usual and customary for offerings for companies of similar size and industry); provided that if Counterparty elects clause (i) above but the items referred to therein are not completed in a timely manner, or if Dealer, in its sole reasonable discretion, is not satisfied with access to due diligence materials, the results of its due diligence investigation, or the procedures and documentation for the registered offering referred to above, then clause (ii) or clause (iii) of this Section 8(d) shall apply at the election of Counterparty; (ii) in order to allow Dealer to sell the Hedge Shares in a private placement, enter into a private placement agreement substantially similar to private placement purchase agreements customary for private placements of equity securities of similar size and industry, in form and substance commercially reasonably satisfactory to Dealer, including customary representations, covenants, blue sky and other governmental filings and/or registrations, indemnities to Dealer, due diligence rights (for Dealer or any designated buyer of the Hedge Shares from Dealer), and best efforts obligations to provide opinions and"} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b50"], "char_count": 3474, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "3ed2066b0c28dd5877b9df5d2dc85fcb43305566bf67b399409aac8ddcbc8b80", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 50, "char_end": 3474, "char_start": 0, "fragment_sha256": "21e0e9e4ef102819a32feff6131985d19ec3624c6f8b4ae9fbc7cf61006f6695", "heading_path": ["EX-10.1"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p32", "passage_kind": "narrative", "passage_sequence": 32, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": null, "text": "certificates and such other documentation as is customary for private placements agreements for transactions of similar size and type, as is commercially reasonably acceptable to Dealer (in which case, the Calculation Agent shall make any adjustments to the terms of the Transaction that are necessary, in its good faith, commercially reasonable judgment, to compensate Dealer for any commercially reasonable discount from the public market price of the Shares incurred on the sale of Hedge Shares in a private placement); or (iii) purchase the Hedge Shares from Dealer at the then-current market price on such Exchange Business Days, and in the amounts and at such time(s), commercially reasonably requested by Dealer. This Section 8(d) shall survive the termination, expiration or early unwind of the Transaction. (e) Repurchase and Conversion Rate Adjustment Notices. Counterparty shall, at least two Scheduled Trading Days prior to any day on which Counterparty effects any repurchase of Shares or consummates or otherwise engages in any transaction or event (a “Conversion Rate Adjustment Event”) that could reasonably be expected to lead to an increase in the “Conversion Rate” (as defined in the Indenture), give Dealer a written notice of such repurchase or Conversion Rate Adjustment Event (a “Repurchase Notice”) if, following such repurchase or Conversion Rate Adjustment Event, the Notice Percentage would reasonably be expected to be (i) greater than 3.02% and (ii) greater by 0.50% than the Notice Percentage included in the immediately preceding Repurchase Notice (or, in the case of the first such Repurchase Notice, greater than the Notice Percentage as of the date hereof). The “Notice Percentage” as of any day is the fraction, expressed as a percentage, the numerator of which is the Number of Shares plus the number of Shares underlying any other convertible bond hedge transactions or similar call options sold by Dealer to Counterparty and the denominator of which is the number of Shares outstanding on such day. In the event that Counterparty fails to provide Dealer with a Repurchase Notice on the day and in the manner specified in this Section 8(e) then Counterparty agrees to indemnify and hold harmless Dealer, its affiliates and their respective directors, officers, employees, agents and controlling persons (Dealer and each such person being an “Indemnified Party”) from and against any and all commercially reasonable losses (including losses relating to the Dealer’s commercially reasonable hedging activities as a consequence of becoming, or of the risk of becoming, a Section 16 “insider”, including without limitation, any forbearance from hedging activities or cessation of hedging activities and any losses in connection therewith with respect to this Transaction), claims, damages and liabilities (or actions in respect thereof), joint or several, to which such Indemnified Party may become subject under applicable securities laws, including without limitation, Section 16 of the Exchange Act or under any state or federal law, regulation or regulatory order, relating to or arising out of such failure. If for any reason the foregoing indemnification is unavailable to any Indemnified Party or insufficient to hold harmless any Indemnified Party, then Counterparty shall contribute, to the maximum extent permitted by law, to the amount paid or payable by the Indemnified Party as a result of such loss, claim, damage or liability."} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b50"], "char_count": 2888, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "3ff0f1dc33cf3995c421230a185787b8864ffb0a9bb9690d20f425b9a1387eca", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 50, "char_end": 6362, "char_start": 3474, "fragment_sha256": "21e0e9e4ef102819a32feff6131985d19ec3624c6f8b4ae9fbc7cf61006f6695", "heading_path": ["EX-10.1"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p33", "passage_kind": "narrative", "passage_sequence": 33, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": null, "text": "In addition, Counterparty will reimburse any Indemnified Party for all commercially reasonable out-of-pocket expenses (including commercially reasonable counsel fees and expenses) as they are incurred (after notice to Counterparty) in connection with the investigation of, preparation for or defense or settlement of any pending or threatened claim or any action, suit or proceeding arising therefrom, whether or not such Indemnified Party is a party thereto and whether or not such claim, action, suit or proceeding is initiated or brought by or on behalf of Counterparty. This indemnity shall survive the completion of the Transaction contemplated by this Confirmation and any assignment and delegation of the Transaction made pursuant to this Confirmation or the Agreement and shall inure to the benefit of any permitted assignee of Dealer. (f) Transfer and Assignment. (i) Either party may transfer or assign any of its rights or obligations under the Transaction with the prior written consent of the non-transferring party, such consent not to be unreasonably withheld or delayed; provided that Dealer may transfer or assign without any consent of Counterparty its rights and obligations hereunder, in whole or in part, to any person, or any person whose obligations would be guaranteed by a person, in either case, with a rating (i) for its long-term, unsecured and unsubordinated indebtedness at least equivalent to Dealer’s (or its ultimate parent’s) or (ii) that is no lower than A3 from Moody’s Investor Service, Inc. (or its successor) or A- from Standard and Poor’s Rating Group, Inc. (or its successor); provided further that, at the time of such transfer or assignment either (x) both the Dealer and transferee or assignee in any such transfer or assignment are a “dealer in securities” within the meaning of Section 475(c) (1) of the Internal Page 21 of 30 Revenue Code of 1986, as amended (the “Code”) or (y) the transfer or assignment does not result in a deemed exchange by Counterparty within the meaning of Section 1001 of the Code. In the event of any such transfer or assignment, the transferee or assignee shall agree that (i) Counterparty shall not be required to pay the transferee or assignee under Section 2(d)(i)(4) of the Agreement any amount greater than the amount Counterparty would have been required to pay to Dealer in the absence of such transfer or assignment, (ii) Counterparty shall not receive from the transferee or assignee any amount or number of Shares (after taking into account any amounts payable or deliverable under Section 2(d)(i)(4) of the Agreement) less than it would have been entitled to receive in the absence of such transfer or assignment and (iii) Dealer shall cause the transferee or assignee to provide Counterparty with a complete and accurate U.S. Internal Revenue Service Form W-9 or W-8 (or successor form), as applicable."} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b50"], "char_count": 3694, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "da5b67ddb9c807ce25194cbd2b1d2139896dcf43a0eb420f959f1e928fb73c47", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 50, "char_end": 10056, "char_start": 6362, "fragment_sha256": "21e0e9e4ef102819a32feff6131985d19ec3624c6f8b4ae9fbc7cf61006f6695", "heading_path": ["EX-10.1"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p34", "passage_kind": "narrative", "passage_sequence": 34, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": null, "text": "If at any time at which (1) the Equity Percentage exceeds 8.0% or (2) Dealer, Dealer Group (as defined below) or any person whose ownership position would be aggregated with that of Dealer or Dealer Group (Dealer, Dealer Group or any such person, a “Dealer Person”) under Section 203 of the Delaware General Corporation Law or other federal, state or local law, rule, regulation or regulatory order or organizational documents or contracts of Counterparty applicable to ownership of Shares (“Applicable Restrictions”), owns, beneficially owns, constructively owns, controls, holds the power to vote or otherwise meets a relevant definition of ownership in excess of a number of Shares equal to (x) the number of Shares that would give rise to reporting, registration, filing or notification obligations or other requirements (including obtaining prior approval by a state or federal regulator, but excluding reporting obligations arising under Section 13 of the Exchange Act as in effect on the Trade Date) of a Dealer Person under Applicable Restrictions and with respect to which such requirements have not been met or the relevant approval has not been received, or that would have any other adverse effect on a Dealer Person, under Applicable Restrictions minus (y) 1% of the number of Shares outstanding on the date of determination (either such condition described in clause (1) or (2), an “Excess Ownership Position”), Dealer, in its discretion, is unable to effect a transfer or assignment to a third party after its commercially reasonable efforts on pricing and terms and within a time period reasonably acceptable to Dealer such that an Excess Ownership Position no longer exists, Dealer may designate any Scheduled Trading Day as an Early Termination Date with respect to a portion (the “Terminated Portion”) of the Transaction, such that an Excess Ownership Position would no longer exist following the resulting partial termination of the Transaction (after taking into account commercially reasonable adjustments to Dealer’s commercially reasonable Hedge Positions from such partial termination). In the event that Dealer so designates an Early Termination Date with respect to a portion of the Transaction, a payment or delivery shall be made pursuant to Section 6 of the Agreement or Section 8(c) of this Confirmation as if (i) an Early Termination Date had been designated in respect of a Transaction having terms identical to the Terminated Portion of the Transaction, (ii) Counterparty were the sole Affected Party with respect to such partial termination, (iii) such portion of the Transaction were the only Terminated Transaction and (iv) Dealer were the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement and to determine the amount payable pursuant to Section 6(e) of the Agreement. The “Equity Percentage” as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the number of Shares that Dealer and any of its affiliates or any other person subject to aggregation with Dealer for purposes of the “beneficial ownership” test under Section 13 of the Exchange Act, or any “group” (within the meaning of Section 13 of the Exchange Act) of which Dealer is or may be deemed to be a part (collectively, “Dealer Group”) beneficially owns (within the meaning of Section 13 of the Exchange Act), without duplication, on such day (or, to the extent that for any reason the equivalent calculation under Section 16 of the Exchange Act and the rules and regulations thereunder results in a higher number, such higher number) and (B) the denominator of which is the number of Shares outstanding on such day."} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b50"], "char_count": 465, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5c8f557dacb4283784d29a618b1af3ebfc8cb950572d50f48d3cbc14879b6def", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 50, "char_end": 10521, "char_start": 10056, "fragment_sha256": "21e0e9e4ef102819a32feff6131985d19ec3624c6f8b4ae9fbc7cf61006f6695", "heading_path": ["EX-10.1"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p35", "passage_kind": "narrative", "passage_sequence": 35, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": null, "text": "In the case of a transfer or assignment by Counterparty of its rights and obligations hereunder and under the Agreement, in whole or in part (any such Options so transferred or assigned, the “Transfer Options”), to any party, withholding of such consent by Dealer shall not be considered unreasonable if such transfer or assignment does not meet the reasonable conditions that Dealer may impose including, but not limited, to the following conditions: Page 22 of 30"} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b51"], "char_count": 3529, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8db0eebef118942156913b83fff75a9c857d9177a5cbed3b98095a3bd8458a66", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 51, "char_end": 3529, "char_start": 0, "fragment_sha256": "fce23aa685339c9bed3658a406e80280d2b8ed65d4f213c6bcaf0c0649087df5", "heading_path": ["EX-10.1"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p36", "passage_kind": "narrative", "passage_sequence": 36, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": null, "text": "(A) With respect to any Transfer Options, Counterparty shall not be released from its notice and indemnification obligations pursuant to Section 8(e) or any obligations under Section 2 (regarding Extraordinary Events) or 8(d) of this Confirmation; (B) Any Transfer Options shall only be transferred or assigned to a third party that is a United States person (as defined in the Code); (C) Such transfer or assignment shall be effected on terms, including any reasonable undertakings by such third party (including, but not limited to, undertakings with respect to compliance with applicable securities laws in a manner that, in the reasonable judgment of Dealer, will not expose Dealer to material risks under applicable securities laws) and execution of any documentation and delivery of legal opinions with respect to securities laws and other matters by such third party and Counterparty as are requested by, and reasonably satisfactory to, Dealer; (D) Dealer shall not, as a result of such transfer and assignment, be required to pay the transferee on any payment date an amount under Section 2(d)(i)(4) of the Agreement greater than an amount that Dealer would have been required to pay to Counterparty in the absence of such transfer and assignment; (E) Dealer shall not, as a result of such transfer or assignment, receive from the transferee or assignee any amount or number of Shares (after taking into account any amounts payable or deliverable under Section 2(d)(i)(4) of the Agreement) less than it would have been entitled to receive in the absence of such transfer or assignment; (F) An Event of Default, Potential Event of Default or Termination Event shall not occur as a result of such transfer and assignment; (G) Without limiting the generality of clause (B), Counterparty shall have caused the transferee to make such Payee Tax Representations and to provide such tax documentation as may be reasonably requested by Dealer to permit Dealer to determine that results described in clauses (D) and (E) will not occur upon or after such transfer and assignment; and (H) Counterparty shall be responsible for all reasonable costs and expenses, including reasonable counsel fees, incurred by Dealer in connection with such transfer or assignment. (ii) Notwithstanding any other provision in this Confirmation to the contrary requiring or allowing Dealer to purchase, sell, receive or deliver any Shares or other securities, or make or receive any payment in cash, to or from Counterparty, Dealer may designate any of its affiliates to purchase, sell, receive or deliver such Shares or other securities, or to make or receive such payment in cash, and otherwise to perform Dealer’s obligations in respect of the Transaction and any such designee may assume such obligations. Dealer shall be discharged of its obligations to Counterparty solely to the extent of any such performance. (g) Staggered Settlement. If upon advice of counsel with respect to applicable legal and regulatory requirements, including any requirements relating to Dealer’s commercially reasonable hedging activities hereunder, Dealer reasonably determines that it would not be practicable or advisable to deliver, or to acquire Shares to deliver, any or all of the Shares to be delivered by Dealer on any Settlement Date for the Transaction, Dealer may, by notice to Counterparty on or prior to any Settlement Date (a “Nominal Settlement Date”), elect to deliver the Shares on two or more dates (each, a “Staggered Settlement Date”) as follows:"} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b53"], "char_count": 3324, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8cb10e6a88bc0e0d9dea9472e4c03d7b96f03f23038b4d3a6d07a75a66b7ba04", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 53, "char_end": 3324, "char_start": 0, "fragment_sha256": "a6e10ce2f5c9640e3cbb8b8e3a6e376ac4dd45f2256016c10183227d2811e973", "heading_path": ["EX-10.1"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p37", "passage_kind": "narrative", "passage_sequence": 37, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": null, "text": "(i) in such notice, Dealer will specify to Counterparty the related Staggered Settlement Dates (each of which will be on or prior to such Nominal Settlement Date) and the number of Shares that it will deliver on each Staggered Settlement Date; and (ii) the aggregate number of Shares that Dealer will deliver to Counterparty hereunder on all such Staggered Settlement Dates will equal the number of Shares that Dealer would otherwise be required to deliver on such Nominal Settlement Date. (h) Disclosure. Effective from the date of commencement of discussions concerning the Transaction, Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including opinions or other tax analyses) that are provided to Counterparty relating to such tax treatment and tax structure. (i) No Netting and Set-off. The provisions of Section 2(c) of the Agreement shall not apply to the Transaction. Each party waives any and all rights it may have to set-off delivery or payment obligations it owes to the other party under the Transaction against any delivery or payment obligations owed to it by the other party, whether arising under the Agreement, under any other agreement between parties hereto, by operation of law or otherwise. (j) Equity Rights. Dealer acknowledges and agrees that this Confirmation is not intended to convey to it rights with respect to the Transaction that are senior to the claims of common stockholders in the event of Counterparty’s bankruptcy. For the avoidance of doubt, the parties agree that the preceding sentence shall not apply at any time other than during Counterparty’s bankruptcy to any claim arising as a result of a breach by Counterparty of any of its obligations under this Confirmation or the Agreement. For the avoidance of doubt, the parties acknowledge that the obligations of Counterparty under this Confirmation are not secured by any collateral that would otherwise secure the obligations of Counterparty herein under or pursuant to any other agreement. (k) Early Unwind. In the event the sale by Counterparty of the Base Convertible Securities is not consummated pursuant to the Purchase Agreement for any reason by the close of business in New York on August 20, 2021 (or such later date as agreed upon by the parties) (August 20, 2021 or such later date being the “Early Unwind Date”), the Transaction shall automatically terminate (the “Early Unwind”) on the Early Unwind Date and the Transaction and all of the respective rights and obligations of Dealer and Counterparty hereunder shall be cancelled and terminated. Following such termination and cancellation, each party shall be released and discharged by the other party from, and agrees not to make any claim against the other party with respect to, any obligations or liabilities of either party arising out of, and to be performed in connection with, the Transaction either prior to or after the Early Unwind Date. Dealer and Counterparty represent and acknowledge to the other that upon an Early Unwind, all obligations with respect to the Transaction shall be deemed fully and finally discharged. (l) Agreements and Acknowledgements Regarding Hedging."} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b53"], "char_count": 3405, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7a89ebcef3681c64f738215f614f2466bdf364ca19e1b6b1c39af50a8ad71ecb", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 53, "char_end": 6729, "char_start": 3324, "fragment_sha256": "a6e10ce2f5c9640e3cbb8b8e3a6e376ac4dd45f2256016c10183227d2811e973", "heading_path": ["EX-10.1"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p38", "passage_kind": "narrative", "passage_sequence": 38, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": null, "text": "Counterparty understands, acknowledges and agrees that: (A) at any time on and prior to the Expiration Date, Dealer and its affiliates may buy or sell Shares or other securities or buy or sell options or futures contracts or enter into swaps or other derivative securities in order to adjust its hedge position with respect to the Transaction; (B) Dealer and its affiliates also may be active in the market for Shares other than in connection with hedging activities in relation to the Transaction; (C) Dealer shall make its own determination as to whether, when or in what manner any hedging or market activities in securities of Issuer shall be conducted and shall do so in a manner that it deems appropriate to hedge its price and market risk with respect to the “Daily VWAP” (as defined in the Indenture); (D) any market activities of Dealer and its affiliates with respect to Shares may affect the market price and volatility of Shares, as well as the “Daily VWAP” (as defined in the Indenture), each in a manner that may be adverse to Counterparty; and (E) the Transaction is a derivatives transaction in which it has granted Dealer an option, and Dealer may purchase shares for its own account at an average price that may be greater than, or less than, the price paid by Counterparty under the terms of the Transaction. Page 24 of 30 (m) Wall Street Transparency and Accountability Act. In connection with Section 739 of the Wall Street Transparency and Accountability Act of 2010 (the “WSTAA”), the parties hereby agree that neither the enactment of the WSTAA (or any statute containing any legal certainty provision similar to Section 739 of the WSTAA) or any regulation under the WSTAA (or any such statute), nor any requirement under the WSTAA (or any statute containing any legal certainty provision similar to Section 739 of the WSTAA) or an amendment made by the WSTAA (or any such statute), shall limit or otherwise impair either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs, regulatory change or similar event under this Confirmation, the Equity Definitions incorporated herein, or the Agreement (including, but not limited to, rights arising from Change in Law, Hedging Disruption, Increased Cost of Hedging or Illegality). (n) Governing Law; Exclusive Jurisdiction; Waiver of Jury. (i) THE AGREEMENT, THIS CONFIRMATION AND ALL MATTERS ARISING IN CONNECTION WITH THE AGREEMENT AND THIS CONFIRMATION SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO ITS CHOICE OF LAW DOCTRINE, OTHER THAN TITLE 14 OF ARTICLE 5 OF THE NEW YORK GENERAL OBLIGATIONS LAW). (ii) Section 13(b) of the Agreement is deleted in its entirety and replaced by the following: “Each party hereby irrevocably and unconditionally submits for itself and its property in any suit, legal action or proceeding relating to this Confirmation or the Agreement, or for recognition and enforcement of any judgment in respect thereof, (each, “Proceedings”) to the exclusive jurisdiction of the Supreme Court of the State of New York, sitting in New York County, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof."} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b53"], "char_count": 2014, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9642eb887c90077e4f7661da115f1973e4b5831bebb7b4de139858bdb8bc4838", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 53, "char_end": 8743, "char_start": 6729, "fragment_sha256": "a6e10ce2f5c9640e3cbb8b8e3a6e376ac4dd45f2256016c10183227d2811e973", "heading_path": ["EX-10.1"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p39", "passage_kind": "narrative", "passage_sequence": 39, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": null, "text": "Nothing in this Confirmation or the Agreement precludes either party from bringing Proceedings in any other jurisdiction if (A) the courts of the State of New York or the United States of America for the Southern District of New York lack jurisdiction over the parties or the subject matter of the Proceedings or decline to accept the Proceedings on the grounds of lacking such jurisdiction; (B) the Proceedings are commenced by a party for the purpose of enforcing against the other party’s property, assets or estate any decision or judgment rendered by any court in which Proceedings may be brought as provided hereunder; (C) the Proceedings are commenced to appeal any such court’s decision or judgment to any higher court with competent appellate jurisdiction over that court’s decisions or judgments if that higher court is located outside the State of New York or Borough of Manhattan, such as a federal court of appeals or the U.S. Supreme Court; or (D) any suit, action or proceeding has been commenced in another jurisdiction by or against the other party or against its property, assets or estate and, in order to exercise or protect its rights, interests or remedies under this Confirmation or the Agreement, the party (1) joins, files a claim, or takes any other action, in any such suit, action or proceeding, or (2) otherwise commences any Proceeding in that other jurisdiction as the result of that other suit, action or proceeding having commenced in that other jurisdiction.” (iii) EACH OF COUNTERPARTY AND DEALER HEREBY IRREVOCABLY WAIVES (ON ITS OWN BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS STOCKHOLDERS) ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS CONFIRMATION OR THE AGREEMENT. (o) Amendment. This Confirmation and the Agreement may not be modified, amended or supplemented, except in a written instrument signed by Counterparty and Dealer. Page 25 of 30"} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b54"], "char_count": 3739, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e2bb3fdb1c99f28f853551732d044ff454f3d335ecae2e3d8e8b4979775e7add", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 54, "char_end": 3739, "char_start": 0, "fragment_sha256": "beb68eb0227189616de7f6d716d5eb4a00b14c208aaefa55bcf8d254eef8dc4f", "heading_path": ["EX-10.1"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p40", "passage_kind": "narrative", "passage_sequence": 40, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": null, "text": "(p) Counterparts. This Confirmation may be executed in several counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. Delivery of an executed signature page by facsimile or electronic transmission (e.g. “pdf” or “tif”), or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law, e.g., www.docusign.com, shall be effective as delivery of a manually executed counterpart hereof. (q) Tax Matters. For purposes of Sections 4(a)(i) and (ii) of the Agreement, Counterparty agrees to deliver to Dealer one duly executed and completed United States Internal Revenue Service Form W-9 (or successor thereto) and Dealer shall provide to Counterparty one duly executed and completed United States Internal Revenue Service Form W-9 (or successor thereto). Such forms shall be delivered upon (i) execution and delivery of this Confirmation, (ii) promptly upon reasonable request of the other party and (iii) promptly upon learning that any such form previously provided by the other party has become obsolete or incorrect. (r) Withholding Tax with Respect to Non-US Counterparties. “Indemnifiable Tax” as defined in Section 14 of the Agreement shall not include (i) any U.S. federal withholding tax imposed or collected pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (a “FATCA Withholding Tax”) or (ii) any U.S. federal withholding tax imposed on amounts treated as dividends from sources within the United States under Section 871(m) of the Code (or any Treasury regulations or other guidance issued thereunder). For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable law for the purposes of Section 2(d) of the Agreement. (s) Payee Tax Representations. For the purpose of Section 3(f) of the Agreement, the parties make the representations below: (i) [_____] (ii) Counterparty is a corporation for U.S. federal income tax purposes and is organized under the laws of the United States. It is “exempt” within the meaning of Treasury Regulation sections 1.6041-3(p) and 1.6049-4(c) from information reporting on IRS Form 1099 and backup withholding. (t) Amendment to Equity Definitions and the Agreement. (i) Solely in respect of adjustments to the Cap Price pursuant to Section 8(u): (1) Section 11.2(e)(v) of the Equity Definitions is hereby amended by adding the phrase “, provided that, notwithstanding this Section 11.2(e)(v), the parties hereto agree that, with respect to the Transaction, the following repurchases of Shares by the Issuer or any of its subsidiaries shall not be considered Potential Adjustment Events: any repurchases of Shares in open-market transactions at prevailing market prices or privately negotiated accelerated Share repurchase (or similar) transactions that are entered into at prevailing market prices and in accordance with customary market terms for transactions of such type to repurchase the Shares, in each case, to the extent that, after giving effect to such transactions, the aggregate number of Shares repurchased during the term of the Transaction pursuant to all transactions described in this proviso would not exceed 10% of the number of Shares outstanding as of the Trade Date, as determined by the Calculation Agent” at the end of such Section."} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b56"], "char_count": 3811, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "58e0758f5ebdb811f892d7ff575155e0df8cdd5dd4042148fdb947dddc881172", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 56, "char_end": 3811, "char_start": 0, "fragment_sha256": "026ba50884908231d14518cfdb4ef8448c49320bd35440604031faf79d7e9424", "heading_path": ["EX-10.1"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p41", "passage_kind": "narrative", "passage_sequence": 41, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": null, "text": "(2) Section 11.2(e)(vii) of the Equity Definitions is hereby amended by deleting the words “that may have a diluting or concentrative effect on the theoretical value of the relevant Shares” and replacing them with the words “that is the result of a corporate event involving the Issuer or its securities that has, in the commercially reasonable judgment of the Calculation Agent, a material economic effect on the Shares or options on the Shares; provided that such event is not based on (a) an observable market, other than the market for the Counterparty’s own stock or (b) an observable index, other than an index calculated and measured solely by reference to Counterparty’s own operations.” (3) Section 12.1(d) of the Equity Definitions is hereby amended by replacing “10%” with “15%”. (ii) Section 12.9(b)(i) of the Equity Definitions is hereby amended by replacing “either party may elect” with “Dealer may elect or, if Counterparty represents to Dealer in writing at the time of such election that (i) it is not aware of any material nonpublic information with respect to Counterparty or the Shares and (ii) it is not making such election as part of a plan or scheme to evade compliance with the U.S. federal securities laws, Counterparty may elect.” (iii) Section 12.9(b)(vi) of the Equity Definitions is hereby amended by (1) adding the word “or” immediately before subsection “(B)”, (2) deleting the comma at the end of subsection (A), (3) deleting subsection (C) in its entirety, (4) deleting the word “or” immediately preceding subsection (C) and (5) replacing the words “either party” in the last sentence of such Section with “Dealer”. (iv) Section 12(a) of the Agreement is hereby amended by (1) deleting the phrase “or email” in the third line thereof and (2) deleting the phrase “or that communication is delivered (or attempted) or received, as applicable, after the close of business on a Local Business Day” in the final clause thereof. (u) Other Adjustments Pursuant to the Equity Definitions. Notwithstanding anything to the contrary in the Agreement, the Equity Definitions or this Confirmation, upon the occurrence of a Merger Date, the occurrence of a Tender Offer Date, or declaration by Counterparty of the terms of any Potential Adjustment Event, the Calculation Agent shall determine in good faith and in a commercially reasonable manner whether such occurrence or declaration, as applicable, has had a material economic effect on the Transaction and, if so, shall, in its good faith and commercially reasonable discretion, adjust the Cap Price to preserve the fair value of the Options taking into account, for the avoidance of doubt, such economic effect on both the Strike Price and Cap Price (provided that in no event shall the Cap Price be less than the Strike Price; provided further that any adjustment to the Cap Price made pursuant to this Section 8(u) shall be made without duplication of any other adjustment hereunder). Solely for purposes of this Section 8(u), (x) the terms “Potential Adjustment Event,” “Merger Event,” and “Tender Offer” shall each have the meanings assigned to each such term in the Equity Definitions (as amended by Section 8(t)(i)) and (y) “Extraordinary Dividend” means any cash dividend on the Shares. (v) Notice of Certain Other Events. (A) Counterparty shall give Dealer commercially reasonable advance (but in no event less than one Exchange Business Day) written notice of the section or sections of the Indenture and, if applicable, the formula therein, pursuant to which any adjustment will be made to the Convertible Securities in connection with any Potential Adjustment Event, Merger Event or Tender Offer and (B) promptly following any such adjustment, Counterparty shall give Dealer written notice of the details of such adjustment."} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b58", "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b59"], "char_count": 1224, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "926fc77418692b6488826dc8afb3ea8bf04f6970b246fd90d9e475d6b03c090f", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 58, "char_end": 660, "char_start": 0, "fragment_sha256": "96db414fbffb4d6eebe56a1127a6936efe14d2816bb0bda4ae7a8985e06a0dea", "heading_path": ["EX-10.1"], "table_index": null, "tag_name": "center"}, {"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 59, "char_end": 562, "char_start": 0, "fragment_sha256": "9d13b5b97a19f79ffd9222e5106589d2a51b0e395b395631a7cb46da8fc0da8a", "heading_path": ["EX-10.1"], "table_index": null, "tag_name": "p"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p42", "passage_kind": "narrative", "passage_sequence": 42, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": null, "text": "(w) Payment by Counterparty. In the event that, following payment of the Premium, (i) an Early Termination Date occurs or is designated with respect to the Transaction as a result of a Termination Event or an Event of Default (other than an Event of Default arising under Section 5(a)(ii) or 5(a)(iv) of the Agreement) and, as a result, Counterparty owes to Dealer an amount calculated under Section 6(e) of the Agreement, or (ii) Counterparty owes to Dealer, pursuant to Section 12.7 or Section 12.9 of the Equity Definitions, an amount calculated under Section 12.8 of the Equity Definitions, such amount shall be deemed to be zero. (x) [_____] Page 28 of 30\n\nCounterparty hereby agrees (a) to check this Confirmation carefully and immediately upon receipt so that errors or discrepancies can be promptly identified and rectified and (b) to confirm that the foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the agreement between Dealer and Counterparty with respect to the Transaction, by manually signing this Confirmation or this page hereof as evidence of agreement to such terms and providing the other information required herein and immediately returning an executed copy to Dealer."} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b60"], "char_count": 145, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "97a67e90bc602d2f93ad1f4f27bc5e1263f940a6867f3aa3aae3f607d3bde403", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 60, "char_end": 86, "char_start": 0, "fragment_sha256": "29a3804cb8f10c1fd18842240ec9543d4771cb6e8d82158535a2fbbcf4fea26f", "heading_path": ["EX-10.1"], "table_index": 14, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p43", "passage_kind": "table", "passage_sequence": 43, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#b60", "text": "| | | |\n| --- | --- | --- |\n| Yours faithfully, | | |\n| | | |\n| [_____] | | |\n| | | |\n| By: | | |\n| | | Name: |\n| | | Title: |"} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b61"], "char_count": 49, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "83b1ddeb1d2e390fddce6f1c7ba1796748295dc78241d9b2903c41a543663676", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 61, "char_end": 49, "char_start": 0, "fragment_sha256": "b708412188b552cf50d67af7c9dcd09d14e63300edd84f63c3ea742a4ddeda52", "heading_path": ["EX-10.1"], "table_index": null, "tag_name": "p"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#p44", "passage_kind": "narrative", "passage_sequence": 44, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm#s2", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex101.htm", "table_id": null, "text": "[Signature Page to Base Capped Call Confirmation]"} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex101.htm#b62"], "char_count": 170, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "3bba200cd9a6bdfe3ed487d24c70fe26ab9aa92fc60bf23648ea4ad9d570211e", "derivation_id": "fa11dc925d90b64c295914fb9d82833d619cff4c82e4b5fa404b796c4a2fa03a", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex101.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EX-10.1"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex101.htm", "block_sequence": 62, "char_end": 111, 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Repurchase and Redemption | | | 31 | | | \n | | | | | | \nSection 4.01. | | No Sinking Fund | | | 31 | \nSection 4.02. | | Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change | | | 31 | \nSection 4.03. | | Right of the Company to Redeem the Notes | | | 36 | " + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b8", + "block_sequence": 8, + "block_sha256": "ebae15fcc485f41fe662c8f681e2175796fd7c4ba88eaa9d8b9fa5732cd0c7a3", + "block_type": "paragraph", + "char_count": 5, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 8, + "char_end": 5, + "char_start": 0, + "fragment_sha256": "fbd25b979a3107bcfaf98482bfdbf2b8eb68535ff184846afd9a2ee281d27f3c", + "heading_path": [ + "TABLE OF CONTENTS" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", + "table": null, + "text": "- i -" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b9", + "block_sequence": 9, + "block_sha256": "388ca7ecb85aab1beefc2307ba9be1aae0594fbfa3d5626368c757456a6922d9", + "block_type": "table", + "char_count": 2667, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 9, + "char_end": 2667, + "char_start": 0, + "fragment_sha256": "437314aa8cdff6c79ebcbfdba45cf97acebb01c871670bd45c961cb3ec0545b6", + "heading_path": [ + "TABLE OF CONTENTS" + ], + "table_index": 1, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.8486238532110092, + "markdown": "| | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| Article 5. 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Conversion | | | 38 | | | \n | | | | | | \nSection 5.01. | | Right to Convert | | | 38 | \nSection 5.02. | | Conversion Procedures | | | 42 | \nSection 5.03. | | Settlement Upon Conversion | | | 44 | \nSection 5.04. | | Reserve and Status of Common Stock Issued Upon Conversion | | | 47 | \nSection 5.05. | | Adjustments to the Conversion Rate | | | 47 | \nSection 5.06. | | Voluntary Adjustments | | | 58 | \nSection 5.07. | | Adjustments to the Conversion Rate in Connection with a Make-Whole Fundamental Change | | | 58 | \nSection 5.08. | | Exchange in Lieu of Conversion | | | 60 | \nSection 5.09. | | Effect of Common Stock Change Event | | | 60 | \n | | | | | | \nArticle 6. Successors | | | 63 | | | \n | | | | | | \nSection 6.01. | | When the Company May Merge, Etc. | | | 63 | \nSection 6.02. | | Successor Corporation Substituted | | | 63 | \nSection 6.03. | | Exclusion for Asset Transfers with Wholly Owned Subsidiaries | | | 63 | \n | | | | | | \nArticle 7. 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Trustee | | | 75 | | | \n | | | | | | \nSection 10.01. | | Duties of the Trustee | | | 75 | \nSection 10.02. | | Rights of the Trustee | | | 77 | \nSection 10.03. | | Individual Rights of the Trustee | | | 77 | \nSection 10.04. | | Trustee\u0092s Disclaimer | | | 78 | \nSection 10.05. | | Notice of Defaults | | | 78 | \nSection 10.06. | | Compensation and Indemnity | | | 78 | \nSection 10.07. | | Replacement of the Trustee | | | 79 | \nSection 10.08. | | Successor Trustee by Merger, Etc. | | | 80 | \nSection 10.09. | | Eligibility; Disqualification | | | 80 | \n | | | | | | \nArticle 11. 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Each party to this Indenture (as defined below) agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders (as defined below) of the Company\u0092s 0.25% Convertible Senior Notes due 2026. Article 1. DEFINITIONS; RULES OF CONSTRUCTION Section 1.01. DEFINITIONS. \u0093Additional Interest\u0094 means any interest that accrues on any Note pursuant to Section 3.04. \u0093Affiliate\u0094 has the meaning set forth in Rule 144 as in effect on the Issue Date. \u0093Authorized Denomination\u0094 means, with respect to a Note, a principal amount thereof equal to a minimum of $1,000 or any integral multiple of $1,000 in excess thereof. \u0093Bankruptcy Law\u0094 means Title 11, United States Code, or any similar U.S. federal or state or non-U.S. law for the relief of debtors. \u0093Bid Solicitation Agent\u0094 means the Person who is required to obtain bids for the Trading Price in accordance with Section 5.01(C)(i)(2) and the definition of \u0093Trading Price.\u0094 The initial Bid Solicitation Agent on the Issue Date will be the Company; provided, however, that the Company may appoint any other Person (including any of the Company\u0092s Subsidiaries) to be the Bid Solicitation Agent at any time after the Issue Date without prior notice. \u0093Board of Directors\u0094 means the board of directors of the Company or a committee of such board duly authorized to act on behalf of such board. \u0093Business Day\u0094 means any day other than a Saturday, a Sunday or any day on which the Federal Reserve Bank of New York is authorized or required by law or executive order to close or be closed. \u0093Capital Stock\u0094 of any Person means any and all shares of, interests in, rights to purchase, warrants or options for, participations in, or other equivalents of, in each case however designated, the equity of such Person, but excluding any debt securities convertible into such equity. \u0093Close of Business\u0094 means 5:00 p.m., New York City time. \u0093Common Equity\u0094 of any Person means Capital Stock of such Person that is generally entitled (i) to vote in the election of directors of such Person or (ii) if such Person is not a corporation, to vote or otherwise participate in the selection of the governing body, partners, managers or others that will control the management or policies of such Person. - 1 - \u0093Common Stock\u0094 means the common stock, $0.0001 par value per share, of the Company, subject to Section 5.09. \u0093Company\u0094 means the Person named as such in the first paragraph of this Indenture and, subject to Article 6, its successors and assigns. \u0093Company Order\u0094 means a written request or order signed on behalf of the Company by one (1) of its Officers and delivered to the Trustee. \u0093Conversion Date\u0094 means, with respect to a Note, the first Business Day on which the requirements set forth in Section 5.02(A) to convert such Note are satisfied. \u0093Conversion Price\u0094 means, as of any time, an amount equal to (A) one thousand dollars ($1,000) divided by (B) the Conversion Rate in effect at such time. \u0093Conversion Rate\u0094 initially means 51.9926 shares of Common Stock per $1,000 principal amount of Notes; provided, however, that the Conversion Rate is subject to adjustment pursuant to Article 5; provided, further, that whenever this Indenture refers to the Conversion Rate as of a particular date without setting forth a particular time on such date, such reference will be deemed to be to the Conversion Rate immediately after the Close of Business on such date. \u0093Conversion Share\u0094 means any share of Common Stock issued or issuable upon conversion of any Note. \u0093Daily Cash Amount\u0094 means, with respect to any VWAP Trading Day, the lesser of (A) the applicable Daily Maximum Cash Amount; and (B) the Daily Conversion Value for such VWAP Trading Day. \u0093Daily Conversion Value\u0094 means, with respect to any VWAP Trading Day, one-thirtieth of the product of (A) the Conversion Rate on such VWAP Trading Day; and (B) the Daily VWAP per share of Common Stock on such VWAP Trading Day. \u0093Daily Maximum Cash Amount\u0094 means, with respect to the conversion of any Note, the quotient obtained by dividing (A) the Specified Dollar Amount applicable to such conversion by (B) 30. \u0093Daily Share Amount\u0094 means, with respect to any VWAP Trading Day, the quotient obtained by dividing (A) the excess, if any, of the Daily Conversion Value for such VWAP Trading Day over the applicable Daily Maximum Cash Amount by (B) the Daily VWAP for such VWAP Trading Day. For the avoidance of doubt, the Daily Share Amount will be zero for such VWAP Trading Day if such Daily Conversion Value does not exceed such Daily Maximum Cash Amount. - 2 - \u0093Daily VWAP\u0094 means, for any VWAP Trading Day, the per share volume-weighted average price of the Common Stock as displayed under the heading \u0093Bloomberg VWAP\u0094 on Bloomberg page \u0093OPEN AQR\u0094 (or, if such page is not available, its equivalent successor page) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such VWAP Trading Day (or, if such volume-weighted average price is unavailable, the market value of one share of Common Stock on such VWAP Trading Day, determined, using a volume-weighted average price method, by a nationally recognized independent investment banking firm selected by the Company, which may include any of the Initial Purchasers). The Daily VWAP will be determined without regard to after-hours trading or any other trading outside of the regular trading session. \u0093Default\u0094 means any event that is (or, after notice, passage of time or both, would be) an Event of Default. \u0093Default Settlement Method\u0094 means Combination Settlement with a Specified Dollar Amount of $1,000 per $1,000 principal amount of Notes; provided, however, that (x) subject to Section 5.03(A)(iii), the Company may, from time to time, change the Default Settlement Method, to any Settlement Method that the Company is then permitted to elect, by sending notice of the new Default Settlement Method to the Holders, the Trustee and the Conversion Agent; and (y) the Default Settlement Method will be subject to Section 5.03(A)(ii). \u0093Depositary\u0094 means The Depository Trust Company or its successor. \u0093Depositary Participant\u0094 means any member of, or participant in, the Depositary. \u0093Depositary Procedures\u0094 means, with respect to any conversion, transfer, exchange or other transaction involving a Global Note or any beneficial interest therein, the rules and procedures of the Depositary applicable to such conversion, transfer, exchange or transaction. \u0093Effective date\u0094, in relation to a stock split or stock combination, means the first date on which the shares of Common Stock trade on the relevant stock exchange, regular way, reflecting the relevant stock split or stock combination, as applicable. \u0093Ex-Dividend Date\u0094 means, with respect to an issuance, dividend or distribution on the Common Stock, the first date on which shares of Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such issuance, dividend or distribution (including pursuant to due bills or similar arrangements required by the relevant stock exchange). For the avoidance of doubt, any alternative trading convention on the applicable exchange or market in respect of the Common Stock under a separate ticker symbol or CUSIP number will not be considered \u0093regular way\u0094 for this purpose. \u0093Exchange Act\u0094 means the U.S. Securities Exchange Act of 1934, as amended. \u0093Exempted Fundamental Change\u0094 means any Fundamental Change with respect to which, in accordance with Section 4.02(I), the Company does not offer to repurchase any Notes. - 3 - \u0093Freely Tradable\u0094 means, with respect to any security of the Company, that such security would be eligible to be offered, sold or otherwise transferred pursuant to Rule 144 if held by a person that is not an Affiliate of the Company, and that has not been an Affiliate of the Company during the immediately preceding three months, without any requirements as to volume, manner of sale, availability of current public information or notice under the Securities Act (except that any such requirement as to the availability of current public information will be disregarded if the same is satisfied at that time). \u0093Fundamental Change\u0094 means any of the following events: (A) a \u0093person\u0094 or \u0093group\u0094 (within the meaning of Section 13(d)(3) of the Exchange Act), other than the Company or its Wholly Owned Subsidiaries, or their respective employee benefit plans, files any report with the SEC indicating that such person or group has become the direct or indirect \u0093beneficial owner\u0094 (as defined below) of shares of the Common Stock representing more than fifty percent (50%) of the voting power of all of the Common Stock. (B) the consummation of (i) any sale, lease or other transfer, in one transaction or a series of transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any Person, other than (A) solely to one or more of the Company\u0092s Wholly Owned Subsidiaries, (B) sales or other transfers of residential real property and/or mortgage loans in the ordinary course of the Company\u0092s business and (C) transfers to the Company\u0092s Subsidiaries in connection with bona fide financing transactions and equity transfers of the equity of the Company\u0092s Subsidiaries in connection with establishing bona fide financing vehicles; or (ii) any transaction or series of related transactions in connection with which (whether by means of merger, consolidation, share exchange, combination, reclassification, recapitalization, acquisition, liquidation or otherwise) all of the Common Stock is exchanged for, converted into, acquired for, or constitutes solely the right to receive, other securities, cash or other property; provided, however, that any merger, consolidation, share exchange or combination of the Company pursuant to which the Persons that directly or indirectly \u0093beneficially owned\u0094 (as defined below) all classes of the Company\u0092s Common Equity immediately before such transaction directly or indirectly \u0093beneficially own,\u0094 immediately after such transaction, more than fifty percent (50%) of all classes of Common Equity of the surviving, continuing or acquiring company or other transferee, as applicable, or the parent thereof, in substantially the same proportions vis-\u00e0-vis each other as immediately before such transaction will be deemed not to be a Fundamental Change pursuant to this clause (B); (C) the Company\u0092s stockholders approve any plan or proposal for the liquidation or dissolution of the Company; or (D) the Common Stock ceases to be listed on any of The New York Stock Exchange, The Nasdaq Global Market or The Nasdaq Global Select Market (or any of their respective successors); provided, however, that a transaction or event described in clause (A) or (B) above will not constitute a Fundamental Change if at least ninety percent (90%) of the consideration received or to be received by the holders of Common Stock (excluding cash payments for fractional shares or pursuant to dissenters rights), in connection with such transaction or event, consists of shares of common stock listed (or depositary receipts representing shares of common stock, which depositary receipts are listed) on any of The New York Stock Exchange, The Nasdaq Global Market or The Nasdaq Global Select Market (or any of their respective successors), or that will be so listed when issued or exchanged in connection with such transaction or event, and such transaction or event constitutes a Common Stock Change Event whose Reference Property consists of such consideration. - 4 - If any transaction in which the Common Stock is replaced by the securities of another entity occurs, following completion of any related Make-Whole Fundamental Change Conversion Period (or, in the case of a transaction that would have been a Fundamental Change or a Make-Whole Fundamental Change but for the proviso to the immediately preceding paragraph, following the effective date of such transaction), references to the Company for purposes of this definition of \u0093Fundamental Change\u0094 shall instead be references to such other entity. For the purposes of this definition, (x) any transaction or event described in both clause (A) and in clause (B)(i) or (ii) above (without regard to the proviso in clause (B)) will be deemed to occur solely pursuant to clause (B) above (subject to such proviso); and (y) whether a Person is a \u0093beneficial owner,\u0094 whether shares are \u0093beneficially owned,\u0094 and percentage beneficial ownership, will be determined in accordance with Rule 13d-3 under the Exchange Act. \u0093Fundamental Change Repurchase Date\u0094 means the date fixed for the repurchase of any Notes by the Company pursuant to a Repurchase Upon Fundamental Change. \u0093Fundamental Change Repurchase Notice\u0094 means a notice (including a notice substantially in the form of the \u0093Fundamental Change Repurchase Notice\u0094 set forth in Exhibit A) containing the information, or otherwise complying with the requirements, set forth in Section 4.02(F)(i) and Section 4.02(F)(ii). \u0093Fundamental Change Repurchase Price\u0094 means the cash price payable by the Company to repurchase any Note upon its Repurchase Upon Fundamental Change, calculated pursuant to Section 4.02(D). \u0093Global Note\u0094 means a Note that is represented by a certificate substantially in the form set forth in Exhibit A, registered in the name of the Depositary or its nominee, duly executed by the Company and authenticated by the Trustee, and deposited with the Trustee, as custodian for the Depositary. \u0093Global Note Legend\u0094 means a legend substantially in the form set forth in Exhibit B-2. \u0093Holder\u0094 means a person in whose name a Note is registered on the Registrar\u0092s books. \u0093Indenture\u0094 means this Indenture, as amended or supplemented from time to time. \u0093Initial Purchasers\u0094 means Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, Deutsche Bank Securities Inc., Barclays Capital Inc., Wells Fargo Securities, LLC and TD Securities (USA) LLC. - 5 - \u0093Interest Payment Date\u0094 means, with respect to a Note, each February 15 and August 15 of each year, commencing on February 15, 2022 (or commencing on such other date specified in the certificate representing such Note). For the avoidance of doubt, the Maturity Date is an Interest Payment Date. \u0093Issue Date\u0094 means August 20, 2021. \u0093Last Original Issue Date\u0094 means (A) with respect to any Notes issued pursuant to the Purchase Agreement (including any Notes issued pursuant to the exercise of the Shoe Option by the Initial Purchasers), and any Notes issued in exchange therefor or in substitution thereof, the later of (i) the Issue Date and (ii) the last date any Notes are originally issued pursuant to the exercise of the Shoe Option; and (B) with respect to any Notes issued pursuant to Section 2.03(B), and any Notes issued in exchange therefor or in substitution thereof, either (i) the later of (x) the date such Notes are originally issued and (y) the last date any Notes are originally issued as part of the same offering pursuant to the exercise of an option granted to the initial purchaser(s) of such Notes to purchase additional Notes; or (ii) such other date as is specified in an Officer\u0092s Certificate delivered to the Trustee before the original issuance of such Notes. \u0093Last Reported Sale Price\u0094 of the Common Stock for any Trading Day means the closing sale price per share (or, if no closing sale price is reported, the average of the last bid price and the last ask price per share or, if more than one in either case, the average of the average last bid prices and the average last ask prices per share) of Common Stock on such Trading Day as reported in composite transactions for the principal U.S. national or regional securities exchange on which the Common Stock is then listed. If the Common Stock is not listed on a U.S. national or regional securities exchange on such Trading Day, then the Last Reported Sale Price will be the last quoted bid price per share of Common Stock on such Trading Day in the over-the-counter market as reported by OTC Markets Group Inc. or a similar organization. If the Common Stock is not so quoted on such Trading Day, then the Last Reported Sale Price will be the average of the mid-point of the last bid price and the last ask price per share of Common Stock on such Trading Day from a nationally recognized independent investment banking firm selected by the Company, which may include any of the Initial Purchasers. Neither the Trustee nor the Conversion Agent will have any duty to determine the Last Reported Sale Price. The \u0093Liquidity Conditions\u0094 with respect to the Redemption of any Notes will be satisfied if each of the following has been satisfied as of the Redemption Notice Date for such Redemption and is reasonably expected to continue to be satisfied through at least the thirtieth (30th) calendar day after the Redemption Date for such Redemption: (A) the Company has satisfied the reporting conditions (including, for the avoidance of doubt, the requirement for current Form 10 information) set forth in Rule 144(c) and (i)(2) under the Securities Act; and (B) the shares of Common Stock, if any, issued or issuable upon conversion of the Notes are Freely Tradable; provided, however, that the Liquidity Conditions will also be deemed to be satisfied with respect to such Redemption if, in accordance with Section 5.03(A)(i)(3), the Company has elected to settle all conversions of called (or deemed called) Notes with a Conversion Date that occurs on or after such Redemption Notice Date and on or before the Business Day immediately before such Redemption Date by Cash Settlement. - 6 - \u0093Make-Whole Fundamental Change\u0094 means (A) a Fundamental Change (determined after giving effect to the proviso immediately after clause (D) of the definition thereof, but without regard to the proviso to clause (B)(ii) of such definition); or (B) the sending of a Redemption Notice pursuant to Section 4.03(G); provided, however, that, subject to Section 4.03(J), the sending of a Redemption Notice will constitute a Make-Whole Fundamental Change only with respect to the Notes called for Redemption pursuant to such Redemption Notice and not with respect to any other Notes. \u0093Make-Whole Fundamental Change Conversion Period\u0094 has the following meaning: (A) in the case of a Make-Whole Fundamental Change pursuant to clause (A) of the definition thereof, the period from, and including, the Make-Whole Fundamental Change Effective Date of such Make-Whole Fundamental Change to, and including, the thirty fifth (35th) Trading Day after such Make-Whole Fundamental Change Effective Date (or, if such Make-Whole Fundamental Change also constitutes a Fundamental Change (other than an Exempted Fundamental Change), to, but excluding, the related Fundamental Change Repurchase Date); and (B) in the case of a Make-Whole Fundamental Change pursuant to clause (B) of the definition thereof, the period from, and including, the Redemption Notice Date for the related Redemption to, and including, the Business Day immediately before the related Redemption Date; provided, however, that if the Conversion Date for the conversion of a Note that has been called (or deemed, pursuant to Section 4.03(J), to be called) for Redemption occurs during the Make-Whole Fundamental Change Conversion Period for both a Make-Whole Fundamental Change occurring pursuant to clause (A) of the definition of \u0093Make-Whole Fundamental Change\u0094 and a Make-Whole Fundamental Change resulting from such Redemption pursuant to clause (B) of such definition, then, notwithstanding anything to the contrary in Section 5.07, solely for purposes of such conversion, (x) such Conversion Date will be deemed to occur solely during the Make-Whole Fundamental Change Conversion Period for the Make-Whole Fundamental Change with the earlier Make-Whole Fundamental Change Effective Date; and (y) the Make-Whole Fundamental Change with the later Make-Whole Fundamental Change Effective Date will be deemed not to have occurred. \u0093Make-Whole Fundamental Change Effective Date\u0094 means (A) with respect to a Make-Whole Fundamental Change pursuant to clause (A) of the definition thereof, the date on which such Make-Whole Fundamental Change occurs or becomes effective; and (B) with respect to a Make-Whole Fundamental Change pursuant to clause (B) of the definition thereof, the applicable Redemption Notice Date. \u0093Market Disruption Event\u0094 means, with respect to any date, the occurrence or existence, during the one-half hour period ending at the scheduled close of trading on such date on the principal U.S. national or regional securities exchange or other market on which the Common Stock is listed for trading or trades, of any material suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the Common Stock or in any options contracts or futures contracts relating to the Common Stock. - 7 - \u0093Maturity Date\u0094 means August 15, 2026. \u0093Non-Affiliate Legend\u0094 means a legend substantially in the form set forth in Exhibit B-3. \u0093Note Agent\u0094 means any Registrar, Paying Agent or Conversion Agent. \u0093Notes\u0094 means the 0.25% Convertible Senior Notes due 2026 issued by the Company pursuant to this Indenture. \u0093Observation Period\u0094 means, with respect to any Note to be converted, (A) subject to clause (B) below, if the Conversion Date for such Note occurs on or before February 15, 2026, the 30 consecutive VWAP Trading Days beginning on, and including, the third VWAP Trading Day immediately after such Conversion Date; (B) if such Conversion Date occurs on or after the date the Company has sent a Redemption Notice calling such Note for Redemption pursuant to Section 4.03(G) and before the related Redemption Date, the 30 consecutive VWAP Trading Days beginning on, and including, the 31st Scheduled Trading Day immediately before such Redemption Date; and (C) subject to clause (B) above, if such Conversion Date occurs after February 15, 2026, the 30 consecutive VWAP Trading Days beginning on, and including, the 31st Scheduled Trading Day immediately before the Maturity Date. \u0093Officer\u0094 means the Chief Executive Officer, the President, the Chief Financial Officer, the Treasurer, the Secretary or any Assistant Secretary of the Company. \u0093Officer\u0092s Certificate\u0094 means a certificate that is signed on behalf of the Company by one (1) of its Officers and that meets the requirements of Section 11.03. \u0093Open of Business\u0094 means 9:00 a.m., New York City time. \u0093Opinion of Counsel\u0094 means an opinion, from legal counsel (including an employee of, or counsel to, the Company or any of its Subsidiaries) reasonably acceptable to the Trustee, that meets the requirements of Section 11.03, subject to customary qualifications and exclusions. \u0093Person\u0094 or \u0093person\u0094 means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization or government or other agency or political subdivision thereof. Any division or series of a limited liability company, limited partnership or trust will constitute a separate \u0093person\u0094 under this Indenture. \u0093Physical Note\u0094 means a Note (other than a Global Note) that is represented by a certificate substantially in the form set forth in Exhibit A, registered in the name of the Holder of such Note and duly executed by the Company and authenticated by the Trustee. - 8 - \u0093Purchase Agreement\u0094 means that certain Purchase Agreement, dated August 17, 2021, between the Company and the representatives of the Initial Purchasers. \u0093Record Date\u0094 means, with respect to any dividend, distribution or other transaction or event in which the holders of Common Stock (or other applicable security) have the right to receive any cash, securities or other property or in which Common Stock (or such other security) is exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination of holders of Common Stock (or such other security) entitled to receive such cash, securities or other property (whether such date is fixed by the Board of Directors, statute, contract or otherwise). \u0093Redemption\u0094 means the repurchase of any Note by the Company pursuant to Section 4.03. \u0093Redemption Date\u0094 means the date fixed, pursuant to Section 4.03(E), for the settlement of the repurchase of any Notes by the Company pursuant to a Redemption. \u0093Redemption Notice Date\u0094 means, with respect to a Redemption, the date on which the Company sends the Redemption Notice for such Redemption pursuant to Section 4.03(G). \u0093Redemption Price\u0094 means the cash price payable by the Company to redeem any Note upon its Redemption, calculated pursuant to Section 4.03(F). \u0093Regular Record Date\u0094 has the following meaning with respect to an Interest Payment Date: (A) if such Interest Payment Date occurs on February 15, the immediately preceding February 1 (whether or not a Business Day); and (B) if such Interest Payment Date occurs on August 15, the immediately preceding August 1 (whether or not a Business Day). \u0093Repurchase Upon Fundamental Change\u0094 means the repurchase of any Note by the Company pursuant to Section 4.02. \u0093Responsible Officer\u0094 means (A) any officer within the corporate trust group of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of such officers; and (B) with respect to a particular corporate trust matter relating to this Indenture, any other officer to whom such matter is referred because of his or her knowledge of, and familiarity with, the particular subject. \u0093Restricted Note Legend\u0094 means a legend substantially in the form set forth in Exhibit B-1. \u0093Restricted Stock Legend\u0094 means, with respect to any Conversion Share, a legend substantially to the effect that the offer and sale of such Conversion Share have not been registered under the Securities Act and that such Conversion Share cannot be sold or otherwise transferred except pursuant to a transaction that is registered under the Securities Act or that is exempt from, or not subject to, the registration requirements of the Securities Act. - 9 - \u0093Rule 144\u0094 means Rule 144 under the Securities Act (or any successor rule thereto), as the same may be amended from time to time. \u0093Rule 144A\u0094 means Rule 144A under the Securities Act (or any successor rule thereto), as the same may be amended from time to time. \u0093Scheduled Trading Day\u0094 means any day that is scheduled to be a Trading Day on the principal U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then traded. If the Common Stock is not so listed or traded, then \u0093Scheduled Trading Day\u0094 means a Business Day. \u0093SEC\u0094 means the U.S. Securities and Exchange Commission. \u0093Securities Act\u0094 means the U.S. Securities Act of 1933, as amended. \u0093Security\u0094 means any Note or Conversion Share. \u0093Settlement Method\u0094 means Cash Settlement or Combination Settlement. \u0093Shoe Option\u0094 means the Initial Purchasers\u0092 option to purchase up to one hundred twenty-seven million five hundred thousand dollars ($127,500,000) aggregate principal amount of additional Notes as provided for in the Purchase Agreement. \u0093Significant Subsidiary\u0094 of any Person means any Subsidiary of that Person that constitutes a \u0093significant subsidiary\u0094 (as defined in Rule 1-02(w) of Regulation S-X under the Exchange Act) of that Person. \u0093Special Interest\u0094 means any interest that accrues on any Note pursuant to Section 7.03. \u0093Specified Dollar Amount\u0094 means, with respect to the conversion of a Note to which Combination Settlement applies, the maximum cash amount per $1,000 principal amount of such Note deliverable upon such conversion (excluding cash in lieu of any fractional share of Common Stock); provided, however, that in no event will the Specified Dollar Amount be less than $1,000 per $1,000 principal amount of such Note. \u0093Stock Price\u0094 has the following meaning for any Make-Whole Fundamental Change: (A) if the holders of Common Stock receive only cash in consideration for their shares of Common Stock in such Make-Whole Fundamental Change and such Make-Whole Fundamental Change is pursuant to clause (B) of the definition of \u0093Fundamental Change,\u0094 then the Stock Price is the amount of cash paid per share of Common Stock in such Make-Whole Fundamental Change; and (B) in all other cases, the Stock Price is the average of the Last Reported Sale Prices per share of Common Stock for the five (5) consecutive Trading Days ending on, and including, the Trading Day immediately before the Make-Whole Fundamental Change Effective Date of such Make-Whole Fundamental Change. - 10 - \u0093Subsidiary\u0094 means, with respect to any Person, (A) any corporation, association or other business entity (other than a partnership or limited liability company) of which more than fifty percent (50%) of the total voting power of the Capital Stock entitled (without regard to the occurrence of any contingency, but after giving effect to any voting agreement or stockholders\u0092 agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees, as applicable, of such corporation, association or other business entity is owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person; and (B) any partnership or limited liability company where (i) more than fifty percent (50%) of the capital accounts, distribution rights, equity and voting interests, or of the general and limited partnership interests, as applicable, of such partnership or limited liability company are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person, whether in the form of membership, general, special or limited partnership or limited liability company interests or otherwise; and (ii) such Person or any one or more of the other Subsidiaries of such Person is a controlling general partner of, or otherwise controls, such partnership or limited liability company. \u0093Trading Day\u0094 means any day on which (A) trading in the Common Stock generally occurs on the principal U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then traded; and (B) there is no Market Disruption Event. If the Common Stock is not so listed or traded, then \u0093Trading Day\u0094 means a Business Day. \u0093Trading Price\u0094 of the Notes on any Trading Day means the average of the secondary market bid quotations, expressed as a cash amount per $1,000 principal amount of Notes, obtained by the Bid Solicitation Agent for one million dollars ($1,000,000) (or such lesser amount as may then be outstanding) in principal amount of Notes at approximately 3:30 p.m., New York City time, on such Trading Day from three (3) nationally recognized independent securities dealers selected by the Company, which may include any of the Initial Purchasers; provided, however, that, if three (3) such bids cannot reasonably be obtained by the Bid Solicitation Agent but two (2) such bids are obtained, then the average of the two (2) bids will be used, and if only one (1) such bid can reasonably be obtained by the Bid Solicitation Agent, then that one (1) bid will be used. If, on any Trading Day, (A) the Bid Solicitation Agent cannot reasonably obtain at least one (1) bid for one million dollars ($1,000,000) (or such lesser amount as may then be outstanding) in principal amount of Notes from a nationally recognized independent securities dealer; (B) the Company is not acting as the Bid Solicitation Agent and the Company fails to instruct the Bid Solicitation Agent to obtain bids when required; or (C) the Bid Solicitation Agent fails to solicit bids when required, then, in each case, the Trading Price per $1,000 principal amount of Notes on such Trading Day will be deemed to be less than ninety eight percent (98%) of the product of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading Day. - 11 - \u0093Transfer-Restricted Security\u0094 means any Security that constitutes a \u0093restricted security\u0094 (as defined in Rule 144); provided, however, that such Security will cease to be a Transfer-Restricted Security upon the earliest to occur of the following events: (A) such Security is sold or otherwise transferred to a Person (other than the Company or an Affiliate of the Company) pursuant to a registration statement that was effective under the Securities Act at the time of such sale or transfer; (B) such Security is sold or otherwise transferred to a Person (other than the Company or an Affiliate of the Company) pursuant to an available exemption (including Rule 144) from the registration and prospectus-delivery requirements of, or in a transaction not subject to, the Securities Act and, immediately after such sale or transfer, such Security ceases to constitute a \u0093restricted security\u0094 (as defined in Rule 144); and (C) such Security is eligible for resale, by a Person that is not an Affiliate of the Company and that has not been an Affiliate of the Company during the immediately preceding three (3) months, pursuant to Rule 144 without any limitations thereunder as to volume, manner of sale, availability of current public information or notice. The Trustee is under no obligation to determine whether any Security is a Transfer-Restricted Security and may conclusively rely on an Officer\u0092s Certificate with respect thereto. \u0093Trust Indenture Act\u0094 means the U.S. Trust Indenture Act of 1939, as amended. \u0093Trustee\u0094 means the Person named as such in the first paragraph of this Indenture until a successor replaces it in accordance with the provisions of this Indenture and, thereafter, means such successor. \u0093VWAP Market Disruption Event\u0094 means, with respect to any date, (A) the failure by the principal U.S. national or regional securities exchange on which the Common Stock is then listed, or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, the principal other market on which the Common Stock is then traded, to open for trading during its regular trading session on such date; or (B) the occurrence or existence, for more than one half hour period in the aggregate, of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the Common Stock or in any options contracts or futures contracts relating to the Common Stock, and such suspension or limitation occurs or exists at any time before 1:00 p.m., New York City time, on such date. \u0093VWAP Trading Day\u0094 means a day on which (A) there is no VWAP Market Disruption Event; and (B) trading in the Common Stock generally occurs on the principal U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then traded. If the Common Stock is not so listed or traded, then \u0093VWAP Trading Day\u0094 means a Business Day. \u0093Wholly Owned Subsidiary\u0094 of a Person means any Subsidiary of such Person all of the outstanding Capital Stock or other ownership interests of which (other than directors\u0092 qualifying shares) are owned by such Person or one or more Wholly Owned Subsidiaries of such Person. - 12 -" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b16", + "block_sequence": 16, + "block_sha256": "40b4d9563f1f18e7d52ab453c449df67d7a506b9facf05b8e18911fa94897668", + "block_type": "paragraph", + "char_count": 32, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 16, + "char_end": 32, + "char_start": 0, + "fragment_sha256": "64e081911f07ef641d370a8760af0a60f15941b7ae33a2af4dae4fb729007908", + "heading_path": [ + "TABLE OF CONTENTS" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", + "table": null, + "text": "Section 1.02. 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RULES OF CONSTRUCTION. For purposes of this Indenture: (A) \u0093or\u0094 is not exclusive;" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b19", + "block_sequence": 19, + "block_sha256": "7d96b9d719161b5e6ed48ee2736fc7a9cb4a1ac4252345a4503206057b64f120", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 19, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "b07bc73228f4fc601acad96783d17d4a662ca5b4b0f43db52bc0f709b4a47df6", + "heading_path": [ + "TABLE OF CONTENTS" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", + "table": null, + "text": "- 13 -" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b20", + "block_sequence": 20, + "block_sha256": "6856cd4cdac3bae065d63348ce9f34ffd077838faadb25af47bb784b202e63e8", + "block_type": "paragraph", + "char_count": 102229, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 20, + "char_end": 102229, + "char_start": 0, + "fragment_sha256": "c36c23ccc2171ecec159226710cff23931bcab2f564d7437a8d9de52f70943fb", + "heading_path": [ + "TABLE OF CONTENTS" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", + "table": null, + "text": "(B) \u0093including\u0094 means \u0093including without limitation\u0094; (C) \u0093will\u0094 expresses a command; (D) the \u0093average\u0094 of a set of numerical values refers to the arithmetic average of such numerical values; (E) a merger involving, or a transfer of assets by, a limited liability company, limited partnership or trust will be deemed to include any division of or by, or an allocation of assets to a series of, such limited liability company, limited partnership or trust, or any unwinding of any such division or allocation; (F) words in the singular include the plural and in the plural include the singular, unless the context requires otherwise; (G) \u0093herein,\u0094 \u0093hereof\u0094 and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision of this Indenture, unless the context requires otherwise; (H) references to currency mean the lawful currency of the United States of America, unless the context requires otherwise; (I) the exhibits, schedules and other attachments to this Indenture are deemed to form part of this Indenture; and (J) the term \u0093interest,\u0094 when used with respect to a Note, includes any Default Interest, Additional Interest and Special Interest, unless the context requires otherwise. Article 2. THE NOTES Section 2.01. FORM, DATING AND DENOMINATIONS. The Notes and the Trustee\u0092s certificate of authentication will be substantially in the form set forth in Exhibit A. The Notes will bear the legends required by Section 2.09 and may bear notations, legends or endorsements required by law, stock exchange rule or usage or the Depositary. Each Note will be dated as of the date of its authentication. Except to the extent otherwise provided in a Company Order delivered to the Trustee in connection with the issuance and authentication thereof, the Notes will be issued initially in the form of one or more Global Notes. Global Notes may be exchanged for Physical Notes, and Physical Notes may be exchanged for Global Notes, only as provided in Section 2.10. The Notes will be issuable only in registered form without interest coupons and only in Authorized Denominations. Each certificate representing a Note will bear a unique registration number that is not affixed to any other certificate representing another outstanding Note. - 14 - The terms contained in the Notes constitute part of this Indenture, and, to the extent applicable, the Company and the Trustee, by their execution and delivery of this Indenture, agree to such terms and to be bound thereby; provided, however, that, to the extent that any provision of any Note conflicts with the provisions of this Indenture, the provisions of this Indenture will control for purposes of this Indenture and such Note. Section 2.02. EXECUTION, AUTHENTICATION AND DELIVERY. (A) Due Execution by the Company. At least one (1) duly authorized Officer will sign the Notes on behalf of the Company by manual, electronic or facsimile signature. A Note\u0092s validity will not be affected by the failure of any Officer whose signature is on any Note to hold, at the time such Note is authenticated, the same or any other office at the Company. (B) Authentication by the Trustee and Delivery. (i) No Note will be valid until it is authenticated by the Trustee. A Note will be deemed to be duly authenticated only when an authorized signatory of the Trustee (or a duly appointed authenticating agent) manually signs the certificate of authentication of such Note. (ii) The Trustee will cause an authorized signatory of the Trustee (or a duly appointed authenticating agent) to manually sign the certificate of authentication of a Note only if (1) the Company delivers such Note to the Trustee; (2) such Note is executed by the Company in accordance with Section 2.02(A); and (3) the Company delivers a Company Order to the Trustee that (a) requests the Trustee to authenticate such Note; and (b) sets forth the name of the Holder of such Note and the date as of which such Note is to be authenticated. If such Company Order also requests the Trustee to deliver such Note to any Holder or to the Depositary, then the Trustee will promptly deliver such Note in accordance with such Company Order. (iii) The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. A duly appointed authenticating agent may authenticate Notes whenever the Trustee may do so under this Indenture, and a Note authenticated as provided in this Indenture by such an agent will be deemed, for purposes of this Indenture, to be authenticated by the Trustee. Each duly appointed authenticating agent will have the same rights to deal with the Company as the Trustee would have if it were performing the duties that the authenticating agent was validly appointed to undertake. Section 2.03. INITIAL NOTES AND ADDITIONAL NOTES. (A) Initial Notes. On the Issue Date, there will be originally issued eight hundred fifty million dollars ($850,000,000) aggregate principal amount of Notes, subject to the provisions of this Indenture (including Section 2.02). If the Initial Purchasers exercise the Shoe Option, then there will be originally issued up to an additional one hundred twenty-seven million five hundred thousand dollars ($127,500,000) principal amount of Notes pursuant to such exercise, subject to the provisions of this Indenture (including Section 2.02). Notes issued pursuant to this Section 2.03(A), and any Notes issued in exchange therefor or in substitution thereof, are referred to in this Indenture as the \u0093Initial Notes.\u0094 - 15 - (B) Additional Notes. Without the consent of any Holder, the Company may, subject to the provisions of this Indenture (including Section 2.02), originally issue additional Notes with the same terms as the Initial Notes (except, to the extent applicable, with respect to the date as of which interest begins to accrue on such additional Notes and the first Interest Payment Date and the Last Original Issue Date of such additional Notes), which additional Notes will, subject to the foregoing, be considered to be part of the same series of, and rank equally and ratably with all other, Notes issued under this Indenture; provided, however, that any such additional Notes (and any Notes that are resold after such Notes have been purchased or otherwise acquired by the Company or its Subsidiaries) that are not fungible with other Notes issued under this Indenture for purposes of federal income tax or federal securities laws or, if applicable, the Depositary Procedures, will be identified by a separate CUSIP number or by no CUSIP number. Section 2.04. METHOD OF PAYMENT. (A) Global Notes. The Company will pay, or cause the Paying Agent to pay, the principal (whether due upon maturity on the Maturity Date, Redemption on a Redemption Date or repurchase on a Fundamental Change Repurchase Date or otherwise) of, interest on, and any cash Conversion Consideration for, any Global Note to the Depositary by wire transfer of immediately available funds no later than the time the same is due as provided in this Indenture. (B) Physical Notes. The Company will pay, or cause the Paying Agent to pay, the principal (whether due upon maturity on the Maturity Date, Redemption on a Redemption Date or repurchase on a Fundamental Change Repurchase Date or otherwise) of, interest on, and any cash Conversion Consideration for, any Physical Note no later than the time the same is due as provided in this Indenture as follows: (i) if the principal amount of such Physical Note is at least five million dollars ($5,000,000) (or such lower amount as the Company may choose in its sole and absolute discretion) and the Holder of such Physical Note entitled to such payment has delivered to the Paying Agent or the Trustee, no later than the time set forth in the immediately following sentence, a written request that the Company make such payment by wire transfer to an account of such Holder within the United States, by wire transfer of immediately available funds to such account; and (ii) in all other cases, by check mailed to the address of the Holder of such Physical Note entitled to such payment as set forth in the Register. To be timely, such written request must be so delivered no later than the Close of Business on the following date: (x) with respect to the payment of any interest due on an Interest Payment Date, the immediately preceding Regular Record Date; (y) with respect to any cash Conversion Consideration, the relevant Conversion Date; and (z) with respect to any other payment, the date that is fifteen (15) calendar days immediately before the date such payment is due. - 16 - Section 2.05. ACCRUAL OF INTEREST; DEFAULTED AMOUNTS; WHEN PAYMENT DATE IS NOT A BUSINESS DAY. (A) Accrual of Interest. Each Note will accrue interest at a rate per annum equal to 0.25% (the \u0093Stated Interest\u0094), plus any Additional Interest and Special Interest that may accrue pursuant to Sections 3.04 and 7.03, respectively. Stated Interest on each Note will (i) accrue from, and including, the most recent date to which Stated Interest has been paid or duly provided for (or, if no Stated Interest has theretofore been paid or duly provided for, the date set forth in the certificate representing such Note as the date from, and including, which Stated Interest will begin to accrue in such circumstance) to, but excluding, the date of payment of such Stated Interest; and (ii) be, subject to Sections 4.02(D), 4.03(F) and 5.02(D) (but without duplication of any payment of interest), payable semi-annually in arrears on each Interest Payment Date, beginning on the first Interest Payment Date set forth in the certificate representing such Note, to the Holder of such Note as of the Close of Business on the immediately preceding Regular Record Date. Stated Interest, and, if applicable, Additional Interest and Special Interest, on the Notes will be computed on the basis of a 360-day year comprised of twelve 30-day months. (B) Defaulted Amounts. If the Company fails to pay any amount (a \u0093Defaulted Amount\u0094) payable on a Note on or before the due date therefor as provided in this Indenture, then, regardless of whether such failure constitutes an Event of Default, (i) such Defaulted Amount will forthwith cease to be payable to the Holder of such Note otherwise entitled to such payment; (ii) to the extent lawful, interest (\u0093Default Interest\u0094) will accrue on such Defaulted Amount at a rate per annum equal to the rate per annum at which Stated Interest accrues, from, and including, such due date to, but excluding, the date of payment of such Defaulted Amount and Default Interest; (iii) such Defaulted Amount and Default Interest will be paid on a payment date selected by the Company to the Holder of such Note as of the Close of Business on a special record date selected by the Company, provided that such special record date must be no more than fifteen (15), nor less than ten (10), calendar days before such payment date; and (iv) at least fifteen (15) calendar days before such special record date, the Company will send notice to the Trustee and the Holders that states such special record date, such payment date and the amount of such Defaulted Amount and Default Interest to be paid on such payment date. (C) Delay of Payment when Payment Date is Not a Business Day. If the due date for a payment on a Note as provided in this Indenture is not a Business Day, then, notwithstanding anything to the contrary in this Indenture or the Notes, such payment may be made on the immediately following Business Day and no interest will accrue on such payment as a result of the related delay. Solely for purposes of the immediately preceding sentence, a day on which the applicable place of payment is authorized or required by law or executive order to close or be closed will be deemed not to be a \u0093Business Day.\u0094 Section 2.06. REGISTRAR, PAYING AGENT AND CONVERSION AGENT. (A) Generally. The Company will maintain (i) an office or agency in the continental United States where Notes may be presented for registration of transfer or for exchange (the \u0093Registrar\u0094); (ii) an office or agency in the continental United States where Notes may be presented for payment (the \u0093Paying Agent\u0094); and (iii) an office or agency in the continental United States where Notes may be presented for conversion (the \u0093Conversion Agent\u0094). If the Company fails to maintain a Registrar, Paying Agent or Conversion Agent, then the Trustee will act as such. For the avoidance of doubt, the Company or any of its Subsidiaries may act as Registrar, Paying Agent or Conversion Agent. (B) Duties of the Registrar. The Registrar will keep a record (the \u0093Register\u0094) of the names and addresses of the Holders, the Notes held by each Holder and the transfer, exchange, repurchase, Redemption and conversion of Notes. Absent manifest error, the entries in the Register will be conclusive and the Company and the Trustee may treat each Person whose name is recorded as a Holder in the Register as a Holder for all purposes. The Register will be in written form or in any form capable of being converted into written form reasonably promptly. - 17 - (C) Co-Agents; Company\u0092s Right to Appoint Successor Registrars, Paying Agents and Conversion Agents. The Company may appoint one or more co-Registrars, co-Paying Agents and co-Conversion Agents, each of whom will be deemed to be a Registrar, Paying Agent or Conversion Agent, as applicable, under this Indenture. Subject to Section 2.06(A), the Company may change any Registrar, Paying Agent or Conversion Agent (including appointing itself or any of its Subsidiaries to act in such capacity) without notice to any Holder. The Company will notify the Trustee (and, upon request, any Holder) of the name and address of each Note Agent, if any, not a party to this Indenture and will enter into an appropriate agency agreement with each such Note Agent, which agreement will implement the provisions of this Indenture that relate to such Note Agent. (D) Initial Appointments. The Company appoints the Trustee as the initial Paying Agent, the initial Registrar and the initial Conversion Agent. Section 2.07. PAYING AGENT AND CONVERSION AGENT TO HOLD PROPERTY IN TRUST. The Company will require each Paying Agent or Conversion Agent that is not the Trustee to agree in writing that such Note Agent will (A) hold in trust for the benefit of Holders or the Trustee all money and other property held by such Note Agent for payment or delivery due on the Notes; and (B) notify the Trustee of any default by the Company in making any such payment or delivery. The Company, at any time, may, and the Trustee, while any Default continues, may, require a Paying Agent or Conversion Agent to pay or deliver, as applicable, all money and other property held by it to the Trustee, after which payment or delivery, as applicable, such Note Agent (if not the Company or any of its Subsidiaries) will have no further liability for such money or property. If the Company or any of its Subsidiaries acts as Paying Agent or Conversion Agent, then (A) it will segregate and hold in a separate trust fund for the benefit of the Holders or the Trustee all money and other property held by it as Paying Agent or Conversion Agent; and (B) references in this Indenture or the Notes to the Paying Agent or Conversion Agent holding cash or other property, or to the delivery of cash or other property to the Paying Agent or Conversion Agent, in each case for payment or delivery to any Holders or the Trustee or with respect to the Notes, will be deemed to refer to cash or other property so segregated and held separately, or to the segregation and separate holding of such cash or other property, respectively. Upon the occurrence of any event pursuant to clause (viii) or (ix) of Section 7.01(A) with respect to the Company (or with respect to any Subsidiary of the Company acting as Paying Agent or Conversion Agent), the Trustee will serve as the Paying Agent or Conversion Agent, as applicable, for the Notes. Section 2.08. HOLDER LISTS. If the Trustee is not the Registrar, then the Company will furnish to the Trustee, no later than seven (7) Business Days before each Interest Payment Date, and at such other times as the Trustee may request, a list, in such form and as of such date or time as the Trustee may reasonably require, of the names and addresses of the Holders. - 18 - Section 2.09. LEGENDS. (A) Global Note Legend. Each Global Note will bear the Global Note Legend (or any similar legend, not inconsistent with this Indenture, required by the Depositary for such Global Note). (B) Non-Affiliate Legend. Each Note will bear the Non-Affiliate Legend. (C) Restricted Note Legend. Subject to the other provisions of this Indenture, (i) each Note that is a Transfer-Restricted Security will bear the Restricted Note Legend; and (ii) if a Note is issued in exchange for, in substitution of, or to effect a partial conversion of, another Note (such other Note being referred to as the \u0093old Note\u0094 for purposes of this Section 2.09(C)(ii)), including pursuant to Section 2.10(B), 2.10(C), 2.11 or 2.13, then such Note will bear the Restricted Note Legend if such old Note bore the Restricted Note Legend at the time of such exchange or substitution, or on the related Conversion Date with respect to such conversion, as applicable; provided, however, that such Note need not bear the Restricted Note Legend if such Note does not constitute a Transfer-Restricted Security immediately after such exchange or substitution, or as of such Conversion Date, as applicable. (D) Other Legends. A Note may bear any other legend or text, not inconsistent with this Indenture, as may be required by applicable law or by any securities exchange or automated quotation system on which such Note is traded or quoted. (E) Acknowledgment and Agreement by the Holders. A Holder\u0092s acceptance of any Note bearing any legend required by this Section 2.09 will constitute such Holder\u0092s acknowledgment of, and agreement to comply with, the restrictions set forth in such legend. (F) Restricted Stock Legend. (i) Each Conversion Share will bear the Restricted Stock Legend if the Note upon the conversion of which such Conversion Share was issued was (or would have been had it not been converted) a Transfer-Restricted Security at the time such Conversion Share was issued; provided, however, that such Conversion Share need not bear the Restricted Stock Legend if the Company determines, in its reasonable discretion, that such Conversion Share need not bear the Restricted Stock Legend. (ii) Notwithstanding anything to the contrary in this Section 2.09(F), a Conversion Share need not bear a Restricted Stock Legend if such Conversion Share is issued in an uncertificated form that does not permit affixing legends thereto, provided the Company takes measures (including the assignment thereto of a \u0093restricted\u0094 CUSIP number) that it reasonably deems appropriate to enforce the transfer restrictions referred to in the Restricted Stock Legend. - 19 - Section 2.10. TRANSFERS AND EXCHANGES; CERTAIN TRANSFER RESTRICTIONS. (A) Provisions Applicable to All Transfers and Exchanges. (i) Generally. Subject to this Section 2.10, Physical Notes and beneficial interests in Global Notes may be transferred or exchanged from time to time and the Registrar will record each such transfer or exchange in the Register. (ii) Transferred and Exchanged Notes Remain Valid Obligations of the Company. Each Note issued upon transfer or exchange of any other Note (such other Note being referred to as the \u0093old Note\u0094 for purposes of this Section 2.10(A)(ii)) or portion thereof in accordance with this Indenture will be the valid obligation of the Company, evidencing the same indebtedness, and entitled to the same benefits under this Indenture, as such old Note or portion thereof, as applicable. (iii) No Services Charge; Transfer Taxes. The Company, the Trustee and the Note Agents will not impose any service charge on any Holder for any transfer, exchange or conversion of Notes, but the Company, the Trustee, the Registrar and the Conversion Agent may require payment of a sum sufficient to cover any transfer tax or similar governmental charge that may be imposed in connection with any transfer, exchange or conversion of Notes, other than exchanges pursuant to Section 2.11, 2.17 or 8.05 not involving any transfer. (iv) Transfers and Exchanges Must Be in Authorized Denominations. Notwithstanding anything to the contrary in this Indenture or the Notes, a Note may not be transferred or exchanged in part unless the portion to be so transferred or exchanged is in an Authorized Denomination. (v) Trustee\u0092s Disclaimer. The Trustee will have no obligation or duty to monitor, determine or inquire as to compliance with any transfer restrictions imposed under this Indenture or applicable law with respect to any Security, other than to require the delivery of such certificates or other documentation or evidence as expressly required by this Indenture and to examine the same to determine substantial compliance as to form with the requirements of this Indenture. (vi) Legends. Each Note issued upon transfer of, or in exchange for, another Note will bear each legend, if any, required by Section 2.09. (vii) Settlement of Transfers and Exchanges. Upon satisfaction of the requirements of this Indenture to effect a transfer or exchange of any Note, the Company will cause such transfer or exchange to be effected as soon as reasonably practicable but in no event later than the second (2nd) Business Day after the date of such satisfaction. (viii) Interpretation. For the avoidance of doubt, and subject to the terms of this Indenture, as used in this Section 2.10, an \u0093exchange\u0094 of a Global Note or a Physical Note includes (x) an exchange effected for the sole purpose of removing any Restricted Note Legend affixed to such Global Note or Physical Note; and (y) if such Global Note or Physical Note is identified by a \u0093restricted\u0094 CUSIP number, an exchange effected for the sole purpose of causing such Global Note or Physical Note to be identified by an \u0093unrestricted\u0094 CUSIP number. - 20 - (B) Transfers and Exchanges of Global Notes. (i) Certain Restrictions. Subject to the immediately following sentence, no Global Note may be transferred or exchanged in whole except (x) by the Depositary to a nominee of the Depositary; (y) by a nominee of the Depositary to the Depositary or to another nominee of the Depositary; or (z) by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. No Global Note (or any portion thereof) may be transferred to, or exchanged for, a Physical Note; provided, however, that a Global Note will be exchanged, pursuant to customary procedures, for one or more Physical Notes if: (1) (x) the Depositary notifies the Company or the Trustee that the Depositary is unwilling or unable to continue as depositary for such Global Note or (y) the Depositary ceases to be a \u0093clearing agency\u0094 registered under Section 17A of the Exchange Act and, in each case, the Company fails to appoint a successor Depositary within ninety (90) days of such notice or cessation; (2) an Event of Default has occurred and is continuing and the Company, the Trustee or the Registrar has received a written request from the Depositary, or from a holder of a beneficial interest in such Global Note, to exchange such Global Note or beneficial interest, as applicable, for one or more Physical Notes; or (3) the Company, in its sole discretion, permits the exchange of any beneficial interest in such Global Note for one or more Physical Notes at the request of the owner of such beneficial interest. (ii) Effecting Transfers and Exchanges. Upon satisfaction of the requirements of this Indenture to effect a transfer or exchange of any Global Note (or any portion thereof): (1) the Trustee will reflect any resulting decrease of the principal amount of such Global Note by notation on the \u0093Schedule of Exchanges of Interests in the Global Note\u0094 forming part of such Global Note (and, if such notation results in such Global Note having a principal amount of zero, then the Company may (but is not required to) instruct the Trustee to cancel such Global Note pursuant to Section 2.15); (2) if required to effect such transfer or exchange, then the Trustee will reflect any resulting increase of the principal amount of any other Global Note by notation on the \u0093Schedule of Exchanges of Interests in the Global Note\u0094 forming part of such other Global Note; (3) if required to effect such transfer or exchange, then the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, a new Global Note bearing each legend, if any, required by Section 2.09; and - 21 - (4) if such Global Note (or such portion thereof), or any beneficial interest therein, is to be exchanged for one or more Physical Notes, then the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount of such Global Note to be so exchanged; (y) are registered in such name(s) as the Depositary specifies (or as otherwise determined pursuant to customary procedures); and (z) bear each legend, if any, required by Section 2.09. (iii) Compliance with Depositary Procedures. Each transfer or exchange of a beneficial interest in any Global Note will be made in accordance with the Depositary Procedures. (C) Transfers and Exchanges of Physical Notes. (i) Requirements for Transfers and Exchanges. Subject to this Section 2.10, a Holder of a Physical Note may (x) transfer such Physical Note (or any portion thereof in an Authorized Denomination) to one or more other Person(s); (y) exchange such Physical Note (or any portion thereof in an Authorized Denomination) for one or more other Physical Notes in Authorized Denominations having an aggregate principal amount equal to the aggregate principal amount of the Physical Note (or portion thereof) to be so exchanged; and (z) if then permitted by the Depositary Procedures, transfer such Physical Note (or any portion thereof in an Authorized Denomination) in exchange for a beneficial interest in one or more Global Notes; provided, however, that, to effect any such transfer or exchange, such Holder must: (1) surrender such Physical Note to be transferred or exchanged to the office of the Registrar, together with any endorsements or transfer instruments reasonably required by the Company, the Trustee or the Registrar; and (2) deliver such certificates, documentation or evidence as may be required pursuant to Section 2.10(D). (ii) Effecting Transfers and Exchanges. Upon the satisfaction of the requirements of this Indenture to effect a transfer or exchange of any Physical Note (such Physical Note being referred to as the \u0093old Physical Note\u0094 for purposes of this Section 2.10(C)(ii)) of a Holder (or any portion of such old Physical Note in an Authorized Denomination): (1) such old Physical Note will be promptly cancelled pursuant to Section 2.15; - 22 - (2) if such old Physical Note is to be so transferred or exchanged only in part, then the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount of such old Physical Note not to be so transferred or exchanged; (y) are registered in the name of such Holder; and (z) bear each legend, if any, required by Section 2.09; (3) in the case of a transfer: (a) to the Depositary or a nominee thereof that will hold its interest in such old Physical Note (or such portion thereof) to be so transferred in the form of one or more Global Notes, the Trustee will reflect an increase of the principal amount of one or more existing Global Notes by notation on the \u0093Schedule of Exchanges of Interests in the Global Note\u0094 forming part of such Global Note(s), which increase(s) are in Authorized Denominations and aggregate to the principal amount to be so transferred, and which Global Note(s) bear each legend, if any, required by Section 2.09; provided, however, that if such transfer cannot be so effected by notation on one or more existing Global Notes (whether because no Global Notes bearing each legend, if any, required by Section 2.09 then exist, because any such increase will result in any Global Note having an aggregate principal amount exceeding the maximum aggregate principal amount permitted by the Depositary or otherwise), then the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Global Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount that is to be so transferred but that is not effected by notation as provided above; and (y) bear each legend, if any, required by Section 2.09; and (b) to a transferee that will hold its interest in such old Physical Note (or such portion thereof) to be so transferred in the form of one or more Physical Notes, the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount to be so transferred; (y) are registered in the name of such transferee; and (z) bear each legend, if any, required by Section 2.09; and (4) in the case of an exchange, the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount to be so exchanged; (y) are registered in the name of the Person to whom such old Physical Note was registered; and (z) bear each legend, if any, required by Section 2.09. - 23 - (D) Requirement to Deliver Documentation and Other Evidence. If a Holder of any Note that is identified by a \u0093restricted\u0094 CUSIP number or that bears a Restricted Note Legend or is a Transfer-Restricted Security requests to: (i) cause such Note to be identified by an \u0093unrestricted\u0094 CUSIP number; (ii) remove such Restricted Note Legend; or (iii) register the transfer of such Note to the name of another Person, then the Company, the Trustee and the Registrar may refuse to effect such identification, removal or transfer, as applicable, unless there is delivered to the Company, the Trustee and the Registrar such certificates or other documentation or evidence as the Company, the Trustee and the Registrar may reasonably require to determine that such identification, removal or transfer, as applicable, complies with the Securities Act and other applicable securities laws; provided, however, that, without limiting Section 2.10(E), no such certificates, documentation or evidence (other than, in the case of the following clause (w), a written request in the form contemplated by Section 2.10(E)) need be so delivered (w) on or and after the date that is six (6) months after the Last Original Issue Date of such Note if the requirements of Rule 144(c) and (i) are then satisfied with respect to the Company; (x) in connection with any transfer of such Note pursuant to Rule 144A; (y) in connection with any transfer of such Note to the Company or one of its Subsidiaries; or (z) in connection with any transfer of such Note pursuant to an effective registration statement under the Securities Act. (E) Certain De-Legending Procedures. If a Holder of any Note or share of Common Stock issued upon conversion of any Note, or an owner of a beneficial interest in any Global Note, or in a global certificate representing any share of Common Stock issued upon conversion of any Note, transfers such Note or share in compliance with Rule 144 and delivers to the Company a written request, certifying that it is not, and has not been at any time during the preceding three (3) months, an Affiliate of the Company, to reissue such Note or share without a Restricted Note Legend or Restricted Stock Legend, as applicable, then the Company will cause the same to occur (and, if applicable, cause such Note or share to thereafter be represented by an \u0093unrestricted\u0094 CUSIP or ISIN number in the facilities of the related depositary), and will use its commercially reasonable efforts to cause such occurrence within two (2) Trading Days of such request. (F) Transfers of Notes Subject to Redemption, Repurchase or Conversion. Notwithstanding anything to the contrary in this Indenture or the Notes, the Company, the Trustee and the Registrar will not be required to register the transfer of or exchange any Note that (i) has been surrendered for conversion, except to the extent that any portion of such Note is not subject to conversion; (ii) is subject to a Fundamental Change Repurchase Notice validly delivered, and not withdrawn, pursuant to Section 4.02(F), except to the extent that any portion of such Note is not subject to such notice or the Company fails to pay the applicable Fundamental Change Repurchase Price when due; or (iii) has been selected for Redemption pursuant to a Redemption Notice, except to the extent that any portion of such Note is not subject to Redemption or the Company fails to pay the applicable Redemption Price when due. - 24 - Section 2.11. EXCHANGE AND CANCELLATION OF NOTES TO BE CONVERTED OR TO BE REPURCHASED PURSUANT TO A REPURCHASE UPON FUNDAMENTAL CHANGE OR REDEMPTION. (A) Partial Conversions of Physical Notes and Partial Repurchases of Physical Notes Pursuant to a Repurchase Upon Fundamental Change or Redemption. If only a portion of a Physical Note of a Holder is to be converted pursuant to Article 5 or repurchased pursuant to a Repurchase Upon Fundamental Change or Redemption, then, as soon as reasonably practicable after such Physical Note is surrendered for such conversion or repurchase, as applicable, the Company will cause such Physical Note to be exchanged, pursuant and subject to Section 2.10(C), for (i) one or more Physical Notes that are in Authorized Denominations and have an aggregate principal amount equal to the principal amount of such Physical Note that is not to be so converted or repurchased, as applicable, and deliver such Physical Note(s) to such Holder; and (ii) a Physical Note having a principal amount equal to the principal amount to be so converted or repurchased, as applicable, which Physical Note will be converted or repurchased, as applicable, pursuant to the terms of this Indenture; provided, however, that the Physical Note referred to in this clause (ii) need not be issued at any time after which such principal amount subject to such conversion or repurchase, as applicable, is deemed to cease to be outstanding pursuant to Section 2.18. (B) Cancellation of Notes that Are Converted and Notes that Are Repurchased Pursuant to a Repurchase Upon Fundamental Change or Redemption. (i) Physical Notes. If a Physical Note (or any portion thereof that has not theretofore been exchanged pursuant to Section 2.11(A)) of a Holder is to be converted pursuant to Article 5 or repurchased pursuant to a Repurchase Upon Fundamental Change or Redemption, then, promptly after the later of the time such Physical Note (or such portion) is deemed to cease to be outstanding pursuant to Section 2.18 and the time such Physical Note is surrendered for such conversion or repurchase, as applicable, (1) such Physical Note will be cancelled pursuant to Section 2.15; and (2) in the case of a partial conversion or repurchase, as applicable, the Company will issue, execute and deliver to such Holder, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount of such Physical Note that is not to be so converted or repurchased, as applicable; (y) are registered in the name of such Holder; and (z) bear each legend, if any, required by Section 2.09. (ii) Global Notes. If a Global Note (or any portion thereof) is to be converted pursuant to Article 5 or repurchased pursuant to a Repurchase Upon Fundamental Change or Redemption, then, promptly after the time such Note (or such portion) is deemed to cease to be outstanding pursuant to Section 2.18, the Trustee will reflect a decrease of the principal amount of such Global Note in an amount equal to the principal amount of such Global Note to be so converted or repurchased, as applicable, by notation on the \u0093Schedule of Exchanges of Interests in the Global Note\u0094 forming part of such Global Note (and, if the principal amount of such Global Note is zero following such notation, cancel such Global Note pursuant to Section 2.15). - 25 - Section 2.12. REMOVAL OF TRANSFER RESTRICTIONS. Without limiting the generality of any other provision of this Indenture (including Section 3.04), the Restricted Note Legend affixed to any Note will be deemed, pursuant to this Section 2.12 and the footnote to such Restricted Note Legend, to be removed therefrom upon the Company\u0092s delivery to the Trustee of notice, signed on behalf of the Company by one (1) of its Officers, to such effect (and, for the avoidance of doubt, such notice need not be accompanied by an Officer\u0092s Certificate or an Opinion of Counsel in order to be effective to cause such Restricted Note Legend to be deemed to be removed from such Note). If such Note bears a \u0093restricted\u0094 CUSIP or ISIN number at the time of such delivery, then, upon such delivery, such Note will be deemed, pursuant to this Section 2.12 and the footnotes to the CUSIP and ISIN numbers set forth on the face of the certificate representing such Note, to thereafter bear the \u0093unrestricted\u0094 CUSIP and ISIN numbers identified in such footnotes; provided, however, that if such Note is a Global Note and the Depositary thereof requires a mandatory exchange or other procedure to cause such Global Note to be identified by \u0093unrestricted\u0094 CUSIP and ISIN numbers in the facilities of such Depositary, then the Company will effect such exchange or procedure as soon as reasonably practicable. Section 2.13. REPLACEMENT NOTES. If a Holder of any Note claims that such Note has been mutilated, lost, destroyed or wrongfully taken, then the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, a replacement Note upon surrender to the Trustee of such mutilated Note, or upon delivery to the Trustee of evidence of such loss, destruction or wrongful taking reasonably satisfactory to the Trustee and the Company. In the case of a lost, destroyed or wrongfully taken Note, the Company and the Trustee may require the Holder thereof to provide such security or indemnity that is satisfactory to the Company and the Trustee to protect the Company and the Trustee from any loss that any of them may suffer if such Note is replaced. Every replacement Note issued pursuant to this Section 2.13 will be an additional obligation of the Company and will be entitled to all of the benefits of this Indenture equally and ratably with all other Notes issued under this Indenture, whether or not the lost, destroyed or wrongfully taken Note will at any time be enforceable by anyone. Section 2.14. REGISTERED HOLDERS; CERTAIN RIGHTS WITH RESPECT TO GLOBAL NOTES. Only the Holder of a Note will have rights under this Indenture as the owner of such Note. Without limiting the generality of the foregoing, Depositary Participants will have no rights as such under this Indenture with respect to any Global Note held on their behalf by the Depositary or its nominee, or by the Trustee as its custodian, and the Company, the Trustee and the Note Agents, and their respective agents, may treat the Depositary as the absolute owner of such Global Note for all purposes whatsoever; provided, however, that (A) the Holder of any Global Note may grant proxies and otherwise authorize any Person, including Depositary Participants and Persons that hold interests in Notes through Depositary Participants, to take any action that such Holder is entitled to take with respect to such Global Note under this Indenture or the Notes; and (B) the Company and the Trustee, and their respective agents, may give effect to any written certification, proxy or other authorization furnished by the Depositary. - 26 - Section 2.15. CANCELLATION. The Company may at any time deliver Notes to the Trustee for cancellation. The Registrar, the Paying Agent and the Conversion Agent will forward to the Trustee each Note duly surrendered to them for transfer, exchange, payment or conversion. The Trustee will promptly cancel all Notes so surrendered to it in accordance with its customary procedures. Without limiting the generality of Section 2.03(B), the Company may not originally issue new Notes to replace Notes that it has paid or that have been cancelled upon transfer, exchange, payment or conversion. Section 2.16. NOTES HELD BY THE COMPANY OR ITS AFFILIATES. Without limiting the generality of Section 2.18, in determining whether the Holders of the required aggregate principal amount of Notes have concurred in any direction, waiver, consent or other action under this Indenture, Notes owned by the Company or any of its Affiliates will be deemed not to be outstanding; provided, however, that, for purposes of determining whether the Trustee is protected in relying on any such direction, waiver, consent or other action, only Notes that a Responsible Officer of the Trustee knows are so owned will be so disregarded. Section 2.17. TEMPORARY NOTES. Until definitive Notes are ready for delivery, the Company may issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, temporary Notes. Temporary Notes will be substantially in the form of definitive Notes but may have variations that the Company considers appropriate for temporary Notes. The Company will promptly prepare, issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, definitive Notes in exchange for temporary Notes. Until so exchanged, each temporary Note will in all respects be entitled to the same benefits under this Indenture as definitive Notes. Section 2.18. OUTSTANDING NOTES. (A) Generally. The Notes that are outstanding at any time will be deemed to be those Notes that, at such time, have been duly executed and authenticated, excluding those Notes (or portions thereof) that have theretofore been (i) cancelled by the Trustee or delivered to the Trustee for cancellation in accordance with Section 2.15; (ii) assigned a principal amount of zero by notation on the \u0093Schedule of Exchanges of Interests in the Global Note\u0094 forming part of any a Global Note representing such Note; (iii) paid in full (including upon conversion) in accordance with this Indenture; or (iv) deemed to cease to be outstanding to the extent provided in, and subject to, clause (B), (C) or (D) of this Section 2.18. (B) Replaced Notes. If a Note is replaced pursuant to Section 2.13, then such Note will cease to be outstanding at the time of its replacement, unless the Trustee and the Company receive proof reasonably satisfactory to them that such Note is held by a \u0093bona fide purchaser\u0094 under applicable law. - 27 - (C) Maturing Notes and Notes Called for Redemption or Subject to Repurchase. If, on a Redemption Date, a Fundamental Change Repurchase Date or the Maturity Date, the Paying Agent holds money sufficient to pay the aggregate Redemption Price, Fundamental Change Repurchase Price or principal amount, respectively, together, in each case, with the aggregate interest, in each case due on such date, then (unless there occurs a Default in the payment of any such amount) (i) the Notes (or portions thereof) to be redeemed or repurchased, or that mature, on such date will be deemed, as of such date, to cease to be outstanding, except to the extent provided in Section 4.02(D), 4.03(F) or 5.02(D); and (ii) the rights of the Holders of such Notes (or such portions thereof), as such, will terminate with respect to such Notes (or such portions thereof), other than the right to receive the Redemption Price, Fundamental Change Repurchase Price or principal amount, as applicable, of, and accrued and unpaid interest on, such Notes (or such portions thereof), in each case as provided in this Indenture. (D) Notes to Be Converted. At the Close of Business on the Conversion Date for any Note (or any portion thereof) to be converted, such Note (or such portion) will (unless there occurs a Default in the delivery of the Conversion Consideration or interest due, pursuant to Section 5.03(B) or Section 5.02(D), upon such conversion) be deemed to cease to be outstanding, except to the extent provided in Section 5.02(D) or Section 5.08. (E) Cessation of Accrual of Interest. Except as provided in Section 4.02(D), 4.03(F) or 5.02(D), interest will cease to accrue on each Note from, and including, the date that such Note is deemed, pursuant to this Section 2.18, to cease to be outstanding, unless there occurs a default in the payment or delivery of any cash or other property due on such Note. Section 2.19. REPURCHASES BY THE COMPANY. Without limiting the generality of Section 2.15, the Company may, from time to time, repurchase Notes in open market purchases or in negotiated transactions without delivering prior notice to Holders. Section 2.20. CUSIP AND ISIN NUMBERS. The Company may use one or more CUSIP or ISIN numbers to identify any of the Notes, and, if so, the Company and the Trustee will use such CUSIP or ISIN number(s) in notices to Holders; provided, however, that (i) the Trustee makes no representation as to the correctness or accuracy of any such CUSIP or ISIN number; and (ii) the effectiveness of any such notice will not be affected by any defect in, or omission of, any such CUSIP or ISIN number. The Company will promptly notify the Trustee of any change in the CUSIP or ISIN number(s) identifying any Notes. Article 3. COVENANTS Section 3.01. PAYMENT ON NOTES. (A) Generally. The Company will pay or cause to be paid all the principal of, the Fundamental Change Repurchase Price and Redemption Price for, interest on, and other amounts due with respect to, the Notes on the dates and in the manner set forth in this Indenture. - 28 - (B) Deposit of Funds. Before 12:00 P.M., New York City time, on each Redemption Date, Fundamental Change Repurchase Date or Interest Payment Date, and on the Maturity Date or any other date on which any cash amount is due on the Notes, the Company will deposit, or will cause there to be deposited, with the Paying Agent cash, in funds immediately available on such date, sufficient to pay the cash amount due on the applicable Notes on such date. The Paying Agent will return to the Company, as soon as practicable, any money not required for such purpose. Section 3.02. EXCHANGE ACT REPORTS. (A) Generally. The Company will send to the Trustee copies of all reports that the Company is required to file with the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act within fifteen (15) calendar days after the date that the Company is required to file the same (after giving effect to all applicable grace periods under the Exchange Act); provided, however, that the Company need not send to the Trustee any material for which the Company has received, or is seeking in good faith and has not been denied, confidential treatment by the SEC. Any report that the Company files with the SEC through the EDGAR system (or any successor thereto) will be deemed to be sent to the Trustee at the time such report is so filed via the EDGAR system (or such successor). Upon the request of any Holder, the Trustee will provide to such Holder a copy of any report that the Company has sent the Trustee pursuant to this Section 3.02(A), other than a report that is deemed to be sent to the Trustee pursuant to the preceding sentence. (B) Trustee\u0092s Disclaimer. The Trustee need not determine whether the Company has filed any material via the EDGAR system (or such successor). The sending or filing of reports pursuant to Section 3.02(A) will not be deemed to constitute constructive notice to the Trustee of any information contained, or determinable from information contained, therein, including the Company\u0092s compliance with any of its covenants under this Indenture. Section 3.03. RULE 144A INFORMATION. If the Company is not subject to Section 13 or 15(d) of the Exchange Act at any time when any Notes or Conversion Shares are outstanding and constitute \u0093restricted securities\u0094 (as defined in Rule 144), then the Company (or its successor) will promptly provide, to the Trustee and, upon written request, to any Holder, beneficial owner or prospective purchaser of such Notes or shares, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to facilitate the resale of such Notes or shares pursuant to Rule 144A. The Company (or its successor) will take such further action as any Holder or beneficial owner of such Notes or shares may reasonably request to enable such Holder or beneficial owner to sell such Notes or shares pursuant to Rule 144A. Section 3.04. ADDITIONAL INTEREST. (A) Accrual of Additional Interest. If, on any day occurring on or after the date that is six (6) months after the Last Original Issue Date of any Note, - 29 - (i) the Company has not satisfied the reporting conditions (including, for the avoidance of doubt, the requirement for current Form 10 information) set forth in Rule 144(c) and (i)(2) under the Securities Act; or (ii) such Note is not otherwise Freely Tradable, then Additional Interest will accrue on such Note for such day. (B) Amount and Payment of Additional Interest. Any Additional Interest that accrues on a Note pursuant to Section 3.04(A) will be payable on the same dates and in the same manner as the Stated Interest on such Note and will accrue at a rate per annum equal to one half of one percent (0.50%) of the principal amount thereof; provided, however, that in no event will Additional Interest that may accrue as a result of the Company\u0092s failure to timely file any document or report that it is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (other than reports on Form 8-K) pursuant to Section 3.04(A), together with any Special Interest that accrues as a result of the Company\u0092s failure to comply with its reporting obligations as set forth in Section 7.03, accrue on any day on a Note at a combined rate per annum that exceeds one percent (1.00%). For the avoidance of doubt, any Additional Interest that accrues on a Note will be in addition to the Stated Interest that accrues on such Note and, subject to the proviso of the immediately preceding sentence, in addition to any Special Interest that accrues on such Note. (C) Notice of Accrual of Additional Interest; Trustee\u0092s Disclaimer. The Company will send notice to the Holder of each Note, and to the Trustee, of the commencement and termination of any period in which Additional Interest accrues on such Note. In addition, if Additional Interest accrues on any Note, then, no later than five (5) Business Days before each date on which such Additional Interest is to be paid, the Company will deliver an Officer\u0092s Certificate to the Trustee and the Paying Agent stating (i) that the Company is obligated to pay Additional Interest on such Note on such date of payment; and (ii) the amount of such Additional Interest that is payable on such date of payment. The Trustee will have no duty to determine whether any Additional Interest is payable or the amount thereof. (D) Exclusive Remedy. The accrual of Additional Interest will be the exclusive remedy available to Holders for the failure of their Notes to become Freely Tradable. Section 3.05. COMPLIANCE AND DEFAULT CERTIFICATES. (A) Annual Compliance Certificate. Within ninety (90) days after December 31, 2021 and each fiscal year of the Company ending thereafter, the Company will deliver an Officer\u0092s Certificate to the Trustee stating (i) that the signatory thereto has supervised a review of the activities of the Company and its Subsidiaries during such fiscal year with a view towards determining whether any Default or Event of Default has occurred; and (ii) whether, to such signatory\u0092s knowledge, a Default or Event of Default has occurred or is continuing (and, if so, describing all such Defaults or Events of Default and what action the Company is taking or proposes to take with respect thereto). (B) Default Certificate. If a Default or Event of Default occurs, then the Company will promptly (and, in any event, within thirty (30) days after its first occurrence) deliver an Officer\u0092s Certificate to the Trustee describing the same and what action the Company is taking or proposes to take with respect thereto. - 30 - Section 3.06. STAY, EXTENSION AND USURY LAWS. To the extent that it may lawfully do so, the Company (A) agrees that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law (wherever or whenever enacted or in force) that may affect the covenants or the performance of this Indenture; and (B) expressly waives all benefits or advantages of any such law and agrees that it will not, by resort to any such law, hinder, delay or impede the execution of any power granted to the Trustee by this Indenture, but will suffer and permit the execution of every such power as though no such law has been enacted. Section 3.07. ACQUISITION OF NOTES BY THE COMPANY AND ITS AFFILIATES. Without limiting the generality of Section 2.18, Notes that the Company or any of its Subsidiaries have purchased or otherwise acquired will be deemed to remain outstanding (except to the extent provided in Section 2.16) until such time as such Notes are delivered to the Trustee for cancellation. The Notes will bear a legend that no Affiliate of the Company may purchase or otherwise acquire any Notes or any beneficial interest in any Global Note, and the Company will use commercially reasonable efforts to prevent any of its controlled Affiliates from acquiring any Note (or any beneficial interest therein). Section 3.08. EXISTENCE. Subject to Article 6, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence. Article 4. REPURCHASE AND REDEMPTION Section 4.01. NO SINKING FUND. No sinking fund is required to be provided for the Notes. Section 4.02. RIGHT OF HOLDERS TO REQUIRE THE COMPANY TO REPURCHASE NOTES UPON A FUNDAMENTAL CHANGE. (A) Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change. Subject to the other terms of this Section 4.02, if a Fundamental Change occurs, then each Holder will have the right (the \u0093Fundamental Change Repurchase Right\u0094) to require the Company to repurchase such Holder\u0092s Notes (or any portion thereof in an Authorized Denomination) on the Fundamental Change Repurchase Date for such Fundamental Change for a cash purchase price equal to the Fundamental Change Repurchase Price. - 31 - (B) Repurchase Prohibited in Certain Circumstances. If the principal amount of the Notes has been accelerated and such acceleration has not been rescinded on or before the Fundamental Change Repurchase Date for a Repurchase Upon Fundamental Change (including as a result of the payment of the related Fundamental Change Repurchase Price, and any related interest pursuant to the proviso to the first sentence of Section 4.02(D), on such Fundamental Change Repurchase Date), then (i) the Company may not repurchase any Notes pursuant to this Section 4.02; and (ii) the Company will cause any Notes theretofore surrendered for such Repurchase Upon Fundamental Change to be returned to the Holders thereof (or, if applicable with respect to Global Notes, cancel any instructions for book-entry transfer to the Company, the Trustee or the Paying Agent of the applicable beneficial interest in such Notes in accordance with the Depositary Procedures). (C) Fundamental Change Repurchase Date. The Fundamental Change Repurchase Date for any Fundamental Change will be a Business Day of the Company\u0092s choosing that is no more than thirty five (35), nor less than twenty (20), Business Days after the date the Company sends the related Fundamental Change Notice pursuant to Section 4.02(E). (D) Fundamental Change Repurchase Price. The Fundamental Change Repurchase Price for any Note to be repurchased upon a Repurchase Upon Fundamental Change following a Fundamental Change is an amount in cash equal to the principal amount of such Note plus accrued and unpaid interest on such Note to, but excluding, the Fundamental Change Repurchase Date for such Fundamental Change; provided, however, that if such Fundamental Change Repurchase Date is after a Regular Record Date and on or before the next Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Regular Record Date will be entitled, notwithstanding such Repurchase Upon Fundamental Change, to receive, on or, at the Company\u0092s election, before such Interest Payment Date, the unpaid interest that would have accrued on such Note to, but excluding, such Interest Payment Date (assuming, solely for these purposes, that such Note remained outstanding through such Interest Payment Date, if such Fundamental Change Repurchase Date is before such Interest Payment Date); and (ii) the Fundamental Change Repurchase Price will not include accrued and unpaid interest on such Note to, but excluding, such Fundamental Change Repurchase Date. For the avoidance of doubt, if an Interest Payment Date is not a Business Day within the meaning of Section 2.05(C) and such Fundamental Change Repurchase Date occurs on the Business Day immediately after such Interest Payment Date, then (x) accrued and unpaid interest on Notes to, but excluding, such Interest Payment Date will be paid, in accordance with Section 2.05(C), on the next Business Day to Holders as of the Close of Business on the immediately preceding Regular Record Date; and (y) the Fundamental Change Repurchase Price will include interest on Notes to be repurchased from, and including, such Interest Payment Date. (E) Fundamental Change Notice. On or before the twentieth (20th) calendar day after the effective date of a Fundamental Change, the Company will send to each Holder, the Trustee and the Paying Agent a notice of such Fundamental Change (a \u0093Fundamental Change Notice\u0094). Such Fundamental Change Notice must state: (i) briefly, the events causing such Fundamental Change; (ii) the effective date of such Fundamental Change; - 32 - (iii) the procedures that a Holder must follow to require the Company to repurchase its Notes pursuant to this Section 4.02, including the deadline for exercising the Fundamental Change Repurchase Right and the procedures for submitting and withdrawing a Fundamental Change Repurchase Notice; (iv) the Fundamental Change Repurchase Date for such Fundamental Change; (v) the Fundamental Change Repurchase Price per $1,000 principal amount of Notes for such Fundamental Change (and, if such Fundamental Change Repurchase Date is after a Regular Record Date and on or before the next Interest Payment Date, the amount, manner and timing of the interest payment payable pursuant to the proviso to the first sentence of Section 4.02(D)); (vi) the name and address of the Paying Agent and the Conversion Agent; (vii) the Conversion Rate in effect on the date of such Fundamental Change Notice and a description and quantification of any adjustments to the Conversion Rate that may result from such Fundamental Change (including pursuant to Section 5.07); (viii) that Notes for which a Fundamental Change Repurchase Notice has been duly tendered and not duly withdrawn must be delivered to the Paying Agent for the Holder thereof to be entitled to receive the Fundamental Change Repurchase Price; (ix) that Notes (or any portion thereof) that are subject to a Fundamental Change Repurchase Notice that has been duly tendered may be converted only if such Fundamental Change Repurchase Notice is withdrawn in accordance with this Indenture; and (x) the CUSIP and ISIN numbers, if any, of the Notes. Neither the failure to deliver a Fundamental Change Notice nor any defect in a Fundamental Change Notice will limit the Fundamental Change Repurchase Right of any Holder or otherwise affect the validity of any proceedings relating to any Repurchase Upon Fundamental Change. (F) Procedures to Exercise the Fundamental Change Repurchase Right. (i) Delivery of Fundamental Change Repurchase Notice and Notes to Be Repurchased. To exercise its Fundamental Change Repurchase Right for a Note following a Fundamental Change, the Holder thereof must deliver to the Paying Agent: (1) before the Close of Business on the Business Day immediately before the related Fundamental Change Repurchase Date (or such later time as may be required by law), a duly completed, written Fundamental Change Repurchase Notice with respect to such Note; and (2) such Note, duly endorsed for transfer (if such Note is a Physical Note) or by book-entry transfer (if such Note is a Global Note). - 33 - The Paying Agent will promptly deliver to the Company a copy of each Fundamental Change Repurchase Notice that it receives. (ii) Contents of Fundamental Change Repurchase Notices. Each Fundamental Change Repurchase Notice with respect to a Note must state: (1) if such Note is a Physical Note, the certificate number of such Note; (2) the principal amount of such Note to be repurchased, which must be an Authorized Denomination; and (3) that such Holder is exercising its Fundamental Change Repurchase Right with respect to such principal amount of such Note; provided, however, that if such Note is a Global Note, then such Fundamental Change Repurchase Notice must comply with the Depositary Procedures (and any such Fundamental Change Repurchase Notice delivered in compliance with the Depositary Procedures will be deemed to satisfy the requirements of this Section 4.02(F)). (iii) Withdrawal of Fundamental Change Repurchase Notice. A Holder that has delivered a Fundamental Change Repurchase Notice with respect to a Note may withdraw such Fundamental Change Repurchase Notice by delivering a written notice of withdrawal to the Paying Agent at any time before the Close of Business on the Business Day immediately before the related Fundamental Change Repurchase Date. Such withdrawal notice must state: (1) if such Note is a Physical Note, the certificate number of such Note; (2) the principal amount of such Note to be withdrawn, which must be an Authorized Denomination; and (3) the principal amount of such Note, if any, that remains subject to such Fundamental Change Repurchase Notice, which must be an Authorized Denomination; provided, however, that if such Note is a Global Note, then such withdrawal notice must comply with the Depositary Procedures (and any such withdrawal notice delivered in compliance with the Depositary Procedures will be deemed to satisfy the requirements of this Section 4.02(F)). Upon receipt of any such withdrawal notice with respect to a Note (or any portion thereof), the Paying Agent will (x) promptly deliver a copy of such withdrawal notice to the Company; and (y) if such Note is surrendered to the Paying Agent, cause such Note (or such portion thereof in accordance with Section 2.11, treating such Note as having been then surrendered for partial repurchase in the amount set forth in such withdrawal notice as remaining subject to repurchase) to be returned to the Holder thereof (or, if applicable with respect to any Global Note, cancel any instructions for book-entry transfer to the Company, the Trustee or the Paying Agent of the applicable beneficial interest in such Note in accordance with the Depositary Procedures). - 34 - (G) Payment of the Fundamental Change Repurchase Price. Without limiting the Company\u0092s obligation to deposit the Fundamental Change Repurchase Price within the time proscribed by Section 3.01(B), the Company will cause the Fundamental Change Repurchase Price for a Note (or portion thereof) to be repurchased pursuant to a Repurchase Upon Fundamental Change to be paid to the Holder thereof on or before the later of (i) the applicable Fundamental Change Repurchase Date; and (ii) the date (x) such Note is delivered to the Paying Agent (in the case of a Physical Note) or (y) the Depositary Procedures relating to the repurchase, and the delivery to the Paying Agent, of such Holder\u0092s beneficial interest in such Note to be repurchased are complied with (in the case of a Global Note). For the avoidance of doubt, interest payable pursuant to the proviso to the first sentence of Section 4.02(D) on any Note to be repurchased pursuant to a Repurchase Upon Fundamental Change must be paid pursuant to such proviso regardless of whether such Note is delivered or such Depositary Procedures are complied with pursuant to the first sentence of this Section 4.02(G). (H) Third Party May Conduct Repurchase Offer In Lieu of the Company. Notwithstanding anything to the contrary in this Section 4.02, the Company will be deemed to satisfy its obligations under this Section 4.02 if one or more third parties conduct any Repurchase Upon Fundamental Change and related offer to repurchase Notes otherwise required by this Section 4.02 in a manner that would have satisfied the requirements of this Section 4.02 if conducted directly by the Company. (I) No Requirement to Conduct an Offer to Repurchase Notes if the Fundamental Change Results in the Notes Becoming Convertible into an Amount of Cash Exceeding the Fundamental Change Repurchase Price. Notwithstanding anything to the contrary in this Section 4.02, the Company will not be required to send a Fundamental Change Notice pursuant to Section 4.02(E), or offer to repurchase or repurchase any Notes pursuant to this Section 4.02, in connection with a Fundamental Change occurring pursuant to clause (B)(ii) (or pursuant to clause (A) that also constitutes a Fundamental Change occurring pursuant to clause (B)(ii)) of the definition thereof, if (i) such Fundamental Change constitutes a Common Stock Change Event whose Reference Property consists entirely of cash in U.S. dollars; (ii) immediately after such Fundamental Change, the Notes become convertible, pursuant to Section 5.09(A) and, if applicable, Section 5.07, into consideration that consists solely of U.S. dollars in an amount per $1,000 aggregate principal amount of Notes that equals or exceeds the Fundamental Change Repurchase Price per $1,000 aggregate principal amount of Notes (calculated assuming that the same includes the maximum amount of accrued interest payable as part of the related Fundamental Change Repurchase Price); and (iii) the Company timely sends the notice relating to such Fundamental Change required pursuant to Section 5.01(C)(i)(3)(b) and includes, in such notice, a statement that the Company is relying on this Section 4.02(I). - 35 - (J) Compliance with Applicable Securities Laws. To the extent applicable, the Company will comply, in all material respects, with all federal and state securities laws in connection with a Repurchase Upon Fundamental Change (including complying with Rules 13e-4 and 14e-1 under the Exchange Act and filing any required Schedule TO, to the extent applicable) so as to permit effecting such Repurchase Upon Fundamental Change in the manner set forth in this Indenture; provided, however, that, to the extent that the Company\u0092s obligations pursuant to this Section 4.02 conflict with any law or regulation that is applicable to the Company and enacted after the Issue Date, the Company\u0092s compliance with such law or regulation will not be considered to be a Default of such obligations. (K) Repurchase in Part. Subject to the terms of this Section 4.02, Notes may be repurchased pursuant to a Repurchase Upon Fundamental Change in part, but only in Authorized Denominations. Provisions of this Section 4.02 applying to the repurchase of a Note in whole will equally apply to the repurchase of a permitted portion of a Note. Section 4.03. RIGHT OF THE COMPANY TO REDEEM THE NOTES. (A) No Right to Redeem Before August 20, 2024. The Company may not redeem the Notes at its option at any time before August 20, 2024. (B) Right to Redeem the Notes on or After August 20, 2024. Subject to the terms of this Section 4.03, the Company has the right, at its election, to redeem all, or any portion (subject to the Partial Redemption Limitation described in Section 4.03(C)) in an Authorized Denomination, of the Notes, at any time, and from time to time, on a Redemption Date on or after August 20, 2024 and before the 36th Scheduled Trading Day immediately before the Maturity Date, for a cash purchase price equal to the Redemption Price, but only if (1) the Last Reported Sale Price per share of Common Stock exceeds one hundred and thirty percent (130%) of the Conversion Price on (x) each of at least twenty (20) Trading Days (whether or not consecutive) during the thirty (30) consecutive Trading Days ending on, and including, the Trading Day immediately before the Redemption Notice Date for such Redemption; and (y) the Trading Day immediately before such Redemption Notice Date and (2) the Liquidity Conditions have been satisfied. For the avoidance of doubt, the calling of any Notes for Redemption will constitute a Make-Whole Fundamental Change with respect to such Notes pursuant to clause (B) of the definition thereof. (C) Partial Redemption Limitation. If the Company elects to redeem fewer than all of the outstanding Notes, at least one hundred and fifty million dollars ($150,000,000) aggregate principal amount of Notes must be outstanding and not subject to Redemption as of the Redemption Notice Date for such Redemption (such requirement, the \u0093Partial Redemption Limitation\u0094). (D) Redemption Prohibited in Certain Circumstances. If the principal amount of the Notes has been accelerated and such acceleration has not been rescinded on or before the Redemption Date (including as a result of the payment of the related Redemption Price, and any related interest pursuant to the proviso to the first sentence of Section 4.03(F), on such Redemption Date), then (i) the Company may not call for Redemption or otherwise redeem any Notes pursuant to this Section 4.03; and (ii) the Company will cause any Notes theretofore surrendered for such Redemption to be returned to the Holders thereof (or, if applicable with respect to Global Notes, cancel any instructions for book-entry transfer to the Company, the Trustee or the Paying Agent of the applicable beneficial interests in such Notes in accordance with the Depositary Procedures). - 36 - (E) Redemption Date. The Redemption Date for any Redemption will be a Business Day of the Company\u0092s choosing that is no more than fifty-five (55), nor less than thirty-five (35), Scheduled Trading Days after the Redemption Notice Date for such Redemption. (F) Redemption Price. The Redemption Price for any Note called for Redemption is an amount in cash equal to the principal amount of such Note plus accrued and unpaid interest on such Note to, but excluding, the Redemption Date for such Redemption; provided, however, that if such Redemption Date is after a Regular Record Date and on or before the next Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Regular Record Date will be entitled, notwithstanding such Redemption, to receive, on or, at the Company\u0092s election, before such Interest Payment Date, the unpaid interest that would have accrued on such Note to, but excluding, such Interest Payment Date (assuming, solely for these purposes, that such Note remained outstanding through such Interest Payment Date, if such Redemption Date is before such Interest Payment Date); and (ii) the Redemption Price will not include accrued and unpaid interest on such Note to, but excluding, such Redemption Date. For the avoidance of doubt, if an Interest Payment Date is not a Business Day within the meaning of Section 2.05(C) and such Redemption Date occurs on the Business Day immediately after such Interest Payment Date, then (x) accrued and unpaid interest on Notes to, but excluding, such Interest Payment Date will be paid, in accordance with Section 2.05(C), on the next Business Day to Holders as of the Close of Business on the immediately preceding Regular Record Date; and (y) the Redemption Price will include interest on Notes to be redeemed from, and including, such Interest Payment Date. (G) Redemption Notice. To call any Notes for Redemption, the Company must send to each Holder of such Notes, the Trustee and the Paying Agent a written notice of such Redemption (a \u0093Redemption Notice\u0094). Such Redemption Notice must state: (i) that such Notes have been called for Redemption, briefly describing the Company\u0092s Redemption right under this Indenture; (ii) the Redemption Date for such Redemption; (iii) the Redemption Price per $1,000 principal amount of Notes for such Redemption (and, if the Redemption Date is after a Regular Record Date and on or before the next Interest Payment Date, the amount, manner and timing of the interest payment payable pursuant to the proviso to the first sentence of Section 4.03(F)); (iv) the name and address of the Paying Agent and the Conversion Agent; (v) that Notes called for Redemption may be converted at any time before the Close of Business on the Business Day immediately before the Redemption Date (or, if the Company fails to pay the Redemption Price due on such Redemption Date in full, at any time until such time as the Company pays such Redemption Price in full); (vi) the Conversion Rate in effect on the Redemption Notice Date for such Redemption and a description and quantification of any adjustments to the Conversion Rate that may result from such Redemption (including pursuant to Section 5.07); - 37 - (vii) the Settlement Method that will apply to all conversions of Notes with a Conversion Date that occurs on or after such Redemption Notice Date and before such Redemption Date; and (viii) the CUSIP and ISIN numbers, if any, of the Notes. On or before the Redemption Notice Date, the Company will send a copy of such Redemption Notice to the Trustee and the Paying Agent. (H) Selection and Conversion of Notes to Be Redeemed in Part. (i) If less than all Notes then outstanding are called for Redemption, then the Notes to be redeemed will be selected as follows: (1) in the case of Global Notes, in accordance with the Depositary Procedures; and (2) in the case of Physical Notes, pro rata, by lot or by such other method the Trustee considers fair and appropriate. (ii) If only a portion of a Note is subject to Redemption and such Note is converted in part, then the converted portion of such Note will be deemed to be from the portion of such Note that was subject to Redemption. (I) Payment of the Redemption Price. Without limiting the Company\u0092s obligation to deposit the Redemption Price by the time proscribed by Section 3.01(B), the Company will cause the Redemption Price for a Note (or portion thereof) subject to Redemption to be paid to the Holder thereof on or before the applicable Redemption Date. For the avoidance of doubt, interest payable pursuant to the proviso to the first sentence of Section 4.03(F) on any Note (or portion thereof) subject to Redemption must be paid pursuant to such proviso. (J) Special Provisions for Partial Calls. If the Company elects to redeem less than all of the outstanding Notes pursuant to this Section 4.03, and the Holder of any Note, or any owner of a beneficial interest in any Global Note, is reasonably not able to determine, before the Close of Business on the 32nd Scheduled Trading Day immediately before the Redemption Date for such Redemption, whether such Note or beneficial interest, as applicable, is to be redeemed pursuant to such Redemption, then such Holder or owner, as applicable, will be entitled to convert such Note or beneficial interest, as applicable, at any time before the Close of Business on the Business Day immediately before such Redemption Date, and each such conversion will be deemed to be of a Note called for Redemption for purposes of this Section 4.03, Sections 5.01(C)(i)(4) and 5.07, and the definition of \u0093Make-Whole Fundamental Change.\u0094 Article 5. CONVERSION Section 5.01. RIGHT TO CONVERT. (A) Generally. Subject to the provisions of this Article 5, each Holder may, at its option, convert such Holder\u0092s Notes into Conversion Consideration. (B) Conversions in Part. Subject to the terms of this Indenture, Notes may be converted in part, but only in Authorized Denominations. Provisions of this Article 5 applying to the conversion of a Note in whole will equally apply to conversions of a permitted portion of a Note. - 38 - (C) When Notes May Be Converted. (i) Generally. Subject to Section 5.01(C)(ii), a Note may be converted only in the following circumstances: (1) Conversion upon Satisfaction of Common Stock Sale Price Condition. A Holder may convert its Notes during any calendar quarter (and only during such calendar quarter) commencing after the calendar quarter ending on December 31, 2021, if the Last Reported Sale Price per share of Common Stock exceeds one hundred and thirty percent (130%) of the Conversion Price for each of at least twenty (20) Trading Days (whether or not consecutive) during the thirty (30) consecutive Trading Days ending on, and including, the last Trading Day of the immediately preceding calendar quarter. (2) Conversion upon Satisfaction of Note Trading Price Condition. A Holder may convert its Notes during the five (5) consecutive Business Days immediately after any ten (10) consecutive Trading Day period (such ten (10) consecutive Trading Day period, the \u0093Measurement Period\u0094) if the Trading Price per $1,000 principal amount of Notes, as determined following a request by a Holder in accordance with the procedures set forth below, for each Trading Day of the Measurement Period was less than ninety eight percent (98%) of the product of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading Day. The condition set forth in the preceding sentence is referred to in this Indenture as the \u0093Trading Price Condition.\u0094 The Trading Price will be determined by the Bid Solicitation Agent pursuant to this Section 5.01(C)(i)(2) and the definition of \u0093Trading Price.\u0094 The Bid Solicitation Agent (if not the Company) will have no obligation to determine the Trading Price of the Notes unless the Company has requested such determination in writing, and the Company will have no obligation to make such request (or seek bids itself) unless a Holder provides the Company with reasonable evidence that the Trading Price per $1,000 principal amount of Notes would be less than ninety eight percent (98%) of the product of the Last Reported Sale Price per share of Common Stock and the Conversion Rate. If a Holder provides such evidence, then the Company will (if acting as Bid Solicitation Agent), or will instruct the Bid Solicitation Agent to, determine the Trading Price of the Notes beginning on the next Trading Day and on each successive Trading Day until the Trading Price per $1,000 principal amount of Notes is greater than or equal to ninety eight percent (98%) of the product of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading Day. If the Trading Price Condition has been met as set forth above, then the Company will notify the Holders, the Trustee and the Conversion Agent of the - 39 - same. If, on any Trading Day after the Trading Price Condition has been met as set forth above, the Trading Price per $1,000 principal amount of Notes is greater than or equal to ninety eight percent (98%) of the product of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading Day, then the Company will notify the Holders, the Trustee and the Conversion Agent of the same. (3) Conversion Upon Specified Corporate Events. (a) Certain Distributions. If the Company elects to: (I) distribute, to all or substantially all holders of Common Stock, any rights, options or warrants (other than rights issued pursuant to a stockholder rights plan prior to separation of such rights from the Common Stock) entitling them, for a period of not more than sixty (60) calendar days after the date such distribution is announced, to subscribe for or purchase shares of Common Stock at a price per share that is less than the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date such distribution is announced (determined in the manner set forth in the third paragraph of Section 5.05(A)(ii)); or (II) distribute, to all or substantially all holders of Common Stock, assets or securities of the Company or rights to purchase the Company\u0092s securities, which distribution per share of Common Stock has a value, as reasonably determined by the Board of Directors, exceeding ten percent (10%) of the Last Reported Sale Price per share of Common Stock on the Trading Day immediately before the date such distribution is announced, then, in either case, (x) the Company will send notice of such distribution, and of the related right to convert Notes, to Holders, the Trustee and the Conversion Agent at least 35 Scheduled Trading Days before the Ex-Dividend Date for such distribution; and (y) once the Company has sent such notice, Holders may convert their Notes at any time until the earlier of the Close of Business on the Business Day immediately before such Ex-Dividend Date and the Company\u0092s announcement that such distribution will not take place; provided, however, that the Notes will not become convertible pursuant to clause (y) above (but the Company will be required to send notice of such distribution pursuant to clause (x) above) on account of such distribution if each Holder participates, at the same time and on the same terms as holders of Common Stock, and solely by virtue of being a Holder, in such distribution without having to convert such Holder\u0092s Notes and as if such Holder held a number of shares of Common Stock equal to the product of (i) the Conversion Rate in effect on the Record Date for such distribution; and (ii) the aggregate principal amount (expressed in thousands) of Notes held by such Holder on such Record Date. - 40 - (b) Certain Corporate Events. If a Fundamental Change, Make-Whole Fundamental Change (other than a Make-Whole Fundamental Change pursuant to clause (B) of the definition thereof) or Common Stock Change Event occurs (other than a merger or other business combination transaction that is effected solely to change the Company\u0092s jurisdiction of incorporation and that does not constitute a Fundamental Change or a Make-Whole Fundamental Change), then, in each case, Holders may convert their Notes at any time from, and including, the effective date of such transaction or event to, and including, the thirty fifth (35th) Trading Day after such effective date (or, if such transaction or event also constitutes a Fundamental Change (other than an Exempted Fundamental Change), to, but excluding, the related Fundamental Change Repurchase Date); provided, however, that if the Company does not provide the notice referred to in the immediately following sentence by such effective date, then the last day on which the Notes are convertible pursuant to this sentence will be extended by the number of Business Days from, and including, such effective date to, but excluding, the date the Company provides such notice. No later than the second (2nd) Business Day after the effective date of any Fundamental Change, Make-Whole Fundamental Change or Common Stock Change Event, the Company will send notice to the Holders, the Trustee and the Conversion Agent of such transaction or event, such effective date and, if applicable, the related right to convert Notes. (4) Conversion upon Redemption. If the Company calls any Note for Redemption, then the Holder of such Note may convert such Note at any time before the Close of Business on the Business Day immediately before the related Redemption Date (or, if the Company fails to pay the Redemption Price due on such Redemption Date in full, at any time until such time as the Company pays such Redemption Price in full). (5) Conversions During Free Convertibility Period. A Holder may convert its Notes at any time from, and including, February 15, 2026 until the Close of Business on the second (2nd) Scheduled Trading Day immediately before the Maturity Date. For the avoidance of doubt, the Notes may become convertible pursuant to any one or more of the preceding sub-paragraphs of this Section 5.01(C)(i) and the Notes ceasing to be convertible pursuant to a particular sub-paragraph of this Section 5.01(C)(i) will not preclude the Notes from being convertible pursuant to any other sub-paragraph of this Section 5.01(C)(i). (ii) Limitations and Closed Periods. Notwithstanding anything to the contrary in this Indenture or the Notes: - 41 - (1) Notes may be surrendered for conversion only after the Open of Business and before the Close of Business on a day that is a Business Day; (2) in no event may any Note be converted after the Close of Business on the second (2nd) Scheduled Trading Day immediately before the Maturity Date; (3) if the Company calls any Note for Redemption pursuant to Section 4.03, then the Holder of such Note may not convert such Note after the Close of Business on the Business Day immediately before the applicable Redemption Date, except to the extent the Company fails to pay the Redemption Price for such Note in accordance with this Indenture; and (4) if a Fundamental Change Repurchase Notice is validly delivered pursuant to Section 4.02(F) with respect to any Note, then such Note may not be converted, except to the extent (a) such Note is not subject to such notice; (b) such notice is withdrawn in accordance with Section 4.02(F); or (c) the Company fails to pay the Fundamental Change Repurchase Price for such Note in accordance with this Indenture (or a third party fails to make such payment in lieu of the Company in accordance with the provisions described in Section 4.02(H)). Section 5.02. CONVERSION PROCEDURES. (A) Generally. (i) Global Notes. To convert a beneficial interest in a Global Note that is convertible pursuant to Section 5.01(C), the owner of such beneficial interest must (1) comply with the Depositary Procedures for converting such beneficial interest (at which time such conversion will become irrevocable); and (2) pay any amounts due pursuant to Section 5.02(D) or Section 5.02(E). (ii) Physical Notes. To convert all or a portion of a Physical Note that is convertible pursuant to Section 5.01(C), the Holder of such Note must (1) complete, manually sign and deliver to the Conversion Agent the conversion notice attached to such Physical Note or a facsimile of such conversion notice; (2) deliver such Physical Note to the Conversion Agent (at which time such conversion will become irrevocable); (3) furnish any endorsements and transfer documents that the Company or the Conversion Agent may require; and (4) pay any amounts due pursuant to Section 5.02(D) or Section 5.02(E). (B) Effect of Converting a Note. At the Close of Business on the Conversion Date for a Note (or any portion thereof) to be converted, such Note (or such portion) will (unless there occurs a Default in the delivery of the Conversion Consideration or interest due, pursuant to Section 5.03(B) or 5.02(D), upon such conversion) be deemed to cease to be outstanding (and, for the avoidance of doubt, no Person will be deemed to be a Holder of such Note (or such portion thereof) as of the Close of Business on such Conversion Date), except to the extent provided in Section 5.02(D). - 42 - (C) Holder of Record of Conversion Shares. The Person in whose name any share of Common Stock is issuable upon conversion of any Note will be deemed to become the holder of record of such share as of the Close of Business on the last VWAP Trading Day of the Observation Period for such conversion. (D) Interest Payable Upon Conversion in Certain Circumstances. If the Conversion Date of a Note is after a Regular Record Date and before the next Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Regular Record Date will be entitled, notwithstanding such conversion (and, for the avoidance of doubt, notwithstanding anything set forth in the proviso to this sentence), to receive, on or, at the Company\u0092s election, before such Interest Payment Date, the unpaid interest that would have accrued on such Note to, but excluding, such Interest Payment Date (assuming, solely for these purposes, that such Note remained outstanding through such Interest Payment Date); and (ii) the Holder surrendering such Note for conversion must deliver to the Conversion Agent, at the time of such surrender, an amount of cash equal to the amount of such interest referred to in clause (i) above; provided, however, that the Holder surrendering such Note for conversion need not deliver such cash (v) if the Company has specified a Redemption Date that is after such Regular Record Date and on or before the Business Day immediately after such Interest Payment Date; (w) if such Conversion Date occurs after the Regular Record Date immediately before the Maturity Date; (x) if the Company has specified a Fundamental Change Repurchase Date that is after such Regular Record Date and on or before the Business Day immediately after such Interest Payment Date; or (y) to the extent of any overdue interest or interest that has accrued on any overdue interest. For the avoidance of doubt, as a result of, and without limiting the generality of, the foregoing, if a Note is converted with a Conversion Date that is after the Regular Record Date immediately before the Maturity Date, then the Company will pay, as provided above, the interest that would have accrued on such Note to, but excluding, the Maturity Date. For the avoidance of doubt, if the Conversion Date of a Note to be converted is on an Interest Payment Date, then the Holder of such Note at the Close of Business on the Regular Record Date immediately before such Interest Payment Date will be entitled to receive, on such Interest Payment Date, the unpaid interest that has accrued on such Note to, but excluding, such Interest Payment Date, and such Note, when surrendered for conversion, need not be accompanied by any cash amount pursuant to the first sentence of this Section 5.02(D). (E) Taxes and Duties. If a Holder converts a Note, the Company will pay any documentary, stamp or similar issue or transfer tax or duty due on the issue or delivery of any shares of Common Stock upon such conversion; provided, however, that if any tax or duty is due because such Holder requested such shares to be registered in a name other than such Holder\u0092s name, then such Holder will pay such tax or duty and, until having received a sum sufficient to pay such tax or duty, the Conversion Agent may refuse to deliver any such shares to be issued in a name other than that of such Holder. (F) Conversion Agent to Notify Company of Conversions. If any Note is submitted for conversion to the Conversion Agent or the Conversion Agent receives any notice of conversion with respect to a Note, then the Conversion Agent will promptly (and, in any event, no later than the date the Conversion Agent receives such Note or notice) notify the Company and the Trustee of such occurrence, together with any other information reasonably requested by the Company, and will cooperate with the Company to determine the Conversion Date for such Note. - 43 - Section 5.03. SETTLEMENT UPON CONVERSION. (A) Settlement Method. Upon the conversion of any Note, the Company will settle such conversion by paying or delivering, as applicable and as provided in this Article 5, either (x) solely cash as provided in Section 5.03(B)(i)(1) (a \u0093Cash Settlement\u0094); or (y) a combination of cash and shares of Common Stock, together, if applicable, with cash in lieu of fractional shares as provided in Section 5.03(B)(i)(2) (a \u0093Combination Settlement\u0094). (i) The Company\u0092s Right to Elect Settlement Method. The Company will have the right to elect the Settlement Method applicable to any conversion of a Note; provided, however, that: (1) subject to clause (3) below, all conversions of Notes with a Conversion Date that occurs on or after February 15, 2026 will be settled using the same Settlement Method, and the Company will send notice of such Settlement Method to Holders and the Conversion Agent no later than the Open of Business on February 15, 2026; (2) subject to clause (3) below, if the Company elects a Settlement Method with respect to the conversion of any Note whose Conversion Date occurs before February 15, 2026, then the Company will send notice of such Settlement Method to the Holder of such Note, with a copy to the Trustee and the Conversion Agent, no later than the Close of Business on the Business Day immediately after such Conversion Date; (3) if any Notes are called for Redemption, then (a) the Company will specify, in the related Redemption Notice sent pursuant to Section 4.03(G), the Settlement Method that will apply to all conversions of Notes with a Conversion Date that occurs on or after the related Redemption Notice Date and before the related Redemption Date; and (b) if such Redemption Date occurs on or after February 15, 2026, then such Settlement Method must be the same Settlement Method that, pursuant to clause (1) above, applies to all conversions of Notes with a Conversion Date that occurs on or after February 15, 2026; (4) the Company will use the same Settlement Method for all conversions of Notes with the same Conversion Date (and, for the avoidance of doubt, the Company will not be obligated to use the same Settlement Method with respect to conversions of Notes with different Conversion Dates, except as provided in clause (1) or (3) above); (5) if the Company does not timely elect a Settlement Method with respect to the conversion of a Note, then the Company will be deemed to have elected the Default Settlement Method (and, for the avoidance of doubt, the failure to timely make such election will not constitute a Default or Event of Default); and - 44 - (6) if the Company timely elects Combination Settlement with respect to the conversion of a Note but does not timely notify the Holder of such Note, with a copy to the Trustee and the Conversion Agent, of the applicable Specified Dollar Amount, then the Specified Dollar Amount for such conversion will be deemed to be $1,000 per $1,000 principal amount of Notes (and, for the avoidance of doubt, the failure to timely send such notification will not constitute a Default or Event of Default). (ii) The Company\u0092s Right to Irrevocably Fix the Settlement Method. The Company will have the right, exercisable at its election by sending notice of such exercise to the Holders (with a copy to the Trustee and the Conversion Agent), to (1) irrevocably fix the Settlement Method that will apply to all conversions of Notes with a Conversion Date that occurs on or after the date such notice is sent to Holders; or (2) irrevocably elect Combination Settlement to apply to all conversions of Notes with a Conversion Date that occurs on or after the date such notice is sent to Holders, and eliminate a Specified Dollar Amount or range of Specified Dollar Amounts that will apply to such conversions, provided, in each case, that (v) in no event will the Company elect Combination Settlement with a Specified Dollar Amount that is less than $1,000 per $1,000 principal amount of Notes; (w) the Settlement Method(s) so elected pursuant to clause (1) or (2) above must be a Settlement Method or Settlement Method(s), as applicable, that the Company is then permitted to elect (for the avoidance of doubt, including pursuant to, and subject to, the other provisions of this Section 5.03(A)); (x) no such irrevocable election will affect any Settlement Method theretofore elected (or deemed to be elected) with respect to any Note pursuant to this Indenture (including pursuant to Section 8.01(G) or this Section 5.03(A)); (y) upon any such irrevocable election pursuant to clause (1) above, the Default Settlement Method will automatically be deemed to be set to the Settlement Method so fixed; and (z) upon any such irrevocable election pursuant to clause (2) above, the Company will, if needed, simultaneously change the Default Settlement Method to Combination Settlement with a Specified Dollar Amount that is consistent with such irrevocable election. Such notice, if sent, must set forth the applicable Settlement Method and expressly state that the election is irrevocable and applicable to all conversions of Notes with a Conversion Date that occurs on or after the date such notice is sent to Holders. For the avoidance of doubt, such an irrevocable election, if made, will be effective without the need to amend this Indenture or the Notes, including pursuant to Section 8.01(G) (it being understood, however, that the Company may nonetheless choose to execute such an amendment at its option). (iii) Requirement to Publicly Disclose the Fixed or Default Settlement Method. If the Company changes the Default Settlement Method pursuant to clause (x) of the proviso to the definition of such term or irrevocably fixes the Settlement Method(s) pursuant Section 5.03(A)(ii), then the Company will either post the Default Settlement Method or fixed Settlement Method(s), as applicable, on its website or disclose the same in a Current Report on Form 8-K (or any successor form) that is filed with, or furnished to, the SEC. - 45 - (B) Conversion Consideration. (i) Generally. Subject to Sections 5.03(B)(ii), 5.03(B)(iii) and 5.09(A)(2), the type and amount of consideration (the \u0093Conversion Consideration\u0094) due in respect of each $1,000 principal amount of a Note to be converted will be as follows: (1) if Cash Settlement applies to such conversion, cash in an amount equal to the sum of the Daily Conversion Values for each VWAP Trading Day in the Observation Period for such conversion; or (2) if Combination Settlement applies to such conversion, consideration consisting of (a) a number of shares of Common Stock equal to the sum of the Daily Share Amounts for each VWAP Trading Day in the Observation Period for such conversion; and (b) an amount of cash equal to the sum of the Daily Cash Amounts for each VWAP Trading Day in such Observation Period. (ii) Cash in Lieu of Fractional Shares. If Combination Settlement applies to the conversion of any Note and the number of shares of Common Stock deliverable pursuant to Section 5.03(B)(i) upon such conversion is not a whole number, then such number will be rounded down to the nearest whole number and the Company will deliver, in addition to the other consideration due upon such conversion, cash in lieu of the related fractional share in an amount equal to the product of (1) such fraction and (2) the Daily VWAP on the last VWAP Trading Day of the Observation Period for such conversion. (iii) Conversion of Multiple Notes by a Single Holder. If a Holder converts more than one (1) Note on a single Conversion Date, then the Conversion Consideration due in respect of such conversion will (in the case of any Global Note, to the extent permitted by, and practicable under, the Depositary Procedures) be computed based on the total principal amount of Notes converted on such Conversion Date by such Holder. (iv) Notice of Calculation of Conversion Consideration. If any Note is to be converted, then the Company will determine the Conversion Consideration due thereupon promptly following the last VWAP Trading Day of the applicable Observation Period and will promptly thereafter send notice to the Trustee and the Conversion Agent of the same and the calculation thereof in reasonable detail. Neither the Trustee nor the Conversion Agent will have any duty to make any such determination. (C) Delivery of the Conversion Consideration. Except as set forth in Sections 5.05(D) and 5.09, the Company will pay or deliver, as applicable, the Conversion Consideration due upon the conversion of any Note to the Holder on the second (2nd) Business Day immediately after the last VWAP Trading Day of the Observation Period for such conversion. (D) Deemed Payment of Principal and Interest; Settlement of Accrued Interest Notwithstanding Conversion. If a Holder converts a Note, then the Company will not adjust the Conversion Rate to account for any accrued and unpaid interest on such Note, and, except as provided in Section 5.02(D), the Company\u0092s delivery of the Conversion Consideration due in respect of such conversion will be deemed to fully satisfy and discharge the Company\u0092s obligation to pay the principal of, and accrued and unpaid interest, if any, on, such Note to, but - 46 -" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b21", + "block_sequence": 21, + "block_sha256": "6b41e4d516875f137918e4df845753b32411f60d8a94bf66bbfc6f764fd5f03e", + "block_type": "paragraph", + "char_count": 471, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 21, + "char_end": 471, + "char_start": 0, + "fragment_sha256": "03e79d52f1e72aebdb5e03191b0c4aecf7585c722c7588e061ae996274480721", + "heading_path": [ + "TABLE OF CONTENTS" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", + "table": null, + "text": "excluding the Conversion Date. As a result, except as provided in Section 5.02(D), any accrued and unpaid interest on a converted Note will be deemed to be paid in full rather than cancelled, extinguished or forfeited. In addition, subject to Section 5.02(D), if the Conversion Consideration for a Note consists of both cash and shares of Common Stock, then accrued and unpaid interest that is deemed to be paid therewith will be deemed to be paid first out of such cash." + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b22", + "block_sequence": 22, + "block_sha256": "7c01c6d88c9ed62bdcca34d3c263b467b09cc62c61418ae0aecd011dfa76e49e", + "block_type": "heading", + "char_count": 72, + "level": 1, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 22, + "char_end": 72, + "char_start": 0, + "fragment_sha256": "b1d00799ea3ac64612caf137ebdaebb80c66e51257f0db0aa27c7556db5dc26f", + "heading_path": [ + "Section 5.04. RESERVE AND STATUS OF COMMON STOCK ISSUED UPON CONVERSION." + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s4", + "table": null, + "text": "Section 5.04. RESERVE AND STATUS OF COMMON STOCK ISSUED UPON CONVERSION." + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b23", + "block_sequence": 23, + "block_sha256": "69cca08a19d72130e844df7f49b35abd493f18478789a15001c77a2066a820e9", + "block_type": "paragraph", + "char_count": 1877, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 23, + "char_end": 1877, + "char_start": 0, + "fragment_sha256": "caf7525c734cc9ca11d64a07bcbfb6ac073e3d06eeb4a58896f8ed89fc735041", + "heading_path": [ + "Section 5.04. RESERVE AND STATUS OF COMMON STOCK ISSUED UPON CONVERSION." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s4", + "table": null, + "text": "(A) Stock Reserve. At all times when any Notes are outstanding, the Company will reserve (out of its authorized and not outstanding but unissued shares of Common Stock that are not reserved for other purposes) a number of shares of Common Stock equal to the product of (i) the aggregate principal amount (expressed in thousands) of all then-outstanding Notes (assuming the Initial Purchasers exercise the Shoe Option in full); and (ii) the Conversion Rate for the Notes (assuming, for these purposes, that the Conversion Rate is increased by the maximum amount pursuant to which the Conversion Rate may be increased pursuant to Section 5.07) . To the extent the Company delivers shares of Common Stock held in its treasury in settlement of the conversion of any Notes, each reference in this Indenture or the Notes to the issuance of shares of Common Stock in connection therewith will be deemed to include such delivery, mutatis mutandis. (B) Status of Conversion Shares; Listing. Each Conversion Share, if any, delivered upon conversion of any Note will be a newly issued or treasury share (except that any Conversion Share delivered by a designated financial institution pursuant to Section 5.08 need not be a newly issued or treasury share) and will be duly authorized, validly issued, fully paid, non-assessable, free from preemptive rights and free of any lien or adverse claim (except to the extent of any lien or adverse claim created by the action or inaction of the Holder of such Note or the Person to whom such Conversion Share will be delivered). If the Common Stock is then listed on any securities exchange, or quoted on any inter-dealer quotation system, then the Company will use commercially reasonable efforts to cause each Conversion Share, when delivered upon conversion of any Note, to be admitted for listing on such exchange or quotation on such system." + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b24", + "block_sequence": 24, + "block_sha256": "0445ea5b7f1db47065f67da47b033a3d3a62eb8abcc4acc023755bbcc8783f11", + "block_type": "heading", + "char_count": 49, + "level": 1, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 24, + "char_end": 49, + "char_start": 0, + "fragment_sha256": "5dfa675949cbe04c1708836c73e582b3f00afd6616bf470a5252c0a873b833a7", + "heading_path": [ + "Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE." + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", + "table": null, + "text": "Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE." + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b25", + "block_sequence": 25, + "block_sha256": "5b19b8f32e2b8b0adbab4c0bde405b0e71e454464154639b9238786d6612eca1", + "block_type": "paragraph", + "char_count": 588, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 25, + "char_end": 588, + "char_start": 0, + "fragment_sha256": "cf1183e88dcd6a343da962c36d35778cef773025653c3a8d75e8605f51d863f7", + "heading_path": [ + "Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", + "table": null, + "text": "(A) Events Requiring an Adjustment to the Conversion Rate. The Conversion Rate will be adjusted from time to time as follows: (i) Stock Dividends, Splits and Combinations. If the Company issues solely shares of Common Stock as a dividend or distribution on all or substantially all shares of the Common Stock, or if the Company effects a stock split or a stock combination of the Common Stock (in each case excluding an issuance solely pursuant to a Common Stock Change Event, as to which Section 5.09 will apply), then the Conversion Rate will be adjusted based on the following formula:" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b26", + "block_sequence": 26, + "block_sha256": "36a6da85cf1818fe49bf50ea07d978a31b255339868de8c9efaa71908abdf31f", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 26, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "b75df382aa138eb381a17359254c46ce7e40197d2801f4f4ed38739aef206d64", + "heading_path": [ + "Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE." + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", + "table": null, + "text": "- 47 -" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b27", + "block_sequence": 27, + "block_sha256": "f04dba6a63489c033a715722dbb52910b2de5fb1fccd02bee84481562da5c673", + "block_type": "table", + "char_count": 929, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 27, + "char_end": 929, + "char_start": 0, + "fragment_sha256": "f70be754a914514f7d52299e1961fb17263fff2d0ad1d65ce20dcf15696dfed1", + "heading_path": [ + "Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE." + ], + "table_index": 5, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.3, + "markdown": "| | | | | |\n| --- | --- | --- | --- | --- |\n| where: | | | | |\n| | | | | |\n| CR0 | | = | | the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution, or immediately before the Open of Business on the effective date of su\u2026 |\n| | | | | |\n| CR1 | | = | | the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date or the Open of Business on such effective date, as applicable; |\n| | | | | |\n| OS0 | | = | | the number of shares of Common Stock outstanding immediately before the Open of Business on such Ex-Dividend Date or effective date, as applicable, without giving effect to such dividend, distributio\u2026 |\n| | | | | |\n| OS1 | | = | | the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, stock split or stock combination. |", + "n_cols": 5, + "n_rows": 9, + "plain_text": "where: | | | | \n | | | | \nCR0 | | = | | the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution, or immediately before the Open of Business on the effective date of such stock split or stock combination, as applicable;\n | | | | \nCR1 | | = | | the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date or the Open of Business on such effective date, as applicable;\n | | | | \nOS0 | | = | | the number of shares of Common Stock outstanding immediately before the Open of Business on such Ex-Dividend Date or effective date, as applicable, without giving effect to such dividend, distribution, stock split or stock combination; and\n | | | | \nOS1 | | = | | the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, stock split or stock combination.", + "rows": [ + [ + "where:", + "", + "", + "", + "" + ], + [ + "", + "", + "", + "", + "" + ], + [ + "CR0", + "", + "=", + "", + "the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution, or immediately before the Open of Business on the effective date of such stock split or stock combination, as applicable;" + ], + [ + "", + "", + "", + "", + "" + ], + [ + "CR1", + "", + "=", + "", + "the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date or the Open of Business on such effective date, as applicable;" + ], + [ + "", + "", + "", + "", + "" + ], + [ + "OS0", + "", + "=", + "", + "the number of shares of Common Stock outstanding immediately before the Open of Business on such Ex-Dividend Date or effective date, as applicable, without giving effect to such dividend, distribution, stock split or stock combination; and" + ], + [ + "", + "", + "", + "", + "" + ], + [ + "OS1", + "", + "=", + "", + "the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, stock split or stock combination." + ] + ], + "table_index": 5, + "table_kind": "unknown" + }, + "text": "where: | | | | \n | | | | \nCR0 | | = | | the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution, or immediately before the Open of Business on the effective date of such stock split or stock combination, as applicable;\n | | | | \nCR1 | | = | | the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date or the Open of Business on such effective date, as applicable;\n | | | | \nOS0 | | = | | the number of shares of Common Stock outstanding immediately before the Open of Business on such Ex-Dividend Date or effective date, as applicable, without giving effect to such dividend, distribution, stock split or stock combination; and\n | | | | \nOS1 | | = | | the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, stock split or stock combination." + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b28", + "block_sequence": 28, + "block_sha256": "abd5d41e4896c2adcbad4f967eba821c1dd4eafeedea5285a69ed0fe0bf4755b", + "block_type": "paragraph", + "char_count": 1312, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 28, + "char_end": 1312, + "char_start": 0, + "fragment_sha256": "b8b3679a5c33a4b97010259e6e30c42fd30493c81ac3793f9979cf076fa2a1f2", + "heading_path": [ + "Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", + "table": null, + "text": "If any dividend, distribution, stock split or stock combination of the type described in this Section 5.05(A)(i) is declared or announced, but not so paid or made, then the Conversion Rate will be readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution or to effect such stock split or stock combination, to the Conversion Rate that would then be in effect had such dividend, distribution, stock split or stock combination not been declared or announced. (ii) Rights, Options and Warrants. If the Company distributes, to all or substantially all holders of Common Stock, rights, options or warrants (other than rights issued or otherwise distributed pursuant to a stockholder rights plan, as to which Sections 5.05(A)(iii)(1) and 5.05(F) will apply) entitling such holders, for a period of not more than sixty (60) calendar days after the date such distribution is announced, to subscribe for or purchase shares of Common Stock at a price per share that is less than the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date such distribution is announced, then the Conversion Rate will be increased based on the following formula:" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b29", + "block_sequence": 29, + "block_sha256": "33e6f54e6c9a1ddc1df0118d0ae653fcbca177f0380c41a9cd49a4a834ad679d", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 29, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "ba5bcc7d4a060cad0701a1cd7f6ab64f4f77579dd9dc2df79adae46783563f4e", + "heading_path": [ + "Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE." + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", + "table": null, + "text": "- 48 -" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b30", + "block_sequence": 30, + "block_sha256": "c0ef8640f5ae4cb27a65f2b746766f174ea27d6793c8e121a43c717a8c5cd4d5", + "block_type": "table", + "char_count": 942, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 30, + "char_end": 942, + "char_start": 0, + "fragment_sha256": "510788bc463d21a77eb2a9a12f1dbeebfcd1dc9e75d17aec82ba1b58fd745beb", + "heading_path": [ + "Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE." + ], + "table_index": 6, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.6, + "markdown": "| | | | | |\n| --- | --- | --- | --- | --- |\n| where: | | | | |\n| | | | | |\n| CR0 | | = | | the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution; |\n| | | | | |\n| CR1 | | = | | the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date; |\n| | | | | |\n| OS | | = | | the number of shares of Common Stock outstanding immediately before the Open of Business on such Ex-Dividend Date; |\n| | | | | |\n| X | | = | | the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and |\n| | | | | |\n| Y | | = | | a number of shares of Common Stock obtained by dividing (x) the aggregate price payable to exercise such rights, options or warrants by (y) the average of the Last Reported Sale Prices per share of C\u2026 |", + "n_cols": 5, + "n_rows": 11, + "plain_text": "where: | | | | \n | | | | \nCR0 | | = | | the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution;\n | | | | \nCR1 | | = | | the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date;\n | | | | \nOS | | = | | the number of shares of Common Stock outstanding immediately before the Open of Business on such Ex-Dividend Date;\n | | | | \nX | | = | | the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and\n | | | | \nY | | = | | a number of shares of Common Stock obtained by dividing (x) the aggregate price payable to exercise such rights, options or warrants by (y) the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date such distribution is announced.", + "rows": [ + [ + "where:", + "", + "", + "", + "" + ], + [ + "", + "", + "", + "", + "" + ], + [ + "CR0", + "", + "=", + "", + "the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution;" + ], + [ + "", + "", + "", + "", + "" + ], + [ + "CR1", + "", + "=", + "", + "the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date;" + ], + [ + "", + "", + "", + "", + "" + ], + [ + "OS", + "", + "=", + "", + "the number of shares of Common Stock outstanding immediately before the Open of Business on such Ex-Dividend Date;" + ], + [ + "", + "", + "", + "", + "" + ], + [ + "X", + "", + "=", + "", + "the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and" + ], + [ + "", + "", + "", + "", + "" + ], + [ + "Y", + "", + "=", + "", + "a number of shares of Common Stock obtained by dividing (x) the aggregate price payable to exercise such rights, options or warrants by (y) the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date such distribution is announced." + ] + ], + "table_index": 6, + "table_kind": "data" + }, + "text": "where: | | | | \n | | | | \nCR0 | | = | | the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution;\n | | | | \nCR1 | | = | | the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date;\n | | | | \nOS | | = | | the number of shares of Common Stock outstanding immediately before the Open of Business on such Ex-Dividend Date;\n | | | | \nX | | = | | the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and\n | | | | \nY | | = | | a number of shares of Common Stock obtained by dividing (x) the aggregate price payable to exercise such rights, options or warrants by (y) the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date such distribution is announced." + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b31", + "block_sequence": 31, + "block_sha256": "06b530720f6db95f87e3cddd3b9ae951adff693e8eff2f5c7afe577f11bbe354", + "block_type": "paragraph", + "char_count": 2272, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 31, + "char_end": 2272, + "char_start": 0, + "fragment_sha256": "998451ff616dbcdd13aa76993c6e759913e5d8ff6a4089e2ed276ef462f1d0ec", + "heading_path": [ + "Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", + "table": null, + "text": "To the extent such rights, options or warrants are not so distributed, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the increase to the Conversion Rate for such distribution been made on the basis of only the rights, options or warrants, if any, actually distributed. In addition, to the extent that shares of Common Stock are not delivered after the expiration of such rights, options or warrants (including as a result of such rights, options or warrants not being exercised), the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the increase to the Conversion Rate for such distribution been made on the basis of delivery of only the number of shares of Common Stock actually delivered upon exercise of such rights, option or warrants. For purposes of this Section 5.05(A)(ii) and Section 5.01(C)(i)(3)(a)(I), in determining whether any rights, options or warrants entitle holders of Common Stock to subscribe for or purchase shares of Common Stock at a price per share that is less than the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date the distribution of such rights, options or warrants is announced, and in determining the aggregate price payable to exercise such rights, options or warrants, there will be taken into account any consideration the Company receives for such rights, options or warrants and any amount payable on exercise thereof, with the value of such consideration, if not cash, to be determined by the Board of Directors. (iii) Spin-Offs and Other Distributed Property. (1) Distributions Other than Spin-Offs. If the Company distributes shares of its Capital Stock, evidences of its indebtedness or other assets or property of the Company, or rights, options or warrants to acquire Capital Stock of the Company or other securities, to all or substantially all holders of the Common Stock, excluding: (u) dividends, distributions, rights, options or warrants for which an adjustment to the Conversion Rate is required (or would be required without regard to Section 5.05(C)) pursuant to Section 5.05(A)(i) or 5.05(A)(ii);" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b32", + "block_sequence": 32, + "block_sha256": "284df96a70f876f4f117e22101320f9cf2c118a09eb59d649d6f9a39d5933632", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 32, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "3537dd53cf16e43cf42e5381d9f99a75847b1190611fd24aae30473ef40b2e9d", + "heading_path": [ + "Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE." + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", + "table": null, + "text": "- 49 -" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b33", + "block_sequence": 33, + "block_sha256": "f109875ccc8f572bcb84ef24062885940ee8b51d9a16a36ad7ae2fc3ff98a7d4", + "block_type": "paragraph", + "char_count": 828, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 33, + "char_end": 828, + "char_start": 0, + "fragment_sha256": "b798db73c863ebb7a302d844efcb8f482742f472bce3b8902ab689af3b4d51de", + "heading_path": [ + "Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", + "table": null, + "text": "(v) dividends or distributions paid exclusively in cash for which an adjustment to the Conversion Rate is required (or would be required without regard to Section 5.05(C)) pursuant to Section 5.05(A)(iv); (w) rights issued or otherwise distributed pursuant to a stockholder rights plan, except to the extent provided in Section 5.05(F); (x) Spin-Offs for which an adjustment to the Conversion Rate is required (or would be required without regard to Section 5.05(C)) pursuant to Section 5.05(A)(iii)(2); (y) a distribution solely pursuant to a tender offer or exchange offer for shares of Common Stock, as to which Section 5.05(A)(v) will apply; and (z) a distribution solely pursuant to a Common Stock Change Event, as to which Section 5.09 will apply, then the Conversion Rate will be increased based on the following formula:" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b34", + "block_sequence": 34, + "block_sha256": "63d37f7c684ee134d9a646f1c67313822051472193ea9379d8549ebc627ba546", + "block_type": "table", + "char_count": 814, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 34, + "char_end": 814, + "char_start": 0, + "fragment_sha256": "540e4a6b1a6ed90d037389fb4a2ba025fe990f166a2270b8914ebcd860155662", + "heading_path": [ + "Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE." + ], + "table_index": 7, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.6, + "markdown": "| | | | | |\n| --- | --- | --- | --- | --- |\n| where: | | | | |\n| | | | | |\n| CR0 | | = | | the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution; |\n| | | | | |\n| CR1 | | = | | the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date; |\n| | | | | |\n| SP | | = | | the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before such Ex-Dividend Date; and |\n| | | | | |\n| FMV | | = | | the fair market value (as determined by the Board of Directors), as of such Ex-Dividend Date, of the shares of Capital Stock, evidences of indebtedness, assets, property, rights, options or warrants \u2026 |", + "n_cols": 5, + "n_rows": 9, + "plain_text": "where: | | | | \n | | | | \nCR0 | | = | | the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution;\n | | | | \nCR1 | | = | | the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date;\n | | | | \nSP | | = | | the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before such Ex-Dividend Date; and\n | | | | \nFMV | | = | | the fair market value (as determined by the Board of Directors), as of such Ex-Dividend Date, of the shares of Capital Stock, evidences of indebtedness, assets, property, rights, options or warrants distributed per share of Common Stock pursuant to such distribution;", + "rows": [ + [ + "where:", + "", + "", + "", + "" + ], + [ + "", + "", + "", + "", + "" + ], + [ + "CR0", + "", + "=", + "", + "the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution;" + ], + [ + "", + "", + "", + "", + "" + ], + [ + "CR1", + "", + "=", + "", + "the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date;" + ], + [ + "", + "", + "", + "", + "" + ], + [ + "SP", + "", + "=", + "", + "the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before such Ex-Dividend Date; and" + ], + [ + "", + "", + "", + "", + "" + ], + [ + "FMV", + "", + "=", + "", + "the fair market value (as determined by the Board of Directors), as of such Ex-Dividend Date, of the shares of Capital Stock, evidences of indebtedness, assets, property, rights, options or warrants distributed per share of Common Stock pursuant to such distribution;" + ] + ], + "table_index": 7, + "table_kind": "data" + }, + "text": "where: | | | | \n | | | | \nCR0 | | = | | the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution;\n | | | | \nCR1 | | = | | the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date;\n | | | | \nSP | | = | | the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before such Ex-Dividend Date; and\n | | | | \nFMV | | = | | the fair market value (as determined by the Board of Directors), as of such Ex-Dividend Date, of the shares of Capital Stock, evidences of indebtedness, assets, property, rights, options or warrants distributed per share of Common Stock pursuant to such distribution;" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b35", + "block_sequence": 35, + "block_sha256": "04d1928eb6914340cfe006d4d8dca015ca443dcf412a1e438746915d45dec64d", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 35, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "114c81c54ed1f748992d7c32943f3d4f54a4ffae2f6e8650d1e04a476fba1216", + "heading_path": [ + "Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE." + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", + "table": null, + "text": "- 50 -" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b36", + "block_sequence": 36, + "block_sha256": "439657e15a7b11c0935d8e924ab100de55cb6c1a3ba97f0ce6b701af959a4834", + "block_type": "paragraph", + "char_count": 3487, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 36, + "char_end": 3487, + "char_start": 0, + "fragment_sha256": "3a78d8b02ff75ec2f0752b19a9f0f254dabdd9d2a4a015580f431be53a0410c5", + "heading_path": [ + "Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE." + ], + "table_index": null, + "tag_name": "center" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", + "table": null, + "text": "provided, however, that if FMV is equal to or greater than SP, then, in lieu of the foregoing adjustment to the Conversion Rate, each Holder will receive, for each $1,000 principal amount of Notes held by such Holder on the Record Date for such distribution, at the same time and on the same terms as holders of Common Stock, and without having to convert its Notes, the amount and kind of shares of Capital Stock, evidences of indebtedness, assets, property, rights, options or warrants that such Holder would have received if such Holder had owned, on such Record Date, a number of shares of Common Stock equal to the Conversion Rate in effect on such Record Date. To the extent such distribution is not so paid or made, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only the distribution, if any, actually made or paid. For purposes of this Section 5.05(A)(iii)(1) (and subject to Section 5.05(F)), rights, options or warrants distributed by the Company to all holders of the Common Stock entitling them to subscribe for or purchase shares of the Company\u0092s Capital Stock, including Common Stock (either initially or under certain circumstances), which rights, options or warrants, until the occurrence of a specified event or events (\u0093Trigger Event\u0094): (x) are deemed to be transferred with such Common Stock; (y) are not exercisable; and (z) are also issued in respect of future issuances of Common Stock, will be deemed not to have been distributed for purposes of this Section 5.05(A)(iii)(1) (and no adjustment to the Conversion Rate under this Section 5.05(A)(iii)(1) will be required) until the occurrence of the earliest Trigger Event, whereupon such rights, options or warrants will be deemed to have been distributed and an appropriate adjustment (if any is required) to the Conversion Rate will be made pursuant to this Section 5.05(A)(iii)(1). If any such right, option or warrant, including any such existing rights, options or warrants distributed before the Issue Date, are subject to events, upon the occurrence of which such rights, options or warrants become exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the occurrence of any and each such event will be deemed to be the date of distribution and Ex-Dividend Date with respect to new rights, options or warrants with such rights (in which case, the existing rights, options or warrants will be deemed to terminate and expire on such date without exercise by any of the holders thereof). In addition, in the event of any distribution (or deemed distribution) of rights, options or warrants, or any Trigger Event or other event (of the type described in the immediately preceding sentence) with respect thereto that was counted for purposes of calculating a distribution amount for which an adjustment to the Conversion Rate pursuant to this Section 5.05(A)(iii)(1) was made, (x) in the case of any such rights, options or warrants that shall all have been redeemed or purchased without exercise by any holders thereof, upon such final redemption or purchase (I) the Conversion Rate will be readjusted as if such rights, options or warrants had not been issued; and (II) the Conversion Rate will then again be readjusted to give effect to such distribution, deemed distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to - 51 -" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b37", + "block_sequence": 37, + "block_sha256": "ff1d606aef8b53be11d19d8283e65a0e7d98bd90981e8a283e192778316dbeb8", + "block_type": "paragraph", + "char_count": 1275, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 37, + "char_end": 1275, + "char_start": 0, + "fragment_sha256": "61a7f19c91d427f4c92930e68b373b01c391894f1a9d8604ad3485cc5b44b810", + "heading_path": [ + "Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", + "table": null, + "text": "the per share redemption or purchase price received by a holder or holders of Common Stock with respect to such rights, options or warrants (assuming such holder had retained such rights, options or warrants), made to all holders of Common Stock as of the date of such redemption or purchase; and (y) in the case of such rights, options or warrants that have expired or been terminated without exercise by any holders thereof, the Conversion Rate will be readjusted as if such rights, options and warrants had not been issued. (2) Spin-Offs. If the Company distributes or dividends shares of Capital Stock of any class or series, or similar equity interests, of or relating to an Affiliate, a Subsidiary or other business unit of the Company to all or substantially all holders of the Common Stock (other than solely pursuant to (x) a Common Stock Change Event, as to which Section 5.09 will apply; or (y) a tender offer or exchange offer for shares of Common Stock, as to which Section 5.05(A)(v) will apply), and such Capital Stock or equity interests are listed or quoted (or will be listed or quoted upon the consummation of the transaction) on a U.S. national securities exchange (a \u0093Spin-Off\u0094), then the Conversion Rate will be increased based on the following formula:" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b38", + "block_sequence": 38, + "block_sha256": "57408d6d82d47bc3d0f9652a99af1264f98722b25e83e205250408b92cfcfe8b", + "block_type": "table", + "char_count": 1197, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 38, + "char_end": 1197, + "char_start": 0, + "fragment_sha256": "214c53765eb2d1f77eea4547cbb9da94b23c65957c737033665081385e5718b9", + "heading_path": [ + "Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE." + ], + "table_index": 8, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.3, + "markdown": "| | | | | |\n| --- | --- | --- | --- | --- |\n| where: | | | | |\n| | | | | |\n| CR0 | | = | | the Conversion Rate in effect immediately before the Close of Business on the last Trading Day of the Spin-Off Valuation Period for such Spin-Off; |\n| | | | | |\n| CR1 | | = | | the Conversion Rate in effect immediately after the Close of Business on the last Trading Day of the Spin-Off Valuation Period; |\n| | | | | |\n| FMV | | = | | the product of (x) the average of the Last Reported Sale Prices per share or unit of the Capital Stock or equity interests distributed in such Spin-Off over the ten (10) consecutive Trading Day perio\u2026 |\n| | | | | |\n| SP | | = | | the average of the Last Reported Sale Prices per share of Common Stock for each Trading Day in the Spin-Off Valuation Period. |", + "n_cols": 5, + "n_rows": 9, + "plain_text": "where: | | | | \n | | | | \nCR0 | | = | | the Conversion Rate in effect immediately before the Close of Business on the last Trading Day of the Spin-Off Valuation Period for such Spin-Off;\n | | | | \nCR1 | | = | | the Conversion Rate in effect immediately after the Close of Business on the last Trading Day of the Spin-Off Valuation Period;\n | | | | \nFMV | | = | | the product of (x) the average of the Last Reported Sale Prices per share or unit of the Capital Stock or equity interests distributed in such Spin-Off over the ten (10) consecutive Trading Day period (the \u0093Spin-Off Valuation Period\u0094) beginning on, and including, the Ex-Dividend Date for such Spin-Off (such average to be determined as if references to Common Stock in the definitions of Last Reported Sale Price, Trading Day and Market Disruption Event were instead references to such Capital Stock or equity interests); and (y) the number of shares or units of such Capital Stock or equity interests distributed per share of Common Stock in such Spin-Off; and\n | | | | \nSP | | = | | the average of the Last Reported Sale Prices per share of Common Stock for each Trading Day in the Spin-Off Valuation Period.", + "rows": [ + [ + "where:", + "", + "", + "", + "" + ], + [ + "", + "", + "", + "", + "" + ], + [ + "CR0", + "", + "=", + "", + "the Conversion Rate in effect immediately before the Close of Business on the last Trading Day of the Spin-Off Valuation Period for such Spin-Off;" + ], + [ + "", + "", + "", + "", + "" + ], + [ + "CR1", + "", + "=", + "", + "the Conversion Rate in effect immediately after the Close of Business on the last Trading Day of the Spin-Off Valuation Period;" + ], + [ + "", + "", + "", + "", + "" + ], + [ + "FMV", + "", + "=", + "", + "the product of (x) the average of the Last Reported Sale Prices per share or unit of the Capital Stock or equity interests distributed in such Spin-Off over the ten (10) consecutive Trading Day period (the \u0093Spin-Off Valuation Period\u0094) beginning on, and including, the Ex-Dividend Date for such Spin-Off (such average to be determined as if references to Common Stock in the definitions of Last Reported Sale Price, Trading Day and Market Disruption Event were instead references to such Capital Stock or equity interests); and (y) the number of shares or units of such Capital Stock or equity interests distributed per share of Common Stock in such Spin-Off; and" + ], + [ + "", + "", + "", + "", + "" + ], + [ + "SP", + "", + "=", + "", + "the average of the Last Reported Sale Prices per share of Common Stock for each Trading Day in the Spin-Off Valuation Period." + ] + ], + "table_index": 8, + "table_kind": "unknown" + }, + "text": "where: | | | | \n | | | | \nCR0 | | = | | the Conversion Rate in effect immediately before the Close of Business on the last Trading Day of the Spin-Off Valuation Period for such Spin-Off;\n | | | | \nCR1 | | = | | the Conversion Rate in effect immediately after the Close of Business on the last Trading Day of the Spin-Off Valuation Period;\n | | | | \nFMV | | = | | the product of (x) the average of the Last Reported Sale Prices per share or unit of the Capital Stock or equity interests distributed in such Spin-Off over the ten (10) consecutive Trading Day period (the \u0093Spin-Off Valuation Period\u0094) beginning on, and including, the Ex-Dividend Date for such Spin-Off (such average to be determined as if references to Common Stock in the definitions of Last Reported Sale Price, Trading Day and Market Disruption Event were instead references to such Capital Stock or equity interests); and (y) the number of shares or units of such Capital Stock or equity interests distributed per share of Common Stock in such Spin-Off; and\n | | | | \nSP | | = | | the average of the Last Reported Sale Prices per share of Common Stock for each Trading Day in the Spin-Off Valuation Period." + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b39", + "block_sequence": 39, + "block_sha256": "c40af7d9a88ca8395b41453d3bf40cb4399eb7338448aecbfa2981c185035a90", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 39, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "26c52d6c392956ca79b62998a8832149c2ce2335e7048d4d5c59b290ed2f238e", + "heading_path": [ + "Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE." + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", + "table": null, + "text": "- 52 -" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b40", + "block_sequence": 40, + "block_sha256": "c072c77287e568a0a8211f5d76876c639482a3cc03902e89aa03d26b176d051a", + "block_type": "paragraph", + "char_count": 1068, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 40, + "char_end": 1068, + "char_start": 0, + "fragment_sha256": "91c0dc6a47c8acf169a83df82bbf304c5fbb065b4738d9f9b2b6c885e2fd2cdf", + "heading_path": [ + "Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", + "table": null, + "text": "Notwithstanding anything to the contrary in this Section 5.05(A)(iii)(2), if any VWAP Trading Day of the Observation Period for a Note to be converted occurs during the Spin-Off Valuation Period for such Spin-Off, then, solely for purposes of determining the Conversion Rate for such VWAP Trading Day for such conversion, such Spin-Off Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and including, the Ex-Dividend Date for such Spin-Off to, and including, such VWAP Trading Day. To the extent any dividend or distribution of the type set forth in this Section 5.05(A)(iii)(2) is declared but not made or paid, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only the dividend or distribution, if any, actually made or paid. (iv) Cash Dividends or Distributions. If any cash dividend or distribution is made to all or substantially all holders of Common Stock, then the Conversion Rate will be increased based on the following formula:" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b41", + "block_sequence": 41, + "block_sha256": "aaa2c684d5770b976eb6b081ee9ef6f1aa480aa60a616e5891ddfaf4ba43551e", + "block_type": "table", + "char_count": 563, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 41, + "char_end": 563, + "char_start": 0, + "fragment_sha256": "3f7ac402fed71e19414de5bc794e5f953d8aae4f81382df2b8a3ca686916fd9e", + "heading_path": [ + "Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE." + ], + "table_index": 9, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.6, + "markdown": "| | | | | |\n| --- | --- | --- | --- | --- |\n| where: | | | | |\n| | | | | |\n| CR0 | | = | | the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution; |\n| | | | | |\n| CR1 | | = | | the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date; |\n| | | | | |\n| SP | | = | | the Last Reported Sale Price per share of Common Stock on the Trading Day immediately before such Ex-Dividend Date; and |\n| | | | | |\n| D | | = | | the cash amount distributed per share of Common Stock in such dividend or distribution; |", + "n_cols": 5, + "n_rows": 9, + "plain_text": "where: | | | | \n | | | | \nCR0 | | = | | the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution;\n | | | | \nCR1 | | = | | the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date;\n | | | | \nSP | | = | | the Last Reported Sale Price per share of Common Stock on the Trading Day immediately before such Ex-Dividend Date; and\n | | | | \nD | | = | | the cash amount distributed per share of Common Stock in such dividend or distribution;", + "rows": [ + [ + "where:", + "", + "", + "", + "" + ], + [ + "", + "", + "", + "", + "" + ], + [ + "CR0", + "", + "=", + "", + "the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution;" + ], + [ + "", + "", + "", + "", + "" + ], + [ + "CR1", + "", + "=", + "", + "the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date;" + ], + [ + "", + "", + "", + "", + "" + ], + [ + "SP", + "", + "=", + "", + "the Last Reported Sale Price per share of Common Stock on the Trading Day immediately before such Ex-Dividend Date; and" + ], + [ + "", + "", + "", + "", + "" + ], + [ + "D", + "", + "=", + "", + "the cash amount distributed per share of Common Stock in such dividend or distribution;" + ] + ], + "table_index": 9, + "table_kind": "data" + }, + "text": "where: | | | | \n | | | | \nCR0 | | = | | the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution;\n | | | | \nCR1 | | = | | the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date;\n | | | | \nSP | | = | | the Last Reported Sale Price per share of Common Stock on the Trading Day immediately before such Ex-Dividend Date; and\n | | | | \nD | | = | | the cash amount distributed per share of Common Stock in such dividend or distribution;" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b42", + "block_sequence": 42, + "block_sha256": "8374e926c1afd405f73279c82231b8e1a538c522b5339608784b734dbc83ebe3", + "block_type": "paragraph", + "char_count": 854, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 42, + "char_end": 854, + "char_start": 0, + "fragment_sha256": "5a324748c0a5643876a14f763ab7cab5fc5d8c701f776abc4e44f1d9b83f61bf", + "heading_path": [ + "Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", + "table": null, + "text": "provided, however, that if D is equal to or greater than SP, then, in lieu of the foregoing adjustment to the Conversion Rate, each Holder will receive, for each $1,000 principal amount of Notes held by such Holder on the Record Date for such dividend or distribution, at the same time and on the same terms as holders of Common Stock, and without having to convert its Notes, the amount of cash that such Holder would have received if such Holder had owned, on such Record Date, a number of shares of Common Stock equal to the Conversion Rate in effect on such Record Date. To the extent such dividend or distribution is declared but not made or paid, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only the dividend or distribution, if any, actually made or paid." + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b43", + "block_sequence": 43, + "block_sha256": "6b9e6d588d98b5d7f3ca7685ba56753727fc0f0d3201bd96c96c34ec212c7b1e", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 43, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "510a1c5e5a81fd49e307e2f36cb6e9e923a5e86c29c9356d3188d8de762548fe", + "heading_path": [ + "Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE." + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", + "table": null, + "text": "- 53 -" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b44", + "block_sequence": 44, + "block_sha256": "f510422260d2286eef28bf11f8badf5aac1f434aa578b45f7617afce0d2625d0", + "block_type": "paragraph", + "char_count": 778, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 44, + "char_end": 778, + "char_start": 0, + "fragment_sha256": "d16514488750c81e60fe15c83b65269ebd01b0fbb9b52f99d2c3f4e02feacc41", + "heading_path": [ + "Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE." + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", + "table": null, + "text": "(v) Tender Offers or Exchange Offers. If the Company or any of its Subsidiaries makes a payment in respect of a tender offer or exchange offer for shares of Common Stock (other than solely pursuant to an odd-lot tender offer pursuant to Rule 13e-4(h)(5) under the Exchange Act), and the value (determined as of the Expiration Time by the Board of Directors) of the cash and other consideration paid per share of Common Stock in such tender or exchange offer exceeds the Last Reported Sale Price per share of Common Stock on the Trading Day immediately after the last date (the \u0093Expiration Date\u0094) on which tenders or exchanges may be made pursuant to such tender or exchange offer (as it may be amended), then the Conversion Rate will be increased based on the following formula:" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b45", + "block_sequence": 45, + "block_sha256": "8d757acbe4e75c110fe45efddee5434bde94a87c6df8a72efcf2219972ce0902", + "block_type": "table", + "char_count": 1423, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 45, + "char_end": 1423, + "char_start": 0, + "fragment_sha256": "fb81d6ca4cc415ed3846c23ef93922cf2eb1818734c8c43f0d85467b904b3f37", + "heading_path": [ + "Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE." + ], + "table_index": 10, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.3, + "markdown": "| | | | | |\n| --- | --- | --- | --- | --- |\n| where: | | | | |\n| | | | | |\n| CR0 | | = | | the Conversion Rate in effect immediately before the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period for such tender or exchange offer; |\n| | | | | |\n| CR1 | | = | | the Conversion Rate in effect immediately after the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period; |\n| | | | | |\n| AC | | = | | the aggregate value (determined as of the time (the \u0093Expiration Time\u0094) such tender or exchange offer expires by the Board of Directors) of all cash and other consideration paid or payable for shares \u2026 |\n| | | | | |\n| OS0 | | = | | the number of shares of Common Stock outstanding immediately before the Expiration Time (including all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); |\n| | | | | |\n| OS1 | | = | | the number of shares of Common Stock outstanding immediately after the Expiration Time (excluding all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); and |\n| | | | | |\n| SP | | = | | the average of the Last Reported Sale Prices per share of Common Stock over the ten (10) consecutive Trading Day period (the \u0093Tender/Exchange Offer Valuation Period\u0094) beginning on, and including, the\u2026 |", + "n_cols": 5, + "n_rows": 13, + "plain_text": "where: | | | | \n | | | | \nCR0 | | = | | the Conversion Rate in effect immediately before the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period for such tender or exchange offer;\n | | | | \nCR1 | | = | | the Conversion Rate in effect immediately after the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period;\n | | | | \nAC | | = | | the aggregate value (determined as of the time (the \u0093Expiration Time\u0094) such tender or exchange offer expires by the Board of Directors) of all cash and other consideration paid or payable for shares of Common Stock purchased or exchanged in such tender or exchange offer;\n | | | | \nOS0 | | = | | the number of shares of Common Stock outstanding immediately before the Expiration Time (including all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer);\n | | | | \nOS1 | | = | | the number of shares of Common Stock outstanding immediately after the Expiration Time (excluding all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); and\n | | | | \nSP | | = | | the average of the Last Reported Sale Prices per share of Common Stock over the ten (10) consecutive Trading Day period (the \u0093Tender/Exchange Offer Valuation Period\u0094) beginning on, and including, the Trading Day immediately after the Expiration Date;", + "rows": [ + [ + "where:", + "", + "", + "", + "" + ], + [ + "", + "", + "", + "", + "" + ], + [ + "CR0", + "", + "=", + "", + "the Conversion Rate in effect immediately before the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period for such tender or exchange offer;" + ], + [ + "", + "", + "", + "", + "" + ], + [ + "CR1", + "", + "=", + "", + "the Conversion Rate in effect immediately after the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period;" + ], + [ + "", + "", + "", + "", + "" + ], + [ + "AC", + "", + "=", + "", + "the aggregate value (determined as of the time (the \u0093Expiration Time\u0094) such tender or exchange offer expires by the Board of Directors) of all cash and other consideration paid or payable for shares of Common Stock purchased or exchanged in such tender or exchange offer;" + ], + [ + "", + "", + "", + "", + "" + ], + [ + "OS0", + "", + "=", + "", + "the number of shares of Common Stock outstanding immediately before the Expiration Time (including all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer);" + ], + [ + "", + "", + "", + "", + "" + ], + [ + "OS1", + "", + "=", + "", + "the number of shares of Common Stock outstanding immediately after the Expiration Time (excluding all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); and" + ], + [ + "", + "", + "", + "", + "" + ], + [ + "SP", + "", + "=", + "", + "the average of the Last Reported Sale Prices per share of Common Stock over the ten (10) consecutive Trading Day period (the \u0093Tender/Exchange Offer Valuation Period\u0094) beginning on, and including, the Trading Day immediately after the Expiration Date;" + ] + ], + "table_index": 10, + "table_kind": "unknown" + }, + "text": "where: | | | | \n | | | | \nCR0 | | = | | the Conversion Rate in effect immediately before the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period for such tender or exchange offer;\n | | | | \nCR1 | | = | | the Conversion Rate in effect immediately after the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period;\n | | | | \nAC | | = | | the aggregate value (determined as of the time (the \u0093Expiration Time\u0094) such tender or exchange offer expires by the Board of Directors) of all cash and other consideration paid or payable for shares of Common Stock purchased or exchanged in such tender or exchange offer;\n | | | | \nOS0 | | = | | the number of shares of Common Stock outstanding immediately before the Expiration Time (including all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer);\n | | | | \nOS1 | | = | | the number of shares of Common Stock outstanding immediately after the Expiration Time (excluding all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); and\n | | | | \nSP | | = | | the average of the Last Reported Sale Prices per share of Common Stock over the ten (10) consecutive Trading Day period (the \u0093Tender/Exchange Offer Valuation Period\u0094) beginning on, and including, the Trading Day immediately after the Expiration Date;" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b46", + "block_sequence": 46, + "block_sha256": "a4deeb277a6b94ff674bfb0a95c0023968f6b5c9bbfbd4cb5733f3d63cfa0bb8", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 46, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "eb2add81a70280631cb1ba22d6fe170f4ecb9743b0a05c2be13f40a29d14301c", + "heading_path": [ + "Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE." + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", + "table": null, + "text": "- 54 -" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b47", + "block_sequence": 47, + "block_sha256": "e3244bb6b1412ad58ea1ae78ae72591166d5702cf7ab9333130702044c281a9c", + "block_type": "paragraph", + "char_count": 12093, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 47, + "char_end": 12093, + "char_start": 0, + "fragment_sha256": "8d6e1d6765ce305caed7c898459447ba6979089d2c940e34249978423dc0e5a2", + "heading_path": [ + "Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", + "table": null, + "text": "provided, however, that the Conversion Rate will in no event be adjusted down pursuant to this Section 5.05(A)(v), except to the extent provided in the immediately following paragraph. Notwithstanding anything to the contrary in this Section 5.05(A)(v), if any VWAP Trading Day of the Observation Period for a Note to be converted occurs during the Tender/Exchange Offer Valuation Period for such tender or exchange offer, then, solely for purposes of determining the Conversion Rate for such VWAP Trading Day for such conversion, such Tender/Exchange Offer Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and including, the Trading Day immediately after the Expiration Date for such tender or exchange offer to, and including, such VWAP Trading Day. To the extent such tender or exchange offer is announced but not consummated (including as a result of the Company being precluded from consummating such tender or exchange offer under applicable law), or any purchases or exchanges of shares of Common Stock in such tender or exchange offer are rescinded, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only the purchases or exchanges of shares of Common Stock, if any, actually made, and not rescinded, in such tender or exchange offer. (B) No Adjustments in Certain Cases. (i) Where Holders Participate in the Transaction or Event Without Conversion. Notwithstanding anything to the contrary in Section 5.05(A), the Company will not be obligated to adjust the Conversion Rate on account of a transaction or other event otherwise requiring an adjustment pursuant to Section 5.05(A) (other than a stock split or combination of the type set forth in Section 5.05(A)(i) or a tender or exchange offer of the type set forth in Section 5.05(A)(v)) if each Holder participates, at the same time and on the same terms as holders of Common Stock, and solely by virtue of being a Holder of Notes, in such transaction or event without having to convert such Holder\u0092s Notes and as if such Holder held a number of shares of Common Stock equal to the product of (i) the Conversion Rate in effect on the related Record Date; and (ii) the aggregate principal amount (expressed in thousands) of Notes held by such Holder on such date. (ii) Certain Events. The Company will not be required to adjust the Conversion Rate except as provided in Section 5.05 or Section 5.07. Without limiting the foregoing, the Company will not be obligated to adjust the Conversion Rate on account of: (1) except as otherwise provided in Section 5.05, the sale of shares of Common Stock for a purchase price that is less than the market price per share of Common Stock or less than the Conversion Price; (2) the issuance of any shares of Common Stock pursuant to any present or future plan providing for the reinvestment of dividends or interest payable on the Company\u0092s securities and the investment of additional optional amounts in shares of Common Stock under any such plan; (3) the issuance of any shares of Common Stock or options or rights to purchase shares of Common Stock pursuant to any present or future employee, director or consultant benefit plan or program of, or assumed by, the Company or any of its Subsidiaries; - 55 - (4) the issuance of any shares of Common Stock pursuant to any option, warrant, right or convertible or exchangeable security of the Company outstanding as of the Issue Date; (5) solely a change in the par value of the Common Stock; or (6) accrued and unpaid interest on the Notes. (C) If an adjustment to the Conversion Rate otherwise required by this Article 5 would result in a change of less than one percent (1%) to the Conversion Rate, then, notwithstanding anything to the contrary in this Article 5, the Company may, at its election, defer such adjustment, except that all such deferred adjustments must be given effect immediately upon the earliest of the following: (i) when all such deferred adjustments would result in an aggregate change of at least one percent (1%) to the Conversion Rate; (ii) the Conversion Date of, or any VWAP Trading Day of an Observation Period for, any Note; (iii) the effective date of a Fundamental Change or a Make-Whole Fundamental Change Effective Date; (iv) the date the Company calls any Notes for Redemption; and (v) February 15, 2026. (D) Adjustments Not Yet Effective. Notwithstanding anything to the contrary in this Indenture or the Notes, if: (i) a Note is to be converted pursuant to Combination Settlement; (ii) the Record Date, effective date or Expiration Time for any event that requires an adjustment to the Conversion Rate pursuant to Section 5.05(A) has occurred on or before any VWAP Trading Day in the Observation Period for such conversion, but an adjustment to the Conversion Rate for such event has not yet become effective as of such VWAP Trading Day; (iii) the Conversion Consideration due in respect of such VWAP Trading Day includes any whole or fractional shares of Common Stock; and (iv) such shares are not entitled to participate in such event (because they were not held on the related Record Date or otherwise), then, solely for purposes of such conversion, the Company will, without duplication, give effect to such adjustment on such VWAP Trading Day. In such case, if the date on which the Company is otherwise required to deliver the consideration due upon such conversion is before the first date on which the amount of such adjustment can be determined, then the Company will delay the settlement of such conversion until the second (2nd) Business Day after such first date. - 56 - (E) Conversion Rate Adjustments where Converting Holders Participate in the Relevant Transaction or Event. Notwithstanding anything to the contrary in this Indenture or the Notes, if: (i) a Conversion Rate adjustment for any dividend or distribution becomes effective on any Ex-Dividend Date pursuant to Section 5.05(A); (ii) a Note is to be converted pursuant to Combination Settlement; (iii) any VWAP Trading Day in the Observation Period for such conversion occurs on or after such Ex-Dividend Date and on or before the related Record Date; (iv) the Conversion Consideration due in respect of such VWAP Trading Day includes any whole or fractional shares of Common Stock based on a Conversion Rate that is adjusted for such dividend or distribution; and (v) such shares would be entitled to participate in such dividend or distribution (including pursuant to Section 5.02(C)), then the Conversion Rate adjustment relating to such Ex-Dividend Date will be made for such conversion in respect of such VWAP Trading Day, but the shares of Common Stock issuable with respect to such VWAP Trading Day based on such adjusted Conversion Rate will not be entitled to participate in such dividend or distribution. (F) Stockholder Rights Plans. If any shares of Common Stock are to be issued upon conversion of any Note and, at the time of such conversion, the Company has in effect any stockholder rights plan, then the Holder of such Note will be entitled to receive, in addition to, and concurrently with the delivery of, the Conversion Consideration otherwise payable under this Indenture upon such conversion, the rights set forth in such stockholder rights plan, unless such rights have separated from the Common Stock at such time, in which case, and only in such case, the Conversion Rate will be adjusted pursuant to Section 5.05(A)(iii)(1) on account of such separation as if, at the time of such separation, the Company had made a distribution of the type referred to in such Section to all holders of the Common Stock, subject to potential readjustment in accordance with the last paragraph of Section 5.05(A)(iii)(1). (G) Limitation on Effecting Transactions Resulting in Certain Adjustments. The Company will not engage in or be a party to any transaction or event that would require the Conversion Rate to be adjusted pursuant to Section 5.05(A) or Section 5.07 to an amount that would result in the Conversion Price per share of Common Stock being less than the par value per share of Common Stock. (H) Equitable Adjustments to Prices. Whenever any provision of this Indenture requires the Company to calculate the Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion Values, the Daily Cash Amounts or the Daily Share Amounts over a span of multiple days (including, without limitation, over an Observation Period and the period, if any, for determining the Stock Price for purposes of a Make-Whole Fundamental Change), the Company will, acting in good faith and in a commercially reasonable manner, make appropriate adjustments to such calculations to account for any adjustment to the Conversion Rate that - 57 - becomes effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date, effective date or Expiration Date, as applicable, of such event occurs, at any time during the period when the Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion Values, the Daily Cash Amounts or the Daily Share Amounts are to be calculated. (I) Calculation of Number of Outstanding Shares of Common Stock. For purposes of Section 5.05(A), the number of shares of Common Stock outstanding at any time will (i) include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock; and (ii) exclude shares of Common Stock held in the Company\u0092s treasury (unless the Company pays any dividend or makes any distribution on shares of Common Stock held in its treasury). (J) Calculations. All calculations with respect to the Conversion Rate and adjustments thereto will be made to the nearest 1/10,000th of a share of Common Stock (with 5/100,000ths rounded upward). (K) Notice of Conversion Rate Adjustments. Upon the effectiveness of any adjustment to the Conversion Rate pursuant to Section 5.05(A), the Company will promptly send notice to the Holders, the Trustee and the Conversion Agent containing (i) a brief description of the transaction or other event on account of which such adjustment was made; (ii) the Conversion Rate in effect immediately after such adjustment; and (iii) the effective time of such adjustment. Section 5.06. VOLUNTARY ADJUSTMENTS. (A) Generally. To the extent permitted by law and applicable stock exchange rules, the Company, from time to time, may (but is not required to) increase the Conversion Rate by any amount if (i) the Board of Directors determines that such increase is either (x) in the best interest of the Company; or (y) advisable to avoid or diminish any income tax imposed on holders of Common Stock or rights to purchase Common Stock as a result of any dividend or distribution of shares (or rights to acquire shares) of Common Stock or any similar event; (ii) such increase is in effect for a period of at least twenty (20) Business Days; and (iii) such increase is irrevocable during such period. (B) Notice of Voluntary Increases. If the Board of Directors determines to increase the Conversion Rate pursuant to Section 5.06(A), then, at least fifteen (15) Business Days before such increase, the Company will send notice to each Holder, the Trustee and the Conversion Agent of such increase, the amount thereof and the period during which such increase will be in effect. Section 5.07. ADJUSTMENTS TO THE CONVERSION RATE IN CONNECTION WITH A MAKE-WHOLE FUNDAMENTAL CHANGE. (A) Generally. If a Make-Whole Fundamental Change occurs and the Conversion Date for the conversion of a Note occurs during the related Make-Whole Fundamental Change Conversion Period, then, subject to this Section 5.07, the Conversion Rate applicable to such conversion will be increased by a number of shares (the \u0093Additional Shares\u0094) set forth in the table below corresponding (after interpolation as provided in, and subject to, the provisions below) to the Make-Whole Fundamental Change Effective Date and the Stock Price of such Make-Whole Fundamental Change: - 58 -" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b48", + "block_sequence": 48, + "block_sha256": "2fdf2c324a5edb1e7b60241ed7b0917eba1a2402bf2143e67a5a6c4156b7811e", + "block_type": "table", + "char_count": 1825, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 48, + "char_end": 1825, + "char_start": 0, + "fragment_sha256": "2f8e7f56c1f2e520cd1be43f2f7c845258b42c23c198f7fcb257b15965d80d24", + "heading_path": [ + "Section 5.05. 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"fragment_sha256": "b2abf3087150cc0259c953142476ed76dde74675a67324018cf35466fb37835b", + "heading_path": [ + "Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", + "table": null, + "text": "If such Make-Whole Fundamental Change Effective Date or Stock Price is not set forth in the table above, then: (i) if such Stock Price is between two Stock Prices in the table above or the Make-Whole Fundamental Change Effective Date is between two dates in the table above, then the number of Additional Shares will be determined by straight-line interpolation between the numbers of Additional Shares set forth for the higher and lower Stock Prices in the table above or the earlier and later dates in the table above, based on a 365- or 366-day year, as applicable; and (ii) if the Stock Price is greater than $80.00 (subject to adjustment in the same manner as the Stock Prices set forth in the column headings of the table above are adjusted pursuant to Section 5.07(B)), or less than $14.795 (subject to adjustment in the same manner), per share, then no Additional Shares will be added to the Conversion Rate. Notwithstanding anything to the contrary in this Indenture or the Notes, in no event will the Conversion Rate be increased to an amount that exceeds 67.5904 shares of Common Stock per $1,000 principal amount of Notes, which amount is subject to adjustment in the same manner as, and at the same time and for the same events for which, the Conversion Rate is required to be adjusted pursuant to Section 5.05(A). For the avoidance of doubt, but subject to Section 4.03(J), (x) the sending of a Redemption Notice will constitute a Make-Whole Fundamental Change only with respect to the Notes called for Redemption pursuant to such Redemption Notice, and not with respect to any other Notes; and (y) the Conversion Rate applicable to the Notes not so called for Redemption will not be subject to increase pursuant to this Section 5.07 on account of such Redemption Notice. (B) Adjustment of Stock Prices and Number of Additional Shares. The Stock Prices in the first row (i.e., the column headers) of the table set forth in Section 5.07(A) will be adjusted in the same manner as, and at the same time and for the same events for which, the Conversion Price is adjusted as a result of the operation of Section 5.05(A). The numbers of Additional Shares in the table set forth in Section 5.07(A) will be adjusted in the same manner as, and at the same time and for the same events for which, the Conversion Rate is adjusted pursuant to" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b50", + "block_sequence": 50, + "block_sha256": "0eca601f132a941e78bc3594df26877decf4d3c4074fbabfd45dd797c429e96e", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 50, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "28d5f43dcd088a15a4b82f8c82d68e2e9d71e8985e523d751b57d38c29c16a09", + "heading_path": [ + "Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE." + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", + "table": null, + "text": "- 59 -" + }, + { + "block_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b51", + "block_sequence": 51, + "block_sha256": "b215abe0c40a479ac87093b7fbb64636d6a4df9bdc1ba385a1c4208206419690", + "block_type": "paragraph", + "char_count": 73304, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", + "block_sequence": 51, + "char_end": 73304, + "char_start": 0, + "fragment_sha256": "13ef06c8379f75bdfda0cbb70dea0bb7dc27446bc28d30c805e962b1d09ef78f", + "heading_path": [ + "Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", + "table": null, + "text": "Section 5.05(A). (C) Notice of the Occurrence of a Make-Whole Fundamental Change. The Company will notify the Holders, the Trustee and the Conversion Agent of each Make-Whole Fundamental Change (i) occurring pursuant to clause (A) of the definition thereof in accordance with Section 5.01(C)(i)(3)(b); and (ii) occurring pursuant to clause (B) of the definition thereof in accordance with Section 4.03(G). Section 5.08. EXCHANGE IN LIEU OF CONVERSION. Notwithstanding anything to the contrary in this Article 5, and subject to the terms of this Section 5.08, if a Note is submitted for conversion, the Company may elect to arrange to have such Note exchanged in lieu of conversion by a financial institution designated by the Company. To make such election, the Company must send notice of such election to the Holder of such Note, the Trustee and the Conversion Agent before the Close of Business on the Business Day immediately following the Conversion Date for such Note. If the Company has made such election, then: (A) no later than the Business Day immediately following such Conversion Date, the Company must deliver (or cause the Conversion Agent to deliver) such Note, together with delivery instructions for the Conversion Consideration due upon such conversion (including wire instructions, if applicable), to a financial institution designated by the Company that has agreed to deliver such Conversion Consideration in the manner and at the time the Company would have had to deliver the same pursuant to this Article 5; (B) if such Note is a Global Note, then (i) such designated institution will send written confirmation to the Conversion Agent promptly after wiring the cash Conversion Consideration, if any, and delivering any other Conversion Consideration, due upon such conversion to the Holder of such Note; and (ii) the Conversion Agent will as soon as reasonably practicable thereafter contact such Holder\u0092s custodian with the Depositary to confirm receipt of the same; and (C) such Note will not cease to be outstanding by reason of such exchange in lieu of conversion; provided, however, that if such financial institution does not accept such Note or fails to timely deliver such Conversion Consideration, then the Company will be responsible for delivering such Conversion Consideration in the manner and at the time provided in this Article 5 as if the Company had not elected to make an exchange in lieu of conversion. Section 5.09. EFFECT OF COMMON STOCK CHANGE EVENT. (A) Generally. If there occurs any: (i) recapitalization, reclassification or change of the Common Stock (other than (x) changes solely resulting from a subdivision or combination of the Common Stock, (y) a change only in par value or from par value to no par value or no par value to par value and (z) stock splits and stock combinations that do not involve the issuance of any other series or class of securities); - 60 - (ii) consolidation, merger, combination or binding or statutory share exchange involving the Company; (iii) sale, lease or other transfer of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any Person; or (iv) other similar event, and, as a result of which, the Common Stock is converted into, or is exchanged for, or represents solely the right to receive, other securities, cash or other property, or any combination of the foregoing (such an event, a \u0093Common Stock Change Event,\u0094 and such other securities, cash or property, the \u0093Reference Property,\u0094 and the amount and kind of Reference Property that a holder of one (1) share of Common Stock would be entitled to receive on account of such Common Stock Change Event (without giving effect to any arrangement not to issue or deliver a fractional portion of any security or other property), a \u0093Reference Property Unit\u0094), then, notwithstanding anything to the contrary in this Indenture or the Notes, (1) from and after the effective time of such Common Stock Change Event, (I) the Conversion Consideration due upon conversion of any Note, and the conditions to any such conversion, will be determined in the same manner as if each reference to any number of shares of Common Stock in this Article 5 (or in any related definitions) were instead a reference to the same number of Reference Property Units; (II) for purposes of Section 4.03, each reference to any number of shares of Common Stock in such Section (or in any related definitions) will instead be deemed to be a reference to the same number of Reference Property Units; (III) for purposes of the definition of \u0093Record Date,\u0094 the term \u0093Common Stock\u0094 will be deemed to refer to any class of securities forming part of such Reference Property; and (IV) for purposes of the definitions of \u0093Fundamental Change\u0094 and \u0093Make-Whole Fundamental Change,\u0094 references to \u0093Common Stock\u0094 and the Company\u0092s \u0093Common Equity\u0094 will be deemed to refer to the Common Equity (including depositary receipts representing Common Equity), if any, forming part of such Reference Property; (2) if such Reference Property Unit consists entirely of cash, then (I) each conversion of any Note with a Conversion Date that occurs on or after the effective date of such Common Stock Change Event will be settled entirely in cash in an amount, per $1,000 principal amount of such Note being converted, equal to the product of (x) the Conversion Rate in effect on such Conversion Date (including, for the avoidance of doubt, any increase to such Conversion Rate pursuant to Section 5.07, if applicable); and (y) the amount of cash constituting such Reference Property Unit; and (II) the Company will settle each such conversion no later than the second (2nd) Business Day after the relevant Conversion Date; and - 61 - (3) for these purposes, (I) the Daily VWAP of any Reference Property Unit or portion thereof that consists of a class of Common Equity securities listed on a national securities exchange will be determined by reference to the definition of \u0093Daily VWAP,\u0094 substituting, if applicable, the Bloomberg page for such class of securities in such definition; and (II) the Daily VWAP of any Reference Property Unit or portion thereof that does not consist of a class of Common Equity securities listed on a national securities exchange, and the Last Reported Sale Price of any Reference Property Unit or portion thereof that does not consist of a class of securities, will be the fair value of such Reference Property Unit or portion thereof, as applicable, determined in good faith and in a commercially reasonable manner by the Company (or, in the case of cash denominated in U.S. dollars, the face amount thereof). If the Reference Property consists of more than a single type of consideration to be determined based in part upon any form of stockholder election, then the composition of the Reference Property Unit will be deemed to be the weighted average of the types and amounts of consideration actually received, per share of Common Stock, by the holders of Common Stock. The Company will notify Holders, the Trustee and the Conversion Agent of such weighted average as soon as practicable after such determination is made. At or before the effective time of such Common Stock Change Event, the Company and the resulting, surviving or transferee Person (if not the Company) of such Common Stock Change Event (the \u0093Successor Person\u0094) will execute and deliver to the Trustee a supplemental indenture pursuant to Section 8.01(F), which supplemental indenture will (x) provide for subsequent conversions of Notes in the manner set forth in this Section 5.09; (y) provide for subsequent adjustments to the Conversion Rate pursuant to Section 5.05(A) in a manner consistent with this Section 5.09; and (z) contain such other provisions, if any, that the Company determines in good faith and in a commercially reasonable manner are appropriate to preserve the economic interests of the Holders and to give effect to the provisions of this Section 5.09(A). If the Reference Property includes shares of stock or other securities or assets (other than cash) of a Person other than the Successor Person, then such other Person will also execute such supplemental indenture and such supplemental indenture will contain such additional provisions, if any, that the Company reasonably determines are appropriate to preserve the economic interests of the Holders. (B) Notice of Common Stock Change Events. The Company will provide notice of each Common Stock Change Event in the manner provided in Section 5.01(C)(i)(3)(b). (C) Compliance Covenant. The Company will not become a party to any Common Stock Change Event unless its terms are consistent with this Section 5.09. - 62 - Article 6. SUCCESSORS Section 6.01. WHEN THE COMPANY MAY MERGE, ETC. (A) Generally. The Company will not consolidate with or merge with or into, or (directly, or indirectly through one or more of its Subsidiaries) sell, lease or otherwise transfer, in one transaction or a series of transactions, all or substantially all of the consolidated assets of the Company and its Subsidiaries, taken as a whole, to another Person (a \u0093Business Combination Event\u0094), unless: (i) the resulting, surviving or transferee Person either (x) is the Company or (y) if not the Company, is a corporation (the \u0093Successor Corporation\u0094) duly organized and existing under the laws of the United States of America, any State thereof or the District of Columbia that expressly assumes (by executing and delivering to the Trustee, at or before the effective time of such Business Combination Event, a supplemental indenture pursuant to Section 8.01(E)) all of the Company\u0092s obligations under this Indenture and the Notes; and (ii) immediately after giving effect to such Business Combination Event, no Default or Event of Default will have occurred and be continuing. (B) Delivery of Officer\u0092s Certificate and Opinion of Counsel to the Trustee. Before the effective time of any Business Combination Event, the Company will deliver to the Trustee an Officer\u0092s Certificate and Opinion of Counsel, each stating that (i) such Business Combination Event (and, if applicable, the related supplemental indenture) comply with Section 6.01(A); and (ii) all conditions precedent to such Business Combination Event provided in this Indenture have been satisfied. Section 6.02. SUCCESSOR CORPORATION SUBSTITUTED. At the effective time of any Business Combination Event that complies with Section 6.01, the Successor Corporation (if not the Company) will succeed to, and may exercise every right and power of, the Company under this Indenture and the Notes with the same effect as if such Successor Corporation had been named as the Company in this Indenture and the Notes, and, except in the case of a lease, the predecessor Company will be discharged from its obligations under this Indenture and the Notes. Section 6.03. EXCLUSION FOR CERTAIN ASSET TRANSFERS. Notwithstanding anything to the contrary in this Article 6, this Article 6 will not apply to (i) any transfer of assets between or among the Company and any one or more of its Wholly Owned Subsidiaries not effected by merger or consolidation, (ii) sales or other transfers of residential real property and/or mortgage loans in the ordinary course of the Company\u0092s business or (iii) transfers to the Company\u0092s Subsidiaries in connection with bona fide financing transactions and equity transfers of the equity of the Company\u0092s Subsidiaries in connection with establishing bona fide financing vehicles. - 63 - Article 7. DEFAULTS AND REMEDIES Section 7.01. EVENTS OF DEFAULT. (A) Definition of Events of Default. \u0093Event of Default\u0094 means the occurrence of any of the following: (i) a default in the payment when due (whether at maturity, upon Redemption or upon Repurchase Upon Fundamental Change or otherwise) of the principal of, or the Redemption Price or Fundamental Change Repurchase Price for, any Note; (ii) a default for thirty (30) consecutive days in the payment when due of interest on any Note; (iii) the Company\u0092s failure to deliver, when required by this Indenture, a Fundamental Change Notice, or a notice pursuant to Section 5.01(C)(i)(3), if (in the case of any notice other than a notice pursuant to Section 5.01(C)(i)(3)(a)) such failure is not cured within five (5) days after its occurrence; (iv) a default in the Company\u0092s obligation to convert a Note in accordance with Article 5 upon the exercise of the conversion right with respect thereto, if such default is not cured within three (3) Business Days after its occurrence; (v) a default in the Company\u0092s obligations under Article 6; (vi) a default in any of the Company\u0092s obligations or agreements under this Indenture or the Notes (other than a default set forth in clause (i), (ii), (iii), (iv) or (v) of this Section 7.01(A)) where such default is not cured or waived within sixty (60) days after notice to the Company by the Trustee, or to the Company and the Trustee by Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding, which notice must specify such default, demand that it be remedied and state that such notice is a \u0093Notice of Default\u0094; (vii) a default by the Company or any of the Company\u0092s Subsidiaries with respect to any one or more mortgages, agreements or other instruments under which there is outstanding, or by which there is secured or evidenced, any indebtedness for money borrowed (other than (i) any non-recourse indebtedness for borrowed money (it being understood and agreed that limited recourse provisions in respect of the applicable financing assets, transaction structure or that otherwise are customary in transactions in which the primary recourse is to financing assets shall not cause indebtedness that is otherwise non-recourse indebtedness to constitute recourse indebtedness) or (ii) indebtedness of the Company\u0092s Subsidiaries if such Subsidiaries are special purpose entities that serve as a vehicle to obtain financing that is otherwise non-recourse to the Company and its other non-special purpose entity Subsidiaries (it being understood and agreed that limited recourse provisions in respect of the applicable financing assets, transaction structure or that otherwise are customary in transactions in which the primary recourse is to financing assets shall not cause indebtedness that is otherwise non-recourse indebtedness to constitute recourse indebtedness)) of at least $50,000,000 (or its foreign currency equivalent) in the aggregate of the Company or any of the Company\u0092s Subsidiaries, whether such indebtedness exists as of the Issue Date or is thereafter created, where such default: - 64 - (1) constitutes a failure to pay the principal of or interest on such indebtedness when due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, in each case after the expiration of any applicable grace period; or (2) results in such indebtedness becoming or being declared due and payable before its stated maturity, in each case where such default is not cured or waived within thirty (30) days after notice to the Company by the Trustee or to the Company and the Trustee by Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding; (viii) the Company or any of its Significant Subsidiaries, pursuant to or within the meaning of any Bankruptcy Law, either: (1) commences a voluntary case or proceeding; (2) consents to the entry of an order for relief against it in an involuntary case or proceeding; (3) consents to the appointment of a custodian of it or for any substantial part of its property; (4) makes a general assignment for the benefit of its creditors; (5) takes any comparable action under any foreign Bankruptcy Law; or (6) generally is not paying its debts as they become due; or (ix) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that either: (1) is for relief against the Company or any of its Significant Subsidiaries in an involuntary case or proceeding; (2) appoints a custodian of the Company or any of its Significant Subsidiaries, or for any substantial part of the property of the Company or any of its Significant Subsidiaries; (3) orders the winding up or liquidation of the Company or any of its Significant Subsidiaries; or (4) grants any similar relief under any foreign Bankruptcy Law, - 65 - and, in each case under this Section 7.01(A)(ix), such order or decree remains unstayed and in effect for at least sixty (60) days. (B) Cause Irrelevant. Each of the events set forth in Section 7.01(A) will constitute an Event of Default regardless of the cause thereof or whether voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. Section 7.02. ACCELERATION. (A) Automatic Acceleration in Certain Circumstances. If an Event of Default set forth in Section 7.01(A)(viii) or 7.01(A)(ix) occurs with respect to the Company (and not solely with respect to a Significant Subsidiary of the Company), then the principal amount of, and all accrued and unpaid interest on, all of the Notes then outstanding will immediately become due and payable without any further action or notice by any Person. (B) Optional Acceleration. Subject to Section 7.03, if an Event of Default (other than an Event of Default set forth in Section 7.01(A)(viii) or 7.01(A)(ix) with respect to the Company and not solely with respect to a Significant Subsidiary of the Company) occurs and is continuing, then the Trustee, by notice to the Company, or Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding, by notice to the Company and the Trustee, may declare the principal amount of, and all accrued and unpaid interest on, all of the Notes then outstanding to become due and payable immediately. (C) Rescission of Acceleration. Notwithstanding anything to the contrary in this Indenture or the Notes, the Holders of a majority in aggregate principal amount of the Notes then outstanding, by notice to the Company and the Trustee, may, on behalf of all Holders, rescind any acceleration of the Notes and its consequences if (i) such rescission would not conflict with any judgment or decree of a court of competent jurisdiction; and (ii) all existing Events of Default (except the non-payment of principal of, or interest on, the Notes that has become due solely because of such acceleration) have been cured or waived. No such rescission will affect any subsequent Default or impair any right consequent thereto. Section 7.03. SOLE REMEDY FOR A FAILURE TO REPORT. (A) Generally. Notwithstanding anything to the contrary in this Indenture or the Notes, the Company may elect that the sole remedy for any Event of Default (a \u0093Reporting Event of Default\u0094) pursuant to Section 7.01(A)(vi) arising from the Company\u0092s failure to comply with Section 3.02 will, for each of the first one hundred and eighty (180) calendar days on which a Reporting Event of Default has occurred and is continuing, consist exclusively of the accrual of Special Interest on the Notes. If the Company has made such an election, then (i) the Notes will be subject to acceleration pursuant to Section 7.02 on account of the relevant Reporting Event of Default from, and including, the one hundred and eighty first (181st) calendar day on which a Reporting Event of Default has occurred and is continuing or if the Company fails to pay any accrued and unpaid Special Interest when due; and (ii) Special Interest will cease to accrue on any Notes from, and including, such one hundred and eighty first (181st) calendar day (it being understood that interest on any defaulted Special Interest will nonetheless accrue pursuant to Section 2.05(B)). - 66 - (B) Amount and Payment of Special Interest. Any Special Interest that accrues on a Note pursuant to Section 7.03(A) will be payable on the same dates and in the same manner as the Stated Interest on such Note and will accrue at a rate per annum equal to one half of one percent (0.50%) of the principal amount thereof; provided, however, that in no event will Special Interest payable at the Company\u0092s election for its failure to comply with its reporting obligations as set forth in Section 3.02(A), together with any Additional Interest that may accrue as a result of the Company\u0092s failure to timely file any document or report that it is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (other than reports on Form 8-K) pursuant to Section 3.04(A), accrue on any day on a Note at a combined rate per annum that exceeds one percent (1.00%). For the avoidance of doubt, any Special Interest that accrues on a Note will be in addition to the Stated Interest that accrues on such Note and, subject to the proviso of the immediately preceding sentence, in addition to any Additional Interest that accrues on such Note. (C) Notice of Election. To make the election set forth in Section 7.03(A), the Company must send to the Holders and the Trustee before the date on which each Reporting Event of Default first occurs, a notice that (i) briefly describes the report(s) that the Company failed to file with the SEC; (ii) states that the Company is electing that the sole remedy for such Reporting Event of Default consist of the accrual of Special Interest; and (iii) briefly describes the periods during which and rate at which Special Interest will accrue and the circumstances under which the Notes will be subject to acceleration on account of such Reporting Event of Default. (D) Notice to Trustee and Paying Agent; Trustee\u0092s Disclaimer. If Special Interest accrues on any Note, then, no later than five (5) Business Days before each date on which such Special Interest is to be paid, the Company will deliver an Officer\u0092s Certificate to the Trustee and the Paying Agent stating (i) that the Company is obligated to pay Special Interest on such Note on such date of payment; and (ii) the amount of such Special Interest that is payable on such date of payment. The Trustee will have no duty to determine whether any Special Interest is payable or the amount thereof. (E) No Effect on Other Events of Default. No election pursuant to this Section 7.03 with respect to a Reporting Event of Default will affect the rights of any Holder with respect to any other Event of Default, including with respect to any other Reporting Event of Default. Section 7.04. OTHER REMEDIES. (A) Trustee May Pursue All Remedies. If an Event of Default occurs and is continuing, then the Trustee may pursue any available remedy to collect the payment of any amounts due with respect to the Notes or to enforce the performance of any provision of this Indenture or the Notes. (B) Procedural Matters. The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in such proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy following an Event of Default will not impair the right or remedy or constitute a waiver of, or acquiescence in, such Event of Default. All remedies will be cumulative to the extent permitted by law. - 67 - Section 7.05. WAIVER OF PAST DEFAULTS. An Event of Default pursuant to clause (i), (ii), (iv) or (vi) of Section 7.01(A) (that, in the case of clause (vi) only, results from a Default under any covenant that cannot be amended without the consent of each affected Holder), and a Default that could lead to such an Event of Default, can be waived only with the consent of each affected Holder. Each other Default or Event of Default may be waived, on behalf of all Holders, by the Holders of a majority in aggregate principal amount of the Notes then outstanding. If an Event of Default is so waived, then it will cease to exist. If a Default is so waived, then it will be deemed to be cured and any Event of Default arising therefrom will be deemed not to occur. However, no such waiver will extend to any subsequent or other Default or Event of Default or impair any right arising therefrom. Section 7.06. CONTROL BY MAJORITY. Holders of a majority in aggregate principal amount of the Notes then outstanding may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law, this Indenture or the Notes, or that, subject to Section 10.01, the Trustee determines may be unduly prejudicial to the rights of other Holders or may involve the Trustee in liability, unless the Trustee is offered security and indemnity satisfactory to the Trustee against any loss, liability or expense to the Trustee that may result from the Trustee\u0092s following such direction. Section 7.07. LIMITATION ON SUITS. No Holder may pursue any remedy with respect to this Indenture or the Notes (except to enforce (x) its rights to receive the principal of, or the Redemption Price or Fundamental Change Repurchase Price for, or interest on, any Notes; or (y) the Company\u0092s obligations to convert any Notes pursuant to Article 5), unless: (A) such Holder has previously delivered to the Trustee notice that an Event of Default is continuing; (B) Holders of at least twenty five percent (25%) in aggregate principal amount of the Notes then outstanding deliver a written request to the Trustee to pursue such remedy; (C) such Holder or Holders offer and, if requested, provide to the Trustee security and indemnity satisfactory to the Trustee against any loss, liability or expense to the Trustee that may result from the Trustee\u0092s following such request; (D) the Trustee does not comply with such request within sixty (60) calendar days after its receipt of such request and such offer of security or indemnity; and - 68 - (E) during such sixty (60) calendar day period, Holders of a majority in aggregate principal amount of the Notes then outstanding do not deliver to the Trustee a direction that is inconsistent with such request. A Holder of a Note may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder. The Trustee will have no duty to determine whether any Holder\u0092s use of this Indenture complies with the preceding sentence. Section 7.08. ABSOLUTE RIGHT OF HOLDERS TO INSTITUTE SUIT FOR THE ENFORCEMENT OF THE RIGHT TO RECEIVE PAYMENT AND CONVERSION CONSIDERATION. Notwithstanding anything to the contrary in this Indenture or the Notes (but without limiting Section 8.01), the right of each Holder of a Note to bring suit for the enforcement of any payment or delivery, as applicable, of the principal of, or the Redemption Price or Fundamental Change Repurchase Price for, or any interest on, or the Conversion Consideration due pursuant to Article 5 upon conversion of, such Note on or after the respective due dates therefor provided in this Indenture and the Notes, will not be impaired or affected without the consent of such Holder. Section 7.09. COLLECTION SUIT BY TRUSTEE. The Trustee will have the right, upon the occurrence and continuance of an Event of Default pursuant to clause (i), (ii) or (iv) of Section 7.01(A), to recover judgment in its own name and as trustee of an express trust against the Company for the total unpaid or undelivered principal of, or Redemption Price or Fundamental Change Repurchase Price for, or interest on, or Conversion Consideration due pursuant to Article 5 upon conversion of, the Notes, as applicable, and, to the extent lawful, any Default Interest on any Defaulted Amounts, and such further amounts sufficient to cover the costs and expenses of collection, including compensation provided for in Section 10.06. Section 7.10. TRUSTEE MAY FILE PROOFS OF CLAIM. The Trustee has the right to (A) file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes) or its creditors or property and (B) collect, receive and distribute any money or other property payable or deliverable on any such claims. Each Holder authorizes any custodian in such proceeding to make such payments to the Trustee, and, if the Trustee consents to the making of such payments directly to the Holders, to pay to the Trustee any amount due to the Trustee for the reasonable compensation, expenses, disbursements and advances of the Trustee, and its agents and counsel, and any other amounts payable to the Trustee pursuant to Section 10.06. To the extent that the payment of any such compensation, expenses, disbursements, advances and other amounts out of the estate in such proceeding, is denied for any reason, payment of the same will be secured by a lien (senior to the rights of Holders) on, and will be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding (whether in liquidation or under any plan of reorganization or arrangement or otherwise). Nothing in this Indenture will be deemed to authorize the Trustee to authorize, consent to, accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. - 69 - Section 7.11. PRIORITIES. The Trustee will pay or deliver in the following order any money or other property that it collects pursuant to this Article 7: First: to the Trustee and its agents and attorneys for amounts due under Section 10.06, including payment of all fees, compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; Second: to Holders for unpaid amounts or other property due on the Notes, including the principal of, or the Redemption Price or Fundamental Change Repurchase Price for, or any interest on, or any Conversion Consideration due upon conversion of, the Notes, ratably, and without preference or priority of any kind, according to such amounts or other property due and payable on all of the Notes; and Third: to the Company or such other Person as a court of competent jurisdiction directs. The Trustee may fix a record date and payment date for any payment or delivery to the Holders pursuant to this Section 7.11, in which case the Trustee will instruct the Company to, and the Company will, deliver, at least fifteen (15) calendar days before such record date, to each Holder and the Trustee a notice stating such record date, such payment date and the amount of such payment or nature of such delivery, as applicable. Section 7.12. UNDERTAKING FOR COSTS. In any suit for the enforcement of any right or remedy under this Indenture or the Notes or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court, in its discretion, may (A) require the filing by any litigant party in such suit of an undertaking to pay the costs of such suit; and (B) assess reasonable costs (including reasonable attorneys\u0092 fees) against any litigant party in such suit, having due regard to the merits and good faith of the claims or defenses made by such litigant party; provided, however, that this Section 7.12 does not apply to any suit by the Trustee, any suit by a Holder pursuant to Section 7.08 or any suit by one or more Holders of more than ten percent (10%) in aggregate principal amount of the Notes then outstanding. - 70 - Article 8. AMENDMENTS, SUPPLEMENTS AND WAIVERS Section 8.01. WITHOUT THE CONSENT OF HOLDERS. Notwithstanding anything to the contrary in Section 8.02, the Company and the Trustee may amend or supplement this Indenture or the Notes without the consent of any Holder to: (A) cure any ambiguity or correct any omission, defect or inconsistency in this Indenture or the Notes; (B) add guarantees with respect to the Company\u0092s obligations under this Indenture or the Notes; (C) secure the Notes; (D) add to the Company\u0092s covenants or Events of Default for the benefit of the Holders or surrender any right or power conferred on the Company; (E) provide for the assumption of the Company\u0092s obligations under this Indenture and the Notes pursuant to, and in compliance with, Article 6; (F) enter into supplemental indentures pursuant to, and in accordance with, Section 5.09 in connection with a Common Stock Change Event; (G) irrevocably elect or eliminate any Settlement Method or Specified Dollar Amount; provided, however, that (i) no such election or elimination will affect any Settlement Method theretofore elected (or deemed to be elected) with respect to any Note pursuant to Section 5.03(A); and (ii) such irrevocable election or elimination can in no event result in a Specified Dollar Amount of less than $1,000 per $1,000 principal amount of Notes applying to the conversion of any Note; (H) evidence or provide for the acceptance of the appointment, under this Indenture, of a successor Trustee; (I) conform the provisions of this Indenture and the Notes to the \u0093Description of Notes\u0094 section of the Company\u0092s preliminary offering memorandum, dated August 16, 2021, as supplemented by the related pricing term sheet, dated August 17, 2021; (J) provide for or confirm the issuance of additional Notes pursuant to Section 2.03(B); (K) comply with any requirement of the SEC in connection with any qualification of this Indenture or any supplemental indenture under the Trust Indenture Act, as then in effect; or (L) make any other change to this Indenture or the Notes that does not, individually or in the aggregate with all other such changes, adversely affect the rights of the Holders, as such, in any material respect. - 71 - At the written request of any Holder of a Note or owner of a beneficial interest in a Global Note, the Company will provide a copy of the \u0093Description of Notes\u0094 section and pricing term sheet referred to in Section 8.01(I). Section 8.02. WITH THE CONSENT OF HOLDERS. (A) Generally. Subject to Sections 8.01, 7.05 and 7.08 and the immediately following sentence, the Company and the Trustee may, with the consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding, amend or supplement this Indenture or the Notes or waive compliance with any provision of this Indenture or the Notes. Notwithstanding anything to the contrary in the foregoing sentence, but subject to Section 8.01, without the consent of each affected Holder, no amendment or supplement to this Indenture or the Notes, or waiver of any provision of this Indenture or the Notes, may: (i) reduce the principal, or change the stated maturity, of any Note; (ii) reduce the Redemption Price or Fundamental Change Repurchase Price for any Note or change the times at which, or the circumstances under which, the Notes may or will be redeemed or repurchased by the Company; (iii) reduce the rate, or extend the time for the payment, of interest on any Note; (iv) make any change that adversely affects the conversion rights of any Note; (v) impair the rights of any Holder set forth in Section 7.08 (as such section is in effect on the Issue Date); (vi) change the ranking of the Notes; (vii) make any Note payable in money, or at a place of payment, other than that stated in this Indenture or the Note; (viii) reduce the amount of Notes whose Holders must consent to any amendment, supplement, waiver or other modification; or (ix) make any direct or indirect change to any amendment, supplement, waiver or modification provision of this Indenture or the Notes that requires the consent of each affected Holder. For the avoidance of doubt, pursuant to clauses (i), (ii), (iii) and (iv) of this Section 8.02(A), no amendment or supplement to this Indenture or the Notes, or waiver of any provision of this Indenture or the Notes, may change the amount or type of consideration due on any Note (whether on an Interest Payment Date, Redemption Date, Fundamental Change Repurchase Date or the Maturity Date or upon conversion, or otherwise), or the date(s) or time(s) such consideration is payable or deliverable, as applicable, without the consent of each affected Holder. Holders do not need to approve the particular form of any proposed amendment. It will be sufficient if such Holders approve the substance of the proposed amendment. - 72 - (B) Holders Need Not Approve the Particular Form of any Amendment. A consent of any Holder pursuant to this Section 8.02 need approve only the substance, and not necessarily the particular form, of the proposed amendment, supplement or waiver. Section 8.03. NOTICE OF AMENDMENTS, SUPPLEMENTS AND WAIVERS. As soon as reasonably practicable after any amendment, supplement or waiver pursuant to Section 8.01 or 8.02 becomes effective, the Company will send to the Holders and the Trustee notice that (A) describes the substance of such amendment, supplement or waiver in reasonable detail and (B) states the effective date thereof; provided, however, that the Company will not be required to provide such notice to the Holders if such amendment, supplement or waiver is included in a periodic report filed by the Company with the SEC within four (4) Business Days of its effectiveness. The failure to send, or the existence of any defect in, such notice will not impair or affect the validity of such amendment, supplement or waiver. Section 8.04. REVOCATION, EFFECT AND SOLICITATION OF CONSENTS; SPECIAL RECORD DATES; ETC. (A) Revocation and Effect of Consents. The consent of a Holder of a Note to an amendment, supplement or waiver will bind (and constitute the consent of) each subsequent Holder of any Note to the extent the same evidences any portion of the same indebtedness as the consenting Holder\u0092s Note, subject to the right of any Holder of a Note to revoke (if not prohibited pursuant to Section 8.04(B)) any such consent with respect to such Note by delivering notice of revocation to the Trustee before the time such amendment, supplement or waiver becomes effective. (B) Special Record Dates. The Company may, but is not required to, fix a record date for the purpose of determining the Holders entitled to consent or take any other action in connection with any amendment, supplement or waiver pursuant to this Article 8. If a record date is fixed, then, notwithstanding anything to the contrary in Section 8.04(A), only Persons who are Holders as of such record date (or their duly designated proxies) will be entitled to give such consent, to revoke any consent previously given or to take any such action, regardless of whether such Persons continue to be Holders after such record date; provided, however, that no such consent will be valid or effective for more than one hundred and twenty (120) calendar days after such record date. (C) Solicitation of Consents. For the avoidance of doubt, each reference in this Indenture or the Notes to the consent of a Holder will be deemed to include any such consent obtained in connection with a repurchase of, or tender or exchange offer for, any Notes. (D) Effectiveness and Binding Effect. Each amendment, supplement or waiver pursuant to this Article 8 will become effective in accordance with its terms and, when it becomes effective with respect to any Note (or any portion thereof), will thereafter bind every Holder of such Note (or such portion). - 73 - Section 8.05. NOTATIONS AND EXCHANGES. If any amendment, supplement or waiver changes the terms of a Note, then the Trustee or the Company may, in its discretion, require the Holder of such Note to deliver such Note to the Trustee so that the Trustee may place an appropriate notation prepared by the Company on such Note and return such Note to such Holder. Alternatively, at its discretion, the Company may, in exchange for such Note, issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, a new Note that reflects the changed terms. The failure to make any appropriate notation or issue a new Note pursuant to this Section 8.05 will not impair or affect the validity of such amendment, supplement or waiver. Section 8.06. TRUSTEE TO EXECUTE SUPPLEMENTAL INDENTURES. The Trustee will execute and deliver any amendment or supplemental indenture authorized pursuant to this Article 8; provided, however, that the Trustee need not (but may, in its sole and absolute discretion) execute or deliver any such amendment or supplemental indenture that the Trustee concludes adversely affects the Trustee\u0092s rights, duties, liabilities or immunities. In executing any amendment or supplemental indenture, the Trustee will be entitled to receive, and (subject to Sections 10.01 and 10.02) will be fully protected in relying on, an Officer\u0092s Certificate and an Opinion of Counsel stating that (A) the execution and delivery of such amendment or supplemental indenture is authorized or permitted by this Indenture; and (B) in the case of the Opinion of Counsel, such amendment or supplemental indenture is valid, binding and enforceable against the Company in accordance with its terms. Article 9. SATISFACTION AND DISCHARGE Section 9.01. TERMINATION OF COMPANY\u0092S OBLIGATIONS. This Indenture will be discharged, and will cease to be of further effect as to all Notes issued under this Indenture, when: (A) all Notes then outstanding (other than Notes replaced pursuant to Section 2.13) have (i) been delivered to the Trustee for cancellation; or (ii) become due and payable (whether on a Redemption Date, a Fundamental Change Repurchase Date, the Maturity Date, upon conversion or otherwise) for an amount of cash or Conversion Consideration, as applicable, that has been fixed; (B) the Company has caused there to be irrevocably deposited with the Trustee, or with the Paying Agent (or, with respect to Conversion Consideration, the Conversion Agent), in each case for the benefit of the Holders, or has otherwise caused there to be delivered to the Holders, cash (or, with respect to Notes to be converted, Conversion Consideration) sufficient to satisfy all amounts or other property due on all Notes then outstanding (other than Notes replaced pursuant to Section 2.13); (C) the Company has paid all other amounts payable by it under this Indenture; and (D) the Company has delivered to the Trustee an Officer\u0092s Certificate and an Opinion of Counsel, each stating that the conditions precedent to the discharge of this Indenture have been satisfied; - 74 - provided, however, that Article 10 and Section 11.01 will survive such discharge and, until no Notes remain outstanding, Section 2.15 and the obligations of the Trustee, the Paying Agent and the Conversion Agent with respect to money or other property deposited with them will survive such discharge. At the Company\u0092s request, the Trustee will acknowledge the satisfaction and discharge of this Indenture. Section 9.02. REPAYMENT TO COMPANY. Subject to applicable unclaimed property law, the Trustee, the Paying Agent and the Conversion Agent will promptly notify the Company if there exists (and, at the Company\u0092s request, promptly deliver to the Company) any cash, Conversion Consideration or other property held by any of them for payment or delivery on the Notes that remain unclaimed two (2) years after the date on which such payment or delivery was due. After such delivery to the Company, the Trustee, the Paying Agent and the Conversion Agent will have no further liability to any Holder with respect to such cash, Conversion Consideration or other property, and Holders entitled to the payment or delivery of such cash, Conversion Consideration or other property must look to the Company for payment as a general creditor of the Company. Section 9.03. REINSTATEMENT. If the Trustee, the Paying Agent or the Conversion Agent is unable to apply any cash or other property deposited with it pursuant to Section 9.01 because of any legal proceeding or any order or judgment of any court or other governmental authority that enjoins, restrains or otherwise prohibits such application, then the discharge of this Indenture pursuant to Section 9.01 will be rescinded; provided, however, that if the Company thereafter pays or delivers any cash or other property due on the Notes to the Holders thereof, then the Company will be subrogated to the rights of such Holders to receive such cash or other property from the cash or other property, if any, held by the Trustee, the Paying Agent or the Conversion Agent, as applicable. Article 10. TRUSTEE Section 10.01. DUTIES OF THE TRUSTEE. (A) If an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person\u0092s own affairs. (B) Except during the continuance of an Event of Default: (i) the duties of the Trustee will be determined solely by the express provisions of this Indenture, and the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations will be read into this Indenture against the Trustee; and - 75 - (ii) in the absence of bad faith or willful misconduct on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon Officer\u0092s Certificates or Opinions of Counsel that are provided to the Trustee and conform to the requirements of this Indenture. However, the Trustee will examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. (C) The Trustee may not be relieved from liabilities for its negligence, bad faith or willful misconduct, except that: (i) this paragraph will not limit the effect of Section 10.01(B); (ii) the Trustee will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and (iii) the Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 7.06. (D) Each provision of this Indenture that in any way relates to the Trustee is subject to clauses (A), (B) and (C) of this Section 10.01, regardless of whether such provision so expressly provides. (E) No provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability. (F) The Trustee will not be liable for interest on any money received by it, except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds, except to the extent required by law. (G) Whether or not therein provided, every provision of this Indenture relating to the conduct or affecting the liability of, or affording protection to, the Trustee will be subject to the provisions of this Section 10.01. (H) The permissive rights of the Trustee enumerated herein will not be construed as duties. (I) The Trustee will not be required to give any bond or surety in respect of the execution of this Indenture or otherwise. (J) Unless a Responsible Officer of the Trustee has received notice from the Company that Additional Interest is owing on the Notes or that the Company has elected to pay Special Interest on the Notes, the Trustee may assume no Additional Interest or Special Interest, as applicable, is payable. - 76 - (K) The rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified, are extended to, and will be enforceable by, the Trustee in each of its capacities under this Indenture, including as Note Agent. (L) The Trustee will not be charged with knowledge of any document or agreement other than this Indenture and the Notes. Section 10.02. RIGHTS OF THE TRUSTEE. (A) The Trustee may conclusively rely on any document that it believes to be genuine and signed or presented by the proper Person, and the Trustee need not investigate any fact or matter stated in such document. (B) Before the Trustee acts or refrains from acting, it may require an Officer\u0092s Certificate, an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officer\u0092s Certificate or Opinion of Counsel. The Trustee may consult with counsel; and the written advice of such counsel, or any Opinion of Counsel, will constitute full and complete authorization of the Trustee to take or omit to take any action in good faith in reliance thereon without liability. (C) The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any such agent appointed with due care. (D) The Trustee will not be liable for any action it takes or omits to take in good faith and that it believes to be authorized or within the rights or powers vested in it by this Indenture. (E) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company will be sufficient if signed by an Officer of the Company. (F) The Trustee need not exercise any rights or powers vested in it by this Indenture at the request or direction of any Holder unless such Holder has offered the Trustee security or indemnity satisfactory to the Trustee against any loss, liability or expense that it may incur in complying with such request or direction. (G) The Trustee will not be responsible or liable for any punitive, special, indirect or consequential loss or damage (including lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. Section 10.03. INDIVIDUAL RIGHTS OF THE TRUSTEE. The Trustee, in its individual or any other capacity, may become the owner or pledgee of any Note and may otherwise deal with the Company or any of its Affiliates with the same rights that it would have if it were not Trustee; provided, however, that if the Trustee acquires a \u0093conflicting interest\u0094 (within the meaning of Section 310(b) of the Trust Indenture Act), then it must eliminate such conflict within ninety (90) days or resign as Trustee. Each Note Agent will have the same rights and duties as the Trustee under this Section 10.03. - 77 - Section 10.04. TRUSTEE\u0092S DISCLAIMER. The Trustee will not be (A) responsible for, and makes no representation as to, the validity or adequacy of this Indenture or the Notes; (B) accountable for the Company\u0092s use of the proceeds from the Notes or any money paid to the Company or upon the Company\u0092s direction under any provision of this Indenture; (C) responsible for the use or application of any money received by any Paying Agent other than the Trustee; and (D) responsible for any statement or recital in this Indenture, the Notes or any other document relating to the sale of the Notes or this Indenture, other than the Trustee\u0092s certificate of authentication. Section 10.05. NOTICE OF DEFAULTS. If a Default or Event of Default occurs and is continuing and is known to a Responsible Officer of the Trustee, then the Trustee will send Holders a notice of such Default or Event of Default within ninety (90) days after it occurs or, if it is not known to the Trustee at such time, promptly (and in any event within ten (10) Business Days) after it becomes known to a Responsible Officer; provided, however, that, except in the case of a Default or Event of Default in the payment of the principal of, or interest on, any Note, or a default in the payment or delivery of the Conversion Consideration due upon conversion, the Trustee may withhold such notice if and for so long as it in good faith determines that withholding such notice is in the interests of the Holders. The Trustee will not be deemed to have notice or be charged with knowledge of any Default or Event of Default unless written notice thereof has been received by a Responsible Officer, and such notice references the Notes and this Indenture and states on its face that a Default or Event of Default has occurred. Section 10.06. COMPENSATION AND INDEMNITY. (A) The Company will, from time to time, pay the Trustee reasonable compensation for its acceptance of this Indenture and services under this Indenture, as separately agreed by the Company and the Trustee. The Trustee\u0092s compensation will not be limited by any law on compensation of a trustee of an express trust. In addition to the compensation for the Trustee\u0092s services, the Company will reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it under this Indenture, including the reasonable compensation, disbursements and expenses of the Trustee\u0092s agents and counsel. (B) The Company will indemnify the Trustee (in each of its capacities) and its directors, officers, employees and agents, in their capacities as such, against any and all losses, liabilities or expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Company (including this Section 10.06) and defending itself against any claim (whether asserted by the Company, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties under this Indenture, except to the extent any such loss, liability or expense is attributable to its negligence, bad faith or willful misconduct, as determined by a final decision of a court of competent jurisdiction. The Trustee will promptly notify the Company of any claim for which it may seek indemnity, but the Trustee\u0092s failure to so notify the Company will not relieve the Company of its obligations under this Section 10.06(B), except to the extent the Company is materially prejudiced by such failure. - 78 - The Company will defend such claim, and the Trustee will cooperate in such defense. If the Trustee is advised by counsel that it may have defenses available to it that are in conflict with the defenses available to the Company, or that there is an actual or potential conflict of interest, then the Trustee may retain separate counsel, and the Company will pay the reasonable fees and expenses of such counsel (including the reasonable fees and expenses of counsel to the Trustee incurred in evaluating whether such a conflict exists). The Company need not pay for any settlement of any such claim made without its consent, which consent will not be unreasonably withheld. (C) The obligations of the Company under this Section 10.06 will survive the resignation or removal of the Trustee and the discharge of this Indenture. (D) To secure the Company\u0092s payment obligations in this Section 10.06, the Trustee will have a lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal of, or interest on, particular Notes, which lien will survive the discharge of this Indenture. (E) If the Trustee incurs expenses or renders services after an Event of Default pursuant to clause (viii) or (ix) of Section 7.01(A) occurs, then such expenses and the compensation for such services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. Section 10.07. REPLACEMENT OF THE TRUSTEE. (A) Notwithstanding anything to the contrary in this Section 10.07, a resignation or removal of the Trustee, and the appointment of a successor Trustee, will become effective only upon such successor Trustee\u0092s acceptance of appointment as provided in this Section 10.07. (B) The Trustee may resign at any time and be discharged from the trust created by this Indenture by so notifying the Company. The Holders of a majority in aggregate principal amount of the Notes then outstanding may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if: (i) the Trustee fails to comply with Section 10.09; (ii) the Trustee is adjudged to be bankrupt or insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law; (iii) a custodian or public officer takes charge of the Trustee or its property; or (iv) the Trustee becomes incapable of acting. (C) If the Trustee resigns or is removed, or if a vacancy exists in the office of the Trustee for any reason, then (i) the Company will promptly appoint a successor Trustee; and (ii) at any time within one (1) year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the Notes then outstanding may appoint a successor Trustee to replace such successor Trustee appointed by the Company. - 79 - (D) If a successor Trustee does not take office within sixty (60) days after the retiring Trustee resigns or is removed, then the retiring Trustee, the Company or the Holders of at least ten percent (10%) in aggregate principal amount of the Notes then outstanding may petition any court of competent jurisdiction for the appointment of a successor Trustee. (E) If the Trustee, after written request by a Holder of at least six (6) months, fails to comply with Section 10.09, then such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. (F) A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company, upon which notice the resignation or removal of the retiring Trustee will become effective and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will send notice of its succession to Holders. The retiring Trustee will, upon payment of all amounts due to it under this Indenture, promptly transfer all property held by it as Trustee to the successor Trustee, which property will, for the avoidance of doubt, be subject to the lien provided for in Section 10.06(D). Section 10.08. SUCCESSOR TRUSTEE BY MERGER, ETC. If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, then such corporation will become the successor Trustee without any further act. Section 10.09. ELIGIBILITY; DISQUALIFICATION. There will at all times be a Trustee under this Indenture that is a corporation organized and doing business under the laws of the United States of America or of any state thereof, that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $100.0 million as set forth in its most recent published annual report of condition. Article 11. MISCELLANEOUS Section 11.01. NOTICES. Any notice or communication by the Company or the Trustee to the other will be deemed to have been duly given if in writing and delivered in person or by first class mail (registered or certified, return receipt requested), facsimile transmission, electronic transmission or other similar means of unsecured electronic communication or overnight air courier guaranteeing next day delivery, or to the other\u0092s address, which initially is as follows: If to the Company: Opendoor Technologies Inc. 410 N. Scottsdale Road, Suite 1600 Tempe, AZ 85281 Attention: Chief Financial Officer - 80 - with a copy (which will not constitute notice) to: Opendoor Technologies Inc. 410 N. Scottsdale Road, Suite 1600 Tempe, AZ 85281 Attention: Head of Legal Email: legal@opendoor.com If to the Trustee: U.S. Bank National Association West Side Flats 60 Livingston Avenue Saint Paul, MN 55107 EP-MN-WS3C Attention: Joshua A. Hahn Email: joshua.hahn@usbank.com The Company or the Trustee, by notice to the other, may designate additional or different addresses (including facsimile numbers and electronic addresses) for subsequent notices or communications. All notices and communications (other than those sent to Holders) will be deemed to have been duly given: (A) at the time delivered by hand, if personally delivered; (B) five (5) Business Days after being deposited in the mail, postage prepaid, if mailed; (C) when receipt acknowledged, if transmitted by facsimile, electronic transmission or other similar means of unsecured electronic communication; and (D) the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. The Trustee shall not have any duty to confirm that the person sending any notice, instruction or other communication by electronic transmission (including by e-mail, facsimile transmission, web portal or other electronic methods) is, in fact, a person authorized to do so. Electronic signatures believed by the Trustee to comply with the ESIGN Act of 2000 or other applicable law (including electronic images of handwritten signatures and digital signatures provided by DocuSign, Orbit, Adobe Sign or any other digital signature provider acceptable to the Trustee) shall be deemed original signatures for all purposes. Each other party assumes all risks arising out of the use of electronic signatures and electronic methods to send communications to the Trustee, including without limitation the risk of the Trustee acting on an unauthorized communication, and the risk of interception or misuse by third parties. Notwithstanding the foregoing, the Trustee may in any instance and in its sole discretion require that an original document bearing a manual signature be delivered to the Trustee in lieu of, or in addition to, any such electronic communication. All notices or communications required to be made to a Holder pursuant to this Indenture must be made in writing and will be deemed to be duly sent or given in writing if mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery, to its address shown on the Register; provided, however, that a notice or communication to a Holder of a Global Note shall instead be sent pursuant to the Depositary Procedures (in which case, such notice will be deemed to be duly sent or given in writing). The failure to send a notice or communication to a Holder, or any defect in such notice or communication, will not affect its sufficiency with respect to any other Holder. - 81 - If the Trustee is then acting as the Depositary\u0092s custodian for the Notes, then, at the reasonable request of the Company to the Trustee, the Trustee will cause any notice prepared by the Company to be sent to any Holder(s) pursuant to the Depositary Procedures, provided such request is evidenced in a Company Order delivered, together with the text of such notice, to the Trustee at least two (2) Business Days before the date such notice is to be so sent. For the avoidance of doubt, such Company Order need not be accompanied by an Officer\u0092s Certificate or Opinion of Counsel. The Trustee will not have any liability relating to the contents of any notice that it sends to any Holder pursuant to any such Company Order. If a notice or communication is mailed or sent in the manner provided above within the time prescribed, it will be deemed to have been duly given, whether or not the addressee receives it. Notwithstanding anything to the contrary in this Indenture or the Notes, (A) whenever any provision of this Indenture requires a party to send notice to another party, no such notice need be sent if the sending party and the recipient are the same Person acting in different capacities; and (B) whenever any provision of this Indenture requires a party to send notice to more than one receiving party, and each receiving party is the same Person acting in different capacities, then only one such notice need be sent to such Person. Section 11.02. DELIVERY OF OFFICER\u0092S CERTIFICATE AND OPINION OF COUNSEL AS TO CONDITIONS PRECEDENT. Upon any request or application by the Company to the Trustee to take any action under this Indenture (other than the initial authentication of Notes under this Indenture), the Company will furnish to the Trustee: (A) an Officer\u0092s Certificate in form and substance reasonably satisfactory to the Trustee that complies with Section 11.03 and states that, in the opinion of the signatory thereto, all conditions precedent and covenants, if any, provided for in this Indenture relating to such action have been satisfied; and (B) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee that complies with Section 11.03 and states that, in the opinion of such counsel, all such conditions precedent and covenants, if any, have been satisfied. Section 11.03. STATEMENTS REQUIRED IN OFFICER\u0092S CERTIFICATE AND OPINION OF COUNSEL. Each Officer\u0092s Certificate (other than an Officer\u0092s Certificate pursuant to Section 3.05) or Opinion of Counsel with respect to compliance with a covenant or condition provided for in this Indenture will include: (A) a statement that the signatory thereto has read such covenant or condition; (B) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained therein are based; - 82 - (C) a statement that, in the opinion of such signatory, he, she or it has made such examination or investigation as is necessary to enable him, her or it to express an informed opinion as to whether or not such covenant or condition has been satisfied; and (D) a statement as to whether, in the opinion of such signatory, such covenant or condition has been satisfied. Section 11.04. RULES BY THE TRUSTEE, THE REGISTRAR, THE PAYING AGENT AND CONVERSION AGENT. The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar, Paying Agent or Conversion Agent may make reasonable rules and set reasonable requirements for its functions. Section 11.05. NO PERSONAL LIABILITY OF DIRECTORS, OFFICERS, EMPLOYEES AND STOCKHOLDERS. No past, present or future director, officer, employee, incorporator or stockholder of the Company, as such, will have any liability for any obligations of the Company under this Indenture or the Notes or for any claim based on, in respect of, or by reason of, such obligations or their creation. By accepting any Note, each Holder waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes. Section 11.06. GOVERNING LAW; WAIVER OF JURY TRIAL. THIS INDENTURE AND THE NOTES, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE OR THE NOTES, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY AND THE TRUSTEE IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED BY THIS INDENTURE OR THE NOTES. Section 11.07. SUBMISSION TO JURISDICTION. Any legal suit, action or proceeding arising out of or based upon this Indenture or the transactions contemplated by this Indenture may be instituted in the federal courts of the United States of America located in the City of New York or the courts of the State of New York, in each case located in the City of New York (collectively, the \u0093Specified Courts\u0094), and each party irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail (to the extent allowed under any applicable statute or rule of court) to such party\u0092s address set forth in Section 11.01 will be effective service of process for any such suit, action or proceeding brought in any such court. Each of the Company, the Trustee and each Holder (by its acceptance of any Note) irrevocably and unconditionally waives any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waives and agrees not to plead or claim any such suit, action or other proceeding has been brought in an inconvenient forum. - 83 - Section 11.08. NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS. Neither this Indenture nor the Notes may be used to interpret any other indenture, note, loan or debt agreement of the Company or its Subsidiaries or of any other Person, and no such indenture, note, loan or debt agreement may be used to interpret this Indenture or the Notes. Section 11.09. SUCCESSORS. All agreements of the Company in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will bind its successors. Section 11.10. FORCE MAJEURE. The Trustee and each Note Agent will not incur any liability for not performing any act or fulfilling any duty, obligation or responsibility under this Indenture or the Notes by reason of any occurrence beyond its control (including any act or provision of any present or future law or regulation or governmental authority, act of God or war, civil unrest, local or national disturbance or disaster, act of terrorism or unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication facility). Section 11.11. U.S.A. PATRIOT ACT. The Company acknowledges that, in accordance with Section 326 of the U.S.A. PATRIOT Act, the Trustee, like all financial institutions, in order to help fight the funding of terrorism and money laundering, is required to obtain, verify and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The Company agrees to provide the Trustee with such information as it may request to enable the Trustee to comply with the U.S.A. PATRIOT Act. Section 11.12. CALCULATIONS. Except as otherwise provided in this Indenture, the Company will be responsible for making all calculations called for under this Indenture or the Notes, including determinations of the Last Reported Sale Price, the Daily Conversion Value, the Daily Cash Amount, the Daily Share Amount, accrued interest on the Notes, any Additional Interest or Special Interest on the Notes and the Conversion Rate. The Trustee shall not be responsible for verifying such calculations. The Company will make all calculations in good faith, and, absent manifest error, its calculations will be final and binding on all Holders. The Company will provide a schedule of its calculations to the Trustee and the Conversion Agent, and each of the Trustee and the Conversion Agent may rely conclusively on the accuracy of the Company\u0092s calculations without independent verification. The Trustee will promptly forward a copy of each such schedule to a Holder upon its written request therefor. - 84 - Section 11.13. SEVERABILITY. If any provision of this Indenture or the Notes is invalid, illegal or unenforceable, then the validity, legality and enforceability of the remaining provisions of this Indenture or the Notes will not in any way be affected or impaired thereby. Section 11.14. COUNTERPARTS. The parties may sign any number of copies of this Indenture. Each signed copy will be an original, and all of them together represent the same agreement. Delivery of an executed counterpart of this Indenture by facsimile, electronically in portable document format or in any other format will be effective as delivery of a manually executed counterpart. Section 11.15. TABLE OF CONTENTS, HEADINGS, ETC. The table of contents and the headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions of this Indenture. Section 11.16. WITHHOLDING TAXES. Each Holder of a Note agrees that if the Company or other applicable withholding agent pays withholding taxes or backup withholding on behalf of such Holder or a beneficial owner as a result of an adjustment or the non-occurrence of an adjustment to the Conversion Rate, then the Company or such withholding agent, as applicable, may, at its option, set off such payments against payments of cash or the delivery of other Conversion Consideration on such Note, any payments on the Common Stock or sales proceeds received by, or other funds or assets of, such Holder or the beneficial owner of such Note. 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Capitalized terms used in this Note without definition have the respective meanings ascribed to them in the Indenture. The Indenture sets forth the rights and obligations of the Company, the Trustee and the Holders and the terms of the Notes. Notwithstanding anything to the contrary in this Note, to the extent that any provision of this Note conflicts with the provisions of the Indenture, the provisions of the Indenture will control. 1. Interest. This Note will accrue interest at a rate and in the manner set forth in Section 2.05 of the Indenture. Stated Interest on this Note will begin to accrue from, and including, August 20, 2021. 2. Maturity. This Note will mature on August 15, 2026, unless earlier repurchased, redeemed or converted. 3. Method of Payment. Cash amounts due on this Note will be paid in the manner set forth in Section 2.04 of the Indenture. 4. Persons Deemed Owners. The Holder of this Note will be treated as the owner of this Note for all purposes. 5. Denominations; Transfers and Exchanges. All Notes will be in registered form, without coupons, in principal amounts equal to any Authorized Denominations. Subject to the terms of the Indenture, the Holder of this Note may transfer or exchange this Note by presenting it to the Registrar and delivering any required documentation or other materials. 6. Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change. If a Fundamental Change occurs, then each Holder will have the right to require the Company to repurchase such Holder\u0092s Notes (or any portion thereof in an Authorized Denomination) for cash in the manner, and subject to the terms, set forth in Section 4.02 of the Indenture. 7. Right of the Company to Redeem the Notes. The Company will have the right to redeem the Notes for cash in the manner, and subject to the terms, set forth in Section 4.03 of the Indenture. 8. Conversion. The Holder of this Note may convert this Note into Conversion Consideration in the manner, and subject to the terms, set forth in Article 5 of the Indenture. A-4 9. When the Company May Merge, Etc. Article 6 of the Indenture places limited restrictions on the Company\u0092s ability to be a party to a Business Combination Event. 10. Defaults and Remedies. If an Event of Default occurs, then the principal amount of, and all accrued and unpaid interest on, all of the Notes then outstanding may (and, in certain circumstances, will automatically) become due and payable in the manner, and subject to the terms, set forth in Article 7 of the Indenture. 11. Amendments, Supplements and Waivers. The Company and the Trustee may amend or supplement the Indenture or the Notes or waive compliance with any provision of the Indenture or the Notes in the manner, and subject to the terms, set forth in Section 7.05 and Article 8 of the Indenture. 12. No Personal Liability of Directors, Officers, Employees and Stockholders. No past, present or future director, officer, employee, incorporator or stockholder of the Company, as such, will have any liability for any obligations of the Company under the Indenture or the Notes or for any claim based on, in respect of, or by reason of, such obligations or their creation. By accepting any Note, each Holder waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes. 13. Authentication. No Note will be valid until it is authenticated by the Trustee. A Note will be deemed to be duly authenticated only when an authorized signatory of the Trustee (or a duly appointed authenticating agent) manually signs the certificate of authentication of such Note. 14. Abbreviations. Customary abbreviations may be used in the name of a Holder or its assignee, such as TEN COM (tenants in common), TEN ENT (tenants by the entireties), JT TEN (joint tenants with right of survivorship and not as tenants in common), CUST (custodian), and U/G/M/A (Uniform Gift to Minors Act). 15. Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. * * * To request a copy of the Indenture, which the Company will provide to any Holder at no charge, please send a written request to the following address: Opendoor Technologies Inc. 410 N. 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Definitions; Rules of Construction | | | 1 | | | |\n| | | | | | | |\n| Section 1.01. | | Definitions | | | 1 | |\n| Section 1.02. | | Other Definitions | | | 13 | |\n| Section 1.03. | | Rules of Construction | | | 13 | |\n| | | | | | | |\n| Article 2. The Notes | | | 14 | | | |\n| | | | | | | |\n| Section 2.01. | | Form, Dating and Denominations | | | 14 | |\n| Section 2.02. | | Execution, Authentication and Delivery | | | 15 | |\n| Section 2.03. | | Initial Notes and Additional Notes | | | 15 | |\n| Section 2.04. | | Method of Payment | | | 16 | |\n| Section 2.05. | | Accrual of Interest; Defaulted Amounts; When Payment Date is Not a Business Day | | | 17 | |\n| Section 2.06. | | Registrar, Paying Agent and Conversion Agent | | | 17 | |\n| Section 2.07. | | Paying Agent and Conversion Agent to Hold Property in Trust | | | 18 | |\n| Section 2.08. | | Holder Lists | | | 18 | |\n| Section 2.09. | | Legends | | | 19 | |\n| Section 2.10. | | Transfers and Exchanges; Certain Transfer Restrictions. | | | 20 | |\n| Section 2.11. | | Exchange and Cancellation of Notes to Be Converted or to Be Repurchased Pursuant to a Repurchase Upon Fundamental Change or Redemption | | | 25 | |\n| Section 2.12. | | Removal of Transfer Restrictions | | | 26 | |\n| Section 2.13. | | Replacement Notes | | | 26 | |\n| Section 2.14. | | Registered Holders; Certain Rights with Respect to Global Notes | | | 26 | |\n| Section 2.15. | | Cancellation | | | 27 | |\n| Section 2.16. | | Notes Held by the Company or its Affiliates | | | 27 | |\n| Section 2.17. | | Temporary Notes | | | 27 | |\n| Section 2.18. | | Outstanding Notes | | | 27 | |\n| Section 2.19. | | Repurchases by the Company | | | 28 | |\n| Section 2.20. | | CUSIP and ISIN Numbers | | | 28 | |\n| | | | | | | |\n| Article 3. Covenants | | | 28 | | | |\n| | | | | | | |\n| Section 3.01. | | Payment on Notes | | | 28 | |\n| Section 3.02. | | Exchange Act Reports | | | 29 | |\n| Section 3.03. | | Rule 144A Information | | | 29 | |\n| Section 3.04. | | Additional Interest | | | 29 | |\n| Section 3.05. | | Compliance and Default Certificates | | | 30 | |\n| Section 3.06. | | Stay, Extension and Usury Laws | | | 31 | |\n| Section 3.07. | | Acquisition of Notes by the Company and its Affiliates | | | 31 | |\n| | | | | | | |\n| Article 4. Repurchase and Redemption | | | 31 | | | |\n| | | | | | | |\n| Section 4.01. | | No Sinking Fund | | | 31 | |\n| Section 4.02. | | Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change | | | 31 | |\n| Section 4.03. | | Right of the Company to Redeem the Notes | | | 36 | |"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b8"], "char_count": 5, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ebae15fcc485f41fe662c8f681e2175796fd7c4ba88eaa9d8b9fa5732cd0c7a3", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": ["short_passage"], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 8, "char_end": 5, "char_start": 0, "fragment_sha256": "fbd25b979a3107bcfaf98482bfdbf2b8eb68535ff184846afd9a2ee281d27f3c", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "p"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "- i -"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b9"], "char_count": 2922, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a4dbe8469031c60d21325a3fe414152ee5717f3dea49e90a4f0214fbcaf8bb6a", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 9, "char_end": 2667, "char_start": 0, "fragment_sha256": "437314aa8cdff6c79ebcbfdba45cf97acebb01c871670bd45c961cb3ec0545b6", "heading_path": ["TABLE OF CONTENTS"], "table_index": 1, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p5", "passage_kind": "table", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b9", "text": "| | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| Article 5. Conversion | | | 38 | | | |\n| | | | | | | |\n| Section 5.01. | | Right to Convert | | | 38 | |\n| Section 5.02. | | Conversion Procedures | | | 42 | |\n| Section 5.03. | | Settlement Upon Conversion | | | 44 | |\n| Section 5.04. | | Reserve and Status of Common Stock Issued Upon Conversion | | | 47 | |\n| Section 5.05. | | Adjustments to the Conversion Rate | | | 47 | |\n| Section 5.06. | | Voluntary Adjustments | | | 58 | |\n| Section 5.07. | | Adjustments to the Conversion Rate in Connection with a Make-Whole Fundamental Change | | | 58 | |\n| Section 5.08. | | Exchange in Lieu of Conversion | | | 60 | |\n| Section 5.09. | | Effect of Common Stock Change Event | | | 60 | |\n| | | | | | | |\n| Article 6. Successors | | | 63 | | | |\n| | | | | | | |\n| Section 6.01. | | When the Company May Merge, Etc. | | | 63 | |\n| Section 6.02. | | Successor Corporation Substituted | | | 63 | |\n| Section 6.03. | | Exclusion for Asset Transfers with Wholly Owned Subsidiaries | | | 63 | |\n| | | | | | | |\n| Article 7. Defaults and Remedies | | | 64 | | | |\n| | | | | | | |\n| Section 7.01. | | Events of Default | | | 64 | |\n| Section 7.02. | | Acceleration | | | 66 | |\n| Section 7.03. | | Sole Remedy for a Failure to Report | | | 66 | |\n| Section 7.04. | | Other Remedies | | | 67 | |\n| Section 7.05. | | Waiver of Past Defaults | | | 68 | |\n| Section 7.06. | | Control by Majority | | | 68 | |\n| Section 7.07. | | Limitation on Suits | | | 68 | |\n| Section 7.08. | | Absolute Right of Holders to Institute Suit for the Enforcement of the Right to Receive Payment and Conversion Consideration | | | 69 | |\n| Section 7.09. | | Collection Suit by Trustee | | | 69 | |\n| Section 7.10. | | Trustee May File Proofs of Claim | | | 69 | |\n| Section 7.11. | | Priorities | | | 70 | |\n| Section 7.12. | | Undertaking for Costs | | | 70 | |\n| | | | | | | |\n| Article 8. Amendments, Supplements and Waivers | | | 71 | | | |\n| | | | | | | |\n| Section 8.01. | | Without the Consent of Holders | | | 71 | |\n| Section 8.02. | | With the Consent of Holders | | | 72 | |\n| Section 8.03. | | Notice of Amendments, Supplements and Waivers | | | 73 | |\n| Section 8.04. | | Revocation, Effect and Solicitation of Consents; Special Record Dates; Etc. | | | 73 | |\n| Section 8.05. | | Notations and Exchanges | | | 74 | |\n| Section 8.06. | | Trustee to Execute Supplemental Indentures | | | 74 | |\n| | | | | | | |\n| Article 9. Satisfaction and Discharge | | | 74 | | | |\n| | | | | | | |\n| Section 9.01. | | Termination of Company’s Obligations | | | 74 | |\n| Section 9.02. | | Repayment to Company | | | 75 | |\n| Section 9.03. | | Reinstatement | | | 75 | |"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b10"], "char_count": 6, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "642f291157458d04e177fc39203387f6ac23dd20e5834f062b6f4882dbae5966", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": ["short_passage"], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 10, "char_end": 6, "char_start": 0, "fragment_sha256": "5c8aaa96369a7193cde51c25adc97fe88755ee28c79ff10476ed37518d5cc819", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "p"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "- ii -"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b11"], "char_count": 2015, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "4700a8aef27bc69310aa0bf5f5f054bba6785389945e998244681d71e2f3065d", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 11, "char_end": 1824, "char_start": 0, "fragment_sha256": "53e0cfec975928cac7f8647aaf8b90169e567d7d062d5f81652328691939deb3", "heading_path": ["TABLE OF CONTENTS"], "table_index": 2, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p7", "passage_kind": "table", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b11", "text": "| | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| Article 10. Trustee | | | 75 | | | |\n| | | | | | | |\n| Section 10.01. | | Duties of the Trustee | | | 75 | |\n| Section 10.02. | | Rights of the Trustee | | | 77 | |\n| Section 10.03. | | Individual Rights of the Trustee | | | 77 | |\n| Section 10.04. | | Trustee’s Disclaimer | | | 78 | |\n| Section 10.05. | | Notice of Defaults | | | 78 | |\n| Section 10.06. | | Compensation and Indemnity | | | 78 | |\n| Section 10.07. | | Replacement of the Trustee | | | 79 | |\n| Section 10.08. | | Successor Trustee by Merger, Etc. | | | 80 | |\n| Section 10.09. | | Eligibility; Disqualification | | | 80 | |\n| | | | | | | |\n| Article 11. Miscellaneous | | | 80 | | | |\n| | | | | | | |\n| Section 11.01. | | Notices | | | 80 | |\n| Section 11.02. | | Delivery of Officer’s Certificate and Opinion of Counsel as to Conditions Precedent | | | 82 | |\n| Section 11.03. | | Statements Required in Officer’s Certificate and Opinion of Counsel | | | 82 | |\n| Section 11.04. | | Rules by the Trustee, the Registrar and the Paying Agent | | | 83 | |\n| Section 11.05. | | No Personal Liability of Directors, Officers, Employees and Stockholders | | | 83 | |\n| Section 11.06. | | Governing Law; Waiver of Jury Trial | | | 83 | |\n| Section 11.07. | | Submission to Jurisdiction | | | 83 | |\n| Section 11.08. | | No Adverse Interpretation of Other Agreements | | | 84 | |\n| Section 11.09. | | Successors | | | 84 | |\n| Section 11.10. | | Force Majeure | | | 84 | |\n| Section 11.11. | | U.S.A. PATRIOT Act | | | 84 | |\n| Section 11.12. | | Calculations | | | 84 | |\n| Section 11.13. | | Severability | | | 85 | |\n| Section 11.14. | | Counterparts | | | 85 | |\n| Section 11.15. | | Table of Contents, Headings, Etc. | | | 85 | |\n| Section 11.16. | | Withholding Taxes | | | 85 | |\n| Section 11.17. | | Trust Indenture Act Controls | | | 85 | |"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b12"], "char_count": 8, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9e6825a29f60f70bee500eb3140510bb49a5319c574bcfc8397778a7be81f334", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": ["short_passage"], "form": "8-K", "heading_path": ["TABLE OF 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"sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "INDENTURE, dated as of August 20, 2021, between Opendoor Technologies Inc., a Delaware corporation, as issuer (the “Company”), and U.S. Bank National Association, as trustee (the “Trustee”). Each party to this Indenture (as defined below) agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders (as defined below) of the Company’s 0.25% Convertible Senior Notes due 2026. Article 1. DEFINITIONS; RULES OF CONSTRUCTION Section 1.01."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b15"], "char_count": 4113, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d93a11d0660b90e7e3bcaed7218b2f725f79a69508ffae69e3b15754b69d8dbb", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 15, "char_end": 4594, "char_start": 481, "fragment_sha256": "cf47d9ad27bf4b5f209aecd78593a9423bc952f6a2a2515ade395101fcc57afe", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "DEFINITIONS. “Additional Interest” means any interest that accrues on any Note pursuant to Section 3.04. “Affiliate” has the meaning set forth in Rule 144 as in effect on the Issue Date. “Authorized Denomination” means, with respect to a Note, a principal amount thereof equal to a minimum of $1,000 or any integral multiple of $1,000 in excess thereof. “Bankruptcy Law” means Title 11, United States Code, or any similar U.S. federal or state or non-U.S. law for the relief of debtors. “Bid Solicitation Agent” means the Person who is required to obtain bids for the Trading Price in accordance with Section 5.01(C)(i)(2) and the definition of “Trading Price.” The initial Bid Solicitation Agent on the Issue Date will be the Company; provided, however, that the Company may appoint any other Person (including any of the Company’s Subsidiaries) to be the Bid Solicitation Agent at any time after the Issue Date without prior notice. “Board of Directors” means the board of directors of the Company or a committee of such board duly authorized to act on behalf of such board. “Business Day” means any day other than a Saturday, a Sunday or any day on which the Federal Reserve Bank of New York is authorized or required by law or executive order to close or be closed. “Capital Stock” of any Person means any and all shares of, interests in, rights to purchase, warrants or options for, participations in, or other equivalents of, in each case however designated, the equity of such Person, but excluding any debt securities convertible into such equity. “Close of Business” means 5:00 p.m., New York City time. “Common Equity” of any Person means Capital Stock of such Person that is generally entitled (i) to vote in the election of directors of such Person or (ii) if such Person is not a corporation, to vote or otherwise participate in the selection of the governing body, partners, managers or others that will control the management or policies of such Person. - 1 - “Common Stock” means the common stock, $0.0001 par value per share, of the Company, subject to Section 5.09. “Company” means the Person named as such in the first paragraph of this Indenture and, subject to Article 6, its successors and assigns. “Company Order” means a written request or order signed on behalf of the Company by one (1) of its Officers and delivered to the Trustee. “Conversion Date” means, with respect to a Note, the first Business Day on which the requirements set forth in Section 5.02(A) to convert such Note are satisfied. “Conversion Price” means, as of any time, an amount equal to (A) one thousand dollars ($1,000) divided by (B) the Conversion Rate in effect at such time. “Conversion Rate” initially means 51.9926 shares of Common Stock per $1,000 principal amount of Notes; provided, however, that the Conversion Rate is subject to adjustment pursuant to Article 5; provided, further, that whenever this Indenture refers to the Conversion Rate as of a particular date without setting forth a particular time on such date, such reference will be deemed to be to the Conversion Rate immediately after the Close of Business on such date. “Conversion Share” means any share of Common Stock issued or issuable upon conversion of any Note. “Daily Cash Amount” means, with respect to any VWAP Trading Day, the lesser of (A) the applicable Daily Maximum Cash Amount; and (B) the Daily Conversion Value for such VWAP Trading Day. “Daily Conversion Value” means, with respect to any VWAP Trading Day, one-thirtieth of the product of (A) the Conversion Rate on such VWAP Trading Day; and (B) the Daily VWAP per share of Common Stock on such VWAP Trading Day. “Daily Maximum Cash Amount” means, with respect to the conversion of any Note, the quotient obtained by dividing (A) the Specified Dollar Amount applicable to such conversion by (B) 30. “Daily Share Amount” means, with respect to any VWAP Trading Day, the quotient obtained by dividing (A) the excess, if any, of the Daily Conversion Value for such VWAP Trading Day over the applicable Daily Maximum Cash Amount by (B) the Daily VWAP for such VWAP Trading Day."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b15"], "char_count": 3010, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "cbdd0d1a3ecd1e2f64f409cc88c4e9172b3c8047e052395bcdd0778c7bb9c162", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 15, "char_end": 7604, "char_start": 4594, "fragment_sha256": "cf47d9ad27bf4b5f209aecd78593a9423bc952f6a2a2515ade395101fcc57afe", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p13", "passage_kind": "narrative", "passage_sequence": 13, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "For the avoidance of doubt, the Daily Share Amount will be zero for such VWAP Trading Day if such Daily Conversion Value does not exceed such Daily Maximum Cash Amount. - 2 - “Daily VWAP” means, for any VWAP Trading Day, the per share volume-weighted average price of the Common Stock as displayed under the heading “Bloomberg VWAP” on Bloomberg page “OPEN AQR” (or, if such page is not available, its equivalent successor page) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such VWAP Trading Day (or, if such volume-weighted average price is unavailable, the market value of one share of Common Stock on such VWAP Trading Day, determined, using a volume-weighted average price method, by a nationally recognized independent investment banking firm selected by the Company, which may include any of the Initial Purchasers). The Daily VWAP will be determined without regard to after-hours trading or any other trading outside of the regular trading session. “Default” means any event that is (or, after notice, passage of time or both, would be) an Event of Default. “Default Settlement Method” means Combination Settlement with a Specified Dollar Amount of $1,000 per $1,000 principal amount of Notes; provided, however, that (x) subject to Section 5.03(A)(iii), the Company may, from time to time, change the Default Settlement Method, to any Settlement Method that the Company is then permitted to elect, by sending notice of the new Default Settlement Method to the Holders, the Trustee and the Conversion Agent; and (y) the Default Settlement Method will be subject to Section 5.03(A)(ii). “Depositary” means The Depository Trust Company or its successor. “Depositary Participant” means any member of, or participant in, the Depositary. “Depositary Procedures” means, with respect to any conversion, transfer, exchange or other transaction involving a Global Note or any beneficial interest therein, the rules and procedures of the Depositary applicable to such conversion, transfer, exchange or transaction. “Effective date”, in relation to a stock split or stock combination, means the first date on which the shares of Common Stock trade on the relevant stock exchange, regular way, reflecting the relevant stock split or stock combination, as applicable. “Ex-Dividend Date” means, with respect to an issuance, dividend or distribution on the Common Stock, the first date on which shares of Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such issuance, dividend or distribution (including pursuant to due bills or similar arrangements required by the relevant stock exchange). For the avoidance of doubt, any alternative trading convention on the applicable exchange or market in respect of the Common Stock under a separate ticker symbol or CUSIP number will not be considered “regular way” for this purpose. “Exchange Act” means the U.S."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b15"], "char_count": 1336, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e734f1b15d080a553e132fc7b6f23b59a2c69108b12e009e75465a68320fd12d", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 15, "char_end": 8940, "char_start": 7604, "fragment_sha256": "cf47d9ad27bf4b5f209aecd78593a9423bc952f6a2a2515ade395101fcc57afe", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p14", "passage_kind": "narrative", "passage_sequence": 14, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "Securities Exchange Act of 1934, as amended. “Exempted Fundamental Change” means any Fundamental Change with respect to which, in accordance with Section 4.02(I), the Company does not offer to repurchase any Notes. - 3 - “Freely Tradable” means, with respect to any security of the Company, that such security would be eligible to be offered, sold or otherwise transferred pursuant to Rule 144 if held by a person that is not an Affiliate of the Company, and that has not been an Affiliate of the Company during the immediately preceding three months, without any requirements as to volume, manner of sale, availability of current public information or notice under the Securities Act (except that any such requirement as to the availability of current public information will be disregarded if the same is satisfied at that time). “Fundamental Change” means any of the following events: (A) a “person” or “group” (within the meaning of Section 13(d)(3) of the Exchange Act), other than the Company or its Wholly Owned Subsidiaries, or their respective employee benefit plans, files any report with the SEC indicating that such person or group has become the direct or indirect “beneficial owner” (as defined below) of shares of the Common Stock representing more than fifty percent (50%) of the voting power of all of the Common Stock."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b15"], "char_count": 3454, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e875860fcd0c87e396bc2950b2dc6907be3b18b42ca3cc8a075d6df8e36ca84d", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 15, "char_end": 12394, "char_start": 8940, "fragment_sha256": "cf47d9ad27bf4b5f209aecd78593a9423bc952f6a2a2515ade395101fcc57afe", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p15", "passage_kind": "narrative", "passage_sequence": 15, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "(B) the consummation of (i) any sale, lease or other transfer, in one transaction or a series of transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any Person, other than (A) solely to one or more of the Company’s Wholly Owned Subsidiaries, (B) sales or other transfers of residential real property and/or mortgage loans in the ordinary course of the Company’s business and (C) transfers to the Company’s Subsidiaries in connection with bona fide financing transactions and equity transfers of the equity of the Company’s Subsidiaries in connection with establishing bona fide financing vehicles; or (ii) any transaction or series of related transactions in connection with which (whether by means of merger, consolidation, share exchange, combination, reclassification, recapitalization, acquisition, liquidation or otherwise) all of the Common Stock is exchanged for, converted into, acquired for, or constitutes solely the right to receive, other securities, cash or other property; provided, however, that any merger, consolidation, share exchange or combination of the Company pursuant to which the Persons that directly or indirectly “beneficially owned” (as defined below) all classes of the Company’s Common Equity immediately before such transaction directly or indirectly “beneficially own,” immediately after such transaction, more than fifty percent (50%) of all classes of Common Equity of the surviving, continuing or acquiring company or other transferee, as applicable, or the parent thereof, in substantially the same proportions vis-à-vis each other as immediately before such transaction will be deemed not to be a Fundamental Change pursuant to this clause (B); (C) the Company’s stockholders approve any plan or proposal for the liquidation or dissolution of the Company; or (D) the Common Stock ceases to be listed on any of The New York Stock Exchange, The Nasdaq Global Market or The Nasdaq Global Select Market (or any of their respective successors); provided, however, that a transaction or event described in clause (A) or (B) above will not constitute a Fundamental Change if at least ninety percent (90%) of the consideration received or to be received by the holders of Common Stock (excluding cash payments for fractional shares or pursuant to dissenters rights), in connection with such transaction or event, consists of shares of common stock listed (or depositary receipts representing shares of common stock, which depositary receipts are listed) on any of The New York Stock Exchange, The Nasdaq Global Market or The Nasdaq Global Select Market (or any of their respective successors), or that will be so listed when issued or exchanged in connection with such transaction or event, and such transaction or event constitutes a Common Stock Change Event whose Reference Property consists of such consideration. - 4 - If any transaction in which the Common Stock is replaced by the securities of another entity occurs, following completion of any related Make-Whole Fundamental Change Conversion Period (or, in the case of a transaction that would have been a Fundamental Change or a Make-Whole Fundamental Change but for the proviso to the immediately preceding paragraph, following the effective date of such transaction), references to the Company for purposes of this definition of “Fundamental Change” shall instead be references to such other entity."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b15"], "char_count": 3692, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f380385e1429aca4d54a9f5a3fec0dca351ecb7e6a14b0d479f575a387d11139", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 15, "char_end": 16086, "char_start": 12394, "fragment_sha256": "cf47d9ad27bf4b5f209aecd78593a9423bc952f6a2a2515ade395101fcc57afe", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p16", "passage_kind": "narrative", "passage_sequence": 16, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "For the purposes of this definition, (x) any transaction or event described in both clause (A) and in clause (B)(i) or (ii) above (without regard to the proviso in clause (B)) will be deemed to occur solely pursuant to clause (B) above (subject to such proviso); and (y) whether a Person is a “beneficial owner,” whether shares are “beneficially owned,” and percentage beneficial ownership, will be determined in accordance with Rule 13d-3 under the Exchange Act. “Fundamental Change Repurchase Date” means the date fixed for the repurchase of any Notes by the Company pursuant to a Repurchase Upon Fundamental Change. “Fundamental Change Repurchase Notice” means a notice (including a notice substantially in the form of the “Fundamental Change Repurchase Notice” set forth in Exhibit A) containing the information, or otherwise complying with the requirements, set forth in Section 4.02(F)(i) and Section 4.02(F)(ii). “Fundamental Change Repurchase Price” means the cash price payable by the Company to repurchase any Note upon its Repurchase Upon Fundamental Change, calculated pursuant to Section 4.02(D). “Global Note” means a Note that is represented by a certificate substantially in the form set forth in Exhibit A, registered in the name of the Depositary or its nominee, duly executed by the Company and authenticated by the Trustee, and deposited with the Trustee, as custodian for the Depositary. “Global Note Legend” means a legend substantially in the form set forth in Exhibit B-2. “Holder” means a person in whose name a Note is registered on the Registrar’s books. “Indenture” means this Indenture, as amended or supplemented from time to time. “Initial Purchasers” means Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, Deutsche Bank Securities Inc., Barclays Capital Inc., Wells Fargo Securities, LLC and TD Securities (USA) LLC. - 5 - “Interest Payment Date” means, with respect to a Note, each February 15 and August 15 of each year, commencing on February 15, 2022 (or commencing on such other date specified in the certificate representing such Note). For the avoidance of doubt, the Maturity Date is an Interest Payment Date. “Issue Date” means August 20, 2021. “Last Original Issue Date” means (A) with respect to any Notes issued pursuant to the Purchase Agreement (including any Notes issued pursuant to the exercise of the Shoe Option by the Initial Purchasers), and any Notes issued in exchange therefor or in substitution thereof, the later of (i) the Issue Date and (ii) the last date any Notes are originally issued pursuant to the exercise of the Shoe Option; and (B) with respect to any Notes issued pursuant to Section 2.03(B), and any Notes issued in exchange therefor or in substitution thereof, either (i) the later of (x) the date such Notes are originally issued and (y) the last date any Notes are originally issued as part of the same offering pursuant to the exercise of an option granted to the initial purchaser(s) of such Notes to purchase additional Notes; or (ii) such other date as is specified in an Officer’s Certificate delivered to the Trustee before the original issuance of such Notes. “Last Reported Sale Price” of the Common Stock for any Trading Day means the closing sale price per share (or, if no closing sale price is reported, the average of the last bid price and the last ask price per share or, if more than one in either case, the average of the average last bid prices and the average last ask prices per share) of Common Stock on such Trading Day as reported in composite transactions for the principal U.S. national or regional securities exchange on which the Common Stock is then listed."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b15"], "char_count": 781, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "3a63c55ebf3de6503f23d4146827bfbd1cf9b4ea9df0ed5cfaba7a7e84b54ff6", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 15, "char_end": 16867, "char_start": 16086, "fragment_sha256": "cf47d9ad27bf4b5f209aecd78593a9423bc952f6a2a2515ade395101fcc57afe", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p17", "passage_kind": "narrative", "passage_sequence": 17, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "If the Common Stock is not listed on a U.S. national or regional securities exchange on such Trading Day, then the Last Reported Sale Price will be the last quoted bid price per share of Common Stock on such Trading Day in the over-the-counter market as reported by OTC Markets Group Inc. or a similar organization. If the Common Stock is not so quoted on such Trading Day, then the Last Reported Sale Price will be the average of the mid-point of the last bid price and the last ask price per share of Common Stock on such Trading Day from a nationally recognized independent investment banking firm selected by the Company, which may include any of the Initial Purchasers. Neither the Trustee nor the Conversion Agent will have any duty to determine the Last Reported Sale Price."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b15"], "char_count": 6498, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f8a6f5c5da08ca9074773b7ab5ae83c8be413c274d7bea2e5e45c237cf3d9881", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 15, "char_end": 23365, "char_start": 16867, "fragment_sha256": "cf47d9ad27bf4b5f209aecd78593a9423bc952f6a2a2515ade395101fcc57afe", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p18", "passage_kind": "narrative", "passage_sequence": 18, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "The “Liquidity Conditions” with respect to the Redemption of any Notes will be satisfied if each of the following has been satisfied as of the Redemption Notice Date for such Redemption and is reasonably expected to continue to be satisfied through at least the thirtieth (30th) calendar day after the Redemption Date for such Redemption: (A) the Company has satisfied the reporting conditions (including, for the avoidance of doubt, the requirement for current Form 10 information) set forth in Rule 144(c) and (i)(2) under the Securities Act; and (B) the shares of Common Stock, if any, issued or issuable upon conversion of the Notes are Freely Tradable; provided, however, that the Liquidity Conditions will also be deemed to be satisfied with respect to such Redemption if, in accordance with Section 5.03(A)(i)(3), the Company has elected to settle all conversions of called (or deemed called) Notes with a Conversion Date that occurs on or after such Redemption Notice Date and on or before the Business Day immediately before such Redemption Date by Cash Settlement. - 6 - “Make-Whole Fundamental Change” means (A) a Fundamental Change (determined after giving effect to the proviso immediately after clause (D) of the definition thereof, but without regard to the proviso to clause (B)(ii) of such definition); or (B) the sending of a Redemption Notice pursuant to Section 4.03(G); provided, however, that, subject to Section 4.03(J), the sending of a Redemption Notice will constitute a Make-Whole Fundamental Change only with respect to the Notes called for Redemption pursuant to such Redemption Notice and not with respect to any other Notes. “Make-Whole Fundamental Change Conversion Period” has the following meaning: (A) in the case of a Make-Whole Fundamental Change pursuant to clause (A) of the definition thereof, the period from, and including, the Make-Whole Fundamental Change Effective Date of such Make-Whole Fundamental Change to, and including, the thirty fifth (35th) Trading Day after such Make-Whole Fundamental Change Effective Date (or, if such Make-Whole Fundamental Change also constitutes a Fundamental Change (other than an Exempted Fundamental Change), to, but excluding, the related Fundamental Change Repurchase Date); and (B) in the case of a Make-Whole Fundamental Change pursuant to clause (B) of the definition thereof, the period from, and including, the Redemption Notice Date for the related Redemption to, and including, the Business Day immediately before the related Redemption Date; provided, however, that if the Conversion Date for the conversion of a Note that has been called (or deemed, pursuant to Section 4.03(J), to be called) for Redemption occurs during the Make-Whole Fundamental Change Conversion Period for both a Make-Whole Fundamental Change occurring pursuant to clause (A) of the definition of “Make-Whole Fundamental Change” and a Make-Whole Fundamental Change resulting from such Redemption pursuant to clause (B) of such definition, then, notwithstanding anything to the contrary in Section 5.07, solely for purposes of such conversion, (x) such Conversion Date will be deemed to occur solely during the Make-Whole Fundamental Change Conversion Period for the Make-Whole Fundamental Change with the earlier Make-Whole Fundamental Change Effective Date; and (y) the Make-Whole Fundamental Change with the later Make-Whole Fundamental Change Effective Date will be deemed not to have occurred. “Make-Whole Fundamental Change Effective Date” means (A) with respect to a Make-Whole Fundamental Change pursuant to clause (A) of the definition thereof, the date on which such Make-Whole Fundamental Change occurs or becomes effective; and (B) with respect to a Make-Whole Fundamental Change pursuant to clause (B) of the definition thereof, the applicable Redemption Notice Date. “Market Disruption Event” means, with respect to any date, the occurrence or existence, during the one-half hour period ending at the scheduled close of trading on such date on the principal U.S. national or regional securities exchange or other market on which the Common Stock is listed for trading or trades, of any material suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the Common Stock or in any options contracts or futures contracts relating to the Common Stock. - 7 - “Maturity Date” means August 15, 2026. “Non-Affiliate Legend” means a legend substantially in the form set forth in Exhibit B-3. “Note Agent” means any Registrar, Paying Agent or Conversion Agent. “Notes” means the 0.25% Convertible Senior Notes due 2026 issued by the Company pursuant to this Indenture. “Observation Period” means, with respect to any Note to be converted, (A) subject to clause (B) below, if the Conversion Date for such Note occurs on or before February 15, 2026, the 30 consecutive VWAP Trading Days beginning on, and including, the third VWAP Trading Day immediately after such Conversion Date; (B) if such Conversion Date occurs on or after the date the Company has sent a Redemption Notice calling such Note for Redemption pursuant to Section 4.03(G) and before the related Redemption Date, the 30 consecutive VWAP Trading Days beginning on, and including, the 31st Scheduled Trading Day immediately before such Redemption Date; and (C) subject to clause (B) above, if such Conversion Date occurs after February 15, 2026, the 30 consecutive VWAP Trading Days beginning on, and including, the 31st Scheduled Trading Day immediately before the Maturity Date. “Officer” means the Chief Executive Officer, the President, the Chief Financial Officer, the Treasurer, the Secretary or any Assistant Secretary of the Company. “Officer’s Certificate” means a certificate that is signed on behalf of the Company by one (1) of its Officers and that meets the requirements of Section 11.03. “Open of Business” means 9:00 a.m., New York City time. “Opinion of Counsel” means an opinion, from legal counsel (including an employee of, or counsel to, the Company or any of its Subsidiaries) reasonably acceptable to the Trustee, that meets the requirements of Section 11.03, subject to customary qualifications and exclusions. “Person” or “person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization or government or other agency or political subdivision thereof."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b15"], "char_count": 3994, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e9f6f279febf3a7d37eb6844bcdcad2173f4946067fe13aca0a90827ee2f74db", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 15, "char_end": 27359, "char_start": 23365, "fragment_sha256": "cf47d9ad27bf4b5f209aecd78593a9423bc952f6a2a2515ade395101fcc57afe", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p19", "passage_kind": "narrative", "passage_sequence": 19, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "Any division or series of a limited liability company, limited partnership or trust will constitute a separate “person” under this Indenture. “Physical Note” means a Note (other than a Global Note) that is represented by a certificate substantially in the form set forth in Exhibit A, registered in the name of the Holder of such Note and duly executed by the Company and authenticated by the Trustee. - 8 - “Purchase Agreement” means that certain Purchase Agreement, dated August 17, 2021, between the Company and the representatives of the Initial Purchasers. “Record Date” means, with respect to any dividend, distribution or other transaction or event in which the holders of Common Stock (or other applicable security) have the right to receive any cash, securities or other property or in which Common Stock (or such other security) is exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination of holders of Common Stock (or such other security) entitled to receive such cash, securities or other property (whether such date is fixed by the Board of Directors, statute, contract or otherwise). “Redemption” means the repurchase of any Note by the Company pursuant to Section 4.03. “Redemption Date” means the date fixed, pursuant to Section 4.03(E), for the settlement of the repurchase of any Notes by the Company pursuant to a Redemption. “Redemption Notice Date” means, with respect to a Redemption, the date on which the Company sends the Redemption Notice for such Redemption pursuant to Section 4.03(G). “Redemption Price” means the cash price payable by the Company to redeem any Note upon its Redemption, calculated pursuant to Section 4.03(F). “Regular Record Date” has the following meaning with respect to an Interest Payment Date: (A) if such Interest Payment Date occurs on February 15, the immediately preceding February 1 (whether or not a Business Day); and (B) if such Interest Payment Date occurs on August 15, the immediately preceding August 1 (whether or not a Business Day). “Repurchase Upon Fundamental Change” means the repurchase of any Note by the Company pursuant to Section 4.02. “Responsible Officer” means (A) any officer within the corporate trust group of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of such officers; and (B) with respect to a particular corporate trust matter relating to this Indenture, any other officer to whom such matter is referred because of his or her knowledge of, and familiarity with, the particular subject. “Restricted Note Legend” means a legend substantially in the form set forth in Exhibit B-1. “Restricted Stock Legend” means, with respect to any Conversion Share, a legend substantially to the effect that the offer and sale of such Conversion Share have not been registered under the Securities Act and that such Conversion Share cannot be sold or otherwise transferred except pursuant to a transaction that is registered under the Securities Act or that is exempt from, or not subject to, the registration requirements of the Securities Act. - 9 - “Rule 144” means Rule 144 under the Securities Act (or any successor rule thereto), as the same may be amended from time to time. “Rule 144A” means Rule 144A under the Securities Act (or any successor rule thereto), as the same may be amended from time to time. “Scheduled Trading Day” means any day that is scheduled to be a Trading Day on the principal U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then traded. If the Common Stock is not so listed or traded, then “Scheduled Trading Day” means a Business Day. “SEC” means the U.S. Securities and Exchange Commission. “Securities Act” means the U.S."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b15"], "char_count": 3653, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "40333761ab10eba06e25b2ffb2d4eff818689d07656a3e2a98590fcf6f96e13b", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 15, "char_end": 31012, "char_start": 27359, "fragment_sha256": "cf47d9ad27bf4b5f209aecd78593a9423bc952f6a2a2515ade395101fcc57afe", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p20", "passage_kind": "narrative", "passage_sequence": 20, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "Securities Act of 1933, as amended. “Security” means any Note or Conversion Share. “Settlement Method” means Cash Settlement or Combination Settlement. “Shoe Option” means the Initial Purchasers’ option to purchase up to one hundred twenty-seven million five hundred thousand dollars ($127,500,000) aggregate principal amount of additional Notes as provided for in the Purchase Agreement. “Significant Subsidiary” of any Person means any Subsidiary of that Person that constitutes a “significant subsidiary” (as defined in Rule 1-02(w) of Regulation S-X under the Exchange Act) of that Person. “Special Interest” means any interest that accrues on any Note pursuant to Section 7.03. “Specified Dollar Amount” means, with respect to the conversion of a Note to which Combination Settlement applies, the maximum cash amount per $1,000 principal amount of such Note deliverable upon such conversion (excluding cash in lieu of any fractional share of Common Stock); provided, however, that in no event will the Specified Dollar Amount be less than $1,000 per $1,000 principal amount of such Note. “Stock Price” has the following meaning for any Make-Whole Fundamental Change: (A) if the holders of Common Stock receive only cash in consideration for their shares of Common Stock in such Make-Whole Fundamental Change and such Make-Whole Fundamental Change is pursuant to clause (B) of the definition of “Fundamental Change,” then the Stock Price is the amount of cash paid per share of Common Stock in such Make-Whole Fundamental Change; and (B) in all other cases, the Stock Price is the average of the Last Reported Sale Prices per share of Common Stock for the five (5) consecutive Trading Days ending on, and including, the Trading Day immediately before the Make-Whole Fundamental Change Effective Date of such Make-Whole Fundamental Change. - 10 - “Subsidiary” means, with respect to any Person, (A) any corporation, association or other business entity (other than a partnership or limited liability company) of which more than fifty percent (50%) of the total voting power of the Capital Stock entitled (without regard to the occurrence of any contingency, but after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees, as applicable, of such corporation, association or other business entity is owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person; and (B) any partnership or limited liability company where (i) more than fifty percent (50%) of the capital accounts, distribution rights, equity and voting interests, or of the general and limited partnership interests, as applicable, of such partnership or limited liability company are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person, whether in the form of membership, general, special or limited partnership or limited liability company interests or otherwise; and (ii) such Person or any one or more of the other Subsidiaries of such Person is a controlling general partner of, or otherwise controls, such partnership or limited liability company. “Trading Day” means any day on which (A) trading in the Common Stock generally occurs on the principal U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then traded; and (B) there is no Market Disruption Event."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b15"], "char_count": 3213, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "fb6b62b3b979610cb13ecde7c6ef2d8d70dbf42354b5fae07d2ce35712ee7a56", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 15, "char_end": 34225, "char_start": 31012, "fragment_sha256": "cf47d9ad27bf4b5f209aecd78593a9423bc952f6a2a2515ade395101fcc57afe", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p21", "passage_kind": "narrative", "passage_sequence": 21, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "If the Common Stock is not so listed or traded, then “Trading Day” means a Business Day. “Trading Price” of the Notes on any Trading Day means the average of the secondary market bid quotations, expressed as a cash amount per $1,000 principal amount of Notes, obtained by the Bid Solicitation Agent for one million dollars ($1,000,000) (or such lesser amount as may then be outstanding) in principal amount of Notes at approximately 3:30 p.m., New York City time, on such Trading Day from three (3) nationally recognized independent securities dealers selected by the Company, which may include any of the Initial Purchasers; provided, however, that, if three (3) such bids cannot reasonably be obtained by the Bid Solicitation Agent but two (2) such bids are obtained, then the average of the two (2) bids will be used, and if only one (1) such bid can reasonably be obtained by the Bid Solicitation Agent, then that one (1) bid will be used. If, on any Trading Day, (A) the Bid Solicitation Agent cannot reasonably obtain at least one (1) bid for one million dollars ($1,000,000) (or such lesser amount as may then be outstanding) in principal amount of Notes from a nationally recognized independent securities dealer; (B) the Company is not acting as the Bid Solicitation Agent and the Company fails to instruct the Bid Solicitation Agent to obtain bids when required; or (C) the Bid Solicitation Agent fails to solicit bids when required, then, in each case, the Trading Price per $1,000 principal amount of Notes on such Trading Day will be deemed to be less than ninety eight percent (98%) of the product of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading Day. - 11 - “Transfer-Restricted Security” means any Security that constitutes a “restricted security” (as defined in Rule 144); provided, however, that such Security will cease to be a Transfer-Restricted Security upon the earliest to occur of the following events: (A) such Security is sold or otherwise transferred to a Person (other than the Company or an Affiliate of the Company) pursuant to a registration statement that was effective under the Securities Act at the time of such sale or transfer; (B) such Security is sold or otherwise transferred to a Person (other than the Company or an Affiliate of the Company) pursuant to an available exemption (including Rule 144) from the registration and prospectus-delivery requirements of, or in a transaction not subject to, the Securities Act and, immediately after such sale or transfer, such Security ceases to constitute a “restricted security” (as defined in Rule 144); and (C) such Security is eligible for resale, by a Person that is not an Affiliate of the Company and that has not been an Affiliate of the Company during the immediately preceding three (3) months, pursuant to Rule 144 without any limitations thereunder as to volume, manner of sale, availability of current public information or notice. The Trustee is under no obligation to determine whether any Security is a Transfer-Restricted Security and may conclusively rely on an Officer’s Certificate with respect thereto. “Trust Indenture Act” means the U.S."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b15"], "char_count": 1898, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e4aa8bfdab7b126385363311a940e5e267de5ace8329dbb2bb3f7ad735abb150", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 15, "char_end": 36123, "char_start": 34225, "fragment_sha256": "cf47d9ad27bf4b5f209aecd78593a9423bc952f6a2a2515ade395101fcc57afe", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p22", "passage_kind": "narrative", "passage_sequence": 22, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "Trust Indenture Act of 1939, as amended. “Trustee” means the Person named as such in the first paragraph of this Indenture until a successor replaces it in accordance with the provisions of this Indenture and, thereafter, means such successor. “VWAP Market Disruption Event” means, with respect to any date, (A) the failure by the principal U.S. national or regional securities exchange on which the Common Stock is then listed, or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, the principal other market on which the Common Stock is then traded, to open for trading during its regular trading session on such date; or (B) the occurrence or existence, for more than one half hour period in the aggregate, of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the Common Stock or in any options contracts or futures contracts relating to the Common Stock, and such suspension or limitation occurs or exists at any time before 1:00 p.m., New York City time, on such date. “VWAP Trading Day” means a day on which (A) there is no VWAP Market Disruption Event; and (B) trading in the Common Stock generally occurs on the principal U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then traded. If the Common Stock is not so listed or traded, then “VWAP Trading Day” means a Business Day. “Wholly Owned Subsidiary” of a Person means any Subsidiary of such Person all of the outstanding Capital Stock or other ownership interests of which (other than directors’ qualifying shares) are owned by such Person or one or more Wholly Owned Subsidiaries of such Person. - 12 -"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b16"], "char_count": 32, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "40b4d9563f1f18e7d52ab453c449df67d7a506b9facf05b8e18911fa94897668", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": ["short_passage"], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 16, "char_end": 32, "char_start": 0, "fragment_sha256": "64e081911f07ef641d370a8760af0a60f15941b7ae33a2af4dae4fb729007908", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "p"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p23", "passage_kind": "narrative", "passage_sequence": 23, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "Section 1.02. OTHER DEFINITIONS."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b17"], "char_count": 1397, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5b1741890f0bada40af84411a2919966ab69953c9be6ac72daa76b619852da3a", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 17, "char_end": 1230, "char_start": 0, "fragment_sha256": "340490211e0ce915fcebdc2fa7f21a9c2a0f74e442bac29984cb3627d020f00e", "heading_path": ["TABLE OF CONTENTS"], "table_index": 4, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p24", "passage_kind": "table", "passage_sequence": 24, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b17", "text": "| | | |\n| --- | --- | --- |\n| Term | | Defined in Section |\n| “Additional Shares” | | 5.07(A) |\n| “Business Combination Event” | | 6.01(A) |\n| “Cash Settlement” | | 5.03(A) |\n| “Combination Settlement” | | 5.03(A) |\n| “Common Stock Change Event” | | 5.09(A) |\n| “Conversion Agent” | | 2.06(A) |\n| “Conversion Consideration” | | 5.03(B) |\n| “Default Interest” | | 2.05(B) |\n| “Defaulted Amount” | | 2.05(B) |\n| “Event of Default” | | 7.01(A) |\n| “Expiration Date” | | 5.05(A)(v) |\n| “Expiration Time” | | 5.05(A)(v) |\n| “Fundamental Change Notice” | | 4.02(E) |\n| “Fundamental Change Repurchase Right” | | 4.02(A) |\n| “Initial Notes” | | 2.03(A) |\n| “Measurement Period” | | 5.01(C)(i)(2) |\n| “Partial Redemption Limitation” | | 4.03(C) |\n| “Paying Agent” | | 2.06(A) |\n| “Redemption Notice” | | 4.03(G) |\n| “Reference Property” | | 5.09(A) |\n| “Reference Property Unit” | | 5.09(A) |\n| “Register” | | 2.06(B) |\n| “Registrar” | | 2.06(A) |\n| “Reporting Event of Default” | | 7.03(A) |\n| “Specified Courts” | | 11.07 |\n| “Spin-Off” | | 5.05(A)(iii)(2) |\n| “Spin-Off Valuation Period” | | 5.05(A)(iii)(2) |\n| “Stated Interest” | | 2.05(A) |\n| “Successor Corporation” | | 6.01(A) |\n| “Successor Person” | | 5.09(A) |\n| “Tender/Exchange Offer Valuation Period” | | 5.05(A)(v) |\n| “Trading Price Condition” | | 5.01(C)(i)(2) |\n| “Trigger Event” | | 5.05(A)(iii)(1) |"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b18"], "char_count": 95, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "438461ca5b4f86af4f636e2a5434324ba0d9320bdd29a72281023cff072a2a55", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": ["short_passage"], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 18, "char_end": 95, "char_start": 0, "fragment_sha256": "013d1f30eb1a3e0c8d704f5c187e14976c21778a51266ff7985a4b9e0b7994ae", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p25", "passage_kind": "narrative", "passage_sequence": 25, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "Section 1.03. RULES OF CONSTRUCTION. For purposes of this Indenture: (A) “or” is not exclusive;"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b20"], "char_count": 3275, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "4f94da87ab2907eb0e4e9e622d1769406ff8bba70e2f15e0926789f589c237f3", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 20, "char_end": 3275, "char_start": 0, "fragment_sha256": "c36c23ccc2171ecec159226710cff23931bcab2f564d7437a8d9de52f70943fb", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p26", "passage_kind": "narrative", "passage_sequence": 26, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "(B) “including” means “including without limitation”; (C) “will” expresses a command; (D) the “average” of a set of numerical values refers to the arithmetic average of such numerical values; (E) a merger involving, or a transfer of assets by, a limited liability company, limited partnership or trust will be deemed to include any division of or by, or an allocation of assets to a series of, such limited liability company, limited partnership or trust, or any unwinding of any such division or allocation; (F) words in the singular include the plural and in the plural include the singular, unless the context requires otherwise; (G) “herein,” “hereof” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision of this Indenture, unless the context requires otherwise; (H) references to currency mean the lawful currency of the United States of America, unless the context requires otherwise; (I) the exhibits, schedules and other attachments to this Indenture are deemed to form part of this Indenture; and (J) the term “interest,” when used with respect to a Note, includes any Default Interest, Additional Interest and Special Interest, unless the context requires otherwise. Article 2. THE NOTES Section 2.01. FORM, DATING AND DENOMINATIONS. The Notes and the Trustee’s certificate of authentication will be substantially in the form set forth in Exhibit A. The Notes will bear the legends required by Section 2.09 and may bear notations, legends or endorsements required by law, stock exchange rule or usage or the Depositary. Each Note will be dated as of the date of its authentication. Except to the extent otherwise provided in a Company Order delivered to the Trustee in connection with the issuance and authentication thereof, the Notes will be issued initially in the form of one or more Global Notes. Global Notes may be exchanged for Physical Notes, and Physical Notes may be exchanged for Global Notes, only as provided in Section 2.10. The Notes will be issuable only in registered form without interest coupons and only in Authorized Denominations. Each certificate representing a Note will bear a unique registration number that is not affixed to any other certificate representing another outstanding Note. - 14 - The terms contained in the Notes constitute part of this Indenture, and, to the extent applicable, the Company and the Trustee, by their execution and delivery of this Indenture, agree to such terms and to be bound thereby; provided, however, that, to the extent that any provision of any Note conflicts with the provisions of this Indenture, the provisions of this Indenture will control for purposes of this Indenture and such Note. Section 2.02. EXECUTION, AUTHENTICATION AND DELIVERY. (A) Due Execution by the Company. At least one (1) duly authorized Officer will sign the Notes on behalf of the Company by manual, electronic or facsimile signature. A Note’s validity will not be affected by the failure of any Officer whose signature is on any Note to hold, at the time such Note is authenticated, the same or any other office at the Company. (B) Authentication by the Trustee and Delivery. (i) No Note will be valid until it is authenticated by the Trustee."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b20"], "char_count": 3835, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f8ee221b49afd05dfcf16e2ff990d0b2c9c5dd920981b8976465f34e1a458d89", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 20, "char_end": 7110, "char_start": 3275, "fragment_sha256": "c36c23ccc2171ecec159226710cff23931bcab2f564d7437a8d9de52f70943fb", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p27", "passage_kind": "narrative", "passage_sequence": 27, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "A Note will be deemed to be duly authenticated only when an authorized signatory of the Trustee (or a duly appointed authenticating agent) manually signs the certificate of authentication of such Note. (ii) The Trustee will cause an authorized signatory of the Trustee (or a duly appointed authenticating agent) to manually sign the certificate of authentication of a Note only if (1) the Company delivers such Note to the Trustee; (2) such Note is executed by the Company in accordance with Section 2.02(A); and (3) the Company delivers a Company Order to the Trustee that (a) requests the Trustee to authenticate such Note; and (b) sets forth the name of the Holder of such Note and the date as of which such Note is to be authenticated. If such Company Order also requests the Trustee to deliver such Note to any Holder or to the Depositary, then the Trustee will promptly deliver such Note in accordance with such Company Order. (iii) The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. A duly appointed authenticating agent may authenticate Notes whenever the Trustee may do so under this Indenture, and a Note authenticated as provided in this Indenture by such an agent will be deemed, for purposes of this Indenture, to be authenticated by the Trustee. Each duly appointed authenticating agent will have the same rights to deal with the Company as the Trustee would have if it were performing the duties that the authenticating agent was validly appointed to undertake. Section 2.03. INITIAL NOTES AND ADDITIONAL NOTES. (A) Initial Notes. On the Issue Date, there will be originally issued eight hundred fifty million dollars ($850,000,000) aggregate principal amount of Notes, subject to the provisions of this Indenture (including Section 2.02). If the Initial Purchasers exercise the Shoe Option, then there will be originally issued up to an additional one hundred twenty-seven million five hundred thousand dollars ($127,500,000) principal amount of Notes pursuant to such exercise, subject to the provisions of this Indenture (including Section 2.02). Notes issued pursuant to this Section 2.03(A), and any Notes issued in exchange therefor or in substitution thereof, are referred to in this Indenture as the “Initial Notes.” - 15 - (B) Additional Notes. Without the consent of any Holder, the Company may, subject to the provisions of this Indenture (including Section 2.02), originally issue additional Notes with the same terms as the Initial Notes (except, to the extent applicable, with respect to the date as of which interest begins to accrue on such additional Notes and the first Interest Payment Date and the Last Original Issue Date of such additional Notes), which additional Notes will, subject to the foregoing, be considered to be part of the same series of, and rank equally and ratably with all other, Notes issued under this Indenture; provided, however, that any such additional Notes (and any Notes that are resold after such Notes have been purchased or otherwise acquired by the Company or its Subsidiaries) that are not fungible with other Notes issued under this Indenture for purposes of federal income tax or federal securities laws or, if applicable, the Depositary Procedures, will be identified by a separate CUSIP number or by no CUSIP number. Section 2.04. METHOD OF PAYMENT. (A) Global Notes. The Company will pay, or cause the Paying Agent to pay, the principal (whether due upon maturity on the Maturity Date, Redemption on a Redemption Date or repurchase on a Fundamental Change Repurchase Date or otherwise) of, interest on, and any cash Conversion Consideration for, any Global Note to the Depositary by wire transfer of immediately available funds no later than the time the same is due as provided in this Indenture. (B) Physical Notes."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b20"], "char_count": 2907, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1b4b72c336063263f6b9ca28894ab6c17dc9b33f34519434f5adf7a210f9f7b2", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 20, "char_end": 10017, "char_start": 7110, "fragment_sha256": "c36c23ccc2171ecec159226710cff23931bcab2f564d7437a8d9de52f70943fb", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p28", "passage_kind": "narrative", "passage_sequence": 28, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "The Company will pay, or cause the Paying Agent to pay, the principal (whether due upon maturity on the Maturity Date, Redemption on a Redemption Date or repurchase on a Fundamental Change Repurchase Date or otherwise) of, interest on, and any cash Conversion Consideration for, any Physical Note no later than the time the same is due as provided in this Indenture as follows: (i) if the principal amount of such Physical Note is at least five million dollars ($5,000,000) (or such lower amount as the Company may choose in its sole and absolute discretion) and the Holder of such Physical Note entitled to such payment has delivered to the Paying Agent or the Trustee, no later than the time set forth in the immediately following sentence, a written request that the Company make such payment by wire transfer to an account of such Holder within the United States, by wire transfer of immediately available funds to such account; and (ii) in all other cases, by check mailed to the address of the Holder of such Physical Note entitled to such payment as set forth in the Register. To be timely, such written request must be so delivered no later than the Close of Business on the following date: (x) with respect to the payment of any interest due on an Interest Payment Date, the immediately preceding Regular Record Date; (y) with respect to any cash Conversion Consideration, the relevant Conversion Date; and (z) with respect to any other payment, the date that is fifteen (15) calendar days immediately before the date such payment is due. - 16 - Section 2.05. ACCRUAL OF INTEREST; DEFAULTED AMOUNTS; WHEN PAYMENT DATE IS NOT A BUSINESS DAY. (A) Accrual of Interest. Each Note will accrue interest at a rate per annum equal to 0.25% (the “Stated Interest”), plus any Additional Interest and Special Interest that may accrue pursuant to Sections 3.04 and 7.03, respectively. Stated Interest on each Note will (i) accrue from, and including, the most recent date to which Stated Interest has been paid or duly provided for (or, if no Stated Interest has theretofore been paid or duly provided for, the date set forth in the certificate representing such Note as the date from, and including, which Stated Interest will begin to accrue in such circumstance) to, but excluding, the date of payment of such Stated Interest; and (ii) be, subject to Sections 4.02(D), 4.03(F) and 5.02(D) (but without duplication of any payment of interest), payable semi-annually in arrears on each Interest Payment Date, beginning on the first Interest Payment Date set forth in the certificate representing such Note, to the Holder of such Note as of the Close of Business on the immediately preceding Regular Record Date. Stated Interest, and, if applicable, Additional Interest and Special Interest, on the Notes will be computed on the basis of a 360-day year comprised of twelve 30-day months. (B) Defaulted Amounts."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b20"], "char_count": 3701, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "121a45dc5142fabbd71bfb644d5fe4f9f3e13b84952622261c87fba4a17a0352", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 20, "char_end": 13718, "char_start": 10017, "fragment_sha256": "c36c23ccc2171ecec159226710cff23931bcab2f564d7437a8d9de52f70943fb", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p29", "passage_kind": "narrative", "passage_sequence": 29, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "If the Company fails to pay any amount (a “Defaulted Amount”) payable on a Note on or before the due date therefor as provided in this Indenture, then, regardless of whether such failure constitutes an Event of Default, (i) such Defaulted Amount will forthwith cease to be payable to the Holder of such Note otherwise entitled to such payment; (ii) to the extent lawful, interest (“Default Interest”) will accrue on such Defaulted Amount at a rate per annum equal to the rate per annum at which Stated Interest accrues, from, and including, such due date to, but excluding, the date of payment of such Defaulted Amount and Default Interest; (iii) such Defaulted Amount and Default Interest will be paid on a payment date selected by the Company to the Holder of such Note as of the Close of Business on a special record date selected by the Company, provided that such special record date must be no more than fifteen (15), nor less than ten (10), calendar days before such payment date; and (iv) at least fifteen (15) calendar days before such special record date, the Company will send notice to the Trustee and the Holders that states such special record date, such payment date and the amount of such Defaulted Amount and Default Interest to be paid on such payment date. (C) Delay of Payment when Payment Date is Not a Business Day. If the due date for a payment on a Note as provided in this Indenture is not a Business Day, then, notwithstanding anything to the contrary in this Indenture or the Notes, such payment may be made on the immediately following Business Day and no interest will accrue on such payment as a result of the related delay. Solely for purposes of the immediately preceding sentence, a day on which the applicable place of payment is authorized or required by law or executive order to close or be closed will be deemed not to be a “Business Day.” Section 2.06. REGISTRAR, PAYING AGENT AND CONVERSION AGENT. (A) Generally. The Company will maintain (i) an office or agency in the continental United States where Notes may be presented for registration of transfer or for exchange (the “Registrar”); (ii) an office or agency in the continental United States where Notes may be presented for payment (the “Paying Agent”); and (iii) an office or agency in the continental United States where Notes may be presented for conversion (the “Conversion Agent”). If the Company fails to maintain a Registrar, Paying Agent or Conversion Agent, then the Trustee will act as such. For the avoidance of doubt, the Company or any of its Subsidiaries may act as Registrar, Paying Agent or Conversion Agent. (B) Duties of the Registrar. The Registrar will keep a record (the “Register”) of the names and addresses of the Holders, the Notes held by each Holder and the transfer, exchange, repurchase, Redemption and conversion of Notes. Absent manifest error, the entries in the Register will be conclusive and the Company and the Trustee may treat each Person whose name is recorded as a Holder in the Register as a Holder for all purposes. The Register will be in written form or in any form capable of being converted into written form reasonably promptly. - 17 - (C) Co-Agents; Company’s Right to Appoint Successor Registrars, Paying Agents and Conversion Agents. The Company may appoint one or more co-Registrars, co-Paying Agents and co-Conversion Agents, each of whom will be deemed to be a Registrar, Paying Agent or Conversion Agent, as applicable, under this Indenture. Subject to Section 2.06(A), the Company may change any Registrar, Paying Agent or Conversion Agent (including appointing itself or any of its Subsidiaries to act in such capacity) without notice to any Holder."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b20"], "char_count": 3946, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "86477f26fe366f1b0f00a8f13aa7da1343e8529201163b3f7c0ebe08bdb5dd06", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 20, "char_end": 17664, "char_start": 13718, "fragment_sha256": "c36c23ccc2171ecec159226710cff23931bcab2f564d7437a8d9de52f70943fb", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p30", "passage_kind": "narrative", "passage_sequence": 30, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "The Company will notify the Trustee (and, upon request, any Holder) of the name and address of each Note Agent, if any, not a party to this Indenture and will enter into an appropriate agency agreement with each such Note Agent, which agreement will implement the provisions of this Indenture that relate to such Note Agent. (D) Initial Appointments. The Company appoints the Trustee as the initial Paying Agent, the initial Registrar and the initial Conversion Agent. Section 2.07. PAYING AGENT AND CONVERSION AGENT TO HOLD PROPERTY IN TRUST. The Company will require each Paying Agent or Conversion Agent that is not the Trustee to agree in writing that such Note Agent will (A) hold in trust for the benefit of Holders or the Trustee all money and other property held by such Note Agent for payment or delivery due on the Notes; and (B) notify the Trustee of any default by the Company in making any such payment or delivery. The Company, at any time, may, and the Trustee, while any Default continues, may, require a Paying Agent or Conversion Agent to pay or deliver, as applicable, all money and other property held by it to the Trustee, after which payment or delivery, as applicable, such Note Agent (if not the Company or any of its Subsidiaries) will have no further liability for such money or property. If the Company or any of its Subsidiaries acts as Paying Agent or Conversion Agent, then (A) it will segregate and hold in a separate trust fund for the benefit of the Holders or the Trustee all money and other property held by it as Paying Agent or Conversion Agent; and (B) references in this Indenture or the Notes to the Paying Agent or Conversion Agent holding cash or other property, or to the delivery of cash or other property to the Paying Agent or Conversion Agent, in each case for payment or delivery to any Holders or the Trustee or with respect to the Notes, will be deemed to refer to cash or other property so segregated and held separately, or to the segregation and separate holding of such cash or other property, respectively. Upon the occurrence of any event pursuant to clause (viii) or (ix) of Section 7.01(A) with respect to the Company (or with respect to any Subsidiary of the Company acting as Paying Agent or Conversion Agent), the Trustee will serve as the Paying Agent or Conversion Agent, as applicable, for the Notes. Section 2.08. HOLDER LISTS. If the Trustee is not the Registrar, then the Company will furnish to the Trustee, no later than seven (7) Business Days before each Interest Payment Date, and at such other times as the Trustee may request, a list, in such form and as of such date or time as the Trustee may reasonably require, of the names and addresses of the Holders. - 18 - Section 2.09. LEGENDS. (A) Global Note Legend. Each Global Note will bear the Global Note Legend (or any similar legend, not inconsistent with this Indenture, required by the Depositary for such Global Note). (B) Non-Affiliate Legend. Each Note will bear the Non-Affiliate Legend. (C) Restricted Note Legend. Subject to the other provisions of this Indenture, (i) each Note that is a Transfer-Restricted Security will bear the Restricted Note Legend; and (ii) if a Note is issued in exchange for, in substitution of, or to effect a partial conversion of, another Note (such other Note being referred to as the “old Note” for purposes of this Section 2.09(C)(ii)), including pursuant to Section 2.10(B), 2.10(C), 2.11 or 2.13, then such Note will bear the Restricted Note Legend if such old Note bore the Restricted Note Legend at the time of such exchange or substitution, or on the related Conversion Date with respect to such conversion, as applicable; provided, however, that such Note need not bear the Restricted Note Legend if such Note does not constitute a Transfer-Restricted Security immediately after such exchange or substitution, or as of such Conversion Date, as applicable. (D) Other Legends."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b20"], "char_count": 3735, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "781e07a1804ab98bed4950d26277da430a090f17b96a67552b7e14dd42cfad6e", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 20, "char_end": 21399, "char_start": 17664, "fragment_sha256": "c36c23ccc2171ecec159226710cff23931bcab2f564d7437a8d9de52f70943fb", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p31", "passage_kind": "narrative", "passage_sequence": 31, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "A Note may bear any other legend or text, not inconsistent with this Indenture, as may be required by applicable law or by any securities exchange or automated quotation system on which such Note is traded or quoted. (E) Acknowledgment and Agreement by the Holders. A Holder’s acceptance of any Note bearing any legend required by this Section 2.09 will constitute such Holder’s acknowledgment of, and agreement to comply with, the restrictions set forth in such legend. (F) Restricted Stock Legend. (i) Each Conversion Share will bear the Restricted Stock Legend if the Note upon the conversion of which such Conversion Share was issued was (or would have been had it not been converted) a Transfer-Restricted Security at the time such Conversion Share was issued; provided, however, that such Conversion Share need not bear the Restricted Stock Legend if the Company determines, in its reasonable discretion, that such Conversion Share need not bear the Restricted Stock Legend. (ii) Notwithstanding anything to the contrary in this Section 2.09(F), a Conversion Share need not bear a Restricted Stock Legend if such Conversion Share is issued in an uncertificated form that does not permit affixing legends thereto, provided the Company takes measures (including the assignment thereto of a “restricted” CUSIP number) that it reasonably deems appropriate to enforce the transfer restrictions referred to in the Restricted Stock Legend. - 19 - Section 2.10. TRANSFERS AND EXCHANGES; CERTAIN TRANSFER RESTRICTIONS. (A) Provisions Applicable to All Transfers and Exchanges. (i) Generally. Subject to this Section 2.10, Physical Notes and beneficial interests in Global Notes may be transferred or exchanged from time to time and the Registrar will record each such transfer or exchange in the Register. (ii) Transferred and Exchanged Notes Remain Valid Obligations of the Company. Each Note issued upon transfer or exchange of any other Note (such other Note being referred to as the “old Note” for purposes of this Section 2.10(A)(ii)) or portion thereof in accordance with this Indenture will be the valid obligation of the Company, evidencing the same indebtedness, and entitled to the same benefits under this Indenture, as such old Note or portion thereof, as applicable. (iii) No Services Charge; Transfer Taxes. The Company, the Trustee and the Note Agents will not impose any service charge on any Holder for any transfer, exchange or conversion of Notes, but the Company, the Trustee, the Registrar and the Conversion Agent may require payment of a sum sufficient to cover any transfer tax or similar governmental charge that may be imposed in connection with any transfer, exchange or conversion of Notes, other than exchanges pursuant to Section 2.11, 2.17 or 8.05 not involving any transfer. (iv) Transfers and Exchanges Must Be in Authorized Denominations. Notwithstanding anything to the contrary in this Indenture or the Notes, a Note may not be transferred or exchanged in part unless the portion to be so transferred or exchanged is in an Authorized Denomination. (v) Trustee’s Disclaimer. The Trustee will have no obligation or duty to monitor, determine or inquire as to compliance with any transfer restrictions imposed under this Indenture or applicable law with respect to any Security, other than to require the delivery of such certificates or other documentation or evidence as expressly required by this Indenture and to examine the same to determine substantial compliance as to form with the requirements of this Indenture. (vi) Legends. Each Note issued upon transfer of, or in exchange for, another Note will bear each legend, if any, required by Section 2.09. (vii) Settlement of Transfers and Exchanges."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b20"], "char_count": 2445, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0757d12b67a7792a8e6ebb916a6c6d3b2fb4870a948451b1d4383dbd3b1c5cb7", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 20, "char_end": 23844, "char_start": 21399, "fragment_sha256": "c36c23ccc2171ecec159226710cff23931bcab2f564d7437a8d9de52f70943fb", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p32", "passage_kind": "narrative", "passage_sequence": 32, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "Upon satisfaction of the requirements of this Indenture to effect a transfer or exchange of any Note, the Company will cause such transfer or exchange to be effected as soon as reasonably practicable but in no event later than the second (2nd) Business Day after the date of such satisfaction. (viii) Interpretation. For the avoidance of doubt, and subject to the terms of this Indenture, as used in this Section 2.10, an “exchange” of a Global Note or a Physical Note includes (x) an exchange effected for the sole purpose of removing any Restricted Note Legend affixed to such Global Note or Physical Note; and (y) if such Global Note or Physical Note is identified by a “restricted” CUSIP number, an exchange effected for the sole purpose of causing such Global Note or Physical Note to be identified by an “unrestricted” CUSIP number. - 20 - (B) Transfers and Exchanges of Global Notes. (i) Certain Restrictions. Subject to the immediately following sentence, no Global Note may be transferred or exchanged in whole except (x) by the Depositary to a nominee of the Depositary; (y) by a nominee of the Depositary to the Depositary or to another nominee of the Depositary; or (z) by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. No Global Note (or any portion thereof) may be transferred to, or exchanged for, a Physical Note; provided, however, that a Global Note will be exchanged, pursuant to customary procedures, for one or more Physical Notes if: (1) (x) the Depositary notifies the Company or the Trustee that the Depositary is unwilling or unable to continue as depositary for such Global Note or (y) the Depositary ceases to be a “clearing agency” registered under Section 17A of the Exchange Act and, in each case, the Company fails to appoint a successor Depositary within ninety (90) days of such notice or cessation; (2) an Event of Default has occurred and is continuing and the Company, the Trustee or the Registrar has received a written request from the Depositary, or from a holder of a beneficial interest in such Global Note, to exchange such Global Note or beneficial interest, as applicable, for one or more Physical Notes; or (3) the Company, in its sole discretion, permits the exchange of any beneficial interest in such Global Note for one or more Physical Notes at the request of the owner of such beneficial interest. (ii) Effecting Transfers and Exchanges."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b20"], "char_count": 3109, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8fe6cfff2c7ebc631697e29b0e03dea4fe79c7b6cb2b0bb3b2d8e6be4d9b07cc", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 20, "char_end": 26953, "char_start": 23844, "fragment_sha256": "c36c23ccc2171ecec159226710cff23931bcab2f564d7437a8d9de52f70943fb", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p33", "passage_kind": "narrative", "passage_sequence": 33, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "Upon satisfaction of the requirements of this Indenture to effect a transfer or exchange of any Global Note (or any portion thereof): (1) the Trustee will reflect any resulting decrease of the principal amount of such Global Note by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of such Global Note (and, if such notation results in such Global Note having a principal amount of zero, then the Company may (but is not required to) instruct the Trustee to cancel such Global Note pursuant to Section 2.15); (2) if required to effect such transfer or exchange, then the Trustee will reflect any resulting increase of the principal amount of any other Global Note by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of such other Global Note; (3) if required to effect such transfer or exchange, then the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, a new Global Note bearing each legend, if any, required by Section 2.09; and - 21 - (4) if such Global Note (or such portion thereof), or any beneficial interest therein, is to be exchanged for one or more Physical Notes, then the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount of such Global Note to be so exchanged; (y) are registered in such name(s) as the Depositary specifies (or as otherwise determined pursuant to customary procedures); and (z) bear each legend, if any, required by Section 2.09. (iii) Compliance with Depositary Procedures. Each transfer or exchange of a beneficial interest in any Global Note will be made in accordance with the Depositary Procedures. (C) Transfers and Exchanges of Physical Notes. (i) Requirements for Transfers and Exchanges. Subject to this Section 2.10, a Holder of a Physical Note may (x) transfer such Physical Note (or any portion thereof in an Authorized Denomination) to one or more other Person(s); (y) exchange such Physical Note (or any portion thereof in an Authorized Denomination) for one or more other Physical Notes in Authorized Denominations having an aggregate principal amount equal to the aggregate principal amount of the Physical Note (or portion thereof) to be so exchanged; and (z) if then permitted by the Depositary Procedures, transfer such Physical Note (or any portion thereof in an Authorized Denomination) in exchange for a beneficial interest in one or more Global Notes; provided, however, that, to effect any such transfer or exchange, such Holder must: (1) surrender such Physical Note to be transferred or exchanged to the office of the Registrar, together with any endorsements or transfer instruments reasonably required by the Company, the Trustee or the Registrar; and (2) deliver such certificates, documentation or evidence as may be required pursuant to Section 2.10(D). (ii) Effecting Transfers and Exchanges."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b20"], "char_count": 3438, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c32841a03dcd952ac0fc02f52f897f3bd9cd22f07bcca0eac084ef54a300a11e", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 20, "char_end": 30391, "char_start": 26953, "fragment_sha256": "c36c23ccc2171ecec159226710cff23931bcab2f564d7437a8d9de52f70943fb", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p34", "passage_kind": "narrative", "passage_sequence": 34, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "Upon the satisfaction of the requirements of this Indenture to effect a transfer or exchange of any Physical Note (such Physical Note being referred to as the “old Physical Note” for purposes of this Section 2.10(C)(ii)) of a Holder (or any portion of such old Physical Note in an Authorized Denomination): (1) such old Physical Note will be promptly cancelled pursuant to Section 2.15; - 22 - (2) if such old Physical Note is to be so transferred or exchanged only in part, then the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount of such old Physical Note not to be so transferred or exchanged; (y) are registered in the name of such Holder; and (z) bear each legend, if any, required by Section 2.09; (3) in the case of a transfer: (a) to the Depositary or a nominee thereof that will hold its interest in such old Physical Note (or such portion thereof) to be so transferred in the form of one or more Global Notes, the Trustee will reflect an increase of the principal amount of one or more existing Global Notes by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of such Global Note(s), which increase(s) are in Authorized Denominations and aggregate to the principal amount to be so transferred, and which Global Note(s) bear each legend, if any, required by Section 2.09; provided, however, that if such transfer cannot be so effected by notation on one or more existing Global Notes (whether because no Global Notes bearing each legend, if any, required by Section 2.09 then exist, because any such increase will result in any Global Note having an aggregate principal amount exceeding the maximum aggregate principal amount permitted by the Depositary or otherwise), then the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Global Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount that is to be so transferred but that is not effected by notation as provided above; and (y) bear each legend, if any, required by Section 2.09; and (b) to a transferee that will hold its interest in such old Physical Note (or such portion thereof) to be so transferred in the form of one or more Physical Notes, the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount to be so transferred; (y) are registered in the name of such transferee; and (z) bear each legend, if any, required by Section 2.09; and (4) in the case of an exchange, the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount to be so exchanged; (y) are registered in the name of the Person to whom such old Physical Note was registered; and (z) bear each legend, if any, required by Section 2.09. - 23 - (D) Requirement to Deliver Documentation and Other Evidence."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b20"], "char_count": 3695, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "73c6f5720bfdc5b873963f00e588841fcdfb2d1979861e4a082964d5975b5970", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 20, "char_end": 34086, "char_start": 30391, "fragment_sha256": "c36c23ccc2171ecec159226710cff23931bcab2f564d7437a8d9de52f70943fb", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p35", "passage_kind": "narrative", "passage_sequence": 35, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "If a Holder of any Note that is identified by a “restricted” CUSIP number or that bears a Restricted Note Legend or is a Transfer-Restricted Security requests to: (i) cause such Note to be identified by an “unrestricted” CUSIP number; (ii) remove such Restricted Note Legend; or (iii) register the transfer of such Note to the name of another Person, then the Company, the Trustee and the Registrar may refuse to effect such identification, removal or transfer, as applicable, unless there is delivered to the Company, the Trustee and the Registrar such certificates or other documentation or evidence as the Company, the Trustee and the Registrar may reasonably require to determine that such identification, removal or transfer, as applicable, complies with the Securities Act and other applicable securities laws; provided, however, that, without limiting Section 2.10(E), no such certificates, documentation or evidence (other than, in the case of the following clause (w), a written request in the form contemplated by Section 2.10(E)) need be so delivered (w) on or and after the date that is six (6) months after the Last Original Issue Date of such Note if the requirements of Rule 144(c) and (i) are then satisfied with respect to the Company; (x) in connection with any transfer of such Note pursuant to Rule 144A; (y) in connection with any transfer of such Note to the Company or one of its Subsidiaries; or (z) in connection with any transfer of such Note pursuant to an effective registration statement under the Securities Act. (E) Certain De-Legending Procedures. If a Holder of any Note or share of Common Stock issued upon conversion of any Note, or an owner of a beneficial interest in any Global Note, or in a global certificate representing any share of Common Stock issued upon conversion of any Note, transfers such Note or share in compliance with Rule 144 and delivers to the Company a written request, certifying that it is not, and has not been at any time during the preceding three (3) months, an Affiliate of the Company, to reissue such Note or share without a Restricted Note Legend or Restricted Stock Legend, as applicable, then the Company will cause the same to occur (and, if applicable, cause such Note or share to thereafter be represented by an “unrestricted” CUSIP or ISIN number in the facilities of the related depositary), and will use its commercially reasonable efforts to cause such occurrence within two (2) Trading Days of such request. (F) Transfers of Notes Subject to Redemption, Repurchase or Conversion. Notwithstanding anything to the contrary in this Indenture or the Notes, the Company, the Trustee and the Registrar will not be required to register the transfer of or exchange any Note that (i) has been surrendered for conversion, except to the extent that any portion of such Note is not subject to conversion; (ii) is subject to a Fundamental Change Repurchase Notice validly delivered, and not withdrawn, pursuant to Section 4.02(F), except to the extent that any portion of such Note is not subject to such notice or the Company fails to pay the applicable Fundamental Change Repurchase Price when due; or (iii) has been selected for Redemption pursuant to a Redemption Notice, except to the extent that any portion of such Note is not subject to Redemption or the Company fails to pay the applicable Redemption Price when due. - 24 - Section 2.11. EXCHANGE AND CANCELLATION OF NOTES TO BE CONVERTED OR TO BE REPURCHASED PURSUANT TO A REPURCHASE UPON FUNDAMENTAL CHANGE OR REDEMPTION. (A) Partial Conversions of Physical Notes and Partial Repurchases of Physical Notes Pursuant to a Repurchase Upon Fundamental Change or Redemption."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b20"], "char_count": 3841, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "81b1dbadbd3213582e5a5dc9f4a4570c4215acaba38379ba8b38b4db07cc48d9", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 20, "char_end": 37927, "char_start": 34086, "fragment_sha256": "c36c23ccc2171ecec159226710cff23931bcab2f564d7437a8d9de52f70943fb", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p36", "passage_kind": "narrative", "passage_sequence": 36, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "If only a portion of a Physical Note of a Holder is to be converted pursuant to Article 5 or repurchased pursuant to a Repurchase Upon Fundamental Change or Redemption, then, as soon as reasonably practicable after such Physical Note is surrendered for such conversion or repurchase, as applicable, the Company will cause such Physical Note to be exchanged, pursuant and subject to Section 2.10(C), for (i) one or more Physical Notes that are in Authorized Denominations and have an aggregate principal amount equal to the principal amount of such Physical Note that is not to be so converted or repurchased, as applicable, and deliver such Physical Note(s) to such Holder; and (ii) a Physical Note having a principal amount equal to the principal amount to be so converted or repurchased, as applicable, which Physical Note will be converted or repurchased, as applicable, pursuant to the terms of this Indenture; provided, however, that the Physical Note referred to in this clause (ii) need not be issued at any time after which such principal amount subject to such conversion or repurchase, as applicable, is deemed to cease to be outstanding pursuant to Section 2.18. (B) Cancellation of Notes that Are Converted and Notes that Are Repurchased Pursuant to a Repurchase Upon Fundamental Change or Redemption. (i) Physical Notes. If a Physical Note (or any portion thereof that has not theretofore been exchanged pursuant to Section 2.11(A)) of a Holder is to be converted pursuant to Article 5 or repurchased pursuant to a Repurchase Upon Fundamental Change or Redemption, then, promptly after the later of the time such Physical Note (or such portion) is deemed to cease to be outstanding pursuant to Section 2.18 and the time such Physical Note is surrendered for such conversion or repurchase, as applicable, (1) such Physical Note will be cancelled pursuant to Section 2.15; and (2) in the case of a partial conversion or repurchase, as applicable, the Company will issue, execute and deliver to such Holder, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount of such Physical Note that is not to be so converted or repurchased, as applicable; (y) are registered in the name of such Holder; and (z) bear each legend, if any, required by Section 2.09. (ii) Global Notes. If a Global Note (or any portion thereof) is to be converted pursuant to Article 5 or repurchased pursuant to a Repurchase Upon Fundamental Change or Redemption, then, promptly after the time such Note (or such portion) is deemed to cease to be outstanding pursuant to Section 2.18, the Trustee will reflect a decrease of the principal amount of such Global Note in an amount equal to the principal amount of such Global Note to be so converted or repurchased, as applicable, by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of such Global Note (and, if the principal amount of such Global Note is zero following such notation, cancel such Global Note pursuant to Section 2.15). - 25 - Section 2.12. REMOVAL OF TRANSFER RESTRICTIONS. Without limiting the generality of any other provision of this Indenture (including Section 3.04), the Restricted Note Legend affixed to any Note will be deemed, pursuant to this Section 2.12 and the footnote to such Restricted Note Legend, to be removed therefrom upon the Company’s delivery to the Trustee of notice, signed on behalf of the Company by one (1) of its Officers, to such effect (and, for the avoidance of doubt, such notice need not be accompanied by an Officer’s Certificate or an Opinion of Counsel in order to be effective to cause such Restricted Note Legend to be deemed to be removed from such Note)."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b20"], "char_count": 3615, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f63790b5db35c2dbc9d660304c1a00b11cd5bf7834d4f086f65fceae98003b55", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 20, "char_end": 41542, "char_start": 37927, "fragment_sha256": "c36c23ccc2171ecec159226710cff23931bcab2f564d7437a8d9de52f70943fb", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p37", "passage_kind": "narrative", "passage_sequence": 37, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "If such Note bears a “restricted” CUSIP or ISIN number at the time of such delivery, then, upon such delivery, such Note will be deemed, pursuant to this Section 2.12 and the footnotes to the CUSIP and ISIN numbers set forth on the face of the certificate representing such Note, to thereafter bear the “unrestricted” CUSIP and ISIN numbers identified in such footnotes; provided, however, that if such Note is a Global Note and the Depositary thereof requires a mandatory exchange or other procedure to cause such Global Note to be identified by “unrestricted” CUSIP and ISIN numbers in the facilities of such Depositary, then the Company will effect such exchange or procedure as soon as reasonably practicable. Section 2.13. REPLACEMENT NOTES. If a Holder of any Note claims that such Note has been mutilated, lost, destroyed or wrongfully taken, then the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, a replacement Note upon surrender to the Trustee of such mutilated Note, or upon delivery to the Trustee of evidence of such loss, destruction or wrongful taking reasonably satisfactory to the Trustee and the Company. In the case of a lost, destroyed or wrongfully taken Note, the Company and the Trustee may require the Holder thereof to provide such security or indemnity that is satisfactory to the Company and the Trustee to protect the Company and the Trustee from any loss that any of them may suffer if such Note is replaced. Every replacement Note issued pursuant to this Section 2.13 will be an additional obligation of the Company and will be entitled to all of the benefits of this Indenture equally and ratably with all other Notes issued under this Indenture, whether or not the lost, destroyed or wrongfully taken Note will at any time be enforceable by anyone. Section 2.14. REGISTERED HOLDERS; CERTAIN RIGHTS WITH RESPECT TO GLOBAL NOTES. Only the Holder of a Note will have rights under this Indenture as the owner of such Note. Without limiting the generality of the foregoing, Depositary Participants will have no rights as such under this Indenture with respect to any Global Note held on their behalf by the Depositary or its nominee, or by the Trustee as its custodian, and the Company, the Trustee and the Note Agents, and their respective agents, may treat the Depositary as the absolute owner of such Global Note for all purposes whatsoever; provided, however, that (A) the Holder of any Global Note may grant proxies and otherwise authorize any Person, including Depositary Participants and Persons that hold interests in Notes through Depositary Participants, to take any action that such Holder is entitled to take with respect to such Global Note under this Indenture or the Notes; and (B) the Company and the Trustee, and their respective agents, may give effect to any written certification, proxy or other authorization furnished by the Depositary. - 26 - Section 2.15. CANCELLATION. The Company may at any time deliver Notes to the Trustee for cancellation. The Registrar, the Paying Agent and the Conversion Agent will forward to the Trustee each Note duly surrendered to them for transfer, exchange, payment or conversion. The Trustee will promptly cancel all Notes so surrendered to it in accordance with its customary procedures. Without limiting the generality of Section 2.03(B), the Company may not originally issue new Notes to replace Notes that it has paid or that have been cancelled upon transfer, exchange, payment or conversion. Section 2.16. NOTES HELD BY THE COMPANY OR ITS AFFILIATES."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b20"], "char_count": 3890, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6136424a862918bbdf13d9fe5b8ebab2212d511f95926331bc401bb7d909ccdf", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 20, "char_end": 45432, "char_start": 41542, "fragment_sha256": "c36c23ccc2171ecec159226710cff23931bcab2f564d7437a8d9de52f70943fb", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p38", "passage_kind": "narrative", "passage_sequence": 38, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "Without limiting the generality of Section 2.18, in determining whether the Holders of the required aggregate principal amount of Notes have concurred in any direction, waiver, consent or other action under this Indenture, Notes owned by the Company or any of its Affiliates will be deemed not to be outstanding; provided, however, that, for purposes of determining whether the Trustee is protected in relying on any such direction, waiver, consent or other action, only Notes that a Responsible Officer of the Trustee knows are so owned will be so disregarded. Section 2.17. TEMPORARY NOTES. Until definitive Notes are ready for delivery, the Company may issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, temporary Notes. Temporary Notes will be substantially in the form of definitive Notes but may have variations that the Company considers appropriate for temporary Notes. The Company will promptly prepare, issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, definitive Notes in exchange for temporary Notes. Until so exchanged, each temporary Note will in all respects be entitled to the same benefits under this Indenture as definitive Notes. Section 2.18. OUTSTANDING NOTES. (A) Generally. The Notes that are outstanding at any time will be deemed to be those Notes that, at such time, have been duly executed and authenticated, excluding those Notes (or portions thereof) that have theretofore been (i) cancelled by the Trustee or delivered to the Trustee for cancellation in accordance with Section 2.15; (ii) assigned a principal amount of zero by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of any a Global Note representing such Note; (iii) paid in full (including upon conversion) in accordance with this Indenture; or (iv) deemed to cease to be outstanding to the extent provided in, and subject to, clause (B), (C) or (D) of this Section 2.18. (B) Replaced Notes. If a Note is replaced pursuant to Section 2.13, then such Note will cease to be outstanding at the time of its replacement, unless the Trustee and the Company receive proof reasonably satisfactory to them that such Note is held by a “bona fide purchaser” under applicable law. - 27 - (C) Maturing Notes and Notes Called for Redemption or Subject to Repurchase. If, on a Redemption Date, a Fundamental Change Repurchase Date or the Maturity Date, the Paying Agent holds money sufficient to pay the aggregate Redemption Price, Fundamental Change Repurchase Price or principal amount, respectively, together, in each case, with the aggregate interest, in each case due on such date, then (unless there occurs a Default in the payment of any such amount) (i) the Notes (or portions thereof) to be redeemed or repurchased, or that mature, on such date will be deemed, as of such date, to cease to be outstanding, except to the extent provided in Section 4.02(D), 4.03(F) or 5.02(D); and (ii) the rights of the Holders of such Notes (or such portions thereof), as such, will terminate with respect to such Notes (or such portions thereof), other than the right to receive the Redemption Price, Fundamental Change Repurchase Price or principal amount, as applicable, of, and accrued and unpaid interest on, such Notes (or such portions thereof), in each case as provided in this Indenture. (D) Notes to Be Converted. At the Close of Business on the Conversion Date for any Note (or any portion thereof) to be converted, such Note (or such portion) will (unless there occurs a Default in the delivery of the Conversion Consideration or interest due, pursuant to Section 5.03(B) or Section 5.02(D), upon such conversion) be deemed to cease to be outstanding, except to the extent provided in Section 5.02(D) or Section 5.08. (E) Cessation of Accrual of Interest."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b20"], "char_count": 3592, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "3651e6dfa3da1eababf77ccadb281bdb698d10f0b34773e74a99e2d6a964a32a", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 20, "char_end": 49024, "char_start": 45432, "fragment_sha256": "c36c23ccc2171ecec159226710cff23931bcab2f564d7437a8d9de52f70943fb", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p39", "passage_kind": "narrative", "passage_sequence": 39, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "Except as provided in Section 4.02(D), 4.03(F) or 5.02(D), interest will cease to accrue on each Note from, and including, the date that such Note is deemed, pursuant to this Section 2.18, to cease to be outstanding, unless there occurs a default in the payment or delivery of any cash or other property due on such Note. Section 2.19. REPURCHASES BY THE COMPANY. Without limiting the generality of Section 2.15, the Company may, from time to time, repurchase Notes in open market purchases or in negotiated transactions without delivering prior notice to Holders. Section 2.20. CUSIP AND ISIN NUMBERS. The Company may use one or more CUSIP or ISIN numbers to identify any of the Notes, and, if so, the Company and the Trustee will use such CUSIP or ISIN number(s) in notices to Holders; provided, however, that (i) the Trustee makes no representation as to the correctness or accuracy of any such CUSIP or ISIN number; and (ii) the effectiveness of any such notice will not be affected by any defect in, or omission of, any such CUSIP or ISIN number. The Company will promptly notify the Trustee of any change in the CUSIP or ISIN number(s) identifying any Notes. Article 3. COVENANTS Section 3.01. PAYMENT ON NOTES. (A) Generally. The Company will pay or cause to be paid all the principal of, the Fundamental Change Repurchase Price and Redemption Price for, interest on, and other amounts due with respect to, the Notes on the dates and in the manner set forth in this Indenture. - 28 - (B) Deposit of Funds. Before 12:00 P.M., New York City time, on each Redemption Date, Fundamental Change Repurchase Date or Interest Payment Date, and on the Maturity Date or any other date on which any cash amount is due on the Notes, the Company will deposit, or will cause there to be deposited, with the Paying Agent cash, in funds immediately available on such date, sufficient to pay the cash amount due on the applicable Notes on such date. The Paying Agent will return to the Company, as soon as practicable, any money not required for such purpose. Section 3.02. EXCHANGE ACT REPORTS. (A) Generally. The Company will send to the Trustee copies of all reports that the Company is required to file with the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act within fifteen (15) calendar days after the date that the Company is required to file the same (after giving effect to all applicable grace periods under the Exchange Act); provided, however, that the Company need not send to the Trustee any material for which the Company has received, or is seeking in good faith and has not been denied, confidential treatment by the SEC. Any report that the Company files with the SEC through the EDGAR system (or any successor thereto) will be deemed to be sent to the Trustee at the time such report is so filed via the EDGAR system (or such successor). Upon the request of any Holder, the Trustee will provide to such Holder a copy of any report that the Company has sent the Trustee pursuant to this Section 3.02(A), other than a report that is deemed to be sent to the Trustee pursuant to the preceding sentence. (B) Trustee’s Disclaimer. The Trustee need not determine whether the Company has filed any material via the EDGAR system (or such successor). The sending or filing of reports pursuant to Section 3.02(A) will not be deemed to constitute constructive notice to the Trustee of any information contained, or determinable from information contained, therein, including the Company’s compliance with any of its covenants under this Indenture. Section 3.03. RULE 144A INFORMATION."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b20"], "char_count": 3529, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "2438be9f963f04d438f0a286d4332e51073bec33cb6e2156d5345685758fcf1e", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 20, "char_end": 52553, "char_start": 49024, "fragment_sha256": "c36c23ccc2171ecec159226710cff23931bcab2f564d7437a8d9de52f70943fb", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p40", "passage_kind": "narrative", "passage_sequence": 40, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "If the Company is not subject to Section 13 or 15(d) of the Exchange Act at any time when any Notes or Conversion Shares are outstanding and constitute “restricted securities” (as defined in Rule 144), then the Company (or its successor) will promptly provide, to the Trustee and, upon written request, to any Holder, beneficial owner or prospective purchaser of such Notes or shares, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to facilitate the resale of such Notes or shares pursuant to Rule 144A. The Company (or its successor) will take such further action as any Holder or beneficial owner of such Notes or shares may reasonably request to enable such Holder or beneficial owner to sell such Notes or shares pursuant to Rule 144A. Section 3.04. ADDITIONAL INTEREST. (A) Accrual of Additional Interest. If, on any day occurring on or after the date that is six (6) months after the Last Original Issue Date of any Note, - 29 - (i) the Company has not satisfied the reporting conditions (including, for the avoidance of doubt, the requirement for current Form 10 information) set forth in Rule 144(c) and (i)(2) under the Securities Act; or (ii) such Note is not otherwise Freely Tradable, then Additional Interest will accrue on such Note for such day. (B) Amount and Payment of Additional Interest. Any Additional Interest that accrues on a Note pursuant to Section 3.04(A) will be payable on the same dates and in the same manner as the Stated Interest on such Note and will accrue at a rate per annum equal to one half of one percent (0.50%) of the principal amount thereof; provided, however, that in no event will Additional Interest that may accrue as a result of the Company’s failure to timely file any document or report that it is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (other than reports on Form 8-K) pursuant to Section 3.04(A), together with any Special Interest that accrues as a result of the Company’s failure to comply with its reporting obligations as set forth in Section 7.03, accrue on any day on a Note at a combined rate per annum that exceeds one percent (1.00%). For the avoidance of doubt, any Additional Interest that accrues on a Note will be in addition to the Stated Interest that accrues on such Note and, subject to the proviso of the immediately preceding sentence, in addition to any Special Interest that accrues on such Note. (C) Notice of Accrual of Additional Interest; Trustee’s Disclaimer. The Company will send notice to the Holder of each Note, and to the Trustee, of the commencement and termination of any period in which Additional Interest accrues on such Note. In addition, if Additional Interest accrues on any Note, then, no later than five (5) Business Days before each date on which such Additional Interest is to be paid, the Company will deliver an Officer’s Certificate to the Trustee and the Paying Agent stating (i) that the Company is obligated to pay Additional Interest on such Note on such date of payment; and (ii) the amount of such Additional Interest that is payable on such date of payment. The Trustee will have no duty to determine whether any Additional Interest is payable or the amount thereof. (D) Exclusive Remedy. The accrual of Additional Interest will be the exclusive remedy available to Holders for the failure of their Notes to become Freely Tradable. Section 3.05. COMPLIANCE AND DEFAULT CERTIFICATES. (A) Annual Compliance Certificate."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b20"], "char_count": 3324, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f6ffa96d7d8219f2f14b8b9404489f3ad84b1032b92a3cd28e4420d95f2a86f9", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 20, "char_end": 55877, "char_start": 52553, "fragment_sha256": "c36c23ccc2171ecec159226710cff23931bcab2f564d7437a8d9de52f70943fb", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p41", "passage_kind": "narrative", "passage_sequence": 41, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "Within ninety (90) days after December 31, 2021 and each fiscal year of the Company ending thereafter, the Company will deliver an Officer’s Certificate to the Trustee stating (i) that the signatory thereto has supervised a review of the activities of the Company and its Subsidiaries during such fiscal year with a view towards determining whether any Default or Event of Default has occurred; and (ii) whether, to such signatory’s knowledge, a Default or Event of Default has occurred or is continuing (and, if so, describing all such Defaults or Events of Default and what action the Company is taking or proposes to take with respect thereto). (B) Default Certificate. If a Default or Event of Default occurs, then the Company will promptly (and, in any event, within thirty (30) days after its first occurrence) deliver an Officer’s Certificate to the Trustee describing the same and what action the Company is taking or proposes to take with respect thereto. - 30 - Section 3.06. STAY, EXTENSION AND USURY LAWS. To the extent that it may lawfully do so, the Company (A) agrees that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law (wherever or whenever enacted or in force) that may affect the covenants or the performance of this Indenture; and (B) expressly waives all benefits or advantages of any such law and agrees that it will not, by resort to any such law, hinder, delay or impede the execution of any power granted to the Trustee by this Indenture, but will suffer and permit the execution of every such power as though no such law has been enacted. Section 3.07. ACQUISITION OF NOTES BY THE COMPANY AND ITS AFFILIATES. Without limiting the generality of Section 2.18, Notes that the Company or any of its Subsidiaries have purchased or otherwise acquired will be deemed to remain outstanding (except to the extent provided in Section 2.16) until such time as such Notes are delivered to the Trustee for cancellation. The Notes will bear a legend that no Affiliate of the Company may purchase or otherwise acquire any Notes or any beneficial interest in any Global Note, and the Company will use commercially reasonable efforts to prevent any of its controlled Affiliates from acquiring any Note (or any beneficial interest therein). Section 3.08. EXISTENCE. Subject to Article 6, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence. Article 4. REPURCHASE AND REDEMPTION Section 4.01. NO SINKING FUND. No sinking fund is required to be provided for the Notes. Section 4.02. RIGHT OF HOLDERS TO REQUIRE THE COMPANY TO REPURCHASE NOTES UPON A FUNDAMENTAL CHANGE. (A) Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change. Subject to the other terms of this Section 4.02, if a Fundamental Change occurs, then each Holder will have the right (the “Fundamental Change Repurchase Right”) to require the Company to repurchase such Holder’s Notes (or any portion thereof in an Authorized Denomination) on the Fundamental Change Repurchase Date for such Fundamental Change for a cash purchase price equal to the Fundamental Change Repurchase Price. - 31 - (B) Repurchase Prohibited in Certain Circumstances."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b20"], "char_count": 3365, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5171e18e22fe9e6ef4ca99285bb671c0ec15c7a4cb896d00103886c9f11a0b38", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 20, "char_end": 59242, "char_start": 55877, "fragment_sha256": "c36c23ccc2171ecec159226710cff23931bcab2f564d7437a8d9de52f70943fb", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p42", "passage_kind": "narrative", "passage_sequence": 42, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "If the principal amount of the Notes has been accelerated and such acceleration has not been rescinded on or before the Fundamental Change Repurchase Date for a Repurchase Upon Fundamental Change (including as a result of the payment of the related Fundamental Change Repurchase Price, and any related interest pursuant to the proviso to the first sentence of Section 4.02(D), on such Fundamental Change Repurchase Date), then (i) the Company may not repurchase any Notes pursuant to this Section 4.02; and (ii) the Company will cause any Notes theretofore surrendered for such Repurchase Upon Fundamental Change to be returned to the Holders thereof (or, if applicable with respect to Global Notes, cancel any instructions for book-entry transfer to the Company, the Trustee or the Paying Agent of the applicable beneficial interest in such Notes in accordance with the Depositary Procedures). (C) Fundamental Change Repurchase Date. The Fundamental Change Repurchase Date for any Fundamental Change will be a Business Day of the Company’s choosing that is no more than thirty five (35), nor less than twenty (20), Business Days after the date the Company sends the related Fundamental Change Notice pursuant to Section 4.02(E). (D) Fundamental Change Repurchase Price. The Fundamental Change Repurchase Price for any Note to be repurchased upon a Repurchase Upon Fundamental Change following a Fundamental Change is an amount in cash equal to the principal amount of such Note plus accrued and unpaid interest on such Note to, but excluding, the Fundamental Change Repurchase Date for such Fundamental Change; provided, however, that if such Fundamental Change Repurchase Date is after a Regular Record Date and on or before the next Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Regular Record Date will be entitled, notwithstanding such Repurchase Upon Fundamental Change, to receive, on or, at the Company’s election, before such Interest Payment Date, the unpaid interest that would have accrued on such Note to, but excluding, such Interest Payment Date (assuming, solely for these purposes, that such Note remained outstanding through such Interest Payment Date, if such Fundamental Change Repurchase Date is before such Interest Payment Date); and (ii) the Fundamental Change Repurchase Price will not include accrued and unpaid interest on such Note to, but excluding, such Fundamental Change Repurchase Date. For the avoidance of doubt, if an Interest Payment Date is not a Business Day within the meaning of Section 2.05(C) and such Fundamental Change Repurchase Date occurs on the Business Day immediately after such Interest Payment Date, then (x) accrued and unpaid interest on Notes to, but excluding, such Interest Payment Date will be paid, in accordance with Section 2.05(C), on the next Business Day to Holders as of the Close of Business on the immediately preceding Regular Record Date; and (y) the Fundamental Change Repurchase Price will include interest on Notes to be repurchased from, and including, such Interest Payment Date. (E) Fundamental Change Notice. On or before the twentieth (20th) calendar day after the effective date of a Fundamental Change, the Company will send to each Holder, the Trustee and the Paying Agent a notice of such Fundamental Change (a “Fundamental Change Notice”)."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b20"], "char_count": 3663, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d60066adc5df3d5c8ecf279745d9db6a51e0016f12ffda78adc56e667cd4df6f", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 20, "char_end": 62905, "char_start": 59242, "fragment_sha256": "c36c23ccc2171ecec159226710cff23931bcab2f564d7437a8d9de52f70943fb", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p43", "passage_kind": "narrative", "passage_sequence": 43, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "Such Fundamental Change Notice must state: (i) briefly, the events causing such Fundamental Change; (ii) the effective date of such Fundamental Change; - 32 - (iii) the procedures that a Holder must follow to require the Company to repurchase its Notes pursuant to this Section 4.02, including the deadline for exercising the Fundamental Change Repurchase Right and the procedures for submitting and withdrawing a Fundamental Change Repurchase Notice; (iv) the Fundamental Change Repurchase Date for such Fundamental Change; (v) the Fundamental Change Repurchase Price per $1,000 principal amount of Notes for such Fundamental Change (and, if such Fundamental Change Repurchase Date is after a Regular Record Date and on or before the next Interest Payment Date, the amount, manner and timing of the interest payment payable pursuant to the proviso to the first sentence of Section 4.02(D)); (vi) the name and address of the Paying Agent and the Conversion Agent; (vii) the Conversion Rate in effect on the date of such Fundamental Change Notice and a description and quantification of any adjustments to the Conversion Rate that may result from such Fundamental Change (including pursuant to Section 5.07); (viii) that Notes for which a Fundamental Change Repurchase Notice has been duly tendered and not duly withdrawn must be delivered to the Paying Agent for the Holder thereof to be entitled to receive the Fundamental Change Repurchase Price; (ix) that Notes (or any portion thereof) that are subject to a Fundamental Change Repurchase Notice that has been duly tendered may be converted only if such Fundamental Change Repurchase Notice is withdrawn in accordance with this Indenture; and (x) the CUSIP and ISIN numbers, if any, of the Notes. Neither the failure to deliver a Fundamental Change Notice nor any defect in a Fundamental Change Notice will limit the Fundamental Change Repurchase Right of any Holder or otherwise affect the validity of any proceedings relating to any Repurchase Upon Fundamental Change. (F) Procedures to Exercise the Fundamental Change Repurchase Right. (i) Delivery of Fundamental Change Repurchase Notice and Notes to Be Repurchased. To exercise its Fundamental Change Repurchase Right for a Note following a Fundamental Change, the Holder thereof must deliver to the Paying Agent: (1) before the Close of Business on the Business Day immediately before the related Fundamental Change Repurchase Date (or such later time as may be required by law), a duly completed, written Fundamental Change Repurchase Notice with respect to such Note; and (2) such Note, duly endorsed for transfer (if such Note is a Physical Note) or by book-entry transfer (if such Note is a Global Note). - 33 - The Paying Agent will promptly deliver to the Company a copy of each Fundamental Change Repurchase Notice that it receives. (ii) Contents of Fundamental Change Repurchase Notices. Each Fundamental Change Repurchase Notice with respect to a Note must state: (1) if such Note is a Physical Note, the certificate number of such Note; (2) the principal amount of such Note to be repurchased, which must be an Authorized Denomination; and (3) that such Holder is exercising its Fundamental Change Repurchase Right with respect to such principal amount of such Note; provided, however, that if such Note is a Global Note, then such Fundamental Change Repurchase Notice must comply with the Depositary Procedures (and any such Fundamental Change Repurchase Notice delivered in compliance with the Depositary Procedures will be deemed to satisfy the requirements of this Section 4.02(F)). (iii) Withdrawal of Fundamental Change Repurchase Notice."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b20"], "char_count": 3592, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b2000bd8b202927500d1c36573e273eb06ec89b4a7eb4456fd562d4283011978", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 20, "char_end": 66497, "char_start": 62905, "fragment_sha256": "c36c23ccc2171ecec159226710cff23931bcab2f564d7437a8d9de52f70943fb", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p44", "passage_kind": "narrative", "passage_sequence": 44, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "A Holder that has delivered a Fundamental Change Repurchase Notice with respect to a Note may withdraw such Fundamental Change Repurchase Notice by delivering a written notice of withdrawal to the Paying Agent at any time before the Close of Business on the Business Day immediately before the related Fundamental Change Repurchase Date. Such withdrawal notice must state: (1) if such Note is a Physical Note, the certificate number of such Note; (2) the principal amount of such Note to be withdrawn, which must be an Authorized Denomination; and (3) the principal amount of such Note, if any, that remains subject to such Fundamental Change Repurchase Notice, which must be an Authorized Denomination; provided, however, that if such Note is a Global Note, then such withdrawal notice must comply with the Depositary Procedures (and any such withdrawal notice delivered in compliance with the Depositary Procedures will be deemed to satisfy the requirements of this Section 4.02(F)). Upon receipt of any such withdrawal notice with respect to a Note (or any portion thereof), the Paying Agent will (x) promptly deliver a copy of such withdrawal notice to the Company; and (y) if such Note is surrendered to the Paying Agent, cause such Note (or such portion thereof in accordance with Section 2.11, treating such Note as having been then surrendered for partial repurchase in the amount set forth in such withdrawal notice as remaining subject to repurchase) to be returned to the Holder thereof (or, if applicable with respect to any Global Note, cancel any instructions for book-entry transfer to the Company, the Trustee or the Paying Agent of the applicable beneficial interest in such Note in accordance with the Depositary Procedures). - 34 - (G) Payment of the Fundamental Change Repurchase Price. Without limiting the Company’s obligation to deposit the Fundamental Change Repurchase Price within the time proscribed by Section 3.01(B), the Company will cause the Fundamental Change Repurchase Price for a Note (or portion thereof) to be repurchased pursuant to a Repurchase Upon Fundamental Change to be paid to the Holder thereof on or before the later of (i) the applicable Fundamental Change Repurchase Date; and (ii) the date (x) such Note is delivered to the Paying Agent (in the case of a Physical Note) or (y) the Depositary Procedures relating to the repurchase, and the delivery to the Paying Agent, of such Holder’s beneficial interest in such Note to be repurchased are complied with (in the case of a Global Note). For the avoidance of doubt, interest payable pursuant to the proviso to the first sentence of Section 4.02(D) on any Note to be repurchased pursuant to a Repurchase Upon Fundamental Change must be paid pursuant to such proviso regardless of whether such Note is delivered or such Depositary Procedures are complied with pursuant to the first sentence of this Section 4.02(G). (H) Third Party May Conduct Repurchase Offer In Lieu of the Company. Notwithstanding anything to the contrary in this Section 4.02, the Company will be deemed to satisfy its obligations under this Section 4.02 if one or more third parties conduct any Repurchase Upon Fundamental Change and related offer to repurchase Notes otherwise required by this Section 4.02 in a manner that would have satisfied the requirements of this Section 4.02 if conducted directly by the Company. (I) No Requirement to Conduct an Offer to Repurchase Notes if the Fundamental Change Results in the Notes Becoming Convertible into an Amount of Cash Exceeding the Fundamental Change Repurchase Price."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b20"], "char_count": 3896, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "cd7bab2d24ac3dff25e05fb0115a8bf0936bcd7270d20a7ce64a65be16918fdf", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 20, "char_end": 70393, "char_start": 66497, "fragment_sha256": "c36c23ccc2171ecec159226710cff23931bcab2f564d7437a8d9de52f70943fb", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p45", "passage_kind": "narrative", "passage_sequence": 45, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "Notwithstanding anything to the contrary in this Section 4.02, the Company will not be required to send a Fundamental Change Notice pursuant to Section 4.02(E), or offer to repurchase or repurchase any Notes pursuant to this Section 4.02, in connection with a Fundamental Change occurring pursuant to clause (B)(ii) (or pursuant to clause (A) that also constitutes a Fundamental Change occurring pursuant to clause (B)(ii)) of the definition thereof, if (i) such Fundamental Change constitutes a Common Stock Change Event whose Reference Property consists entirely of cash in U.S. dollars; (ii) immediately after such Fundamental Change, the Notes become convertible, pursuant to Section 5.09(A) and, if applicable, Section 5.07, into consideration that consists solely of U.S. dollars in an amount per $1,000 aggregate principal amount of Notes that equals or exceeds the Fundamental Change Repurchase Price per $1,000 aggregate principal amount of Notes (calculated assuming that the same includes the maximum amount of accrued interest payable as part of the related Fundamental Change Repurchase Price); and (iii) the Company timely sends the notice relating to such Fundamental Change required pursuant to Section 5.01(C)(i)(3)(b) and includes, in such notice, a statement that the Company is relying on this Section 4.02(I). - 35 - (J) Compliance with Applicable Securities Laws. To the extent applicable, the Company will comply, in all material respects, with all federal and state securities laws in connection with a Repurchase Upon Fundamental Change (including complying with Rules 13e-4 and 14e-1 under the Exchange Act and filing any required Schedule TO, to the extent applicable) so as to permit effecting such Repurchase Upon Fundamental Change in the manner set forth in this Indenture; provided, however, that, to the extent that the Company’s obligations pursuant to this Section 4.02 conflict with any law or regulation that is applicable to the Company and enacted after the Issue Date, the Company’s compliance with such law or regulation will not be considered to be a Default of such obligations. (K) Repurchase in Part. Subject to the terms of this Section 4.02, Notes may be repurchased pursuant to a Repurchase Upon Fundamental Change in part, but only in Authorized Denominations. Provisions of this Section 4.02 applying to the repurchase of a Note in whole will equally apply to the repurchase of a permitted portion of a Note. Section 4.03. RIGHT OF THE COMPANY TO REDEEM THE NOTES. (A) No Right to Redeem Before August 20, 2024. The Company may not redeem the Notes at its option at any time before August 20, 2024. (B) Right to Redeem the Notes on or After August 20, 2024. Subject to the terms of this Section 4.03, the Company has the right, at its election, to redeem all, or any portion (subject to the Partial Redemption Limitation described in Section 4.03(C)) in an Authorized Denomination, of the Notes, at any time, and from time to time, on a Redemption Date on or after August 20, 2024 and before the 36th Scheduled Trading Day immediately before the Maturity Date, for a cash purchase price equal to the Redemption Price, but only if (1) the Last Reported Sale Price per share of Common Stock exceeds one hundred and thirty percent (130%) of the Conversion Price on (x) each of at least twenty (20) Trading Days (whether or not consecutive) during the thirty (30) consecutive Trading Days ending on, and including, the Trading Day immediately before the Redemption Notice Date for such Redemption; and (y) the Trading Day immediately before such Redemption Notice Date and (2) the Liquidity Conditions have been satisfied. For the avoidance of doubt, the calling of any Notes for Redemption will constitute a Make-Whole Fundamental Change with respect to such Notes pursuant to clause (B) of the definition thereof. (C) Partial Redemption Limitation."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b20"], "char_count": 3244, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b76afee13b50425986a61cf45203b9064f8b87ea560c2f6fc6f9aad692fd9820", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 20, "char_end": 73637, "char_start": 70393, "fragment_sha256": "c36c23ccc2171ecec159226710cff23931bcab2f564d7437a8d9de52f70943fb", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p46", "passage_kind": "narrative", "passage_sequence": 46, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "If the Company elects to redeem fewer than all of the outstanding Notes, at least one hundred and fifty million dollars ($150,000,000) aggregate principal amount of Notes must be outstanding and not subject to Redemption as of the Redemption Notice Date for such Redemption (such requirement, the “Partial Redemption Limitation”). (D) Redemption Prohibited in Certain Circumstances. If the principal amount of the Notes has been accelerated and such acceleration has not been rescinded on or before the Redemption Date (including as a result of the payment of the related Redemption Price, and any related interest pursuant to the proviso to the first sentence of Section 4.03(F), on such Redemption Date), then (i) the Company may not call for Redemption or otherwise redeem any Notes pursuant to this Section 4.03; and (ii) the Company will cause any Notes theretofore surrendered for such Redemption to be returned to the Holders thereof (or, if applicable with respect to Global Notes, cancel any instructions for book-entry transfer to the Company, the Trustee or the Paying Agent of the applicable beneficial interests in such Notes in accordance with the Depositary Procedures). - 36 - (E) Redemption Date. The Redemption Date for any Redemption will be a Business Day of the Company’s choosing that is no more than fifty-five (55), nor less than thirty-five (35), Scheduled Trading Days after the Redemption Notice Date for such Redemption. (F) Redemption Price. The Redemption Price for any Note called for Redemption is an amount in cash equal to the principal amount of such Note plus accrued and unpaid interest on such Note to, but excluding, the Redemption Date for such Redemption; provided, however, that if such Redemption Date is after a Regular Record Date and on or before the next Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Regular Record Date will be entitled, notwithstanding such Redemption, to receive, on or, at the Company’s election, before such Interest Payment Date, the unpaid interest that would have accrued on such Note to, but excluding, such Interest Payment Date (assuming, solely for these purposes, that such Note remained outstanding through such Interest Payment Date, if such Redemption Date is before such Interest Payment Date); and (ii) the Redemption Price will not include accrued and unpaid interest on such Note to, but excluding, such Redemption Date. For the avoidance of doubt, if an Interest Payment Date is not a Business Day within the meaning of Section 2.05(C) and such Redemption Date occurs on the Business Day immediately after such Interest Payment Date, then (x) accrued and unpaid interest on Notes to, but excluding, such Interest Payment Date will be paid, in accordance with Section 2.05(C), on the next Business Day to Holders as of the Close of Business on the immediately preceding Regular Record Date; and (y) the Redemption Price will include interest on Notes to be redeemed from, and including, such Interest Payment Date. (G) Redemption Notice. To call any Notes for Redemption, the Company must send to each Holder of such Notes, the Trustee and the Paying Agent a written notice of such Redemption (a “Redemption Notice”)."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b20"], "char_count": 3946, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "12c42b81d5217913a0c3458c13b36c110249e96d672a902d999336aa6faab454", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 20, "char_end": 77583, "char_start": 73637, "fragment_sha256": "c36c23ccc2171ecec159226710cff23931bcab2f564d7437a8d9de52f70943fb", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p47", "passage_kind": "narrative", "passage_sequence": 47, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "Such Redemption Notice must state: (i) that such Notes have been called for Redemption, briefly describing the Company’s Redemption right under this Indenture; (ii) the Redemption Date for such Redemption; (iii) the Redemption Price per $1,000 principal amount of Notes for such Redemption (and, if the Redemption Date is after a Regular Record Date and on or before the next Interest Payment Date, the amount, manner and timing of the interest payment payable pursuant to the proviso to the first sentence of Section 4.03(F)); (iv) the name and address of the Paying Agent and the Conversion Agent; (v) that Notes called for Redemption may be converted at any time before the Close of Business on the Business Day immediately before the Redemption Date (or, if the Company fails to pay the Redemption Price due on such Redemption Date in full, at any time until such time as the Company pays such Redemption Price in full); (vi) the Conversion Rate in effect on the Redemption Notice Date for such Redemption and a description and quantification of any adjustments to the Conversion Rate that may result from such Redemption (including pursuant to Section 5.07); - 37 - (vii) the Settlement Method that will apply to all conversions of Notes with a Conversion Date that occurs on or after such Redemption Notice Date and before such Redemption Date; and (viii) the CUSIP and ISIN numbers, if any, of the Notes. On or before the Redemption Notice Date, the Company will send a copy of such Redemption Notice to the Trustee and the Paying Agent. (H) Selection and Conversion of Notes to Be Redeemed in Part. (i) If less than all Notes then outstanding are called for Redemption, then the Notes to be redeemed will be selected as follows: (1) in the case of Global Notes, in accordance with the Depositary Procedures; and (2) in the case of Physical Notes, pro rata, by lot or by such other method the Trustee considers fair and appropriate. (ii) If only a portion of a Note is subject to Redemption and such Note is converted in part, then the converted portion of such Note will be deemed to be from the portion of such Note that was subject to Redemption. (I) Payment of the Redemption Price. Without limiting the Company’s obligation to deposit the Redemption Price by the time proscribed by Section 3.01(B), the Company will cause the Redemption Price for a Note (or portion thereof) subject to Redemption to be paid to the Holder thereof on or before the applicable Redemption Date. For the avoidance of doubt, interest payable pursuant to the proviso to the first sentence of Section 4.03(F) on any Note (or portion thereof) subject to Redemption must be paid pursuant to such proviso. (J) Special Provisions for Partial Calls. If the Company elects to redeem less than all of the outstanding Notes pursuant to this Section 4.03, and the Holder of any Note, or any owner of a beneficial interest in any Global Note, is reasonably not able to determine, before the Close of Business on the 32nd Scheduled Trading Day immediately before the Redemption Date for such Redemption, whether such Note or beneficial interest, as applicable, is to be redeemed pursuant to such Redemption, then such Holder or owner, as applicable, will be entitled to convert such Note or beneficial interest, as applicable, at any time before the Close of Business on the Business Day immediately before such Redemption Date, and each such conversion will be deemed to be of a Note called for Redemption for purposes of this Section 4.03, Sections 5.01(C)(i)(4) and 5.07, and the definition of “Make-Whole Fundamental Change.” Article 5. CONVERSION Section 5.01. RIGHT TO CONVERT. (A) Generally. Subject to the provisions of this Article 5, each Holder may, at its option, convert such Holder’s Notes into Conversion Consideration. (B) Conversions in Part. Subject to the terms of this Indenture, Notes may be converted in part, but only in Authorized Denominations."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b20"], "char_count": 3500, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c6e2b4d6fcafd0cfa8b67a1e122f39c6a711e61bf823e6e3ab2d79ef7a404e04", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 20, "char_end": 81083, "char_start": 77583, "fragment_sha256": "c36c23ccc2171ecec159226710cff23931bcab2f564d7437a8d9de52f70943fb", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p48", "passage_kind": "narrative", "passage_sequence": 48, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "Provisions of this Article 5 applying to the conversion of a Note in whole will equally apply to conversions of a permitted portion of a Note. - 38 - (C) When Notes May Be Converted. (i) Generally. Subject to Section 5.01(C)(ii), a Note may be converted only in the following circumstances: (1) Conversion upon Satisfaction of Common Stock Sale Price Condition. A Holder may convert its Notes during any calendar quarter (and only during such calendar quarter) commencing after the calendar quarter ending on December 31, 2021, if the Last Reported Sale Price per share of Common Stock exceeds one hundred and thirty percent (130%) of the Conversion Price for each of at least twenty (20) Trading Days (whether or not consecutive) during the thirty (30) consecutive Trading Days ending on, and including, the last Trading Day of the immediately preceding calendar quarter. (2) Conversion upon Satisfaction of Note Trading Price Condition. A Holder may convert its Notes during the five (5) consecutive Business Days immediately after any ten (10) consecutive Trading Day period (such ten (10) consecutive Trading Day period, the “Measurement Period”) if the Trading Price per $1,000 principal amount of Notes, as determined following a request by a Holder in accordance with the procedures set forth below, for each Trading Day of the Measurement Period was less than ninety eight percent (98%) of the product of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading Day. The condition set forth in the preceding sentence is referred to in this Indenture as the “Trading Price Condition.” The Trading Price will be determined by the Bid Solicitation Agent pursuant to this Section 5.01(C)(i)(2) and the definition of “Trading Price.” The Bid Solicitation Agent (if not the Company) will have no obligation to determine the Trading Price of the Notes unless the Company has requested such determination in writing, and the Company will have no obligation to make such request (or seek bids itself) unless a Holder provides the Company with reasonable evidence that the Trading Price per $1,000 principal amount of Notes would be less than ninety eight percent (98%) of the product of the Last Reported Sale Price per share of Common Stock and the Conversion Rate. If a Holder provides such evidence, then the Company will (if acting as Bid Solicitation Agent), or will instruct the Bid Solicitation Agent to, determine the Trading Price of the Notes beginning on the next Trading Day and on each successive Trading Day until the Trading Price per $1,000 principal amount of Notes is greater than or equal to ninety eight percent (98%) of the product of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading Day. If the Trading Price Condition has been met as set forth above, then the Company will notify the Holders, the Trustee and the Conversion Agent of the - 39 - same. If, on any Trading Day after the Trading Price Condition has been met as set forth above, the Trading Price per $1,000 principal amount of Notes is greater than or equal to ninety eight percent (98%) of the product of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading Day, then the Company will notify the Holders, the Trustee and the Conversion Agent of the same. (3) Conversion Upon Specified Corporate Events. (a) Certain Distributions."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b20"], "char_count": 3979, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "931c2c64caf1efdd33eb465ab30b076bbf469bee55361879bdd9123a59feca8d", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 20, "char_end": 85062, "char_start": 81083, "fragment_sha256": "c36c23ccc2171ecec159226710cff23931bcab2f564d7437a8d9de52f70943fb", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p49", "passage_kind": "narrative", "passage_sequence": 49, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "If the Company elects to: (I) distribute, to all or substantially all holders of Common Stock, any rights, options or warrants (other than rights issued pursuant to a stockholder rights plan prior to separation of such rights from the Common Stock) entitling them, for a period of not more than sixty (60) calendar days after the date such distribution is announced, to subscribe for or purchase shares of Common Stock at a price per share that is less than the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date such distribution is announced (determined in the manner set forth in the third paragraph of Section 5.05(A)(ii)); or (II) distribute, to all or substantially all holders of Common Stock, assets or securities of the Company or rights to purchase the Company’s securities, which distribution per share of Common Stock has a value, as reasonably determined by the Board of Directors, exceeding ten percent (10%) of the Last Reported Sale Price per share of Common Stock on the Trading Day immediately before the date such distribution is announced, then, in either case, (x) the Company will send notice of such distribution, and of the related right to convert Notes, to Holders, the Trustee and the Conversion Agent at least 35 Scheduled Trading Days before the Ex-Dividend Date for such distribution; and (y) once the Company has sent such notice, Holders may convert their Notes at any time until the earlier of the Close of Business on the Business Day immediately before such Ex-Dividend Date and the Company’s announcement that such distribution will not take place; provided, however, that the Notes will not become convertible pursuant to clause (y) above (but the Company will be required to send notice of such distribution pursuant to clause (x) above) on account of such distribution if each Holder participates, at the same time and on the same terms as holders of Common Stock, and solely by virtue of being a Holder, in such distribution without having to convert such Holder’s Notes and as if such Holder held a number of shares of Common Stock equal to the product of (i) the Conversion Rate in effect on the Record Date for such distribution; and (ii) the aggregate principal amount (expressed in thousands) of Notes held by such Holder on such Record Date. - 40 - (b) Certain Corporate Events. If a Fundamental Change, Make-Whole Fundamental Change (other than a Make-Whole Fundamental Change pursuant to clause (B) of the definition thereof) or Common Stock Change Event occurs (other than a merger or other business combination transaction that is effected solely to change the Company’s jurisdiction of incorporation and that does not constitute a Fundamental Change or a Make-Whole Fundamental Change), then, in each case, Holders may convert their Notes at any time from, and including, the effective date of such transaction or event to, and including, the thirty fifth (35th) Trading Day after such effective date (or, if such transaction or event also constitutes a Fundamental Change (other than an Exempted Fundamental Change), to, but excluding, the related Fundamental Change Repurchase Date); provided, however, that if the Company does not provide the notice referred to in the immediately following sentence by such effective date, then the last day on which the Notes are convertible pursuant to this sentence will be extended by the number of Business Days from, and including, such effective date to, but excluding, the date the Company provides such notice. No later than the second (2nd) Business Day after the effective date of any Fundamental Change, Make-Whole Fundamental Change or Common Stock Change Event, the Company will send notice to the Holders, the Trustee and the Conversion Agent of such transaction or event, such effective date and, if applicable, the related right to convert Notes."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b20"], "char_count": 3972, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "588753aa3c351fdec4c56098c223ed8c9cdea9d2022e91dcca44d7204fa9159d", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 20, "char_end": 89034, "char_start": 85062, "fragment_sha256": "c36c23ccc2171ecec159226710cff23931bcab2f564d7437a8d9de52f70943fb", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p50", "passage_kind": "narrative", "passage_sequence": 50, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "(4) Conversion upon Redemption. If the Company calls any Note for Redemption, then the Holder of such Note may convert such Note at any time before the Close of Business on the Business Day immediately before the related Redemption Date (or, if the Company fails to pay the Redemption Price due on such Redemption Date in full, at any time until such time as the Company pays such Redemption Price in full). (5) Conversions During Free Convertibility Period. A Holder may convert its Notes at any time from, and including, February 15, 2026 until the Close of Business on the second (2nd) Scheduled Trading Day immediately before the Maturity Date. For the avoidance of doubt, the Notes may become convertible pursuant to any one or more of the preceding sub-paragraphs of this Section 5.01(C)(i) and the Notes ceasing to be convertible pursuant to a particular sub-paragraph of this Section 5.01(C)(i) will not preclude the Notes from being convertible pursuant to any other sub-paragraph of this Section 5.01(C)(i). (ii) Limitations and Closed Periods. Notwithstanding anything to the contrary in this Indenture or the Notes: - 41 - (1) Notes may be surrendered for conversion only after the Open of Business and before the Close of Business on a day that is a Business Day; (2) in no event may any Note be converted after the Close of Business on the second (2nd) Scheduled Trading Day immediately before the Maturity Date; (3) if the Company calls any Note for Redemption pursuant to Section 4.03, then the Holder of such Note may not convert such Note after the Close of Business on the Business Day immediately before the applicable Redemption Date, except to the extent the Company fails to pay the Redemption Price for such Note in accordance with this Indenture; and (4) if a Fundamental Change Repurchase Notice is validly delivered pursuant to Section 4.02(F) with respect to any Note, then such Note may not be converted, except to the extent (a) such Note is not subject to such notice; (b) such notice is withdrawn in accordance with Section 4.02(F); or (c) the Company fails to pay the Fundamental Change Repurchase Price for such Note in accordance with this Indenture (or a third party fails to make such payment in lieu of the Company in accordance with the provisions described in Section 4.02(H)). Section 5.02. CONVERSION PROCEDURES. (A) Generally. (i) Global Notes. To convert a beneficial interest in a Global Note that is convertible pursuant to Section 5.01(C), the owner of such beneficial interest must (1) comply with the Depositary Procedures for converting such beneficial interest (at which time such conversion will become irrevocable); and (2) pay any amounts due pursuant to Section 5.02(D) or Section 5.02(E). (ii) Physical Notes. To convert all or a portion of a Physical Note that is convertible pursuant to Section 5.01(C), the Holder of such Note must (1) complete, manually sign and deliver to the Conversion Agent the conversion notice attached to such Physical Note or a facsimile of such conversion notice; (2) deliver such Physical Note to the Conversion Agent (at which time such conversion will become irrevocable); (3) furnish any endorsements and transfer documents that the Company or the Conversion Agent may require; and (4) pay any amounts due pursuant to Section 5.02(D) or Section 5.02(E). (B) Effect of Converting a Note. At the Close of Business on the Conversion Date for a Note (or any portion thereof) to be converted, such Note (or such portion) will (unless there occurs a Default in the delivery of the Conversion Consideration or interest due, pursuant to Section 5.03(B) or 5.02(D), upon such conversion) be deemed to cease to be outstanding (and, for the avoidance of doubt, no Person will be deemed to be a Holder of such Note (or such portion thereof) as of the Close of Business on such Conversion Date), except to the extent provided in Section 5.02(D). - 42 - (C) Holder of Record of Conversion Shares."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b20"], "char_count": 3941, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "35b1eeedc9a08ece1b6448212983a0beb6b226f96c0f656e48fb871bb0d89512", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 20, "char_end": 92975, "char_start": 89034, "fragment_sha256": "c36c23ccc2171ecec159226710cff23931bcab2f564d7437a8d9de52f70943fb", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p51", "passage_kind": "narrative", "passage_sequence": 51, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "The Person in whose name any share of Common Stock is issuable upon conversion of any Note will be deemed to become the holder of record of such share as of the Close of Business on the last VWAP Trading Day of the Observation Period for such conversion. (D) Interest Payable Upon Conversion in Certain Circumstances. If the Conversion Date of a Note is after a Regular Record Date and before the next Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Regular Record Date will be entitled, notwithstanding such conversion (and, for the avoidance of doubt, notwithstanding anything set forth in the proviso to this sentence), to receive, on or, at the Company’s election, before such Interest Payment Date, the unpaid interest that would have accrued on such Note to, but excluding, such Interest Payment Date (assuming, solely for these purposes, that such Note remained outstanding through such Interest Payment Date); and (ii) the Holder surrendering such Note for conversion must deliver to the Conversion Agent, at the time of such surrender, an amount of cash equal to the amount of such interest referred to in clause (i) above; provided, however, that the Holder surrendering such Note for conversion need not deliver such cash (v) if the Company has specified a Redemption Date that is after such Regular Record Date and on or before the Business Day immediately after such Interest Payment Date; (w) if such Conversion Date occurs after the Regular Record Date immediately before the Maturity Date; (x) if the Company has specified a Fundamental Change Repurchase Date that is after such Regular Record Date and on or before the Business Day immediately after such Interest Payment Date; or (y) to the extent of any overdue interest or interest that has accrued on any overdue interest. For the avoidance of doubt, as a result of, and without limiting the generality of, the foregoing, if a Note is converted with a Conversion Date that is after the Regular Record Date immediately before the Maturity Date, then the Company will pay, as provided above, the interest that would have accrued on such Note to, but excluding, the Maturity Date. For the avoidance of doubt, if the Conversion Date of a Note to be converted is on an Interest Payment Date, then the Holder of such Note at the Close of Business on the Regular Record Date immediately before such Interest Payment Date will be entitled to receive, on such Interest Payment Date, the unpaid interest that has accrued on such Note to, but excluding, such Interest Payment Date, and such Note, when surrendered for conversion, need not be accompanied by any cash amount pursuant to the first sentence of this Section 5.02(D). (E) Taxes and Duties. If a Holder converts a Note, the Company will pay any documentary, stamp or similar issue or transfer tax or duty due on the issue or delivery of any shares of Common Stock upon such conversion; provided, however, that if any tax or duty is due because such Holder requested such shares to be registered in a name other than such Holder’s name, then such Holder will pay such tax or duty and, until having received a sum sufficient to pay such tax or duty, the Conversion Agent may refuse to deliver any such shares to be issued in a name other than that of such Holder. (F) Conversion Agent to Notify Company of Conversions. If any Note is submitted for conversion to the Conversion Agent or the Conversion Agent receives any notice of conversion with respect to a Note, then the Conversion Agent will promptly (and, in any event, no later than the date the Conversion Agent receives such Note or notice) notify the Company and the Trustee of such occurrence, together with any other information reasonably requested by the Company, and will cooperate with the Company to determine the Conversion Date for such Note. - 43 - Section 5.03. SETTLEMENT UPON CONVERSION. (A) Settlement Method."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b20"], "char_count": 3148, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a98e8488f4d2961ba1f62c0629bafa97491547aa9ab552f4997660c528f2c895", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 20, "char_end": 96123, "char_start": 92975, "fragment_sha256": "c36c23ccc2171ecec159226710cff23931bcab2f564d7437a8d9de52f70943fb", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p52", "passage_kind": "narrative", "passage_sequence": 52, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "Upon the conversion of any Note, the Company will settle such conversion by paying or delivering, as applicable and as provided in this Article 5, either (x) solely cash as provided in Section 5.03(B)(i)(1) (a “Cash Settlement”); or (y) a combination of cash and shares of Common Stock, together, if applicable, with cash in lieu of fractional shares as provided in Section 5.03(B)(i)(2) (a “Combination Settlement”). (i) The Company’s Right to Elect Settlement Method. The Company will have the right to elect the Settlement Method applicable to any conversion of a Note; provided, however, that: (1) subject to clause (3) below, all conversions of Notes with a Conversion Date that occurs on or after February 15, 2026 will be settled using the same Settlement Method, and the Company will send notice of such Settlement Method to Holders and the Conversion Agent no later than the Open of Business on February 15, 2026; (2) subject to clause (3) below, if the Company elects a Settlement Method with respect to the conversion of any Note whose Conversion Date occurs before February 15, 2026, then the Company will send notice of such Settlement Method to the Holder of such Note, with a copy to the Trustee and the Conversion Agent, no later than the Close of Business on the Business Day immediately after such Conversion Date; (3) if any Notes are called for Redemption, then (a) the Company will specify, in the related Redemption Notice sent pursuant to Section 4.03(G), the Settlement Method that will apply to all conversions of Notes with a Conversion Date that occurs on or after the related Redemption Notice Date and before the related Redemption Date; and (b) if such Redemption Date occurs on or after February 15, 2026, then such Settlement Method must be the same Settlement Method that, pursuant to clause (1) above, applies to all conversions of Notes with a Conversion Date that occurs on or after February 15, 2026; (4) the Company will use the same Settlement Method for all conversions of Notes with the same Conversion Date (and, for the avoidance of doubt, the Company will not be obligated to use the same Settlement Method with respect to conversions of Notes with different Conversion Dates, except as provided in clause (1) or (3) above); (5) if the Company does not timely elect a Settlement Method with respect to the conversion of a Note, then the Company will be deemed to have elected the Default Settlement Method (and, for the avoidance of doubt, the failure to timely make such election will not constitute a Default or Event of Default); and - 44 - (6) if the Company timely elects Combination Settlement with respect to the conversion of a Note but does not timely notify the Holder of such Note, with a copy to the Trustee and the Conversion Agent, of the applicable Specified Dollar Amount, then the Specified Dollar Amount for such conversion will be deemed to be $1,000 per $1,000 principal amount of Notes (and, for the avoidance of doubt, the failure to timely send such notification will not constitute a Default or Event of Default). (ii) The Company’s Right to Irrevocably Fix the Settlement Method."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b20"], "char_count": 3730, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "3cdbfedf9aac61f908b1ba3bae4f08fd248cfbee435bb6bb5071fb2f7eb2a851", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 20, "char_end": 99853, "char_start": 96123, "fragment_sha256": "c36c23ccc2171ecec159226710cff23931bcab2f564d7437a8d9de52f70943fb", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p53", "passage_kind": "narrative", "passage_sequence": 53, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "The Company will have the right, exercisable at its election by sending notice of such exercise to the Holders (with a copy to the Trustee and the Conversion Agent), to (1) irrevocably fix the Settlement Method that will apply to all conversions of Notes with a Conversion Date that occurs on or after the date such notice is sent to Holders; or (2) irrevocably elect Combination Settlement to apply to all conversions of Notes with a Conversion Date that occurs on or after the date such notice is sent to Holders, and eliminate a Specified Dollar Amount or range of Specified Dollar Amounts that will apply to such conversions, provided, in each case, that (v) in no event will the Company elect Combination Settlement with a Specified Dollar Amount that is less than $1,000 per $1,000 principal amount of Notes; (w) the Settlement Method(s) so elected pursuant to clause (1) or (2) above must be a Settlement Method or Settlement Method(s), as applicable, that the Company is then permitted to elect (for the avoidance of doubt, including pursuant to, and subject to, the other provisions of this Section 5.03(A)); (x) no such irrevocable election will affect any Settlement Method theretofore elected (or deemed to be elected) with respect to any Note pursuant to this Indenture (including pursuant to Section 8.01(G) or this Section 5.03(A)); (y) upon any such irrevocable election pursuant to clause (1) above, the Default Settlement Method will automatically be deemed to be set to the Settlement Method so fixed; and (z) upon any such irrevocable election pursuant to clause (2) above, the Company will, if needed, simultaneously change the Default Settlement Method to Combination Settlement with a Specified Dollar Amount that is consistent with such irrevocable election. Such notice, if sent, must set forth the applicable Settlement Method and expressly state that the election is irrevocable and applicable to all conversions of Notes with a Conversion Date that occurs on or after the date such notice is sent to Holders. For the avoidance of doubt, such an irrevocable election, if made, will be effective without the need to amend this Indenture or the Notes, including pursuant to Section 8.01(G) (it being understood, however, that the Company may nonetheless choose to execute such an amendment at its option). (iii) Requirement to Publicly Disclose the Fixed or Default Settlement Method. If the Company changes the Default Settlement Method pursuant to clause (x) of the proviso to the definition of such term or irrevocably fixes the Settlement Method(s) pursuant Section 5.03(A)(ii), then the Company will either post the Default Settlement Method or fixed Settlement Method(s), as applicable, on its website or disclose the same in a Current Report on Form 8-K (or any successor form) that is filed with, or furnished to, the SEC. - 45 - (B) Conversion Consideration. (i) Generally. Subject to Sections 5.03(B)(ii), 5.03(B)(iii) and 5.09(A)(2), the type and amount of consideration (the “Conversion Consideration”) due in respect of each $1,000 principal amount of a Note to be converted will be as follows: (1) if Cash Settlement applies to such conversion, cash in an amount equal to the sum of the Daily Conversion Values for each VWAP Trading Day in the Observation Period for such conversion; or (2) if Combination Settlement applies to such conversion, consideration consisting of (a) a number of shares of Common Stock equal to the sum of the Daily Share Amounts for each VWAP Trading Day in the Observation Period for such conversion; and (b) an amount of cash equal to the sum of the Daily Cash Amounts for each VWAP Trading Day in such Observation Period. (ii) Cash in Lieu of Fractional Shares."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b20"], "char_count": 2348, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7880aa6360c781c31a5893d4470f4a842227b0cb56f0edf3015aab22ad8ad981", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 20, "char_end": 102201, "char_start": 99853, "fragment_sha256": "c36c23ccc2171ecec159226710cff23931bcab2f564d7437a8d9de52f70943fb", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p54", "passage_kind": "narrative", "passage_sequence": 54, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "If Combination Settlement applies to the conversion of any Note and the number of shares of Common Stock deliverable pursuant to Section 5.03(B)(i) upon such conversion is not a whole number, then such number will be rounded down to the nearest whole number and the Company will deliver, in addition to the other consideration due upon such conversion, cash in lieu of the related fractional share in an amount equal to the product of (1) such fraction and (2) the Daily VWAP on the last VWAP Trading Day of the Observation Period for such conversion. (iii) Conversion of Multiple Notes by a Single Holder. If a Holder converts more than one (1) Note on a single Conversion Date, then the Conversion Consideration due in respect of such conversion will (in the case of any Global Note, to the extent permitted by, and practicable under, the Depositary Procedures) be computed based on the total principal amount of Notes converted on such Conversion Date by such Holder. (iv) Notice of Calculation of Conversion Consideration. If any Note is to be converted, then the Company will determine the Conversion Consideration due thereupon promptly following the last VWAP Trading Day of the applicable Observation Period and will promptly thereafter send notice to the Trustee and the Conversion Agent of the same and the calculation thereof in reasonable detail. Neither the Trustee nor the Conversion Agent will have any duty to make any such determination. (C) Delivery of the Conversion Consideration. Except as set forth in Sections 5.05(D) and 5.09, the Company will pay or deliver, as applicable, the Conversion Consideration due upon the conversion of any Note to the Holder on the second (2nd) Business Day immediately after the last VWAP Trading Day of the Observation Period for such conversion. (D) Deemed Payment of Principal and Interest; Settlement of Accrued Interest Notwithstanding Conversion. If a Holder converts a Note, then the Company will not adjust the Conversion Rate to account for any accrued and unpaid interest on such Note, and, except as provided in Section 5.02(D), the Company’s delivery of the Conversion Consideration due in respect of such conversion will be deemed to fully satisfy and discharge the Company’s obligation to pay the principal of, and accrued and unpaid interest, if any, on, such Note to, but - 46 -"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b21"], "char_count": 471, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6b41e4d516875f137918e4df845753b32411f60d8a94bf66bbfc6f764fd5f03e", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 21, "char_end": 471, "char_start": 0, "fragment_sha256": "03e79d52f1e72aebdb5e03191b0c4aecf7585c722c7588e061ae996274480721", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "p"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p55", "passage_kind": "narrative", "passage_sequence": 55, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "excluding the Conversion Date. As a result, except as provided in Section 5.02(D), any accrued and unpaid interest on a converted Note will be deemed to be paid in full rather than cancelled, extinguished or forfeited. In addition, subject to Section 5.02(D), if the Conversion Consideration for a Note consists of both cash and shares of Common Stock, then accrued and unpaid interest that is deemed to be paid therewith will be deemed to be paid first out of such cash."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b23"], "char_count": 1877, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "69cca08a19d72130e844df7f49b35abd493f18478789a15001c77a2066a820e9", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.04. RESERVE AND STATUS OF COMMON STOCK ISSUED UPON CONVERSION."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 23, "char_end": 1877, "char_start": 0, "fragment_sha256": "caf7525c734cc9ca11d64a07bcbfb6ac073e3d06eeb4a58896f8ed89fc735041", "heading_path": ["Section 5.04. RESERVE AND STATUS OF COMMON STOCK ISSUED UPON CONVERSION."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p56", "passage_kind": "narrative", "passage_sequence": 56, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s4", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "(A) Stock Reserve. At all times when any Notes are outstanding, the Company will reserve (out of its authorized and not outstanding but unissued shares of Common Stock that are not reserved for other purposes) a number of shares of Common Stock equal to the product of (i) the aggregate principal amount (expressed in thousands) of all then-outstanding Notes (assuming the Initial Purchasers exercise the Shoe Option in full); and (ii) the Conversion Rate for the Notes (assuming, for these purposes, that the Conversion Rate is increased by the maximum amount pursuant to which the Conversion Rate may be increased pursuant to Section 5.07) . To the extent the Company delivers shares of Common Stock held in its treasury in settlement of the conversion of any Notes, each reference in this Indenture or the Notes to the issuance of shares of Common Stock in connection therewith will be deemed to include such delivery, mutatis mutandis. (B) Status of Conversion Shares; Listing. Each Conversion Share, if any, delivered upon conversion of any Note will be a newly issued or treasury share (except that any Conversion Share delivered by a designated financial institution pursuant to Section 5.08 need not be a newly issued or treasury share) and will be duly authorized, validly issued, fully paid, non-assessable, free from preemptive rights and free of any lien or adverse claim (except to the extent of any lien or adverse claim created by the action or inaction of the Holder of such Note or the Person to whom such Conversion Share will be delivered). If the Common Stock is then listed on any securities exchange, or quoted on any inter-dealer quotation system, then the Company will use commercially reasonable efforts to cause each Conversion Share, when delivered upon conversion of any Note, to be admitted for listing on such exchange or quotation on such system."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b25"], "char_count": 588, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5b19b8f32e2b8b0adbab4c0bde405b0e71e454464154639b9238786d6612eca1", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 25, "char_end": 588, "char_start": 0, "fragment_sha256": "cf1183e88dcd6a343da962c36d35778cef773025653c3a8d75e8605f51d863f7", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p57", "passage_kind": "narrative", "passage_sequence": 57, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "(A) Events Requiring an Adjustment to the Conversion Rate. The Conversion Rate will be adjusted from time to time as follows: (i) Stock Dividends, Splits and Combinations. If the Company issues solely shares of Common Stock as a dividend or distribution on all or substantially all shares of the Common Stock, or if the Company effects a stock split or a stock combination of the Common Stock (in each case excluding an issuance solely pursuant to a Common Stock Change Event, as to which Section 5.09 will apply), then the Conversion Rate will be adjusted based on the following formula:"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b27"], "char_count": 925, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ac3b9d75569a8fec61460df76815f7d992b12257bd51ed870070c0e4a2bde80c", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 27, "char_end": 929, "char_start": 0, "fragment_sha256": "f70be754a914514f7d52299e1961fb17263fff2d0ad1d65ce20dcf15696dfed1", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": 5, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p58", "passage_kind": "table", "passage_sequence": 58, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b27", "text": "| | | | | |\n| --- | --- | --- | --- | --- |\n| where: | | | | |\n| | | | | |\n| CR0 | | = | | the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution, or immediately before the Open of Business on the effective date of su… |\n| | | | | |\n| CR1 | | = | | the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date or the Open of Business on such effective date, as applicable; |\n| | | | | |\n| OS0 | | = | | the number of shares of Common Stock outstanding immediately before the Open of Business on such Ex-Dividend Date or effective date, as applicable, without giving effect to such dividend, distributio… |\n| | | | | |\n| OS1 | | = | | the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, stock split or stock combination. |"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b28"], "char_count": 1312, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "abd5d41e4896c2adcbad4f967eba821c1dd4eafeedea5285a69ed0fe0bf4755b", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 28, "char_end": 1312, "char_start": 0, "fragment_sha256": "b8b3679a5c33a4b97010259e6e30c42fd30493c81ac3793f9979cf076fa2a1f2", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p59", "passage_kind": "narrative", "passage_sequence": 59, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "If any dividend, distribution, stock split or stock combination of the type described in this Section 5.05(A)(i) is declared or announced, but not so paid or made, then the Conversion Rate will be readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution or to effect such stock split or stock combination, to the Conversion Rate that would then be in effect had such dividend, distribution, stock split or stock combination not been declared or announced. (ii) Rights, Options and Warrants. If the Company distributes, to all or substantially all holders of Common Stock, rights, options or warrants (other than rights issued or otherwise distributed pursuant to a stockholder rights plan, as to which Sections 5.05(A)(iii)(1) and 5.05(F) will apply) entitling such holders, for a period of not more than sixty (60) calendar days after the date such distribution is announced, to subscribe for or purchase shares of Common Stock at a price per share that is less than the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date such distribution is announced, then the Conversion Rate will be increased based on the following formula:"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b30"], "char_count": 881, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c59e59f5f3ebf77825438017019beeaa9b48c1b84afd704c95660f79f13bc538", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 30, "char_end": 942, "char_start": 0, "fragment_sha256": "510788bc463d21a77eb2a9a12f1dbeebfcd1dc9e75d17aec82ba1b58fd745beb", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": 6, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p60", "passage_kind": "table", "passage_sequence": 60, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b30", "text": "| | | | | |\n| --- | --- | --- | --- | --- |\n| where: | | | | |\n| | | | | |\n| CR0 | | = | | the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution; |\n| | | | | |\n| CR1 | | = | | the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date; |\n| | | | | |\n| OS | | = | | the number of shares of Common Stock outstanding immediately before the Open of Business on such Ex-Dividend Date; |\n| | | | | |\n| X | | = | | the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and |\n| | | | | |\n| Y | | = | | a number of shares of Common Stock obtained by dividing (x) the aggregate price payable to exercise such rights, options or warrants by (y) the average of the Last Reported Sale Prices per share of C… |"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b31"], "char_count": 2272, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "06b530720f6db95f87e3cddd3b9ae951adff693e8eff2f5c7afe577f11bbe354", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 31, "char_end": 2272, "char_start": 0, "fragment_sha256": "998451ff616dbcdd13aa76993c6e759913e5d8ff6a4089e2ed276ef462f1d0ec", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p61", "passage_kind": "narrative", "passage_sequence": 61, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "To the extent such rights, options or warrants are not so distributed, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the increase to the Conversion Rate for such distribution been made on the basis of only the rights, options or warrants, if any, actually distributed. In addition, to the extent that shares of Common Stock are not delivered after the expiration of such rights, options or warrants (including as a result of such rights, options or warrants not being exercised), the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the increase to the Conversion Rate for such distribution been made on the basis of delivery of only the number of shares of Common Stock actually delivered upon exercise of such rights, option or warrants. For purposes of this Section 5.05(A)(ii) and Section 5.01(C)(i)(3)(a)(I), in determining whether any rights, options or warrants entitle holders of Common Stock to subscribe for or purchase shares of Common Stock at a price per share that is less than the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date the distribution of such rights, options or warrants is announced, and in determining the aggregate price payable to exercise such rights, options or warrants, there will be taken into account any consideration the Company receives for such rights, options or warrants and any amount payable on exercise thereof, with the value of such consideration, if not cash, to be determined by the Board of Directors. (iii) Spin-Offs and Other Distributed Property. (1) Distributions Other than Spin-Offs. If the Company distributes shares of its Capital Stock, evidences of its indebtedness or other assets or property of the Company, or rights, options or warrants to acquire Capital Stock of the Company or other securities, to all or substantially all holders of the Common Stock, excluding: (u) dividends, distributions, rights, options or warrants for which an adjustment to the Conversion Rate is required (or would be required without regard to Section 5.05(C)) pursuant to Section 5.05(A)(i) or 5.05(A)(ii);"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b33"], "char_count": 828, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f109875ccc8f572bcb84ef24062885940ee8b51d9a16a36ad7ae2fc3ff98a7d4", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 33, "char_end": 828, "char_start": 0, "fragment_sha256": "b798db73c863ebb7a302d844efcb8f482742f472bce3b8902ab689af3b4d51de", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p62", "passage_kind": "narrative", "passage_sequence": 62, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "(v) dividends or distributions paid exclusively in cash for which an adjustment to the Conversion Rate is required (or would be required without regard to Section 5.05(C)) pursuant to Section 5.05(A)(iv); (w) rights issued or otherwise distributed pursuant to a stockholder rights plan, except to the extent provided in Section 5.05(F); (x) Spin-Offs for which an adjustment to the Conversion Rate is required (or would be required without regard to Section 5.05(C)) pursuant to Section 5.05(A)(iii)(2); (y) a distribution solely pursuant to a tender offer or exchange offer for shares of Common Stock, as to which Section 5.05(A)(v) will apply; and (z) a distribution solely pursuant to a Common Stock Change Event, as to which Section 5.09 will apply, then the Conversion Rate will be increased based on the following formula:"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b34"], "char_count": 832, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a12994a03756a4a2254bfb909a120dba1b671bef1502d73122c5f8cd038e9b30", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 34, "char_end": 814, "char_start": 0, "fragment_sha256": "540e4a6b1a6ed90d037389fb4a2ba025fe990f166a2270b8914ebcd860155662", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": 7, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p63", "passage_kind": "table", "passage_sequence": 63, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b34", "text": "| | | | | |\n| --- | --- | --- | --- | --- |\n| where: | | | | |\n| | | | | |\n| CR0 | | = | | the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution; |\n| | | | | |\n| CR1 | | = | | the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date; |\n| | | | | |\n| SP | | = | | the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before such Ex-Dividend Date; and |\n| | | | | |\n| FMV | | = | | the fair market value (as determined by the Board of Directors), as of such Ex-Dividend Date, of the shares of Capital Stock, evidences of indebtedness, assets, property, rights, options or warrants … |"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b36"], "char_count": 3487, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "439657e15a7b11c0935d8e924ab100de55cb6c1a3ba97f0ce6b701af959a4834", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 36, "char_end": 3487, "char_start": 0, "fragment_sha256": "3a78d8b02ff75ec2f0752b19a9f0f254dabdd9d2a4a015580f431be53a0410c5", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "center"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p64", "passage_kind": "narrative", "passage_sequence": 64, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "provided, however, that if FMV is equal to or greater than SP, then, in lieu of the foregoing adjustment to the Conversion Rate, each Holder will receive, for each $1,000 principal amount of Notes held by such Holder on the Record Date for such distribution, at the same time and on the same terms as holders of Common Stock, and without having to convert its Notes, the amount and kind of shares of Capital Stock, evidences of indebtedness, assets, property, rights, options or warrants that such Holder would have received if such Holder had owned, on such Record Date, a number of shares of Common Stock equal to the Conversion Rate in effect on such Record Date. To the extent such distribution is not so paid or made, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only the distribution, if any, actually made or paid. For purposes of this Section 5.05(A)(iii)(1) (and subject to Section 5.05(F)), rights, options or warrants distributed by the Company to all holders of the Common Stock entitling them to subscribe for or purchase shares of the Company’s Capital Stock, including Common Stock (either initially or under certain circumstances), which rights, options or warrants, until the occurrence of a specified event or events (“Trigger Event”): (x) are deemed to be transferred with such Common Stock; (y) are not exercisable; and (z) are also issued in respect of future issuances of Common Stock, will be deemed not to have been distributed for purposes of this Section 5.05(A)(iii)(1) (and no adjustment to the Conversion Rate under this Section 5.05(A)(iii)(1) will be required) until the occurrence of the earliest Trigger Event, whereupon such rights, options or warrants will be deemed to have been distributed and an appropriate adjustment (if any is required) to the Conversion Rate will be made pursuant to this Section 5.05(A)(iii)(1). If any such right, option or warrant, including any such existing rights, options or warrants distributed before the Issue Date, are subject to events, upon the occurrence of which such rights, options or warrants become exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the occurrence of any and each such event will be deemed to be the date of distribution and Ex-Dividend Date with respect to new rights, options or warrants with such rights (in which case, the existing rights, options or warrants will be deemed to terminate and expire on such date without exercise by any of the holders thereof). In addition, in the event of any distribution (or deemed distribution) of rights, options or warrants, or any Trigger Event or other event (of the type described in the immediately preceding sentence) with respect thereto that was counted for purposes of calculating a distribution amount for which an adjustment to the Conversion Rate pursuant to this Section 5.05(A)(iii)(1) was made, (x) in the case of any such rights, options or warrants that shall all have been redeemed or purchased without exercise by any holders thereof, upon such final redemption or purchase (I) the Conversion Rate will be readjusted as if such rights, options or warrants had not been issued; and (II) the Conversion Rate will then again be readjusted to give effect to such distribution, deemed distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to - 51 -"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b37"], "char_count": 1275, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ff1d606aef8b53be11d19d8283e65a0e7d98bd90981e8a283e192778316dbeb8", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 37, "char_end": 1275, "char_start": 0, "fragment_sha256": "61a7f19c91d427f4c92930e68b373b01c391894f1a9d8604ad3485cc5b44b810", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p65", "passage_kind": "narrative", "passage_sequence": 65, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "the per share redemption or purchase price received by a holder or holders of Common Stock with respect to such rights, options or warrants (assuming such holder had retained such rights, options or warrants), made to all holders of Common Stock as of the date of such redemption or purchase; and (y) in the case of such rights, options or warrants that have expired or been terminated without exercise by any holders thereof, the Conversion Rate will be readjusted as if such rights, options and warrants had not been issued. (2) Spin-Offs. If the Company distributes or dividends shares of Capital Stock of any class or series, or similar equity interests, of or relating to an Affiliate, a Subsidiary or other business unit of the Company to all or substantially all holders of the Common Stock (other than solely pursuant to (x) a Common Stock Change Event, as to which Section 5.09 will apply; or (y) a tender offer or exchange offer for shares of Common Stock, as to which Section 5.05(A)(v) will apply), and such Capital Stock or equity interests are listed or quoted (or will be listed or quoted upon the consummation of the transaction) on a U.S. national securities exchange (a “Spin-Off”), then the Conversion Rate will be increased based on the following formula:"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b38"], "char_count": 820, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "84d619255018beecd066721b627fde7fb93b0a7ebd2841e2d2eadd7cf1af1c67", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 38, "char_end": 1197, "char_start": 0, "fragment_sha256": "214c53765eb2d1f77eea4547cbb9da94b23c65957c737033665081385e5718b9", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": 8, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p66", "passage_kind": "table", "passage_sequence": 66, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b38", "text": "| | | | | |\n| --- | --- | --- | --- | --- |\n| where: | | | | |\n| | | | | |\n| CR0 | | = | | the Conversion Rate in effect immediately before the Close of Business on the last Trading Day of the Spin-Off Valuation Period for such Spin-Off; |\n| | | | | |\n| CR1 | | = | | the Conversion Rate in effect immediately after the Close of Business on the last Trading Day of the Spin-Off Valuation Period; |\n| | | | | |\n| FMV | | = | | the product of (x) the average of the Last Reported Sale Prices per share or unit of the Capital Stock or equity interests distributed in such Spin-Off over the ten (10) consecutive Trading Day perio… |\n| | | | | |\n| SP | | = | | the average of the Last Reported Sale Prices per share of Common Stock for each Trading Day in the Spin-Off Valuation Period. |"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b40"], "char_count": 1068, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c072c77287e568a0a8211f5d76876c639482a3cc03902e89aa03d26b176d051a", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 40, "char_end": 1068, "char_start": 0, "fragment_sha256": "91c0dc6a47c8acf169a83df82bbf304c5fbb065b4738d9f9b2b6c885e2fd2cdf", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p67", "passage_kind": "narrative", "passage_sequence": 67, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "Notwithstanding anything to the contrary in this Section 5.05(A)(iii)(2), if any VWAP Trading Day of the Observation Period for a Note to be converted occurs during the Spin-Off Valuation Period for such Spin-Off, then, solely for purposes of determining the Conversion Rate for such VWAP Trading Day for such conversion, such Spin-Off Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and including, the Ex-Dividend Date for such Spin-Off to, and including, such VWAP Trading Day. To the extent any dividend or distribution of the type set forth in this Section 5.05(A)(iii)(2) is declared but not made or paid, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only the dividend or distribution, if any, actually made or paid. (iv) Cash Dividends or Distributions. If any cash dividend or distribution is made to all or substantially all holders of Common Stock, then the Conversion Rate will be increased based on the following formula:"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b41"], "char_count": 648, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "92786111a861e7d8e2f84e130d66b0fc7a456cba689827fe6ada0302fe08295e", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 41, "char_end": 563, "char_start": 0, "fragment_sha256": "3f7ac402fed71e19414de5bc794e5f953d8aae4f81382df2b8a3ca686916fd9e", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": 9, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p68", "passage_kind": "table", "passage_sequence": 68, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b41", "text": "| | | | | |\n| --- | --- | --- | --- | --- |\n| where: | | | | |\n| | | | | |\n| CR0 | | = | | the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution; |\n| | | | | |\n| CR1 | | = | | the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date; |\n| | | | | |\n| SP | | = | | the Last Reported Sale Price per share of Common Stock on the Trading Day immediately before such Ex-Dividend Date; and |\n| | | | | |\n| D | | = | | the cash amount distributed per share of Common Stock in such dividend or distribution; |"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b42", "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b44"], "char_count": 1634, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ef934087ff7fedef2ecc107af96f51d570b74f54beb4f4e980c2ad5ea67691ab", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 42, "char_end": 854, "char_start": 0, "fragment_sha256": "5a324748c0a5643876a14f763ab7cab5fc5d8c701f776abc4e44f1d9b83f61bf", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}, {"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 44, "char_end": 778, "char_start": 0, "fragment_sha256": "d16514488750c81e60fe15c83b65269ebd01b0fbb9b52f99d2c3f4e02feacc41", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "p"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p69", "passage_kind": "narrative", "passage_sequence": 69, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "provided, however, that if D is equal to or greater than SP, then, in lieu of the foregoing adjustment to the Conversion Rate, each Holder will receive, for each $1,000 principal amount of Notes held by such Holder on the Record Date for such dividend or distribution, at the same time and on the same terms as holders of Common Stock, and without having to convert its Notes, the amount of cash that such Holder would have received if such Holder had owned, on such Record Date, a number of shares of Common Stock equal to the Conversion Rate in effect on such Record Date. To the extent such dividend or distribution is declared but not made or paid, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only the dividend or distribution, if any, actually made or paid.\n\n(v) Tender Offers or Exchange Offers. If the Company or any of its Subsidiaries makes a payment in respect of a tender offer or exchange offer for shares of Common Stock (other than solely pursuant to an odd-lot tender offer pursuant to Rule 13e-4(h)(5) under the Exchange Act), and the value (determined as of the Expiration Time by the Board of Directors) of the cash and other consideration paid per share of Common Stock in such tender or exchange offer exceeds the Last Reported Sale Price per share of Common Stock on the Trading Day immediately after the last date (the “Expiration Date”) on which tenders or exchanges may be made pursuant to such tender or exchange offer (as it may be amended), then the Conversion Rate will be increased based on the following formula:"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b45"], "char_count": 1403, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ce8ccd063da015a4b1f54afe71f6227a483a73bacd1eae2cc275a7c521c147b3", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 45, "char_end": 1423, "char_start": 0, "fragment_sha256": "fb81d6ca4cc415ed3846c23ef93922cf2eb1818734c8c43f0d85467b904b3f37", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": 10, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p70", "passage_kind": "table", "passage_sequence": 70, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b45", "text": "| | | | | |\n| --- | --- | --- | --- | --- |\n| where: | | | | |\n| | | | | |\n| CR0 | | = | | the Conversion Rate in effect immediately before the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period for such tender or exchange offer; |\n| | | | | |\n| CR1 | | = | | the Conversion Rate in effect immediately after the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period; |\n| | | | | |\n| AC | | = | | the aggregate value (determined as of the time (the “Expiration Time”) such tender or exchange offer expires by the Board of Directors) of all cash and other consideration paid or payable for shares … |\n| | | | | |\n| OS0 | | = | | the number of shares of Common Stock outstanding immediately before the Expiration Time (including all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); |\n| | | | | |\n| OS1 | | = | | the number of shares of Common Stock outstanding immediately after the Expiration Time (excluding all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); and |\n| | | | | |\n| SP | | = | | the average of the Last Reported Sale Prices per share of Common Stock over the ten (10) consecutive Trading Day period (the “Tender/Exchange Offer Valuation Period”) beginning on, and including, the… |"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b47"], "char_count": 3619, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d79e08e3f5c62df39b82d83c9da6de079f33f71cda0e6a1634468e1f318cffcd", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 47, "char_end": 3619, "char_start": 0, "fragment_sha256": "8d6e1d6765ce305caed7c898459447ba6979089d2c940e34249978423dc0e5a2", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p71", "passage_kind": "narrative", "passage_sequence": 71, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "provided, however, that the Conversion Rate will in no event be adjusted down pursuant to this Section 5.05(A)(v), except to the extent provided in the immediately following paragraph. Notwithstanding anything to the contrary in this Section 5.05(A)(v), if any VWAP Trading Day of the Observation Period for a Note to be converted occurs during the Tender/Exchange Offer Valuation Period for such tender or exchange offer, then, solely for purposes of determining the Conversion Rate for such VWAP Trading Day for such conversion, such Tender/Exchange Offer Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and including, the Trading Day immediately after the Expiration Date for such tender or exchange offer to, and including, such VWAP Trading Day. To the extent such tender or exchange offer is announced but not consummated (including as a result of the Company being precluded from consummating such tender or exchange offer under applicable law), or any purchases or exchanges of shares of Common Stock in such tender or exchange offer are rescinded, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only the purchases or exchanges of shares of Common Stock, if any, actually made, and not rescinded, in such tender or exchange offer. (B) No Adjustments in Certain Cases. (i) Where Holders Participate in the Transaction or Event Without Conversion. Notwithstanding anything to the contrary in Section 5.05(A), the Company will not be obligated to adjust the Conversion Rate on account of a transaction or other event otherwise requiring an adjustment pursuant to Section 5.05(A) (other than a stock split or combination of the type set forth in Section 5.05(A)(i) or a tender or exchange offer of the type set forth in Section 5.05(A)(v)) if each Holder participates, at the same time and on the same terms as holders of Common Stock, and solely by virtue of being a Holder of Notes, in such transaction or event without having to convert such Holder’s Notes and as if such Holder held a number of shares of Common Stock equal to the product of (i) the Conversion Rate in effect on the related Record Date; and (ii) the aggregate principal amount (expressed in thousands) of Notes held by such Holder on such date. (ii) Certain Events. The Company will not be required to adjust the Conversion Rate except as provided in Section 5.05 or Section 5.07. Without limiting the foregoing, the Company will not be obligated to adjust the Conversion Rate on account of: (1) except as otherwise provided in Section 5.05, the sale of shares of Common Stock for a purchase price that is less than the market price per share of Common Stock or less than the Conversion Price; (2) the issuance of any shares of Common Stock pursuant to any present or future plan providing for the reinvestment of dividends or interest payable on the Company’s securities and the investment of additional optional amounts in shares of Common Stock under any such plan; (3) the issuance of any shares of Common Stock or options or rights to purchase shares of Common Stock pursuant to any present or future employee, director or consultant benefit plan or program of, or assumed by, the Company or any of its Subsidiaries; - 55 - (4) the issuance of any shares of Common Stock pursuant to any option, warrant, right or convertible or exchangeable security of the Company outstanding as of the Issue Date; (5) solely a change in the par value of the Common Stock; or (6) accrued and unpaid interest on the Notes."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b47"], "char_count": 3316, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "adf985ac00faf9db777625c7a17794b579d0da33a7ec25956ef5e3e7c684af87", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 47, "char_end": 6935, "char_start": 3619, "fragment_sha256": "8d6e1d6765ce305caed7c898459447ba6979089d2c940e34249978423dc0e5a2", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p72", "passage_kind": "narrative", "passage_sequence": 72, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "(C) If an adjustment to the Conversion Rate otherwise required by this Article 5 would result in a change of less than one percent (1%) to the Conversion Rate, then, notwithstanding anything to the contrary in this Article 5, the Company may, at its election, defer such adjustment, except that all such deferred adjustments must be given effect immediately upon the earliest of the following: (i) when all such deferred adjustments would result in an aggregate change of at least one percent (1%) to the Conversion Rate; (ii) the Conversion Date of, or any VWAP Trading Day of an Observation Period for, any Note; (iii) the effective date of a Fundamental Change or a Make-Whole Fundamental Change Effective Date; (iv) the date the Company calls any Notes for Redemption; and (v) February 15, 2026. (D) Adjustments Not Yet Effective. Notwithstanding anything to the contrary in this Indenture or the Notes, if: (i) a Note is to be converted pursuant to Combination Settlement; (ii) the Record Date, effective date or Expiration Time for any event that requires an adjustment to the Conversion Rate pursuant to Section 5.05(A) has occurred on or before any VWAP Trading Day in the Observation Period for such conversion, but an adjustment to the Conversion Rate for such event has not yet become effective as of such VWAP Trading Day; (iii) the Conversion Consideration due in respect of such VWAP Trading Day includes any whole or fractional shares of Common Stock; and (iv) such shares are not entitled to participate in such event (because they were not held on the related Record Date or otherwise), then, solely for purposes of such conversion, the Company will, without duplication, give effect to such adjustment on such VWAP Trading Day. In such case, if the date on which the Company is otherwise required to deliver the consideration due upon such conversion is before the first date on which the amount of such adjustment can be determined, then the Company will delay the settlement of such conversion until the second (2nd) Business Day after such first date. - 56 - (E) Conversion Rate Adjustments where Converting Holders Participate in the Relevant Transaction or Event. Notwithstanding anything to the contrary in this Indenture or the Notes, if: (i) a Conversion Rate adjustment for any dividend or distribution becomes effective on any Ex-Dividend Date pursuant to Section 5.05(A); (ii) a Note is to be converted pursuant to Combination Settlement; (iii) any VWAP Trading Day in the Observation Period for such conversion occurs on or after such Ex-Dividend Date and on or before the related Record Date; (iv) the Conversion Consideration due in respect of such VWAP Trading Day includes any whole or fractional shares of Common Stock based on a Conversion Rate that is adjusted for such dividend or distribution; and (v) such shares would be entitled to participate in such dividend or distribution (including pursuant to Section 5.02(C)), then the Conversion Rate adjustment relating to such Ex-Dividend Date will be made for such conversion in respect of such VWAP Trading Day, but the shares of Common Stock issuable with respect to such VWAP Trading Day based on such adjusted Conversion Rate will not be entitled to participate in such dividend or distribution. (F) Stockholder Rights Plans."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b47"], "char_count": 3434, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "712a311b9970bc5f7a57f706beb4d0db21974c508c88bcc986eb371624073728", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 47, "char_end": 10369, "char_start": 6935, "fragment_sha256": "8d6e1d6765ce305caed7c898459447ba6979089d2c940e34249978423dc0e5a2", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p73", "passage_kind": "narrative", "passage_sequence": 73, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "If any shares of Common Stock are to be issued upon conversion of any Note and, at the time of such conversion, the Company has in effect any stockholder rights plan, then the Holder of such Note will be entitled to receive, in addition to, and concurrently with the delivery of, the Conversion Consideration otherwise payable under this Indenture upon such conversion, the rights set forth in such stockholder rights plan, unless such rights have separated from the Common Stock at such time, in which case, and only in such case, the Conversion Rate will be adjusted pursuant to Section 5.05(A)(iii)(1) on account of such separation as if, at the time of such separation, the Company had made a distribution of the type referred to in such Section to all holders of the Common Stock, subject to potential readjustment in accordance with the last paragraph of Section 5.05(A)(iii)(1). (G) Limitation on Effecting Transactions Resulting in Certain Adjustments. The Company will not engage in or be a party to any transaction or event that would require the Conversion Rate to be adjusted pursuant to Section 5.05(A) or Section 5.07 to an amount that would result in the Conversion Price per share of Common Stock being less than the par value per share of Common Stock. (H) Equitable Adjustments to Prices. Whenever any provision of this Indenture requires the Company to calculate the Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion Values, the Daily Cash Amounts or the Daily Share Amounts over a span of multiple days (including, without limitation, over an Observation Period and the period, if any, for determining the Stock Price for purposes of a Make-Whole Fundamental Change), the Company will, acting in good faith and in a commercially reasonable manner, make appropriate adjustments to such calculations to account for any adjustment to the Conversion Rate that - 57 - becomes effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date, effective date or Expiration Date, as applicable, of such event occurs, at any time during the period when the Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion Values, the Daily Cash Amounts or the Daily Share Amounts are to be calculated. (I) Calculation of Number of Outstanding Shares of Common Stock. For purposes of Section 5.05(A), the number of shares of Common Stock outstanding at any time will (i) include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock; and (ii) exclude shares of Common Stock held in the Company’s treasury (unless the Company pays any dividend or makes any distribution on shares of Common Stock held in its treasury). (J) Calculations. All calculations with respect to the Conversion Rate and adjustments thereto will be made to the nearest 1/10,000th of a share of Common Stock (with 5/100,000ths rounded upward). (K) Notice of Conversion Rate Adjustments. Upon the effectiveness of any adjustment to the Conversion Rate pursuant to Section 5.05(A), the Company will promptly send notice to the Holders, the Trustee and the Conversion Agent containing (i) a brief description of the transaction or other event on account of which such adjustment was made; (ii) the Conversion Rate in effect immediately after such adjustment; and (iii) the effective time of such adjustment. Section 5.06. VOLUNTARY ADJUSTMENTS. (A) Generally."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b47"], "char_count": 1721, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "83b436856dddd85b60a5527be21ecf4826fa0ea5cc045d1dd76991119243b52a", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 47, "char_end": 12090, "char_start": 10369, "fragment_sha256": "8d6e1d6765ce305caed7c898459447ba6979089d2c940e34249978423dc0e5a2", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p74", "passage_kind": "narrative", "passage_sequence": 74, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "To the extent permitted by law and applicable stock exchange rules, the Company, from time to time, may (but is not required to) increase the Conversion Rate by any amount if (i) the Board of Directors determines that such increase is either (x) in the best interest of the Company; or (y) advisable to avoid or diminish any income tax imposed on holders of Common Stock or rights to purchase Common Stock as a result of any dividend or distribution of shares (or rights to acquire shares) of Common Stock or any similar event; (ii) such increase is in effect for a period of at least twenty (20) Business Days; and (iii) such increase is irrevocable during such period. (B) Notice of Voluntary Increases. If the Board of Directors determines to increase the Conversion Rate pursuant to Section 5.06(A), then, at least fifteen (15) Business Days before such increase, the Company will send notice to each Holder, the Trustee and the Conversion Agent of such increase, the amount thereof and the period during which such increase will be in effect. Section 5.07. ADJUSTMENTS TO THE CONVERSION RATE IN CONNECTION WITH A MAKE-WHOLE FUNDAMENTAL CHANGE. (A) Generally. If a Make-Whole Fundamental Change occurs and the Conversion Date for the conversion of a Note occurs during the related Make-Whole Fundamental Change Conversion Period, then, subject to this Section 5.07, the Conversion Rate applicable to such conversion will be increased by a number of shares (the “Additional Shares”) set forth in the table below corresponding (after interpolation as provided in, and subject to, the provisions below) to the Make-Whole Fundamental Change Effective Date and the Stock Price of such Make-Whole Fundamental Change: - 58 -"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b48"], "char_count": 2302, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6c10cf6947b554c0f76d9158246677fda4c86ed7cb9ed72c0d01a0d64f216eb2", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 48, "char_end": 1825, "char_start": 0, "fragment_sha256": "2f8e7f56c1f2e520cd1be43f2f7c845258b42c23c198f7fcb257b15965d80d24", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": 11, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p75", "passage_kind": "table", "passage_sequence": 75, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#b48", "text": "| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Stock Price | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Make-Whole Fundamental Change Effective Date | | $14.795 | | | $15.50 | | | $17.00 | | | $19.23 | | | $22.00 | | | $25.00 | | | $30.00 | | | $35.00 | | | $40.00 | | | $50.00 | | | $60.00 | | | $80.00 | | | | | | | | | | | | | |\n| August 20, 2021 | | | 15.5978 | | | | 14.1000 | | | | 11.4676 | | | | 8.5793 | | | | 6.1318 | | | | 4.3586 | | | | 2.5697 | | | | 1.5654 | | | | 0.9718 | | | | 0.3762 | | | | 0.1323 | | | | 0.0000 | |\n| August 15, 2022 | | | 15.5978 | | | | 14.0335 | | | | 11.2588 | | | | 8.2465 | | | | 5.7377 | | | | 3.9586 | | | | 2.2187 | | | | 1.2826 | | | | 0.7530 | | | | 0.2544 | | | | 0.0712 | | | | 0.0000 | |\n| August 15, 2023 | | | 15.5978 | | | | 13.8690 | | | | 10.9106 | | | | 7.7479 | | | | 5.1773 | | | | 3.4135 | | | | 1.7697 | | | | 0.9426 | | | | 0.5060 | | | | 0.1340 | | | | 0.0212 | | | | 0.0000 | |\n| August 15, 2024 | | | 15.5978 | | | | 13.6019 | | | | 10.3659 | | | | 6.9883 | | | | 4.3555 | | | | 2.6524 | | | | 1.1983 | | | | 0.5514 | | | | 0.2503 | | | | 0.0374 | | | | 0.0000 | | | | 0.0000 | |\n| August 15, 2025 | | | 15.5978 | | | | 13.0019 | | | | 9.2759 | | | | 5.5637 | | | | 2.9418 | | | | 1.4826 | | | | 0.4847 | | | | 0.1554 | | | | 0.0423 | | | | 0.0000 | | | | 0.0000 | | | | 0.0000 | |\n| August 15, 2026 | | | 15.5978 | | | | 12.5235 | | | | 6.8309 | | | | 0.0000 | | | | 0.0000 | | | | 0.0000 | | | | 0.0000 | | | | 0.0000 | | | | 0.0000 | | | | 0.0000 | | | | 0.0000 | | | | 0.0000 | |"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b49"], "char_count": 2345, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "634009b7ec6e3b51fd8603336016e3e7dad0a396622ec2a9871cc63b5f38a234", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 49, "char_end": 2345, "char_start": 0, "fragment_sha256": "b2abf3087150cc0259c953142476ed76dde74675a67324018cf35466fb37835b", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p76", "passage_kind": "narrative", "passage_sequence": 76, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "If such Make-Whole Fundamental Change Effective Date or Stock Price is not set forth in the table above, then: (i) if such Stock Price is between two Stock Prices in the table above or the Make-Whole Fundamental Change Effective Date is between two dates in the table above, then the number of Additional Shares will be determined by straight-line interpolation between the numbers of Additional Shares set forth for the higher and lower Stock Prices in the table above or the earlier and later dates in the table above, based on a 365- or 366-day year, as applicable; and (ii) if the Stock Price is greater than $80.00 (subject to adjustment in the same manner as the Stock Prices set forth in the column headings of the table above are adjusted pursuant to Section 5.07(B)), or less than $14.795 (subject to adjustment in the same manner), per share, then no Additional Shares will be added to the Conversion Rate. Notwithstanding anything to the contrary in this Indenture or the Notes, in no event will the Conversion Rate be increased to an amount that exceeds 67.5904 shares of Common Stock per $1,000 principal amount of Notes, which amount is subject to adjustment in the same manner as, and at the same time and for the same events for which, the Conversion Rate is required to be adjusted pursuant to Section 5.05(A). For the avoidance of doubt, but subject to Section 4.03(J), (x) the sending of a Redemption Notice will constitute a Make-Whole Fundamental Change only with respect to the Notes called for Redemption pursuant to such Redemption Notice, and not with respect to any other Notes; and (y) the Conversion Rate applicable to the Notes not so called for Redemption will not be subject to increase pursuant to this Section 5.07 on account of such Redemption Notice. (B) Adjustment of Stock Prices and Number of Additional Shares. The Stock Prices in the first row (i.e., the column headers) of the table set forth in Section 5.07(A) will be adjusted in the same manner as, and at the same time and for the same events for which, the Conversion Price is adjusted as a result of the operation of Section 5.05(A). The numbers of Additional Shares in the table set forth in Section 5.07(A) will be adjusted in the same manner as, and at the same time and for the same events for which, the Conversion Rate is adjusted pursuant to"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b51"], "char_count": 2513, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ebdd7cfd20231a1591da5ee186aa79802d5809d5b8b7322255c9e43d2c52b88a", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 51, "char_end": 2513, "char_start": 0, "fragment_sha256": "13ef06c8379f75bdfda0cbb70dea0bb7dc27446bc28d30c805e962b1d09ef78f", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p77", "passage_kind": "narrative", "passage_sequence": 77, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "Section 5.05(A). (C) Notice of the Occurrence of a Make-Whole Fundamental Change. The Company will notify the Holders, the Trustee and the Conversion Agent of each Make-Whole Fundamental Change (i) occurring pursuant to clause (A) of the definition thereof in accordance with Section 5.01(C)(i)(3)(b); and (ii) occurring pursuant to clause (B) of the definition thereof in accordance with Section 4.03(G). Section 5.08. EXCHANGE IN LIEU OF CONVERSION. Notwithstanding anything to the contrary in this Article 5, and subject to the terms of this Section 5.08, if a Note is submitted for conversion, the Company may elect to arrange to have such Note exchanged in lieu of conversion by a financial institution designated by the Company. To make such election, the Company must send notice of such election to the Holder of such Note, the Trustee and the Conversion Agent before the Close of Business on the Business Day immediately following the Conversion Date for such Note. If the Company has made such election, then: (A) no later than the Business Day immediately following such Conversion Date, the Company must deliver (or cause the Conversion Agent to deliver) such Note, together with delivery instructions for the Conversion Consideration due upon such conversion (including wire instructions, if applicable), to a financial institution designated by the Company that has agreed to deliver such Conversion Consideration in the manner and at the time the Company would have had to deliver the same pursuant to this Article 5; (B) if such Note is a Global Note, then (i) such designated institution will send written confirmation to the Conversion Agent promptly after wiring the cash Conversion Consideration, if any, and delivering any other Conversion Consideration, due upon such conversion to the Holder of such Note; and (ii) the Conversion Agent will as soon as reasonably practicable thereafter contact such Holder’s custodian with the Depositary to confirm receipt of the same; and (C) such Note will not cease to be outstanding by reason of such exchange in lieu of conversion; provided, however, that if such financial institution does not accept such Note or fails to timely deliver such Conversion Consideration, then the Company will be responsible for delivering such Conversion Consideration in the manner and at the time provided in this Article 5 as if the Company had not elected to make an exchange in lieu of conversion. Section 5.09. EFFECT OF COMMON STOCK CHANGE EVENT. (A) Generally."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b51"], "char_count": 4160, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "13d22a060972af8e2c5aaac29796e300024215752f4094b1f0cab95a729fa7f8", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 51, "char_end": 6673, "char_start": 2513, "fragment_sha256": "13ef06c8379f75bdfda0cbb70dea0bb7dc27446bc28d30c805e962b1d09ef78f", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p78", "passage_kind": "narrative", "passage_sequence": 78, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "If there occurs any: (i) recapitalization, reclassification or change of the Common Stock (other than (x) changes solely resulting from a subdivision or combination of the Common Stock, (y) a change only in par value or from par value to no par value or no par value to par value and (z) stock splits and stock combinations that do not involve the issuance of any other series or class of securities); - 60 - (ii) consolidation, merger, combination or binding or statutory share exchange involving the Company; (iii) sale, lease or other transfer of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any Person; or (iv) other similar event, and, as a result of which, the Common Stock is converted into, or is exchanged for, or represents solely the right to receive, other securities, cash or other property, or any combination of the foregoing (such an event, a “Common Stock Change Event,” and such other securities, cash or property, the “Reference Property,” and the amount and kind of Reference Property that a holder of one (1) share of Common Stock would be entitled to receive on account of such Common Stock Change Event (without giving effect to any arrangement not to issue or deliver a fractional portion of any security or other property), a “Reference Property Unit”), then, notwithstanding anything to the contrary in this Indenture or the Notes, (1) from and after the effective time of such Common Stock Change Event, (I) the Conversion Consideration due upon conversion of any Note, and the conditions to any such conversion, will be determined in the same manner as if each reference to any number of shares of Common Stock in this Article 5 (or in any related definitions) were instead a reference to the same number of Reference Property Units; (II) for purposes of Section 4.03, each reference to any number of shares of Common Stock in such Section (or in any related definitions) will instead be deemed to be a reference to the same number of Reference Property Units; (III) for purposes of the definition of “Record Date,” the term “Common Stock” will be deemed to refer to any class of securities forming part of such Reference Property; and (IV) for purposes of the definitions of “Fundamental Change” and “Make-Whole Fundamental Change,” references to “Common Stock” and the Company’s “Common Equity” will be deemed to refer to the Common Equity (including depositary receipts representing Common Equity), if any, forming part of such Reference Property; (2) if such Reference Property Unit consists entirely of cash, then (I) each conversion of any Note with a Conversion Date that occurs on or after the effective date of such Common Stock Change Event will be settled entirely in cash in an amount, per $1,000 principal amount of such Note being converted, equal to the product of (x) the Conversion Rate in effect on such Conversion Date (including, for the avoidance of doubt, any increase to such Conversion Rate pursuant to Section 5.07, if applicable); and (y) the amount of cash constituting such Reference Property Unit; and (II) the Company will settle each such conversion no later than the second (2nd) Business Day after the relevant Conversion Date; and - 61 - (3) for these purposes, (I) the Daily VWAP of any Reference Property Unit or portion thereof that consists of a class of Common Equity securities listed on a national securities exchange will be determined by reference to the definition of “Daily VWAP,” substituting, if applicable, the Bloomberg page for such class of securities in such definition; and (II) the Daily VWAP of any Reference Property Unit or portion thereof that does not consist of a class of Common Equity securities listed on a national securities exchange, and the Last Reported Sale Price of any Reference Property Unit or portion thereof that does not consist of a class of securities, will be the fair value of such Reference Property Unit or portion thereof, as applicable, determined in good faith and in a commercially reasonable manner by the Company (or, in the case of cash denominated in U.S. dollars, the face amount thereof)."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b51"], "char_count": 3730, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "2d292bafba8aecf8a7df3fc9d9114245ed575c555869e0833c2253c9835dd473", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 51, "char_end": 10403, "char_start": 6673, "fragment_sha256": "13ef06c8379f75bdfda0cbb70dea0bb7dc27446bc28d30c805e962b1d09ef78f", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p79", "passage_kind": "narrative", "passage_sequence": 79, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "If the Reference Property consists of more than a single type of consideration to be determined based in part upon any form of stockholder election, then the composition of the Reference Property Unit will be deemed to be the weighted average of the types and amounts of consideration actually received, per share of Common Stock, by the holders of Common Stock. The Company will notify Holders, the Trustee and the Conversion Agent of such weighted average as soon as practicable after such determination is made. At or before the effective time of such Common Stock Change Event, the Company and the resulting, surviving or transferee Person (if not the Company) of such Common Stock Change Event (the “Successor Person”) will execute and deliver to the Trustee a supplemental indenture pursuant to Section 8.01(F), which supplemental indenture will (x) provide for subsequent conversions of Notes in the manner set forth in this Section 5.09; (y) provide for subsequent adjustments to the Conversion Rate pursuant to Section 5.05(A) in a manner consistent with this Section 5.09; and (z) contain such other provisions, if any, that the Company determines in good faith and in a commercially reasonable manner are appropriate to preserve the economic interests of the Holders and to give effect to the provisions of this Section 5.09(A). If the Reference Property includes shares of stock or other securities or assets (other than cash) of a Person other than the Successor Person, then such other Person will also execute such supplemental indenture and such supplemental indenture will contain such additional provisions, if any, that the Company reasonably determines are appropriate to preserve the economic interests of the Holders. (B) Notice of Common Stock Change Events. The Company will provide notice of each Common Stock Change Event in the manner provided in Section 5.01(C)(i)(3)(b). (C) Compliance Covenant. The Company will not become a party to any Common Stock Change Event unless its terms are consistent with this Section 5.09. - 62 - Article 6. SUCCESSORS Section 6.01. WHEN THE COMPANY MAY MERGE, ETC. (A) Generally. The Company will not consolidate with or merge with or into, or (directly, or indirectly through one or more of its Subsidiaries) sell, lease or otherwise transfer, in one transaction or a series of transactions, all or substantially all of the consolidated assets of the Company and its Subsidiaries, taken as a whole, to another Person (a “Business Combination Event”), unless: (i) the resulting, surviving or transferee Person either (x) is the Company or (y) if not the Company, is a corporation (the “Successor Corporation”) duly organized and existing under the laws of the United States of America, any State thereof or the District of Columbia that expressly assumes (by executing and delivering to the Trustee, at or before the effective time of such Business Combination Event, a supplemental indenture pursuant to Section 8.01(E)) all of the Company’s obligations under this Indenture and the Notes; and (ii) immediately after giving effect to such Business Combination Event, no Default or Event of Default will have occurred and be continuing. (B) Delivery of Officer’s Certificate and Opinion of Counsel to the Trustee. Before the effective time of any Business Combination Event, the Company will deliver to the Trustee an Officer’s Certificate and Opinion of Counsel, each stating that (i) such Business Combination Event (and, if applicable, the related supplemental indenture) comply with Section 6.01(A); and (ii) all conditions precedent to such Business Combination Event provided in this Indenture have been satisfied. Section 6.02. SUCCESSOR CORPORATION SUBSTITUTED."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b51"], "char_count": 1222, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1a2d24f10748fd498bcfe68a50cea68ae8ce5f44151be879a2db1223fb9a710d", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 51, "char_end": 11625, "char_start": 10403, "fragment_sha256": "13ef06c8379f75bdfda0cbb70dea0bb7dc27446bc28d30c805e962b1d09ef78f", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p80", "passage_kind": "narrative", "passage_sequence": 80, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "At the effective time of any Business Combination Event that complies with Section 6.01, the Successor Corporation (if not the Company) will succeed to, and may exercise every right and power of, the Company under this Indenture and the Notes with the same effect as if such Successor Corporation had been named as the Company in this Indenture and the Notes, and, except in the case of a lease, the predecessor Company will be discharged from its obligations under this Indenture and the Notes. Section 6.03. EXCLUSION FOR CERTAIN ASSET TRANSFERS. Notwithstanding anything to the contrary in this Article 6, this Article 6 will not apply to (i) any transfer of assets between or among the Company and any one or more of its Wholly Owned Subsidiaries not effected by merger or consolidation, (ii) sales or other transfers of residential real property and/or mortgage loans in the ordinary course of the Company’s business or (iii) transfers to the Company’s Subsidiaries in connection with bona fide financing transactions and equity transfers of the equity of the Company’s Subsidiaries in connection with establishing bona fide financing vehicles. - 63 - Article 7. DEFAULTS AND REMEDIES Section 7.01. EVENTS OF DEFAULT."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b51"], "char_count": 4996, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "85fca5c091029241276be8d955cb2fbcf2047605462b3fb53794bf4486f73bc9", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 51, "char_end": 16621, "char_start": 11625, "fragment_sha256": "13ef06c8379f75bdfda0cbb70dea0bb7dc27446bc28d30c805e962b1d09ef78f", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p81", "passage_kind": "narrative", "passage_sequence": 81, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "(A) Definition of Events of Default. “Event of Default” means the occurrence of any of the following: (i) a default in the payment when due (whether at maturity, upon Redemption or upon Repurchase Upon Fundamental Change or otherwise) of the principal of, or the Redemption Price or Fundamental Change Repurchase Price for, any Note; (ii) a default for thirty (30) consecutive days in the payment when due of interest on any Note; (iii) the Company’s failure to deliver, when required by this Indenture, a Fundamental Change Notice, or a notice pursuant to Section 5.01(C)(i)(3), if (in the case of any notice other than a notice pursuant to Section 5.01(C)(i)(3)(a)) such failure is not cured within five (5) days after its occurrence; (iv) a default in the Company’s obligation to convert a Note in accordance with Article 5 upon the exercise of the conversion right with respect thereto, if such default is not cured within three (3) Business Days after its occurrence; (v) a default in the Company’s obligations under Article 6; (vi) a default in any of the Company’s obligations or agreements under this Indenture or the Notes (other than a default set forth in clause (i), (ii), (iii), (iv) or (v) of this Section 7.01(A)) where such default is not cured or waived within sixty (60) days after notice to the Company by the Trustee, or to the Company and the Trustee by Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding, which notice must specify such default, demand that it be remedied and state that such notice is a “Notice of Default”; (vii) a default by the Company or any of the Company’s Subsidiaries with respect to any one or more mortgages, agreements or other instruments under which there is outstanding, or by which there is secured or evidenced, any indebtedness for money borrowed (other than (i) any non-recourse indebtedness for borrowed money (it being understood and agreed that limited recourse provisions in respect of the applicable financing assets, transaction structure or that otherwise are customary in transactions in which the primary recourse is to financing assets shall not cause indebtedness that is otherwise non-recourse indebtedness to constitute recourse indebtedness) or (ii) indebtedness of the Company’s Subsidiaries if such Subsidiaries are special purpose entities that serve as a vehicle to obtain financing that is otherwise non-recourse to the Company and its other non-special purpose entity Subsidiaries (it being understood and agreed that limited recourse provisions in respect of the applicable financing assets, transaction structure or that otherwise are customary in transactions in which the primary recourse is to financing assets shall not cause indebtedness that is otherwise non-recourse indebtedness to constitute recourse indebtedness)) of at least $50,000,000 (or its foreign currency equivalent) in the aggregate of the Company or any of the Company’s Subsidiaries, whether such indebtedness exists as of the Issue Date or is thereafter created, where such default: - 64 - (1) constitutes a failure to pay the principal of or interest on such indebtedness when due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, in each case after the expiration of any applicable grace period; or (2) results in such indebtedness becoming or being declared due and payable before its stated maturity, in each case where such default is not cured or waived within thirty (30) days after notice to the Company by the Trustee or to the Company and the Trustee by Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding; (viii) the Company or any of its Significant Subsidiaries, pursuant to or within the meaning of any Bankruptcy Law, either: (1) commences a voluntary case or proceeding; (2) consents to the entry of an order for relief against it in an involuntary case or proceeding; (3) consents to the appointment of a custodian of it or for any substantial part of its property; (4) makes a general assignment for the benefit of its creditors; (5) takes any comparable action under any foreign Bankruptcy Law; or (6) generally is not paying its debts as they become due; or (ix) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that either: (1) is for relief against the Company or any of its Significant Subsidiaries in an involuntary case or proceeding; (2) appoints a custodian of the Company or any of its Significant Subsidiaries, or for any substantial part of the property of the Company or any of its Significant Subsidiaries; (3) orders the winding up or liquidation of the Company or any of its Significant Subsidiaries; or (4) grants any similar relief under any foreign Bankruptcy Law, - 65 - and, in each case under this Section 7.01(A)(ix), such order or decree remains unstayed and in effect for at least sixty (60) days."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b51"], "char_count": 3397, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "85666c004f66028e1fd07418dc7586c0d004a99981838d8713afe76a4e17340d", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 51, "char_end": 20018, "char_start": 16621, "fragment_sha256": "13ef06c8379f75bdfda0cbb70dea0bb7dc27446bc28d30c805e962b1d09ef78f", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p82", "passage_kind": "narrative", "passage_sequence": 82, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "(B) Cause Irrelevant. Each of the events set forth in Section 7.01(A) will constitute an Event of Default regardless of the cause thereof or whether voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. Section 7.02. ACCELERATION. (A) Automatic Acceleration in Certain Circumstances. If an Event of Default set forth in Section 7.01(A)(viii) or 7.01(A)(ix) occurs with respect to the Company (and not solely with respect to a Significant Subsidiary of the Company), then the principal amount of, and all accrued and unpaid interest on, all of the Notes then outstanding will immediately become due and payable without any further action or notice by any Person. (B) Optional Acceleration. Subject to Section 7.03, if an Event of Default (other than an Event of Default set forth in Section 7.01(A)(viii) or 7.01(A)(ix) with respect to the Company and not solely with respect to a Significant Subsidiary of the Company) occurs and is continuing, then the Trustee, by notice to the Company, or Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding, by notice to the Company and the Trustee, may declare the principal amount of, and all accrued and unpaid interest on, all of the Notes then outstanding to become due and payable immediately. (C) Rescission of Acceleration. Notwithstanding anything to the contrary in this Indenture or the Notes, the Holders of a majority in aggregate principal amount of the Notes then outstanding, by notice to the Company and the Trustee, may, on behalf of all Holders, rescind any acceleration of the Notes and its consequences if (i) such rescission would not conflict with any judgment or decree of a court of competent jurisdiction; and (ii) all existing Events of Default (except the non-payment of principal of, or interest on, the Notes that has become due solely because of such acceleration) have been cured or waived. No such rescission will affect any subsequent Default or impair any right consequent thereto. Section 7.03. SOLE REMEDY FOR A FAILURE TO REPORT. (A) Generally. Notwithstanding anything to the contrary in this Indenture or the Notes, the Company may elect that the sole remedy for any Event of Default (a “Reporting Event of Default”) pursuant to Section 7.01(A)(vi) arising from the Company’s failure to comply with Section 3.02 will, for each of the first one hundred and eighty (180) calendar days on which a Reporting Event of Default has occurred and is continuing, consist exclusively of the accrual of Special Interest on the Notes. If the Company has made such an election, then (i) the Notes will be subject to acceleration pursuant to Section 7.02 on account of the relevant Reporting Event of Default from, and including, the one hundred and eighty first (181st) calendar day on which a Reporting Event of Default has occurred and is continuing or if the Company fails to pay any accrued and unpaid Special Interest when due; and (ii) Special Interest will cease to accrue on any Notes from, and including, such one hundred and eighty first (181st) calendar day (it being understood that interest on any defaulted Special Interest will nonetheless accrue pursuant to Section 2.05(B)). - 66 - (B) Amount and Payment of Special Interest."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b51"], "char_count": 3968, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "012051794a0ec20f80f1f5a8d41cd77e35ec2798f743db9406966c27dc33ec33", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 51, "char_end": 23986, "char_start": 20018, "fragment_sha256": "13ef06c8379f75bdfda0cbb70dea0bb7dc27446bc28d30c805e962b1d09ef78f", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p83", "passage_kind": "narrative", "passage_sequence": 83, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "Any Special Interest that accrues on a Note pursuant to Section 7.03(A) will be payable on the same dates and in the same manner as the Stated Interest on such Note and will accrue at a rate per annum equal to one half of one percent (0.50%) of the principal amount thereof; provided, however, that in no event will Special Interest payable at the Company’s election for its failure to comply with its reporting obligations as set forth in Section 3.02(A), together with any Additional Interest that may accrue as a result of the Company’s failure to timely file any document or report that it is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (other than reports on Form 8-K) pursuant to Section 3.04(A), accrue on any day on a Note at a combined rate per annum that exceeds one percent (1.00%). For the avoidance of doubt, any Special Interest that accrues on a Note will be in addition to the Stated Interest that accrues on such Note and, subject to the proviso of the immediately preceding sentence, in addition to any Additional Interest that accrues on such Note. (C) Notice of Election. To make the election set forth in Section 7.03(A), the Company must send to the Holders and the Trustee before the date on which each Reporting Event of Default first occurs, a notice that (i) briefly describes the report(s) that the Company failed to file with the SEC; (ii) states that the Company is electing that the sole remedy for such Reporting Event of Default consist of the accrual of Special Interest; and (iii) briefly describes the periods during which and rate at which Special Interest will accrue and the circumstances under which the Notes will be subject to acceleration on account of such Reporting Event of Default. (D) Notice to Trustee and Paying Agent; Trustee’s Disclaimer. If Special Interest accrues on any Note, then, no later than five (5) Business Days before each date on which such Special Interest is to be paid, the Company will deliver an Officer’s Certificate to the Trustee and the Paying Agent stating (i) that the Company is obligated to pay Special Interest on such Note on such date of payment; and (ii) the amount of such Special Interest that is payable on such date of payment. The Trustee will have no duty to determine whether any Special Interest is payable or the amount thereof. (E) No Effect on Other Events of Default. No election pursuant to this Section 7.03 with respect to a Reporting Event of Default will affect the rights of any Holder with respect to any other Event of Default, including with respect to any other Reporting Event of Default. Section 7.04. OTHER REMEDIES. (A) Trustee May Pursue All Remedies. If an Event of Default occurs and is continuing, then the Trustee may pursue any available remedy to collect the payment of any amounts due with respect to the Notes or to enforce the performance of any provision of this Indenture or the Notes. (B) Procedural Matters. The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in such proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy following an Event of Default will not impair the right or remedy or constitute a waiver of, or acquiescence in, such Event of Default. All remedies will be cumulative to the extent permitted by law. - 67 - Section 7.05. WAIVER OF PAST DEFAULTS. An Event of Default pursuant to clause (i), (ii), (iv) or (vi) of Section 7.01(A) (that, in the case of clause (vi) only, results from a Default under any covenant that cannot be amended without the consent of each affected Holder), and a Default that could lead to such an Event of Default, can be waived only with the consent of each affected Holder. Each other Default or Event of Default may be waived, on behalf of all Holders, by the Holders of a majority in aggregate principal amount of the Notes then outstanding."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b51"], "char_count": 3355, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9ebbc0127843d5fdb4b0289b5770f5fc1596d8de9069b1ee42ebc0d9a825aaa7", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 51, "char_end": 27341, "char_start": 23986, "fragment_sha256": "13ef06c8379f75bdfda0cbb70dea0bb7dc27446bc28d30c805e962b1d09ef78f", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p84", "passage_kind": "narrative", "passage_sequence": 84, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "If an Event of Default is so waived, then it will cease to exist. If a Default is so waived, then it will be deemed to be cured and any Event of Default arising therefrom will be deemed not to occur. However, no such waiver will extend to any subsequent or other Default or Event of Default or impair any right arising therefrom. Section 7.06. CONTROL BY MAJORITY. Holders of a majority in aggregate principal amount of the Notes then outstanding may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law, this Indenture or the Notes, or that, subject to Section 10.01, the Trustee determines may be unduly prejudicial to the rights of other Holders or may involve the Trustee in liability, unless the Trustee is offered security and indemnity satisfactory to the Trustee against any loss, liability or expense to the Trustee that may result from the Trustee’s following such direction. Section 7.07. LIMITATION ON SUITS. No Holder may pursue any remedy with respect to this Indenture or the Notes (except to enforce (x) its rights to receive the principal of, or the Redemption Price or Fundamental Change Repurchase Price for, or interest on, any Notes; or (y) the Company’s obligations to convert any Notes pursuant to Article 5), unless: (A) such Holder has previously delivered to the Trustee notice that an Event of Default is continuing; (B) Holders of at least twenty five percent (25%) in aggregate principal amount of the Notes then outstanding deliver a written request to the Trustee to pursue such remedy; (C) such Holder or Holders offer and, if requested, provide to the Trustee security and indemnity satisfactory to the Trustee against any loss, liability or expense to the Trustee that may result from the Trustee’s following such request; (D) the Trustee does not comply with such request within sixty (60) calendar days after its receipt of such request and such offer of security or indemnity; and - 68 - (E) during such sixty (60) calendar day period, Holders of a majority in aggregate principal amount of the Notes then outstanding do not deliver to the Trustee a direction that is inconsistent with such request. A Holder of a Note may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder. The Trustee will have no duty to determine whether any Holder’s use of this Indenture complies with the preceding sentence. Section 7.08. ABSOLUTE RIGHT OF HOLDERS TO INSTITUTE SUIT FOR THE ENFORCEMENT OF THE RIGHT TO RECEIVE PAYMENT AND CONVERSION CONSIDERATION. Notwithstanding anything to the contrary in this Indenture or the Notes (but without limiting Section 8.01), the right of each Holder of a Note to bring suit for the enforcement of any payment or delivery, as applicable, of the principal of, or the Redemption Price or Fundamental Change Repurchase Price for, or any interest on, or the Conversion Consideration due pursuant to Article 5 upon conversion of, such Note on or after the respective due dates therefor provided in this Indenture and the Notes, will not be impaired or affected without the consent of such Holder. Section 7.09. COLLECTION SUIT BY TRUSTEE."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b51"], "char_count": 3787, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "49676feaa5c5a23b54fc0637be8dc2bbe9d102333941b2d6502163ce8ad494c1", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 51, "char_end": 31128, "char_start": 27341, "fragment_sha256": "13ef06c8379f75bdfda0cbb70dea0bb7dc27446bc28d30c805e962b1d09ef78f", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p85", "passage_kind": "narrative", "passage_sequence": 85, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "The Trustee will have the right, upon the occurrence and continuance of an Event of Default pursuant to clause (i), (ii) or (iv) of Section 7.01(A), to recover judgment in its own name and as trustee of an express trust against the Company for the total unpaid or undelivered principal of, or Redemption Price or Fundamental Change Repurchase Price for, or interest on, or Conversion Consideration due pursuant to Article 5 upon conversion of, the Notes, as applicable, and, to the extent lawful, any Default Interest on any Defaulted Amounts, and such further amounts sufficient to cover the costs and expenses of collection, including compensation provided for in Section 10.06. Section 7.10. TRUSTEE MAY FILE PROOFS OF CLAIM. The Trustee has the right to (A) file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes) or its creditors or property and (B) collect, receive and distribute any money or other property payable or deliverable on any such claims. Each Holder authorizes any custodian in such proceeding to make such payments to the Trustee, and, if the Trustee consents to the making of such payments directly to the Holders, to pay to the Trustee any amount due to the Trustee for the reasonable compensation, expenses, disbursements and advances of the Trustee, and its agents and counsel, and any other amounts payable to the Trustee pursuant to Section 10.06. To the extent that the payment of any such compensation, expenses, disbursements, advances and other amounts out of the estate in such proceeding, is denied for any reason, payment of the same will be secured by a lien (senior to the rights of Holders) on, and will be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding (whether in liquidation or under any plan of reorganization or arrangement or otherwise). Nothing in this Indenture will be deemed to authorize the Trustee to authorize, consent to, accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. - 69 - Section 7.11. PRIORITIES. The Trustee will pay or deliver in the following order any money or other property that it collects pursuant to this Article 7: First: to the Trustee and its agents and attorneys for amounts due under Section 10.06, including payment of all fees, compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; Second: to Holders for unpaid amounts or other property due on the Notes, including the principal of, or the Redemption Price or Fundamental Change Repurchase Price for, or any interest on, or any Conversion Consideration due upon conversion of, the Notes, ratably, and without preference or priority of any kind, according to such amounts or other property due and payable on all of the Notes; and Third: to the Company or such other Person as a court of competent jurisdiction directs. The Trustee may fix a record date and payment date for any payment or delivery to the Holders pursuant to this Section 7.11, in which case the Trustee will instruct the Company to, and the Company will, deliver, at least fifteen (15) calendar days before such record date, to each Holder and the Trustee a notice stating such record date, such payment date and the amount of such payment or nature of such delivery, as applicable. Section 7.12. UNDERTAKING FOR COSTS."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b51"], "char_count": 3648, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f7a8633ffad1f3ce9ece6ef7e888ba5702adb75c9072a12ff3c4c60f932aefa1", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 51, "char_end": 34776, "char_start": 31128, "fragment_sha256": "13ef06c8379f75bdfda0cbb70dea0bb7dc27446bc28d30c805e962b1d09ef78f", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p86", "passage_kind": "narrative", "passage_sequence": 86, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "In any suit for the enforcement of any right or remedy under this Indenture or the Notes or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court, in its discretion, may (A) require the filing by any litigant party in such suit of an undertaking to pay the costs of such suit; and (B) assess reasonable costs (including reasonable attorneys’ fees) against any litigant party in such suit, having due regard to the merits and good faith of the claims or defenses made by such litigant party; provided, however, that this Section 7.12 does not apply to any suit by the Trustee, any suit by a Holder pursuant to Section 7.08 or any suit by one or more Holders of more than ten percent (10%) in aggregate principal amount of the Notes then outstanding. - 70 - Article 8. AMENDMENTS, SUPPLEMENTS AND WAIVERS Section 8.01. WITHOUT THE CONSENT OF HOLDERS. Notwithstanding anything to the contrary in Section 8.02, the Company and the Trustee may amend or supplement this Indenture or the Notes without the consent of any Holder to: (A) cure any ambiguity or correct any omission, defect or inconsistency in this Indenture or the Notes; (B) add guarantees with respect to the Company’s obligations under this Indenture or the Notes; (C) secure the Notes; (D) add to the Company’s covenants or Events of Default for the benefit of the Holders or surrender any right or power conferred on the Company; (E) provide for the assumption of the Company’s obligations under this Indenture and the Notes pursuant to, and in compliance with, Article 6; (F) enter into supplemental indentures pursuant to, and in accordance with, Section 5.09 in connection with a Common Stock Change Event; (G) irrevocably elect or eliminate any Settlement Method or Specified Dollar Amount; provided, however, that (i) no such election or elimination will affect any Settlement Method theretofore elected (or deemed to be elected) with respect to any Note pursuant to Section 5.03(A); and (ii) such irrevocable election or elimination can in no event result in a Specified Dollar Amount of less than $1,000 per $1,000 principal amount of Notes applying to the conversion of any Note; (H) evidence or provide for the acceptance of the appointment, under this Indenture, of a successor Trustee; (I) conform the provisions of this Indenture and the Notes to the “Description of Notes” section of the Company’s preliminary offering memorandum, dated August 16, 2021, as supplemented by the related pricing term sheet, dated August 17, 2021; (J) provide for or confirm the issuance of additional Notes pursuant to Section 2.03(B); (K) comply with any requirement of the SEC in connection with any qualification of this Indenture or any supplemental indenture under the Trust Indenture Act, as then in effect; or (L) make any other change to this Indenture or the Notes that does not, individually or in the aggregate with all other such changes, adversely affect the rights of the Holders, as such, in any material respect. - 71 - At the written request of any Holder of a Note or owner of a beneficial interest in a Global Note, the Company will provide a copy of the “Description of Notes” section and pricing term sheet referred to in Section 8.01(I). Section 8.02. WITH THE CONSENT OF HOLDERS. (A) Generally. Subject to Sections 8.01, 7.05 and 7.08 and the immediately following sentence, the Company and the Trustee may, with the consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding, amend or supplement this Indenture or the Notes or waive compliance with any provision of this Indenture or the Notes."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b51"], "char_count": 3955, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "cc5ec1c90c9d29d1d2b982b899ba8dfa267c0736738bb3b9c247fb05e9c63617", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 51, "char_end": 38731, "char_start": 34776, "fragment_sha256": "13ef06c8379f75bdfda0cbb70dea0bb7dc27446bc28d30c805e962b1d09ef78f", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p87", "passage_kind": "narrative", "passage_sequence": 87, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "Notwithstanding anything to the contrary in the foregoing sentence, but subject to Section 8.01, without the consent of each affected Holder, no amendment or supplement to this Indenture or the Notes, or waiver of any provision of this Indenture or the Notes, may: (i) reduce the principal, or change the stated maturity, of any Note; (ii) reduce the Redemption Price or Fundamental Change Repurchase Price for any Note or change the times at which, or the circumstances under which, the Notes may or will be redeemed or repurchased by the Company; (iii) reduce the rate, or extend the time for the payment, of interest on any Note; (iv) make any change that adversely affects the conversion rights of any Note; (v) impair the rights of any Holder set forth in Section 7.08 (as such section is in effect on the Issue Date); (vi) change the ranking of the Notes; (vii) make any Note payable in money, or at a place of payment, other than that stated in this Indenture or the Note; (viii) reduce the amount of Notes whose Holders must consent to any amendment, supplement, waiver or other modification; or (ix) make any direct or indirect change to any amendment, supplement, waiver or modification provision of this Indenture or the Notes that requires the consent of each affected Holder. For the avoidance of doubt, pursuant to clauses (i), (ii), (iii) and (iv) of this Section 8.02(A), no amendment or supplement to this Indenture or the Notes, or waiver of any provision of this Indenture or the Notes, may change the amount or type of consideration due on any Note (whether on an Interest Payment Date, Redemption Date, Fundamental Change Repurchase Date or the Maturity Date or upon conversion, or otherwise), or the date(s) or time(s) such consideration is payable or deliverable, as applicable, without the consent of each affected Holder. Holders do not need to approve the particular form of any proposed amendment. It will be sufficient if such Holders approve the substance of the proposed amendment. - 72 - (B) Holders Need Not Approve the Particular Form of any Amendment. A consent of any Holder pursuant to this Section 8.02 need approve only the substance, and not necessarily the particular form, of the proposed amendment, supplement or waiver. Section 8.03. NOTICE OF AMENDMENTS, SUPPLEMENTS AND WAIVERS. As soon as reasonably practicable after any amendment, supplement or waiver pursuant to Section 8.01 or 8.02 becomes effective, the Company will send to the Holders and the Trustee notice that (A) describes the substance of such amendment, supplement or waiver in reasonable detail and (B) states the effective date thereof; provided, however, that the Company will not be required to provide such notice to the Holders if such amendment, supplement or waiver is included in a periodic report filed by the Company with the SEC within four (4) Business Days of its effectiveness. The failure to send, or the existence of any defect in, such notice will not impair or affect the validity of such amendment, supplement or waiver. Section 8.04. REVOCATION, EFFECT AND SOLICITATION OF CONSENTS; SPECIAL RECORD DATES; ETC. (A) Revocation and Effect of Consents. The consent of a Holder of a Note to an amendment, supplement or waiver will bind (and constitute the consent of) each subsequent Holder of any Note to the extent the same evidences any portion of the same indebtedness as the consenting Holder’s Note, subject to the right of any Holder of a Note to revoke (if not prohibited pursuant to Section 8.04(B)) any such consent with respect to such Note by delivering notice of revocation to the Trustee before the time such amendment, supplement or waiver becomes effective. (B) Special Record Dates. The Company may, but is not required to, fix a record date for the purpose of determining the Holders entitled to consent or take any other action in connection with any amendment, supplement or waiver pursuant to this Article 8."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b51"], "char_count": 2907, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "3f1d86736530eb8d8ccc9c04321793624378874edeca80244d862a5e4586809c", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 51, "char_end": 41638, "char_start": 38731, "fragment_sha256": "13ef06c8379f75bdfda0cbb70dea0bb7dc27446bc28d30c805e962b1d09ef78f", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p88", "passage_kind": "narrative", "passage_sequence": 88, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "If a record date is fixed, then, notwithstanding anything to the contrary in Section 8.04(A), only Persons who are Holders as of such record date (or their duly designated proxies) will be entitled to give such consent, to revoke any consent previously given or to take any such action, regardless of whether such Persons continue to be Holders after such record date; provided, however, that no such consent will be valid or effective for more than one hundred and twenty (120) calendar days after such record date. (C) Solicitation of Consents. For the avoidance of doubt, each reference in this Indenture or the Notes to the consent of a Holder will be deemed to include any such consent obtained in connection with a repurchase of, or tender or exchange offer for, any Notes. (D) Effectiveness and Binding Effect. Each amendment, supplement or waiver pursuant to this Article 8 will become effective in accordance with its terms and, when it becomes effective with respect to any Note (or any portion thereof), will thereafter bind every Holder of such Note (or such portion). - 73 - Section 8.05. NOTATIONS AND EXCHANGES. If any amendment, supplement or waiver changes the terms of a Note, then the Trustee or the Company may, in its discretion, require the Holder of such Note to deliver such Note to the Trustee so that the Trustee may place an appropriate notation prepared by the Company on such Note and return such Note to such Holder. Alternatively, at its discretion, the Company may, in exchange for such Note, issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, a new Note that reflects the changed terms. The failure to make any appropriate notation or issue a new Note pursuant to this Section 8.05 will not impair or affect the validity of such amendment, supplement or waiver. Section 8.06. TRUSTEE TO EXECUTE SUPPLEMENTAL INDENTURES. The Trustee will execute and deliver any amendment or supplemental indenture authorized pursuant to this Article 8; provided, however, that the Trustee need not (but may, in its sole and absolute discretion) execute or deliver any such amendment or supplemental indenture that the Trustee concludes adversely affects the Trustee’s rights, duties, liabilities or immunities. In executing any amendment or supplemental indenture, the Trustee will be entitled to receive, and (subject to Sections 10.01 and 10.02) will be fully protected in relying on, an Officer’s Certificate and an Opinion of Counsel stating that (A) the execution and delivery of such amendment or supplemental indenture is authorized or permitted by this Indenture; and (B) in the case of the Opinion of Counsel, such amendment or supplemental indenture is valid, binding and enforceable against the Company in accordance with its terms. Article 9. SATISFACTION AND DISCHARGE Section 9.01. TERMINATION OF COMPANY’S OBLIGATIONS."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b51"], "char_count": 3688, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "062518c05b1a1762bba39814a3dc5141c921673e458c3db90d3394178601dc6a", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 51, "char_end": 45326, "char_start": 41638, "fragment_sha256": "13ef06c8379f75bdfda0cbb70dea0bb7dc27446bc28d30c805e962b1d09ef78f", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p89", "passage_kind": "narrative", "passage_sequence": 89, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "This Indenture will be discharged, and will cease to be of further effect as to all Notes issued under this Indenture, when: (A) all Notes then outstanding (other than Notes replaced pursuant to Section 2.13) have (i) been delivered to the Trustee for cancellation; or (ii) become due and payable (whether on a Redemption Date, a Fundamental Change Repurchase Date, the Maturity Date, upon conversion or otherwise) for an amount of cash or Conversion Consideration, as applicable, that has been fixed; (B) the Company has caused there to be irrevocably deposited with the Trustee, or with the Paying Agent (or, with respect to Conversion Consideration, the Conversion Agent), in each case for the benefit of the Holders, or has otherwise caused there to be delivered to the Holders, cash (or, with respect to Notes to be converted, Conversion Consideration) sufficient to satisfy all amounts or other property due on all Notes then outstanding (other than Notes replaced pursuant to Section 2.13); (C) the Company has paid all other amounts payable by it under this Indenture; and (D) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that the conditions precedent to the discharge of this Indenture have been satisfied; - 74 - provided, however, that Article 10 and Section 11.01 will survive such discharge and, until no Notes remain outstanding, Section 2.15 and the obligations of the Trustee, the Paying Agent and the Conversion Agent with respect to money or other property deposited with them will survive such discharge. At the Company’s request, the Trustee will acknowledge the satisfaction and discharge of this Indenture. Section 9.02. REPAYMENT TO COMPANY. Subject to applicable unclaimed property law, the Trustee, the Paying Agent and the Conversion Agent will promptly notify the Company if there exists (and, at the Company’s request, promptly deliver to the Company) any cash, Conversion Consideration or other property held by any of them for payment or delivery on the Notes that remain unclaimed two (2) years after the date on which such payment or delivery was due. After such delivery to the Company, the Trustee, the Paying Agent and the Conversion Agent will have no further liability to any Holder with respect to such cash, Conversion Consideration or other property, and Holders entitled to the payment or delivery of such cash, Conversion Consideration or other property must look to the Company for payment as a general creditor of the Company. Section 9.03. REINSTATEMENT. If the Trustee, the Paying Agent or the Conversion Agent is unable to apply any cash or other property deposited with it pursuant to Section 9.01 because of any legal proceeding or any order or judgment of any court or other governmental authority that enjoins, restrains or otherwise prohibits such application, then the discharge of this Indenture pursuant to Section 9.01 will be rescinded; provided, however, that if the Company thereafter pays or delivers any cash or other property due on the Notes to the Holders thereof, then the Company will be subrogated to the rights of such Holders to receive such cash or other property from the cash or other property, if any, held by the Trustee, the Paying Agent or the Conversion Agent, as applicable. Article 10. TRUSTEE Section 10.01. DUTIES OF THE TRUSTEE. (A) If an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b51"], "char_count": 3873, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9fb93acda4561913c2c15ece5b9f6dac4c4348b79cbb7930d8ea566591ffbff5", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 51, "char_end": 49199, "char_start": 45326, "fragment_sha256": "13ef06c8379f75bdfda0cbb70dea0bb7dc27446bc28d30c805e962b1d09ef78f", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p90", "passage_kind": "narrative", "passage_sequence": 90, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "(B) Except during the continuance of an Event of Default: (i) the duties of the Trustee will be determined solely by the express provisions of this Indenture, and the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations will be read into this Indenture against the Trustee; and - 75 - (ii) in the absence of bad faith or willful misconduct on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel that are provided to the Trustee and conform to the requirements of this Indenture. However, the Trustee will examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. (C) The Trustee may not be relieved from liabilities for its negligence, bad faith or willful misconduct, except that: (i) this paragraph will not limit the effect of Section 10.01(B); (ii) the Trustee will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and (iii) the Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 7.06. (D) Each provision of this Indenture that in any way relates to the Trustee is subject to clauses (A), (B) and (C) of this Section 10.01, regardless of whether such provision so expressly provides. (E) No provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability. (F) The Trustee will not be liable for interest on any money received by it, except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds, except to the extent required by law. (G) Whether or not therein provided, every provision of this Indenture relating to the conduct or affecting the liability of, or affording protection to, the Trustee will be subject to the provisions of this Section 10.01. (H) The permissive rights of the Trustee enumerated herein will not be construed as duties. (I) The Trustee will not be required to give any bond or surety in respect of the execution of this Indenture or otherwise. (J) Unless a Responsible Officer of the Trustee has received notice from the Company that Additional Interest is owing on the Notes or that the Company has elected to pay Special Interest on the Notes, the Trustee may assume no Additional Interest or Special Interest, as applicable, is payable. - 76 - (K) The rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified, are extended to, and will be enforceable by, the Trustee in each of its capacities under this Indenture, including as Note Agent. (L) The Trustee will not be charged with knowledge of any document or agreement other than this Indenture and the Notes. Section 10.02. RIGHTS OF THE TRUSTEE. (A) The Trustee may conclusively rely on any document that it believes to be genuine and signed or presented by the proper Person, and the Trustee need not investigate any fact or matter stated in such document. (B) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate, an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. The Trustee may consult with counsel; and the written advice of such counsel, or any Opinion of Counsel, will constitute full and complete authorization of the Trustee to take or omit to take any action in good faith in reliance thereon without liability."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b51"], "char_count": 3857, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e3e8e55e5865e80be754ca5caba4ab92b4abd887e44694cac0779176b9e8f85f", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 51, "char_end": 53056, "char_start": 49199, "fragment_sha256": "13ef06c8379f75bdfda0cbb70dea0bb7dc27446bc28d30c805e962b1d09ef78f", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p91", "passage_kind": "narrative", "passage_sequence": 91, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "(C) The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any such agent appointed with due care. (D) The Trustee will not be liable for any action it takes or omits to take in good faith and that it believes to be authorized or within the rights or powers vested in it by this Indenture. (E) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company will be sufficient if signed by an Officer of the Company. (F) The Trustee need not exercise any rights or powers vested in it by this Indenture at the request or direction of any Holder unless such Holder has offered the Trustee security or indemnity satisfactory to the Trustee against any loss, liability or expense that it may incur in complying with such request or direction. (G) The Trustee will not be responsible or liable for any punitive, special, indirect or consequential loss or damage (including lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. Section 10.03. INDIVIDUAL RIGHTS OF THE TRUSTEE. The Trustee, in its individual or any other capacity, may become the owner or pledgee of any Note and may otherwise deal with the Company or any of its Affiliates with the same rights that it would have if it were not Trustee; provided, however, that if the Trustee acquires a “conflicting interest” (within the meaning of Section 310(b) of the Trust Indenture Act), then it must eliminate such conflict within ninety (90) days or resign as Trustee. Each Note Agent will have the same rights and duties as the Trustee under this Section 10.03. - 77 - Section 10.04. TRUSTEE’S DISCLAIMER. The Trustee will not be (A) responsible for, and makes no representation as to, the validity or adequacy of this Indenture or the Notes; (B) accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture; (C) responsible for the use or application of any money received by any Paying Agent other than the Trustee; and (D) responsible for any statement or recital in this Indenture, the Notes or any other document relating to the sale of the Notes or this Indenture, other than the Trustee’s certificate of authentication. Section 10.05. NOTICE OF DEFAULTS. If a Default or Event of Default occurs and is continuing and is known to a Responsible Officer of the Trustee, then the Trustee will send Holders a notice of such Default or Event of Default within ninety (90) days after it occurs or, if it is not known to the Trustee at such time, promptly (and in any event within ten (10) Business Days) after it becomes known to a Responsible Officer; provided, however, that, except in the case of a Default or Event of Default in the payment of the principal of, or interest on, any Note, or a default in the payment or delivery of the Conversion Consideration due upon conversion, the Trustee may withhold such notice if and for so long as it in good faith determines that withholding such notice is in the interests of the Holders. The Trustee will not be deemed to have notice or be charged with knowledge of any Default or Event of Default unless written notice thereof has been received by a Responsible Officer, and such notice references the Notes and this Indenture and states on its face that a Default or Event of Default has occurred. Section 10.06. COMPENSATION AND INDEMNITY. (A) The Company will, from time to time, pay the Trustee reasonable compensation for its acceptance of this Indenture and services under this Indenture, as separately agreed by the Company and the Trustee. The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b51"], "char_count": 3929, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9b86ce6f1f25a5d19b71f2af11180dbcf7cac4b02d117969c60792c180f0e389", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 51, "char_end": 56985, "char_start": 53056, "fragment_sha256": "13ef06c8379f75bdfda0cbb70dea0bb7dc27446bc28d30c805e962b1d09ef78f", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p92", "passage_kind": "narrative", "passage_sequence": 92, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "In addition to the compensation for the Trustee’s services, the Company will reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it under this Indenture, including the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. (B) The Company will indemnify the Trustee (in each of its capacities) and its directors, officers, employees and agents, in their capacities as such, against any and all losses, liabilities or expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Company (including this Section 10.06) and defending itself against any claim (whether asserted by the Company, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties under this Indenture, except to the extent any such loss, liability or expense is attributable to its negligence, bad faith or willful misconduct, as determined by a final decision of a court of competent jurisdiction. The Trustee will promptly notify the Company of any claim for which it may seek indemnity, but the Trustee’s failure to so notify the Company will not relieve the Company of its obligations under this Section 10.06(B), except to the extent the Company is materially prejudiced by such failure. - 78 - The Company will defend such claim, and the Trustee will cooperate in such defense. If the Trustee is advised by counsel that it may have defenses available to it that are in conflict with the defenses available to the Company, or that there is an actual or potential conflict of interest, then the Trustee may retain separate counsel, and the Company will pay the reasonable fees and expenses of such counsel (including the reasonable fees and expenses of counsel to the Trustee incurred in evaluating whether such a conflict exists). The Company need not pay for any settlement of any such claim made without its consent, which consent will not be unreasonably withheld. (C) The obligations of the Company under this Section 10.06 will survive the resignation or removal of the Trustee and the discharge of this Indenture. (D) To secure the Company’s payment obligations in this Section 10.06, the Trustee will have a lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal of, or interest on, particular Notes, which lien will survive the discharge of this Indenture. (E) If the Trustee incurs expenses or renders services after an Event of Default pursuant to clause (viii) or (ix) of Section 7.01(A) occurs, then such expenses and the compensation for such services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. Section 10.07. REPLACEMENT OF THE TRUSTEE. (A) Notwithstanding anything to the contrary in this Section 10.07, a resignation or removal of the Trustee, and the appointment of a successor Trustee, will become effective only upon such successor Trustee’s acceptance of appointment as provided in this Section 10.07. (B) The Trustee may resign at any time and be discharged from the trust created by this Indenture by so notifying the Company. The Holders of a majority in aggregate principal amount of the Notes then outstanding may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if: (i) the Trustee fails to comply with Section 10.09; (ii) the Trustee is adjudged to be bankrupt or insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law; (iii) a custodian or public officer takes charge of the Trustee or its property; or (iv) the Trustee becomes incapable of acting."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b51"], "char_count": 3704, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7fd19bec3c1b42778fa75ee0af37fbb4c49667b0c8a777da28c95eece5fed905", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 51, "char_end": 60689, "char_start": 56985, "fragment_sha256": "13ef06c8379f75bdfda0cbb70dea0bb7dc27446bc28d30c805e962b1d09ef78f", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p93", "passage_kind": "narrative", "passage_sequence": 93, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "(C) If the Trustee resigns or is removed, or if a vacancy exists in the office of the Trustee for any reason, then (i) the Company will promptly appoint a successor Trustee; and (ii) at any time within one (1) year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the Notes then outstanding may appoint a successor Trustee to replace such successor Trustee appointed by the Company. - 79 - (D) If a successor Trustee does not take office within sixty (60) days after the retiring Trustee resigns or is removed, then the retiring Trustee, the Company or the Holders of at least ten percent (10%) in aggregate principal amount of the Notes then outstanding may petition any court of competent jurisdiction for the appointment of a successor Trustee. (E) If the Trustee, after written request by a Holder of at least six (6) months, fails to comply with Section 10.09, then such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. (F) A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company, upon which notice the resignation or removal of the retiring Trustee will become effective and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will send notice of its succession to Holders. The retiring Trustee will, upon payment of all amounts due to it under this Indenture, promptly transfer all property held by it as Trustee to the successor Trustee, which property will, for the avoidance of doubt, be subject to the lien provided for in Section 10.06(D). Section 10.08. SUCCESSOR TRUSTEE BY MERGER, ETC. If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, then such corporation will become the successor Trustee without any further act. Section 10.09. ELIGIBILITY; DISQUALIFICATION. There will at all times be a Trustee under this Indenture that is a corporation organized and doing business under the laws of the United States of America or of any state thereof, that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $100.0 million as set forth in its most recent published annual report of condition. Article 11. MISCELLANEOUS Section 11.01. NOTICES. Any notice or communication by the Company or the Trustee to the other will be deemed to have been duly given if in writing and delivered in person or by first class mail (registered or certified, return receipt requested), facsimile transmission, electronic transmission or other similar means of unsecured electronic communication or overnight air courier guaranteeing next day delivery, or to the other’s address, which initially is as follows: If to the Company: Opendoor Technologies Inc. 410 N. Scottsdale Road, Suite 1600 Tempe, AZ 85281 Attention: Chief Financial Officer - 80 - with a copy (which will not constitute notice) to: Opendoor Technologies Inc. 410 N. Scottsdale Road, Suite 1600 Tempe, AZ 85281 Attention: Head of Legal Email: legal@opendoor.com If to the Trustee: U.S. Bank National Association West Side Flats 60 Livingston Avenue Saint Paul, MN 55107 EP-MN-WS3C Attention: Joshua A. Hahn Email: joshua.hahn@usbank.com The Company or the Trustee, by notice to the other, may designate additional or different addresses (including facsimile numbers and electronic addresses) for subsequent notices or communications."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b51"], "char_count": 3988, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a197f0fcd38666b835ae47c8af805f631ddbd92a70dcd40b5d15e72ec56b1de5", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 51, "char_end": 64677, "char_start": 60689, "fragment_sha256": "13ef06c8379f75bdfda0cbb70dea0bb7dc27446bc28d30c805e962b1d09ef78f", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p94", "passage_kind": "narrative", "passage_sequence": 94, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "All notices and communications (other than those sent to Holders) will be deemed to have been duly given: (A) at the time delivered by hand, if personally delivered; (B) five (5) Business Days after being deposited in the mail, postage prepaid, if mailed; (C) when receipt acknowledged, if transmitted by facsimile, electronic transmission or other similar means of unsecured electronic communication; and (D) the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. The Trustee shall not have any duty to confirm that the person sending any notice, instruction or other communication by electronic transmission (including by e-mail, facsimile transmission, web portal or other electronic methods) is, in fact, a person authorized to do so. Electronic signatures believed by the Trustee to comply with the ESIGN Act of 2000 or other applicable law (including electronic images of handwritten signatures and digital signatures provided by DocuSign, Orbit, Adobe Sign or any other digital signature provider acceptable to the Trustee) shall be deemed original signatures for all purposes. Each other party assumes all risks arising out of the use of electronic signatures and electronic methods to send communications to the Trustee, including without limitation the risk of the Trustee acting on an unauthorized communication, and the risk of interception or misuse by third parties. Notwithstanding the foregoing, the Trustee may in any instance and in its sole discretion require that an original document bearing a manual signature be delivered to the Trustee in lieu of, or in addition to, any such electronic communication. All notices or communications required to be made to a Holder pursuant to this Indenture must be made in writing and will be deemed to be duly sent or given in writing if mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery, to its address shown on the Register; provided, however, that a notice or communication to a Holder of a Global Note shall instead be sent pursuant to the Depositary Procedures (in which case, such notice will be deemed to be duly sent or given in writing). The failure to send a notice or communication to a Holder, or any defect in such notice or communication, will not affect its sufficiency with respect to any other Holder. - 81 - If the Trustee is then acting as the Depositary’s custodian for the Notes, then, at the reasonable request of the Company to the Trustee, the Trustee will cause any notice prepared by the Company to be sent to any Holder(s) pursuant to the Depositary Procedures, provided such request is evidenced in a Company Order delivered, together with the text of such notice, to the Trustee at least two (2) Business Days before the date such notice is to be so sent. For the avoidance of doubt, such Company Order need not be accompanied by an Officer’s Certificate or Opinion of Counsel. The Trustee will not have any liability relating to the contents of any notice that it sends to any Holder pursuant to any such Company Order. If a notice or communication is mailed or sent in the manner provided above within the time prescribed, it will be deemed to have been duly given, whether or not the addressee receives it. Notwithstanding anything to the contrary in this Indenture or the Notes, (A) whenever any provision of this Indenture requires a party to send notice to another party, no such notice need be sent if the sending party and the recipient are the same Person acting in different capacities; and (B) whenever any provision of this Indenture requires a party to send notice to more than one receiving party, and each receiving party is the same Person acting in different capacities, then only one such notice need be sent to such Person. Section 11.02. DELIVERY OF OFFICER’S CERTIFICATE AND OPINION OF COUNSEL AS TO CONDITIONS PRECEDENT."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b51"], "char_count": 3877, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9fb0341a041e92826d8a0e7718fc94d3aeb49a672e5d80fb80e4bc60663a2374", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 51, "char_end": 68554, "char_start": 64677, "fragment_sha256": "13ef06c8379f75bdfda0cbb70dea0bb7dc27446bc28d30c805e962b1d09ef78f", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p95", "passage_kind": "narrative", "passage_sequence": 95, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "Upon any request or application by the Company to the Trustee to take any action under this Indenture (other than the initial authentication of Notes under this Indenture), the Company will furnish to the Trustee: (A) an Officer’s Certificate in form and substance reasonably satisfactory to the Trustee that complies with Section 11.03 and states that, in the opinion of the signatory thereto, all conditions precedent and covenants, if any, provided for in this Indenture relating to such action have been satisfied; and (B) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee that complies with Section 11.03 and states that, in the opinion of such counsel, all such conditions precedent and covenants, if any, have been satisfied. Section 11.03. STATEMENTS REQUIRED IN OFFICER’S CERTIFICATE AND OPINION OF COUNSEL. Each Officer’s Certificate (other than an Officer’s Certificate pursuant to Section 3.05) or Opinion of Counsel with respect to compliance with a covenant or condition provided for in this Indenture will include: (A) a statement that the signatory thereto has read such covenant or condition; (B) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained therein are based; - 82 - (C) a statement that, in the opinion of such signatory, he, she or it has made such examination or investigation as is necessary to enable him, her or it to express an informed opinion as to whether or not such covenant or condition has been satisfied; and (D) a statement as to whether, in the opinion of such signatory, such covenant or condition has been satisfied. Section 11.04. RULES BY THE TRUSTEE, THE REGISTRAR, THE PAYING AGENT AND CONVERSION AGENT. The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar, Paying Agent or Conversion Agent may make reasonable rules and set reasonable requirements for its functions. Section 11.05. NO PERSONAL LIABILITY OF DIRECTORS, OFFICERS, EMPLOYEES AND STOCKHOLDERS. No past, present or future director, officer, employee, incorporator or stockholder of the Company, as such, will have any liability for any obligations of the Company under this Indenture or the Notes or for any claim based on, in respect of, or by reason of, such obligations or their creation. By accepting any Note, each Holder waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes. Section 11.06. GOVERNING LAW; WAIVER OF JURY TRIAL. THIS INDENTURE AND THE NOTES, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE OR THE NOTES, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY AND THE TRUSTEE IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED BY THIS INDENTURE OR THE NOTES. Section 11.07. SUBMISSION TO JURISDICTION. Any legal suit, action or proceeding arising out of or based upon this Indenture or the transactions contemplated by this Indenture may be instituted in the federal courts of the United States of America located in the City of New York or the courts of the State of New York, in each case located in the City of New York (collectively, the “Specified Courts”), and each party irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail (to the extent allowed under any applicable statute or rule of court) to such party’s address set forth in Section 11.01 will be effective service of process for any such suit, action or proceeding brought in any such court."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b51"], "char_count": 3730, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e51781115b7225dec7a56a2f524b1c7032f2f3f1ed7dce033991d950b3b0db32", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. 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ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p96", "passage_kind": "narrative", "passage_sequence": 96, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "Each of the Company, the Trustee and each Holder (by its acceptance of any Note) irrevocably and unconditionally waives any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waives and agrees not to plead or claim any such suit, action or other proceeding has been brought in an inconvenient forum. - 83 - Section 11.08. NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS. Neither this Indenture nor the Notes may be used to interpret any other indenture, note, loan or debt agreement of the Company or its Subsidiaries or of any other Person, and no such indenture, note, loan or debt agreement may be used to interpret this Indenture or the Notes. Section 11.09. SUCCESSORS. All agreements of the Company in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will bind its successors. Section 11.10. FORCE MAJEURE. The Trustee and each Note Agent will not incur any liability for not performing any act or fulfilling any duty, obligation or responsibility under this Indenture or the Notes by reason of any occurrence beyond its control (including any act or provision of any present or future law or regulation or governmental authority, act of God or war, civil unrest, local or national disturbance or disaster, act of terrorism or unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication facility). Section 11.11. U.S.A. PATRIOT ACT. The Company acknowledges that, in accordance with Section 326 of the U.S.A. PATRIOT Act, the Trustee, like all financial institutions, in order to help fight the funding of terrorism and money laundering, is required to obtain, verify and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The Company agrees to provide the Trustee with such information as it may request to enable the Trustee to comply with the U.S.A. PATRIOT Act. Section 11.12. CALCULATIONS. Except as otherwise provided in this Indenture, the Company will be responsible for making all calculations called for under this Indenture or the Notes, including determinations of the Last Reported Sale Price, the Daily Conversion Value, the Daily Cash Amount, the Daily Share Amount, accrued interest on the Notes, any Additional Interest or Special Interest on the Notes and the Conversion Rate. The Trustee shall not be responsible for verifying such calculations. The Company will make all calculations in good faith, and, absent manifest error, its calculations will be final and binding on all Holders. The Company will provide a schedule of its calculations to the Trustee and the Conversion Agent, and each of the Trustee and the Conversion Agent may rely conclusively on the accuracy of the Company’s calculations without independent verification. The Trustee will promptly forward a copy of each such schedule to a Holder upon its written request therefor. - 84 - Section 11.13. SEVERABILITY. If any provision of this Indenture or the Notes is invalid, illegal or unenforceable, then the validity, legality and enforceability of the remaining provisions of this Indenture or the Notes will not in any way be affected or impaired thereby. Section 11.14. COUNTERPARTS. The parties may sign any number of copies of this Indenture. Each signed copy will be an original, and all of them together represent the same agreement. Delivery of an executed counterpart of this Indenture by facsimile, electronically in portable document format or in any other format will be effective as delivery of a manually executed counterpart. Section 11.15. TABLE OF CONTENTS, HEADINGS, ETC."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b51"], "char_count": 1000, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1c6b8169a5498645e72ec9a40746f27c8fe35e6219a04dbb7bae3ce4f8b94bf8", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 51, "char_end": 73284, "char_start": 72284, "fragment_sha256": "13ef06c8379f75bdfda0cbb70dea0bb7dc27446bc28d30c805e962b1d09ef78f", "heading_path": ["Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p97", "passage_kind": "narrative", "passage_sequence": 97, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s5", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "The table of contents and the headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions of this Indenture. Section 11.16. WITHHOLDING TAXES. Each Holder of a Note agrees that if the Company or other applicable withholding agent pays withholding taxes or backup withholding on behalf of such Holder or a beneficial owner as a result of an adjustment or the non-occurrence of an adjustment to the Conversion Rate, then the Company or such withholding agent, as applicable, may, at its option, set off such payments against payments of cash or the delivery of other Conversion Consideration on such Note, any payments on the Common Stock or sales proceeds received by, or other funds or assets of, such Holder or the beneficial owner of such Note. [The Remainder of This Page Intentionally Left Blank; Signature Page Follows] - 85 -"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b52"], "char_count": 132, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "76c825264c89bb5b56b9849a01f4530c9d042ae2c06ac2d2f2e37d48d4fdb344", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": ["short_passage"], "form": "8-K", "heading_path": ["Section 5.05. 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Date: By: Authorized Signatory"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b70"], "char_count": 3934, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6e8dcf8f67a3747bf1be758af33a1a7d5f53e6a6b5024410be90be328b610d8d", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["A-3"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 70, "char_end": 3934, "char_start": 0, "fragment_sha256": "1faad859bedf774e4c12cd25bd4ae199bc63ce655814ef90eb0f1544d9edd6a8", "heading_path": ["A-3"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p109", "passage_kind": "narrative", "passage_sequence": 109, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s12", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. 0.25% Convertible Senior Note due 2026 This Note is one of a duly authorized issue of notes of Opendoor Technologies Inc., a Delaware corporation (the “Company”), designated as its 0.25% Convertible Senior Notes due 2026 (the “Notes”), all issued or to be issued pursuant to an indenture, dated as of August 20, 2021 (as the same may be amended from time to time, the “Indenture”), between the Company and U.S. Bank National Association, as trustee. Capitalized terms used in this Note without definition have the respective meanings ascribed to them in the Indenture. The Indenture sets forth the rights and obligations of the Company, the Trustee and the Holders and the terms of the Notes. Notwithstanding anything to the contrary in this Note, to the extent that any provision of this Note conflicts with the provisions of the Indenture, the provisions of the Indenture will control. 1. Interest. This Note will accrue interest at a rate and in the manner set forth in Section 2.05 of the Indenture. Stated Interest on this Note will begin to accrue from, and including, August 20, 2021. 2. Maturity. This Note will mature on August 15, 2026, unless earlier repurchased, redeemed or converted. 3. Method of Payment. Cash amounts due on this Note will be paid in the manner set forth in Section 2.04 of the Indenture. 4. Persons Deemed Owners. The Holder of this Note will be treated as the owner of this Note for all purposes. 5. Denominations; Transfers and Exchanges. All Notes will be in registered form, without coupons, in principal amounts equal to any Authorized Denominations. Subject to the terms of the Indenture, the Holder of this Note may transfer or exchange this Note by presenting it to the Registrar and delivering any required documentation or other materials. 6. Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change. If a Fundamental Change occurs, then each Holder will have the right to require the Company to repurchase such Holder’s Notes (or any portion thereof in an Authorized Denomination) for cash in the manner, and subject to the terms, set forth in Section 4.02 of the Indenture. 7. Right of the Company to Redeem the Notes. The Company will have the right to redeem the Notes for cash in the manner, and subject to the terms, set forth in Section 4.03 of the Indenture. 8. Conversion. The Holder of this Note may convert this Note into Conversion Consideration in the manner, and subject to the terms, set forth in Article 5 of the Indenture. A-4 9. When the Company May Merge, Etc. Article 6 of the Indenture places limited restrictions on the Company’s ability to be a party to a Business Combination Event. 10. Defaults and Remedies. If an Event of Default occurs, then the principal amount of, and all accrued and unpaid interest on, all of the Notes then outstanding may (and, in certain circumstances, will automatically) become due and payable in the manner, and subject to the terms, set forth in Article 7 of the Indenture. 11. Amendments, Supplements and Waivers. The Company and the Trustee may amend or supplement the Indenture or the Notes or waive compliance with any provision of the Indenture or the Notes in the manner, and subject to the terms, set forth in Section 7.05 and Article 8 of the Indenture. 12. No Personal Liability of Directors, Officers, Employees and Stockholders. No past, present or future director, officer, employee, incorporator or stockholder of the Company, as such, will have any liability for any obligations of the Company under the Indenture or the Notes or for any claim based on, in respect of, or by reason of, such obligations or their creation. By accepting any Note, each Holder waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes. 13. Authentication. No Note will be valid until it is authenticated by the Trustee."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b70"], "char_count": 980, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "305a6d4f27af5df9c29bb42840d6d3fe6e0f2d2bd08849d9253e496bc3edf19f", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["A-3"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 70, "char_end": 4914, "char_start": 3934, "fragment_sha256": "1faad859bedf774e4c12cd25bd4ae199bc63ce655814ef90eb0f1544d9edd6a8", "heading_path": ["A-3"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p110", "passage_kind": "narrative", "passage_sequence": 110, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s12", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "A Note will be deemed to be duly authenticated only when an authorized signatory of the Trustee (or a duly appointed authenticating agent) manually signs the certificate of authentication of such Note. 14. Abbreviations. Customary abbreviations may be used in the name of a Holder or its assignee, such as TEN COM (tenants in common), TEN ENT (tenants by the entireties), JT TEN (joint tenants with right of survivorship and not as tenants in common), CUST (custodian), and U/G/M/A (Uniform Gift to Minors Act). 15. Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. * * * To request a copy of the Indenture, which the Company will provide to any Holder at no charge, please send a written request to the following address: Opendoor Technologies Inc. 410 N. Scottsdale Road, Suite 1600 Tempe, AZ 85281 Attention: Chief Financial Officer A-5"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b73"], "char_count": 307, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "38332c2aa98c9fe9fd0e262525b12a552ec40e39e5eeea4276d46e7ad74e38f0", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["INITIAL PRINCIPAL AMOUNT OF THIS GLOBAL NOTE: $[___]"], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 73, "char_end": 307, "char_start": 0, "fragment_sha256": "52bc406927d9bcf818dda97e44a24d15425cbe0b7f7f72f272a4bed79ec1b70c", "heading_path": ["INITIAL PRINCIPAL AMOUNT OF THIS GLOBAL NOTE: $[___]"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p111", "passage_kind": "narrative", "passage_sequence": 111, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s14", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "The following exchanges, transfers or cancellations of this Global Note have been made: Date Amount of Increase (Decrease) in Principal Amount of this Global Note Principal Amount of this Global Note After Such Increase (Decrease) Signature of Authorized Signatory of Trustee * Insert for Global Notes only."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b77"], "char_count": 929, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "66e8ff51dab7870331900f45541f3b7992bce3841c0424bcb8c921922e7a6ef0", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["OPENDOOR TECHNOLOGIES INC."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 77, "char_end": 929, "char_start": 0, "fragment_sha256": "149fd2939d3e77023892e90fb267c57be6301746172b8587a2d3f70e1c31295f", "heading_path": ["OPENDOOR TECHNOLOGIES INC."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p112", "passage_kind": "narrative", "passage_sequence": 112, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s17", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "0.25% Convertible Senior Notes due 2026 Subject to the terms of the Indenture, by executing and delivering this Conversion Notice, the undersigned Holder of the Note identified below directs the Company to convert (check one): ☐ the entire principal amount of ☐ $ * aggregate principal amount of the Note identified by CUSIP No. and Certificate No. . The undersigned acknowledges that if the Conversion Date of a Note to be converted is after a Regular Record Date and before the next Interest Payment Date, then such Note, when surrendered for conversion, must, in certain circumstances, be accompanied with an amount of cash equal to the interest that would have accrued on such Note to, but excluding, such Interest Payment Date. Date: (Legal Name of Holder) By: Name: Title: Signature Guaranteed: Participant in a Recognized Signature Guarantee Medallion Program By: Authorized Signatory * Must be an Authorized Denomination."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b81"], "char_count": 777, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b3a7ecabd444128443b2d8d28e7cd0e00f8bfea4b5ce6d048d5eb4e58b74574b", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["OPENDOOR TECHNOLOGIES INC."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 81, "char_end": 777, "char_start": 0, "fragment_sha256": "78d527e79eb734d02a140380f8bf09ecd6542a1d678a1ddfc6b5fbecb4652887", "heading_path": ["OPENDOOR TECHNOLOGIES INC."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#p113", "passage_kind": "narrative", "passage_sequence": 113, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-08-20", "section_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm#s20", "source_artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312521255177/d194617dex41.htm", "table_id": null, "text": "0.25% Convertible Senior Notes due 2026 Subject to the terms of the Indenture, by executing and delivering this Fundamental Change Repurchase Notice, the undersigned Holder of the Note identified below is exercising its Fundamental Change Repurchase Right with respect to (check one): ☐ the entire principal amount of ☐ $ * aggregate principal amount of the Note identified by CUSIP No. and Certificate No. . The undersigned acknowledges that this Note, duly endorsed for transfer, must be delivered to the Paying Agent before the Fundamental Change Repurchase Price will be paid. Date: (Legal Name of Holder) By: Name: Title: Signature Guaranteed: Participant in a Recognized Signature Guarantee Medallion Program By: Authorized Signatory * Must be an Authorized Denomination."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001193125-21-255177:d194617dex41.htm#b85"], "char_count": 308, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "bbc7a904b00f813c6e146fb7640ac74a462a956448f026e0807b74e19599aae0", "derivation_id": "ac36d334bf29ecaae375b3f0c9bd973cb723a8e8cf420610adcf3cd0d4db4891", "document_id": "norm:0001801169:0001193125-21-255177:d194617dex41.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2021-08-24", "filing_id": "sec:0001801169:0001193125-21-255177", "flags": [], "form": "8-K", "heading_path": ["OPENDOOR TECHNOLOGIES INC."], "items": ["1.01", "2.03", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-21-255177:d194617dex41.htm", "block_sequence": 85, 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The agent may substitute another to act for him/her. 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On September 16, 2021, the Underwriter exercised in full its option to purchase additional shares, and on September 17, 2021, the Offering of an additional 4,200,000 shares of Common Stock by the Selling Stockholder to the Underwriter was completed. The shares of Common Stock in the Offering were offered on a prospectus supplement, which amended and supplemented the prospectus dated March 12, 2021, which forms a part of the Company\u2019s Registration Statement on Form S-1 (Registration No. 333-251529), as previously supplemented by the prospectus supplements filed by us on March 18, 2021, April 2, 2021, July 30, 2021, August 11, 2021, August 16, 2021, August 18, 2021 and August 24, 2021. The Company did not receive any proceeds from the Offering. The Underwriting Agreement contains customary representations, warranties, covenants and closing conditions. It also provides for customary indemnification by each of the Company, the Selling Stockholder and the Underwriter against certain liabilities and customary contribution provisions in respect of those liabilities. The Underwriting Agreement is attached hereto as Exhibit 1.1 and is incorporated herein by reference. The foregoing description of the Underwriting Agreement does not purport to be complete and is qualified in its entirety by reference to such exhibit. Item 9.01 Financial Statements and Exhibits. 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chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). Emerging growth company ¨ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ Field: Rule-Page Field: /Rule-Page Field: Page; Sequence: 1 Field: /Page"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_8k.htm#b19"], "char_count": 2148, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a52a46126a31dd61ecc33b19eaf1f161d3ef48a528ac89f14000d7bb405772f7", "derivation_id": "26e9207940abf411cd3e39daf69e21ba5f083db116727a02f139d24f21a288a0", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["CURRENT REPORT", "Item 8.01. 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(the “Underwriter”), and SVF Excalibur (Cayman) Limited (the “Selling Stockholder”), relating to the public offering (the \"Offering\") by the Selling Stockholder of 28,000,000 shares of its common stock of the Company, par value $0.0001 per share (the \"Common Stock\"), and a 30-day option granted to the Underwriter to purchase up to an additional 4,200,000 shares of Common Stock from the Selling Stockholder, at a price to the public of $16.69 per share. On September 16, 2021, the Offering of 28,000,000 shares of Common Stock by the Selling Stockholder to the Underwriter was completed. On September 16, 2021, the Underwriter exercised in full its option to purchase additional shares, and on September 17, 2021, the Offering of an additional 4,200,000 shares of Common Stock by the Selling Stockholder to the Underwriter was completed. The shares of Common Stock in the Offering were offered on a prospectus supplement, which amended and supplemented the prospectus dated March 12, 2021, which forms a part of the Company’s Registration Statement on Form S-1 (Registration No. 333-251529), as previously supplemented by the prospectus supplements filed by us on March 18, 2021, April 2, 2021, July 30, 2021, August 11, 2021, August 16, 2021, August 18, 2021 and August 24, 2021. The Company did not receive any proceeds from the Offering. The Underwriting Agreement contains customary representations, warranties, covenants and closing conditions. It also provides for customary indemnification by each of the Company, the Selling Stockholder and the Underwriter against certain liabilities and customary contribution provisions in respect of those liabilities. The Underwriting Agreement is attached hereto as Exhibit 1.1 and is incorporated herein by reference. The foregoing description of the Underwriting Agreement does not purport to be complete and is qualified in its entirety by reference to such exhibit. Item 9.01 Financial Statements and Exhibits. (d) Exhibits."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_8k.htm#b20"], "char_count": 388, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "06b08bd60459f63fd204bbd21e38ad0c8707619c58188025e9feddb617006e48", "derivation_id": "26e9207940abf411cd3e39daf69e21ba5f083db116727a02f139d24f21a288a0", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["CURRENT REPORT", "Item 8.01. 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OPENDOOR TECHNOLOGIES INC. 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"725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", + "heading_path": [ + "EXHIBIT 1.1", + "Underwriting Agreement" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", + "table": null, + "text": "New York, New York September 13, 2021 Citigroup Global Markets Inc. 388 Greenwich Street New York, New York 10013 Ladies and Gentlemen: SVF Excalibur (Cayman) Limited (the \u201cSelling Stockholder\u201d) proposes to sell to Citigroup Global Markets Inc. (the \u201cUnderwriter\u201d) 28,000,000 shares of common stock, $0.0001 par value (\u201cCommon Stock\u201d) of Opendoor Technologies Inc., a Delaware corporation (the \u201cCompany\u201d) (said shares to be sold by the Selling Stockholder being hereinafter called the \u201cUnderwritten Securities\u201d). The Selling Stockholder also proposes to grant to the Underwriter an option to purchase up to 4,200,000 additional shares of Common Stock (the \u201cOption Securities\u201d; the Option Securities, together with the Underwritten Securities, being hereinafter called the \u201cSecurities\u201d). Certain terms used herein are defined in Section 22 hereof. 1. Representations and Warranties. (i) The Company represents and warrants to, and agrees with, the Underwriter as set forth below in this Section 1. (a) The Company has prepared and filed with the SEC a registration statement (file number 333-251529) on Form S-1, including a related Base Prospectus, for the registration of the offering and sale of the Securities under the Securities Act. Such Registration Statement, including any amendments thereto filed prior to the Execution Time, has become effective. The Company may have filed one or more amendments thereto, including a related preliminary prospectus supplement, each of which has previously been furnished to you. The Company will file with the SEC a final prospectus supplement relating to the Securities in accordance with Rule 424(b) after the Execution Time. As filed, such final prospectus supplement shall contain all information required by the Securities Act and the rules thereunder and, except to the extent the Underwriter shall agree in writing to a modification, shall be in all substantive respects in the form furnished to you prior to the Execution Time or, to the extent not completed at the Execution Time, shall contain only such specific additional information and other changes (beyond that contained in the Base Prospectus and the latest Preliminary Prospectus) as the Company has advised you, prior to the Execution Time, will be included or made therein. (b) On the Effective Date, the Registration Statement did, and when the Prospectus is first filed in accordance with Rule 424(b) and on the Closing Date (as defined herein) and on any date on which Option Securities are purchased, if such date is not the Closing Date (a \u201csettlement date\u201d), the Prospectus (and any supplement thereto) will, comply in all material respects with the applicable requirements of the Securities Act and the rules thereunder; on the Effective Date, at the Execution Time and on the Closing Date, the Registration Statement did not and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein not misleading; and on the date of any filing pursuant to Rule 424(b) and on the Closing Date and any settlement date, the Prospectus (together with any supplement thereto) will not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the Company makes no representations or warranties as to the information contained in or omitted from the Registration Statement or the Prospectus (or any supplement thereto) in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of any Underwriter specifically for inclusion in the Registration Statement or the Prospectus (or any supplement thereto), it being understood and agreed that the only such information furnished by any Underwriter consists of the information described as such in Section 8 hereof. Field: Page; Sequence: 1 (c) (i) The Disclosure Package and the price to the public, the number of Underwritten Securities and the number of Option Securities to be included on the cover page of the Prospectus, when taken together as a whole, (ii) each electronic road show when taken together as a whole with the Disclosure Package and the price to the public, the number of Underwritten Securities and the number of Option Securities to be included on the cover page of the Prospectus, and (iii) any individual Written Testing-the-Waters Communication, when taken together as a whole with the Disclosure Package and the price to the public, the number of Underwritten Securities and the number of Option Securities to be included on the cover page of the Prospectus, does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The preceding sentence does not apply to statements in or omissions from the Disclosure Package based upon and in conformity with written information furnished to the Company by or on behalf of any Underwriter specifically for use therein, it being understood and agreed that the only such information furnished by or on behalf of any Underwriter consists of the information described as such in Section 8 hereof. (d) [Reserved]. (e) The interactive data in the eXtensible Business Reporting Language (\u201cXBRL\u201d) included as an exhibit to the Registration Statement fairly presents the information called for in all material respects and has been prepared in accordance with the SEC\u2019s rules and guidelines applicable thereto. (f) The Company (i) has not engaged alone in any Testing-the-Waters Communication other than Testing-the-Waters Communications with the consent of the Underwriter with entities that are reasonably believed to be qualified institutional buyers within the meaning of Rule 144A under the Securities Act or institutions that are accredited investors within the meaning of Rule 501 under the Securities Act and (ii) has not authorized anyone other than the Underwriter to engage in Testing-the-Waters Communications. The Company reconfirms that the Underwriter has been authorized to act on its behalf in undertaking Testing-the-Waters Communications. The Company has not distributed any Written Testing-the-Waters Communications other than those listed on Schedule II hereto. \u201cTesting-the-Waters Communication\u201d means any oral or written communication with potential investors undertaken in reliance on Section 5(d) or Rule 163B of the Securities Act. \u201cWritten Testing-the-Waters Communication\u201d means any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405, including any presentation used in a Testing-the-Waters Communication. (g) The Company has not used any Issuer Free Writing Prospectus. (h) Each of the Company and its subsidiaries has been duly incorporated and is validly existing and in good standing under the laws of the jurisdiction in which it is chartered or organized with full corporate power and authority to own or lease, as the case may be, and to operate its properties conduct its business as described in the Disclosure Package and the Prospectus, and is duly qualified to do business as a foreign organization and is in good standing under the laws of each jurisdiction which requires such qualification, except where the failure to be so qualified or in good standing would not reasonably be expected to have a material adverse effect on the condition (financial or otherwise), prospects, earnings, business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business (a \u201cMaterial Adverse Effect\u201d). Field: Page; Sequence: 2; Options: NewSection; Value: 2 (i) All the outstanding shares of capital stock of each subsidiary of the Company have been duly and validly authorized and issued and are fully paid and non-assessable, and, except as otherwise set forth in the Disclosure Package and the Prospectus, all outstanding shares of capital stock of material subsidiaries are owned by the Company either directly or through wholly owned subsidiaries free and clear of any perfected security interest or any other security interests, claims, liens or encumbrances. (j) The Company\u2019s authorized equity capitalization is as set forth in the Disclosure Package and the Prospectus; the capital stock of the Company conforms in all material respects to the description thereof contained in the Disclosure Package and the Prospectus; the outstanding shares of Common Stock have been duly and validly authorized and issued and are fully paid and nonassessable; the Securities in book-entry form are in valid and sufficient form; the holders of outstanding shares of capital stock of the Company are not entitled to preemptive or other rights to subscribe for the Securities, except for any such rights as have been effectively waived; and, except as set forth in the Disclosure Package and the Prospectus, no options, warrants or other rights to purchase, agreements or other obligations to issue, or rights to convert any obligations into or exchange any securities for, shares of capital stock of or ownership interests in the Company are outstanding. (k) There is no franchise, contract or other document of a character required to be described in the Registration Statement or the Prospectus, or to be filed as an exhibit thereto, which is not described or filed as required (and the Preliminary Prospectus contains in all material respects the same description of the foregoing matters contained in the Prospectus); and the statements in the Preliminary Prospectus and the Prospectus under the headings \u201cRisk Factors \u2013 Risks Related to Our Intellectual Property,\u201d \u201cBusiness \u2013 Strategic Collaborations and License Agreements,\u201d \u201cBusiness \u2013 Intellectual Property,\u201d \u201cBusiness \u2013 Government Regulation,\u201d \u201cBusiness \u2013 Legal Proceedings\u201d, \u201cDescription of Capital Stock\u201d and \u201cShares Eligible for Future Sale\u201d insofar as such statements summarize legal matters, agreements, documents or proceedings discussed therein, are accurate and fair summaries of such legal matters, agreements, documents or proceedings in all material respects. The statements under the heading \u201cMaterial U.S. Federal Income Tax Consequences to Non-U.S. Holders\u201d, insofar as such statements purport to constitute descriptions or summaries of United States federal income tax law and regulations or legal conclusions with respect thereto, constitute accurate descriptions or summaries of the matters described therein in all material respects. (l) This Agreement has been duly authorized, executed and delivered by the Company. (m) The Company is not an \u201cinvestment company\u201d as defined in the Investment Company Act of 1940, as amended. (n) No consent, approval, authorization, filing with or order of any court or governmental agency or body is required in connection with the transactions contemplated herein, except such as have been obtained under the Securities Act, the listing rules of The Nasdaq Global Select Market (the \u201cNasdaq\u201d) and the applicable rules of the Financial Industry Regulatory Authority, Inc. (\u201cFINRA\u201d), and such as may be required under the blue sky laws of any jurisdiction in connection with the purchase and distribution of the Securities by the Underwriter in the manner contemplated herein and in the Disclosure Package and the Prospectus. Field: Page; Sequence: 3; Value: 2 (o) Neither the consummation of any of the transactions herein contemplated nor the fulfillment of the terms hereof will conflict with, result in a breach or violation of, or imposition of any lien, charge or encumbrance upon any property or assets of the Company or any of its subsidiaries pursuant to, (i) the charter or by-laws of the Company or any of its subsidiaries, (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which the Company or any of its subsidiaries is a party or bound or to which its or their property is subject, or (iii) any statute, law, rule, regulation, judgment, order or decree applicable to the Company or any of its subsidiaries of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Company or any of its subsidiaries or any of its or their properties, except in the case of clauses (ii) and (iii) for any such breach, violation or imposition as would not reasonably be expected to have a Material Adverse Effect and except as would not materially adversely affect the ability of the Underwriter to consummate the transactions contemplated by this Agreement. (p) There are no contracts, agreements or understandings between the Company and any person granting such person the right to require the Company to file a registration statement under the Securities Act with respect to any securities of the Company or to require the Company to include such securities with the Securities registered pursuant to the Registration Statement, except as have been validly waived in connection with the sale of the Securities contemplated hereby and as have been described in the Disclosure Package and the Prospectus, and the holders of outstanding shares of capital stock of the Company are not entitled to statutory preemptive or other similar contractual rights to subscribe for the Securities. (q) The consolidated historical financial statements of the Company and its consolidated subsidiaries included in the Disclosure Package, the Prospectus and the Registration Statement present fairly, in all material respects, the financial condition, results of operations and cash flows of the Company as of the dates and for the periods indicated, comply as to form in all material respects with the applicable accounting requirements of the Securities Act and have been prepared in conformity with generally accepted accounting principles in the United States applied on a consistent basis throughout the periods involved. The selected financial data set forth under the caption \u201cSelected Historical Financial and Operating Data of Opendoor\u201d in the Disclosure Package, the Prospectus and Registration Statement fairly present, in all material respects, the information included therein on the basis stated in the Disclosure Package, the Prospectus and the Registration Statement, the information included therein. (r) No action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries or its or their property is pending or, to the knowledge of the Company, threatened that (i) would reasonably be expected to have a material adverse effect on the performance of this Agreement or the consummation of any of the transactions contemplated hereby or (ii) would reasonably be expected to have a Material Adverse Effect, except as set forth in or contemplated in the Disclosure Package and the Prospectus (exclusive of any amendment or supplement thereto). (s) Each of the Company and each of its subsidiaries owns or leases all such real and personal properties (other than with respect to Intellectual Property (as defined below)) as are necessary to the conduct of its operations as presently conducted. The Company and its subsidiaries have good and marketable title in fee simple to all real property and all personal property (other than with respect to Intellectual Property (as defined below) which is addressed exclusively in subsection (nn)) owned by them, in each case free and clear of all liens, encumbrances and defects except such as are described in the Disclosure Package and the Prospectus or such as do not have a Material Adverse Effect; and any real property and buildings held under lease by the Company and its subsidiaries are held by them under valid, subsisting and enforceable leases (subject to the effects of (i) bankruptcy, insolvency, fraudulent conveyance, fraudulent transfer, reorganization, moratorium or other similar laws relating to or affecting rights or remedies of creditors generally; and (ii) the application of general principles of equity). Field: Page; Sequence: 4; Value: 2 (t) Neither the Company nor any subsidiary is in violation or default of (i) any provision of its charter or bylaws, (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which it is a party or bound or to which its property is subject, or (iii) any statute, law, rule, regulation, judgment, order or decree of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Company or such subsidiary or any of its properties, as applicable, except in the case of clauses (ii) and (iii) for any such violation or default as would not reasonably be expected to have a Material Adverse Effect. (u) Deloitte & Touche LLP, who have certified certain financial statements of the Company and its consolidated subsidiaries and delivered their report with respect to the audited consolidated financial statements and schedules included in the Disclosure Package and the Prospectus, are independent public accountants with respect to the Company within the meaning of the Securities Act and the applicable published rules and regulations thereunder. (v) [Reserved]. (w) The Company has filed all tax returns that are required to be filed or has requested extensions thereof (except in any case in which the failure so to file would not have a Material Adverse Effect) and has paid all taxes required to be paid by it and any other assessment, fine or penalty levied against it, to the extent that any of the foregoing is due and payable, except for any such assessment, fine or penalty that is currently being contested in good faith or as would not have a Material Adverse Effect. (x)No labor problem or dispute with the employees of the Company or any of its subsidiaries exists or is threatened or imminent, and the Company is not aware of any existing or imminent labor disturbance by the employees of any of its or its subsidiaries\u2019 principal suppliers, contractors or customers, that could be reasonably expected to have a Material Adverse Effect. (y) The Company and each of its subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as the Company reasonably believes are prudent and customary in the businesses in which they are engaged; all policies of insurance and fidelity or surety bonds insuring the Company or any of its subsidiaries or their respective businesses, assets, employees, officers and directors are in full force and effect; the Company and its subsidiaries are in compliance with the terms of such policies and instruments in all material respects; and there are no material claims by the Company or any of its subsidiaries under any such policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause; neither the Company nor any such subsidiary has been refused any insurance coverage sought or applied for; and neither the Company nor any such subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not reasonably be expected to have a Material Adverse Effect. (z) No subsidiary of the Company is currently prohibited, directly or indirectly, from paying any dividends to the Company, from making any other distribution on such subsidiary\u2019s capital stock, from repaying to the Company any loans or advances to such subsidiary from the Company or from transferring any of such subsidiary\u2019s property or assets to the Company or any other subsidiary of the Company, except as set forth in or contemplated in the Disclosure Package and the Prospectus. (aa) The Company and its subsidiaries possess all licenses, certificates, permits and other authorizations (collectively, \u201cPermits\u201d) required to be issued by all applicable authorities necessary to conduct their respective businesses, except for any such failure to possess as would not reasonably be expected to have a Material Adverse Effect, and neither the Company nor any such subsidiary is in violation of, or in default under, any such permit, except for any violation or default as would not reasonably be expected to have a Material Adverse Effect; and the Company and its subsidiaries have not received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit which, individually or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a Material Adverse Effect, except as set forth in or contemplated in the Disclosure Package and the Prospectus (exclusive of any amendment or supplement thereto). Field: Page; Sequence: 5; Value: 2 (bb) Except as set forth in the Disclosure Package and the Prospectus, the Company and each of its subsidiaries, considered together as one entity, maintain a system of internal accounting controls (as contemplated under Rule 13a-15(f) of the Exchange Act) designed to provide reasonable assurance that (i) transactions are executed in accordance with management\u2019s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles in the United States and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management\u2019s general or specific authorization; (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and (v) the interactive data in XBRL included in the Registration Statement, the Disclosure Package and the Prospectus is in compliance with the SEC\u2019s published rules, regulations and guidelines applicable thereto. The Company\u2019s and its subsidiaries\u2019 internal controls over financial reporting are effective and, except as set forth in the Disclosure Package and the Prospectus, the Company and its subsidiaries are not aware of any material weakness in their internal controls over financial reporting. (cc) The Company and its subsidiaries maintain \u201cdisclosure controls and procedures\u201d (as such term is defined in Rule 13a-15(e) under the Exchange Act); such disclosure controls and procedures are effective. (dd) The Company has not taken, directly or indirectly (without giving effect to the activities of the Underwriter), any action designed to or that would constitute or that might reasonably be expected to cause or result in, under the Exchange Act or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities. (ee) The Company and its subsidiaries (i) are in compliance with any and all applicable foreign, federal, state and local laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (\u201cEnvironmental Laws\u201d), (ii) have received and are in compliance with all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses and (iii) have not received notice of any actual or potential liability under any environmental law, except where such non-compliance with Environmental Laws, failure to receive required permits, licenses or other approvals, or liability would not reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect. Neither the Company nor any of its subsidiaries has been named as a \u201cpotentially responsible party\u201d under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended. (ff) In the ordinary course of its business, the Company periodically reviews the effect of Environmental Laws on the business, operations and properties of the Company and its subsidiaries, in the course of which it identifies and evaluates associated costs and liabilities (including, without limitation, any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws, or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third parties). On the basis of such review, the Company has reasonably concluded that such associated costs and liabilities would not reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect. (gg) Nothing has come to the attention of the Company that has caused the Company to believe that the statistical and market-related data included in the Registration Statement, the Disclosure Package and the Prospectus is not based on or derived from sources that are reliable and accurate in all material respects. Field: Page; Sequence: 6; Value: 2 (hh) None of the following events has occurred or exists: (i) a failure to fulfill the obligations, if any, under the minimum funding standards of Section 302 of the United States Employee Retirement Income Security Act of 1974, as amended (\u201cERISA\u201d), and the regulations and published interpretations thereunder with respect to a Plan, determined without regard to any waiver of such obligations or extension of any amortization period; (ii) an audit or investigation by the Internal Revenue Service, the U.S. Department of Labor, the Pension Benefit Guaranty Corporation or any other federal or state governmental agency or any foreign regulatory agency with respect to the employment or compensation of employees by any of the Company or any of its subsidiaries; (iii) any breach of any contractual obligation, or any violation of law or applicable qualification standards, with respect to the employment or compensation of employees by the Company or any of its subsidiaries, except, in each case, with respect to the events or conditions set forth in (i) through (iii) of this sentence, as would not, individually or in the aggregate, have a Material Adverse Effect. None of the following events has occurred or is reasonably likely to occur: (i) a material increase in the aggregate amount of contributions required to be made to all Plans in the current fiscal year of the Company and its subsidiaries compared to the amount of such contributions made in the most recently completed fiscal year of the Company and its subsidiaries; (ii) a material increase in the \u201caccumulated post-retirement benefit obligations\u201d (within the meaning of Statement of Financial Accounting Standards 106) of the Company and its subsidiaries compared to the amount of such obligations in the most recently completed fiscal year of the Company and its subsidiaries; (iii) any event or condition giving rise to a liability under Title IV of ERISA with respect to any Plan; or (iv) the filing of a claim by one or more employees or former employees of the Company or any of its subsidiaries related to their employment, except, in each case, with respect to the events or conditions set forth in (i) through (iv) of this sentence, as would not, individually or in the aggregate, have a Material Adverse Effect. For purposes of this paragraph, the term \u201cPlan\u201d means a plan (within the meaning of Section 3(3) of ERISA) subject to Title IV of ERISA sponsored, maintained or contributed to by the Company or any of its subsidiaries. (ii) There is and has been no failure on the part of the Company and any of the Company\u2019s directors or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations promulgated in connection therewith (the \u201cSarbanes-Oxley Act\u201d), that are in effect and with which the Company is required to comply as of the date hereof, including Section 402 relating to loans and Sections 302 and 906 relating to certifications. (jj) Neither the Company nor any of its subsidiaries nor any director, officer, or employee thereof, or, to the knowledge of the Company, any agent of the Company or any of its subsidiaries has taken any action, directly or indirectly, (i) in furtherance of a corrupt offer, payment, promise to pay, or authorization or approval of the payment, giving or receipt of money, property, gifts or anything else of value, to any government official (including any officer or employee of a government or government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing or any political party or party official or candidate for political office) (a \u201cGovernment Official\u201d) in order to influence official action, or (ii) in violation of the U.S. Foreign Corrupt Practices Act of 1977 or the U.K. Bribery Act 2010, each as amended, or similar applicable law of any other relevant jurisdiction, or the rules or regulations thereunder (collectively, the \u201cAnti-Corruption Laws\u201d). The Company and its subsidiaries and affiliates have instituted and maintained and will continue to maintain policies and procedures reasonably designed to promote and achieve compliance with Anti-Corruption Laws. No part of the proceeds of the offering will be used by the Company, its subsidiaries, or its affiliates, directly or to the knowledge of the Company indirectly, in violation of the Anti-Corruption Laws. (kk) The operations of the Company and its subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements, including, to the extent applicable, those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the anti-money laundering statutes and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the \u201cAnti-Money Laundering Laws\u201d) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened. Field: Page; Sequence: 7; Value: 2 (ll) Neither the Company nor any of its subsidiaries or affiliates nor, any director, officer, or employee, or, to the knowledge of the Company, any agent of the Company or any of its subsidiaries while acting on the Company\u2019s or subsidiaries\u2019 behalf (i) is, or is controlled or 50% or more owned in the aggregate by or is acting on behalf of, one or more individuals or entities that are currently the subject of any sanctions administered or enforced by the United States (including any administered or enforced by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or the Bureau of Industry and Security of the U.S. Department of Commerce), the United Nations Security Council, the European Union, a member state of the European Union, Her Majesty\u2019s Treasury of the United Kingdom, or applicable sanctions authorities where the Company or its subsidiaries operate (collectively, \u201cSanctions\u201d and such persons, \u201cSanctioned Persons\u201d and each such person, a \u201cSanctioned Person\u201d), (ii) is located, organized, or ordinarily resident in a country or territory that is, or whose government is, the subject of Sanctions that broadly prohibit dealings with that country or territory (collectively, \u201cSanctioned Countries\u201d and each, a \u201cSanctioned Country\u201d) or (iii) will, directly or knowingly indirectly, use the proceeds of this offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other individual or entity to fund or facilitate any activities or business of or with a Sanctioned Person or Sanctioned Country, or in any other manner that would result in a violation of any Sanctions by, or could result in the imposition of Sanctions against, any individual or entity (including any individual or entity participating in the offering, whether as underwriter, advisor, investor or otherwise). (mm) Neither the Company nor any of its subsidiaries or affiliates has engaged in any dealings or transactions with or for the benefit of a Sanctioned Person, or with or in a Sanctioned Country, in the preceding five (5) years, nor does the Company or any of its subsidiaries have any plans to engage in dealings or transactions with or for the benefit of a Sanctioned Person, or with or in a Sanctioned Country, except to the extent permitted for a person required to comply with Sanctions. (nn) The Company and its subsidiaries own or have obtained valid, enforceable and adequate rights and licenses to use all patents, patent applications, trade and service marks, trade names, domain names, copyrights and other works of authorship, inventions, trade secrets, technology, designs, processes, software, technical data and information, know-how and other intellectual property, and registrations and applications for registrations of any of the foregoing (collectively, the \u201cIntellectual Property\u201d) that are reasonably necessary for or are used in the conduct of the Company\u2019s business as now conducted (it being understood that the foregoing is not a representation or warranty with respect to the non infringement of third-party Intellectual Property). The conduct of the respective businesses of the Company and its subsidiaries does not infringe, misappropriate, or otherwise violate in any material respect any intellectual property of another. Except as disclosed in the Disclosure Package and the Prospectus: (i) there are no rights of third parties to any Intellectual Property owned by the Company and its subsidiaries (the \u201cCompany Intellectual Property\u201d), including no liens, security interests, licenses (other than non-exclusive licenses entered into in the ordinary course), or other encumbrances; (ii) to the Company\u2019s knowledge, there is no material infringement by third parties of any Company Intellectual Property; (iii) there is no pending or, to the Company\u2019s knowledge, threatened action, suit, proceeding or claim by others challenging the Company\u2019s rights in or to any such Company Intellectual Property; (iv) the Company Intellectual Property has not been abandoned, canceled or adjudged invalid or unenforceable, in whole or in part by a court of competent jurisdiction, and there is no pending or, to the Company\u2019s knowledge, threatened action, suit, proceeding or claim by others challenging the validity, enforceability or scope of any such Company Intellectual Property, including interferences, oppositions, reexaminations, or government proceedings; (v) there is no pending or, to the Company\u2019s knowledge, threatened action, suit, proceeding or claim by others that the Company infringes, misappropriates, or otherwise violates any intellectual property of others; (vi) the Company and its subsidiaries have taken commercially reasonable steps to protect, maintain and safeguard their confidential information and any Company Intellectual Property constituting trade secrets, including the execution of commercially reasonable nondisclosure, confidentiality agreements and invention assignment agreements and, to the Company\u2019s knowledge, no employee, consultant, or independent contractor of the Company is in, or has been in, violation of any term of any employment contract, patent disclosure agreement, invention assignment agreement, non-competition agreement, non-solicitation agreement, nondisclosure agreement or any restrictive covenant to or with a former employer or other counterparty where the basis of such violation relates to such person\u2019s engagement with the Company, actions undertaken while employed or engaged with the Company, or the ownership by the Company of the Company Intellectual Property, except where any such violation would not reasonably be expected to have a Material Adverse Effect; (vii) all employees and contractors engaged in the development of any material Intellectual Property Rights on behalf of the Company or any subsidiary of the Company have executed an invention assignment agreement whereby such employees and contractors presently assign all of their right, title and interest in and to such Intellectual Property Rights to the Company or the applicable subsidiary, and to the Company\u2019s knowledge no such agreement has been breached or violated; (viii) all patents and patent applications owned by the Company have, to the knowledge of the Company, been duly and properly filed and maintained and to the knowledge of the Company, there are no material defects in any of the patents, trademarks and copyrights and patent, trademark and copyright applications included in the Company Intellectual Property; and (ix) there is no prior art of which the Company is aware that may render any patent owned by the Company invalid or any patent application applied for by the Company unpatentable except as would not be expected to be material to the Company and its subsidiaries taken as a whole. Other than royalties, fees or other consideration payable, or licenses granted, in the ordinary course of business, the Company and its subsidiaries are not obligated or under any liability to make any material payment by way of royalties, fees or otherwise grant a license, or provide other material consideration to any owner or licensee of, or other claimant to, any Intellectual Property, used in the conduct of their respective businesses as now conducted. No technology employed by the Company or its subsidiaries has been obtained or is being used by the Company or its subsidiaries in violation of any contractual or legal obligation binding on the Company, its subsidiaries, or any of their officers, directors, employees, or contractors except for any such violation as would not reasonably be expected to have a Material Adverse Effect. No software licensed under an \u201copen source\u201d or similar licensing model that meets the definition of \u201copen source\u201d promulgated by the Open Source Initiative located online at http://opensource.org/osd (e.g., GNU General Public License, GNU Lesser General Public License, and GNU Affero General Public License) that is licensed by the Company or its subsidiaries is being used by the Company or its subsidiaries: (a) in violation of any material contractual or legal obligation binding on the Company or any of its subsidiaries with respect to such open source software except as would not reasonably be expected to have a Material Adverse Effect; or (b) in a manner that requires any software owned by the Company or any of its subsidiaries to be made available in source code form or be redistributable for no license fee.. Field: Page; Sequence: 8; Value: 2 (oo) [Reserved]. (pp) [Reserved]. (qq) To the knowledge of the Company, there has been no material security breach, unauthorized access, use, disclosure, modification, destruction or other compromise of the Company\u2019s or any of its subsidiaries\u2019 information technology and computer systems, networks, hardware, software, data (including all personal information, personal data, personally identifiable information or similar information and the data of their respective customers, employees, suppliers, vendors and any third party data maintained by or on behalf of them), equipment or technology (collectively, \u201cIT Systems and Data\u201d) and the Company and its subsidiaries have no knowledge of any event or condition that would reasonably be expected to result in, any such material security breach, unauthorized access, use, disclosure, modification, destruction or other compromise of their IT Systems and Data. The Company and its subsidiaries employ commercially reasonable physical, technical, and organizational security measures, policies and procedures designed to protect all IT Systems and Data from and against material unauthorized access, use and/or disclosure. The Company and its subsidiaries have been and are presently in material compliance with all applicable laws, regulations, statutes, judgments, orders, rules, directives and decrees of any court or arbitrator or governmental or regulatory authority, company policies, industry standards, contractual obligations, and any other legal obligations relating to the (i) privacy and security of IT Systems and Data and (ii) the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification (collectively, the \u201cPrivacy and Security Requirements\u201d), in each case, except as would not, individually or in the aggregate, have a Material Adverse Effect, and the Company and its subsidiaries have implemented backup and disaster recovery technology consistent with industry standards and practices. The execution, delivery and performance of this Agreement or any other agreement referred to in this Agreement will not result in a breach or violation of any Privacy and Security Requirements, except as would not, individually or in the aggregate, have a Material Adverse Effect. (rr) The Company has no debt securities or preferred stock rated by any \u201cnationally recognized statistical rating organization,\u201d as defined in Section 3(a)(62) of the Exchange Act. Any certificate signed by any officer of the Company and delivered to Underwriter or counsel for the Underwriter in connection with the offering of the Securities shall be deemed a representation and warranty by the Company, as to matters covered thereby, to the Underwriter. (ii) The Selling Stockholder represents and warrants to, and agrees with, the Underwriter that: (a) This Agreement has been duly authorized, executed and delivered by or on behalf of the Selling Stockholder. (b) The execution and delivery by the Selling Stockholder of, and the performance by the Selling Stockholder of its obligations under, this Agreement will not contravene (i) any provision of applicable law, or (ii) the certificate of incorporation or by-laws (or such like governing document) of the Selling Stockholder (if the Selling Stockholder is a corporation), or (iii) any agreement or other instrument binding upon the Selling Stockholder or (iv) any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Selling Stockholder, except in the case of clauses (i), (iii) and (iv) as would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of the Selling Stockholder to consummate the transactions contemplated by this Agreement and no consent, approval, authorization or order of, or qualification with, any governmental body or agency is required for the performance by the Selling Stockholder of its obligations under this Agreement, except such as have been obtained and made under the Securities Act or such as may be required by the Exchange Act or the rules and regulations thereunder or may be required by the securities or Blue Sky laws of the various states or foreign jurisdictions in connection with the offer and sale of the Shares. Field: Page; Sequence: 9; Value: 2 (c) The Selling Stockholder has, and on the Closing Date will have, valid title to, or a valid \u201csecurity entitlement\u201d within the meaning of Section 8-501 of the New York Uniform Commercial Code in respect of, the Shares to be sold by the Selling Stockholder free and clear of all security interests, claims, liens, equities or other encumbrances and the legal right and power, and all authorization and approval required by law, to enter into this Agreement and to sell, transfer and deliver the Shares to be sold by the Selling Stockholder or a security entitlement in respect of the Shares. (e) Upon payment for the Shares to be sold by Selling Stockholder pursuant to this Agreement, delivery of the Shares, as directed by the Underwriter, to Cede & Co. (\u201cCede\u201d) or such other nominee as may be designated by the Depository Trust Company (\u201cDTC\u201d), registration of the Shares in the name of Cede or such other nominee and the crediting of the Shares on the books of DTC to securities accounts of the Underwriter (assuming that neither DTC nor the Underwriter has notice of any adverse claim (within the meaning of Section 8-105 of the New York Uniform Commercial Code (the \u201cUCC\u201d)) to such Shares), (A) DTC shall be a \u201cprotected purchaser\u201d of such Shares within the meaning of Section 8-303 of the UCC, (B) under Section 8-501 of the UCC, the Underwriter will acquire a valid security entitlement in respect of the Shares and (C) no action based on any \u201cadverse claim\u201d, within the meaning of Section 8-102 of the UCC, to the Shares may be successfully asserted against the Underwriter with respect to such security entitlement; for purposes of this representation, the Selling Stockholder may assume that when such payment, delivery and crediting occur, (x) the Shares will have been registered in the name of Cede or another nominee designated by DTC, in each case on the Company\u2019s share registry in accordance with its certificate of incorporation, bylaws and applicable law, (y) DTC will be registered as a \u201cclearing corporation\u201d within the meaning of Section 8-102 of the UCC and (z) appropriate entries to the accounts of the Underwriter on the records of DTC will have been made pursuant to the UCC. (f) The Selling Stockholder has delivered to the Underwriter an executed lock-up agreement in form and substance reasonably satisfactory to the Underwriter. (g) The Selling Stockholder is not prompted to sell by any material information concerning the Company or its subsidiaries which is not set forth in the Preliminary Prospectus to sell the Shares pursuant to this Agreement. (h) The Registration Statement, when it became effective, did not contain and, as amended or supplemented, if applicable, will not, as of the date of such amendment or supplement, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; the Disclosure Package does not, and at the time of each sale of the Shares in connection with the offering when the Prospectus is not yet available to prospective purchasers and at the Closing Date, the Disclosure Package, as then amended or supplemented by the Company, if applicable, will not, contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; each broadly available road show, if any, when considered together with the Disclosure Package, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and the Prospectus as of its date does not contain and, as amended or supplemented, if applicable, will, as of the date of such amendment or supplement, contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, provided that the representations and warranties set forth in this paragraph (h), are limited to statements or omissions made in reliance upon and in conformity with information relating to the Selling Stockholder furnished to the Company in writing by the Selling Stockholder expressly for use in the Registration Statement, the Disclosure Package, the Prospectus or any amendments or supplements thereto, it being understood and agreed that the only information furnished by the Selling Stockholder consists of the name of the Selling Stockholder, the number of shares of Common Stock owned by the Selling Stockholder prior to the offering of Securities contemplated by this Agreement and the address and other information with respect to the Selling Stockholder (excluding percentages) which appear in the Registration Statement, the Disclosure Package or any Prospectus in the table (and corresponding footnotes) under the caption \u201cPrincipal and Selling Stockholder\u201d (the \u201cSelling Stockholder Information\u201d). Field: Page; Sequence: 10; Value: 2 (i) Neither the Selling Stockholder nor any of its subsidiaries is an individual or entity (a \u201cPerson\u201d) that is, is controlled by, or to the Selling Stockholder\u2019s knowledge, is 10% or more owned by one or more Persons that are, and, to the knowledge of the Selling Stockholder, no director or officer is: (A) a Sanctioned Person, or (B) located, organized or resident in a Sanctioned Country (including, without limitation, Crimea, Cuba, Iran, North Korea and Syria). (ii) Unless authorized by applicable laws and regulations, or a license, license exception, or other governmental authorization, and except to the extent permissible for a U.S. person or other Person to comply with Sanctions, the Selling Stockholder will not, directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person: (A) to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the target of Sanctions; or (B) in any other manner in each case if such would result in a violation of Sanctions by any Person participating in the offering, whether as underwriter, advisor, investor or otherwise. (iii) (A) Neither the Selling Stockholder nor its subsidiaries, or, to the knowledge of the Selling Stockholder, any director, officer, employee, agent, representative, or controlled affiliate thereof, has taken any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment, giving or receipt of money, property, gifts or anything else of value, directly or indirectly, to any Government Official in order to influence official action, or to any person in violation of any applicable anti-corruption laws; (B) the Selling Stockholder and its subsidiaries have conducted their businesses in compliance with applicable anti-corruption laws and, the Selling Stockholder and its subsidiaries have instituted and maintained policies and procedures reasonably designed to promote and achieve compliance with such laws and with the representations and warranties contained herein; and (C) neither the Selling Stockholder nor any of its subsidiaries will use, directly or indirectly, the proceeds of the offering in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any person in violation of any applicable anti-corruption laws. (iv) The operations of the Selling Stockholder and its subsidiaries are and have been conducted at all times in material compliance with all applicable Anti-Money Laundering Laws, and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Selling Stockholder or any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the best knowledge of the Selling Stockholder, threatened. (j) The Selling Stockholder represents and warrants that it is not (i) an employee benefit plan subject to Title I of the Employee Retirement Income Security Act of 1974, as amended (\u201cERISA\u201d), (ii) a plan or account subject to Section 4975 of the Internal Revenue Code of 1986, as amended or (iii) an entity deemed to hold \u201cplan assets\u201d of any such plan or account under Section 3(42) of ERISA, 29 C.F.R. 2510.3-101, or otherwise. (k) To the Selling Stockholder\u2019s knowledge, no stamp, documentary, issuance, registration, transfer, withholding, capital gains, income or other taxes or duties are payable by or on behalf of the Underwriter, the Company or any of its subsidiaries in any non-U.S. jurisdiction in which the Selling Stockholder is a citizen, resident or doing business, or to any taxing authority thereof or therein in connection with (i) the execution, delivery or consummation of this Agreement, (ii) the sale and delivery of the Shares to the Underwriter or purchasers procured by the Underwriter, or (iii) the resale and delivery of the Shares by the Underwriter in the manner contemplated herein. Field: Page; Sequence: 11; Value: 2 (l) The Selling Stockholder has the power to submit, and pursuant to Section 18 has, to the extent permitted by law, legally, validly, effectively and irrevocably submitted, to the jurisdiction of the Specified Courts (as defined in Section 18), and has the power to designate, appoint and empower, and pursuant to Section 18, has legally, validly and effectively designated, appointed and empowered an agent for service of process in any suit or proceeding based on or arising under this Agreement in any of the Specified Courts. 2. Purchase and Sale. (a) Subject to the terms and conditions and in reliance upon the representations and warranties herein set forth, the Selling Stockholder agrees to sell to the Underwriter, and the Underwriter agrees to purchase from the Selling Stockholder, at a purchase price of $16.69 per share, 28,000,000 Underwritten Securities. (b) Subject to the terms and conditions and in reliance upon the representations and warranties herein set forth, the Selling Stockholder hereby grants an option to the Underwriter to purchase up to 4,200,000 Option Securities at the same purchase price per share as the Underwriter shall pay for the Underwritten Securities, less an amount per share equal to any dividends or distributions declared by the Company and payable on the Underwritten Securities but not payable on the Option Securities. Said option may be exercised in whole or in part at any time on or before the 30th day after the date of the Prospectus upon written or telegraphic notice by the Underwriter to the Company and the Selling Stockholder setting forth the number of shares of the Option Securities as to which the Underwriter is exercising the option and the settlement date. 3. Delivery and Payment. Delivery of and payment for the Underwritten Securities and the Option Securities (if the option provided for in Section 2(b) hereof shall have been exercised on or before the second Business Day immediately preceding the Closing Date) shall be made at 10:00 AM, New York City time, on September 16, 2021, or at such time on such later date not more than three Business Days after the foregoing date as the Underwriter shall designate, which date and time may be postponed by agreement among the Underwriter, the Company and the Selling Stockholder or as provided in Section 9 hereof (such date and time of delivery and payment for the Securities being herein called the \u201cClosing Date\u201d). Delivery of the Securities shall be made to the Underwriter against payment by the Underwriter of the purchase price thereof to or upon the order of the Selling Stockholder by wire transfer payable in same-day funds to the accounts specified by the Selling Stockholder. Delivery of the Underwritten Securities and the Option Securities shall be made through the facilities of The Depository Trust Company, unless the Underwriter shall otherwise instruct. The Selling Stockholder will pay all applicable state transfer taxes, if any, involved in the transfer to the Underwriter of the Securities and the Underwriter will pay any additional stock transfer taxes involved in further transfers. If the option provided for in Section 2(b) hereof is exercised after the second Business Day immediately preceding the Closing Date, the Selling Stockholder will deliver the Option Securities (at the expense of the Company) to the Underwriter, at 388 Greenwich Street, New York, New York, on the date specified by the Underwriter (which shall be within three Business Days after exercise of said option) against payment by the Underwriter of the purchase price thereof to or upon the order of Selling Stockholder by wire transfer payable in same-day funds to the account specified by the Selling Stockholder. If settlement for the Option Securities occurs after the Closing Date, the Company and the Selling Stockholder will deliver to the Underwriter on the settlement date for the Option Securities, and the obligation of the Underwriter to purchase the Option Securities shall be conditioned upon receipt of, supplemental opinions, certificates and letters confirming as of such date the opinions, certificates and letters delivered on the Closing Date pursuant to Section 6 hereof. Field: Page; Sequence: 12; Value: 2 4. Offering by Underwriter. It is understood that the Underwriter proposes to offer the Securities for sale to the public as set forth in the Prospectus. 5. Agreements. (i) The Company agrees with the Underwriter that: (a) Prior to the termination of the offering of the Securities, the Company will not file any amendment of the Registration Statement or supplement to the Prospectus or any Rule 462(b) Registration Statement unless the Company has furnished you a copy for your review prior to filing and will not file any such proposed amendment or supplement to which you reasonably object. The Company will cause the Prospectus, properly completed, and any supplement thereto to be filed in a form approved by the Underwriter with the SEC pursuant to the applicable paragraph of Rule 424(b) within the time period prescribed and will provide evidence satisfactory to the Underwriter of such timely filing. The Company will promptly advise the Underwriter (i) when the Prospectus, and any supplement thereto, shall have been filed (if required) with the SEC pursuant to Rule 424(b) or when any Rule 462(b) Registration Statement shall have been filed with the SEC, (ii) when, prior to termination of the offering of the Securities, any amendment to the Registration Statement shall have been filed or become effective, (iii) of any request by the SEC or its staff for any amendment of the Registration Statement, or any Rule 462(b) Registration Statement, or for any supplement to the Prospectus or for any additional information, (iv) of the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement or of any notice objecting to its use or the institution or threatening of any proceeding for that purpose and (v) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Securities for sale in any jurisdiction or the institution or threatening of any proceeding for such purpose. The Company will use its reasonable best efforts to prevent the issuance of any such stop order or the occurrence of any such suspension or objection to the use of the Registration Statement and, upon such issuance, occurrence or notice of objection, to obtain as soon as possible the withdrawal of such stop order or relief from such occurrence or objection, including, if necessary, by filing an amendment to the Registration Statement or a new registration statement and using its reasonable best efforts to have such amendment or new registration statement declared effective as soon as practicable. (b) If, at any time prior to the filing of the Prospectus pursuant to Rule 424(b), any event occurs as a result of which the Disclosure Package would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein in the light of the circumstances under which they were made or the circumstances then prevailing not misleading, the Company will (i) notify promptly the Underwriter so that any use of the Disclosure Package may cease until it is amended or supplemented; (ii) amend or supplement the Disclosure Package to correct such statement or omission; and (iii) supply any amendment or supplement to you in such quantities as you may reasonably request. (c) If, at any time when a prospectus relating to the Securities is required to be delivered under the Securities Act (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act (\u201cRule 172\u201d)), any event occurs as a result of which the Prospectus as then supplemented would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein in the light of the circumstances under which they were made or the circumstances then prevailing not misleading, or if it shall be necessary to amend the Registration Statement or supplement the Prospectus to comply with the Securities Act or the rules thereunder, the Company promptly will (i) notify the Underwriter of any such event; (ii) prepare and file with the SEC, subject to the second sentence of paragraph (a) of this Section 5, an amendment or supplement which will correct such statement or omission or effect such compliance; and (iii) supply any supplemented Prospectus to you in such quantities as you may reasonably request. Field: Page; Sequence: 13; Value: 2 (d) As soon as practicable, the Company will make generally available to its security holders and to the Underwriter an earnings statement or statements of the Company and its subsidiaries which will satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 under the Securities Act. (e) Upon request, the Company will furnish to the Underwriter and counsel for the Underwriter, without charge, signed copies of the Registration Statement (including exhibits thereto) and, so long as delivery of a prospectus by the Underwriter or dealer may be required by the Securities Act (including in circumstances where such requirement may be satisfied pursuant to Rule 172), as many copies of each Preliminary Prospectus, the Prospectus and any supplement thereto as the Underwriter may reasonably request. The Company will pay the expenses of printing or other production of all documents relating to the offering. (f) The Company will arrange, if necessary, for the qualification of the Securities for sale under the laws of such jurisdictions as the Underwriter reasonably may designate and will maintain such qualifications in effect so long as required for the distribution of the Securities; provided that in no event shall the Company be obligated to qualify to do business in any jurisdiction where it is not now so qualified or to take any action that would subject it to service of process in suits, other than those arising out of the offering or sale of the Securities, in any jurisdiction where it is not now so subject. (g) The Company will not, without the prior written consent of the Underwriter, offer, sell, contract to sell, pledge, hedge, or otherwise dispose of, (or enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by the Company or any affiliate of the Company or any person in privity with the Company or any affiliate of the Company) directly or indirectly, including the filing or submission (or participation in the filing or submission) of a registration statement with the SEC in respect of (other than pursuant to any disposition as a result of the exercise of registration rights by such seller), or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act, any other shares of Common Stock or any securities convertible into, or exercisable, or exchangeable for, shares of Common Stock; or publicly announce an intention to effect any such transaction, for a period of 60 days after the date of this Agreement (the \u201cRestricted Period\u201d), provided, however, that the Company may (i) effect the transactions contemplated hereby, (ii) issue and sell Common Stock or securities convertible into, or exercisable, or exchangeable for Common Stock, pursuant to any employee stock option plan, stock ownership plan or dividend reinvestment plan of the Company in effect at the Execution Time and the Company may issue Common Stock issuable upon the conversion of securities or the exercise of warrants outstanding at the Execution Time, (iii) issue and sell Common Stock in connection with the acquisition by the Company or any subsidiary of the securities, businesses, property or other assets of another person or entity or pursuant to any employee benefit plan assumed by the Company or any subsidiary in connection with any such acquisition, (iv) issue and sell Common Stock in connection with joint ventures or acquisitions and other strategic transactions and (v) issue any securities issuable upon conversion of the Company\u2019s outstanding 0.25% Convertible Senior Notes due 2026 (the \u201cConvertible Notes\u201d); provided that in the case of each of clauses (iii) and (iv), (x) the aggregate number of shares issued in all such acquisitions and transactions does not exceed 5.0% of the Company\u2019s outstanding Common Stock as of the date of this Agreement and (y) the recipients of such securities also agree not to sell or transfer those securities without the prior written consent of the Underwriter during the Restricted Period. (h) The Company will not take, directly or indirectly (without giving effect to activities by the Underwriter), any action designed to or that would constitute or that might reasonably be expected to cause or result in, under the Exchange Act or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities. Field: Page; Sequence: 14; Value: 2 (i) The Company agrees to pay the costs and expenses relating to the following matters: (i) the preparation, printing or reproduction and filing with the SEC of the Registration Statement (including financial statements and exhibits thereto), each Preliminary Prospectus and the Prospectus, and each amendment or supplement to any of them; (ii) the printing (or reproduction) and delivery (including postage, air freight charges and charges for counting and packaging) of such copies of the Registration Statement, each Preliminary Prospectus and the Prospectus, and all amendments or supplements to any of them, as may, in each case, be reasonably requested for use in connection with the offering and sale of the Securities; (iii) the preparation, printing, authentication, issuance and delivery of certificates for the Securities, including any stamp or transfer taxes in connection with the original issuance and sale of the Securities to the Underwriter (but not any such stamp or transfer taxes imposed on a subsequent transfer of the Securities, which taxes shall not be subject to reimbursement pursuant to this clause (i)); (iv) the printing (or reproduction) and delivery of this Agreement, any blue sky memorandum and all other agreements or documents printed (or reproduced) and delivered in connection with the offering of the Securities; (v) any registration or qualification of the Securities for offer and sale under the securities or blue sky laws of the several states; (vi) any filings required to be made with FINRA (provided that the fees and expenses of counsel with respect to clauses (v) and (vi) above shall not exceed $40,000 in the aggregate); (vii) the fees and expenses of the Company\u2019s accountants and the fees and expenses of counsel (including local and special counsel) for the Company; and (viii) all other costs and expenses incident to the performance by the Company of its obligations hereunder. The Selling Stockholder agrees with the Company and the Underwriter that it will pay or cause to be paid all costs and expenses incident to the performance of its obligations hereunder which are not otherwise specifically provided for in this Section 5(i) other than Registration Expenses (as defined in the Registration Rights Agreement), which shall be paid by the Company. (j) The Company agrees that, unless it has or shall have obtained the prior written consent of the Underwriter, and the Underwriter agrees with the Company that, unless it has or shall have obtained, as the case may be, the prior written consent of the Company, it has not made and will not make any offer relating to the Securities that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute a \u201cfree writing prospectus\u201d (as defined in Rule 405) required to be filed by the Company with the SEC or retained by the Company under Rule 433 under the Securities Act (\u201cRule 433\u201d). (k) If at any time following the distribution of any Written Testing-the-Waters Communication, any event occurs as a result of which such Written Testing-the-Waters Communication would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein in the light of the circumstances under which they were made or the circumstances then prevailing not misleading, the Company will (i) notify promptly the Underwriter so that use of the Written Testing-the-Waters Communication may cease until it is amended or supplemented; (ii) amend or supplement the Written Testing-the-Waters Communication to correct such statement or omission; and (iii) supply any amendment or supplement to the Underwriter in such quantities as may be reasonably requested. (ii) The Selling Stockholder agrees with the Underwriter that: (a) The Selling Stockholder will deliver to the Underwriter (or its agent), prior to or at the Closing Date, a properly completed and executed Internal Revenue Service (\u201cIRS\u201d) Form W-9 or an IRS Form W-8 demonstrating an exemption from US backup withholding tax. (b) The Selling Stockholder will deliver to the Underwriter (or its agent), on the date of execution of this Agreement, a properly completed and executed Certification Regarding Beneficial Owners of Legal Entity Customers, together with copies of identifying documentation, and the Selling Stockholder undertakes to provide such additional supporting documentation as the Underwriter may reasonably request in connection with the verification of the foregoing Certification. Field: Page; Sequence: 15; Value: 2 (c) All sums payable by the Selling Stockholder under this Agreement shall be paid free and clear of and without deductions or withholdings of any present or future taxes or duties, unless the deduction or withholding is required by law, in which case the Selling Stockholder, as the case may be, shall pay such additional amount as will result in the receipt by the Underwriter of the full amount that would have been received had no deduction or withholding been made (other than in the case of any deduction or withholding resulting from Underwriter\u2019s pre-existing connection to a jurisdiction (other than a connection arising in connection with this Agreement or the transactions in connection with to this Agreement) or from Underwriter\u2019s failure to provide tax forms that it is legally entitled to provide). (d) All sums payable to the Underwriter by the Selling Stockholder shall be considered exclusive of any value added or similar taxes. Where a Selling Stockholder is obliged to pay value added or similar tax on any amount payable hereunder to the Underwriter, the Selling Stockholder shall in addition to the sum payable hereunder pay an amount equal to any applicable value added or similar tax. 6. Conditions to the Obligations of the Underwriter. The obligations of the Underwriter to purchase the Underwritten Securities and the Option Securities, as the case may be, shall be subject to the accuracy of the representations and warranties on the part of the Company and the Selling Stockholder contained herein as of the Execution Time, the Closing Date and any settlement date pursuant to Section 3 hereof, to the accuracy of the statements of the Company and the Selling Stockholder made in any certificates pursuant to the provisions hereof, to the performance by the Company and the Selling Stockholder of their respective obligations hereunder and to the following additional conditions: (a) The Prospectus, and any supplement thereto, have been filed in the manner and within the time period required by Rule 424(b); any other material required to be filed by the Company pursuant to Rule 433(d) shall have been filed with the SEC within the applicable time periods prescribed for such filings by Rule 433; and no stop order suspending the effectiveness of the Registration Statement or any notice objecting to its use shall have been issued and no proceedings for that purpose shall have been instituted or threatened. (b) The Company shall have requested and caused Latham & Watkins LLP, counsel for the Company, to have furnished to the Underwriter their opinion and negative assurance letter, dated the Closing Date and addressed to the Underwriter, in a form reasonably acceptable to the Underwriter. (c) The Chief Financial Officer of the Company shall have delivered to the Underwriter, on each of the date hereof and on the Closing Date, a certificate in a form acceptable to the Underwriter. (d) The Underwriter shall have received from Davis Polk & Wardwell LLP, counsel for the Underwriter, such opinion and negative assurance letter, dated the Closing Date and addressed to the Underwriter, with respect to the issuance and sale of the Securities, the Registration Statement, the Disclosure Package, the Prospectus (together with any supplement thereto) and other related matters as the Underwriter may reasonably require, and the Company and the Selling Stockholder shall have furnished to such counsel such documents as they may reasonably request for the purpose of enabling them to pass upon such matters. (e) The Selling Stockholder shall have requested and caused Walkers (Cayman) LLP, counsel for the Selling Stockholder, to have furnished to the Underwriter their opinion dated the Closing Date and addressed to the Underwriter, in a form reasonably acceptable to the Underwriter. Field: Page; Sequence: 16; Value: 2 (f) The Company shall have furnished to the Underwriter a certificate of the Company, signed by the Chief Executive Officer and the Chief Financial Officer of the Company, dated the Closing Date, to the effect that the signers of such certificate have carefully examined the Registration Statement, the Disclosure Package, the Prospectus and any amendment or supplement thereto, as well as each electronic road show used in connection with the offering of the Securities, and this Agreement and that: (i) the representations and warranties of the Company in this Agreement are true and correct on and as of the Closing Date with the same effect as if made on the Closing Date and the Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to the Closing Date; (ii) no stop order suspending the effectiveness of the Registration Statement or any notice objecting to its use has been issued and no proceedings for that purpose have been instituted or, to the Company\u2019s knowledge, threatened; and (iii) since the date of the most recent financial statements included in the Disclosure Package and the Prospectus (exclusive of any amendment or supplement thereto), there has been no material adverse change in the condition (financial or otherwise), prospects, earnings, business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business. (g) The Company shall have requested and caused Deloitte & Touche LLP to have furnished to the Underwriter, at the Execution Time and at the Closing Date, letters, dated respectively as of the Execution Time and as of the Closing Date, in form and substance satisfactory to the Underwriter, containing statements and information of the type ordinarily included in accountants \u201ccomfort letters\u201d to underwriters. (h) Subsequent to the Execution Time or, if earlier, the dates as of which information is given in the Registration Statement (exclusive of any amendment thereof), the Disclosure Package and the Prospectus (exclusive of supplement thereto), there shall not have been (i) any change or decrease specified in the letter or letters referred to in paragraph (g) of this Section 6 or (ii) any change, or any development involving a prospective change, in or affecting the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries taken as a whole, whether or not arising from transactions in the ordinary course of business, the effect of which, in any case referred to in clause (i) or (ii) above, is, in the sole judgment of the Underwriter, so material and adverse as to make it impractical or inadvisable to proceed with the offering or delivery of the Securities as contemplated by the Registration Statement (exclusive of any amendment thereof), the Disclosure Package and the Prospectus (exclusive of any amendment or supplement thereto). (i) Prior to the Closing Date, the Company and the Selling Stockholder shall have furnished to the Underwriter such further information, certificates and documents as the Underwriter may reasonably request. If any of the conditions specified in this Section 6 shall not have been fulfilled when and as provided in this Agreement, or if any of the opinions and certificates mentioned above or elsewhere in this Agreement shall not be reasonably satisfactory in form and substance to the Underwriter and counsel for the Underwriter, this Agreement and all obligations of the Underwriter hereunder may be canceled at, or at any time prior to, the Closing Date by the Underwriter. Notice of such cancellation shall be given to the Company and the Selling Stockholder in writing or by telephone or facsimile confirmed in writing. Field: Page; Sequence: 17; Value: 2 The documents required to be delivered by this Section 6 shall be delivered at the office of Davis Polk & Wardwell, LLP, counsel for the Underwriter, at 1600 El Camino Real, Suite 100, Menlo Park, CA 94025 on the Closing Date. 7. Reimbursement of Underwriter\u2019s Expenses and Company\u2019s Registration Expenses. If the sale of the Securities provided for herein is not consummated because any condition to the obligations of the Underwriter set forth in Section 6 hereof is not satisfied, because of any termination pursuant to Section 10 hereof or because of any refusal, inability or failure on the part of the Company or the Selling Stockholder to perform any agreement herein or comply with any provision hereof other than by reason of a default by the Underwriter, the Company will reimburse the Underwriter on demand for all reasonable and documented expenses (including reasonable fees and disbursements of counsel for the Underwriter) that shall have been reasonably incurred by them in connection with the proposed purchase and sale of the Securities. If the sale of the Securities provided for herein is not consummated because of any refusal, inability or failure on the part of the Selling Stockholder to perform any agreement herein or comply with any provision hereof, the Selling Stockholder shall reimburse the Company for (i) all Registration Expenses (as defined in the Registration Rights Agreement) incurred by the Company and (ii) any amounts paid to the Underwriters by the Company under this Section 7 because of any such refusal, inability or failure on the part of the Selling Stockholder to perform any agreement herein or comply with any provision hereof. 8. Indemnification and Contribution. (a) The Company agrees to indemnify and hold harmless the Underwriter, the directors, officers, employees, affiliates and agents of the Underwriter and each person who controls the Underwriter within the meaning of either the Securities Act or the Exchange Act against any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the Securities Act, the Exchange Act or other U.S. Federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the registration statement for the registration of the Securities as originally filed or in any amendment thereof, or in any Preliminary Prospectus, or the Prospectus, or any Written Testing-the-Waters Communication or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and agrees to reimburse each such indemnified party, as incurred, for any documented legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the Company by or on behalf of the Underwriter specifically for inclusion therein. This indemnity agreement will be in addition to any liability which the Company may otherwise have. (b) The Selling Stockholder agrees to indemnify and hold harmless the Underwriter, the directors, officers, employees, affiliates and agents of the Underwriter and each person who controls the Company or the Underwriter within the meaning of either the Securities Act or the Exchange Act to the same extent as the foregoing indemnity from the Company to the Underwriter, but only to the extent that any such untrue statement or alleged untrue statement or omission or alleged omission has been made in the documents referred to in the foregoing indemnity in reliance upon and in conformity with the Selling Stockholder Information; provided that the Selling Stockholder shall not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with the Underwriter Information. (c) The Underwriter agrees to indemnify and hold harmless the Company, each of its directors, each of its officers who signs the Registration Statement, and each person who controls the Company within the meaning of either the Securities Act or the Exchange Act and the Selling Stockholder, the directors, officers, employees, affiliates and agents of the Selling Stockholder and each person who controls the Selling Stockholder within the meaning of either the Securities Act or the Exchange Act, to the same extent as the foregoing indemnity from the Company to the Underwriter, but only with reference to written information relating to the Underwriter furnished to the Company by or on behalf of the Underwriter specifically for inclusion in the documents referred to in the foregoing indemnity. This indemnity agreement will be in addition to any liability which the Underwriter may otherwise have. The Company and the Selling Stockholder acknowledge that the statements set forth (i) in the last paragraph of the cover page regarding delivery of the Securities and, under the heading \u201cUnderwriting\u201d (ii) the name of the Underwriter, (iii) the sentences related to concessions and reallowances and (iv) the paragraph related to stabilization, syndicate covering transactions and penalty bids in the Preliminary Prospectus and the Prospectus constitute the only information furnished in writing by or on behalf of the Underwriter for inclusion in the Preliminary Prospectus, the Prospectus or any Written Testing-the-Waters Communication (the \u201cUnderwriter Information\u201d). Field: Page; Sequence: 18; Value: 2 (d) Promptly after receipt by an indemnified party under this Section 8 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 8, notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party (i) will not relieve it from liability under paragraph (a), (b) or (c) above unless and to the extent it did not otherwise learn of such action and such failure results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in paragraph (a), (b) or (c) above. The indemnifying party shall be entitled to appoint counsel of the indemnifying party\u2019s choice at the indemnifying party\u2019s expense (it being understood, however, that the indemnifying party shall not be liable for the expenses of more than one separate counsel in addition to local counsel) to represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel retained by the indemnified party or parties except as set forth below); provided, however, that such counsel shall be satisfactory to the indemnified party. Notwithstanding the indemnifying party\u2019s election to appoint counsel to represent the indemnified party in an action, the indemnified party shall have the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest, (ii) the actual or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties which are different from or additional to those available to the indemnifying party, (iii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of the institution of such action or (iv) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party. An indemnifying party will not, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified party from all liability arising out of such claim, action, suit or proceeding and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party. Field: Page; Sequence: 19; Value: 2 (e) In the event that the indemnity provided in paragraph (a), (b) or (c) of this Section 8 is unavailable to or insufficient to hold harmless an indemnified party for any reason, the Company, the Selling Stockholder and the Underwriter severally agree to contribute to the aggregate losses, claims, damages and liabilities (including legal or other expenses reasonably incurred in connection with investigating or defending the same) (collectively, \u201cLosses\u201d) to which the Company, the Selling Stockholder and the Underwriter may be subject in such proportion as is appropriate to reflect the relative benefits received by the Company, by the Selling Stockholder and by the Underwriter from the offering of the Securities. If the allocation provided by the immediately preceding sentence is unavailable for any reason, the Company, the Selling Stockholder and the Underwriter severally shall contribute in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Company, of the Selling Stockholder and of the Underwriter in connection with the statements or omissions which resulted in such Losses as well as any other relevant equitable considerations. Benefits received by the Company and by the Selling Stockholder shall be deemed to be equal to the total net proceeds from the offering (before deducting expenses) received by each of them, and benefits received by the Underwriter shall be deemed to be equal to the total underwriting discounts and commissions, in each case as set forth on the cover page of the Prospectus. Relative fault shall be determined by reference to, among other things, whether any untrue or any alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information provided by the Company, the Selling Stockholder on the one hand or the Underwriter on the other, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The Company, the Selling Stockholder and the Underwriter agree that it would not be just and equitable if contribution were determined by pro rata allocation or any other method of allocation which does not take account of the equitable considerations referred to above. Notwithstanding the provisions of this paragraph (e), in no event shall the Underwriter be required to contribute any amount in excess of the amount by which the total underwriting discounts and commissions received by the Underwriter with respect to the offering of the Securities exceeds the amount of any damages that the Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. Notwithstanding the provisions of this paragraph (e), no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 8, each person who controls the Underwriter within the meaning of either the Securities Act or the Exchange Act and each director, officer, employee, affiliate and agent of the Underwriter shall have the same rights to contribution as the Underwriter, and each person who controls the Company within the meaning of either the Securities Act or the Exchange Act, each officer of the Company who shall have signed the Registration Statement and each director of the Company shall have the same rights to contribution as the Company, subject in each case to the applicable terms and conditions of this paragraph (e). Field: Page; Sequence: 20; Value: 2 (f) The aggregate liability of the Selling Stockholder under the Selling Stockholder\u2019s representations and warranties contained in Section 1 hereof and under the indemnity and contribution agreements contained in this Section 8 shall be limited to an amount equal to the aggregate gross proceeds (after deducting underwriting commissions and discounts but before expenses), to the Selling Stockholder from the sale of Securities sold by the Selling Stockholder hereunder. The Company and the Selling Stockholder may agree, as among themselves and without limiting the rights of the Underwriter under this Agreement, as to the respective amounts of such liability for which they each shall be responsible. 9. [Reserved]. 10. Termination. This Agreement shall be subject to termination in the absolute discretion of the Underwriter, by notice given to the Company prior to delivery of and payment for the Securities, if at any time prior to such delivery and payment (i) trading in the Company\u2019s Common Stock shall have been suspended by the SEC or the Nasdaq or trading in securities generally on the Nasdaq shall have been suspended or limited or minimum prices shall have been established on such exchange, (ii) a banking moratorium shall have been declared either by Federal or New York State authorities, (iii) there shall have occurred a material disruption in commercial banking or securities settlement or clearance services or (iv) there shall have occurred any outbreak or escalation of hostilities, declaration by the United States of a national emergency or war, or other calamity or crisis the effect of which on financial markets is such as to make it, in the sole judgment of the Underwriter, impractical or inadvisable to proceed with the offering or delivery of the Securities as contemplated by the Disclosure Package or the Prospectus (exclusive of any amendment or supplement thereto). 11. Representations and Indemnities to Survive. The respective agreements, representations, warranties, indemnities and other statements of the Company or its officers, of the Selling Stockholder or of its officers and of the Underwriter set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of the Underwriter, the Selling Stockholder or the Company or any of the officers, directors, employees, agents, affiliates or controlling persons referred to in Section 8 hereof, and will survive delivery of and payment for the Securities. The provisions of Sections 7 and 8 hereof shall survive the termination or cancellation of this Agreement. 12. Notices. All communications hereunder will be in writing and effective only on receipt, and, if sent to the Underwriter, will be mailed, delivered or telefaxed to (i) Citigroup Global Markets Inc. General Counsel (fax no.: (646) 291-1469) and confirmed to the General Counsel, Citigroup Global Markets Inc., at 388 Greenwich Street, New York, New York, 10013, Attention: General Counsel, fax no.: (646) 291-1469; or, if sent to the Company, will be mailed or delivered to (i) Opendoor Technologies Inc., Carrie Wheeler, Chief Financial Officer (email: carrie@opendoor.com) and confirmed to Opendoor Technologies Inc., at 410 N. Scottsdale Road, Suite 1600, Tempe, Arizona 85281, Attention: Carrie Wheeler, Chief Financial Officer; (ii) Opendoor Technologies Inc., Vanessa Gage, VP & Interim, Head of Legal (email: legal@opendoor.com) and confirmed to Opendoor Technologies Inc., 410 N. Scottsdale Road, Suite 1600, Tempe, Arizona 85281, Attention: Vanessa Gage with a copy (which shall not constitute notice) to Latham & Watkins LLP, 555 Eleventh Street NW, Suite 1000, Washington, DC, 20004 Attention: Rachel Sheridan and Shagufa Hossain and (iii) SVF Excalibur (Cayman) Limited c/o Walkers Corporate Limited, 190 Elgin Avenue, George Town, Grand Cayman KY1-9008, Cayman Islands. Attention: Karen Ellerbe, Director (emails: Karen.Ellerbe@walkersglobal.com; WalkersSBIACaymanCoreTeam@walkersglobal.com). 13. Successors. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and the officers, directors, employees, agents and controlling persons referred to in Section 8 hereof, and no other person will have any right or obligation hereunder. Field: Page; Sequence: 21; Value: 2 14. No Fiduciary Duty. The Company and the Selling Stockholder hereby acknowledge that (a) the purchase and sale of the Securities pursuant to this Agreement, including without limitation the determination of the public offering price of the Securities and any interaction that the Underwriter has with the Company, the Selling Stockholder and/or their respective representatives or agents in relation thereto, is part of an arm\u2019s-length commercial transaction between the Company and the Selling Stockholder, on the one hand, and the Underwriter and any affiliate through which it may be acting, on the other, (b) the Underwriter is acting as principal and not as an agent or fiduciary of the Company or the Selling Stockholder and, with respect to any natural person Selling Stockholder, the interactions engaged in with respect to this Agreement or the transactions contemplated hereby between the Underwriter and any such affiliates, on the one hand, and the Selling Stockholder and any such representatives or agents, on the other, will not be deemed to form a relationship with the Selling Stockholder that would require any Underwriter to treat the Selling Stockholder as a \u201cretail customer\u201d for purposes of Regulation Best Interest (\u201cReg BI\u201d) pursuant to Rule 15l-1 of the Exchange Act, or a \u201cretail investor\u201d for purposes of Form CRS (\u201cForm CRS\u201d) pursuant to Rule 17a-14 of the Exchange Act and (c) the Company\u2019s and Selling Stockholder\u2019s engagement of the Underwriter in connection with the offering and the process leading up to the offering is as independent contractors and not in any other capacity. Furthermore, the Company and the Selling Stockholder agree that they are solely responsible for making their own judgments in connection with the offering and other matters addressed herein or contemplated hereby (irrespective of whether the Underwriter has advised or is currently advising the Company or the Selling Stockholder on related or other matters). The Company and the Selling Stockholder also acknowledge and agree that the Underwriter has not rendered to them any investment advisory services of any nature or respect and will not claim that the Underwriter owes any agency, fiduciary or similar duty to the Company or the Selling Stockholder, in connection with the offering and such other matters or the process leading thereto. In addition, any natural person Selling Stockholder further acknowledges and agrees that the Underwriter has not made any recommendation to it with respect to their personal circumstances in connection with the offering or such other matters or the process leading thereto and that the Underwriter has not assumed any type of obligation under Reg BI or Form CRS in respect of any natural person Selling Stockholder as a result of entry into this Agreement or the activities contemplated hereby. The Selling Stockholder further acknowledges and agrees that, although the Underwriter may provide the Selling Stockholder with certain Reg BI and Form CRS disclosures or other related documentation in connection with the offering, the Underwriter is not making a recommendation to the Selling Stockholder to participate in the offering or sell any Underwritten Securities at the purchase price set forth in Section 2 above, and nothing set forth in such disclosures or documentation is intended to suggest that any Underwriter is making such a recommendation. The Company further acknowledges and agrees that in any and all discussions with the Underwriter in connection with this Agreement and the matters contemplated hereby, that the Underwriter is providing services solely to the Company and all such employees, officers or directors of the Company engaged in such discussions are acting solely as representatives of the Company not in their individual or personal capacity as potential selling stockholder or as representatives of the Selling Stockholder, and that any view expressed or recommendation that may be deemed to be made by the Underwriter is expressed or made solely to and for the benefit of the Company. 15. Recognition of the U.S. Special Resolution Regimes. (a) In the event that the Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from the Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. (b) In the event that the Underwriter that is a Covered Entity or a BHC Act Affiliate of the Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against the Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States. As used in this Section 15, \u201cBHC Act Affiliate\u201d has the meaning assigned to the term \u201caffiliate\u201d in, and shall be interpreted in accordance with, 12 U.S.C. \u00a7 1841(k); \u201cCovered Entity\u201d means any of the following: (i) a \u201ccovered entity\u201d as that term is defined in, and interpreted in accordance with, 12 C.F.R. \u00a7 252.82(b), (ii) a \u201ccovered bank\u201d as that term is defined in, and interpreted in accordance with, 12 C.F.R. \u00a7 47.3(b) or (iii) a \u201ccovered FSI\u201d as that term is defined in, and interpreted in accordance with, 12 C.F.R. \u00a7 382.2(b); \u201cDefault Right\u201d has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. \u00a7\u00a7 252.81, 47.2 or 382.1, as applicable; and \u201cU.S. Special Resolution Regime\u201d means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder. Field: Page; Sequence: 22; Value: 2 16. Integration. This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company, the Selling Stockholder and the Underwriter, or any of them, with respect to the subject matter hereof. 17. Applicable Law. This Agreement will be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed within the State of New York. 18. Jurisdiction. The Company and the Selling Stockholder agree that any suit, action or proceeding against the Company or any Selling Stockholder brought by any Underwriter, the directors, officers, employees, affiliates and agents of any Underwriter, or by any person who controls any Underwriter, arising out of or based upon this Agreement, the Registration Statement, the Prospectus or the transactions contemplated hereby or thereby (each, a \u201cRelated Proceeding\u201d) may be instituted in any State or U.S. federal court in The City of New York and County of New York (the \u201cSpecified Courts\u201d), and waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such courts in any suit, action or proceeding. To the extent that the Company and the Selling Stockholder have or hereafter may acquire any immunity (on the grounds of sovereignty or otherwise) from the jurisdiction of any court or from any legal process with respect to itself or its property, the Company and the Selling Stockholder irrevocably waive, to the fullest extent permitted by law, such immunity in respect of any such suit, action or proceeding. The Selling Stockholder hereby irrevocably appoints Walkers Corporate Limited as its agent for service of process in any Related Proceeding and agrees that service of process in any such Related Proceeding may be made upon any of such agents at the office of such agent. The Selling Stockholder waives, to the fullest extent permitted by law, any other requirements of or objections to personal jurisdiction with respect thereto. The Selling Stockholder represents and warrants that such agent has agreed to act as the Selling Stockholder\u2019s agent for service of process, and the Selling Stockholder agrees to take any and all action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment in full force and effect. 19. Waiver of Jury Trial. The Company, the Selling Stockholder and the Underwriter hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. 20. Judgment Currency. If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder into any currency other than United States dollars, the parties hereto agree, to the fullest extent permitted by law, that the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Underwriter could purchase United States dollars with such other currency in The City of New York on the business day preceding that on which final judgment is given. The obligation of the Company or any Selling Stockholder with respect to any sum due from it to any Underwriter or any person controlling any Underwriter shall, notwithstanding any judgment in a currency other than United States dollars, not be discharged until the first business day following receipt by the Underwriter or controlling person of any sum in such other currency, and only to the extent that the Underwriter or controlling person may in accordance with normal banking procedures purchase United States dollars with such other currency. If the United States dollars so purchased are less than the sum originally due to the Underwriter or controlling person hereunder, the Company and the Selling Stockholder agree as a separate obligation and notwithstanding any such judgment, to indemnify the Underwriter or controlling person against such loss. If the United States dollars so purchased are greater than the sum originally due to the Underwriter or controlling person hereunder, the Underwriter or controlling person agrees to pay to the Company or the Selling Stockholder, as applicable, an amount equal to the excess of the dollars so purchased over the sum originally due to the Underwriter or controlling person hereunder. Field: Page; Sequence: 23; Value: 2 21. Counterparts. This Agreement may be signed in one or more counterparts, each of which shall constitute an original and all of which together shall constitute one and the same agreement. The words \u201cexecution,\u201d \u201csigned,\u201d \u201csignature,\u201d \u201cdelivery,\u201d and words of like import in or relating to this Agreement or any document to be signed in connection with this Agreement shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means. 22. Headings. The section headings used herein are for convenience only and shall not affect the construction hereof. 23. Definitions. The terms that follow, when used in this Agreement, shall have the meanings indicated. \u201cBase Prospectus\u201d shall mean the base prospectus referred to in Section 1(a) above contained in the Registration Statement at the Execution Time and any supplements included in the Disclosure Package. \u201cBusiness Day\u201d shall mean any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are authorized or obligated by law to close in New York City or, unless reasonably objected to by the Underwriter acting in good faith, San Francisco, California. \u201cDisclosure Package\u201d shall mean (i) the Base Prospectus, (ii) the Preliminary Prospectus that is generally distributed to investors and used to offer the Securities, as supplemented by the information listed on Schedule I hereto, (iii) the prospectus supplement filed on March 18, 2021, (iv) the prospectus supplement filed on April 2, 2021, (v) the prospectus supplement filed on July 30, 2021, (vi) the prospectus supplement filed on August 11, 2021, (vii) the prospectus supplement filed on August 16, 2021, (viii) the prospectus supplement filed on August 18, 2021 and (ix) the prospectus supplement filed on August 24, 2021. \u201cEffective Date\u201d shall mean each date and time that the Registration Statement, any post-effective amendment or amendments thereto and any Rule 462(b) Registration Statement became or becomes effective. \u201cExchange Act\u201d shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. \u201cExecution Time\u201d shall mean the date and time that this Agreement is executed and delivered by the parties hereto. \u201cFree Writing Prospectus\u201d shall mean a free writing prospectus, as defined in Rule 405. \u201cIssuer Free Writing Prospectus\u201d shall mean an issuer free writing prospectus, as defined in Rule 433. \u201cPreliminary Prospectus\u201d shall mean any preliminary prospectus supplement to the Base Prospectus which is used prior to the filing of the Prospectus, together with the Base Prospectus. Field: Page; Sequence: 24; Value: 2 \u201cProspectus\u201d shall mean the prospectus supplement relating to the Securities that is first filed pursuant to Rule 424(b) after the Execution Time, together with the Base Prospectus. \u201cRegistration Rights Agreement\u201d shall mean the Amended and Restated Registration Rights Agreement, dated as of December 18, 2020, by and among the Company and the other parties thereto. \u201cRegistration Statement\u201d shall mean the registration statement referred to in Section 1(a) above, including exhibits and financial statements and any prospectus supplement relating to the Securities that is filed with the SEC pursuant to Rule 424(b) and deemed part of such registration statement pursuant to Rule 430C, as amended at the Execution Time and, in the event any post-effective amendment thereto or any Rule 462(b) Registration Statement becomes effective prior to the Closing Date, shall also mean such registration statement as so amended or such Rule 462(b) Registration Statement, as the case may be. \u201cRule 158\u201d, \u201cRule 163\u201d, \u201cRule 164\u201d, \u201cRule 172\u201d, \u201cRule 405\u201d, \u201cRule 415\u201d, \u201cRule 424\u201d, \u201cRule 430C\u201d and \u201cRule 433\u201d refer to such rules under the Securities Act. \u201cRule 462(b) Registration Statement\u201d shall mean a registration statement and any amendments thereto filed pursuant to Rule 462(b) relating to the offering covered by the registration statement referred to in Section 1(a) hereof. \u201cSEC\u201d shall mean the Securities and Exchange Commission. \u201cSecurities Act\u201d shall mean the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder. 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(the “Underwriter”) 28,000,000 shares of common stock, $0.0001 par value (“Common Stock”) of Opendoor Technologies Inc., a Delaware corporation (the “Company”) (said shares to be sold by the Selling Stockholder being hereinafter called the “Underwritten Securities”). The Selling Stockholder also proposes to grant to the Underwriter an option to purchase up to 4,200,000 additional shares of Common Stock (the “Option Securities”; the Option Securities, together with the Underwritten Securities, being hereinafter called the “Securities”). Certain terms used herein are defined in Section 22 hereof. 1. Representations and Warranties. (i) The Company represents and warrants to, and agrees with, the Underwriter as set forth below in this Section 1. (a) The Company has prepared and filed with the SEC a registration statement (file number 333-251529) on Form S-1, including a related Base Prospectus, for the registration of the offering and sale of the Securities under the Securities Act. Such Registration Statement, including any amendments thereto filed prior to the Execution Time, has become effective. The Company may have filed one or more amendments thereto, including a related preliminary prospectus supplement, each of which has previously been furnished to you. 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(b) On the Effective Date, the Registration Statement did, and when the Prospectus is first filed in accordance with Rule 424(b) and on the Closing Date (as defined herein) and on any date on which Option Securities are purchased, if such date is not the Closing Date (a “settlement date”), the Prospectus (and any supplement thereto) will, comply in all material respects with the applicable requirements of the Securities Act and the rules thereunder; on the Effective Date, at the Execution Time and on the Closing Date, the Registration Statement did not and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein not misleading; and on the date of any filing pursuant to Rule 424(b) and on the Closing Date and any settlement date, the Prospectus (together with any supplement thereto) will not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the Company makes no representations or warranties as to the information contained in or omitted from the Registration Statement or the Prospectus (or any supplement thereto) in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of any Underwriter specifically for inclusion in the Registration Statement or the Prospectus (or any supplement thereto), it being understood and agreed that the only such information furnished by any Underwriter consists of the information described as such in Section 8 hereof. Field: Page; Sequence: 1 (c) (i) The Disclosure Package and the price to the public, the number of Underwritten Securities and the number of Option Securities to be included on the cover page of the Prospectus, when taken together as a whole, (ii) each electronic road show when taken together as a whole with the Disclosure Package and the price to the public, the number of Underwritten Securities and the number of Option Securities to be included on the cover page of the Prospectus, and (iii) any individual Written Testing-the-Waters Communication, when taken together as a whole with the Disclosure Package and the price to the public, the number of Underwritten Securities and the number of Option Securities to be included on the cover page of the Prospectus, does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b9"], "char_count": 2870, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "703eae1eaa55298e9907fb7857bcd9325572b97c230ee3023f632766b3961c13", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 9, "char_end": 7861, "char_start": 4991, "fragment_sha256": "725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "The preceding sentence does not apply to statements in or omissions from the Disclosure Package based upon and in conformity with written information furnished to the Company by or on behalf of any Underwriter specifically for use therein, it being understood and agreed that the only such information furnished by or on behalf of any Underwriter consists of the information described as such in Section 8 hereof. (d) [Reserved]. (e) The interactive data in the eXtensible Business Reporting Language (“XBRL”) included as an exhibit to the Registration Statement fairly presents the information called for in all material respects and has been prepared in accordance with the SEC’s rules and guidelines applicable thereto. (f) The Company (i) has not engaged alone in any Testing-the-Waters Communication other than Testing-the-Waters Communications with the consent of the Underwriter with entities that are reasonably believed to be qualified institutional buyers within the meaning of Rule 144A under the Securities Act or institutions that are accredited investors within the meaning of Rule 501 under the Securities Act and (ii) has not authorized anyone other than the Underwriter to engage in Testing-the-Waters Communications. The Company reconfirms that the Underwriter has been authorized to act on its behalf in undertaking Testing-the-Waters Communications. The Company has not distributed any Written Testing-the-Waters Communications other than those listed on Schedule II hereto. “Testing-the-Waters Communication” means any oral or written communication with potential investors undertaken in reliance on Section 5(d) or Rule 163B of the Securities Act. “Written Testing-the-Waters Communication” means any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405, including any presentation used in a Testing-the-Waters Communication. (g) The Company has not used any Issuer Free Writing Prospectus. (h) Each of the Company and its subsidiaries has been duly incorporated and is validly existing and in good standing under the laws of the jurisdiction in which it is chartered or organized with full corporate power and authority to own or lease, as the case may be, and to operate its properties conduct its business as described in the Disclosure Package and the Prospectus, and is duly qualified to do business as a foreign organization and is in good standing under the laws of each jurisdiction which requires such qualification, except where the failure to be so qualified or in good standing would not reasonably be expected to have a material adverse effect on the condition (financial or otherwise), prospects, earnings, business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business (a “Material Adverse Effect”)."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b9"], "char_count": 3729, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a1136e5265253ebe09e21218a1642aa86ec98b08e87b07c7191028910aeafb12", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 9, "char_end": 11590, "char_start": 7861, "fragment_sha256": "725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "Field: Page; Sequence: 2; Options: NewSection; Value: 2 (i) All the outstanding shares of capital stock of each subsidiary of the Company have been duly and validly authorized and issued and are fully paid and non-assessable, and, except as otherwise set forth in the Disclosure Package and the Prospectus, all outstanding shares of capital stock of material subsidiaries are owned by the Company either directly or through wholly owned subsidiaries free and clear of any perfected security interest or any other security interests, claims, liens or encumbrances. (j) The Company’s authorized equity capitalization is as set forth in the Disclosure Package and the Prospectus; the capital stock of the Company conforms in all material respects to the description thereof contained in the Disclosure Package and the Prospectus; the outstanding shares of Common Stock have been duly and validly authorized and issued and are fully paid and nonassessable; the Securities in book-entry form are in valid and sufficient form; the holders of outstanding shares of capital stock of the Company are not entitled to preemptive or other rights to subscribe for the Securities, except for any such rights as have been effectively waived; and, except as set forth in the Disclosure Package and the Prospectus, no options, warrants or other rights to purchase, agreements or other obligations to issue, or rights to convert any obligations into or exchange any securities for, shares of capital stock of or ownership interests in the Company are outstanding. (k) There is no franchise, contract or other document of a character required to be described in the Registration Statement or the Prospectus, or to be filed as an exhibit thereto, which is not described or filed as required (and the Preliminary Prospectus contains in all material respects the same description of the foregoing matters contained in the Prospectus); and the statements in the Preliminary Prospectus and the Prospectus under the headings “Risk Factors – Risks Related to Our Intellectual Property,” “Business – Strategic Collaborations and License Agreements,” “Business – Intellectual Property,” “Business – Government Regulation,” “Business – Legal Proceedings”, “Description of Capital Stock” and “Shares Eligible for Future Sale” insofar as such statements summarize legal matters, agreements, documents or proceedings discussed therein, are accurate and fair summaries of such legal matters, agreements, documents or proceedings in all material respects. The statements under the heading “Material U.S. Federal Income Tax Consequences to Non-U.S. Holders”, insofar as such statements purport to constitute descriptions or summaries of United States federal income tax law and regulations or legal conclusions with respect thereto, constitute accurate descriptions or summaries of the matters described therein in all material respects. (l) This Agreement has been duly authorized, executed and delivered by the Company. (m) The Company is not an “investment company” as defined in the Investment Company Act of 1940, as amended. (n) No consent, approval, authorization, filing with or order of any court or governmental agency or body is required in connection with the transactions contemplated herein, except such as have been obtained under the Securities Act, the listing rules of The Nasdaq Global Select Market (the “Nasdaq”) and the applicable rules of the Financial Industry Regulatory Authority, Inc. (“FINRA”), and such as may be required under the blue sky laws of any jurisdiction in connection with the purchase and distribution of the Securities by the Underwriter in the manner contemplated herein and in the Disclosure Package and the Prospectus."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b9"], "char_count": 3955, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b6f09fb0bb8006bc9046bbb8d0ba7c8a94cb7b8d6660920642a03b66a7f6a97c", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 9, "char_end": 15545, "char_start": 11590, "fragment_sha256": "725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "Field: Page; Sequence: 3; Value: 2 (o) Neither the consummation of any of the transactions herein contemplated nor the fulfillment of the terms hereof will conflict with, result in a breach or violation of, or imposition of any lien, charge or encumbrance upon any property or assets of the Company or any of its subsidiaries pursuant to, (i) the charter or by-laws of the Company or any of its subsidiaries, (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which the Company or any of its subsidiaries is a party or bound or to which its or their property is subject, or (iii) any statute, law, rule, regulation, judgment, order or decree applicable to the Company or any of its subsidiaries of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Company or any of its subsidiaries or any of its or their properties, except in the case of clauses (ii) and (iii) for any such breach, violation or imposition as would not reasonably be expected to have a Material Adverse Effect and except as would not materially adversely affect the ability of the Underwriter to consummate the transactions contemplated by this Agreement. (p) There are no contracts, agreements or understandings between the Company and any person granting such person the right to require the Company to file a registration statement under the Securities Act with respect to any securities of the Company or to require the Company to include such securities with the Securities registered pursuant to the Registration Statement, except as have been validly waived in connection with the sale of the Securities contemplated hereby and as have been described in the Disclosure Package and the Prospectus, and the holders of outstanding shares of capital stock of the Company are not entitled to statutory preemptive or other similar contractual rights to subscribe for the Securities. (q) The consolidated historical financial statements of the Company and its consolidated subsidiaries included in the Disclosure Package, the Prospectus and the Registration Statement present fairly, in all material respects, the financial condition, results of operations and cash flows of the Company as of the dates and for the periods indicated, comply as to form in all material respects with the applicable accounting requirements of the Securities Act and have been prepared in conformity with generally accepted accounting principles in the United States applied on a consistent basis throughout the periods involved. The selected financial data set forth under the caption “Selected Historical Financial and Operating Data of Opendoor” in the Disclosure Package, the Prospectus and Registration Statement fairly present, in all material respects, the information included therein on the basis stated in the Disclosure Package, the Prospectus and the Registration Statement, the information included therein. (r) No action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries or its or their property is pending or, to the knowledge of the Company, threatened that (i) would reasonably be expected to have a material adverse effect on the performance of this Agreement or the consummation of any of the transactions contemplated hereby or (ii) would reasonably be expected to have a Material Adverse Effect, except as set forth in or contemplated in the Disclosure Package and the Prospectus (exclusive of any amendment or supplement thereto). (s) Each of the Company and each of its subsidiaries owns or leases all such real and personal properties (other than with respect to Intellectual Property (as defined below)) as are necessary to the conduct of its operations as presently conducted."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b9"], "char_count": 878, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "685a24c2a5745d39bce42d677e63ab4e062c7336418b6eaa5c8dd50a0fe9f201", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 9, "char_end": 16423, "char_start": 15545, "fragment_sha256": "725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "The Company and its subsidiaries have good and marketable title in fee simple to all real property and all personal property (other than with respect to Intellectual Property (as defined below) which is addressed exclusively in subsection (nn)) owned by them, in each case free and clear of all liens, encumbrances and defects except such as are described in the Disclosure Package and the Prospectus or such as do not have a Material Adverse Effect; and any real property and buildings held under lease by the Company and its subsidiaries are held by them under valid, subsisting and enforceable leases (subject to the effects of (i) bankruptcy, insolvency, fraudulent conveyance, fraudulent transfer, reorganization, moratorium or other similar laws relating to or affecting rights or remedies of creditors generally; and (ii) the application of general principles of equity)."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b9"], "char_count": 4935, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b0f47e4d25b7f38f2515619e61e6400a4d0d0ab2e8ecdbd50ed965b49bc83b49", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 9, "char_end": 21358, "char_start": 16423, "fragment_sha256": "725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "Field: Page; Sequence: 4; Value: 2 (t) Neither the Company nor any subsidiary is in violation or default of (i) any provision of its charter or bylaws, (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which it is a party or bound or to which its property is subject, or (iii) any statute, law, rule, regulation, judgment, order or decree of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Company or such subsidiary or any of its properties, as applicable, except in the case of clauses (ii) and (iii) for any such violation or default as would not reasonably be expected to have a Material Adverse Effect. (u) Deloitte & Touche LLP, who have certified certain financial statements of the Company and its consolidated subsidiaries and delivered their report with respect to the audited consolidated financial statements and schedules included in the Disclosure Package and the Prospectus, are independent public accountants with respect to the Company within the meaning of the Securities Act and the applicable published rules and regulations thereunder. (v) [Reserved]. (w) The Company has filed all tax returns that are required to be filed or has requested extensions thereof (except in any case in which the failure so to file would not have a Material Adverse Effect) and has paid all taxes required to be paid by it and any other assessment, fine or penalty levied against it, to the extent that any of the foregoing is due and payable, except for any such assessment, fine or penalty that is currently being contested in good faith or as would not have a Material Adverse Effect. (x)No labor problem or dispute with the employees of the Company or any of its subsidiaries exists or is threatened or imminent, and the Company is not aware of any existing or imminent labor disturbance by the employees of any of its or its subsidiaries’ principal suppliers, contractors or customers, that could be reasonably expected to have a Material Adverse Effect. (y) The Company and each of its subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as the Company reasonably believes are prudent and customary in the businesses in which they are engaged; all policies of insurance and fidelity or surety bonds insuring the Company or any of its subsidiaries or their respective businesses, assets, employees, officers and directors are in full force and effect; the Company and its subsidiaries are in compliance with the terms of such policies and instruments in all material respects; and there are no material claims by the Company or any of its subsidiaries under any such policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause; neither the Company nor any such subsidiary has been refused any insurance coverage sought or applied for; and neither the Company nor any such subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not reasonably be expected to have a Material Adverse Effect. (z) No subsidiary of the Company is currently prohibited, directly or indirectly, from paying any dividends to the Company, from making any other distribution on such subsidiary’s capital stock, from repaying to the Company any loans or advances to such subsidiary from the Company or from transferring any of such subsidiary’s property or assets to the Company or any other subsidiary of the Company, except as set forth in or contemplated in the Disclosure Package and the Prospectus. (aa) The Company and its subsidiaries possess all licenses, certificates, permits and other authorizations (collectively, “Permits”) required to be issued by all applicable authorities necessary to conduct their respective businesses, except for any such failure to possess as would not reasonably be expected to have a Material Adverse Effect, and neither the Company nor any such subsidiary is in violation of, or in default under, any such permit, except for any violation or default as would not reasonably be expected to have a Material Adverse Effect; and the Company and its subsidiaries have not received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit which, individually or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a Material Adverse Effect, except as set forth in or contemplated in the Disclosure Package and the Prospectus (exclusive of any amendment or supplement thereto)."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b9"], "char_count": 3613, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "021195fb08be3948543e6a844a9e2a4430c56e6cf8f31a12915faf8a71e9f5e2", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 9, "char_end": 24971, "char_start": 21358, "fragment_sha256": "725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "Field: Page; Sequence: 5; Value: 2 (bb) Except as set forth in the Disclosure Package and the Prospectus, the Company and each of its subsidiaries, considered together as one entity, maintain a system of internal accounting controls (as contemplated under Rule 13a-15(f) of the Exchange Act) designed to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles in the United States and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and (v) the interactive data in XBRL included in the Registration Statement, the Disclosure Package and the Prospectus is in compliance with the SEC’s published rules, regulations and guidelines applicable thereto. The Company’s and its subsidiaries’ internal controls over financial reporting are effective and, except as set forth in the Disclosure Package and the Prospectus, the Company and its subsidiaries are not aware of any material weakness in their internal controls over financial reporting. (cc) The Company and its subsidiaries maintain “disclosure controls and procedures” (as such term is defined in Rule 13a-15(e) under the Exchange Act); such disclosure controls and procedures are effective. (dd) The Company has not taken, directly or indirectly (without giving effect to the activities of the Underwriter), any action designed to or that would constitute or that might reasonably be expected to cause or result in, under the Exchange Act or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities. (ee) The Company and its subsidiaries (i) are in compliance with any and all applicable foreign, federal, state and local laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (“Environmental Laws”), (ii) have received and are in compliance with all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses and (iii) have not received notice of any actual or potential liability under any environmental law, except where such non-compliance with Environmental Laws, failure to receive required permits, licenses or other approvals, or liability would not reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect. Neither the Company nor any of its subsidiaries has been named as a “potentially responsible party” under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended. (ff) In the ordinary course of its business, the Company periodically reviews the effect of Environmental Laws on the business, operations and properties of the Company and its subsidiaries, in the course of which it identifies and evaluates associated costs and liabilities (including, without limitation, any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws, or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third parties)."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b9"], "char_count": 2857, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0b52412f619ca4747c4ec74c1186ce2215d1be1db02c04495f3982cb7f33fc69", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 9, "char_end": 27828, "char_start": 24971, "fragment_sha256": "725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "On the basis of such review, the Company has reasonably concluded that such associated costs and liabilities would not reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect. (gg) Nothing has come to the attention of the Company that has caused the Company to believe that the statistical and market-related data included in the Registration Statement, the Disclosure Package and the Prospectus is not based on or derived from sources that are reliable and accurate in all material respects. Field: Page; Sequence: 6; Value: 2 (hh) None of the following events has occurred or exists: (i) a failure to fulfill the obligations, if any, under the minimum funding standards of Section 302 of the United States Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and the regulations and published interpretations thereunder with respect to a Plan, determined without regard to any waiver of such obligations or extension of any amortization period; (ii) an audit or investigation by the Internal Revenue Service, the U.S. Department of Labor, the Pension Benefit Guaranty Corporation or any other federal or state governmental agency or any foreign regulatory agency with respect to the employment or compensation of employees by any of the Company or any of its subsidiaries; (iii) any breach of any contractual obligation, or any violation of law or applicable qualification standards, with respect to the employment or compensation of employees by the Company or any of its subsidiaries, except, in each case, with respect to the events or conditions set forth in (i) through (iii) of this sentence, as would not, individually or in the aggregate, have a Material Adverse Effect. None of the following events has occurred or is reasonably likely to occur: (i) a material increase in the aggregate amount of contributions required to be made to all Plans in the current fiscal year of the Company and its subsidiaries compared to the amount of such contributions made in the most recently completed fiscal year of the Company and its subsidiaries; (ii) a material increase in the “accumulated post-retirement benefit obligations” (within the meaning of Statement of Financial Accounting Standards 106) of the Company and its subsidiaries compared to the amount of such obligations in the most recently completed fiscal year of the Company and its subsidiaries; (iii) any event or condition giving rise to a liability under Title IV of ERISA with respect to any Plan; or (iv) the filing of a claim by one or more employees or former employees of the Company or any of its subsidiaries related to their employment, except, in each case, with respect to the events or conditions set forth in (i) through (iv) of this sentence, as would not, individually or in the aggregate, have a Material Adverse Effect."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b9"], "char_count": 3852, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f00b680a262cdab659cdc19286cabd2343ad5ce2352f1f194030a76cda305dd0", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 9, "char_end": 31680, "char_start": 27828, "fragment_sha256": "725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p11", "passage_kind": "narrative", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "For purposes of this paragraph, the term “Plan” means a plan (within the meaning of Section 3(3) of ERISA) subject to Title IV of ERISA sponsored, maintained or contributed to by the Company or any of its subsidiaries. (ii) There is and has been no failure on the part of the Company and any of the Company’s directors or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations promulgated in connection therewith (the “Sarbanes-Oxley Act”), that are in effect and with which the Company is required to comply as of the date hereof, including Section 402 relating to loans and Sections 302 and 906 relating to certifications. (jj) Neither the Company nor any of its subsidiaries nor any director, officer, or employee thereof, or, to the knowledge of the Company, any agent of the Company or any of its subsidiaries has taken any action, directly or indirectly, (i) in furtherance of a corrupt offer, payment, promise to pay, or authorization or approval of the payment, giving or receipt of money, property, gifts or anything else of value, to any government official (including any officer or employee of a government or government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing or any political party or party official or candidate for political office) (a “Government Official”) in order to influence official action, or (ii) in violation of the U.S. Foreign Corrupt Practices Act of 1977 or the U.K. Bribery Act 2010, each as amended, or similar applicable law of any other relevant jurisdiction, or the rules or regulations thereunder (collectively, the “Anti-Corruption Laws”). The Company and its subsidiaries and affiliates have instituted and maintained and will continue to maintain policies and procedures reasonably designed to promote and achieve compliance with Anti-Corruption Laws. No part of the proceeds of the offering will be used by the Company, its subsidiaries, or its affiliates, directly or to the knowledge of the Company indirectly, in violation of the Anti-Corruption Laws. (kk) The operations of the Company and its subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements, including, to the extent applicable, those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the anti-money laundering statutes and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Anti-Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened. Field: Page; Sequence: 7; Value: 2 (ll) Neither the Company nor any of its subsidiaries or affiliates nor, any director, officer, or employee, or, to the knowledge of the Company, any agent of the Company or any of its subsidiaries while acting on the Company’s or subsidiaries’ behalf (i) is, or is controlled or 50% or more owned in the aggregate by or is acting on behalf of, one or more individuals or entities that are currently the subject of any sanctions administered or enforced by the United States (including any administered or enforced by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or the Bureau of Industry and Security of the U.S."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b9"], "char_count": 2683, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a2dbca8b46fd2d4dcb9da45093eb774bdfb0f1cf593d4e0dba4b87e27aef0fd2", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 9, "char_end": 34363, "char_start": 31680, "fragment_sha256": "725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "Department of Commerce), the United Nations Security Council, the European Union, a member state of the European Union, Her Majesty’s Treasury of the United Kingdom, or applicable sanctions authorities where the Company or its subsidiaries operate (collectively, “Sanctions” and such persons, “Sanctioned Persons” and each such person, a “Sanctioned Person”), (ii) is located, organized, or ordinarily resident in a country or territory that is, or whose government is, the subject of Sanctions that broadly prohibit dealings with that country or territory (collectively, “Sanctioned Countries” and each, a “Sanctioned Country”) or (iii) will, directly or knowingly indirectly, use the proceeds of this offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other individual or entity to fund or facilitate any activities or business of or with a Sanctioned Person or Sanctioned Country, or in any other manner that would result in a violation of any Sanctions by, or could result in the imposition of Sanctions against, any individual or entity (including any individual or entity participating in the offering, whether as underwriter, advisor, investor or otherwise). (mm) Neither the Company nor any of its subsidiaries or affiliates has engaged in any dealings or transactions with or for the benefit of a Sanctioned Person, or with or in a Sanctioned Country, in the preceding five (5) years, nor does the Company or any of its subsidiaries have any plans to engage in dealings or transactions with or for the benefit of a Sanctioned Person, or with or in a Sanctioned Country, except to the extent permitted for a person required to comply with Sanctions. (nn) The Company and its subsidiaries own or have obtained valid, enforceable and adequate rights and licenses to use all patents, patent applications, trade and service marks, trade names, domain names, copyrights and other works of authorship, inventions, trade secrets, technology, designs, processes, software, technical data and information, know-how and other intellectual property, and registrations and applications for registrations of any of the foregoing (collectively, the “Intellectual Property”) that are reasonably necessary for or are used in the conduct of the Company’s business as now conducted (it being understood that the foregoing is not a representation or warranty with respect to the non infringement of third-party Intellectual Property). The conduct of the respective businesses of the Company and its subsidiaries does not infringe, misappropriate, or otherwise violate in any material respect any intellectual property of another."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b9"], "char_count": 3981, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "3018ed6b3e1118a6125c91ff8c42523973000fec6815fdad8d7631c2d6d2bb19", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 9, "char_end": 38344, "char_start": 34363, "fragment_sha256": "725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p13", "passage_kind": "narrative", "passage_sequence": 13, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "Except as disclosed in the Disclosure Package and the Prospectus: (i) there are no rights of third parties to any Intellectual Property owned by the Company and its subsidiaries (the “Company Intellectual Property”), including no liens, security interests, licenses (other than non-exclusive licenses entered into in the ordinary course), or other encumbrances; (ii) to the Company’s knowledge, there is no material infringement by third parties of any Company Intellectual Property; (iii) there is no pending or, to the Company’s knowledge, threatened action, suit, proceeding or claim by others challenging the Company’s rights in or to any such Company Intellectual Property; (iv) the Company Intellectual Property has not been abandoned, canceled or adjudged invalid or unenforceable, in whole or in part by a court of competent jurisdiction, and there is no pending or, to the Company’s knowledge, threatened action, suit, proceeding or claim by others challenging the validity, enforceability or scope of any such Company Intellectual Property, including interferences, oppositions, reexaminations, or government proceedings; (v) there is no pending or, to the Company’s knowledge, threatened action, suit, proceeding or claim by others that the Company infringes, misappropriates, or otherwise violates any intellectual property of others; (vi) the Company and its subsidiaries have taken commercially reasonable steps to protect, maintain and safeguard their confidential information and any Company Intellectual Property constituting trade secrets, including the execution of commercially reasonable nondisclosure, confidentiality agreements and invention assignment agreements and, to the Company’s knowledge, no employee, consultant, or independent contractor of the Company is in, or has been in, violation of any term of any employment contract, patent disclosure agreement, invention assignment agreement, non-competition agreement, non-solicitation agreement, nondisclosure agreement or any restrictive covenant to or with a former employer or other counterparty where the basis of such violation relates to such person’s engagement with the Company, actions undertaken while employed or engaged with the Company, or the ownership by the Company of the Company Intellectual Property, except where any such violation would not reasonably be expected to have a Material Adverse Effect; (vii) all employees and contractors engaged in the development of any material Intellectual Property Rights on behalf of the Company or any subsidiary of the Company have executed an invention assignment agreement whereby such employees and contractors presently assign all of their right, title and interest in and to such Intellectual Property Rights to the Company or the applicable subsidiary, and to the Company’s knowledge no such agreement has been breached or violated; (viii) all patents and patent applications owned by the Company have, to the knowledge of the Company, been duly and properly filed and maintained and to the knowledge of the Company, there are no material defects in any of the patents, trademarks and copyrights and patent, trademark and copyright applications included in the Company Intellectual Property; and (ix) there is no prior art of which the Company is aware that may render any patent owned by the Company invalid or any patent application applied for by the Company unpatentable except as would not be expected to be material to the Company and its subsidiaries taken as a whole. Other than royalties, fees or other consideration payable, or licenses granted, in the ordinary course of business, the Company and its subsidiaries are not obligated or under any liability to make any material payment by way of royalties, fees or otherwise grant a license, or provide other material consideration to any owner or licensee of, or other claimant to, any Intellectual Property, used in the conduct of their respective businesses as now conducted."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b9"], "char_count": 3706, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "fd6ec4fa267da68acc058aae542b9ffb0846fe9b8cd6a3e34aabdf12a9e410e1", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 9, "char_end": 42050, "char_start": 38344, "fragment_sha256": "725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p14", "passage_kind": "narrative", "passage_sequence": 14, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "No technology employed by the Company or its subsidiaries has been obtained or is being used by the Company or its subsidiaries in violation of any contractual or legal obligation binding on the Company, its subsidiaries, or any of their officers, directors, employees, or contractors except for any such violation as would not reasonably be expected to have a Material Adverse Effect. No software licensed under an “open source” or similar licensing model that meets the definition of “open source” promulgated by the Open Source Initiative located online at http://opensource.org/osd (e.g., GNU General Public License, GNU Lesser General Public License, and GNU Affero General Public License) that is licensed by the Company or its subsidiaries is being used by the Company or its subsidiaries: (a) in violation of any material contractual or legal obligation binding on the Company or any of its subsidiaries with respect to such open source software except as would not reasonably be expected to have a Material Adverse Effect; or (b) in a manner that requires any software owned by the Company or any of its subsidiaries to be made available in source code form or be redistributable for no license fee.. Field: Page; Sequence: 8; Value: 2 (oo) [Reserved]. (pp) [Reserved]. (qq) To the knowledge of the Company, there has been no material security breach, unauthorized access, use, disclosure, modification, destruction or other compromise of the Company’s or any of its subsidiaries’ information technology and computer systems, networks, hardware, software, data (including all personal information, personal data, personally identifiable information or similar information and the data of their respective customers, employees, suppliers, vendors and any third party data maintained by or on behalf of them), equipment or technology (collectively, “IT Systems and Data”) and the Company and its subsidiaries have no knowledge of any event or condition that would reasonably be expected to result in, any such material security breach, unauthorized access, use, disclosure, modification, destruction or other compromise of their IT Systems and Data. The Company and its subsidiaries employ commercially reasonable physical, technical, and organizational security measures, policies and procedures designed to protect all IT Systems and Data from and against material unauthorized access, use and/or disclosure. The Company and its subsidiaries have been and are presently in material compliance with all applicable laws, regulations, statutes, judgments, orders, rules, directives and decrees of any court or arbitrator or governmental or regulatory authority, company policies, industry standards, contractual obligations, and any other legal obligations relating to the (i) privacy and security of IT Systems and Data and (ii) the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification (collectively, the “Privacy and Security Requirements”), in each case, except as would not, individually or in the aggregate, have a Material Adverse Effect, and the Company and its subsidiaries have implemented backup and disaster recovery technology consistent with industry standards and practices. The execution, delivery and performance of this Agreement or any other agreement referred to in this Agreement will not result in a breach or violation of any Privacy and Security Requirements, except as would not, individually or in the aggregate, have a Material Adverse Effect. (rr) The Company has no debt securities or preferred stock rated by any “nationally recognized statistical rating organization,” as defined in Section 3(a)(62) of the Exchange Act."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b9"], "char_count": 1836, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "892103ef59ba62d2e508d54fa84d32bae35f5f756f5fba9a27a9ead0fedf13c1", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 9, "char_end": 43886, "char_start": 42050, "fragment_sha256": "725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p15", "passage_kind": "narrative", "passage_sequence": 15, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "Any certificate signed by any officer of the Company and delivered to Underwriter or counsel for the Underwriter in connection with the offering of the Securities shall be deemed a representation and warranty by the Company, as to matters covered thereby, to the Underwriter. (ii) The Selling Stockholder represents and warrants to, and agrees with, the Underwriter that: (a) This Agreement has been duly authorized, executed and delivered by or on behalf of the Selling Stockholder. (b) The execution and delivery by the Selling Stockholder of, and the performance by the Selling Stockholder of its obligations under, this Agreement will not contravene (i) any provision of applicable law, or (ii) the certificate of incorporation or by-laws (or such like governing document) of the Selling Stockholder (if the Selling Stockholder is a corporation), or (iii) any agreement or other instrument binding upon the Selling Stockholder or (iv) any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Selling Stockholder, except in the case of clauses (i), (iii) and (iv) as would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of the Selling Stockholder to consummate the transactions contemplated by this Agreement and no consent, approval, authorization or order of, or qualification with, any governmental body or agency is required for the performance by the Selling Stockholder of its obligations under this Agreement, except such as have been obtained and made under the Securities Act or such as may be required by the Exchange Act or the rules and regulations thereunder or may be required by the securities or Blue Sky laws of the various states or foreign jurisdictions in connection with the offer and sale of the Shares."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b9"], "char_count": 5141, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9da4c11310d918ee359edc2de442e2ded9a88937702ad540eab7e3026d44cfd7", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 9, "char_end": 49027, "char_start": 43886, "fragment_sha256": "725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p16", "passage_kind": "narrative", "passage_sequence": 16, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "Field: Page; Sequence: 9; Value: 2 (c) The Selling Stockholder has, and on the Closing Date will have, valid title to, or a valid “security entitlement” within the meaning of Section 8-501 of the New York Uniform Commercial Code in respect of, the Shares to be sold by the Selling Stockholder free and clear of all security interests, claims, liens, equities or other encumbrances and the legal right and power, and all authorization and approval required by law, to enter into this Agreement and to sell, transfer and deliver the Shares to be sold by the Selling Stockholder or a security entitlement in respect of the Shares. (e) Upon payment for the Shares to be sold by Selling Stockholder pursuant to this Agreement, delivery of the Shares, as directed by the Underwriter, to Cede & Co. (“Cede”) or such other nominee as may be designated by the Depository Trust Company (“DTC”), registration of the Shares in the name of Cede or such other nominee and the crediting of the Shares on the books of DTC to securities accounts of the Underwriter (assuming that neither DTC nor the Underwriter has notice of any adverse claim (within the meaning of Section 8-105 of the New York Uniform Commercial Code (the “UCC”)) to such Shares), (A) DTC shall be a “protected purchaser” of such Shares within the meaning of Section 8-303 of the UCC, (B) under Section 8-501 of the UCC, the Underwriter will acquire a valid security entitlement in respect of the Shares and (C) no action based on any “adverse claim”, within the meaning of Section 8-102 of the UCC, to the Shares may be successfully asserted against the Underwriter with respect to such security entitlement; for purposes of this representation, the Selling Stockholder may assume that when such payment, delivery and crediting occur, (x) the Shares will have been registered in the name of Cede or another nominee designated by DTC, in each case on the Company’s share registry in accordance with its certificate of incorporation, bylaws and applicable law, (y) DTC will be registered as a “clearing corporation” within the meaning of Section 8-102 of the UCC and (z) appropriate entries to the accounts of the Underwriter on the records of DTC will have been made pursuant to the UCC. (f) The Selling Stockholder has delivered to the Underwriter an executed lock-up agreement in form and substance reasonably satisfactory to the Underwriter. (g) The Selling Stockholder is not prompted to sell by any material information concerning the Company or its subsidiaries which is not set forth in the Preliminary Prospectus to sell the Shares pursuant to this Agreement. (h) The Registration Statement, when it became effective, did not contain and, as amended or supplemented, if applicable, will not, as of the date of such amendment or supplement, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; the Disclosure Package does not, and at the time of each sale of the Shares in connection with the offering when the Prospectus is not yet available to prospective purchasers and at the Closing Date, the Disclosure Package, as then amended or supplemented by the Company, if applicable, will not, contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; each broadly available road show, if any, when considered together with the Disclosure Package, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and the Prospectus as of its date does not contain and, as amended or supplemented, if applicable, will, as of the date of such amendment or supplement, contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, provided that the representations and warranties set forth in this paragraph (h), are limited to statements or omissions made in reliance upon and in conformity with information relating to the Selling Stockholder furnished to the Company in writing by the Selling Stockholder expressly for use in the Registration Statement, the Disclosure Package, the Prospectus or any amendments or supplements thereto, it being understood and agreed that the only information furnished by the Selling Stockholder consists of the name of the Selling Stockholder, the number of shares of Common Stock owned by the Selling Stockholder prior to the offering of Securities contemplated by this Agreement and the address and other information with respect to the Selling Stockholder (excluding percentages) which appear in the Registration Statement, the Disclosure Package or any Prospectus in the table (and corresponding footnotes) under the caption “Principal and Selling Stockholder” (the “Selling Stockholder Information”)."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b9"], "char_count": 3453, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "87817ff84eee86a5f45a0b39d64ef2e95bd7f3b46ac70e1a2448b20bcbf91028", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 9, "char_end": 52480, "char_start": 49027, "fragment_sha256": "725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p17", "passage_kind": "narrative", "passage_sequence": 17, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "Field: Page; Sequence: 10; Value: 2 (i) Neither the Selling Stockholder nor any of its subsidiaries is an individual or entity (a “Person”) that is, is controlled by, or to the Selling Stockholder’s knowledge, is 10% or more owned by one or more Persons that are, and, to the knowledge of the Selling Stockholder, no director or officer is: (A) a Sanctioned Person, or (B) located, organized or resident in a Sanctioned Country (including, without limitation, Crimea, Cuba, Iran, North Korea and Syria). (ii) Unless authorized by applicable laws and regulations, or a license, license exception, or other governmental authorization, and except to the extent permissible for a U.S. person or other Person to comply with Sanctions, the Selling Stockholder will not, directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person: (A) to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the target of Sanctions; or (B) in any other manner in each case if such would result in a violation of Sanctions by any Person participating in the offering, whether as underwriter, advisor, investor or otherwise. (iii) (A) Neither the Selling Stockholder nor its subsidiaries, or, to the knowledge of the Selling Stockholder, any director, officer, employee, agent, representative, or controlled affiliate thereof, has taken any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment, giving or receipt of money, property, gifts or anything else of value, directly or indirectly, to any Government Official in order to influence official action, or to any person in violation of any applicable anti-corruption laws; (B) the Selling Stockholder and its subsidiaries have conducted their businesses in compliance with applicable anti-corruption laws and, the Selling Stockholder and its subsidiaries have instituted and maintained policies and procedures reasonably designed to promote and achieve compliance with such laws and with the representations and warranties contained herein; and (C) neither the Selling Stockholder nor any of its subsidiaries will use, directly or indirectly, the proceeds of the offering in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any person in violation of any applicable anti-corruption laws. (iv) The operations of the Selling Stockholder and its subsidiaries are and have been conducted at all times in material compliance with all applicable Anti-Money Laundering Laws, and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Selling Stockholder or any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the best knowledge of the Selling Stockholder, threatened. (j) The Selling Stockholder represents and warrants that it is not (i) an employee benefit plan subject to Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), (ii) a plan or account subject to Section 4975 of the Internal Revenue Code of 1986, as amended or (iii) an entity deemed to hold “plan assets” of any such plan or account under Section 3(42) of ERISA, 29 C.F.R."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b9"], "char_count": 3876, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ac4dd143c319f9011e859f6c85259cd4ebbb645afdfe60b6e403f5c151ce8d74", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 9, "char_end": 56356, "char_start": 52480, "fragment_sha256": "725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p18", "passage_kind": "narrative", "passage_sequence": 18, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "2510.3-101, or otherwise. (k) To the Selling Stockholder’s knowledge, no stamp, documentary, issuance, registration, transfer, withholding, capital gains, income or other taxes or duties are payable by or on behalf of the Underwriter, the Company or any of its subsidiaries in any non-U.S. jurisdiction in which the Selling Stockholder is a citizen, resident or doing business, or to any taxing authority thereof or therein in connection with (i) the execution, delivery or consummation of this Agreement, (ii) the sale and delivery of the Shares to the Underwriter or purchasers procured by the Underwriter, or (iii) the resale and delivery of the Shares by the Underwriter in the manner contemplated herein. Field: Page; Sequence: 11; Value: 2 (l) The Selling Stockholder has the power to submit, and pursuant to Section 18 has, to the extent permitted by law, legally, validly, effectively and irrevocably submitted, to the jurisdiction of the Specified Courts (as defined in Section 18), and has the power to designate, appoint and empower, and pursuant to Section 18, has legally, validly and effectively designated, appointed and empowered an agent for service of process in any suit or proceeding based on or arising under this Agreement in any of the Specified Courts. 2. Purchase and Sale. (a) Subject to the terms and conditions and in reliance upon the representations and warranties herein set forth, the Selling Stockholder agrees to sell to the Underwriter, and the Underwriter agrees to purchase from the Selling Stockholder, at a purchase price of $16.69 per share, 28,000,000 Underwritten Securities. (b) Subject to the terms and conditions and in reliance upon the representations and warranties herein set forth, the Selling Stockholder hereby grants an option to the Underwriter to purchase up to 4,200,000 Option Securities at the same purchase price per share as the Underwriter shall pay for the Underwritten Securities, less an amount per share equal to any dividends or distributions declared by the Company and payable on the Underwritten Securities but not payable on the Option Securities. Said option may be exercised in whole or in part at any time on or before the 30th day after the date of the Prospectus upon written or telegraphic notice by the Underwriter to the Company and the Selling Stockholder setting forth the number of shares of the Option Securities as to which the Underwriter is exercising the option and the settlement date. 3. Delivery and Payment. Delivery of and payment for the Underwritten Securities and the Option Securities (if the option provided for in Section 2(b) hereof shall have been exercised on or before the second Business Day immediately preceding the Closing Date) shall be made at 10:00 AM, New York City time, on September 16, 2021, or at such time on such later date not more than three Business Days after the foregoing date as the Underwriter shall designate, which date and time may be postponed by agreement among the Underwriter, the Company and the Selling Stockholder or as provided in Section 9 hereof (such date and time of delivery and payment for the Securities being herein called the “Closing Date”). Delivery of the Securities shall be made to the Underwriter against payment by the Underwriter of the purchase price thereof to or upon the order of the Selling Stockholder by wire transfer payable in same-day funds to the accounts specified by the Selling Stockholder. Delivery of the Underwritten Securities and the Option Securities shall be made through the facilities of The Depository Trust Company, unless the Underwriter shall otherwise instruct. The Selling Stockholder will pay all applicable state transfer taxes, if any, involved in the transfer to the Underwriter of the Securities and the Underwriter will pay any additional stock transfer taxes involved in further transfers."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b9"], "char_count": 3099, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "294299424a44e495c56b900c5f7dad985f603e00b7d301ff6b7b24c92b87b455", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 9, "char_end": 59455, "char_start": 56356, "fragment_sha256": "725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p19", "passage_kind": "narrative", "passage_sequence": 19, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "If the option provided for in Section 2(b) hereof is exercised after the second Business Day immediately preceding the Closing Date, the Selling Stockholder will deliver the Option Securities (at the expense of the Company) to the Underwriter, at 388 Greenwich Street, New York, New York, on the date specified by the Underwriter (which shall be within three Business Days after exercise of said option) against payment by the Underwriter of the purchase price thereof to or upon the order of Selling Stockholder by wire transfer payable in same-day funds to the account specified by the Selling Stockholder. If settlement for the Option Securities occurs after the Closing Date, the Company and the Selling Stockholder will deliver to the Underwriter on the settlement date for the Option Securities, and the obligation of the Underwriter to purchase the Option Securities shall be conditioned upon receipt of, supplemental opinions, certificates and letters confirming as of such date the opinions, certificates and letters delivered on the Closing Date pursuant to Section 6 hereof. Field: Page; Sequence: 12; Value: 2 4. Offering by Underwriter. It is understood that the Underwriter proposes to offer the Securities for sale to the public as set forth in the Prospectus. 5. Agreements. (i) The Company agrees with the Underwriter that: (a) Prior to the termination of the offering of the Securities, the Company will not file any amendment of the Registration Statement or supplement to the Prospectus or any Rule 462(b) Registration Statement unless the Company has furnished you a copy for your review prior to filing and will not file any such proposed amendment or supplement to which you reasonably object. The Company will cause the Prospectus, properly completed, and any supplement thereto to be filed in a form approved by the Underwriter with the SEC pursuant to the applicable paragraph of Rule 424(b) within the time period prescribed and will provide evidence satisfactory to the Underwriter of such timely filing. The Company will promptly advise the Underwriter (i) when the Prospectus, and any supplement thereto, shall have been filed (if required) with the SEC pursuant to Rule 424(b) or when any Rule 462(b) Registration Statement shall have been filed with the SEC, (ii) when, prior to termination of the offering of the Securities, any amendment to the Registration Statement shall have been filed or become effective, (iii) of any request by the SEC or its staff for any amendment of the Registration Statement, or any Rule 462(b) Registration Statement, or for any supplement to the Prospectus or for any additional information, (iv) of the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement or of any notice objecting to its use or the institution or threatening of any proceeding for that purpose and (v) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Securities for sale in any jurisdiction or the institution or threatening of any proceeding for such purpose."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b9"], "char_count": 3286, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "00af463554cb4e0385d4172b7d6db1b83e03d031c33b829fb3da476fc9b6ae9c", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 9, "char_end": 62741, "char_start": 59455, "fragment_sha256": "725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p20", "passage_kind": "narrative", "passage_sequence": 20, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "The Company will use its reasonable best efforts to prevent the issuance of any such stop order or the occurrence of any such suspension or objection to the use of the Registration Statement and, upon such issuance, occurrence or notice of objection, to obtain as soon as possible the withdrawal of such stop order or relief from such occurrence or objection, including, if necessary, by filing an amendment to the Registration Statement or a new registration statement and using its reasonable best efforts to have such amendment or new registration statement declared effective as soon as practicable. (b) If, at any time prior to the filing of the Prospectus pursuant to Rule 424(b), any event occurs as a result of which the Disclosure Package would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein in the light of the circumstances under which they were made or the circumstances then prevailing not misleading, the Company will (i) notify promptly the Underwriter so that any use of the Disclosure Package may cease until it is amended or supplemented; (ii) amend or supplement the Disclosure Package to correct such statement or omission; and (iii) supply any amendment or supplement to you in such quantities as you may reasonably request. (c) If, at any time when a prospectus relating to the Securities is required to be delivered under the Securities Act (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act (“Rule 172”)), any event occurs as a result of which the Prospectus as then supplemented would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein in the light of the circumstances under which they were made or the circumstances then prevailing not misleading, or if it shall be necessary to amend the Registration Statement or supplement the Prospectus to comply with the Securities Act or the rules thereunder, the Company promptly will (i) notify the Underwriter of any such event; (ii) prepare and file with the SEC, subject to the second sentence of paragraph (a) of this Section 5, an amendment or supplement which will correct such statement or omission or effect such compliance; and (iii) supply any supplemented Prospectus to you in such quantities as you may reasonably request. Field: Page; Sequence: 13; Value: 2 (d) As soon as practicable, the Company will make generally available to its security holders and to the Underwriter an earnings statement or statements of the Company and its subsidiaries which will satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 under the Securities Act. (e) Upon request, the Company will furnish to the Underwriter and counsel for the Underwriter, without charge, signed copies of the Registration Statement (including exhibits thereto) and, so long as delivery of a prospectus by the Underwriter or dealer may be required by the Securities Act (including in circumstances where such requirement may be satisfied pursuant to Rule 172), as many copies of each Preliminary Prospectus, the Prospectus and any supplement thereto as the Underwriter may reasonably request."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b9"], "char_count": 3789, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a21a45aa09f713054b303344359a73ec253259e9fc14ed77c13d24d020f7e85e", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 9, "char_end": 66530, "char_start": 62741, "fragment_sha256": "725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p21", "passage_kind": "narrative", "passage_sequence": 21, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "The Company will pay the expenses of printing or other production of all documents relating to the offering. (f) The Company will arrange, if necessary, for the qualification of the Securities for sale under the laws of such jurisdictions as the Underwriter reasonably may designate and will maintain such qualifications in effect so long as required for the distribution of the Securities; provided that in no event shall the Company be obligated to qualify to do business in any jurisdiction where it is not now so qualified or to take any action that would subject it to service of process in suits, other than those arising out of the offering or sale of the Securities, in any jurisdiction where it is not now so subject. (g) The Company will not, without the prior written consent of the Underwriter, offer, sell, contract to sell, pledge, hedge, or otherwise dispose of, (or enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by the Company or any affiliate of the Company or any person in privity with the Company or any affiliate of the Company) directly or indirectly, including the filing or submission (or participation in the filing or submission) of a registration statement with the SEC in respect of (other than pursuant to any disposition as a result of the exercise of registration rights by such seller), or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act, any other shares of Common Stock or any securities convertible into, or exercisable, or exchangeable for, shares of Common Stock; or publicly announce an intention to effect any such transaction, for a period of 60 days after the date of this Agreement (the “Restricted Period”), provided, however, that the Company may (i) effect the transactions contemplated hereby, (ii) issue and sell Common Stock or securities convertible into, or exercisable, or exchangeable for Common Stock, pursuant to any employee stock option plan, stock ownership plan or dividend reinvestment plan of the Company in effect at the Execution Time and the Company may issue Common Stock issuable upon the conversion of securities or the exercise of warrants outstanding at the Execution Time, (iii) issue and sell Common Stock in connection with the acquisition by the Company or any subsidiary of the securities, businesses, property or other assets of another person or entity or pursuant to any employee benefit plan assumed by the Company or any subsidiary in connection with any such acquisition, (iv) issue and sell Common Stock in connection with joint ventures or acquisitions and other strategic transactions and (v) issue any securities issuable upon conversion of the Company’s outstanding 0.25% Convertible Senior Notes due 2026 (the “Convertible Notes”); provided that in the case of each of clauses (iii) and (iv), (x) the aggregate number of shares issued in all such acquisitions and transactions does not exceed 5.0% of the Company’s outstanding Common Stock as of the date of this Agreement and (y) the recipients of such securities also agree not to sell or transfer those securities without the prior written consent of the Underwriter during the Restricted Period. (h) The Company will not take, directly or indirectly (without giving effect to activities by the Underwriter), any action designed to or that would constitute or that might reasonably be expected to cause or result in, under the Exchange Act or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b9"], "char_count": 1968, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e97a92581d5516a823fc9284a040c3e93d58d093cc7d97aaf46709718bf7f8da", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 9, "char_end": 68498, "char_start": 66530, "fragment_sha256": "725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p22", "passage_kind": "narrative", "passage_sequence": 22, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "Field: Page; Sequence: 14; Value: 2 (i) The Company agrees to pay the costs and expenses relating to the following matters: (i) the preparation, printing or reproduction and filing with the SEC of the Registration Statement (including financial statements and exhibits thereto), each Preliminary Prospectus and the Prospectus, and each amendment or supplement to any of them; (ii) the printing (or reproduction) and delivery (including postage, air freight charges and charges for counting and packaging) of such copies of the Registration Statement, each Preliminary Prospectus and the Prospectus, and all amendments or supplements to any of them, as may, in each case, be reasonably requested for use in connection with the offering and sale of the Securities; (iii) the preparation, printing, authentication, issuance and delivery of certificates for the Securities, including any stamp or transfer taxes in connection with the original issuance and sale of the Securities to the Underwriter (but not any such stamp or transfer taxes imposed on a subsequent transfer of the Securities, which taxes shall not be subject to reimbursement pursuant to this clause (i)); (iv) the printing (or reproduction) and delivery of this Agreement, any blue sky memorandum and all other agreements or documents printed (or reproduced) and delivered in connection with the offering of the Securities; (v) any registration or qualification of the Securities for offer and sale under the securities or blue sky laws of the several states; (vi) any filings required to be made with FINRA (provided that the fees and expenses of counsel with respect to clauses (v) and (vi) above shall not exceed $40,000 in the aggregate); (vii) the fees and expenses of the Company’s accountants and the fees and expenses of counsel (including local and special counsel) for the Company; and (viii) all other costs and expenses incident to the performance by the Company of its obligations hereunder."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b9"], "char_count": 3898, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "dc874005404366d766aabcd0d26636cb84db6163257141fbd877597306761f17", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 9, "char_end": 72396, "char_start": 68498, "fragment_sha256": "725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p23", "passage_kind": "narrative", "passage_sequence": 23, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "The Selling Stockholder agrees with the Company and the Underwriter that it will pay or cause to be paid all costs and expenses incident to the performance of its obligations hereunder which are not otherwise specifically provided for in this Section 5(i) other than Registration Expenses (as defined in the Registration Rights Agreement), which shall be paid by the Company. (j) The Company agrees that, unless it has or shall have obtained the prior written consent of the Underwriter, and the Underwriter agrees with the Company that, unless it has or shall have obtained, as the case may be, the prior written consent of the Company, it has not made and will not make any offer relating to the Securities that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute a “free writing prospectus” (as defined in Rule 405) required to be filed by the Company with the SEC or retained by the Company under Rule 433 under the Securities Act (“Rule 433”). (k) If at any time following the distribution of any Written Testing-the-Waters Communication, any event occurs as a result of which such Written Testing-the-Waters Communication would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein in the light of the circumstances under which they were made or the circumstances then prevailing not misleading, the Company will (i) notify promptly the Underwriter so that use of the Written Testing-the-Waters Communication may cease until it is amended or supplemented; (ii) amend or supplement the Written Testing-the-Waters Communication to correct such statement or omission; and (iii) supply any amendment or supplement to the Underwriter in such quantities as may be reasonably requested. (ii) The Selling Stockholder agrees with the Underwriter that: (a) The Selling Stockholder will deliver to the Underwriter (or its agent), prior to or at the Closing Date, a properly completed and executed Internal Revenue Service (“IRS”) Form W-9 or an IRS Form W-8 demonstrating an exemption from US backup withholding tax. (b) The Selling Stockholder will deliver to the Underwriter (or its agent), on the date of execution of this Agreement, a properly completed and executed Certification Regarding Beneficial Owners of Legal Entity Customers, together with copies of identifying documentation, and the Selling Stockholder undertakes to provide such additional supporting documentation as the Underwriter may reasonably request in connection with the verification of the foregoing Certification. Field: Page; Sequence: 15; Value: 2 (c) All sums payable by the Selling Stockholder under this Agreement shall be paid free and clear of and without deductions or withholdings of any present or future taxes or duties, unless the deduction or withholding is required by law, in which case the Selling Stockholder, as the case may be, shall pay such additional amount as will result in the receipt by the Underwriter of the full amount that would have been received had no deduction or withholding been made (other than in the case of any deduction or withholding resulting from Underwriter’s pre-existing connection to a jurisdiction (other than a connection arising in connection with this Agreement or the transactions in connection with to this Agreement) or from Underwriter’s failure to provide tax forms that it is legally entitled to provide). (d) All sums payable to the Underwriter by the Selling Stockholder shall be considered exclusive of any value added or similar taxes. Where a Selling Stockholder is obliged to pay value added or similar tax on any amount payable hereunder to the Underwriter, the Selling Stockholder shall in addition to the sum payable hereunder pay an amount equal to any applicable value added or similar tax. 6. Conditions to the Obligations of the Underwriter."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b9"], "char_count": 2560, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d7f8e584dbab8976891df453e9f5284537e81087931150d03d4beb5807d98ff2", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 9, "char_end": 74956, "char_start": 72396, "fragment_sha256": "725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p24", "passage_kind": "narrative", "passage_sequence": 24, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "The obligations of the Underwriter to purchase the Underwritten Securities and the Option Securities, as the case may be, shall be subject to the accuracy of the representations and warranties on the part of the Company and the Selling Stockholder contained herein as of the Execution Time, the Closing Date and any settlement date pursuant to Section 3 hereof, to the accuracy of the statements of the Company and the Selling Stockholder made in any certificates pursuant to the provisions hereof, to the performance by the Company and the Selling Stockholder of their respective obligations hereunder and to the following additional conditions: (a) The Prospectus, and any supplement thereto, have been filed in the manner and within the time period required by Rule 424(b); any other material required to be filed by the Company pursuant to Rule 433(d) shall have been filed with the SEC within the applicable time periods prescribed for such filings by Rule 433; and no stop order suspending the effectiveness of the Registration Statement or any notice objecting to its use shall have been issued and no proceedings for that purpose shall have been instituted or threatened. (b) The Company shall have requested and caused Latham & Watkins LLP, counsel for the Company, to have furnished to the Underwriter their opinion and negative assurance letter, dated the Closing Date and addressed to the Underwriter, in a form reasonably acceptable to the Underwriter. (c) The Chief Financial Officer of the Company shall have delivered to the Underwriter, on each of the date hereof and on the Closing Date, a certificate in a form acceptable to the Underwriter. (d) The Underwriter shall have received from Davis Polk & Wardwell LLP, counsel for the Underwriter, such opinion and negative assurance letter, dated the Closing Date and addressed to the Underwriter, with respect to the issuance and sale of the Securities, the Registration Statement, the Disclosure Package, the Prospectus (together with any supplement thereto) and other related matters as the Underwriter may reasonably require, and the Company and the Selling Stockholder shall have furnished to such counsel such documents as they may reasonably request for the purpose of enabling them to pass upon such matters. (e) The Selling Stockholder shall have requested and caused Walkers (Cayman) LLP, counsel for the Selling Stockholder, to have furnished to the Underwriter their opinion dated the Closing Date and addressed to the Underwriter, in a form reasonably acceptable to the Underwriter."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b9"], "char_count": 3857, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "46513d7dc2c2c1d1f297762263ec8764f5732f4aea8abb245878d4cba380302a", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 9, "char_end": 78813, "char_start": 74956, "fragment_sha256": "725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p25", "passage_kind": "narrative", "passage_sequence": 25, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "Field: Page; Sequence: 16; Value: 2 (f) The Company shall have furnished to the Underwriter a certificate of the Company, signed by the Chief Executive Officer and the Chief Financial Officer of the Company, dated the Closing Date, to the effect that the signers of such certificate have carefully examined the Registration Statement, the Disclosure Package, the Prospectus and any amendment or supplement thereto, as well as each electronic road show used in connection with the offering of the Securities, and this Agreement and that: (i) the representations and warranties of the Company in this Agreement are true and correct on and as of the Closing Date with the same effect as if made on the Closing Date and the Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to the Closing Date; (ii) no stop order suspending the effectiveness of the Registration Statement or any notice objecting to its use has been issued and no proceedings for that purpose have been instituted or, to the Company’s knowledge, threatened; and (iii) since the date of the most recent financial statements included in the Disclosure Package and the Prospectus (exclusive of any amendment or supplement thereto), there has been no material adverse change in the condition (financial or otherwise), prospects, earnings, business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business. (g) The Company shall have requested and caused Deloitte & Touche LLP to have furnished to the Underwriter, at the Execution Time and at the Closing Date, letters, dated respectively as of the Execution Time and as of the Closing Date, in form and substance satisfactory to the Underwriter, containing statements and information of the type ordinarily included in accountants “comfort letters” to underwriters. (h) Subsequent to the Execution Time or, if earlier, the dates as of which information is given in the Registration Statement (exclusive of any amendment thereof), the Disclosure Package and the Prospectus (exclusive of supplement thereto), there shall not have been (i) any change or decrease specified in the letter or letters referred to in paragraph (g) of this Section 6 or (ii) any change, or any development involving a prospective change, in or affecting the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries taken as a whole, whether or not arising from transactions in the ordinary course of business, the effect of which, in any case referred to in clause (i) or (ii) above, is, in the sole judgment of the Underwriter, so material and adverse as to make it impractical or inadvisable to proceed with the offering or delivery of the Securities as contemplated by the Registration Statement (exclusive of any amendment thereof), the Disclosure Package and the Prospectus (exclusive of any amendment or supplement thereto). (i) Prior to the Closing Date, the Company and the Selling Stockholder shall have furnished to the Underwriter such further information, certificates and documents as the Underwriter may reasonably request. If any of the conditions specified in this Section 6 shall not have been fulfilled when and as provided in this Agreement, or if any of the opinions and certificates mentioned above or elsewhere in this Agreement shall not be reasonably satisfactory in form and substance to the Underwriter and counsel for the Underwriter, this Agreement and all obligations of the Underwriter hereunder may be canceled at, or at any time prior to, the Closing Date by the Underwriter. Notice of such cancellation shall be given to the Company and the Selling Stockholder in writing or by telephone or facsimile confirmed in writing."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b9"], "char_count": 3577, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "30c17c21043eccc6f9f33784ca18a9a4570232b3466b6f539986ea7b53ebbe52", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 9, "char_end": 82390, "char_start": 78813, "fragment_sha256": "725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p26", "passage_kind": "narrative", "passage_sequence": 26, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "Field: Page; Sequence: 17; Value: 2 The documents required to be delivered by this Section 6 shall be delivered at the office of Davis Polk & Wardwell, LLP, counsel for the Underwriter, at 1600 El Camino Real, Suite 100, Menlo Park, CA 94025 on the Closing Date. 7. Reimbursement of Underwriter’s Expenses and Company’s Registration Expenses. If the sale of the Securities provided for herein is not consummated because any condition to the obligations of the Underwriter set forth in Section 6 hereof is not satisfied, because of any termination pursuant to Section 10 hereof or because of any refusal, inability or failure on the part of the Company or the Selling Stockholder to perform any agreement herein or comply with any provision hereof other than by reason of a default by the Underwriter, the Company will reimburse the Underwriter on demand for all reasonable and documented expenses (including reasonable fees and disbursements of counsel for the Underwriter) that shall have been reasonably incurred by them in connection with the proposed purchase and sale of the Securities. If the sale of the Securities provided for herein is not consummated because of any refusal, inability or failure on the part of the Selling Stockholder to perform any agreement herein or comply with any provision hereof, the Selling Stockholder shall reimburse the Company for (i) all Registration Expenses (as defined in the Registration Rights Agreement) incurred by the Company and (ii) any amounts paid to the Underwriters by the Company under this Section 7 because of any such refusal, inability or failure on the part of the Selling Stockholder to perform any agreement herein or comply with any provision hereof. 8. Indemnification and Contribution. (a) The Company agrees to indemnify and hold harmless the Underwriter, the directors, officers, employees, affiliates and agents of the Underwriter and each person who controls the Underwriter within the meaning of either the Securities Act or the Exchange Act against any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the Securities Act, the Exchange Act or other U.S. Federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the registration statement for the registration of the Securities as originally filed or in any amendment thereof, or in any Preliminary Prospectus, or the Prospectus, or any Written Testing-the-Waters Communication or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and agrees to reimburse each such indemnified party, as incurred, for any documented legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the Company by or on behalf of the Underwriter specifically for inclusion therein."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b9"], "char_count": 3473, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0d917451bc7c853aa3519df25c5b20c8101bf895a2e04b8763500102d04796b4", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 9, "char_end": 85863, "char_start": 82390, "fragment_sha256": "725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p27", "passage_kind": "narrative", "passage_sequence": 27, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "This indemnity agreement will be in addition to any liability which the Company may otherwise have. (b) The Selling Stockholder agrees to indemnify and hold harmless the Underwriter, the directors, officers, employees, affiliates and agents of the Underwriter and each person who controls the Company or the Underwriter within the meaning of either the Securities Act or the Exchange Act to the same extent as the foregoing indemnity from the Company to the Underwriter, but only to the extent that any such untrue statement or alleged untrue statement or omission or alleged omission has been made in the documents referred to in the foregoing indemnity in reliance upon and in conformity with the Selling Stockholder Information; provided that the Selling Stockholder shall not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with the Underwriter Information. (c) The Underwriter agrees to indemnify and hold harmless the Company, each of its directors, each of its officers who signs the Registration Statement, and each person who controls the Company within the meaning of either the Securities Act or the Exchange Act and the Selling Stockholder, the directors, officers, employees, affiliates and agents of the Selling Stockholder and each person who controls the Selling Stockholder within the meaning of either the Securities Act or the Exchange Act, to the same extent as the foregoing indemnity from the Company to the Underwriter, but only with reference to written information relating to the Underwriter furnished to the Company by or on behalf of the Underwriter specifically for inclusion in the documents referred to in the foregoing indemnity. This indemnity agreement will be in addition to any liability which the Underwriter may otherwise have. The Company and the Selling Stockholder acknowledge that the statements set forth (i) in the last paragraph of the cover page regarding delivery of the Securities and, under the heading “Underwriting” (ii) the name of the Underwriter, (iii) the sentences related to concessions and reallowances and (iv) the paragraph related to stabilization, syndicate covering transactions and penalty bids in the Preliminary Prospectus and the Prospectus constitute the only information furnished in writing by or on behalf of the Underwriter for inclusion in the Preliminary Prospectus, the Prospectus or any Written Testing-the-Waters Communication (the “Underwriter Information”). Field: Page; Sequence: 18; Value: 2 (d) Promptly after receipt by an indemnified party under this Section 8 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 8, notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party (i) will not relieve it from liability under paragraph (a), (b) or (c) above unless and to the extent it did not otherwise learn of such action and such failure results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in paragraph (a), (b) or (c) above."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b9"], "char_count": 3809, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "47d8f541e61d68c03e43692066ea227df49287d5c21ab0710c7031e1e5817cd1", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 9, "char_end": 89672, "char_start": 85863, "fragment_sha256": "725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p28", "passage_kind": "narrative", "passage_sequence": 28, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "The indemnifying party shall be entitled to appoint counsel of the indemnifying party’s choice at the indemnifying party’s expense (it being understood, however, that the indemnifying party shall not be liable for the expenses of more than one separate counsel in addition to local counsel) to represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel retained by the indemnified party or parties except as set forth below); provided, however, that such counsel shall be satisfactory to the indemnified party. Notwithstanding the indemnifying party’s election to appoint counsel to represent the indemnified party in an action, the indemnified party shall have the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest, (ii) the actual or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties which are different from or additional to those available to the indemnifying party, (iii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of the institution of such action or (iv) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party. An indemnifying party will not, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified party from all liability arising out of such claim, action, suit or proceeding and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party. Field: Page; Sequence: 19; Value: 2 (e) In the event that the indemnity provided in paragraph (a), (b) or (c) of this Section 8 is unavailable to or insufficient to hold harmless an indemnified party for any reason, the Company, the Selling Stockholder and the Underwriter severally agree to contribute to the aggregate losses, claims, damages and liabilities (including legal or other expenses reasonably incurred in connection with investigating or defending the same) (collectively, “Losses”) to which the Company, the Selling Stockholder and the Underwriter may be subject in such proportion as is appropriate to reflect the relative benefits received by the Company, by the Selling Stockholder and by the Underwriter from the offering of the Securities. If the allocation provided by the immediately preceding sentence is unavailable for any reason, the Company, the Selling Stockholder and the Underwriter severally shall contribute in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Company, of the Selling Stockholder and of the Underwriter in connection with the statements or omissions which resulted in such Losses as well as any other relevant equitable considerations."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b9"], "char_count": 3264, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "2ba9a162c3c26defa8b3d3aa7b7ccceb5f2b91860ef08ac5083a49c222c0157c", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 9, "char_end": 92936, "char_start": 89672, "fragment_sha256": "725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p29", "passage_kind": "narrative", "passage_sequence": 29, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "Benefits received by the Company and by the Selling Stockholder shall be deemed to be equal to the total net proceeds from the offering (before deducting expenses) received by each of them, and benefits received by the Underwriter shall be deemed to be equal to the total underwriting discounts and commissions, in each case as set forth on the cover page of the Prospectus. Relative fault shall be determined by reference to, among other things, whether any untrue or any alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information provided by the Company, the Selling Stockholder on the one hand or the Underwriter on the other, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The Company, the Selling Stockholder and the Underwriter agree that it would not be just and equitable if contribution were determined by pro rata allocation or any other method of allocation which does not take account of the equitable considerations referred to above. Notwithstanding the provisions of this paragraph (e), in no event shall the Underwriter be required to contribute any amount in excess of the amount by which the total underwriting discounts and commissions received by the Underwriter with respect to the offering of the Securities exceeds the amount of any damages that the Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. Notwithstanding the provisions of this paragraph (e), no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 8, each person who controls the Underwriter within the meaning of either the Securities Act or the Exchange Act and each director, officer, employee, affiliate and agent of the Underwriter shall have the same rights to contribution as the Underwriter, and each person who controls the Company within the meaning of either the Securities Act or the Exchange Act, each officer of the Company who shall have signed the Registration Statement and each director of the Company shall have the same rights to contribution as the Company, subject in each case to the applicable terms and conditions of this paragraph (e). Field: Page; Sequence: 20; Value: 2 (f) The aggregate liability of the Selling Stockholder under the Selling Stockholder’s representations and warranties contained in Section 1 hereof and under the indemnity and contribution agreements contained in this Section 8 shall be limited to an amount equal to the aggregate gross proceeds (after deducting underwriting commissions and discounts but before expenses), to the Selling Stockholder from the sale of Securities sold by the Selling Stockholder hereunder. The Company and the Selling Stockholder may agree, as among themselves and without limiting the rights of the Underwriter under this Agreement, as to the respective amounts of such liability for which they each shall be responsible. 9. [Reserved]. 10. Termination."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b9"], "char_count": 3658, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "02cdaf16a5c5f6e2283d1602691e99f24b083f0a0171aca7789ea25e73e670e3", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 9, "char_end": 96594, "char_start": 92936, "fragment_sha256": "725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p30", "passage_kind": "narrative", "passage_sequence": 30, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "This Agreement shall be subject to termination in the absolute discretion of the Underwriter, by notice given to the Company prior to delivery of and payment for the Securities, if at any time prior to such delivery and payment (i) trading in the Company’s Common Stock shall have been suspended by the SEC or the Nasdaq or trading in securities generally on the Nasdaq shall have been suspended or limited or minimum prices shall have been established on such exchange, (ii) a banking moratorium shall have been declared either by Federal or New York State authorities, (iii) there shall have occurred a material disruption in commercial banking or securities settlement or clearance services or (iv) there shall have occurred any outbreak or escalation of hostilities, declaration by the United States of a national emergency or war, or other calamity or crisis the effect of which on financial markets is such as to make it, in the sole judgment of the Underwriter, impractical or inadvisable to proceed with the offering or delivery of the Securities as contemplated by the Disclosure Package or the Prospectus (exclusive of any amendment or supplement thereto). 11. Representations and Indemnities to Survive. The respective agreements, representations, warranties, indemnities and other statements of the Company or its officers, of the Selling Stockholder or of its officers and of the Underwriter set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of the Underwriter, the Selling Stockholder or the Company or any of the officers, directors, employees, agents, affiliates or controlling persons referred to in Section 8 hereof, and will survive delivery of and payment for the Securities. The provisions of Sections 7 and 8 hereof shall survive the termination or cancellation of this Agreement. 12. Notices. All communications hereunder will be in writing and effective only on receipt, and, if sent to the Underwriter, will be mailed, delivered or telefaxed to (i) Citigroup Global Markets Inc. General Counsel (fax no.: (646) 291-1469) and confirmed to the General Counsel, Citigroup Global Markets Inc., at 388 Greenwich Street, New York, New York, 10013, Attention: General Counsel, fax no.: (646) 291-1469; or, if sent to the Company, will be mailed or delivered to (i) Opendoor Technologies Inc., Carrie Wheeler, Chief Financial Officer (email: carrie@opendoor.com) and confirmed to Opendoor Technologies Inc., at 410 N. Scottsdale Road, Suite 1600, Tempe, Arizona 85281, Attention: Carrie Wheeler, Chief Financial Officer; (ii) Opendoor Technologies Inc., Vanessa Gage, VP & Interim, Head of Legal (email: legal@opendoor.com) and confirmed to Opendoor Technologies Inc., 410 N. Scottsdale Road, Suite 1600, Tempe, Arizona 85281, Attention: Vanessa Gage with a copy (which shall not constitute notice) to Latham & Watkins LLP, 555 Eleventh Street NW, Suite 1000, Washington, DC, 20004 Attention: Rachel Sheridan and Shagufa Hossain and (iii) SVF Excalibur (Cayman) Limited c/o Walkers Corporate Limited, 190 Elgin Avenue, George Town, Grand Cayman KY1-9008, Cayman Islands. Attention: Karen Ellerbe, Director (emails: Karen.Ellerbe@walkersglobal.com; WalkersSBIACaymanCoreTeam@walkersglobal.com). 13. Successors. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and the officers, directors, employees, agents and controlling persons referred to in Section 8 hereof, and no other person will have any right or obligation hereunder. Field: Page; Sequence: 21; Value: 2 14. No Fiduciary Duty."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b9"], "char_count": 3390, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "4b855d3a03269c4a9ce1be7a39461623ab38be111ef8019f633b9c5a28bca4eb", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 9, "char_end": 99984, "char_start": 96594, "fragment_sha256": "725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p31", "passage_kind": "narrative", "passage_sequence": 31, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "The Company and the Selling Stockholder hereby acknowledge that (a) the purchase and sale of the Securities pursuant to this Agreement, including without limitation the determination of the public offering price of the Securities and any interaction that the Underwriter has with the Company, the Selling Stockholder and/or their respective representatives or agents in relation thereto, is part of an arm’s-length commercial transaction between the Company and the Selling Stockholder, on the one hand, and the Underwriter and any affiliate through which it may be acting, on the other, (b) the Underwriter is acting as principal and not as an agent or fiduciary of the Company or the Selling Stockholder and, with respect to any natural person Selling Stockholder, the interactions engaged in with respect to this Agreement or the transactions contemplated hereby between the Underwriter and any such affiliates, on the one hand, and the Selling Stockholder and any such representatives or agents, on the other, will not be deemed to form a relationship with the Selling Stockholder that would require any Underwriter to treat the Selling Stockholder as a “retail customer” for purposes of Regulation Best Interest (“Reg BI”) pursuant to Rule 15l-1 of the Exchange Act, or a “retail investor” for purposes of Form CRS (“Form CRS”) pursuant to Rule 17a-14 of the Exchange Act and (c) the Company’s and Selling Stockholder’s engagement of the Underwriter in connection with the offering and the process leading up to the offering is as independent contractors and not in any other capacity. Furthermore, the Company and the Selling Stockholder agree that they are solely responsible for making their own judgments in connection with the offering and other matters addressed herein or contemplated hereby (irrespective of whether the Underwriter has advised or is currently advising the Company or the Selling Stockholder on related or other matters). The Company and the Selling Stockholder also acknowledge and agree that the Underwriter has not rendered to them any investment advisory services of any nature or respect and will not claim that the Underwriter owes any agency, fiduciary or similar duty to the Company or the Selling Stockholder, in connection with the offering and such other matters or the process leading thereto. In addition, any natural person Selling Stockholder further acknowledges and agrees that the Underwriter has not made any recommendation to it with respect to their personal circumstances in connection with the offering or such other matters or the process leading thereto and that the Underwriter has not assumed any type of obligation under Reg BI or Form CRS in respect of any natural person Selling Stockholder as a result of entry into this Agreement or the activities contemplated hereby. The Selling Stockholder further acknowledges and agrees that, although the Underwriter may provide the Selling Stockholder with certain Reg BI and Form CRS disclosures or other related documentation in connection with the offering, the Underwriter is not making a recommendation to the Selling Stockholder to participate in the offering or sell any Underwritten Securities at the purchase price set forth in Section 2 above, and nothing set forth in such disclosures or documentation is intended to suggest that any Underwriter is making such a recommendation."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b9"], "char_count": 3944, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9d4c306591d40e001789ea597db5e78f955a7d8e6428d1b0a999a812e68a5d1f", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 9, "char_end": 103928, "char_start": 99984, "fragment_sha256": "725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p32", "passage_kind": "narrative", "passage_sequence": 32, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "The Company further acknowledges and agrees that in any and all discussions with the Underwriter in connection with this Agreement and the matters contemplated hereby, that the Underwriter is providing services solely to the Company and all such employees, officers or directors of the Company engaged in such discussions are acting solely as representatives of the Company not in their individual or personal capacity as potential selling stockholder or as representatives of the Selling Stockholder, and that any view expressed or recommendation that may be deemed to be made by the Underwriter is expressed or made solely to and for the benefit of the Company. 15. Recognition of the U.S. Special Resolution Regimes. (a) In the event that the Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from the Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. (b) In the event that the Underwriter that is a Covered Entity or a BHC Act Affiliate of the Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against the Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States. As used in this Section 15, “BHC Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k); “Covered Entity” means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b), (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b) or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b); “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable; and “U.S. Special Resolution Regime” means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder. Field: Page; Sequence: 22; Value: 2 16. Integration. This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company, the Selling Stockholder and the Underwriter, or any of them, with respect to the subject matter hereof. 17. Applicable Law. This Agreement will be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed within the State of New York. 18. Jurisdiction. The Company and the Selling Stockholder agree that any suit, action or proceeding against the Company or any Selling Stockholder brought by any Underwriter, the directors, officers, employees, affiliates and agents of any Underwriter, or by any person who controls any Underwriter, arising out of or based upon this Agreement, the Registration Statement, the Prospectus or the transactions contemplated hereby or thereby (each, a “Related Proceeding”) may be instituted in any State or U.S. federal court in The City of New York and County of New York (the “Specified Courts”), and waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such courts in any suit, action or proceeding."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b9"], "char_count": 3763, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0bc1e58da8068c60d30e8fecfb5e487147ccbb2337674413a0e20033f9b4ff3f", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 9, "char_end": 107691, "char_start": 103928, "fragment_sha256": "725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p33", "passage_kind": "narrative", "passage_sequence": 33, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "To the extent that the Company and the Selling Stockholder have or hereafter may acquire any immunity (on the grounds of sovereignty or otherwise) from the jurisdiction of any court or from any legal process with respect to itself or its property, the Company and the Selling Stockholder irrevocably waive, to the fullest extent permitted by law, such immunity in respect of any such suit, action or proceeding. The Selling Stockholder hereby irrevocably appoints Walkers Corporate Limited as its agent for service of process in any Related Proceeding and agrees that service of process in any such Related Proceeding may be made upon any of such agents at the office of such agent. The Selling Stockholder waives, to the fullest extent permitted by law, any other requirements of or objections to personal jurisdiction with respect thereto. The Selling Stockholder represents and warrants that such agent has agreed to act as the Selling Stockholder’s agent for service of process, and the Selling Stockholder agrees to take any and all action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment in full force and effect. 19. Waiver of Jury Trial. The Company, the Selling Stockholder and the Underwriter hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. 20. Judgment Currency. If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder into any currency other than United States dollars, the parties hereto agree, to the fullest extent permitted by law, that the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Underwriter could purchase United States dollars with such other currency in The City of New York on the business day preceding that on which final judgment is given. The obligation of the Company or any Selling Stockholder with respect to any sum due from it to any Underwriter or any person controlling any Underwriter shall, notwithstanding any judgment in a currency other than United States dollars, not be discharged until the first business day following receipt by the Underwriter or controlling person of any sum in such other currency, and only to the extent that the Underwriter or controlling person may in accordance with normal banking procedures purchase United States dollars with such other currency. If the United States dollars so purchased are less than the sum originally due to the Underwriter or controlling person hereunder, the Company and the Selling Stockholder agree as a separate obligation and notwithstanding any such judgment, to indemnify the Underwriter or controlling person against such loss. If the United States dollars so purchased are greater than the sum originally due to the Underwriter or controlling person hereunder, the Underwriter or controlling person agrees to pay to the Company or the Selling Stockholder, as applicable, an amount equal to the excess of the dollars so purchased over the sum originally due to the Underwriter or controlling person hereunder. Field: Page; Sequence: 23; Value: 2 21. Counterparts. This Agreement may be signed in one or more counterparts, each of which shall constitute an original and all of which together shall constitute one and the same agreement. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement or any document to be signed in connection with this Agreement shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b9"], "char_count": 3999, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e9cc7232e308330c239d86da42867eeac111761f15bdd2e44834425abdfef4fa", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 9, "char_end": 111690, "char_start": 107691, "fragment_sha256": "725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p34", "passage_kind": "narrative", "passage_sequence": 34, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means. 22. Headings. The section headings used herein are for convenience only and shall not affect the construction hereof. 23. Definitions. The terms that follow, when used in this Agreement, shall have the meanings indicated. “Base Prospectus” shall mean the base prospectus referred to in Section 1(a) above contained in the Registration Statement at the Execution Time and any supplements included in the Disclosure Package. “Business Day” shall mean any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are authorized or obligated by law to close in New York City or, unless reasonably objected to by the Underwriter acting in good faith, San Francisco, California. “Disclosure Package” shall mean (i) the Base Prospectus, (ii) the Preliminary Prospectus that is generally distributed to investors and used to offer the Securities, as supplemented by the information listed on Schedule I hereto, (iii) the prospectus supplement filed on March 18, 2021, (iv) the prospectus supplement filed on April 2, 2021, (v) the prospectus supplement filed on July 30, 2021, (vi) the prospectus supplement filed on August 11, 2021, (vii) the prospectus supplement filed on August 16, 2021, (viii) the prospectus supplement filed on August 18, 2021 and (ix) the prospectus supplement filed on August 24, 2021. “Effective Date” shall mean each date and time that the Registration Statement, any post-effective amendment or amendments thereto and any Rule 462(b) Registration Statement became or becomes effective. “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. “Execution Time” shall mean the date and time that this Agreement is executed and delivered by the parties hereto. “Free Writing Prospectus” shall mean a free writing prospectus, as defined in Rule 405. “Issuer Free Writing Prospectus” shall mean an issuer free writing prospectus, as defined in Rule 433. “Preliminary Prospectus” shall mean any preliminary prospectus supplement to the Base Prospectus which is used prior to the filing of the Prospectus, together with the Base Prospectus. Field: Page; Sequence: 24; Value: 2 “Prospectus” shall mean the prospectus supplement relating to the Securities that is first filed pursuant to Rule 424(b) after the Execution Time, together with the Base Prospectus. “Registration Rights Agreement” shall mean the Amended and Restated Registration Rights Agreement, dated as of December 18, 2020, by and among the Company and the other parties thereto. “Registration Statement” shall mean the registration statement referred to in Section 1(a) above, including exhibits and financial statements and any prospectus supplement relating to the Securities that is filed with the SEC pursuant to Rule 424(b) and deemed part of such registration statement pursuant to Rule 430C, as amended at the Execution Time and, in the event any post-effective amendment thereto or any Rule 462(b) Registration Statement becomes effective prior to the Closing Date, shall also mean such registration statement as so amended or such Rule 462(b) Registration Statement, as the case may be. “Rule 158”, “Rule 163”, “Rule 164”, “Rule 172”, “Rule 405”, “Rule 415”, “Rule 424”, “Rule 430C” and “Rule 433” refer to such rules under the Securities Act."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b9"], "char_count": 603, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ae8cc2607e5ae4aa079748fe312cfae14a719aba8aae677b899c4f36fab450ab", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 9, "char_end": 112293, "char_start": 111690, "fragment_sha256": "725f88a8d1967da955c5e00892af27533081cd62a93f928931c796e64dcbe6e1", "heading_path": ["EXHIBIT 1.1", "Underwriting Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p35", "passage_kind": "narrative", "passage_sequence": 35, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s6", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "“Rule 462(b) Registration Statement” shall mean a registration statement and any amendments thereto filed pursuant to Rule 462(b) relating to the offering covered by the registration statement referred to in Section 1(a) hereof. “SEC” shall mean the Securities and Exchange Commission. “Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder. In the event that the Company has only one subsidiary, then all references herein to “subsidiaries” of the Company shall be deemed to refer to such single subsidiary, mutatis mutandis."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b58"], "char_count": 313, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e48bc7193a4b03d4c158735818de4ea79cdace6db8a032f006affc090dab1eab", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "[Signature page follows]"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 58, "char_end": 313, "char_start": 0, "fragment_sha256": "f58c43903dc92449fa38b00414ad89264b8dd6d61fe1d192eb0eb53e4cce853c", "heading_path": ["EXHIBIT 1.1", "[Signature page follows]"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p36", "passage_kind": "narrative", "passage_sequence": 36, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s7", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "Field: Page; Sequence: 25; Value: 2 If the foregoing is in accordance with your understanding of our agreement, please sign and return to us the enclosed duplicate hereof, whereupon this letter and your acceptance shall represent a binding agreement among the Company, the Selling Stockholder and the Underwriter."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b61"], "char_count": 367, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "befa67ae3513445965e14a29efc83a5b0603a060e141364c4a0e9f54c0b00031", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "[Signature page follows]"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 61, "char_end": 284, "char_start": 0, "fragment_sha256": "221b928b1d36d71decee078cbacac4e98818e7d6c59ddbb0f6cef7636a5daa06", "heading_path": ["EXHIBIT 1.1", "[Signature page follows]"], "table_index": 0, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p37", "passage_kind": "table", "passage_sequence": 37, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s7", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b61", "text": "| | | |\n| --- | --- | --- |\n| Very truly yours, | | |\n| | | |\n| OPENDOOR TECHNOLOGIES INC. | | |\n| | | |\n| By: | /s/ Carrie Wheeler | |\n| Name: | Carrie Wheeler | |\n| Title: | Chief Financial Officer | |\n| | | |\n| SVF Excalibur (Cayman) Limited | | |\n| | | |\n| By: | /s/ Karen Ellerbe | |\n| Name: | Karen Ellerbe | |\n| Title: | Director | |"} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b63"], "char_count": 158, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "67d659879235bcf096fedbe293a6118dc10349ac4705be2b59dc6f2ed545fd66", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "[Signature page to Underwriting Agreement]"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 63, "char_end": 158, "char_start": 0, "fragment_sha256": "c4852525755d4ea6c81e8a4aa9a6db46529bd7aa2eb753b3becff7e7cd6fe987", "heading_path": ["EXHIBIT 1.1", "[Signature page to Underwriting Agreement]"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p38", "passage_kind": "narrative", "passage_sequence": 38, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s8", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "Field: Page; Sequence: 26; Value: 2 The foregoing Agreement is hereby confirmed and accepted as of the date first above written. Citigroup Global Markets Inc."} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b66"], "char_count": 142, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "85e0de77738f2a6cf164118734915b29539b910b7f560f70854bcbed098ad828", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "[Signature page to Underwriting Agreement]"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 66, "char_end": 99, "char_start": 0, "fragment_sha256": "5459eecf409f915258f988ed4615feebe03aae1a36c32d4d55d90949890b681d", "heading_path": ["EXHIBIT 1.1", "[Signature page to Underwriting Agreement]"], "table_index": 1, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p39", "passage_kind": "table", "passage_sequence": 39, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s8", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b66", "text": "| | | |\n| --- | --- | --- |\n| By: | /s/ Elizabeth Milonopoulos | |\n| Name: | Elizabeth Milonopoulos | |\n| Title: | Managing Director | |"} +{"artifact_role": "ex1-01", "block_ids": ["norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#b68"], "char_count": 35, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "57a2fca64d58cba30846e646cdf60d810b93c53a18cdba5d3d613643f39cda1e", "derivation_id": "81a9d4e77cb9a231505af6d209cb5809ef34d6fc33ff8ac5b09ac4caadbca3cf", "document_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "document_type": "other", "exhibit_type": "EX-1.1", "filing_date": "2021-09-17", "filing_id": "sec:0001801169:0001104659-21-116996", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EXHIBIT 1.1", "[Signature page to Underwriting Agreement]"], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "block_sequence": 68, "char_end": 35, "char_start": 0, "fragment_sha256": "ee678d373d09c22885658ac6ec969e0e20edda71aa871dd0e16983c1aac41ab9", "heading_path": ["EXHIBIT 1.1", "[Signature page to Underwriting Agreement]"], "table_index": null, "tag_name": "span"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#p40", "passage_kind": "narrative", "passage_sequence": 40, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-09-14", "section_id": "norm:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm#s9", "source_artifact_id": "sec:0001801169:0001104659-21-116996:tm2127712d1_ex1-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000110465921116996/tm2127712d1_ex1-1.htm", "table_id": null, "text": "Field: Page; 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Emerging growth company \u2610 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o" + }, + { + "block_id": "norm:0001801169:0001801169-21-000110:open-20211004.htm#b20", + "block_sequence": 20, + "block_sha256": "a3a5f47cef070db2ab5b79acb75ccdb30051976f44c49d17876345c3760ca049", + "block_type": "heading", + "char_count": 23, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000110:open-20211004.htm", + "block_sequence": 20, + "char_end": 23, + "char_start": 0, + "fragment_sha256": "6ad4c30b01c5f7f0e66d6fac0113c736f6dd557db999a7448acabec9b8fb2eda", + "heading_path": [ + "UNITED STATES", + "Item 8.01 Other Events." + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000110:open-20211004.htm#s12", + "table": null, + "text": "Item 8.01 Other Events." + }, + { + "block_id": "norm:0001801169:0001801169-21-000110:open-20211004.htm#b21", + "block_sequence": 21, + "block_sha256": "214c722f3687bda35c5cc6046e15517bca7b9e6e195732f401d13e78bff1311f", + "block_type": "paragraph", + "char_count": 956, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000110:open-20211004.htm", + "block_sequence": 21, + "char_end": 956, + "char_start": 0, + "fragment_sha256": "06d6c5935989691a8b30e949c3ed30e6e8b6a27bbf7a2bc50414267bf4ba6aec", + "heading_path": [ + "UNITED STATES", + "Item 8.01 Other Events." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000110:open-20211004.htm#s12", + "table": null, + "text": "On October 1, 2021, a subsidiary of Opendoor Technologies Inc. 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The short answer is no - we have always been focused on making it possible to buy, sell, and move at the tap of a button. In our view, the end state for the real estate marketplace will inevitably be a simple, certain, and fast transaction powered by technology. It is just a matter of when. So we have been consistently focused on investing in that future experience, piece by piece, with the consumer in mind at every step. Our third quarter results are the byproduct of this focus on the consumer experience. We exceeded our expectations in generating $2.3 billion of revenue, acquiring 15,181 homes, and delivering $170 million of Contribution Profit and $35 million of Adjusted EBITDA. After clarity of vision and strategy comes execution and perspiration. We take great pride in doing the hard work to execute with excellence in our consumer experience, technology, business performance, and company culture. This is what sets us apart. In less than a year, we have virtualized the entire selling experience, with a third of our interior home assessments conducted via digital self-service. We have invested in our internal platform, Opendoor Scout, to efficiently manage inspections, repairs, and vendors at scale. We have evaluated over 100 new data sets as we continue to enhance our pricing accuracy. We have launched two new buyer products that our customers love. We have doubled our markets from 21 to 44. Most importantly, we have grown our customer base by an average of 90% per quarter, while delivering a delightful experience with a seller NPS of over 80. Underlying our execution is our team, one that is obsessed with the consumer experience, moving with a startup mentality, and building as one team to deliver on our vision. And we have added substantial talent to our team, including the acquisition of Pro.com and Skylight.com, which are leaders in home renovation technology, and RedDoor.com, a fully digital home financing product. When you combine clarity of vision and strategy with execution and talent, you have the opportunity to build a generational company. Eric Wu, Co-Founder & CEO Empower everyone with the freedom to move 2 A NOTE FROM ERIC Dear Shareholders, Our Mission" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b9", + "block_sequence": 9, + "block_sha256": "a727d8da9dbfbb936e6de3a4e4335a4b1ac6a3e8b5adafde88cb10e835bfce0a", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 9, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "f9dac2e8ab1182d068577852a5ccdcaa3cdf2053fa9fbbfc2d9c6fdb70ded4af", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q21opendoorsh003.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b10", + "block_sequence": 10, + "block_sha256": "e403ca098049af60d58ac1f6401ccdb4a4a22a1e63371951fb7b4539e3336ca8", + "block_type": "paragraph", + "char_count": 796, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 10, + "char_end": 796, + "char_start": 0, + "fragment_sha256": "ff045a06a637520ac7312824c004e4e2b5f12b52f7786e9ab65764dbc4f124be", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "Revenue of $2.3 billion, up 91% versus 2Q21, with 5,988 total homes sold, up 72% versus 2Q21 \u2014 GAAP gross profit of $202 million, versus $159 million in 2Q21; GAAP gross margin of 8.9%, versus 13.4% in 2Q21 \u2014 GAAP net income of ($57) million, versus ($144) million in 2Q21; Adjusted Net Income of ($17) million, versus $2 million in 2Q21 \u2014 Contribution Profit of $170 million, versus $128 million 2Q21; Contribution Margin of 7.5%, versus 10.8% in 2Q21 \u2014 Adjusted EBITDA of $35 million versus $26 million in 2Q21; Adjusted EBITDA Margin of 1.5% versus 2.2% in 2Q21 \u2014 Expanded to 44 markets at the end of 3Q21 with 5 new market launches \u2014 Purchased 15,181 homes, up 79% versus 2Q21 \u2014 Grew inventory balance to 17,164 homes, representing $6.3 billion in value, up 130% versus 2Q21 3 3Q21 Highlights" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b11", + "block_sequence": 11, + "block_sha256": "c81ffe3443e36a8ccccadea89a8ad1e9fff17d036784153867608c6b609201a8", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 11, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "bef0188ca364899876a3774a96ff5c8d2d74dcf887289f921950225ecfebfa8d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q21opendoorsh004.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b12", + "block_sequence": 12, + "block_sha256": "adaf748d2f31c0f43cd529c37c6184fb56df81aad09617d4404a231cd1a175f3", + "block_type": "paragraph", + "char_count": 1326, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 12, + "char_end": 1326, + "char_start": 0, + "fragment_sha256": "9ede513986cdd4e5535ec128367db85c171dcf5c68cf1332b814a83fad791da1", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "Meet The Botma\u2019s Tyler Botma, a homeowner in Phoenix, Arizona bought and sold his house through Opendoor. Tyler and his wife had their eye on the Litchfield Park neighborhood in greater Phoenix, for some time. For Tyler, it started with a promise made to his dad to buy a home in the area, when he was playing T-ball there at just six years old. But like millions of homeowners nationwide, the Botma\u2019s felt a lot of apprehension trying to sell their home, while also searching to buy their dream home. CUSTOMER STORY 4 That was when Tyler\u2019s brother, a loan officer, recommended he use Opendoor. The relationship between Opendoor and the Botma family started when they found out they could buy and sell all in one place. In particular, the competitive edge that Opendoor\u2019s cash-backed offer provided was incredibly valuable to Tyler given the hot housing market at the time. Throughout the process, the stress relief and value provided by Opendoor was in complete contrast to the pain they had gone through buying and selling the traditional way. Now, the Botma family is absolutely loving their dream home. \u201cYou can literally buy and sell all in one go and have the confidence of knowing you're going to sell your home and have that buying power and confidence on both ends and in getting what you're looking for.\" Tyler Botma" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b13", + "block_sequence": 13, + "block_sha256": "1197cfe36dcfe2c72caecd4a69934277029b2c348ceb70ab2aef444919da871c", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 13, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "faea9d144c6dcd4b1356d59dd71e8c1bb1a2d4b6df138eaea3647161c5da048a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q21opendoorsh005.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b14", + "block_sequence": 14, + "block_sha256": "bee056ead8ad6fb0233a74573dfdc233de798b697690d9d211693ac2bbf66167", + "block_type": "paragraph", + "char_count": 1967, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 14, + "char_end": 1967, + "char_start": 0, + "fragment_sha256": "07d6073392ee49e5ad65c7b559869395257c85150151b2b36c550a9906f61ac6", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "5 Our three key areas of investment remain unchanged. First, we are driving market share growth in our existing markets\u2014greater scale improves awareness, trust and adoption, operational cost efficiencies, and pricing accuracy from more data. Second, we are focused on expanding nationwide, which will in turn build national brand awareness, and expand our diversified inventory portfolio across a greater variety of markets. Third, we are continuing to build a digital one-stop-shop, which enables us to digitize and bundle a suite of services together to deliver the best experience at lower costs. EXISTING MARKET GROWTH In executing against our goal to drive existing market growth, we have seen material gains in the adoption of Opendoor. This is driven by rising consumer awareness, expanded buybox coverage, and our investments in scalable systems that meet consumer demand. In terms of consumer awareness and buybox coverage, we grew acquisition volume 79% quarter-over-quarter to a total of 15,181 homes, with record offers and real seller conversion. Expansions in our buybox since the end of 2019 drove 45% of our acquisitions in the third quarter, powered by the strategic investments we are making in our pricing systems, and data and pricing teams. Our investments in scalability have also been paying dividends. We made enhancements to the seller experience by further streamlining the home assessment process prior to finalizing a seller offer. Customer adoption of our self-serve virtual assessments has increased to 35%, driven by the speed and convenience of this feature. Our data and machine learning systems are improving accuracy with minimal human intervention. We have centralized the review of all our virtual home assessments, vendor sourcing, and vendor management, driving increased operational flexibility and consistency across markets. 3Q21 Homes Acquired 15,181 799 2,016 3,594 8,494 15,181 3Q20 4Q20 1Q21 2Q21 3Q21 Business Highlights" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b15", + "block_sequence": 15, + "block_sha256": "f4e9a3e07144143f6902bc0fc075c5fd3aedaa56294961824f13a7473ba228c0", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 15, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "4e70d319005291ad429b585543fbd624e22071aadbecdaba953962467acec522", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q21opendoorsh006.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b16", + "block_sequence": 16, + "block_sha256": "19103464e954cd84a212f8623b280c35ae5a723369f8cc78baa9f096c41d5bc0", + "block_type": "paragraph", + "char_count": 1696, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 16, + "char_end": 1696, + "char_start": 0, + "fragment_sha256": "4af4f55f687ffb9bbd27e730613119053d91c18a574a22e29128f7c429fb1f3b", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "As we have scaled from 8,000 homes to nearly 17,200 homes in inventory quarter-over-quarter, we have not been immune to the trade labor constraints impacting the real estate industry. Our ability to continue to drive growth and strong economics is a testament to the efficiencies of our technology and operational systems. Underlying this performance is our internal platform, Opendoor Scout, which drives efficiencies and automation across all home servicing functions, tying inspections, pricing, scoping, and operations execution together. This enables us to leverage a wider pool of labor, while maintaining high-quality work and reducing costs. These are key components of our ability to increase the number of customers we can serve. NEW MARKET EXPANSION Our mission to empower everyone with the freedom to move means expanding our presence to all markets nationwide. We continued to make progress as we launched another 5 new markets in the third quarter, bringing our total footprint to 44 markets as of today, more than doubling our market count year to date. With our rapid expansion, we are already seeing the benefits of greater national scale in driving awareness, reducing our cost structure, and ensuring we have a diversified portfolio across multiple markets. As we focus on execution in the 23 new markets that we launched this year - collecting and ingesting more market-level data, building on our pricing accuracy and operational capacity - we are also laying the groundwork for our expansion roadmap next year. We are well on our way to our long-term goal of being able to deliver for customers nationwide. 6 Business Highlights 3Q21 Markets Launched 5 3Q21 Total Markets 44" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b17", + "block_sequence": 17, + "block_sha256": "f024efe00ee2d2d51a95960c1c2357cb0d4599db5cd95cbb486522f56b6bec6c", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 17, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "7f25218dd2be39fbbc86957d2c4edbda79e1732dcaa351f55b4b42fe459c1875", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q21opendoorsh007.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b18", + "block_sequence": 18, + "block_sha256": "f7f30fee9d36687742517dd7b35bd667bf2a144ed5649538dd6549cdabda6a5d", + "block_type": "paragraph", + "char_count": 1247, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 18, + "char_end": 1247, + "char_start": 0, + "fragment_sha256": "480c740575868ed173ee3daf7f1e0b5711be7f7cfeff2ef6ab82879da6120e11", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "DIGITAL, END-TO-END EXPERIENCE Over the past seven years, we have: built a best-in-class pricing algorithm to give homeowners more certainty of their equity; built products and technology to automate the selling process; integrated title and escrow to remove multiple points of contact; launched Buy with Opendoor to make buying simple, certain, and fast; and launched Opendoor Home Loans and Opendoor Backed Offers to help buyers win the home of their dreams. We have established a track record of building superior products by leveraging the investments we have made in our technology and operational platform. Last week, we launched Opendoor Complete, which brings together all of our products and services into a single, streamlined experience so customers can move seamlessly. Opendoor Complete provides customers certainty and access to the equity in their home, the power to make a stronger offer on their next home with Opendoor\u2019s cash backing, and the ability to line up close dates and avoid double moves or mortgages. This is the integrated experience homeowners have been craving and brings us another step closer to making it possible to buy, sell and move at the tap of a button with Opendoor. 7 Business Highlights Opendoor Complete" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b19", + "block_sequence": 19, + "block_sha256": "750e79de942296c946735b8ff56cd58c9c5c00bb702d8de3688ca8821ad048f9", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 19, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "a40f8bcf8eafaef204e62bc45a9ef4712b8a21e26c6fcae39ab5704d50b97140", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q21opendoorsh008.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b20", + "block_sequence": 20, + "block_sha256": "244f35bfe869204f91849fcc7562ec2bf65c94c26299f270c9c7fd7c10908774", + "block_type": "paragraph", + "char_count": 1869, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 20, + "char_end": 1869, + "char_start": 0, + "fragment_sha256": "388096768c0343ac80b1e612410a48df6d209bda6d2963824d66761deec12578", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "Our financial goal is to drive rapid growth at scale with strong unit economics, setting us up for long-term profitability. This is demonstrated by our third quarter results, as we continued to outperform expectations. As a reminder, given the impact of COVID-19 on our results in 2020, we believe quarter-over-quarter comparisons better reflect our underlying growth trends. GROWTH We purchased 15,181 homes in the third quarter, up 79% versus 2Q21, which was our prior all-time high. This significant increase in acquisition volume was driven by our superior value proposition and strong pricing and operational capabilities, which led to record levels of offers and real seller conversion. On the resale front, we sold 5,988 homes in 3Q21, up 72% versus 2Q21. The increase in homes sold was due to higher inventory levels and high transaction velocity in a supply-constrained market. Overall demand for our homes continued to be strong, leading to faster sell-through rates than we had initially expected. Revenue was $2.3 billion in 3Q21, up 91% quarter-over-quarter. The vast majority of this increase was driven by strong unit growth, with tailwinds from home price appreciation and price-related buybox gains driving a sequential increase in revenue per home sold of 11%. Revenue exceeded our prior expectations primarily due to faster sell-through rates, higher average prices, and stronger-than-anticipated acquisition volumes in 3Q21. As of September 30, 2021, we had 17,164 homes on our balance sheet, representing $6,268 million in value. Our inventory balance grew 130% from the end of 2Q21, driven by the aforementioned strong growth in home acquisition volumes. 8 Financial Highlights $339 $249 $747 $1,185 $2,266($ in millions) 3Q21 Revenue $2.3 billion 3Q21 Homes Sold 5,988 3Q20 4Q20 1Q21 2Q21 3Q21 1,232 849 2,462 3,481 5,988 3Q20 4Q20 1Q21 2Q21 3Q21" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b21", + "block_sequence": 21, + "block_sha256": "b431fb9970bc89baa66ab2e4a4fafe9412f1fdb4118a1e1ffaab04a6e2951668", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 21, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "7f3213860e6d2053602f58b6173b4aef8fabce6252551bb7ab000ef53f43a937", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q21opendoorsh009.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b22", + "block_sequence": 22, + "block_sha256": "de0b2e4ef1dae5c593bceb19b7e9ac4639fa54b008d4245b7894870e24087f4f", + "block_type": "paragraph", + "char_count": 2105, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 22, + "char_end": 2105, + "char_start": 0, + "fragment_sha256": "1bf4c7f5f5f710b3d38847f2463a89cebcc6ffbdbda852684585688cbf1b89fa", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "UNIT ECONOMICS Our unit margins moderated sequentially, as we expected and in-line with what we have been guiding to for the second half of 2021. GAAP gross profit was $202 million and 8.9% of revenue, versus $159 million and 13.4% of revenue in 2Q21. Adjusted Gross Profit was $234 million and 10.3% of revenue, versus $160 million and 13.5% of revenue in 2Q21. Contribution Profit, which accounts for the direct selling and holding costs incurred on the homes sold during the quarter, was $170 million in 3Q21, up 33% versus 2Q21. Contribution Margin, which we view as an important measure of unit economics associated with a specific resale cohort, was 7.5% versus 10.8% in 2Q21. The sequential moderation in Contribution Margin reflects trends we have previously discussed: the normalization of our resale mix as inventory is no longer over-indexed to recently acquired homes, and our improved underwriting accuracy relative to market home price appreciation (HPA). We expect both of these dynamics to carry through to 4Q21, leading to a further moderation in Contribution Margins to the mid-single digit range. We are confident in our ability to manage to Contribution Margins of 4 to 6%1 on a sustained, annual basis, driven by our cost structure and the strength of our pricing and operational capabilities. Longer-term, we continue to expect Contribution Margin to be in the range of 7 to 9%1, as the penetration of higher-margin services increases over time. 9 Financial Highlights 3Q21 Gross Margin 8.9% 3Q21 Contribution Margin 7.5% 1. Opendoor has not provided a quantitative reconciliation of forecasted Contribution Profit or Contribution Margin to forecasted Gross Profit or Gross Margin, respectively, within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate inventory impairment. This item, which could materially affect the computation of forward-looking Gross Profit, is inherently uncertain and depends on various factors, some of which are outside of the Company\u2019s control. Consecutive Quarters of Positive Contribution Margin 19" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b23", + "block_sequence": 23, + "block_sha256": "df1733d6e40c3f22f6904fc3c7c0a75d8fc64a70aa83020c5480fec464a25894", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 23, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "5d90ee03514d2422b1fa70daccaef983e269b7fbebc5c1a26b79bf469d7ca900", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q21opendoorsh010.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b24", + "block_sequence": 24, + "block_sha256": "bc2a791ab899a6f37142d9018c520c6cdb8600f098b55879302ae53a20d02e78", + "block_type": "paragraph", + "char_count": 2048, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 24, + "char_end": 2048, + "char_start": 0, + "fragment_sha256": "c502cc98a0a0357944abf2426f59cec8a6d7cca68c0aa5d23ea5959a97abdbbf", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "10 NET INCOME AND ADJUSTED EBITDA GAAP net income was ($57) million in 3Q21 versus ($144) million in 2Q21. As a percent of revenue, GAAP net income was (2.5%) versus (12.2%) in 2Q21. GAAP net income was impacted by stock-based compensation (SBC) expense of approximately $62 million in Q3Q21. We expect approximately $75 million of SBC expense in Q4. Adjusted Net Income was ($17) million or (0.8%) of revenue in 3Q21, versus $2 million or 0.2% of revenue in 2Q21. We view Adjusted Net Income as a good proxy for normalized free cash flow, as it isolates the operating performance of our business from temporary swings in home inventory that are primarily funded through non-recourse debt facilities. Adjusted EBITDA was $35 million, compared to $26 million in 2Q21. As a percentage of revenue, Adjusted EBITDA was 1.5% in 3Q21 versus 2.2% in 2Q21. Adjusted EBITDA exceeded our expectations due to revenue out-performance and strong unit economics, both of which provided incremental leverage against our operating expense base. BALANCE SHEET ITEMS We ended the quarter with $1.8 billion in cash, cash equivalents, and marketable securities, as well as $484 million in restricted cash that reflects the working capital associated with our home financing. Early in the third quarter, we completed our first convertible note offering, raising approximately $953 million in proceeds. As of today, we have more than doubled our maximum borrowing capacity from 2Q21, to $9.6 billion across our non-recourse, asset-backed facilities, on substantially similar financial terms as our previous facilities. This significant expansion in financing capacity is in response to the increasing demand we have been experiencing, and demonstrates the benefit of our strong, long-term relationships with a diversified lender base. We are well capitalized to fuel the tremendous growth across our business, and we feel confident in our ability to continue to scale our balance sheet to finance our home purchases. Financial Highlights 3Q21 Adjusted EBITDA $35 million" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b25", + "block_sequence": 25, + "block_sha256": "9f816d04c7e7e146d393342be43117beb2cda445ed6470867c32ad90296ec3e3", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 25, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "63ad68d38e2dfc9e0b8a051073c0499ddaa2d17d21ea4155eeaa07ba7e29b6b2", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q21opendoorsh011.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b26", + "block_sequence": 26, + "block_sha256": "34501e05740c12ce73a3381bfbf3fb4f860571147e409c0e1d80b9387f8e3d29", + "block_type": "paragraph", + "char_count": 3120, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 26, + "char_end": 3120, + "char_start": 0, + "fragment_sha256": "c9f5ec2cc7b046dd1d7dbfdf89e8791cb9b4d99afdc72a15a0ebf8cf4c61d6cf", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "4Q21 Guidance 11 We continue to see strong consumer demand and are reiterating the expectations that we laid out last quarter, effectively pulling forward our original three-year financial plan by two years. Overall, housing fundamentals remain strong, with inventory levels at multi-decade lows for this time of year, alongside continued heightened demand for single family housing. Accelerating adoption of the Opendoor solution is clearly reflected in our 3Q21 acquisition volume of over 15,000 homes, which represents an annualized acquisition GMV of well over $20 billion. That said, we are not immune to the labor and trade shortages affecting the housing industry, especially in the context of volume performance that is running significantly ahead of our internal plans. We are managing through these market constraints, where applicable, by leveraging our scale and diversified geographic footprint to make tradeoffs across the portfolio and continue to meet our overall financial and operating objectives. To that end, we deliberately moderated the pace of acquisitions as we exited 3Q21 in order to manage systemwide capacity and ensure that we can continue to deliver a seamless customer experience. As such, we expect our 4Q21 acquisition volumes to be lower than our 3Q21 results due to proactive volume management, as well as typical seasonality slowdown associated with the fourth quarter. We are investing aggressively in our internal operations, vendor network, and tooling and automation to lay the foundation for another very strong year of growth in 2022. In terms of resales, we expect our fourth quarter revenue to be between $3.1 billion and $3.2 billion, which represents 39% sequential growth over 3Q21 at the midpoint of the expected range. We expect Adjusted EBITDA in the range of ($5) million to $5 million, which represents breakeven margin at the midpoint of this range. This outlook is consistent with the expectations we outlined last quarter, even with the aforementioned market dynamics. We believe this is a testament to our team\u2019s agility in navigating changing market conditions in a period of hyper growth, and our unwavering focus on our customers so that we can consistently deliver a simple, certain, and trusted experience at scale. 4Q21 Adjusted EBITDA1 Guidance ($5)\u2013$5 million 4Q21 Adjusted EBITDA Margin1 Guidance (0.2%)\u20130.2% 4Q21 Revenue Guidance $3.1\u2013$3.2 billion 1. Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA or Adjusted EBITDA Margin to forecasted GAAP net income (loss) or GAAP net Income (Loss) Margin, respectively, within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory impairment and stock-based compensation with respect to future grants and forfeitures. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company\u2019s control." + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b27", + "block_sequence": 27, + "block_sha256": "37e38dcb0e5f5c92dbc02060de68832b9a3446a0aea946bc747c385b6f37f812", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 27, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "511d13c9300b46bafcae28e1f610343d5e698ad2660a2f4e157ec4606a9ce885", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q21opendoorsh012.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b28", + "block_sequence": 28, + "block_sha256": "68f1401dbd58c9ae9d92264decc6702529a0419e29bb7bb4af2fc63dd4fa7622", + "block_type": "paragraph", + "char_count": 489, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 28, + "char_end": 489, + "char_start": 0, + "fragment_sha256": "a77c5169658ea21534f7f88180cdd6b1c9ed100008d9a86a0324c89ff04da569", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "Eric Wu, Co-Founder & CEO Carrie Wheeler, CFO CONFERENCE CALL INFORMATION Opendoor will host a conference call to discuss its financial results on November 10, 2021 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. November 10, 2021 at 2 p.m. PT investor.opendoor.com LIVE WEBCAST 12Raleigh-Durham, NC" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b29", + "block_sequence": 29, + "block_sha256": "5e27826dcf868055a5b22c0713913a98c728489271d4babfbba4771050806c4b", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 29, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "8d2f1928b4231b72797d52122fbb286bc6456f244530c1a16bbf67e777408134", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q21opendoorsh013.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b30", + "block_sequence": 30, + "block_sha256": "725c44b5db09fea1cf5a9919c0ee7602ba243a6bd2f4236e58f75160215f4820", + "block_type": "paragraph", + "char_count": 68, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 30, + "char_end": 68, + "char_start": 0, + "fragment_sha256": "0d282019ef61000a7027912ef8d266468d6f6037dac282ae0f5b619033dcffbb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "/ OpendoorHQ / Opendoor Company / Opendoor-com investor.opendoor.com" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b31", + "block_sequence": 31, + "block_sha256": "33a28adab9ebfa3881802125877d5ec916890955afd81a191a240518154d0401", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 31, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "92e17bab53b91921b1357e299836c335f6b73c18c0c5e0b98dbea37168a5ffbb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q21opendoorsh014.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b32", + "block_sequence": 32, + "block_sha256": "2c63f1d7ff27e1d33b27f30c0f9e95bf7c41948cd6f97c20788fda0ea9744012", + "block_type": "paragraph", + "char_count": 33, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 32, + "char_end": 33, + "char_start": 0, + "fragment_sha256": "55d6e3e3fd8bd50d9f47dbea2357b224e23bd6f8bc3dc43551d2094ed12484e8", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "14 Definitions & Financial Tables" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b33", + "block_sequence": 33, + "block_sha256": "17882f13f15dccb9e4a356cf610152bd212c4436217c42639ea091dcb34a4e0b", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 33, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "46ffcfd8eb0b5bc9a9f20e46e003daf1582b9aaff0de85b0d8bd526d2ca2aa97", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q21opendoorsh015.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b34", + "block_sequence": 34, + "block_sha256": "85802492e762ae7a99714500c550ada3556f26b8da6c4caf349702fe0ac7ad49", + "block_type": "paragraph", + "char_count": 3099, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 34, + "char_end": 3099, + "char_start": 0, + "fragment_sha256": "fecf3c02b089b25f30be4274049c031ff45614f4261b8a755fed7e58aaef6c8e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "This shareholder letter contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our financial condition, anticipated financial performance, business strategy and plans, market opportunity and expansion and objectives of management for future operations. These forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cwill\u201d, or \u201cwould\u201d, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this shareholder letter, including but not limited to our public securities\u2019 potential liquidity and trading; our ability to raise financing in the future; our success in retaining or recruiting, or changes required in, our officers, key employees or directors; the impact of the regulatory environment and complexities with compliance related to such environment; our ability to remediate our material weaknesses; various factors relating to our business, operations and financial performance, including, but not limited to, the impact of the COVID-19 pandemic on our ability to grow market share; our ability to respond to general economic conditions, and the health of the U.S. residential real estate industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \"Risk Factors\" in our annual report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on March 4, 2021, as updated by our quarterly report on Form 10-Q for the quarterly periods ended March 31, 2021, June 30, 2021, and September 30, 2021, and our other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 15 Forward-Looking Statements" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b35", + "block_sequence": 35, + "block_sha256": "5f57c231688d296c424d6cc8a1b356e0dfba769b13b087350fa7d667f136f9ef", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 35, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "bbe9f951fecf074122b7a9593d4ce0a493f64f87e72bf28b0e28888e383c1793", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q21opendoorsh016.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b36", + "block_sequence": 36, + "block_sha256": "7c850902e89dc05528a702be7beae667d0255e8a3bf44471f1d5146f8c50452b", + "block_type": "paragraph", + "char_count": 3751, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 36, + "char_end": 3751, + "char_start": 0, + "fragment_sha256": "6de4b571b274d103b111ace37e6487c30afc5c7fc0b8f1d86265b253c1fd2ce2", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company\u2019s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit, Contribution Profit After Interest, Adjusted Net (Loss) Income, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest, which are non-GAAP financial measures. We believe that Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance in our key markets. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Contribution Profit After Interest further impacts gross profit by including senior interest costs attributable to homes sold during a reporting period. We believe these measures facilitate meaningful period over period comparisons and illustrate our ability to generate returns on assets sold after considering the costs directly related to the assets sold in a given period. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. These measures also exclude the impact of certain restructuring costs that are required under GAAP. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit. 16 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b37", + "block_sequence": 37, + "block_sha256": "c76f0d4ea2f4ed27b1931c96d2d5f538c09aeb803a2c9ad49ed535c34efa9374", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 37, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "0ec448b328e99a6206406c660bb306d9bfa8588ec01562a45ae464699d2f69d8", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q21opendoorsh017.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b38", + "block_sequence": 38, + "block_sha256": "33f60288c4a9eff22036fb545eb3d69f672c86e778ccb9aab2449d04c2cd6476", + "block_type": "paragraph", + "char_count": 3160, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 38, + "char_end": 3160, + "char_start": 0, + "fragment_sha256": "289c03b408eca343417c6828a869bb6dbde29d9995b9c815e1826c240454c138", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "Adjusted Gross Profit / Margin We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory impairment in the current period, (2) inventory impairment in prior periods, and (3) restructuring in cost of revenue. Inventory impairment in the current period is calculated by adding back the inventory impairment charges recorded during the period on homes that remain in inventory at period end. Inventory impairment in prior periods is calculated by subtracting the inventory impairment charges recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution Profit / Margin We calculate Contribution Profit as Adjusted Gross Profit, minus (1) holding costs incurred in the current period on homes sold during the period, (2) holding costs incurred in prior periods on homes sold in the current period, and (3) direct selling costs incurred on homes sold during the current period. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflows directly associated with a specific resale cohort. Contribution Profit / Margin After Interest We define Contribution Profit After Interest as Contribution Profit, minus interest expense under our senior credit facilities incurred on the homes sold during the period. This may include interest expense recorded in periods prior to the period in which the sale occurred. Our senior credit facilities are secured by our homes in inventory. For our senior revolving credit facilities, drawdowns are made on a per-home basis at the time of purchase and are required to be repaid at the time the homes are sold. We do not include interest expense associated with our mezzanine debt facilities in this calculation. We use a mix of debt and equity capital to finance our inventory and that mix will vary over time. In addition, we expect to continue to evolve our cost of financing as we include other debt sources beyond mezzanine capital. As such, we do not view our current mezzanine interest expense to be reflective of our long-term cost of financing. Contribution Margin After Interest is Contribution Profit After Interest as a percentage of revenue. We view this metric as an important measure of business performance. Contribution Profit After Interest helps management assess Contribution Margin performance, per above, when burdened with senior cost of financing. 17 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b39", + "block_sequence": 39, + "block_sha256": "47f8c77a8d075d54e3ff2e95cba3a04ff6c9af3af863021727328bd8f451adbe", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 39, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "e258e5fdf212972f0b3f52f9ef03372b249e86b6ae3e019e54617860a52b4421", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q21opendoorsh018.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b40", + "block_sequence": 40, + "block_sha256": "bb6c050acc79fd03dc40161ef4507050d3c095d6ae596cfeb881b557019b9dee", + "block_type": "paragraph", + "char_count": 2804, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 40, + "char_end": 2804, + "char_start": 0, + "fragment_sha256": "ee32ef2a9b28dde8f2a8c08752439f2a8284d0fd465e4d08c31852e2f708d318", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "Adjusted Net (Loss) Income and Adjusted EBITDA We also present Adjusted Net (Loss) Income and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations or not aligned to related revenue. Adjusted Net (Loss) Income and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include impairment costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, impairment costs required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss. We calculate Adjusted Net (Loss) Income as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, marketable equity securities fair value adjustment, derivative and warrant fair value adjustment, intangible amortization, and payroll tax on initial RSU release. It also excludes non-recurring restructuring charges, gain on lease termination, and convertible note payment-in-kind (\u201cPIK\u201d) interest and issuance discount amortization. Adjusted Net (Loss) Income also aligns the timing of impairment charges recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net (Loss) Income does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net (Loss) Income adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. 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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) 19" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b43", + "block_sequence": 43, + "block_sha256": "fd001359590ae00f3fd84e30965fac2056267ea461899cda2e955eed5831c14f", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 43, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "864fe40ae3b3e2b9ce90936fe4c538fc6541913a5c2e815afe2bd0e068cfa37e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q21opendoorsh020.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b44", + "block_sequence": 44, + "block_sha256": "e5eb8f7d48e3880055f4b43265a7b9d38180699aa4a847be4354d45d19f926ba", + "block_type": "paragraph", + "char_count": 1825, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 44, + "char_end": 1825, + "char_start": 0, + "fragment_sha256": "71af3b60aed52698ec0a94e17259651179b25568dbe928e91d8a42251636b3ca", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) (Unaudited) 20 September 30, 2021 December 31, 2020 ASSETS CURRENT ASSETS: Cash and cash equivalents $1,358,775 $1,412,665 Restricted cash 484,476 92,863 Marketable securities 481,051 47,637 Mortgage loans held for sale pledged under agreements to repurchase 22,858 7,529 Escrow receivable 121,394 1,494 Real estate inventory, net 6,268,081 465,936 Other current assets ($616 and $373 carried at fair value) 84,365 24,987 Total current assets 8,821,000 2,053,111 PROPERTY AND EQUIPMENT \u2013 Net 38,321 29,228 RIGHT OF USE ASSETS 43,800 49,517 GOODWILL 47,158 30,945 INTANGIBLES \u2013 Net 11,494 8,684 OTHER ASSETS ($5,100 and $0 carried at fair value) 6,842 4,097 TOTAL ASSETS $8,968,615 $2,175,582 LIABILITIES AND SHAREHOLDERS\u2019 EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $156,030 $25,270 Non-recourse asset-backed debt - current portion 4,049,812 339,173 Other secured borrowings 19,728 7,149 Interest payable 9,746 1,081 Lease liabilities - current portion 4,637 20,716 Total current liabilities 4,239,953 393,389 NON-RECOURSE ASSET-BACKED DEBT \u2013 Net of current portion 1,367,989 135,467 CONVERTIBLE SENIOR NOTES 952,415 - WARRANT LIABILITIES - 47,349 LEASE LIABILITIES \u2013 Net of current portion 43,073 46,625 OTHER LIABILITIES 2,324 94 TOTAL LIABILITIES 6,605,754 622,924 SHAREHOLDERS\u2019 EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 60 54 607,215,233 and 540,714,692 shares issued and outstanding, respectively Additional paid-in capital 3,877,418 2,596,012 Accumulated deficit (1,514,509) (1,043,449) Accumulated other comprehensive (loss) income (108) 41 Total shareholders\u2019 equity 2,362,861 1,552,658 TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY $8,968,615 $2,175,582" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b45", + "block_sequence": 45, + "block_sha256": "052eba12303581f7a3bda70ae68fec4294b0094853adbd70a571478d80681fe5", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 45, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "d5673e7eb1f9197e02e3eb85e1b66c2cebdf795aa7f504e3e36dd1c8b66f3da6", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q21opendoorsh021.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b46", + "block_sequence": 46, + "block_sha256": "82d50c5883f0e06dddc690780a95bdcd38d664165bb81ff1dc8e02105b805b7a", + "block_type": "paragraph", + "char_count": 3478, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 46, + "char_end": 3478, + "char_start": 0, + "fragment_sha256": "694092ec0e8526ef669a79e72bdabc290d34bae615671db0380343e7d5fc408d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) 21 Nine Months Ended September 30, 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss (471,060) (198,968) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: Depreciation and amortization \u2013 net of accretion 26,551 31,114 Amortization of right of use asset 6,055 22,008 Impairment of software development costs 3,227 - Stock-based compensation 465,059 9,162 Derivative and warrant fair value adjustment (12,179) 1,901 Gain on settlement of lease liabilities (5,237) - Inventory valuation adjustment 32,602 7,517 Changes in fair value of derivative instruments (243) 22,568 Changes in fair value of marketable equity securities (51,013) - Payment-in-kind interest - 3,910 Dividend-in-kind 264 - Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale (3,144) (2,131) Origination of mortgage loans held for sale (153,789) (88,098) Proceeds from sale and principal collections of mortgage loans held for sale 141,624 78,360 Changes in operating assets and liabilities: Escrow receivable (119,900) 11,241 Real estate inventories (5,805,802) 1,146,798 Other assets (50,202) 793 Accounts payable and other accrued liabilities 102,310 3,355 Interest payable 3,183 (2,530) Lease liabilities (11,864) (9,646) Net cash (used in) provided by operating activities (5,903,558) 1,037,354 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (22,878) (12,068) Purchase of intangible assets (790) - Purchase of marketable securities (458,585) (174,530) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 85,638 135,778 Purchase of non-marketable equity securities (15,100) - Acquisitions, net of cash acquired (20,110) - Net cash used in investing activities (431,825) (50,820) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of convertible senior notes, net of issuance costs 953,066 - Purchase of capped calls related to the convertible senior notes (118,766) - Proceeds from exercise of stock options 11,268 1,078 Proceeds from warrant exercise 22,402 - Proceeds from the February 2021 Offering 886,067 - Issuance cost of common stock (28,876) - Proceeds from non-recourse asset-backed debt 7,782,076 912,082 Principal payments on non-recourse asset-backed debt (2,837,436) (1,949,165) Proceeds from other secured borrowings 150,748 85,996 Principal payments on other secured borrowings (138,169) (74,720) Payment of loan origination fees and debt issuance costs (9,274) (3,068) Net cash provided by (used in) financing activities 6,673,106 (1,027,797) NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 337,723 (41,263) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 Beginning of period 1,505,528 684,822 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 End of period $1,843,251 $643,559 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION \u2013 Cash paid during the period for interest 57,151 47,977 DISCLOSURES OF NONCASH FINANCING ACTIVITIES: Issuance of issuer stock rights in extinguishment of the 2019 Convertible Notes - 212,940 Issuance of common stock in extinguishment of warrant liabilities (35,170) - RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents 1,358,775 469,365 Restricted cash 484,476 174,194 Cash, cash equivalents, and restricted cash $1,843,251 $643,559" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b47", + "block_sequence": 47, + "block_sha256": "e4190289e49dcdc9c55b34c48787a23fdae495680df427705692046686cad992", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 47, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "82bad36b2df983e1e085ea91048fa8e29c68f43a0e4c76b5d80e0d72fbc2ad7d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q21opendoorsh022.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b48", + "block_sequence": 48, + "block_sha256": "d1f726b6175c2d22a4a148e517700c8c630a31a94eda0bcdddc855355428cdc4", + "block_type": "paragraph", + "char_count": 1704, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", + "block_sequence": 48, + "char_end": 1704, + "char_start": 0, + "fragment_sha256": "b712f3de8ded949d0eccb16ee5c9d335709eeb752b7d72afcb8561c5206db966", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT, CONTRIBUTION PROFIT AND CONTRIBUTION PROFIT AFTER INTEREST TO OUR GROSS PROFIT 22 1. Inventory impairment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. 2. Inventory impairment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. 3. Restructuring in cost of revenue consists mainly of severance and employee termination benefits that were recorded to cost of revenue due to a reduction in workforce in Q2 2020 following the outbreak of the COVID-19 pandemic. 4. Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. 5. Holding costs include mainly property taxes, insurance, utilities, association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the condensed consolidated statements of operations. 6. Represents holding costs incurred in the period presented on homes sold in the period presented. 7. Represents holding costs incurred in prior periods on homes sold in the period presented. 8. This does not include interest on mezzanine term debt facilities or other indebtedness. 9. Represents the interest expense under our senior credit facilities incurred on homes sold in the current period during the period. 10. 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Represents the gains and losses on our financial instruments, which are marked to fair value at the end of each period. 2. Represents amortization of intangibles acquired in the OSN and Open Listings acquisitions which contribute to revenue generation and are recorded as part of purchase accounting. The acquired intangible assets have useful lives ranging from 2 to 5 years and amortization is expected until the intangible assets are fully amortized. 3. Inventory impairment \u2014 Current Period is the inventory impairment charge recorded during the period presented associated with homes that remain in inventory at period end. 4. Inventory impairment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. 5. Restructuring costs consist mainly of employee termination benefits, relocation packages and retention bonuses as well as costs related to the exiting of certain non-cancelable leases. In 2020, these costs related mainly to a reduction in workforce implemented in April 2020 as well as our exercise of the early termination option related to our San Francisco headquarters. 6. Includes non-cash payment-in-kind (\u201cPIK\u201d) interest and amortization of the discount on the convertible notes issued from July through November 2019 (the \"2019 Convertible Notes\"). We exclude convertible note PIK interest and amortization from Adjusted Net (Loss) Income since these are non-cash in nature and were converted into equity in September 2020 when the Company entered into the Convertible Notes Exchange Agreement with the convertible note holders. 7. Includes primarily gain or loss on disposal of fixed assets, gain or loss on interest rate lock commitments, gain or loss on the sale of available for sale securities, accrued legal matters, and sublease income. 8. Includes interest expense on our asset-backed debt facilities. 9. Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, and interest expense incurred on the 2026 convertible senior notes outstanding. 10. Consists mainly of interest earned on cash, cash equivalents and marketable securities. OPENDOOR TECHNOLOGIES INC. 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["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#p1", "passage_kind": "narrative", "passage_sequence": 1, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-11-10", "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/exhibit9923q21opendoorsh.htm", "table_id": null, "text": "Document generated by Workiva Inc exhibit9923q21opendoorsh\n\nLetter to Shareholders Opendoor Southern CA Market 3Q21 Exhibit 99.2\n\nOver the years, I am often asked whether our vision and strategy has changed. The short answer is no - we have always been focused on making it possible to buy, sell, and move at the tap of a button. In our view, the end state for the real estate marketplace will inevitably be a simple, certain, and fast transaction powered by technology. It is just a matter of when. So we have been consistently focused on investing in that future experience, piece by piece, with the consumer in mind at every step. Our third quarter results are the byproduct of this focus on the consumer experience. We exceeded our expectations in generating $2.3 billion of revenue, acquiring 15,181 homes, and delivering $170 million of Contribution Profit and $35 million of Adjusted EBITDA. After clarity of vision and strategy comes execution and perspiration. We take great pride in doing the hard work to execute with excellence in our consumer experience, technology, business performance, and company culture. This is what sets us apart. In less than a year, we have virtualized the entire selling experience, with a third of our interior home assessments conducted via digital self-service. We have invested in our internal platform, Opendoor Scout, to efficiently manage inspections, repairs, and vendors at scale. We have evaluated over 100 new data sets as we continue to enhance our pricing accuracy. We have launched two new buyer products that our customers love. We have doubled our markets from 21 to 44. Most importantly, we have grown our customer base by an average of 90% per quarter, while delivering a delightful experience with a seller NPS of over 80. Underlying our execution is our team, one that is obsessed with the consumer experience, moving with a startup mentality, and building as one team to deliver on our vision. And we have added substantial talent to our team, including the acquisition of Pro.com and Skylight.com, which are leaders in home renovation technology, and RedDoor.com, a fully digital home financing product. When you combine clarity of vision and strategy with execution and talent, you have the opportunity to build a generational company. Eric Wu, Co-Founder & CEO Empower everyone with the freedom to move 2 A NOTE FROM ERIC Dear Shareholders, Our Mission"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b10", "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b12"], "char_count": 2124, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "453699036ad9f1846806968b24387074e5da9f66c2bd9e9f9ac50b40c1d91fc8", "derivation_id": "1a9802654c602708fbbb5ee7dc134b6c365c004fb1fd97030f4dd91be8961cb6", "document_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-11-10", "filing_id": "sec:0001801169:0001801169-21-000119", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "block_sequence": 10, "char_end": 796, "char_start": 0, "fragment_sha256": "ff045a06a637520ac7312824c004e4e2b5f12b52f7786e9ab65764dbc4f124be", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "block_sequence": 12, "char_end": 1326, "char_start": 0, "fragment_sha256": "9ede513986cdd4e5535ec128367db85c171dcf5c68cf1332b814a83fad791da1", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#p2", "passage_kind": "narrative", "passage_sequence": 2, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-11-10", "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/exhibit9923q21opendoorsh.htm", "table_id": null, "text": "Revenue of $2.3 billion, up 91% versus 2Q21, with 5,988 total homes sold, up 72% versus 2Q21 — GAAP gross profit of $202 million, versus $159 million in 2Q21; GAAP gross margin of 8.9%, versus 13.4% in 2Q21 — GAAP net income of ($57) million, versus ($144) million in 2Q21; Adjusted Net Income of ($17) million, versus $2 million in 2Q21 — Contribution Profit of $170 million, versus $128 million 2Q21; Contribution Margin of 7.5%, versus 10.8% in 2Q21 — Adjusted EBITDA of $35 million versus $26 million in 2Q21; Adjusted EBITDA Margin of 1.5% versus 2.2% in 2Q21 — Expanded to 44 markets at the end of 3Q21 with 5 new market launches — Purchased 15,181 homes, up 79% versus 2Q21 — Grew inventory balance to 17,164 homes, representing $6.3 billion in value, up 130% versus 2Q21 3 3Q21 Highlights\n\nMeet The Botma’s Tyler Botma, a homeowner in Phoenix, Arizona bought and sold his house through Opendoor. Tyler and his wife had their eye on the Litchfield Park neighborhood in greater Phoenix, for some time. For Tyler, it started with a promise made to his dad to buy a home in the area, when he was playing T-ball there at just six years old. But like millions of homeowners nationwide, the Botma’s felt a lot of apprehension trying to sell their home, while also searching to buy their dream home. CUSTOMER STORY 4 That was when Tyler’s brother, a loan officer, recommended he use Opendoor. The relationship between Opendoor and the Botma family started when they found out they could buy and sell all in one place. In particular, the competitive edge that Opendoor’s cash-backed offer provided was incredibly valuable to Tyler given the hot housing market at the time. Throughout the process, the stress relief and value provided by Opendoor was in complete contrast to the pain they had gone through buying and selling the traditional way. Now, the Botma family is absolutely loving their dream home. “You can literally buy and sell all in one go and have the confidence of knowing you're going to sell your home and have that buying power and confidence on both ends and in getting what you're looking for.\" Tyler Botma"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b14"], "char_count": 1967, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "bee056ead8ad6fb0233a74573dfdc233de798b697690d9d211693ac2bbf66167", "derivation_id": "1a9802654c602708fbbb5ee7dc134b6c365c004fb1fd97030f4dd91be8961cb6", "document_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-11-10", "filing_id": "sec:0001801169:0001801169-21-000119", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "block_sequence": 14, "char_end": 1967, "char_start": 0, "fragment_sha256": "07d6073392ee49e5ad65c7b559869395257c85150151b2b36c550a9906f61ac6", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-11-10", "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/exhibit9923q21opendoorsh.htm", "table_id": null, "text": "5 Our three key areas of investment remain unchanged. 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In terms of consumer awareness and buybox coverage, we grew acquisition volume 79% quarter-over-quarter to a total of 15,181 homes, with record offers and real seller conversion. Expansions in our buybox since the end of 2019 drove 45% of our acquisitions in the third quarter, powered by the strategic investments we are making in our pricing systems, and data and pricing teams. Our investments in scalability have also been paying dividends. We made enhancements to the seller experience by further streamlining the home assessment process prior to finalizing a seller offer. Customer adoption of our self-serve virtual assessments has increased to 35%, driven by the speed and convenience of this feature. Our data and machine learning systems are improving accuracy with minimal human intervention. 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Our ability to continue to drive growth and strong economics is a testament to the efficiencies of our technology and operational systems. Underlying this performance is our internal platform, Opendoor Scout, which drives efficiencies and automation across all home servicing functions, tying inspections, pricing, scoping, and operations execution together. This enables us to leverage a wider pool of labor, while maintaining high-quality work and reducing costs. These are key components of our ability to increase the number of customers we can serve. NEW MARKET EXPANSION Our mission to empower everyone with the freedom to move means expanding our presence to all markets nationwide. We continued to make progress as we launched another 5 new markets in the third quarter, bringing our total footprint to 44 markets as of today, more than doubling our market count year to date. With our rapid expansion, we are already seeing the benefits of greater national scale in driving awareness, reducing our cost structure, and ensuring we have a diversified portfolio across multiple markets. As we focus on execution in the 23 new markets that we launched this year - collecting and ingesting more market-level data, building on our pricing accuracy and operational capacity - we are also laying the groundwork for our expansion roadmap next year. We are well on our way to our long-term goal of being able to deliver for customers nationwide. 6 Business Highlights 3Q21 Markets Launched 5 3Q21 Total Markets 44"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b18", "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b20"], "char_count": 3118, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "fca584d7d35466b8f36162de7f8f83ba5c0827810f8c79be261d58624226caaf", "derivation_id": "1a9802654c602708fbbb5ee7dc134b6c365c004fb1fd97030f4dd91be8961cb6", "document_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-11-10", "filing_id": "sec:0001801169:0001801169-21-000119", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "block_sequence": 18, "char_end": 1247, "char_start": 0, "fragment_sha256": "480c740575868ed173ee3daf7f1e0b5711be7f7cfeff2ef6ab82879da6120e11", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "block_sequence": 20, "char_end": 1869, "char_start": 0, "fragment_sha256": "388096768c0343ac80b1e612410a48df6d209bda6d2963824d66761deec12578", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-11-10", "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/exhibit9923q21opendoorsh.htm", "table_id": null, "text": "DIGITAL, END-TO-END EXPERIENCE Over the past seven years, we have: built a best-in-class pricing algorithm to give homeowners more certainty of their equity; built products and technology to automate the selling process; integrated title and escrow to remove multiple points of contact; launched Buy with Opendoor to make buying simple, certain, and fast; and launched Opendoor Home Loans and Opendoor Backed Offers to help buyers win the home of their dreams. We have established a track record of building superior products by leveraging the investments we have made in our technology and operational platform. Last week, we launched Opendoor Complete, which brings together all of our products and services into a single, streamlined experience so customers can move seamlessly. Opendoor Complete provides customers certainty and access to the equity in their home, the power to make a stronger offer on their next home with Opendoor’s cash backing, and the ability to line up close dates and avoid double moves or mortgages. This is the integrated experience homeowners have been craving and brings us another step closer to making it possible to buy, sell and move at the tap of a button with Opendoor. 7 Business Highlights Opendoor Complete\n\nOur financial goal is to drive rapid growth at scale with strong unit economics, setting us up for long-term profitability. This is demonstrated by our third quarter results, as we continued to outperform expectations. As a reminder, given the impact of COVID-19 on our results in 2020, we believe quarter-over-quarter comparisons better reflect our underlying growth trends. GROWTH We purchased 15,181 homes in the third quarter, up 79% versus 2Q21, which was our prior all-time high. This significant increase in acquisition volume was driven by our superior value proposition and strong pricing and operational capabilities, which led to record levels of offers and real seller conversion. On the resale front, we sold 5,988 homes in 3Q21, up 72% versus 2Q21. The increase in homes sold was due to higher inventory levels and high transaction velocity in a supply-constrained market. Overall demand for our homes continued to be strong, leading to faster sell-through rates than we had initially expected. Revenue was $2.3 billion in 3Q21, up 91% quarter-over-quarter. The vast majority of this increase was driven by strong unit growth, with tailwinds from home price appreciation and price-related buybox gains driving a sequential increase in revenue per home sold of 11%. Revenue exceeded our prior expectations primarily due to faster sell-through rates, higher average prices, and stronger-than-anticipated acquisition volumes in 3Q21. As of September 30, 2021, we had 17,164 homes on our balance sheet, representing $6,268 million in value. Our inventory balance grew 130% from the end of 2Q21, driven by the aforementioned strong growth in home acquisition volumes. 8 Financial Highlights $339 $249 $747 $1,185 $2,266($ in millions) 3Q21 Revenue $2.3 billion 3Q21 Homes Sold 5,988 3Q20 4Q20 1Q21 2Q21 3Q21 1,232 849 2,462 3,481 5,988 3Q20 4Q20 1Q21 2Q21 3Q21"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b22"], "char_count": 2105, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "de0b2e4ef1dae5c593bceb19b7e9ac4639fa54b008d4245b7894870e24087f4f", "derivation_id": "1a9802654c602708fbbb5ee7dc134b6c365c004fb1fd97030f4dd91be8961cb6", "document_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-11-10", "filing_id": "sec:0001801169:0001801169-21-000119", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "block_sequence": 22, "char_end": 2105, "char_start": 0, "fragment_sha256": "1bf4c7f5f5f710b3d38847f2463a89cebcc6ffbdbda852684585688cbf1b89fa", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-11-10", "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/exhibit9923q21opendoorsh.htm", "table_id": null, "text": "UNIT ECONOMICS Our unit margins moderated sequentially, as we expected and in-line with what we have been guiding to for the second half of 2021. GAAP gross profit was $202 million and 8.9% of revenue, versus $159 million and 13.4% of revenue in 2Q21. Adjusted Gross Profit was $234 million and 10.3% of revenue, versus $160 million and 13.5% of revenue in 2Q21. Contribution Profit, which accounts for the direct selling and holding costs incurred on the homes sold during the quarter, was $170 million in 3Q21, up 33% versus 2Q21. Contribution Margin, which we view as an important measure of unit economics associated with a specific resale cohort, was 7.5% versus 10.8% in 2Q21. The sequential moderation in Contribution Margin reflects trends we have previously discussed: the normalization of our resale mix as inventory is no longer over-indexed to recently acquired homes, and our improved underwriting accuracy relative to market home price appreciation (HPA). We expect both of these dynamics to carry through to 4Q21, leading to a further moderation in Contribution Margins to the mid-single digit range. We are confident in our ability to manage to Contribution Margins of 4 to 6%1 on a sustained, annual basis, driven by our cost structure and the strength of our pricing and operational capabilities. Longer-term, we continue to expect Contribution Margin to be in the range of 7 to 9%1, as the penetration of higher-margin services increases over time. 9 Financial Highlights 3Q21 Gross Margin 8.9% 3Q21 Contribution Margin 7.5% 1. Opendoor has not provided a quantitative reconciliation of forecasted Contribution Profit or Contribution Margin to forecasted Gross Profit or Gross Margin, respectively, within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate inventory impairment. This item, which could materially affect the computation of forward-looking Gross Profit, is inherently uncertain and depends on various factors, some of which are outside of the Company’s control. Consecutive Quarters of Positive Contribution Margin 19"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b24"], "char_count": 2048, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "bc2a791ab899a6f37142d9018c520c6cdb8600f098b55879302ae53a20d02e78", "derivation_id": "1a9802654c602708fbbb5ee7dc134b6c365c004fb1fd97030f4dd91be8961cb6", "document_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-11-10", "filing_id": "sec:0001801169:0001801169-21-000119", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "block_sequence": 24, "char_end": 2048, "char_start": 0, "fragment_sha256": "c502cc98a0a0357944abf2426f59cec8a6d7cca68c0aa5d23ea5959a97abdbbf", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-11-10", "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/exhibit9923q21opendoorsh.htm", "table_id": null, "text": "10 NET INCOME AND ADJUSTED EBITDA GAAP net income was ($57) million in 3Q21 versus ($144) million in 2Q21. As a percent of revenue, GAAP net income was (2.5%) versus (12.2%) in 2Q21. GAAP net income was impacted by stock-based compensation (SBC) expense of approximately $62 million in Q3Q21. We expect approximately $75 million of SBC expense in Q4. Adjusted Net Income was ($17) million or (0.8%) of revenue in 3Q21, versus $2 million or 0.2% of revenue in 2Q21. We view Adjusted Net Income as a good proxy for normalized free cash flow, as it isolates the operating performance of our business from temporary swings in home inventory that are primarily funded through non-recourse debt facilities. Adjusted EBITDA was $35 million, compared to $26 million in 2Q21. As a percentage of revenue, Adjusted EBITDA was 1.5% in 3Q21 versus 2.2% in 2Q21. Adjusted EBITDA exceeded our expectations due to revenue out-performance and strong unit economics, both of which provided incremental leverage against our operating expense base. BALANCE SHEET ITEMS We ended the quarter with $1.8 billion in cash, cash equivalents, and marketable securities, as well as $484 million in restricted cash that reflects the working capital associated with our home financing. Early in the third quarter, we completed our first convertible note offering, raising approximately $953 million in proceeds. As of today, we have more than doubled our maximum borrowing capacity from 2Q21, to $9.6 billion across our non-recourse, asset-backed facilities, on substantially similar financial terms as our previous facilities. This significant expansion in financing capacity is in response to the increasing demand we have been experiencing, and demonstrates the benefit of our strong, long-term relationships with a diversified lender base. We are well capitalized to fuel the tremendous growth across our business, and we feel confident in our ability to continue to scale our balance sheet to finance our home purchases. Financial Highlights 3Q21 Adjusted EBITDA $35 million"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b26"], "char_count": 3120, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "34501e05740c12ce73a3381bfbf3fb4f860571147e409c0e1d80b9387f8e3d29", "derivation_id": "1a9802654c602708fbbb5ee7dc134b6c365c004fb1fd97030f4dd91be8961cb6", "document_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-11-10", "filing_id": "sec:0001801169:0001801169-21-000119", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "block_sequence": 26, "char_end": 3120, "char_start": 0, "fragment_sha256": "c9f5ec2cc7b046dd1d7dbfdf89e8791cb9b4d99afdc72a15a0ebf8cf4c61d6cf", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-11-10", "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/exhibit9923q21opendoorsh.htm", "table_id": null, "text": "4Q21 Guidance 11 We continue to see strong consumer demand and are reiterating the expectations that we laid out last quarter, effectively pulling forward our original three-year financial plan by two years. Overall, housing fundamentals remain strong, with inventory levels at multi-decade lows for this time of year, alongside continued heightened demand for single family housing. Accelerating adoption of the Opendoor solution is clearly reflected in our 3Q21 acquisition volume of over 15,000 homes, which represents an annualized acquisition GMV of well over $20 billion. That said, we are not immune to the labor and trade shortages affecting the housing industry, especially in the context of volume performance that is running significantly ahead of our internal plans. We are managing through these market constraints, where applicable, by leveraging our scale and diversified geographic footprint to make tradeoffs across the portfolio and continue to meet our overall financial and operating objectives. To that end, we deliberately moderated the pace of acquisitions as we exited 3Q21 in order to manage systemwide capacity and ensure that we can continue to deliver a seamless customer experience. As such, we expect our 4Q21 acquisition volumes to be lower than our 3Q21 results due to proactive volume management, as well as typical seasonality slowdown associated with the fourth quarter. We are investing aggressively in our internal operations, vendor network, and tooling and automation to lay the foundation for another very strong year of growth in 2022. In terms of resales, we expect our fourth quarter revenue to be between $3.1 billion and $3.2 billion, which represents 39% sequential growth over 3Q21 at the midpoint of the expected range. We expect Adjusted EBITDA in the range of ($5) million to $5 million, which represents breakeven margin at the midpoint of this range. This outlook is consistent with the expectations we outlined last quarter, even with the aforementioned market dynamics. We believe this is a testament to our team’s agility in navigating changing market conditions in a period of hyper growth, and our unwavering focus on our customers so that we can consistently deliver a simple, certain, and trusted experience at scale. 4Q21 Adjusted EBITDA1 Guidance ($5)–$5 million 4Q21 Adjusted EBITDA Margin1 Guidance (0.2%)–0.2% 4Q21 Revenue Guidance $3.1–$3.2 billion 1. Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA or Adjusted EBITDA Margin to forecasted GAAP net income (loss) or GAAP net Income (Loss) Margin, respectively, within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory impairment and stock-based compensation with respect to future grants and forfeitures. 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A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. November 10, 2021 at 2 p.m. PT investor.opendoor.com LIVE WEBCAST 12Raleigh-Durham, NC\n\n/ OpendoorHQ / Opendoor Company / Opendoor-com investor.opendoor.com\n\n14 Definitions & Financial Tables\n\nThis shareholder letter contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our financial condition, anticipated financial performance, business strategy and plans, market opportunity and expansion and objectives of management for future operations. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “intend”, “may”, “might”, “opportunity”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “will”, or “would”, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this shareholder letter, including but not limited to our public securities’ potential liquidity and trading; our ability to raise financing in the future; our success in retaining or recruiting, or changes required in, our officers, key employees or directors; the impact of the regulatory environment and complexities with compliance related to such environment; our ability to remediate our material weaknesses; various factors relating to our business, operations and financial performance, including, but not limited to, the impact of the COVID-19 pandemic on our ability to grow market share; our ability to respond to general economic conditions, and the health of the U.S. residential real estate industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \"Risk Factors\" in our annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 4, 2021, as updated by our quarterly report on Form 10-Q for the quarterly periods ended March 31, 2021, June 30, 2021, and September 30, 2021, and our other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 15 Forward-Looking Statements"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b36"], "char_count": 3751, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7c850902e89dc05528a702be7beae667d0255e8a3bf44471f1d5146f8c50452b", "derivation_id": "1a9802654c602708fbbb5ee7dc134b6c365c004fb1fd97030f4dd91be8961cb6", "document_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-11-10", "filing_id": "sec:0001801169:0001801169-21-000119", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "block_sequence": 36, "char_end": 3751, "char_start": 0, "fragment_sha256": "6de4b571b274d103b111ace37e6487c30afc5c7fc0b8f1d86265b253c1fd2ce2", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-11-10", "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/exhibit9923q21opendoorsh.htm", "table_id": null, "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company’s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit, Contribution Profit After Interest, Adjusted Net (Loss) Income, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest, which are non-GAAP financial measures. We believe that Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance in our key markets. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Contribution Profit After Interest further impacts gross profit by including senior interest costs attributable to homes sold during a reporting period. We believe these measures facilitate meaningful period over period comparisons and illustrate our ability to generate returns on assets sold after considering the costs directly related to the assets sold in a given period. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. These measures also exclude the impact of certain restructuring costs that are required under GAAP. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit. 16 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b38"], "char_count": 3160, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "33f60288c4a9eff22036fb545eb3d69f672c86e778ccb9aab2449d04c2cd6476", "derivation_id": "1a9802654c602708fbbb5ee7dc134b6c365c004fb1fd97030f4dd91be8961cb6", "document_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-11-10", "filing_id": "sec:0001801169:0001801169-21-000119", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "block_sequence": 38, "char_end": 3160, "char_start": 0, "fragment_sha256": "289c03b408eca343417c6828a869bb6dbde29d9995b9c815e1826c240454c138", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#p11", "passage_kind": "narrative", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-11-10", "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/exhibit9923q21opendoorsh.htm", "table_id": null, "text": "Adjusted Gross Profit / Margin We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory impairment in the current period, (2) inventory impairment in prior periods, and (3) restructuring in cost of revenue. Inventory impairment in the current period is calculated by adding back the inventory impairment charges recorded during the period on homes that remain in inventory at period end. Inventory impairment in prior periods is calculated by subtracting the inventory impairment charges recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution Profit / Margin We calculate Contribution Profit as Adjusted Gross Profit, minus (1) holding costs incurred in the current period on homes sold during the period, (2) holding costs incurred in prior periods on homes sold in the current period, and (3) direct selling costs incurred on homes sold during the current period. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflows directly associated with a specific resale cohort. Contribution Profit / Margin After Interest We define Contribution Profit After Interest as Contribution Profit, minus interest expense under our senior credit facilities incurred on the homes sold during the period. This may include interest expense recorded in periods prior to the period in which the sale occurred. Our senior credit facilities are secured by our homes in inventory. For our senior revolving credit facilities, drawdowns are made on a per-home basis at the time of purchase and are required to be repaid at the time the homes are sold. We do not include interest expense associated with our mezzanine debt facilities in this calculation. We use a mix of debt and equity capital to finance our inventory and that mix will vary over time. In addition, we expect to continue to evolve our cost of financing as we include other debt sources beyond mezzanine capital. As such, we do not view our current mezzanine interest expense to be reflective of our long-term cost of financing. Contribution Margin After Interest is Contribution Profit After Interest as a percentage of revenue. We view this metric as an important measure of business performance. Contribution Profit After Interest helps management assess Contribution Margin performance, per above, when burdened with senior cost of financing. 17 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b40"], "char_count": 2804, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "bb6c050acc79fd03dc40161ef4507050d3c095d6ae596cfeb881b557019b9dee", "derivation_id": "1a9802654c602708fbbb5ee7dc134b6c365c004fb1fd97030f4dd91be8961cb6", "document_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-11-10", "filing_id": "sec:0001801169:0001801169-21-000119", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "block_sequence": 40, "char_end": 2804, "char_start": 0, "fragment_sha256": "ee32ef2a9b28dde8f2a8c08752439f2a8284d0fd465e4d08c31852e2f708d318", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-11-10", "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/exhibit9923q21opendoorsh.htm", "table_id": null, "text": "Adjusted Net (Loss) Income and Adjusted EBITDA We also present Adjusted Net (Loss) Income and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations or not aligned to related revenue. Adjusted Net (Loss) Income and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include impairment costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, impairment costs required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss. We calculate Adjusted Net (Loss) Income as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, marketable equity securities fair value adjustment, derivative and warrant fair value adjustment, intangible amortization, and payroll tax on initial RSU release. It also excludes non-recurring restructuring charges, gain on lease termination, and convertible note payment-in-kind (“PIK”) interest and issuance discount amortization. Adjusted Net (Loss) Income also aligns the timing of impairment charges recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net (Loss) Income does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net (Loss) Income adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. 18 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b42", "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b44"], "char_count": 1954, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "62371549cedbafcfad75b606c256fe71aa2c4d7ebdaf937b044ccde91fb64e45", "derivation_id": "1a9802654c602708fbbb5ee7dc134b6c365c004fb1fd97030f4dd91be8961cb6", "document_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-11-10", "filing_id": "sec:0001801169:0001801169-21-000119", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "block_sequence": 42, "char_end": 127, "char_start": 0, "fragment_sha256": "b4c0ad3e58d1c8511d4406f335125821662363c093783d8224015a30ab38bdb7", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "block_sequence": 44, "char_end": 1825, "char_start": 0, "fragment_sha256": "71af3b60aed52698ec0a94e17259651179b25568dbe928e91d8a42251636b3ca", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#p13", "passage_kind": "narrative", "passage_sequence": 13, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-11-10", "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/exhibit9923q21opendoorsh.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) 19\n\nOPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) (Unaudited) 20 September 30, 2021 December 31, 2020 ASSETS CURRENT ASSETS: Cash and cash equivalents $1,358,775 $1,412,665 Restricted cash 484,476 92,863 Marketable securities 481,051 47,637 Mortgage loans held for sale pledged under agreements to repurchase 22,858 7,529 Escrow receivable 121,394 1,494 Real estate inventory, net 6,268,081 465,936 Other current assets ($616 and $373 carried at fair value) 84,365 24,987 Total current assets 8,821,000 2,053,111 PROPERTY AND EQUIPMENT – Net 38,321 29,228 RIGHT OF USE ASSETS 43,800 49,517 GOODWILL 47,158 30,945 INTANGIBLES – Net 11,494 8,684 OTHER ASSETS ($5,100 and $0 carried at fair value) 6,842 4,097 TOTAL ASSETS $8,968,615 $2,175,582 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $156,030 $25,270 Non-recourse asset-backed debt - current portion 4,049,812 339,173 Other secured borrowings 19,728 7,149 Interest payable 9,746 1,081 Lease liabilities - current portion 4,637 20,716 Total current liabilities 4,239,953 393,389 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 1,367,989 135,467 CONVERTIBLE SENIOR NOTES 952,415 - WARRANT LIABILITIES - 47,349 LEASE LIABILITIES – Net of current portion 43,073 46,625 OTHER LIABILITIES 2,324 94 TOTAL LIABILITIES 6,605,754 622,924 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 60 54 607,215,233 and 540,714,692 shares issued and outstanding, respectively Additional paid-in capital 3,877,418 2,596,012 Accumulated deficit (1,514,509) (1,043,449) Accumulated other comprehensive (loss) income (108) 41 Total shareholders’ equity 2,362,861 1,552,658 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $8,968,615 $2,175,582"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b46"], "char_count": 3478, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "82d50c5883f0e06dddc690780a95bdcd38d664165bb81ff1dc8e02105b805b7a", "derivation_id": "1a9802654c602708fbbb5ee7dc134b6c365c004fb1fd97030f4dd91be8961cb6", "document_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-11-10", "filing_id": "sec:0001801169:0001801169-21-000119", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "block_sequence": 46, "char_end": 3478, "char_start": 0, "fragment_sha256": "694092ec0e8526ef669a79e72bdabc290d34bae615671db0380343e7d5fc408d", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#p14", "passage_kind": "narrative", "passage_sequence": 14, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-11-10", "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/exhibit9923q21opendoorsh.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) 21 Nine Months Ended September 30, 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss (471,060) (198,968) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: Depreciation and amortization – net of accretion 26,551 31,114 Amortization of right of use asset 6,055 22,008 Impairment of software development costs 3,227 - Stock-based compensation 465,059 9,162 Derivative and warrant fair value adjustment (12,179) 1,901 Gain on settlement of lease liabilities (5,237) - Inventory valuation adjustment 32,602 7,517 Changes in fair value of derivative instruments (243) 22,568 Changes in fair value of marketable equity securities (51,013) - Payment-in-kind interest - 3,910 Dividend-in-kind 264 - Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale (3,144) (2,131) Origination of mortgage loans held for sale (153,789) (88,098) Proceeds from sale and principal collections of mortgage loans held for sale 141,624 78,360 Changes in operating assets and liabilities: Escrow receivable (119,900) 11,241 Real estate inventories (5,805,802) 1,146,798 Other assets (50,202) 793 Accounts payable and other accrued liabilities 102,310 3,355 Interest payable 3,183 (2,530) Lease liabilities (11,864) (9,646) Net cash (used in) provided by operating activities (5,903,558) 1,037,354 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (22,878) (12,068) Purchase of intangible assets (790) - Purchase of marketable securities (458,585) (174,530) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 85,638 135,778 Purchase of non-marketable equity securities (15,100) - Acquisitions, net of cash acquired (20,110) - Net cash used in investing activities (431,825) (50,820) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of convertible senior notes, net of issuance costs 953,066 - Purchase of capped calls related to the convertible senior notes (118,766) - Proceeds from exercise of stock options 11,268 1,078 Proceeds from warrant exercise 22,402 - Proceeds from the February 2021 Offering 886,067 - Issuance cost of common stock (28,876) - Proceeds from non-recourse asset-backed debt 7,782,076 912,082 Principal payments on non-recourse asset-backed debt (2,837,436) (1,949,165) Proceeds from other secured borrowings 150,748 85,996 Principal payments on other secured borrowings (138,169) (74,720) Payment of loan origination fees and debt issuance costs (9,274) (3,068) Net cash provided by (used in) financing activities 6,673,106 (1,027,797) NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 337,723 (41,263) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 1,505,528 684,822 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $1,843,251 $643,559 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest 57,151 47,977 DISCLOSURES OF NONCASH FINANCING ACTIVITIES: Issuance of issuer stock rights in extinguishment of the 2019 Convertible Notes - 212,940 Issuance of common stock in extinguishment of warrant liabilities (35,170) - RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents 1,358,775 469,365 Restricted cash 484,476 174,194 Cash, cash equivalents, and restricted cash $1,843,251 $643,559"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#b48"], "char_count": 1704, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d1f726b6175c2d22a4a148e517700c8c630a31a94eda0bcdddc855355428cdc4", "derivation_id": "1a9802654c602708fbbb5ee7dc134b6c365c004fb1fd97030f4dd91be8961cb6", "document_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2021-11-10", "filing_id": "sec:0001801169:0001801169-21-000119", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "block_sequence": 48, "char_end": 1704, "char_start": 0, "fragment_sha256": "b712f3de8ded949d0eccb16ee5c9d335709eeb752b7d72afcb8561c5206db966", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#p15", "passage_kind": "narrative", "passage_sequence": 15, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-11-10", "section_id": "norm:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000119:exhibit9923q21opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/exhibit9923q21opendoorsh.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT, CONTRIBUTION PROFIT AND CONTRIBUTION PROFIT AFTER INTEREST TO OUR GROSS PROFIT 22 1. Inventory impairment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. 2. Inventory impairment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. 3. Restructuring in cost of revenue consists mainly of severance and employee termination benefits that were recorded to cost of revenue due to a reduction in workforce in Q2 2020 following the outbreak of the COVID-19 pandemic. 4. Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. 5. Holding costs include mainly property taxes, insurance, utilities, association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the condensed consolidated statements of operations. 6. Represents holding costs incurred in the period presented on homes sold in the period presented. 7. Represents holding costs incurred in prior periods on homes sold in the period presented. 8. This does not include interest on mezzanine term debt facilities or other indebtedness. 9. Represents the interest expense under our senior credit facilities incurred on homes sold in the current period during the period. 10. 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Represents the gains and losses on our financial instruments, which are marked to fair value at the end of each period. 2. Represents amortization of intangibles acquired in the OSN and Open Listings acquisitions which contribute to revenue generation and are recorded as part of purchase accounting. The acquired intangible assets have useful lives ranging from 2 to 5 years and amortization is expected until the intangible assets are fully amortized. 3. Inventory impairment — Current Period is the inventory impairment charge recorded during the period presented associated with homes that remain in inventory at period end. 4. Inventory impairment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. 5. Restructuring costs consist mainly of employee termination benefits, relocation packages and retention bonuses as well as costs related to the exiting of certain non-cancelable leases. In 2020, these costs related mainly to a reduction in workforce implemented in April 2020 as well as our exercise of the early termination option related to our San Francisco headquarters. 6. Includes non-cash payment-in-kind (“PIK”) interest and amortization of the discount on the convertible notes issued from July through November 2019 (the \"2019 Convertible Notes\"). We exclude convertible note PIK interest and amortization from Adjusted Net (Loss) Income since these are non-cash in nature and were converted into equity in September 2020 when the Company entered into the Convertible Notes Exchange Agreement with the convertible note holders. 7. Includes primarily gain or loss on disposal of fixed assets, gain or loss on interest rate lock commitments, gain or loss on the sale of available for sale securities, accrued legal matters, and sublease income. 8. Includes interest expense on our asset-backed debt facilities. 9. Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, and interest expense incurred on the 2026 convertible senior notes outstanding. 10. Consists mainly of interest earned on cash, cash equivalents and marketable securities. OPENDOOR TECHNOLOGIES INC. 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"norm:0001801169:0001801169-21-000119:exhibit993q32021financia.htm#s2", + "table": null, + "text": "($ in thousands) Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Key Metrics Total Markets 44 39 27 21 21 Total Revenue $ 2,266,354 $ 1,185,386 $ 747,274 $ 248,886 $ 338,613 Homes Purchased 15,181 8,494 3,594 2,016 799 Homes Sold 5,988 3,481 2,462 849 1,232 Homes in Inventory 17,164 7,971 2,958 1,827 661 Inventory $ 6,268,081 $ 2,723,648 $ 840,632 $ 465,936 $ 151,512 Non-GAAP Financial Measures Adjusted Gross Profit $ 233,779 $ 159,674 $ 97,038 $ 38,228 $ 33,073 Selling Costs (51,902) (26,813) (17,340) (5,243) (8,909) Holding Costs (12,148) (5,299) (3,552) (1,528) (4,151) Contribution Profit $ 169,729 $ 127,562 $ 76,146 $ 31,457 $ 20,013 Contribution Profit After Interest $ 159,344 $ 122,865 $ 72,911 $ 30,279 $ 16,362 Adjusted EBITDA $ 34,509 $ 25,579 $ (2,141) $ (27,075) $ (20,998) Adjusted Net (Loss) Income $ (17,273) $ 2,475 $ (20,801) $ (41,323) $ (36,443) Margins Total Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Adjusted Gross Profit 10.3 % 13.5 % 13.0 % 15.4 % 9.8 % Contribution Margin 7.5 % 10.8 % 10.2 % 12.6 % 5.9 % Contribution Margin After Interest 7.0 % 10.4 % 9.8 % 12.2 % 4.8 % Adjusted EBITDA 1.5 % 2.2 % (0.3)% (10.9)% (6.2)% Adjusted Net (Loss) Income (0.8)% 0.2 % (2.8)% (16.6)% (10.8)% Period Ended NON-GAAP MEASURES & KEY METRICS OPENDOOR TECHNOLOGIES INC. 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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) Three Months Ended September 30, (Unaudited) Nine Months Ended September 30," + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit993q32021financia.htm#b9", + "block_sequence": 9, + "block_sha256": "51ca4735d33d36350a62c6cf955501a7b851b440261bcf38871f5c90868dc594", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit993q32021financia.htm", + "block_sequence": 9, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "31760a0464bde063795af0ce150ad6dbfa5b3f52cd717fbd1efbfb5d45219390", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit993q32021financia.htm#s2", + "table": null, + "text": "exhibit993q32021financia003.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit993q32021financia.htm#b10", + "block_sequence": 10, + "block_sha256": "1479a7e61847706b3e3dbaf24e15e07e341a8c3bc644c89f01770090125ecda5", + "block_type": "paragraph", + "char_count": 1826, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit993q32021financia.htm", + "block_sequence": 10, + "char_end": 1826, + "char_start": 0, + "fragment_sha256": "69d1605af576feda63a5078557553f0ac6af91ddabd3c7b84e1df167e471937b", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit993q32021financia.htm#s2", + "table": null, + "text": "September 30, 2021 December 31, 2020 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,358,775 $ 1,412,665 Restricted cash 484,476 92,863 Marketable securities 481,051 47,637 Mortgage loans held for sale pledged under agreements to repurchase 22,858 7,529 Escrow receivable 121,394 1,494 Real estate inventory, net 6,268,081 465,936 Other current assets ($616 and $373 carried at fair value) 84,365 24,987 Total current assets 8,821,000 2,053,111 PROPERTY AND EQUIPMENT \u2013 Net 38,321 29,228 RIGHT OF USE ASSETS 43,800 49,517 GOODWILL 47,158 30,945 INTANGIBLES \u2013 Net 11,494 8,684 OTHER ASSETS ($5,100 and $0 carried at fair value) 6,842 4,097 TOTAL ASSETS $ 8,968,615 $ 2,175,582 LIABILITIES AND SHAREHOLDERS\u2019 EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 156,030 $ 25,270 Non-recourse asset-backed debt - current portion 4,049,812 339,173 Other secured borrowings 19,728 7,149 Interest payable 9,746 1,081 Lease liabilities - current portion 4,637 20,716 Total current liabilities 4,239,953 393,389 NON-RECOURSE ASSET-BACKED DEBT \u2013 Net of current portion 1,367,989 135,467 CONVERTIBLE SENIOR NOTES 952,415 - WARRANT LIABILITIES - 47,349 LEASE LIABILITIES \u2013 Net of current portion 43,073 46,625 OTHER LIABILITIES 2,324 94 Total liabilities 6,605,754 622,924 SHAREHOLDERS\u2019 EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 607,215,233 and 540,714,692 shares issued and outstanding, respectively 60 54 Additional paid-in capital 3,877,418 2,596,012 Accumulated deficit (1,514,509) (1,043,449) Accumulated other comprehensive (loss) income (108) 41 Total shareholders\u2019 equity 2,362,861 1,552,658 TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY $ 8,968,615 $ 2,175,582 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited)" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit993q32021financia.htm#b11", + "block_sequence": 11, + "block_sha256": "f0d08dc68c8e1637ba169112c7cea9e7f9ace23758a6f3f97aab50f5741ad255", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit993q32021financia.htm", + "block_sequence": 11, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "46823fc5e56d905ea113b8009f376d4f335c481c69e488bad91c842b34b11c2d", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit993q32021financia.htm#s2", + "table": null, + "text": "exhibit993q32021financia004.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit993q32021financia.htm#b12", + "block_sequence": 12, + "block_sha256": "6204362595b3920eaa7c74aa38d0c4de74d7cc5501aff9c1b965babbebbdb38f", + "block_type": "paragraph", + "char_count": 3499, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit993q32021financia.htm", + "block_sequence": 12, + "char_end": 3499, + "char_start": 0, + "fragment_sha256": "8a786d3e2f2c6d42d4d9d085da1bea87f7f51902741644899f17c9343cbb22b3", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit993q32021financia.htm#s2", + "table": null, + "text": "2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (471,060) $ (198,968) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: Depreciation and amortization \u2013 net of accretion 26,551 31,114 Amortization of right of use asset 6,055 22,008 Impairment of software development costs 3,227 - Stock-based compensation 465,059 9,162 Derivative and warrant fair value adjustment (12,179) 1,901 Gain on settlement of lease liabilities (5,237) - Inventory valuation adjustment 32,602 7,517 Changes in fair value of derivative instruments (243) 22,568 Changes in fair value of marketable equity securities (51,013) - Payment-in-kind interest - 3,910 Dividend-in-kind 264 - Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale (3,144) (2,131) Origination of mortgage loans held for sale (153,789) (88,098) Proceeds from sale and principal collections of mortgage loans held for sale 141,624 78,360 Changes in operating assets and liabilities: Escrow receivable (119,900) 11,241 Real estate inventories (5,805,802) 1,146,798 Other assets (50,202) 793 Accounts payable and other accrued liabilities 102,310 3,355 Interest payable 3,183 (2,530) Lease liabilities (11,864) (9,646) Net cash (used in) provided by operating activities (5,903,558) 1,037,354 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (22,878) (12,068) Purchase of intangible assets (790) - Purchase of marketable securities (458,585) (174,530) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 85,638 135,778 Purchase of non-marketable equity securities (15,100) - Acquisitions, net of cash acquired (20,110) - Net cash used in investing activities (431,825) (50,820) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of convertible senior notes, net of issuance costs 953,066 - Purchase of capped calls related to the convertible senior notes (118,766) - Proceeds from exercise of stock options 11,268 1,078 Proceeds from warrant exercise 22,402 - Proceeds from the February 2021 Offering 886,067 - Issuance cost of common stock (28,876) - Proceeds from non-recourse asset-backed debt 7,782,076 912,082 Principal payments on non-recourse asset-backed debt (2,837,436) (1,949,165) Proceeds from other secured borrowings 150,748 85,996 Principal payments on other secured borrowings (138,169) (74,720) Payment of loan origination fees and debt issuance costs (9,274) (3,068) Net cash provided by (used in) financing activities 6,673,106 (1,027,797) NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 337,723 (41,263) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 Beginning of period 1,505,528 684,822 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 End of period $ 1,843,251 $ 643,559 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION \u2013 Cash paid during the period for interest $ 57,151 $ 47,977 DISCLOSURES OF NONCASH FINANCING ACTIVITIES: Issuance of issuer stock rights in extinguishment of the 2019 Convertible Notes $ - $ 212,940 Issuance of common stock in extinguishment of warrant liabilities $ (35,170) $ - RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 1,358,775 $ 469,365 Restricted cash 484,476 174,194 Cash, cash equivalents, and restricted cash $ 1,843,251 $ 643,559 OPENDOOR TECHNOLOGIES INC. (In thousands) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Nine Months Ended September 30," + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit993q32021financia.htm#b13", + "block_sequence": 13, + "block_sha256": "f35fcc56b03ea31688ac59852a161b463ed1bc1dd9f03d18be57d0e8c34bbc34", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit993q32021financia.htm", + "block_sequence": 13, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "51107a89e3ea399a506779fa2949d5a1899e89fc1664a5a488573438fa890c4c", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit993q32021financia.htm#s2", + "table": null, + "text": "exhibit993q32021financia005.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit993q32021financia.htm#b14", + "block_sequence": 14, + "block_sha256": "715df8cf7a57ef157ed010238009f01c1f3a6e3fe2fb08eada629ef6be4ca7e8", + "block_type": "paragraph", + "char_count": 3154, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit993q32021financia.htm", + "block_sequence": 14, + "char_end": 3154, + "char_start": 0, + "fragment_sha256": "a6610ae06d134972062b4dc48d2b77eb34131adcb1906d7e1b78678370a4180f", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit993q32021financia.htm#s2", + "table": null, + "text": "Reconciliation of our Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest to our Gross Profit (in thousands, except percentages, and homes sold) September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 Gross profit (GAAP) $ 202,489 $ 158,771 $ 97,132 $ 38,365 $ 35,811 Gross Margin 8.9 % 13.4 % 13.0 % 15.4 % 10.6 % Adjustments: Inventory impairment \u2013 Current Period\ufeff (1) 31,597 922 20 79 64 Inventory impairment \u2013 Prior Periods \ufeff (2) (307) (19) (114) (216) (2,803) Restructuring in cost of revenue\ufeff (3) - - - - 1 Adjusted Gross Profit $ 233,779 $ 159,674 $ 97,038 $ 38,228 $ 33,073 Adjusted Gross Margin 10.3 % 13.5 % 13.0 % 15.4 % 9.8 % Adjustments: Direct selling costs (4) (51,902) (26,813) (17,340) (5,243) (8,909) Holding costs on sales \u2013 Current Period\ufeff (5)(6) (6,777) (2,666) (2,126) (778) (1,011) Holding costs on sales \u2013 Prior Periods \ufeff (5)(7) (5,371) (2,633) (1,426) (750) (3,140) Contribution Profit $ 169,729 $ 127,562 $ 76,146 $ 31,457 $ 20,013 Homes sold in period 5,988 3,481 2,462 849 1,232 Contribution Profit per Home Sold $ 28 $ 37 $ 31 $ 37 $ 16 Contribution Margin 7.5 % 10.8 % 10.2 % 12.6 % 5.9 % Adjustments: \u200b Interest on homes sold \u2013 Current Period\ufeff (8)(9) (6,731) (3,110) (2,333) (714) (1,060) Interest on homes sold \u2013 Prior Periods \ufeff (8)(10) (3,654) (1,587) (902) (464) (2,591) Contribution Profit After Interest $ 159,344 $ 122,865 $ 72,911 $ 30,279 $ 16,362 Contribution Margin After Interest 7.0 % 10.4 % 9.8 % 12.2 % 4.8 % (10) Represents the interest expense under our senior credit facilities incurred on homes sold in the current period during prior periods. Three Months Ended NON-GAAP FINANCIAL MEASURES OPENDOOR TECHNOLOGIES INC. (1) Inventory impairment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. \u200b(9) Represents the interest expense under our senior credit facilities incurred on homes sold in the current period during the period. \u200b(8) This does not include interest on mezzanine term debt facilities or other indebtedness. \u200b(7) Represents holding costs incurred in prior periods on homes sold in the period presented. \u200b(6) Represents holding costs incurred in the period presented on homes sold in the period presented. (3) Restructuring in cost of revenue consists mainly of severance and employee termination benefits that were recorded to cost of revenue due to a reduction in workforce in Q2 2020 following the outbreak of the COVID-19 pandemic. \u200b(2) Inventory impairment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. \u200b(4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. \u200b(5) Holding costs include mainly property taxes, insurance, utilities, association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the condensed consolidated statements of operations." + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit993q32021financia.htm#b15", + "block_sequence": 15, + "block_sha256": "3459aaddebd7de1537ab1e49abeee3b6c8832bbddf52f94fa86d3e5e7f9fdb97", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit993q32021financia.htm", + "block_sequence": 15, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "5150d2c370965269c6d25bcad4dd5015f13bab114c18e8bd6fc3044d34f7b907", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit993q32021financia.htm#s2", + "table": null, + "text": "exhibit993q32021financia006.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:exhibit993q32021financia.htm#b16", + "block_sequence": 16, + "block_sha256": "148813a026f02eba8ea1a6cb5661cdcc90cbc06b5eb84d08a8db4442ae475926", + "block_type": "paragraph", + "char_count": 3809, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:exhibit993q32021financia.htm", + "block_sequence": 16, + "char_end": 3809, + "char_start": 0, + "fragment_sha256": "1eba3745ee525fd97863a373e18d6dafcb841c9eeeb75019c5337e8f438324fc", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:exhibit993q32021financia.htm#s2", + "table": null, + "text": "Reconciliation of our Adjusted Net (Loss) Income and Adjusted EBITDA to our Net Loss (in thousands, except percentages) September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 Net loss (GAAP) $ (56,819) $ (143,805) $ (270,436) $ (53,998) $ (80,853) Adjustments: Stock-based compensation 62,011 164,216 238,832 28,843 2,523 Marketable equity securities fair value adjustment(1) (51,013) - - - - Derivative and warrant fair value adjustment \ufeff (1) (3,499) (23,952) 15,272 (33,074) 24,329 Intangibles amortization expense (2) 1,005 591 580 580 986 Inventory impairment \u2013 Current Period\ufeff (3) 31,597 922 20 79 64 Inventory impairment \u2013 Prior Periods \ufeff (4) (307) (19) (114) (216) (2,803) Restructuring (5) - - 79 211 17,217 Convertible note PIK interest and discount amortization (6) - - - 14 2,416 Loss on extinguishment of debt - - - 11,356 - Gain on lease termination - - (5,237) - - Payroll tax on initial RSU release - 5,124 - - - Other (7) (248) (602) 203 4,882 (322) Adjusted Net (Loss) Income (17,273) 2,475 (20,801) (41,323) (36,443) Adjustments: Depreciation and amortization, excluding amortization of intangibles and right of use assets 8,417 7,894 8,434 4,744 6,115 Property financing (8) 37,582 12,284 6,980 5,561 5,236 Other interest expense (9) 5,968 3,542 4,019 4,839 4,724 Interest income (10) (511) (806) (867) (725) (665) Income tax expense 326 190 94 (171) 35 Adjusted EBITDA 34,509 25,579 (2,141) (27,075) (20,998) Adjusted EBITDA Margin 1.5 % 2.2 % (0.3)% (10.9)% (6.2)% (10) Consists mainly of interest earned on cash, cash equivalents and marketable securities. \u200b(9) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, and interest expense incurred on the 2026 convertible senior notes outstanding. \u200b(8) Includes interest expense on our asset-backed debt facilities. \u200b(5) Restructuring costs consist mainly of employee termination benefits, relocation packages and retention bonuses as well as costs related to the exiting of certain non- cancelable leases. In 2020, these costs related mainly to a reduction in workforce implemented in April 2020 as well as our exercise of the early termination option related to our San Francisco headquarters. \u200b(4) Inventory impairment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (3) Inventory impairment \u2014 Current Period is the inventory impairment charge recorded during the period presented associated with homes that remain in inventory at period end. Three Months Ended (1) Represents the gains and losses on our financial instruments, which are marked to fair value at the end of each period. \u200b(6) Includes non-cash payment-in-kind (\u201cPIK\u201d) interest and amortization of the discount on the convertible notes issued from July through November 2019 (the \"2019 Convertible Notes\"). We exclude convertible note PIK interest and amortization from Adjusted Net Income (Loss) since these are non-cash in nature and were converted into equity in September 2020 when the Company entered into the Convertible Notes Exchange Agreement with the convertible note holders. \u200b(7) Includes primarily gain or loss on disposal of fixed assets, gain or loss on interest rate lock commitments, gain or loss on the sale of available for sale securities, accrued legal matters, and sublease income. (2) Represents amortization of intangibles acquired in the OSN and Open Listings acquisitions which contribute to revenue generation and are recorded as part of purchase accounting. 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$ (17,273) $ 2,475 $ (20,801) $ (41,323) $ (36,443) Margins Total Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Adjusted Gross Profit 10.3 % 13.5 % 13.0 % 15.4 % 9.8 % Contribution Margin 7.5 % 10.8 % 10.2 % 12.6 % 5.9 % Contribution Margin After Interest 7.0 % 10.4 % 9.8 % 12.2 % 4.8 % Adjusted EBITDA 1.5 % 2.2 % (0.3)% (10.9)% (6.2)% Adjusted Net (Loss) Income (0.8)% 0.2 % (2.8)% (16.6)% (10.8)% Period Ended NON-GAAP MEASURES & KEY METRICS OPENDOOR TECHNOLOGIES INC. Exhibit 99.3\n\n2021 2020 2021 2020 REVENUE $ 2,266,354 $ 338,613 $ 4,199,014 $ 2,334,235 COST OF REVENUE 2,063,865 302,802 3,740,622 2,152,803 GROSS PROFIT 202,489 35,811 458,392 181,432 OPERATING EXPENSES: Sales, marketing and operations 153,496 27,336 319,087 156,290 General and administrative 90,105 40,168 502,800 99,074 Technology and development 27,295 13,184 102,360 45,809 Total operating expenses 270,896 80,688 924,247 301,173 LOSS FROM OPERATIONS (68,407) (44,877) (465,855) (119,741) DERIVATIVE AND WARRANT FAIR VALUE ADJUSTMENT 3,499 (24,329) 12,179 (25,219) INTEREST EXPENSE (43,550) (12,376) (70,375) (57,393) OTHER INCOME – Net 51,965 764 53,601 3,619 LOSS BEFORE INCOME TAXES (56,493) (80,818) (470,450) (198,734) INCOME TAX EXPENSE (326) (35) (610) (234) NET LOSS $ (56,819) $ (80,853) $ (471,060) $ (198,968) Net loss per share attributable to common shareholders: Basic $ (0.09) $ (0.91) $ (0.80) $ (2.32) Diluted $ (0.09) $ (0.91) $ (0.80) $ (2.32) Weighted-average shares outstanding: Basic 603,389 89,070 585,854 85,907 Diluted 603,389 89,070 585,854 85,907 OPENDOOR TECHNOLOGIES INC. 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Stock-based compensation 465,059 9,162 Derivative and warrant fair value adjustment (12,179) 1,901 Gain on settlement of lease liabilities (5,237) - Inventory valuation adjustment 32,602 7,517 Changes in fair value of derivative instruments (243) 22,568 Changes in fair value of marketable equity securities (51,013) - Payment-in-kind interest - 3,910 Dividend-in-kind 264 - Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale (3,144) (2,131) Origination of mortgage loans held for sale (153,789) (88,098) Proceeds from sale and principal collections of mortgage loans held for sale 141,624 78,360 Changes in operating assets and liabilities: Escrow receivable (119,900) 11,241 Real estate inventories (5,805,802) 1,146,798 Other assets (50,202) 793 Accounts payable and other accrued liabilities 102,310 3,355 Interest payable 3,183 (2,530) Lease liabilities (11,864) (9,646) Net cash (used in) provided by operating activities (5,903,558) 1,037,354 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (22,878) (12,068) Purchase of intangible assets (790) - Purchase of marketable securities (458,585) (174,530) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 85,638 135,778 Purchase of non-marketable equity securities (15,100) - Acquisitions, net of cash acquired (20,110) - Net cash used in investing activities (431,825) (50,820) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of convertible senior notes, net of issuance costs 953,066 - Purchase of capped calls related to the convertible senior notes (118,766) - Proceeds from exercise of stock options 11,268 1,078 Proceeds from warrant exercise 22,402 - Proceeds from the February 2021 Offering 886,067 - Issuance cost of common stock (28,876) - Proceeds from non-recourse asset-backed debt 7,782,076 912,082 Principal payments on non-recourse asset-backed debt (2,837,436) (1,949,165) Proceeds from other secured borrowings 150,748 85,996 Principal payments on other secured borrowings (138,169) (74,720) Payment of loan origination fees and debt issuance costs (9,274) (3,068) Net cash provided by (used in) financing activities 6,673,106 (1,027,797) NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 337,723 (41,263) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 1,505,528 684,822 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $ 1,843,251 $ 643,559 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $ 57,151 $ 47,977 DISCLOSURES OF NONCASH FINANCING ACTIVITIES: Issuance of issuer stock rights in extinguishment of the 2019 Convertible Notes $ - 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(In thousands) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Nine Months Ended September 30,"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-21-000119:exhibit993q32021financia.htm#b14"], "char_count": 3154, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "715df8cf7a57ef157ed010238009f01c1f3a6e3fe2fb08eada629ef6be4ca7e8", "derivation_id": "204cd307759c841b590007021fa867126402eeca7e766ee618b9db2e8bbc48fd", "document_id": "norm:0001801169:0001801169-21-000119:exhibit993q32021financia.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2021-11-10", "filing_id": "sec:0001801169:0001801169-21-000119", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000119:exhibit993q32021financia.htm", "block_sequence": 14, "char_end": 3154, "char_start": 0, "fragment_sha256": "a6610ae06d134972062b4dc48d2b77eb34131adcb1906d7e1b78678370a4180f", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000119:exhibit993q32021financia.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-11-10", "section_id": "norm:0001801169:0001801169-21-000119:exhibit993q32021financia.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000119:exhibit993q32021financia.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/exhibit993q32021financia.htm", "table_id": null, "text": "Reconciliation of our Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest to our Gross Profit (in thousands, except percentages, and homes sold) September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 Gross profit (GAAP) $ 202,489 $ 158,771 $ 97,132 $ 38,365 $ 35,811 Gross Margin 8.9 % 13.4 % 13.0 % 15.4 % 10.6 % Adjustments: Inventory impairment – Current Period (1) 31,597 922 20 79 64 Inventory impairment – Prior Periods  (2) (307) (19) (114) (216) (2,803) Restructuring in cost of revenue (3) - - - - 1 Adjusted Gross Profit $ 233,779 $ 159,674 $ 97,038 $ 38,228 $ 33,073 Adjusted Gross Margin 10.3 % 13.5 % 13.0 % 15.4 % 9.8 % Adjustments: Direct selling costs (4) (51,902) (26,813) (17,340) (5,243) (8,909) Holding costs on sales – Current Period (5)(6) (6,777) (2,666) (2,126) (778) (1,011) Holding costs on sales – Prior Periods  (5)(7) (5,371) (2,633) (1,426) (750) (3,140) Contribution Profit $ 169,729 $ 127,562 $ 76,146 $ 31,457 $ 20,013 Homes sold in period 5,988 3,481 2,462 849 1,232 Contribution Profit per Home Sold $ 28 $ 37 $ 31 $ 37 $ 16 Contribution Margin 7.5 % 10.8 % 10.2 % 12.6 % 5.9 % Adjustments: ​ Interest on homes sold – Current Period (8)(9) (6,731) (3,110) (2,333) (714) (1,060) Interest on homes sold – Prior Periods  (8)(10) (3,654) (1,587) (902) (464) (2,591) Contribution Profit After Interest $ 159,344 $ 122,865 $ 72,911 $ 30,279 $ 16,362 Contribution Margin After Interest 7.0 % 10.4 % 9.8 % 12.2 % 4.8 % (10) Represents the interest expense under our senior credit facilities incurred on homes sold in the current period during prior periods. Three Months Ended NON-GAAP FINANCIAL MEASURES OPENDOOR TECHNOLOGIES INC. (1) Inventory impairment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. ​(9) Represents the interest expense under our senior credit facilities incurred on homes sold in the current period during the period. ​(8) This does not include interest on mezzanine term debt facilities or other indebtedness. ​(7) Represents holding costs incurred in prior periods on homes sold in the period presented. ​(6) Represents holding costs incurred in the period presented on homes sold in the period presented. (3) Restructuring in cost of revenue consists mainly of severance and employee termination benefits that were recorded to cost of revenue due to a reduction in workforce in Q2 2020 following the outbreak of the COVID-19 pandemic. ​(2) Inventory impairment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. ​(4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. ​(5) Holding costs include mainly property taxes, insurance, utilities, association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the condensed consolidated statements of operations."} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-21-000119:exhibit993q32021financia.htm#b16"], "char_count": 3809, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "148813a026f02eba8ea1a6cb5661cdcc90cbc06b5eb84d08a8db4442ae475926", "derivation_id": "204cd307759c841b590007021fa867126402eeca7e766ee618b9db2e8bbc48fd", "document_id": "norm:0001801169:0001801169-21-000119:exhibit993q32021financia.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2021-11-10", "filing_id": "sec:0001801169:0001801169-21-000119", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000119:exhibit993q32021financia.htm", "block_sequence": 16, "char_end": 3809, "char_start": 0, "fragment_sha256": "1eba3745ee525fd97863a373e18d6dafcb841c9eeeb75019c5337e8f438324fc", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000119:exhibit993q32021financia.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-11-10", "section_id": "norm:0001801169:0001801169-21-000119:exhibit993q32021financia.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-21-000119:exhibit993q32021financia.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/exhibit993q32021financia.htm", "table_id": null, "text": "Reconciliation of our Adjusted Net (Loss) Income and Adjusted EBITDA to our Net Loss (in thousands, except percentages) September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 Net loss (GAAP) $ (56,819) $ (143,805) $ (270,436) $ (53,998) $ (80,853) Adjustments: Stock-based compensation 62,011 164,216 238,832 28,843 2,523 Marketable equity securities fair value adjustment(1) (51,013) - - - - Derivative and warrant fair value adjustment  (1) (3,499) (23,952) 15,272 (33,074) 24,329 Intangibles amortization expense (2) 1,005 591 580 580 986 Inventory impairment – Current Period (3) 31,597 922 20 79 64 Inventory impairment – Prior Periods  (4) (307) (19) (114) (216) (2,803) Restructuring (5) - - 79 211 17,217 Convertible note PIK interest and discount amortization (6) - - - 14 2,416 Loss on extinguishment of debt - - - 11,356 - Gain on lease termination - - (5,237) - - Payroll tax on initial RSU release - 5,124 - - - Other (7) (248) (602) 203 4,882 (322) Adjusted Net (Loss) Income (17,273) 2,475 (20,801) (41,323) (36,443) Adjustments: Depreciation and amortization, excluding amortization of intangibles and right of use assets 8,417 7,894 8,434 4,744 6,115 Property financing (8) 37,582 12,284 6,980 5,561 5,236 Other interest expense (9) 5,968 3,542 4,019 4,839 4,724 Interest income (10) (511) (806) (867) (725) (665) Income tax expense 326 190 94 (171) 35 Adjusted EBITDA 34,509 25,579 (2,141) (27,075) (20,998) Adjusted EBITDA Margin 1.5 % 2.2 % (0.3)% (10.9)% (6.2)% (10) Consists mainly of interest earned on cash, cash equivalents and marketable securities. ​(9) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, and interest expense incurred on the 2026 convertible senior notes outstanding. ​(8) Includes interest expense on our asset-backed debt facilities. ​(5) Restructuring costs consist mainly of employee termination benefits, relocation packages and retention bonuses as well as costs related to the exiting of certain non- cancelable leases. In 2020, these costs related mainly to a reduction in workforce implemented in April 2020 as well as our exercise of the early termination option related to our San Francisco headquarters. ​(4) Inventory impairment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (3) Inventory impairment — Current Period is the inventory impairment charge recorded during the period presented associated with homes that remain in inventory at period end. Three Months Ended (1) Represents the gains and losses on our financial instruments, which are marked to fair value at the end of each period. ​(6) Includes non-cash payment-in-kind (“PIK”) interest and amortization of the discount on the convertible notes issued from July through November 2019 (the \"2019 Convertible Notes\"). We exclude convertible note PIK interest and amortization from Adjusted Net Income (Loss) since these are non-cash in nature and were converted into equity in September 2020 when the Company entered into the Convertible Notes Exchange Agreement with the convertible note holders. ​(7) Includes primarily gain or loss on disposal of fixed assets, gain or loss on interest rate lock commitments, gain or loss on the sale of available for sale securities, accrued legal matters, and sublease income. (2) Represents amortization of intangibles acquired in the OSN and Open Listings acquisitions which contribute to revenue generation and are recorded as part of purchase accounting. 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(Nasdaq: OPEN), a leading digital platform for residential real estate, today reported financial results for its quarter ended September 30, 2021. Opendoor\u2019s third quarter 2021 financial results and management commentary can be accessed through the Company\u2019s shareholder letter on the quarterly results page of Opendoor\u2019s investor relations website at https://investor.opendoor.com. \u201cOver the years, I am often asked whether our vision and strategy has changed. The short answer is no - we have always been focused on making it possible to buy, sell, and move at the tap of a button. In our view, the end state for the real estate marketplace will inevitably be a simple, certain, and fast transaction powered by technology. It is just a matter of when. So we have been consistently focused on investing in that future experience, piece by piece, with the consumer in mind at every step. We take great pride in doing the hard work to execute with excellence in our consumer experience, technology, business performance, and company culture. This is what sets us apart,\u201d said Eric Wu, Co-Founder and CEO of Opendoor. \u201cOur third quarter results are the byproduct of our focus on the consumer experience and strong, consistent execution. We exceeded our expectations in generating $2.3 billion of revenue, acquiring 15,181 homes, and delivering over $170 million of Contribution Profit and $35 million of Adjusted EBITDA.\u201d" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b8", + "block_sequence": 8, + "block_sha256": "9841397fd185816dc82c8767d2160ce013bb7506f852902af103f46134a1df00", + "block_type": "heading", + "char_count": 33, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", + "block_sequence": 8, + "char_end": 33, + "char_start": 0, + "fragment_sha256": "12755924c3b0f87b968c02853ee8b8423b2d2b4f5da756b4f0bf817700e418f7", + "heading_path": [ + "EX-99.1", + "Third Quarter 2021 Key Highlights" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s5", + "table": null, + "text": "Third Quarter 2021 Key Highlights" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b9", + "block_sequence": 9, + "block_sha256": "1e21e08ce4f465103813b4f845eb0861dc09a8811ce01c0cd625c9a7b5435038", + "block_type": "paragraph", + "char_count": 1034, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", + "block_sequence": 9, + "char_end": 1034, + "char_start": 0, + "fragment_sha256": "e632e79753562c16952b01fdae238631274ca9f33bf837245e13fa24bb35d0b8", + "heading_path": [ + "EX-99.1", + "Third Quarter 2021 Key Highlights" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s5", + "table": null, + "text": "Unless otherwise stated, all comparisons are on a quarter-over-quarter basis. We believe that sequential comparisons better reflect our underlying growth trends given our decision to pause home acquisitions and actively sell through our inventory last year due to COVID-19. \u2022Revenue of $2.3 billion, up 91% versus 2Q21, with 5,988 total homes sold, up 72% versus 2Q21 \u2022Gross profit of $202 million, versus $159 million in 2Q21; gross margin of 8.9%, versus 13.4% in 2Q21 \u2022Net income of $(57) million, versus $(144) million in 2Q21 \u2022Adjusted Net Income of $(17) million, versus $2 million in 2Q21 \u2022Contribution Profit of $170 million, versus $128 million in 2Q21; Contribution Margin of 7.5%, versus 10.8% in 2Q21 \u2022Adjusted EBITDA of $35 million versus $26 million in 2Q21; Adjusted EBITDA Margin of 1.5% versus 2.2% in 2Q21 \u2022Expanded to 44 markets at the end of 3Q21 with 5 new market launches \u2022Purchased 15,181 homes, up 79% versus 2Q21 \u2022Grew inventory balance to 17,164 homes, representing $6.3 billion in value, up 130% versus 2Q21" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b10", + "block_sequence": 10, + "block_sha256": "709be924400857c9537a1f1377b05e038633bc91e391591dfef5a32c0bb1dada", + "block_type": "heading", + "char_count": 7, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", + "block_sequence": 10, + "char_end": 7, + "char_start": 0, + "fragment_sha256": "dd91fbc1c8ad2b99acb4521a7e8ce5c75236244b89fece31335460fb1b0a96ed", + "heading_path": [ + "EX-99.1", + "Outlook" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s6", + "table": null, + "text": "Outlook" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b11", + "block_sequence": 11, + "block_sha256": "88d9fa1113b195d82525483cb213af9963871a1a80bd97d00897f8a52c0f294c", + "block_type": "paragraph", + "char_count": 114, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", + "block_sequence": 11, + "char_end": 114, + "char_start": 0, + "fragment_sha256": "0dcd63acf7f08dd4fd082f48312a6bcbb1f3b887adaed38e8483ddc5552baa62", + "heading_path": [ + "EX-99.1", + "Outlook" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s6", + "table": null, + "text": "\u20224Q21 revenue guidance of $3.1 billion - $3.2 billion \u20224Q21 Adjusted EBITDA1 guidance of ($5) million - $5 million" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b12", + "block_sequence": 12, + "block_sha256": "a6d5472b2970d188397362cbeb120c141dfa00ea685622341f4da2accca23ec9", + "block_type": "heading", + "char_count": 35, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", + "block_sequence": 12, + "char_end": 35, + "char_start": 0, + "fragment_sha256": "8f4803ade21027cea3732425b5d91aff522b9219c7b3a8bb471d178586335c09", + "heading_path": [ + "EX-99.1", + "Outlook", + "Conference Call and Webcast Details" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s7", + "table": null, + "text": "Conference Call and Webcast Details" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b13", + "block_sequence": 13, + "block_sha256": "b389b653b8280bc17801e00644ecd9b7c5149b24fa88ac7f78cf16fd213d1410", + "block_type": "paragraph", + "char_count": 328, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", + "block_sequence": 13, + "char_end": 328, + "char_start": 0, + "fragment_sha256": "f2457e39b1db91bb387eb55e1ba387e26914d997fb051fd5b48724008ae5fa21", + "heading_path": [ + "EX-99.1", + "Outlook", + "Conference Call and Webcast Details" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s7", + "table": null, + "text": "Opendoor will host a conference call to discuss its financial results on November 10, 2021 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call." + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b14", + "block_sequence": 14, + "block_sha256": "1d8469bf9c663edb3c938b337e8eb7b6386c9f6dc8633427fe813d5f0ad02182", + "block_type": "heading", + "char_count": 26, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", + "block_sequence": 14, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "1c1b2c1ff491441a71c1994c5ace986494b37cd4881e2f3417345dd8ad104d6e", + "heading_path": [ + "EX-99.1", + "Outlook", + "Conference Call and Webcast Details", + "Forward Looking Statements" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s8", + "table": null, + "text": "Forward Looking Statements" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b15", + "block_sequence": 15, + "block_sha256": "f46235a083e0b2e33359055794013f90ab1ff59c44eb25304995bf3ae7e43dc1", + "block_type": "paragraph", + "char_count": 3832, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", + "block_sequence": 15, + "char_end": 3832, + "char_start": 0, + "fragment_sha256": "1ea01e48c12cabeda1f2b517d25328d698ad6de7769421b1ad310fbef919bfcc", + "heading_path": [ + "EX-99.1", + "Outlook", + "Conference Call and Webcast Details", + "Forward Looking Statements" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s8", + "table": null, + "text": "This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our financial condition, anticipated financial performance, business strategy and plans, market opportunity and expansion and objectives of management for future operations. These forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject,\u201d \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cwill\u201d, or \u201cwould\u201d, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to our public securities\u2019 potential liquidity and trading; our ability to raise financing in the future; our success in retaining or recruiting, or changes required in, our officers, key employees or directors; the impact of the regulatory environment and complexities with compliance related to such environment; our ability to remediate our material weaknesses; various factors relating to our business, operations and financial performance, including, but not limited to, the impact of the COVID-19 pandemic on our ability to grow market share; our ability to respond to general economic conditions and the health of the U.S. residential real estate industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \"Risk Factors\" in our annual report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on March 4, 2021, as updated by our Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2021, June 30, 2021, and September 30, 2021, and our other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 1 Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory impairment and stock-based compensation with respect to future grants and forfeitures. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company\u2019s control. For more information regarding the non-GAAP financial measures discussed in this press release, please see \u201cUse of Non-GAAP Financial Measures\u201d below." + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b16", + "block_sequence": 16, + "block_sha256": "bee3b0c71ab4d6d3fe30831f8a6898f49de6dcbb44cd92a09d86856b2468a886", + "block_type": "heading", + "char_count": 14, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", + "block_sequence": 16, + "char_end": 14, + "char_start": 0, + "fragment_sha256": "3d07b6b22079852bb7e3061832cbd4e1b50684ab4fc951fe2188bff33bd5f1be", + "heading_path": [ + "EX-99.1", + "About Opendoor" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s9", + "table": null, + "text": "About Opendoor" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b17", + "block_sequence": 17, + "block_sha256": "728a6be9af5984289973d5c797852c20b20733c22f5009c2f70111ea91a1cea5", + "block_type": "paragraph", + "char_count": 267, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", + "block_sequence": 17, + "char_end": 267, + "char_start": 0, + "fragment_sha256": "cdff04a27af8da1be848380dc9803f1385749dc97f8e34109b858e9b6bdbeee4", + "heading_path": [ + "EX-99.1", + "About Opendoor" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s9", + "table": null, + "text": "Opendoor\u2019s mission is to empower everyone with the freedom to move. 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equivalents, and restricted cash (used in) provided by operating activities: | | | | | | | |\n| Depreciation and amortization \u2013 net of accretion | 26,551 | | | 31,114 | | | |\n| Amortization of right of use asset | 6,055 | | | 22,008 | | | |\n| Impairment of software development costs | 3,227 | | | \u2014 | | | |\n| Stock-based compensation | 465,059 | | | 9,162 | | | |\n| Derivative and warrant fair value adjustment | (12,179) | | | 1,901 | | | |\n| Gain on settlement of lease liabilities | (5,237) | | | \u2014 | | | |\n| Inventory valuation adjustment | 32,602 | | | 7,517 | | | |\n| Changes in fair value of derivative instruments | (243) | | | 22,568 | | | |\n| Changes in fair value of marketable equity securities | (51,013) | | | \u2014 | | | |\n| Payment-in-kind interest | \u2014 | | | 3,910 | | | |\n| Dividend-in-kind | 264 | | | \u2014 | | | |\n| Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale | (3,144) | | | (2,131) | | | |\n| Origination of mortgage loans held for sale | (153,789) | | | (88,098) | | | |\n| Proceeds from sale and principal collections of mortgage loans held for sale | 141,624 | | | 78,360 | | | |\n| Changes in operating assets and liabilities: | | | | | | | |\n| Escrow receivable | (119,900) | | | 11,241 | | | |\n| Real estate inventories | (5,805,802) | | | 1,146,798 | | | |\n| Other assets | (50,202) | | | 793 | | | |\n| Accounts payable and other accrued liabilities | 102,310 | | | 3,355 | | | |\n| Interest payable | 3,183 | | | (2,530) | | | |\n| Lease liabilities | (11,864) | | | (9,646) | | | |\n| Net cash (used in) provided by operating activities | (5,903,558) | | | 1,037,354 | | | |\n| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | |\n| Purchase of property and equipment | (22,878) | | | (12,068) | | | |\n| Purchase of intangible assets | (790) | | | \u2014 | | | |\n| Purchase of marketable securities | (458,585) | | | (174,530) | | | |\n| Proceeds from sales, maturities, redemptions and paydowns of marketable securities | 85,638 | | | 135,778 | | | |\n| Purchase of non-marketable equity securities | (15,100) | | | \u2014 | | | |\n| Acquisitions, net of cash acquired | (20,110) | | | \u2014 | | | |\n| Net cash used in investing activities | (431,825) | | | (50,820) | | | |\n| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from issuance of convertible senior notes, net of issuance costs | 953,066 | | | \u2014 | | | |\n| Purchase of capped calls related to the convertible senior notes | (118,766) | | | \u2014 | | | |\n| Proceeds from exercise of stock options | 11,268 | | | 1,078 | | | |\n| Proceeds from warrant exercise | 22,402 | | | \u2014 | | | |\n| | | | | | | | |\n| Proceeds from the February 2021 Offering | 886,067 | | | \u2014 | | | |\n| Issuance cost of common stock | (28,876) | | | \u2014 | | | |\n| | | | | | | | |\n| Proceeds from non-recourse asset-backed debt | 7,782,076 | | | 912,082 | | | |\n| Principal payments on non-recourse asset-backed debt | (2,837,436) | | | (1,949,165) | | | |\n| Proceeds from other secured borrowings | 150,748 | | | 85,996 | | | |\n| Principal payments on other secured borrowings | (138,169) | | | (74,720) | | | |\n| Payment of loan origination fees and debt issuance costs | (9,274) | | | (3,068) | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Net cash provided by (used in) financing activities | 6,673,106 | | | (1,027,797) | | | |\n| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 337,723 | | | (41,263) | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 Beginning of period | 1,505,528 | | | 684,822 | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 End of period | $ | 1,843,251 | | | $ | 643,559 | |", + "n_cols": 8, + "n_rows": 63, + "plain_text": " | Nine Months Ended September 30, | | | | | | \n | 2021 | | 2020 | | | | \nCASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | \nNet loss | $ | (471,060) | | | $ | (198,968) | \nAdjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: | | | | | | | \nDepreciation and amortization \u2013 net of accretion | 26,551 | | | 31,114 | | | \nAmortization of right of use asset | 6,055 | | | 22,008 | | | \nImpairment of software development costs | 3,227 | | | \u2014 | | | \nStock-based compensation | 465,059 | | | 9,162 | | | \nDerivative and warrant fair value adjustment | (12,179) | | | 1,901 | | | \nGain on settlement of lease liabilities | (5,237) | | | \u2014 | | | \nInventory valuation adjustment | 32,602 | | | 7,517 | | | \nChanges in fair value of derivative instruments | (243) | | | 22,568 | | | \nChanges in fair value of marketable equity securities | (51,013) | | | \u2014 | | | \nPayment-in-kind interest | \u2014 | | | 3,910 | | | \nDividend-in-kind | 264 | | | \u2014 | | | \nNet fair value adjustments and gain (loss) on sale of mortgage loans held for sale | (3,144) | | | (2,131) | | | \nOrigination of mortgage loans held for sale | (153,789) | | | (88,098) | | | \nProceeds from sale and principal collections of mortgage loans held for sale | 141,624 | | | 78,360 | | | \nChanges in operating assets and liabilities: | | | | | | | \nEscrow receivable | (119,900) | | | 11,241 | | | \nReal estate inventories | (5,805,802) | | | 1,146,798 | | | \nOther assets | (50,202) | | | 793 | | | \nAccounts payable and other accrued liabilities | 102,310 | | | 3,355 | | | \nInterest payable | 3,183 | | | (2,530) | | | \nLease liabilities | (11,864) | | | (9,646) | | | \nNet cash (used in) provided by operating activities | (5,903,558) | | | 1,037,354 | | | \nCASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | \nPurchase of property and equipment | (22,878) | | | (12,068) | | | \nPurchase of intangible assets | (790) | | | \u2014 | | | \nPurchase of marketable securities | (458,585) | | | (174,530) | | | \nProceeds from sales, maturities, redemptions and paydowns of marketable securities | 85,638 | | | 135,778 | | | \nPurchase of non-marketable equity securities | (15,100) | | | \u2014 | | | \nAcquisitions, net of cash acquired | (20,110) | | | \u2014 | | | \nNet cash used in investing activities | (431,825) | | | (50,820) | | | \nCASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \nProceeds from issuance of convertible senior notes, net of issuance costs | 953,066 | | | \u2014 | | | \nPurchase of capped calls related to the convertible senior notes | (118,766) | | | \u2014 | | | \nProceeds from exercise of stock options | 11,268 | | | 1,078 | | | \nProceeds from warrant exercise | 22,402 | | | \u2014 | | | \n | | | | | | | \nProceeds from the February 2021 Offering | 886,067 | | | \u2014 | | | \nIssuance cost of common stock | 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"char_count": 1279, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", + "block_sequence": 40, + "char_end": 1279, + "char_start": 0, + "fragment_sha256": "5d15ab0aeb4bc3afc28647b2564eb6d69b5014af1a6c6cf3c83e917b80c679e8", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s19", + "table": null, + "text": "To provide investors with additional information regarding the Company\u2019s financial results, this press release includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit, Contribution Profit After Interest, Adjusted Net (Loss) Income, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results." + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b41", + "block_sequence": 41, + "block_sha256": "d36dc3f3a1409994d5fd201d8582e0e68e2c36bec47c148908292fec8a24bbbe", + "block_type": "heading", + "char_count": 81, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", + "block_sequence": 41, + "char_end": 81, + "char_start": 0, + "fragment_sha256": "78cfde759c71ab9456e04e200bad20f55d9df67455a0c0e05b2942c2622084f4", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s20", + "table": null, + "text": "Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b42", + "block_sequence": 42, + "block_sha256": "b2ff05c7fd6c1e3da1c2069ba2738d191c9820311f14b17efb80510727183ec0", + "block_type": "paragraph", + "char_count": 2334, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", + "block_sequence": 42, + "char_end": 2334, + "char_start": 0, + "fragment_sha256": "62102e9c128b9829cb08dff38466048ce64d128a9c2b0c081456ece47c7ecbad", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s20", + "table": null, + "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest, which are non-GAAP financial measures. We believe that Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance in our key markets. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Contribution Profit After Interest further impacts gross profit by including senior interest costs attributable to homes sold during a reporting period. We believe these measures facilitate meaningful period over period comparisons and illustrate our ability to generate returns on assets sold after considering the costs directly related to the assets sold in a given period. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. These measures also exclude the impact of certain restructuring costs that are required under GAAP. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit." + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b43", + "block_sequence": 43, + "block_sha256": "3a0f4b517b2973d0284f077238ba89bbd42b072b4d09fc22bba1dad3687e0f87", + "block_type": "heading", + "char_count": 30, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", + "block_sequence": 43, + "char_end": 30, + "char_start": 0, + "fragment_sha256": "ad3435f9016ffd33bd846c44952e5af35add4d543073bbf72f364b3671a517b9", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Gross Profit / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s21", + "table": null, + "text": "Adjusted Gross Profit / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b44", + "block_sequence": 44, + "block_sha256": "503f92fedec97bf66076f8ce5e2e26ab7728481aa9f6b9806a821d58afd66880", + "block_type": "paragraph", + "char_count": 968, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", + "block_sequence": 44, + "char_end": 968, + "char_start": 0, + "fragment_sha256": "f2c1c95365668a4a1c18c8b225f891e358b0ae91eb3e8eda2aab7e9594aed9f9", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Gross Profit / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s21", + "table": null, + "text": "We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory impairment in the current period, (2) inventory impairment in prior periods, and (3) restructuring in cost of revenue. Inventory impairment in the current period is calculated by adding back the inventory impairment charges recorded during the period on homes that remain in inventory at period end. Inventory impairment in prior periods is calculated by subtracting the inventory impairment charges recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b45", + "block_sequence": 45, + "block_sha256": "530922c6281eb17366bc5afad3d135e14758fe69731bdbd8be3f74f8618ea5bf", + "block_type": "heading", + "char_count": 28, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", + "block_sequence": 45, + "char_end": 28, + "char_start": 0, + "fragment_sha256": "de401b6badd9bfbd79ee63affb5bf42a8c0d4d049649690efdedd29a40b60c71", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s22", + "table": null, + "text": "Contribution Profit / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b46", + "block_sequence": 46, + "block_sha256": "12e7a05042bd9647048aca2e6fadec6b19c882c4de1eb81f37758b16fc3b3284", + "block_type": "paragraph", + "char_count": 799, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", + "block_sequence": 46, + "char_end": 799, + "char_start": 0, + "fragment_sha256": "387fa327f15804406f1b494f6e02f62b363618450638a17836b3c19972a83c28", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s22", + "table": null, + "text": "We calculate Contribution Profit as Adjusted Gross Profit, minus (1) holding costs incurred in the current period on homes sold during the period, (2) holding costs incurred in prior periods on homes sold in the current period, and (3) direct selling costs incurred on homes sold during the current period. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflows directly associated with a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b47", + "block_sequence": 47, + "block_sha256": "6550d89a9b61260d0341c38394782c3ca94190a307c66c7ec8c6a91e0d85fff0", + "block_type": "heading", + "char_count": 43, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", + "block_sequence": 47, + "char_end": 43, + "char_start": 0, + "fragment_sha256": "17208a9c4ac0166157479a69a444a5ed8c68eb01264411879f3cf7ade604f0b8", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin After Interest" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s23", + "table": null, + "text": "Contribution Profit / Margin After Interest" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b48", + "block_sequence": 48, + "block_sha256": "66a449b6dee505e861caa58ce8bdfd6963229f96bf47f5f74f61177b873d8e51", + "block_type": "paragraph", + "char_count": 1272, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", + "block_sequence": 48, + "char_end": 1272, + "char_start": 0, + "fragment_sha256": "f0d5004f328bdae6432353a85b5f0ddd24844641f0351235bbf22cc89010847a", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin After Interest" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s23", + "table": null, + "text": "We define Contribution Profit After Interest as Contribution Profit, minus interest expense under our senior credit facilities incurred on the homes sold during the period. This may include interest expense recorded in periods prior to the period in which the sale occurred. Our senior credit facilities are secured by our homes in inventory. For our senior revolving credit facilities, drawdowns are made on a per-home basis at the time of purchase and are required to be repaid at the time the homes are sold. We do not include interest expense associated with our mezzanine debt facilities in this calculation. We use a mix of debt and equity capital to finance our inventory and that mix will vary over time. In addition, we expect to continue to evolve our cost of financing as we include other debt sources beyond mezzanine capital. As such, we do not view our current mezzanine interest expense to be reflective of our long-term cost of financing. Contribution Margin After Interest is Contribution Profit After Interest as a percentage of revenue. We view this metric as an important measure of business performance. Contribution Profit After Interest helps management assess Contribution Margin performance, per above, when burdened with senior cost of financing." + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b49", + "block_sequence": 49, + "block_sha256": "7460ff5afa74595bed1ed49c4ec349f88984782302cbab9cee3bae99ec2b46cd", + "block_type": "heading", + "char_count": 26, + "level": 6, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", + "block_sequence": 49, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "b8b8062826f34c01775f668e5b2cc75d457b8d2c8832287c6f571c29eac5c67b", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin After Interest", + "OPENDOOR TECHNOLOGIES INC." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s24", + "table": null, + "text": "OPENDOOR 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"block_sha256": "f2efc3d99fb915bd7e8a227eaffb3975f9d1e6cdc043e6362c8c6be9e19cff48", + "block_type": "paragraph", + "char_count": 234, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", + "block_sequence": 53, + "char_end": 234, + "char_start": 0, + "fragment_sha256": "282df70ba30add14edc335c8110deaba6acbb9d1a399aedc655ebef30cf36211", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin After Interest", + "OPENDOOR TECHNOLOGIES INC.", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s25", + "table": null, + "text": "The following table presents a reconciliation of our Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest to our gross profit, which is the most directly comparable GAAP measure, for the periods 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"char_end": 1550, + "char_start": 0, + "fragment_sha256": "7c6ef712433f4ee7559439c32c08d8ae99107d173f0a7d12acb501d498b92d94", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin After Interest", + "OPENDOOR TECHNOLOGIES INC.", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s25", + "table": null, + "text": "(1)Inventory impairment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (2)Inventory impairment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (3)Restructuring in cost of revenue consists mainly of severance and employee termination benefits that were recorded to cost of revenue due to a reduction in workforce in Q2 2020 following the outbreak of the COVID-19 pandemic. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5)Holding costs include mainly property taxes, insurance, utilities, association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the condensed consolidated statements of operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented. (8)This does not include interest on mezzanine term debt facilities or other indebtedness. (9)Represents the interest expense under our senior credit facilities incurred on homes sold in the current period during the period. (10)Represents the interest expense under our senior credit facilities incurred on homes sold in the current period during prior periods." + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b57", + "block_sequence": 57, + "block_sha256": "fca17254c497cad4dac8c53b351e70c6d20f13af1b2ebfc8085200478726dbdd", + "block_type": "heading", + "char_count": 46, + "level": 8, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", + "block_sequence": 57, + "char_end": 46, + "char_start": 0, + "fragment_sha256": "bec5251340e49c6a6ce642c93864c2d71e3be265585e1dbabb996cc62344fb15", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Net (Loss) Income and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s26", + "table": null, + "text": "Adjusted Net (Loss) Income and Adjusted EBITDA" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b58", + "block_sequence": 58, + "block_sha256": "f640c6cf7fb4dde6aaa045b5ff58fe7f0e6cc33b6baa0912aec0839f741a9a89", + "block_type": "paragraph", + "char_count": 1470, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", + "block_sequence": 58, + "char_end": 1470, + "char_start": 0, + "fragment_sha256": "c83df3861966dcebd6f73654a0b5a6d3f89c2fcc8c038dfe42042bfc9b192278", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Net (Loss) Income and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s26", + "table": null, + "text": "We also present Adjusted Net (Loss) Income and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations or not aligned to related revenue. Adjusted Net (Loss) Income and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include impairment costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, impairment costs required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss." + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b59", + "block_sequence": 59, + "block_sha256": "493304ea990d405640657ba893c65e0fa41e41501b81db14c9c0fb0323df7e18", + "block_type": "heading", + "char_count": 26, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", + "block_sequence": 59, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "9d58cbad9774781b352f91f7af44a8deb4a3ae45e486c9e98670fe64ad8cdec3", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Net (Loss) Income" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s27", + "table": null, + "text": "Adjusted Net (Loss) Income" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b60", + "block_sequence": 60, + "block_sha256": "e3fb1ae5e7677c74649bf4927b0c9716741194b94d854febb3f6bf59940e082d", + "block_type": "paragraph", + "char_count": 920, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", + "block_sequence": 60, + "char_end": 920, + "char_start": 0, + "fragment_sha256": "202faaaa775ea8c1e2d2f1ca5a76be7fed89ab78d35762dfd3e2d4eaa3314e20", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Net (Loss) Income" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s27", + "table": null, + "text": "We calculate Adjusted Net (Loss) Income as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, marketable equity securities fair value adjustment, derivative and warrant fair value adjustment, intangible amortization, and payroll tax on initial RSU release. It also excludes non-recurring restructuring charges, gain on lease termination, and convertible note payment-in-kind (\u201cPIK\u201d) interest and issuance discount amortization. Adjusted Net (Loss) Income also aligns the timing of impairment charges recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net (Loss) Income does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date." + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b61", + "block_sequence": 61, + "block_sha256": "773660f28ede02e28c7f61ddeb64a36beccffd99caee7e409b39dd9eb04f06b9", + "block_type": "heading", + "char_count": 15, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", + "block_sequence": 61, + "char_end": 15, + "char_start": 0, + "fragment_sha256": "9fb6e786e171bef58f47377e0b4f8eaa5be01cdfc8cecba9c6c1035fd236de44", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s28", + "table": null, + "text": "Adjusted EBITDA" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b62", + "block_sequence": 62, + "block_sha256": "5628c2bda5ba510bf28ec79841327772fda3aef73b1f657dc7dbee3c9fa79f09", + "block_type": "paragraph", + "char_count": 545, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", + "block_sequence": 62, + "char_end": 545, + "char_start": 0, + "fragment_sha256": "eeadcb6da282b7c084a9908c621f5e433f7096511054ab45f5e8c62b1af96fcb", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s28", + "table": null, + "text": "We calculated Adjusted EBITDA as Adjusted Net (Loss) Income adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. The following table presents a reconciliation of our Adjusted Net (Loss)Income and Adjusted EBITDA to our net loss, which is the most directly comparable GAAP measure, for the periods indicated:" + }, + { + "block_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b63", + "block_sequence": 63, + "block_sha256": "9486eb779da63d1eea6135bf1ea1c270bc2cb66f4d09696c0fd042a570ae069c", + "block_type": "table", + "char_count": 1939, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", + "block_sequence": 63, + "char_end": 1939, + "char_start": 0, + "fragment_sha256": "204786a161f78902bc4e3da4f9464dbf548479bf005a8cfb5479e4bb953aa0f6", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted EBITDA" + ], + "table_index": 5, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s28", + "table": { + "caption": null, + "flags": [ + 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(2)Represents amortization of intangibles acquired in the OSN and Open Listings acquisitions which contribute to revenue generation and are recorded as part of purchase accounting. The acquired intangible assets have useful lives ranging from 2 to 5 years and amortization is expected until the intangible assets are fully amortized. (3)Inventory impairment \u2014 Current Period is the inventory impairment charge recorded during the period presented associated with homes that remain in inventory at period end. (4)Inventory impairment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (5)Restructuring costs consist mainly of employee termination benefits, relocation packages and retention bonuses as well as costs related to the exiting of certain non-cancelable leases. In 2020, these costs related mainly to a reduction in workforce implemented in April 2020 as well as our exercise of the early termination option related to our San Francisco headquarters. (6)Includes non-cash payment-in-kind (\u201cPIK\u201d) interest and amortization of the discount on the convertible notes issued from July through November 2019 (the \u201c2019 Convertible Notes\u201d). We exclude convertible note PIK interest and amortization from Adjusted Net (Loss) Income since these are non-cash in nature and were converted into equity in September 2020 when the Company entered into the Convertible Notes Exchange Agreement with the convertible note holders. (7)Includes primarily gain or loss on disposal of fixed assets, gain or loss on interest rate lock commitments, gain or loss on the sale of available for sale securities, and sublease income. (8)Includes interest expense on our asset-backed debt facilities. (9)Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, and interest expense incurred on the 2026 convertible senior notes outstanding. (10)Consists mainly of interest earned on cash, cash equivalents and marketable securities." + } + ], + "cik": 1801169, + "cik10": "0001801169", + "company_name": "Opendoor Technologies Inc.", + "config_hash": "a8e88d258eb39664414697e0926a7d29600e676d9810ec79743c3c9490c9d4a1", + "content_sha256": "b7c995fb2d81d0bb0343d512a49d30b5047abc36892f057ab6a10393a31d6d5f", + "derivation_id": "1973f1b2d2450e6e1dab67132877ef272dfa3731c9577c19c1e48182b59834d2", + "document_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", + "document_type": "earnings_release", + "exhibit_type": "EX-99.1", + "filing_date": "2021-11-10", + "filing_id": "sec:0001801169:0001801169-21-000119", + "flags": [ + "wide_table" + ], + "form": "8-K", + "form_sanitized": "8-K", + "is_amendment": false, + "items": [ + "2.02", + "7.01", + "9.01" + ], + "normalizer_version": "1.0.0", + "original_filename": "q32021form8-kxexhibit991.htm", + "parser_fallback_from": null, + "parser_fallback_reason": null, + 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(Nasdaq: OPEN), a leading digital platform for residential real estate, today reported financial results for its quarter ended September 30, 2021. Opendoor’s third quarter 2021 financial results and management commentary can be accessed through the Company’s shareholder letter on the quarterly results page of Opendoor’s investor relations website at https://investor.opendoor.com. “Over the years, I am often asked whether our vision and strategy has changed. The short answer is no - we have always been focused on making it possible to buy, sell, and move at the tap of a button. In our view, the end state for the real estate marketplace will inevitably be a simple, certain, and fast transaction powered by technology. It is just a matter of when. So we have been consistently focused on investing in that future experience, piece by piece, with the consumer in mind at every step. We take great pride in doing the hard work to execute with excellence in our consumer experience, technology, business performance, and company culture. This is what sets us apart,” said Eric Wu, Co-Founder and CEO of Opendoor. “Our third quarter results are the byproduct of our focus on the consumer experience and strong, consistent execution. 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We believe that sequential comparisons better reflect our underlying growth trends given our decision to pause home acquisitions and actively sell through our inventory last year due to COVID-19. •Revenue of $2.3 billion, up 91% versus 2Q21, with 5,988 total homes sold, up 72% versus 2Q21 •Gross profit of $202 million, versus $159 million in 2Q21; gross margin of 8.9%, versus 13.4% in 2Q21 •Net income of $(57) million, versus $(144) million in 2Q21 •Adjusted Net Income of $(17) million, versus $2 million in 2Q21 •Contribution Profit of $170 million, versus $128 million in 2Q21; Contribution Margin of 7.5%, versus 10.8% in 2Q21 •Adjusted EBITDA of $35 million versus $26 million in 2Q21; Adjusted EBITDA Margin of 1.5% versus 2.2% in 2Q21 •Expanded to 44 markets at the end of 3Q21 with 5 new market launches •Purchased 15,181 homes, up 79% versus 2Q21 •Grew inventory balance to 17,164 homes, representing $6.3 billion in value, up 130% versus 2Q21"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b11"], "char_count": 114, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "88d9fa1113b195d82525483cb213af9963871a1a80bd97d00897f8a52c0f294c", "derivation_id": "1973f1b2d2450e6e1dab67132877ef272dfa3731c9577c19c1e48182b59834d2", "document_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-11-10", "filing_id": "sec:0001801169:0001801169-21-000119", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EX-99.1", "Outlook"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "block_sequence": 11, "char_end": 114, "char_start": 0, "fragment_sha256": "0dcd63acf7f08dd4fd082f48312a6bcbb1f3b887adaed38e8483ddc5552baa62", "heading_path": ["EX-99.1", "Outlook"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-11-10", "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s6", "source_artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/q32021form8-kxexhibit991.htm", "table_id": null, "text": "•4Q21 revenue guidance of $3.1 billion - $3.2 billion •4Q21 Adjusted EBITDA1 guidance of ($5) million - $5 million"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b13"], "char_count": 328, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b389b653b8280bc17801e00644ecd9b7c5149b24fa88ac7f78cf16fd213d1410", "derivation_id": "1973f1b2d2450e6e1dab67132877ef272dfa3731c9577c19c1e48182b59834d2", "document_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-11-10", "filing_id": "sec:0001801169:0001801169-21-000119", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Outlook", "Conference Call and Webcast Details"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "block_sequence": 13, "char_end": 328, "char_start": 0, "fragment_sha256": "f2457e39b1db91bb387eb55e1ba387e26914d997fb051fd5b48724008ae5fa21", "heading_path": ["EX-99.1", "Outlook", "Conference Call and Webcast Details"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-11-10", "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s7", "source_artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/q32021form8-kxexhibit991.htm", "table_id": null, "text": "Opendoor will host a conference call to discuss its financial results on November 10, 2021 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b15"], "char_count": 3832, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f46235a083e0b2e33359055794013f90ab1ff59c44eb25304995bf3ae7e43dc1", "derivation_id": "1973f1b2d2450e6e1dab67132877ef272dfa3731c9577c19c1e48182b59834d2", "document_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-11-10", "filing_id": "sec:0001801169:0001801169-21-000119", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Outlook", "Conference Call and Webcast Details", "Forward Looking Statements"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "block_sequence": 15, "char_end": 3832, "char_start": 0, "fragment_sha256": "1ea01e48c12cabeda1f2b517d25328d698ad6de7769421b1ad310fbef919bfcc", "heading_path": ["EX-99.1", "Outlook", "Conference Call and Webcast Details", "Forward Looking Statements"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-11-10", "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s8", "source_artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/q32021form8-kxexhibit991.htm", "table_id": null, "text": "This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our financial condition, anticipated financial performance, business strategy and plans, market opportunity and expansion and objectives of management for future operations. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “intend”, “may”, “might”, “opportunity”, “plan”, “possible”, “potential”, “predict”, “project,” “should”, “strategy”, “strive”, “target”, “will”, or “would”, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to our public securities’ potential liquidity and trading; our ability to raise financing in the future; our success in retaining or recruiting, or changes required in, our officers, key employees or directors; the impact of the regulatory environment and complexities with compliance related to such environment; our ability to remediate our material weaknesses; various factors relating to our business, operations and financial performance, including, but not limited to, the impact of the COVID-19 pandemic on our ability to grow market share; our ability to respond to general economic conditions and the health of the U.S. residential real estate industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \"Risk Factors\" in our annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 4, 2021, as updated by our Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2021, June 30, 2021, and September 30, 2021, and our other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 1 Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory impairment and stock-based compensation with respect to future grants and forfeitures. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. For more information regarding the non-GAAP financial measures discussed in this press release, please see “Use of Non-GAAP Financial Measures” below."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b17"], "char_count": 267, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "728a6be9af5984289973d5c797852c20b20733c22f5009c2f70111ea91a1cea5", "derivation_id": "1973f1b2d2450e6e1dab67132877ef272dfa3731c9577c19c1e48182b59834d2", "document_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-11-10", "filing_id": "sec:0001801169:0001801169-21-000119", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "About Opendoor"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "block_sequence": 17, "char_end": 267, "char_start": 0, "fragment_sha256": "cdff04a27af8da1be848380dc9803f1385749dc97f8e34109b858e9b6bdbeee4", "heading_path": ["EX-99.1", "About Opendoor"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-11-10", "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s9", "source_artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/q32021form8-kxexhibit991.htm", "table_id": null, "text": "Opendoor’s mission is to empower everyone with the freedom to move. Since 2014, Opendoor has provided people across the U.S. with a radically simple way to buy, sell or trade-in a home online. 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"norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s14", "source_artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/q32021form8-kxexhibit991.htm", "table_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b27", "text": "| | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | Three Months Ended September 30, | | Nine Months Ended September 30, | | | | | | | | | | | | |\n| | 2021 | | 2020 | | 2021 | | 2020 | | | | | | | | |\n| REVENUE | $ | 2,266,354 | | | $ | 338,613 | | | $ | 4,199,014 | | | $ | 2,334,235 | |\n| COST OF REVENUE | 2,063,865 | | | 302,802 | | | 3,740,622 | | | 2,152,803 | | | | | |\n| GROSS PROFIT | 202,489 | | | 35,811 | | | 458,392 | | | 181,432 | | | | | |\n| OPERATING EXPENSES: | | | | | | | | | | | | | | | |\n| Sales, marketing and operations | 153,496 | | | 27,336 | | | 319,087 | | | 156,290 | | | | | |\n| General and administrative | 90,105 | | | 40,168 | | | 502,800 | | | 99,074 | | | | | |\n| Technology and development | 27,295 | | | 13,184 | | | 102,360 | | | 45,809 | | | | | |\n| Total operating expenses | 270,896 | | | 80,688 | | | 924,247 | | | 301,173 | | | | | |\n| LOSS FROM OPERATIONS | (68,407) | | | (44,877) | | | (465,855) | | | (119,741) | | | | | |\n| DERIVATIVE AND WARRANT FAIR VALUE ADJUSTMENT | 3,499 | | | (24,329) | | | 12,179 | | | (25,219) | | | | | |\n| | | | | | | | | | | | | | | | |\n| INTEREST EXPENSE | (43,550) | | | (12,376) | | | (70,375) | | | (57,393) | | | | | |\n| OTHER INCOME – Net | 51,965 | | | 764 | | | 53,601 | | | 3,619 | | | | | |\n| LOSS BEFORE INCOME TAXES | (56,493) | | | (80,818) | | | (470,450) | | | (198,734) | | | | | |\n| INCOME TAX EXPENSE | (326) | | | (35) | | | (610) | | | (234) | | | | | |\n| NET LOSS | $ | (56,819) | | | $ | (80,853) | | | $ | (471,060) | | | $ | (198,968) | |\n| | | | | | | | | | | | | | | | |\n| | | | | | | | | | | | | | | | |\n| Net loss per share attributable to common shareholders: | | | | | | | | | | | | | | | |\n| Basic | $ | (0.09) | | | $ | (0.91) | | | $ | (0.80) | | | $ | (2.32) | |\n| Diluted | $ | (0.09) | | | $ | (0.91) | | | $ | (0.80) | | | $ | (2.32) | |\n| Weighted-average shares outstanding: | | | | | | | | | | | | | | | |\n| Basic | 603,389 | | | 89,070 | | | 585,854 | | | 85,907 | | | | | |\n| Diluted | 603,389 | | | 89,070 | | | 585,854 | | | 85,907 | | | | | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b30", "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b31"], "char_count": 46, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b16ba8327268505dd50238541cfa03d6503a5c2caf361ad87c40d251648ca050", "derivation_id": 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"https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/q32021form8-kxexhibit991.htm", "table_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b32", "text": "| | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | September 30, 2021 | | December 31, 2020 | | | | |\n| ASSETS | | | | | | | | |\n| CURRENT ASSETS: | | | | | | | | |\n| Cash and cash equivalents | | $ | 1,358,775 | | | $ | 1,412,665 | |\n| Restricted cash | | 484,476 | | | 92,863 | | | |\n| Marketable securities | | 481,051 | | | 47,637 | | | |\n| Mortgage loans held for sale pledged under agreements to repurchase | | 22,858 | | | 7,529 | | | |\n| Escrow receivable | | 121,394 | | | 1,494 | | | |\n| Real estate inventory, net | | 6,268,081 | | | 465,936 | | | |\n| Other current assets ($616 and $373 carried at fair value) | | 84,365 | | | 24,987 | | | |\n| Total current assets | | 8,821,000 | | | 2,053,111 | | | |\n| PROPERTY AND EQUIPMENT – Net | | 38,321 | | | 29,228 | | | |\n| RIGHT OF USE ASSETS | | 43,800 | | | 49,517 | | | |\n| GOODWILL | | 47,158 | | | 30,945 | | | |\n| INTANGIBLES – Net | | 11,494 | | | 8,684 | | | |\n| OTHER ASSETS ($5,100 and $0 carried at fair value) | | 6,842 | | | 4,097 | | | |\n| TOTAL ASSETS | | $ | 8,968,615 | | | $ | 2,175,582 | |\n| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | |\n| CURRENT LIABILITIES: | | | | | | | | |\n| Accounts payable and other accrued liabilities | | $ | 156,030 | | | $ | 25,270 | |\n| Non-recourse asset-backed debt - current portion | | 4,049,812 | | | 339,173 | | | |\n| Other secured borrowings | | 19,728 | | | 7,149 | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| Interest payable | | 9,746 | | | 1,081 | | | |\n| Lease liabilities - current portion | | 4,637 | | | 20,716 | | | |\n| Total current liabilities | | 4,239,953 | | | 393,389 | | | |\n| NON-RECOURSE ASSET-BACKED DEBT – Net of current portion | | 1,367,989 | | | 135,467 | | | |\n| CONVERTIBLE SENIOR NOTES | | 952,415 | | | — | | | |\n| WARRANT LIABILITIES | | — | | | 47,349 | | | |\n| LEASE LIABILITIES – Net of current portion | | 43,073 | | | 46,625 | | | |\n| OTHER LIABILITIES | | 2,324 | | | 94 | | | |\n| Total liabilities | | 6,605,754 | | | 622,924 | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| SHAREHOLDERS’ EQUITY: | | | | | | | | |\n| Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 607,215,233 and 540,714,692 shares issued and outstanding, respectively | | 60 | | | 54 | | | |\n| Additional paid-in capital | | 3,877,418 | | | 2,596,012 | | | |\n| Accumulated deficit | | (1,514,509) | | | (1,043,449) | | | |\n| Accumulated other comprehensive (loss) income | | (108) | | | 41 | | | |\n| Total shareholders’ equity | | 2,362,861 | | | 1,552,658 | | | |\n| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | | $ | 8,968,615 | | | $ | 2,175,582 | |"} 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development costs | 3,227 | | | — | | | |\n| Stock-based compensation | 465,059 | | | 9,162 | | | |\n| Derivative and warrant fair value adjustment | (12,179) | | | 1,901 | | | |\n| Gain on settlement of lease liabilities | (5,237) | | | — | | | |\n| Inventory valuation adjustment | 32,602 | | | 7,517 | | | |\n| Changes in fair value of derivative instruments | (243) | | | 22,568 | | | |\n| Changes in fair value of marketable equity securities | (51,013) | | | — | | | |\n| Payment-in-kind interest | — | | | 3,910 | | | |\n| Dividend-in-kind | 264 | | | — | | | |\n| Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale | (3,144) | | | (2,131) | | | |\n| Origination of mortgage loans held for sale | (153,789) | | | (88,098) | | | |\n| Proceeds from sale and principal collections of mortgage loans held for sale | 141,624 | | | 78,360 | | | |\n| Changes in operating assets and liabilities: | | | | | | | |\n| Escrow receivable | (119,900) | | | 11,241 | | | |\n| Real estate inventories | (5,805,802) | | | 1,146,798 | | | |\n| Other assets | (50,202) | | | 793 | | | |\n| Accounts payable and other accrued liabilities | 102,310 | | | 3,355 | | | |\n| Interest payable | 3,183 | | | (2,530) | | | |\n| Lease liabilities | (11,864) | | | (9,646) | | | |\n| Net cash (used in) provided by operating activities | (5,903,558) | | | 1,037,354 | | | |\n| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | |\n| Purchase of property and equipment | (22,878) | | | (12,068) | | | |\n| Purchase of intangible assets | (790) | | | — | | | |\n| Purchase of marketable securities | (458,585) | | | (174,530) | | | |\n| Proceeds from sales, maturities, redemptions and paydowns of marketable securities | 85,638 | | | 135,778 | | | |\n| Purchase of non-marketable equity securities | (15,100) | | | — | | | |\n| Acquisitions, net of cash acquired | (20,110) | | | — | | | |\n| Net cash used in investing activities | (431,825) | | | (50,820) | | | |\n| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from issuance of convertible senior notes, net of issuance costs | 953,066 | | | — | | | |\n| Purchase of capped calls related to the convertible senior notes | (118,766) | | | — | | | |\n| Proceeds from exercise of stock options | 11,268 | | | 1,078 | | | |\n| Proceeds from warrant exercise | 22,402 | | | — | | | |\n| | | | | | | | |\n| Proceeds from the February 2021 Offering | 886,067 | | | — | | | |\n| Issuance cost of common stock | (28,876) | | | — | | | |\n| | | | | | | | |\n| Proceeds from non-recourse asset-backed debt | 7,782,076 | | | 912,082 | | | |\n| Principal payments on non-recourse asset-backed debt | (2,837,436) | | | (1,949,165) | | | |\n| Proceeds from other secured borrowings | 150,748 | | | 85,996 | | | |\n| Principal payments on other secured borrowings | (138,169) | | | (74,720) | | | |\n| Payment of loan origination fees and debt issuance costs | (9,274) | | | (3,068) | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Net cash provided by (used in) financing activities | 6,673,106 | | | (1,027,797) | | | |\n| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 337,723 | | | (41,263) | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period | 1,505,528 | | | 684,822 | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period | $ | 1,843,251 | | | $ | 643,559 | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b38"], "char_count": 890, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d339d7a48d02549f6143b1e93d74f8d3d59d9f1c77ca629c3c5f12343976b060", "derivation_id": "1973f1b2d2450e6e1dab67132877ef272dfa3731c9577c19c1e48182b59834d2", "document_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-11-10", "filing_id": "sec:0001801169:0001801169-21-000119", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "About Opendoor", "Contact Information", "Investors:", "Media:", "CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "block_sequence": 38, "char_end": 766, "char_start": 0, "fragment_sha256": "40b8939e10db58081a572ec16fb829edf032e0bbef552594a4e074f0d9f8e29c", "heading_path": ["EX-99.1", "About Opendoor", "Contact Information", "Investors:", "Media:", "CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS"], "table_index": 3, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#p16", "passage_kind": "table", "passage_sequence": 16, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-11-10", "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s18", "source_artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/q32021form8-kxexhibit991.htm", "table_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b38", "text": "| | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest | $ | 57,151 | | | $ | 47,977 | |\n| DISCLOSURES OF NONCASH FINANCING ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| Issuance of issuer stock rights in extinguishment of the 2019 Convertible Notes | $ | — | | | $ | 212,940 | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Issuance of common stock in extinguishment of warrant liabilities | $ | (35,170) | | | $ | — | |\n| RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: | | | | | | | |\n| Cash and cash equivalents | $ | 1,358,775 | | | $ | 469,365 | |\n| Restricted cash | 484,476 | | | 174,194 | | | |\n| Cash, cash equivalents, and restricted cash | $ | 1,843,251 | | | $ | 643,559 | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b40"], "char_count": 1279, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "760dc5a51dc6e8cf0dcd8d652773ad31ea06668ce1aefda81c3286b5fe251822", "derivation_id": "1973f1b2d2450e6e1dab67132877ef272dfa3731c9577c19c1e48182b59834d2", "document_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-11-10", "filing_id": "sec:0001801169:0001801169-21-000119", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "block_sequence": 40, "char_end": 1279, "char_start": 0, "fragment_sha256": "5d15ab0aeb4bc3afc28647b2564eb6d69b5014af1a6c6cf3c83e917b80c679e8", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#p17", "passage_kind": "narrative", "passage_sequence": 17, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-11-10", "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s19", "source_artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/q32021form8-kxexhibit991.htm", "table_id": null, "text": "To provide investors with additional information regarding the Company’s financial results, this press release includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit, Contribution Profit After Interest, Adjusted Net (Loss) Income, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b42"], "char_count": 2334, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b2ff05c7fd6c1e3da1c2069ba2738d191c9820311f14b17efb80510727183ec0", "derivation_id": "1973f1b2d2450e6e1dab67132877ef272dfa3731c9577c19c1e48182b59834d2", "document_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-11-10", "filing_id": "sec:0001801169:0001801169-21-000119", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "block_sequence": 42, "char_end": 2334, "char_start": 0, "fragment_sha256": "62102e9c128b9829cb08dff38466048ce64d128a9c2b0c081456ece47c7ecbad", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#p18", "passage_kind": "narrative", "passage_sequence": 18, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-11-10", "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s20", "source_artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/q32021form8-kxexhibit991.htm", "table_id": null, "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest, which are non-GAAP financial measures. We believe that Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance in our key markets. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Contribution Profit After Interest further impacts gross profit by including senior interest costs attributable to homes sold during a reporting period. We believe these measures facilitate meaningful period over period comparisons and illustrate our ability to generate returns on assets sold after considering the costs directly related to the assets sold in a given period. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. These measures also exclude the impact of certain restructuring costs that are required under GAAP. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b44"], "char_count": 968, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "503f92fedec97bf66076f8ce5e2e26ab7728481aa9f6b9806a821d58afd66880", "derivation_id": "1973f1b2d2450e6e1dab67132877ef272dfa3731c9577c19c1e48182b59834d2", "document_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-11-10", "filing_id": "sec:0001801169:0001801169-21-000119", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Gross Profit / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "block_sequence": 44, "char_end": 968, "char_start": 0, "fragment_sha256": "f2c1c95365668a4a1c18c8b225f891e358b0ae91eb3e8eda2aab7e9594aed9f9", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Gross Profit / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#p19", "passage_kind": "narrative", "passage_sequence": 19, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-11-10", "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s21", "source_artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/q32021form8-kxexhibit991.htm", "table_id": null, "text": "We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory impairment in the current period, (2) inventory impairment in prior periods, and (3) restructuring in cost of revenue. Inventory impairment in the current period is calculated by adding back the inventory impairment charges recorded during the period on homes that remain in inventory at period end. Inventory impairment in prior periods is calculated by subtracting the inventory impairment charges recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b46"], "char_count": 799, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "12e7a05042bd9647048aca2e6fadec6b19c882c4de1eb81f37758b16fc3b3284", "derivation_id": "1973f1b2d2450e6e1dab67132877ef272dfa3731c9577c19c1e48182b59834d2", "document_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-11-10", "filing_id": "sec:0001801169:0001801169-21-000119", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "block_sequence": 46, "char_end": 799, "char_start": 0, "fragment_sha256": "387fa327f15804406f1b494f6e02f62b363618450638a17836b3c19972a83c28", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#p20", "passage_kind": "narrative", "passage_sequence": 20, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-11-10", "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s22", "source_artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/q32021form8-kxexhibit991.htm", "table_id": null, "text": "We calculate Contribution Profit as Adjusted Gross Profit, minus (1) holding costs incurred in the current period on homes sold during the period, (2) holding costs incurred in prior periods on homes sold in the current period, and (3) direct selling costs incurred on homes sold during the current period. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflows directly associated with a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b48"], "char_count": 1272, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "66a449b6dee505e861caa58ce8bdfd6963229f96bf47f5f74f61177b873d8e51", "derivation_id": "1973f1b2d2450e6e1dab67132877ef272dfa3731c9577c19c1e48182b59834d2", "document_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-11-10", "filing_id": "sec:0001801169:0001801169-21-000119", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "block_sequence": 48, "char_end": 1272, "char_start": 0, "fragment_sha256": "f0d5004f328bdae6432353a85b5f0ddd24844641f0351235bbf22cc89010847a", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#p21", "passage_kind": "narrative", "passage_sequence": 21, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-11-10", "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s23", "source_artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/q32021form8-kxexhibit991.htm", "table_id": null, "text": "We define Contribution Profit After Interest as Contribution Profit, minus interest expense under our senior credit facilities incurred on the homes sold during the period. This may include interest expense recorded in periods prior to the period in which the sale occurred. Our senior credit facilities are secured by our homes in inventory. For our senior revolving credit facilities, drawdowns are made on a per-home basis at the time of purchase and are required to be repaid at the time the homes are sold. We do not include interest expense associated with our mezzanine debt facilities in this calculation. We use a mix of debt and equity capital to finance our inventory and that mix will vary over time. In addition, we expect to continue to evolve our cost of financing as we include other debt sources beyond mezzanine capital. As such, we do not view our current mezzanine interest expense to be reflective of our long-term cost of financing. Contribution Margin After Interest is Contribution Profit After Interest as a percentage of revenue. We view this metric as an important measure of business performance. Contribution Profit After Interest helps management assess Contribution Margin performance, per above, when burdened with senior cost of financing."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b51", "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b52", "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b53"], "char_count": 299, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "2171c5d5b28422676c3be5f7ae48ec0d654f7e3a31c56013ab9f1851886edad3", "derivation_id": "1973f1b2d2450e6e1dab67132877ef272dfa3731c9577c19c1e48182b59834d2", "document_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-11-10", "filing_id": "sec:0001801169:0001801169-21-000119", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "block_sequence": 51, "char_end": 50, "char_start": 0, "fragment_sha256": "6b44c963a78eac6afaebb6736512eb5ada1474dc691c90f65bfc305f2e8d6308", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "block_sequence": 52, "char_end": 11, "char_start": 0, "fragment_sha256": "2a7680d26ab0fd2298dd52fd36b9d301e5103004cef230dbf5fbd1eabb314fa8", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "block_sequence": 53, "char_end": 234, "char_start": 0, "fragment_sha256": "282df70ba30add14edc335c8110deaba6acbb9d1a399aedc655ebef30cf36211", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#p22", "passage_kind": "narrative", "passage_sequence": 22, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-11-10", "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/q32021form8-kxexhibit991.htm", "table_id": null, "text": "(In thousands, except percentages, and homes sold)\n\n(Unaudited)\n\nThe following table presents a reconciliation of our Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest to our gross profit, which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b54"], "char_count": 2071, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d46cd18482bcebbd0a8229e0be9001aa3ea11e264bf164639b6f8a7b4330923c", "derivation_id": "1973f1b2d2450e6e1dab67132877ef272dfa3731c9577c19c1e48182b59834d2", "document_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-11-10", "filing_id": "sec:0001801169:0001801169-21-000119", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "block_sequence": 54, "char_end": 1858, "char_start": 0, "fragment_sha256": "4b9e9366a024dcaaa42a0fb3ada69969afc8b2d9ea96f3d834ca5f325fbe3f4c", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": 4, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#p23", "passage_kind": "table", "passage_sequence": 23, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-11-10", "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/q32021form8-kxexhibit991.htm", "table_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b54", "text": "| | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended | | | | | | | | | | |\n| (in thousands, except percentages, and homes sold) | | September 30, 2021 | | June 30, 2021 | | September 30, 2020 | | | | | | |\n| Gross profit (GAAP) | | $ | 202,489 | | | $ | 158,771 | | | $ | 35,811 | |\n| Gross Margin | | 8.9 | % | | 13.4 | % | | 10.6 | % | | | |\n| Adjustments: | | | | | | | | | | | | |\n| Inventory impairment – Current Period(1) | | 31,597 | | | 922 | | | 64 | | | | |\n| Inventory impairment – Prior Periods(2) | | (307) | | | (19) | | | (2,803) | | | | |\n| Restructuring in cost of revenue(3) | | — | | | — | | | 1 | | | | |\n| Adjusted Gross Profit | | $ | 233,779 | | | $ | 159,674 | | | $ | 33,073 | |\n| Adjusted Gross Margin | | 10.3 | % | | 13.5 | % | | 9.8 | % | | | |\n| Adjustments: | | | | | | | | | | | | |\n| Direct selling costs(4) | | (51,902) | | | (26,813) | | | (8,909) | | | | |\n| Holding costs on sales – Current Period(5)(6) | | (6,777) | | | (2,666) | | | (1,011) | | | | |\n| Holding costs on sales – Prior Periods(5)(7) | | (5,371) | | | (2,633) | | | (3,140) | | | | |\n| Contribution Profit | | $ | 169,729 | | | $ | 127,562 | | | $ | 20,013 | |\n| Homes sold in period | | 5,988 | | | 3,481 | | | 1,232 | | | | |\n| Contribution Profit per Home Sold | | $ | 28 | | | $ | 37 | | | $ | 16 | |\n| Contribution Margin | | 7.5 | % | | 10.8 | % | | 5.9 | % | | | |\n| Adjustments: | | | | | | | | | | | | |\n| Interest on homes sold – Current Period(8)(9) | | (6,731) | | | (3,110) | | | (1,060) | | | | |\n| Interest on homes sold – Prior Periods(8)(10) | | (3,654) | | | (1,587) | | | (2,591) | | | | |\n| Contribution Profit After Interest | | $ | 159,344 | | | $ | 122,865 | | | $ | 16,362 | |\n| Contribution Margin After Interest | | 7.0 | % | | 10.4 | % | | 4.8 | % | | | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b55", "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b56"], "char_count": 1568, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "88708a90dd289817c6cad1cdb1a443b64fbc4f9e7caffde6cf0f8361acc7d219", "derivation_id": "1973f1b2d2450e6e1dab67132877ef272dfa3731c9577c19c1e48182b59834d2", "document_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-11-10", "filing_id": "sec:0001801169:0001801169-21-000119", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "block_sequence": 55, "char_end": 16, "char_start": 0, "fragment_sha256": "7fdbb5bd0c91a386038a54dafc306bd55a27c3242e1540451c2885fb5da9076a", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "block_sequence": 56, "char_end": 1550, "char_start": 0, "fragment_sha256": "7c6ef712433f4ee7559439c32c08d8ae99107d173f0a7d12acb501d498b92d94", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#p24", "passage_kind": "narrative", "passage_sequence": 24, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-11-10", "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/q32021form8-kxexhibit991.htm", "table_id": null, "text": "________________\n\n(1)Inventory impairment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (2)Inventory impairment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (3)Restructuring in cost of revenue consists mainly of severance and employee termination benefits that were recorded to cost of revenue due to a reduction in workforce in Q2 2020 following the outbreak of the COVID-19 pandemic. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5)Holding costs include mainly property taxes, insurance, utilities, association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the condensed consolidated statements of operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented. (8)This does not include interest on mezzanine term debt facilities or other indebtedness. (9)Represents the interest expense under our senior credit facilities incurred on homes sold in the current period during the period. (10)Represents the interest expense under our senior credit facilities incurred on homes sold in the current period during prior periods."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b58"], "char_count": 1470, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f640c6cf7fb4dde6aaa045b5ff58fe7f0e6cc33b6baa0912aec0839f741a9a89", "derivation_id": "1973f1b2d2450e6e1dab67132877ef272dfa3731c9577c19c1e48182b59834d2", "document_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-11-10", "filing_id": "sec:0001801169:0001801169-21-000119", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Net (Loss) Income and Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "block_sequence": 58, "char_end": 1470, "char_start": 0, "fragment_sha256": "c83df3861966dcebd6f73654a0b5a6d3f89c2fcc8c038dfe42042bfc9b192278", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Net (Loss) Income and Adjusted EBITDA"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#p25", "passage_kind": "narrative", "passage_sequence": 25, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-11-10", "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s26", "source_artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/q32021form8-kxexhibit991.htm", "table_id": null, "text": "We also present Adjusted Net (Loss) Income and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations or not aligned to related revenue. Adjusted Net (Loss) Income and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include impairment costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, impairment costs required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b60"], "char_count": 920, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e3fb1ae5e7677c74649bf4927b0c9716741194b94d854febb3f6bf59940e082d", "derivation_id": "1973f1b2d2450e6e1dab67132877ef272dfa3731c9577c19c1e48182b59834d2", "document_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-11-10", "filing_id": "sec:0001801169:0001801169-21-000119", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Net (Loss) Income"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "block_sequence": 60, "char_end": 920, "char_start": 0, "fragment_sha256": "202faaaa775ea8c1e2d2f1ca5a76be7fed89ab78d35762dfd3e2d4eaa3314e20", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Net (Loss) Income"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#p26", "passage_kind": "narrative", "passage_sequence": 26, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-11-10", "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s27", "source_artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/q32021form8-kxexhibit991.htm", "table_id": null, "text": "We calculate Adjusted Net (Loss) Income as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, marketable equity securities fair value adjustment, derivative and warrant fair value adjustment, intangible amortization, and payroll tax on initial RSU release. It also excludes non-recurring restructuring charges, gain on lease termination, and convertible note payment-in-kind (“PIK”) interest and issuance discount amortization. Adjusted Net (Loss) Income also aligns the timing of impairment charges recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net (Loss) Income does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b62"], "char_count": 545, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5628c2bda5ba510bf28ec79841327772fda3aef73b1f657dc7dbee3c9fa79f09", "derivation_id": "1973f1b2d2450e6e1dab67132877ef272dfa3731c9577c19c1e48182b59834d2", "document_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-11-10", "filing_id": "sec:0001801169:0001801169-21-000119", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "block_sequence": 62, "char_end": 545, "char_start": 0, "fragment_sha256": "eeadcb6da282b7c084a9908c621f5e433f7096511054ab45f5e8c62b1af96fcb", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted EBITDA"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#p27", "passage_kind": "narrative", "passage_sequence": 27, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2021-11-10", "section_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#s28", "source_artifact_id": "sec:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116921000119/q32021form8-kxexhibit991.htm", "table_id": null, "text": "We calculated Adjusted EBITDA as Adjusted Net (Loss) Income adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. The following table presents a reconciliation of our Adjusted Net (Loss)Income and Adjusted EBITDA to our net loss, which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm#b63"], "char_count": 2160, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "94eddce318467b101e399a5fa4055f254998c609e6de6a8cbb9e8f0b9d065c3f", "derivation_id": "1973f1b2d2450e6e1dab67132877ef272dfa3731c9577c19c1e48182b59834d2", "document_id": "norm:0001801169:0001801169-21-000119:q32021form8-kxexhibit991.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2021-11-10", "filing_id": "sec:0001801169:0001801169-21-000119", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": 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Opendoor Technologies Inc. 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(Nasdaq: OPEN), a leading digital platform for residential real estate transactions, today reported financial results for its quarter ended December 31, 2021. Opendoor\u2019s fourth quarter and full year 2021 financial results and management commentary can be accessed through the Company\u2019s shareholder letter on the quarterly results page of Opendoor\u2019s investor relations website at https://investor.opendoor.com. \u201cIn 2021, we saw a significant and durable shift in demand for our digital product, demonstrated our market leadership, and delivered exceptional results. By consistently outperforming expectations, we pulled forward our financial targets by years, growing revenue 211% year-on-year and exiting 2021 at a revenue run-rate of over $15 billion. And yet, we are still just scratching the surface of our opportunity to transform one of the largest, most antiquated industries in the U.S.\u201d said Eric Wu, Co-founder and CEO of Opendoor. \u201cIn 2022, we will continue to build the best consumer experience, expand nationwide to service more customers, and become the digital one-stop-shop that homeowners love and choose.\u201d Wu continued, \u201cIt is our fundamental belief that in a matter of years, millions of homebuyers and home sellers will pick a simple, certain, and fast experience and transact themselves, completely online. 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gross margin of 9.1% versus 8.5% in 2020 \u2022Net loss of $(662) million, versus $(253) million in 2020, primarily driven by non-cash stock based compensation of $536 million versus $38 million in 2020 \u2022Adjusted Net Loss of $(116) million, versus $(175) million in 2020 \u2022Contribution Profit of $525 million, up 377% versus 2020; Contribution Margin of 6.5%, versus 4.3% in 2020 \u2022First year of positive Adjusted EBITDA of $58 million versus $(98) million in 2020; Adjusted EBITDA Margin of 0.7% versus (3.8)% in 2020 \u2022Purchased 36,908 homes, up 498% versus 2020 \u2022Launched Opendoor Backed Offers, which provides homebuyers with the benefits of an all-cash offer when they bid on their dream home, and Opendoor Complete, which brings together all of Opendoor\u2019s products and services into a single, streamlined experience \u2022More than doubled market footprint to 44 markets \u2022Expanded buybox coverage by 50% versus 2020, enabling us to offer on over 60% of all transactions in our active markets \u2022Real seller conversion of over 35% with record offers, up 590% versus 2020 \u2022Maintained seller Net Promoter Score of above 80 \u2022Acquired Pro.com and the team from Skylight.com, which were leaders in home renovation technology, and RedDoor.com, a fully digital mortgage brokerage" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b10", + "block_sequence": 10, + "block_sha256": "bf323a1c304be59875a21fd393606f2b6985de0616c9825b7d1baaed827a54d1", + "block_type": "heading", + "char_count": 34, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", + "block_sequence": 10, + "char_end": 34, + "char_start": 0, + "fragment_sha256": "b853a825e23a115c06c69eb65763fc9bab3ed510aa67666d23301d4607a695d8", + "heading_path": [ + "EX-99.1", + "Fourth Quarter 2021 Key Highlights" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s6", + "table": null, + "text": "Fourth Quarter 2021 Key Highlights" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b11", + "block_sequence": 11, + "block_sha256": "cdea0d2c10db33196b26f5f5a8b07b099649efc67e0e9b7e3188513e8c22836c", + "block_type": "paragraph", + "char_count": 750, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", + "block_sequence": 11, + "char_end": 750, + "char_start": 0, + "fragment_sha256": "3960fe159a8866db9e1da2a79568d76bc337448be5596ec4b123f9727ad2a48f", + "heading_path": [ + "EX-99.1", + "Fourth Quarter 2021 Key Highlights" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s6", + "table": null, + "text": "\u2022Revenue of $3.8 billion, up 1,435% versus 4Q20; with 9,794 total homes sold, up 1,054% versus 4Q20 \u2022Gross profit of $272 million, versus $39 million in 4Q20; gross margin of 7.1%, versus 15.4% in 4Q20 \u2022Net loss of $(191) million, versus $(54) million in 4Q20 \u2022Adjusted Net Loss of $(80) million, versus $(41) million in 4Q20 \u2022Contribution Profit of $152 million, versus $31 million in 4Q20; 20th consecutive quarter of positive Contribution Margin which was 4.0%, versus 12.6% in 4Q20 \u2022Adjusted EBITDA of $0.4 million versus $(27) million in 4Q20; Adjusted EBITDA Margin of breakeven versus (10.9)% in 4Q20 \u2022Purchased 9,639 homes, up 378% versus 4Q20 \u2022Grew inventory balance to 17,009 homes, representing $6.1 billion in value, up 1,208% versus 4Q20" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b12", + "block_sequence": 12, + "block_sha256": "709be924400857c9537a1f1377b05e038633bc91e391591dfef5a32c0bb1dada", + "block_type": "heading", + "char_count": 7, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", + "block_sequence": 12, + "char_end": 7, + "char_start": 0, + "fragment_sha256": "dd91fbc1c8ad2b99acb4521a7e8ce5c75236244b89fece31335460fb1b0a96ed", + "heading_path": [ + "EX-99.1", + "Outlook" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s7", + "table": null, + "text": "Outlook" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b13", + "block_sequence": 13, + "block_sha256": "1b9d2668a3b9d87e737dc318a02283304a16d940af77b2d366d85e232c5c4b1b", + "block_type": "paragraph", + "char_count": 197, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", + "block_sequence": 13, + "char_end": 197, + "char_start": 0, + "fragment_sha256": "b8d281fb8a8662fffda5e4b58548d8e6ba4c5f840552ad1c76ee3c9723ea61d9", + "heading_path": [ + "EX-99.1", + "Outlook" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s7", + "table": null, + "text": "\u20221Q22 revenue guidance of $4.1 billion - $4.3 billion, up 462% YoY at the midpoint of range \u20221Q22 Adjusted EBITDA1 guidance of $30 million - $40 million, up $37 million YoY at the midpoint of range" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b14", + "block_sequence": 14, + "block_sha256": "a6d5472b2970d188397362cbeb120c141dfa00ea685622341f4da2accca23ec9", + "block_type": "heading", + "char_count": 35, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", + "block_sequence": 14, + "char_end": 35, + "char_start": 0, + "fragment_sha256": "8f4803ade21027cea3732425b5d91aff522b9219c7b3a8bb471d178586335c09", + "heading_path": [ + "EX-99.1", + "Outlook", + "Conference Call and Webcast Details" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s8", + "table": null, + "text": "Conference Call and Webcast Details" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b15", + "block_sequence": 15, + "block_sha256": "50ad3b23a4456a055727de25b60f37d9811472fc99bd7398e14d8a4c47ca3947", + "block_type": "paragraph", + "char_count": 329, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", + "block_sequence": 15, + "char_end": 329, + "char_start": 0, + "fragment_sha256": "b88687ac40a7bdbd2f1c56811dd4a4c8bd2c1ce5f96c2f6c38270400bf277a0a", + "heading_path": [ + "EX-99.1", + "Outlook", + "Conference Call and Webcast Details" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s8", + "table": null, + "text": "Opendoor will host a conference call to discuss its financial results on February 24, 2022, at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call." + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b16", + "block_sequence": 16, + "block_sha256": "1d8469bf9c663edb3c938b337e8eb7b6386c9f6dc8633427fe813d5f0ad02182", + "block_type": "heading", + "char_count": 26, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", + "block_sequence": 16, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "1c1b2c1ff491441a71c1994c5ace986494b37cd4881e2f3417345dd8ad104d6e", + "heading_path": [ + "EX-99.1", + "Outlook", + "Conference Call and Webcast Details", + "Forward Looking Statements" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s9", + "table": null, + "text": "Forward Looking Statements" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b17", + "block_sequence": 17, + "block_sha256": "f436bad7fda5a893bfb06471cb74240ea08b4dbb0594cc5df722abaf2118198a", + "block_type": "paragraph", + "char_count": 3651, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", + "block_sequence": 17, + "char_end": 3651, + "char_start": 0, + "fragment_sha256": "3bd9afa0243b409407e7c0cf69982addd8735ca63ec4c8c7f4125da88c78e1a8", + "heading_path": [ + "EX-99.1", + "Outlook", + "Conference Call and Webcast Details", + "Forward Looking Statements" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s9", + "table": null, + "text": "This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our financial condition, anticipated financial performance, business strategy and plans, market opportunity and expansion and objectives of management for future operations. These forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201cplan\u201d, \u201cpossible\u201d, 1 Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company\u2019s control. For more information regarding the non-GAAP financial measures discussed in this press release, please see \u201cUse of Non-GAAP Financial Measures\u201d below. \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject,\u201d \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cwill\u201d, or \u201cwould\u201d, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to our public securities\u2019 potential liquidity and trading; our ability to raise financing in the future; our success in retaining or recruiting, or changes required in, our officers, key employees or directors; the impact of the regulatory environment and complexities with compliance related to such environment; various factors relating to our business, operations and financial performance, including, but not limited to, the impact of the COVID-19 pandemic on our ability to grow market share; our ability to respond to general economic conditions and the health of the U.S. residential real estate industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \"Risk Factors\" in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 24, 2022, as updated by our other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations." + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b18", + "block_sequence": 18, + "block_sha256": "bee3b0c71ab4d6d3fe30831f8a6898f49de6dcbb44cd92a09d86856b2468a886", + "block_type": "heading", + "char_count": 14, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", + "block_sequence": 18, + "char_end": 14, + "char_start": 0, + "fragment_sha256": "3d07b6b22079852bb7e3061832cbd4e1b50684ab4fc951fe2188bff33bd5f1be", + "heading_path": [ + "EX-99.1", + "About Opendoor" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s10", + "table": null, + "text": "About Opendoor" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b19", + "block_sequence": 19, + "block_sha256": "728a6be9af5984289973d5c797852c20b20733c22f5009c2f70111ea91a1cea5", + "block_type": "paragraph", + "char_count": 267, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", + "block_sequence": 19, + "char_end": 267, + "char_start": 0, + "fragment_sha256": "cdff04a27af8da1be848380dc9803f1385749dc97f8e34109b858e9b6bdbeee4", + "heading_path": [ + "EX-99.1", + "About Opendoor" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s10", + "table": null, + "text": "Opendoor\u2019s mission is to empower everyone with the freedom to move. 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"5d15ab0aeb4bc3afc28647b2564eb6d69b5014af1a6c6cf3c83e917b80c679e8", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s20", + "table": null, + "text": "To provide investors with additional information regarding the Company\u2019s financial results, this press release includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit, Contribution Profit After Interest, Adjusted Net (Loss) Income, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results." + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b43", + "block_sequence": 43, + "block_sha256": "d36dc3f3a1409994d5fd201d8582e0e68e2c36bec47c148908292fec8a24bbbe", + "block_type": "heading", + "char_count": 81, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", + "block_sequence": 43, + "char_end": 81, + "char_start": 0, + "fragment_sha256": "78cfde759c71ab9456e04e200bad20f55d9df67455a0c0e05b2942c2622084f4", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s21", + "table": null, + "text": "Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b44", + "block_sequence": 44, + "block_sha256": "b2ff05c7fd6c1e3da1c2069ba2738d191c9820311f14b17efb80510727183ec0", + "block_type": "paragraph", + "char_count": 2334, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", + "block_sequence": 44, + "char_end": 2334, + "char_start": 0, + "fragment_sha256": "62102e9c128b9829cb08dff38466048ce64d128a9c2b0c081456ece47c7ecbad", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s21", + "table": null, + "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest, which are non-GAAP financial measures. We believe that Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance in our key markets. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Contribution Profit After Interest further impacts gross profit by including senior interest costs attributable to homes sold during a reporting period. We believe these measures facilitate meaningful period over period comparisons and illustrate our ability to generate returns on assets sold after considering the costs directly related to the assets sold in a given period. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. These measures also exclude the impact of certain restructuring costs that are required under GAAP. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit." + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b45", + "block_sequence": 45, + "block_sha256": "3a0f4b517b2973d0284f077238ba89bbd42b072b4d09fc22bba1dad3687e0f87", + "block_type": "heading", + "char_count": 30, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", + "block_sequence": 45, + "char_end": 30, + "char_start": 0, + "fragment_sha256": "ad3435f9016ffd33bd846c44952e5af35add4d543073bbf72f364b3671a517b9", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Gross Profit / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s22", + "table": null, + "text": "Adjusted Gross Profit / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b46", + "block_sequence": 46, + "block_sha256": "828824ca8392474311be47678fbe8b425d81de8067e2b2bcecc1193f57a6760a", + "block_type": "paragraph", + "char_count": 1196, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", + "block_sequence": 46, + "char_end": 1196, + "char_start": 0, + "fragment_sha256": "d74afa45b2f33521d97e9da57ada95735125a9461c3f50abd16960bf3ebcdc2c", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Gross Profit / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s22", + "table": null, + "text": "We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, (2) inventory valuation adjustment in prior periods, and (3) restructuring in cost of revenue. Restructuring in cost of revenue reflects the costs associated with the reduction in our workforce in 2020, a portion of which were related to personnel included in cost of revenue. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b47", + "block_sequence": 47, + "block_sha256": "530922c6281eb17366bc5afad3d135e14758fe69731bdbd8be3f74f8618ea5bf", + "block_type": "heading", + "char_count": 28, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", + "block_sequence": 47, + "char_end": 28, + "char_start": 0, + "fragment_sha256": "de401b6badd9bfbd79ee63affb5bf42a8c0d4d049649690efdedd29a40b60c71", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s23", + "table": null, + "text": "Contribution Profit / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b48", + "block_sequence": 48, + "block_sha256": "53ce57937d1e18ed6e95c274c9bde474fb4e34c6de56b78fa51faa91e592bac9", + "block_type": "paragraph", + "char_count": 756, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", + "block_sequence": 48, + "char_end": 756, + "char_start": 0, + "fragment_sha256": "d46f11e8d9aac444d558ef881d0b5ef8c6cecd245dacf98713ab03069b81f707", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s23", + "table": null, + "text": "We calculate Contribution Profit as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflows directly associated with a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b49", + "block_sequence": 49, + "block_sha256": "6550d89a9b61260d0341c38394782c3ca94190a307c66c7ec8c6a91e0d85fff0", + "block_type": "heading", + "char_count": 43, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", + "block_sequence": 49, + "char_end": 43, + "char_start": 0, + "fragment_sha256": "17208a9c4ac0166157479a69a444a5ed8c68eb01264411879f3cf7ade604f0b8", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin After Interest" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s24", + "table": null, + "text": "Contribution Profit / Margin After Interest" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b50", + "block_sequence": 50, + "block_sha256": "0d5a4cb67cad615f2004eb08500cb4651cf6253f0e3dde3062630c38f174c1ff", + "block_type": "paragraph", + "char_count": 1255, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", + "block_sequence": 50, + "char_end": 1255, + "char_start": 0, + "fragment_sha256": "bd0a0bb0adac96e28e511c3fa0f0c90c8068e776dafee84ecdec6dbd63d16bb9", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin After Interest" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s24", + "table": null, + "text": "We define Contribution Profit After Interest as Contribution Profit, minus interest expense under our non-recourse asset-backed senior debt facilities incurred on the homes sold during the period. This may include interest expense recorded in periods prior to the period in which the sale occurred. Our asset-backed senior debt facilities are secured by our real estate inventory and cash. In addition to our senior debt facilities, we use a mix of debt and equity capital to finance our inventory and that mix will vary over time. In addition, we expect to continue to evolve our cost of financing as we include other debt sources beyond mezzanine capital. As such, in order to allow more meaningful period over period comparisons that more accurately reflect our asset performance rather than our evolving financing choices, we do not include interest expense associated with our mezzanine term debt facilities in this calculation. Contribution Margin After Interest is Contribution Profit After Interest as a percentage of revenue. We view this metric as an important measure of business performance. Contribution Profit After Interest helps management assess Contribution Margin performance, per above, when burdened with the cost of senior financing." + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b51", + "block_sequence": 51, + "block_sha256": "7460ff5afa74595bed1ed49c4ec349f88984782302cbab9cee3bae99ec2b46cd", + "block_type": "heading", + "char_count": 26, + "level": 6, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", + "block_sequence": 51, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "b8b8062826f34c01775f668e5b2cc75d457b8d2c8832287c6f571c29eac5c67b", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin After Interest", + "OPENDOOR TECHNOLOGIES INC." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s25", + "table": null, + "text": "OPENDOOR 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55, + "block_sha256": "f2efc3d99fb915bd7e8a227eaffb3975f9d1e6cdc043e6362c8c6be9e19cff48", + "block_type": "paragraph", + "char_count": 234, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", + "block_sequence": 55, + "char_end": 234, + "char_start": 0, + "fragment_sha256": "282df70ba30add14edc335c8110deaba6acbb9d1a399aedc655ebef30cf36211", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin After Interest", + "OPENDOOR TECHNOLOGIES INC.", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s26", + "table": null, + "text": "The following table presents a reconciliation of our Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest to our gross profit, which is the most directly comparable GAAP measure, for the periods 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"7fdbb5bd0c91a386038a54dafc306bd55a27c3242e1540451c2885fb5da9076a", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin After Interest", + "OPENDOOR TECHNOLOGIES INC.", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s26", + "table": null, + "text": "________________" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b58", + "block_sequence": 58, + "block_sha256": "62660387aa02765e878574dbb8cc3ba760c791a4743660c680f7173d342cf800", + "block_type": "paragraph", + "char_count": 1775, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", + "block_sequence": 58, + "char_end": 1775, + "char_start": 0, + "fragment_sha256": "c5ce1cdd6a2d52f9d954fd57dac068cf4d5ca659c55d131c41bb4906a48eb9f4", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin After Interest", + "OPENDOOR TECHNOLOGIES INC.", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s26", + "table": null, + "text": "(1)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2)Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3)Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4)Restructuring in cost of revenue consists mainly of severance and employee termination benefits that were recorded to cost of revenue due to a reduction in workforce in the second quarter of 2020 following the outbreak of the COVID-19 pandemic. (5)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (6)Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (7)Represents holding costs incurred in the period presented on homes sold in the period presented. (8)Represents holding costs incurred in prior periods on homes sold in the period presented. (9)This does not include interest on mezzanine term debt facilities or other indebtedness. (10)Represents the interest expense under our asset-backed senior debt facilities incurred during the period on homes sold in the current period. (11)Represents the interest expense under our asset-backed senior debt facilities incurred during prior periods on homes sold in the current period." + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b59", + "block_sequence": 59, + "block_sha256": "37935488b247cdf343c0c8144ff521e96ad9f18f66bbb30d6e7419e323a258dd", + "block_type": "heading", + "char_count": 37, + "level": 8, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", + "block_sequence": 59, + "char_end": 37, + "char_start": 0, + "fragment_sha256": "a34f0fa36b4a64dc2e88e4f29b646c75e81b6238c2f3a7ba70bd93dfd5171121", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s27", + "table": null, + "text": "Adjusted Net Loss and Adjusted EBITDA" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b60", + "block_sequence": 60, + "block_sha256": "1327729e5dd12db94b7402ad2322780abfe4c25a1d527607af32b96a6a8db594", + "block_type": "paragraph", + "char_count": 1482, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", + "block_sequence": 60, + "char_end": 1482, + "char_start": 0, + "fragment_sha256": "d4e938c5ebf2f221feb70b9c3f9502a8f0e6a350d6ae55fe5bcb2af3c94673a5", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s27", + "table": null, + "text": "We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations or not aligned to related revenue. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss." + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b61", + "block_sequence": 61, + "block_sha256": "236a9f2403017a5277b663ccb31ec43d8c2bfa477b0ef7a6739ae4ae9f4de383", + "block_type": "heading", + "char_count": 17, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", + "block_sequence": 61, + "char_end": 17, + "char_start": 0, + "fragment_sha256": "b8fea0efbc2ee5e70631f015f99f4bc0284f100f8a60109c90d8e6632c07df6a", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Net Loss" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s28", + "table": null, + "text": "Adjusted Net Loss" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b62", + "block_sequence": 62, + "block_sha256": "043eca8044a131a5679ec5297804efdbea86f75bb69999e572c0cf206a7fbe5e", + "block_type": "paragraph", + "char_count": 963, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", + "block_sequence": 62, + "char_end": 963, + "char_start": 0, + "fragment_sha256": "bbfb4d448b038e5573d0c727a299116f80aa05e8872c87254758f017b2df2095", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Net Loss" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s28", + "table": null, + "text": "We calculate Adjusted Net Loss as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, derivative and warrant fair value adjustment, and intangibles amortization expense. It also excludes non-recurring payroll tax on initial RSU release, restructuring charges, loss on extinguishment of debt, gain on lease termination, legal contingency accrual, and convertible note payment-in-kind (\u201cPIK\u201d) interest and issuance discount amortization. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date." + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b63", + "block_sequence": 63, + "block_sha256": "773660f28ede02e28c7f61ddeb64a36beccffd99caee7e409b39dd9eb04f06b9", + "block_type": "heading", + "char_count": 15, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", + "block_sequence": 63, + "char_end": 15, + "char_start": 0, + "fragment_sha256": "9fb6e786e171bef58f47377e0b4f8eaa5be01cdfc8cecba9c6c1035fd236de44", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s29", + "table": null, + "text": "Adjusted EBITDA" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b64", + "block_sequence": 64, + "block_sha256": "aa1584da39f3e4fe7e96c93ff478333f0097cd6374638b401df21eaacc889a25", + "block_type": "paragraph", + "char_count": 528, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", + "block_sequence": 64, + "char_end": 528, + "char_start": 0, + "fragment_sha256": "69c37c7a7f7278450ffd4ae61631646c065d100ed49471b301dce267369b4329", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s29", + "table": null, + "text": "We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. The following table presents a reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our net loss, which is the most directly comparable GAAP measure, for the periods indicated:" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b65", + "block_sequence": 65, + "block_sha256": "5ba3d1602e626316739e315fb3acbd83b3ac48cf9ef4173ebf9629dc8d3e65b2", + "block_type": "table", + "char_count": 2454, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", + "block_sequence": 65, + "char_end": 2454, + "char_start": 0, + "fragment_sha256": "6a65c7ea64f455e2cc8a6b2ae2b4d0fdff95a0f3a1f68556bdea2979575cea41", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted EBITDA" + ], + "table_index": 5, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s29", + "table": { + "caption": null, + "flags": [ + 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(2)Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4)Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustment charge recorded during the period presented associated with homes that remain in inventory at period end. (5)Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6)Restructuring costs consist mainly of employee termination benefits, relocation packages and retention bonuses as well as costs related to the exiting of certain non-cancelable leases. In 2020, these costs related mainly to a reduction in workforce implemented in April 2020 as well as our exercise of the early termination option related to our San Francisco headquarters. (7)Includes non-cash payment-in-kind (\u201cPIK\u201d) interest and amortization of the discount on the convertible notes issued from July through November 2019 (the \u201c2019 Convertible Notes\u201d). We exclude convertible note PIK interest and amortization from Adjusted Net Loss since these are non-cash in nature and were converted into equity in September 2020 when the Company entered into the Convertible Notes Exchange Agreement with the convertible note holders. (8)Includes primarily gain or loss on disposal of fixed assets, gain or loss on interest rate lock commitments, gain or loss on the sale of available for sale securities, and sublease income. (9)Includes interest expense on our non-recourse asset-backed debt facilities. 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(Nasdaq: OPEN), a leading digital platform for residential real estate transactions, today reported financial results for its quarter ended December 31, 2021. Opendoor’s fourth quarter and full year 2021 financial results and management commentary can be accessed through the Company’s shareholder letter on the quarterly results page of Opendoor’s investor relations website at https://investor.opendoor.com. “In 2021, we saw a significant and durable shift in demand for our digital product, demonstrated our market leadership, and delivered exceptional results. By consistently outperforming expectations, we pulled forward our financial targets by years, growing revenue 211% year-on-year and exiting 2021 at a revenue run-rate of over $15 billion. 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More importantly, we know Opendoor’s digital, seamless experience is and will continue to be what consumers choose now and for decades to come.”"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b9"], "char_count": 1411, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5e4635aeebd8df6879121a4a686c6d112230a2e6a09c2b1c82d9fadd90798633", "derivation_id": "acc6d4d629ffa26c6c80ed023390e55b8e59d7eeb7ac4787f7f43a5b82751f55", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Full Year 2021 Key Highlights"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "block_sequence": 9, "char_end": 1411, "char_start": 0, "fragment_sha256": "1a6254be7882340deec0efe27083a7889a484b23e30f76f010f75541c8c0345e", "heading_path": ["EX-99.1", "Full Year 2021 Key Highlights"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s5", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex991earningsre.htm", "table_id": null, "text": "•Total revenue of $8.0 billion, up 211% versus 2020, with 21,725 homes sold, up 119% versus 2020 •Gross profit of $730 million, up 232% versus 2020; gross margin of 9.1% versus 8.5% in 2020 •Net loss of $(662) million, versus $(253) million in 2020, primarily driven by non-cash stock based compensation of $536 million versus $38 million in 2020 •Adjusted Net Loss of $(116) million, versus $(175) million in 2020 •Contribution Profit of $525 million, up 377% versus 2020; Contribution Margin of 6.5%, versus 4.3% in 2020 •First year of positive Adjusted EBITDA of $58 million versus $(98) million in 2020; Adjusted EBITDA Margin of 0.7% versus (3.8)% in 2020 •Purchased 36,908 homes, up 498% versus 2020 •Launched Opendoor Backed Offers, which provides homebuyers with the benefits of an all-cash offer when they bid on their dream home, and Opendoor Complete, which brings together all of Opendoor’s products and services into a single, streamlined experience •More than doubled market footprint to 44 markets •Expanded buybox coverage by 50% versus 2020, enabling us to offer on over 60% of all transactions in our active markets •Real seller conversion of over 35% with record offers, up 590% versus 2020 •Maintained seller Net Promoter Score of above 80 •Acquired Pro.com and the team from Skylight.com, which were leaders in home renovation technology, and RedDoor.com, a fully digital mortgage brokerage"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b11"], "char_count": 750, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "cdea0d2c10db33196b26f5f5a8b07b099649efc67e0e9b7e3188513e8c22836c", "derivation_id": "acc6d4d629ffa26c6c80ed023390e55b8e59d7eeb7ac4787f7f43a5b82751f55", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Fourth Quarter 2021 Key Highlights"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "block_sequence": 11, "char_end": 750, "char_start": 0, "fragment_sha256": "3960fe159a8866db9e1da2a79568d76bc337448be5596ec4b123f9727ad2a48f", "heading_path": ["EX-99.1", "Fourth Quarter 2021 Key Highlights"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s6", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex991earningsre.htm", "table_id": null, "text": "•Revenue of $3.8 billion, up 1,435% versus 4Q20; with 9,794 total homes sold, up 1,054% versus 4Q20 •Gross profit of $272 million, versus $39 million in 4Q20; gross margin of 7.1%, versus 15.4% in 4Q20 •Net loss of $(191) million, versus $(54) million in 4Q20 •Adjusted Net Loss of $(80) million, versus $(41) million in 4Q20 •Contribution Profit of $152 million, versus $31 million in 4Q20; 20th consecutive quarter of positive Contribution Margin which was 4.0%, versus 12.6% in 4Q20 •Adjusted EBITDA of $0.4 million versus $(27) million in 4Q20; Adjusted EBITDA Margin of breakeven versus (10.9)% in 4Q20 •Purchased 9,639 homes, up 378% versus 4Q20 •Grew inventory balance to 17,009 homes, representing $6.1 billion in value, up 1,208% versus 4Q20"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b13"], "char_count": 197, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1b9d2668a3b9d87e737dc318a02283304a16d940af77b2d366d85e232c5c4b1b", "derivation_id": "acc6d4d629ffa26c6c80ed023390e55b8e59d7eeb7ac4787f7f43a5b82751f55", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EX-99.1", "Outlook"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "block_sequence": 13, "char_end": 197, "char_start": 0, "fragment_sha256": "b8d281fb8a8662fffda5e4b58548d8e6ba4c5f840552ad1c76ee3c9723ea61d9", "heading_path": ["EX-99.1", "Outlook"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s7", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex991earningsre.htm", "table_id": null, "text": "•1Q22 revenue guidance of $4.1 billion - $4.3 billion, up 462% YoY at the midpoint of range •1Q22 Adjusted EBITDA1 guidance of $30 million - $40 million, up $37 million YoY at the midpoint of range"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b15"], "char_count": 329, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "50ad3b23a4456a055727de25b60f37d9811472fc99bd7398e14d8a4c47ca3947", "derivation_id": "acc6d4d629ffa26c6c80ed023390e55b8e59d7eeb7ac4787f7f43a5b82751f55", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Outlook", "Conference Call and Webcast Details"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "block_sequence": 15, "char_end": 329, "char_start": 0, "fragment_sha256": "b88687ac40a7bdbd2f1c56811dd4a4c8bd2c1ce5f96c2f6c38270400bf277a0a", "heading_path": ["EX-99.1", "Outlook", "Conference Call and Webcast Details"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s8", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex991earningsre.htm", "table_id": null, "text": "Opendoor will host a conference call to discuss its financial results on February 24, 2022, at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b17"], "char_count": 3651, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f436bad7fda5a893bfb06471cb74240ea08b4dbb0594cc5df722abaf2118198a", "derivation_id": "acc6d4d629ffa26c6c80ed023390e55b8e59d7eeb7ac4787f7f43a5b82751f55", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Outlook", "Conference Call and Webcast Details", "Forward Looking Statements"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "block_sequence": 17, "char_end": 3651, "char_start": 0, "fragment_sha256": "3bd9afa0243b409407e7c0cf69982addd8735ca63ec4c8c7f4125da88c78e1a8", "heading_path": ["EX-99.1", "Outlook", "Conference Call and Webcast Details", "Forward Looking Statements"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s9", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex991earningsre.htm", "table_id": null, "text": "This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our financial condition, anticipated financial performance, business strategy and plans, market opportunity and expansion and objectives of management for future operations. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “intend”, “may”, “might”, “opportunity”, “plan”, “possible”, 1 Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. For more information regarding the non-GAAP financial measures discussed in this press release, please see “Use of Non-GAAP Financial Measures” below. “potential”, “predict”, “project,” “should”, “strategy”, “strive”, “target”, “will”, or “would”, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to our public securities’ potential liquidity and trading; our ability to raise financing in the future; our success in retaining or recruiting, or changes required in, our officers, key employees or directors; the impact of the regulatory environment and complexities with compliance related to such environment; various factors relating to our business, operations and financial performance, including, but not limited to, the impact of the COVID-19 pandemic on our ability to grow market share; our ability to respond to general economic conditions and the health of the U.S. residential real estate industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \"Risk Factors\" in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2022, as updated by our other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b19"], "char_count": 267, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "728a6be9af5984289973d5c797852c20b20733c22f5009c2f70111ea91a1cea5", "derivation_id": "acc6d4d629ffa26c6c80ed023390e55b8e59d7eeb7ac4787f7f43a5b82751f55", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "About Opendoor"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "block_sequence": 19, "char_end": 267, "char_start": 0, "fragment_sha256": "cdff04a27af8da1be848380dc9803f1385749dc97f8e34109b858e9b6bdbeee4", "heading_path": ["EX-99.1", "About Opendoor"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s10", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex991earningsre.htm", "table_id": null, "text": "Opendoor’s mission is to empower everyone with the freedom to move. Since 2014, Opendoor has provided people across the U.S. with a radically simple way to buy, sell or trade-in a home online. Opendoor currently operates in a growing number of markets across the U.S."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b22"], "char_count": 42, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a56f00f676c3f750da24b565a443430a5db0fd21032f8e77032d91c8b8443d8f", "derivation_id": "acc6d4d629ffa26c6c80ed023390e55b8e59d7eeb7ac4787f7f43a5b82751f55", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EX-99.1", "About Opendoor", "Contact Information", "Investors:"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "block_sequence": 22, "char_end": 42, "char_start": 0, "fragment_sha256": "c506249dde87a7819e7108076cde6d2eaced565f3980259d5c2a7906bb63c232", "heading_path": ["EX-99.1", "About Opendoor", "Contact Information", "Investors:"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s12", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex991earningsre.htm", "table_id": null, "text": "Elise Wang Opendoor investors@opendoor.com"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b24"], "char_count": 57, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b939c5d6b5107d02c5b85cebe26d021a214c1c8d5abe1a560e3eef8889436377", "derivation_id": "acc6d4d629ffa26c6c80ed023390e55b8e59d7eeb7ac4787f7f43a5b82751f55", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EX-99.1", "About Opendoor", "Contact Information", "Investors:", "Media:"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "block_sequence": 24, "char_end": 57, "char_start": 0, "fragment_sha256": "077e2dee64abe3b33f58cb4b6989211136099811c8a755f94789e5a823b29ccb", "heading_path": 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| --- | --- | --- | --- | --- | --- | --- |\n| | | December 31, 2021 | | December 31, 2020 | | | | |\n| ASSETS | | | | | | | | |\n| CURRENT ASSETS: | | | | | | | | |\n| Cash and cash equivalents | | $ | 1,731 | | | $ | 1,413 | |\n| Restricted cash | | 847 | | | 93 | | | |\n| Marketable securities | | 484 | | | 48 | | | |\n| Escrow receivable | | 84 | | | 1 | | | |\n| Mortgage loans held for sale pledged under agreements to repurchase | | 7 | | | 8 | | | |\n| Real estate inventory, net | | 6,096 | | | 466 | | | |\n| Other current assets ($4 and $— carried at fair value) | | 91 | | | 24 | | | |\n| Total current assets | | 9,340 | | | 2,053 | | | |\n| PROPERTY AND EQUIPMENT – Net | | 45 | | | 29 | | | |\n| RIGHT OF USE ASSETS | | 42 | | | 50 | | | |\n| GOODWILL | | 60 | | | 31 | | | |\n| INTANGIBLES – Net | | 12 | | | 9 | | | |\n| OTHER ASSETS ($5 and $— carried at fair value) | | 7 | | | 4 | | | |\n| TOTAL ASSETS | | $ | 9,506 | | | $ | 2,176 | |\n| LIABILITIES AND SHAREHOLDERS’ EQUITY | 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| | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| | Year Ended December 31, | | | | | | |\n| | 2021 | | 2020 | | | | |\n| CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | |\n| Net loss | $ | (662) | | | $ | (253) | |\n| Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: | | | | | | | |\n| Depreciation and amortization | 47 | | | 39 | | | |\n| Amortization of right of use asset | 8 | | | 24 | | | |\n| | | | | | | | |\n| Stock-based compensation | 536 | | | 38 | | | |\n| Warrant fair value adjustment | (12) | | | (31) | | | |\n| Gain on settlement of lease liabilities | (5) | | | — | | | |\n| Inventory valuation adjustment | 56 | | | 8 | | | |\n| Changes in fair value of derivative instruments | — | | | 23 | | | |\n| Change in fair value of equity securities | (35) | | | — | | | |\n| Payment-in-kind interest | — | | | 4 | | | |\n| | | | | | | | |\n| Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale | (4) | | | (3) | | | |\n| Origination of mortgage loans held for sale | (196) | | | (128) | | | |\n| Proceeds from sale and principal collections of mortgage loans held for sale | 197 | | | 126 | | | |\n| Changes in operating assets and liabilities: | | | | | | | |\n| Escrow receivable | (83) | | | 12 | | | |\n| Real estate inventories | (5,656) | | | 834 | | | |\n| Other assets | (52) | | | 3 | | | |\n| Accounts payable and other accrued liabilities | 76 | | | (4) | | | |\n| Interest payable | 4 | | | (3) | | | |\n| Lease liabilities | (13) | | | (7) | | | |\n| Net cash (used in) provided by operating activities | (5,794) | | | 682 | | | |\n| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | |\n| Purchase of property and equipment | (33) | | | (17) | | | |\n| Purchase of intangible assets | (1) | | | — | | | |\n| Purchase of marketable securities | (486) | | | (175) | | | |\n| Proceeds from sales, maturities, redemptions and paydowns of marketable securities | 92 | | | 170 | | | |\n| Purchase of non-marketable equity securities | (15) | | | — | | | |\n| Acquisitions, net of cash acquired | (33) | | | — | | | |\n| Net cash used in investing activities | (476) | | | (22) | | | |\n| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| Proceeds from issuance of Series E preferred stock | — | | | 2 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from issuance of convertible senior notes, net of issuance costs | 953 | | | — | | | |\n| Purchase of capped calls related to convertible senior notes | (119) | | | — | | | |\n| Proceeds from exercise of stock options | 15 | | | 8 | | | |\n| Proceeds from warrant exercise | 22 | | | — | | | |\n| Proceeds from Business Combination and PIPE offering | — | | | 1,014 | | | |\n| Proceeds from the February 2021 Offering | 886 | | | — | | | |\n| Issuance cost of common stock | (29) | | | (43) | | | |\n| | | | | | | | |\n| Proceeds from non-recourse asset-backed debt | 11,499 | | | 1,309 | | | |\n| Principal payments on non-recourse asset-backed debt | (5,838) | | | (2,130) | | | |\n| Proceeds from other secured borrowings | 192 | | | 125 | | | |\n| Principal payments on other secured borrowings | (192) | | | (121) | | | |\n| Payment of loan origination fees and debt issuance costs | (47) | | | (3) | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Net cash provided by financing activities | 7,342 | | | 161 | | | |\n| NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 1,072 | | | 821 | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period | 1,506 | | | 685 | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period | $ | 2,578 | | | $ | 1,506 | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b40"], "char_count": 970, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "538ad87524d35916e569b04576a51abdc6d2e399aea7ceeaec92f6f133715c2c", "derivation_id": "acc6d4d629ffa26c6c80ed023390e55b8e59d7eeb7ac4787f7f43a5b82751f55", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "About Opendoor", "Contact Information", "Investors:", "Media:", "CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "block_sequence": 40, "char_end": 842, "char_start": 0, "fragment_sha256": "aac081ad5c9a3cebe9dbbadf8493e33e76106d2facde14d42976921fea2e13dc", "heading_path": ["EX-99.1", "About Opendoor", "Contact Information", "Investors:", "Media:", "CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS"], "table_index": 3, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#p17", "passage_kind": "table", "passage_sequence": 17, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s19", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex991earningsre.htm", "table_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b40", "text": "| | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest | $ | 122 | | | $ | 57 | |\n| DISCLOSURES OF NONCASH FINANCING ACTIVITIES: | | | | | | | |\n| Conversion of preferred stock to common stock | $ | — | | | $ | 1,386 | |\n| Issuance of issuer stock rights in extinguishment of the 2019 Convertible Notes | $ | — | | | $ | 213 | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Recognition of warrant liability | $ | — | | | $ | 81 | |\n| Issuance of common stock in extinguishment of warrant liabilities | $ | (35) | | | $ | — | |\n| RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: | | | | | | | |\n| Cash and cash equivalents | $ | 1,731 | | | $ | 1,413 | |\n| Restricted cash | 847 | | | 93 | | | |\n| Cash, cash equivalents, and restricted cash | $ | 2,578 | | | $ | 1,506 | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b42"], "char_count": 1279, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "760dc5a51dc6e8cf0dcd8d652773ad31ea06668ce1aefda81c3286b5fe251822", "derivation_id": "acc6d4d629ffa26c6c80ed023390e55b8e59d7eeb7ac4787f7f43a5b82751f55", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "block_sequence": 42, "char_end": 1279, "char_start": 0, "fragment_sha256": "5d15ab0aeb4bc3afc28647b2564eb6d69b5014af1a6c6cf3c83e917b80c679e8", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#p18", "passage_kind": "narrative", "passage_sequence": 18, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s20", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex991earningsre.htm", "table_id": null, "text": "To provide investors with additional information regarding the Company’s financial results, this press release includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit, Contribution Profit After Interest, Adjusted Net (Loss) Income, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b44"], "char_count": 2334, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b2ff05c7fd6c1e3da1c2069ba2738d191c9820311f14b17efb80510727183ec0", "derivation_id": "acc6d4d629ffa26c6c80ed023390e55b8e59d7eeb7ac4787f7f43a5b82751f55", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "block_sequence": 44, "char_end": 2334, "char_start": 0, "fragment_sha256": "62102e9c128b9829cb08dff38466048ce64d128a9c2b0c081456ece47c7ecbad", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#p19", "passage_kind": "narrative", "passage_sequence": 19, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s21", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex991earningsre.htm", "table_id": null, "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest, which are non-GAAP financial measures. We believe that Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance in our key markets. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Contribution Profit After Interest further impacts gross profit by including senior interest costs attributable to homes sold during a reporting period. We believe these measures facilitate meaningful period over period comparisons and illustrate our ability to generate returns on assets sold after considering the costs directly related to the assets sold in a given period. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. These measures also exclude the impact of certain restructuring costs that are required under GAAP. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b46"], "char_count": 1196, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "828824ca8392474311be47678fbe8b425d81de8067e2b2bcecc1193f57a6760a", "derivation_id": "acc6d4d629ffa26c6c80ed023390e55b8e59d7eeb7ac4787f7f43a5b82751f55", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Gross Profit / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "block_sequence": 46, "char_end": 1196, "char_start": 0, "fragment_sha256": "d74afa45b2f33521d97e9da57ada95735125a9461c3f50abd16960bf3ebcdc2c", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Gross Profit / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#p20", "passage_kind": "narrative", "passage_sequence": 20, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s22", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex991earningsre.htm", "table_id": null, "text": "We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, (2) inventory valuation adjustment in prior periods, and (3) restructuring in cost of revenue. Restructuring in cost of revenue reflects the costs associated with the reduction in our workforce in 2020, a portion of which were related to personnel included in cost of revenue. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b48"], "char_count": 756, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "53ce57937d1e18ed6e95c274c9bde474fb4e34c6de56b78fa51faa91e592bac9", "derivation_id": "acc6d4d629ffa26c6c80ed023390e55b8e59d7eeb7ac4787f7f43a5b82751f55", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "block_sequence": 48, "char_end": 756, "char_start": 0, "fragment_sha256": "d46f11e8d9aac444d558ef881d0b5ef8c6cecd245dacf98713ab03069b81f707", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#p21", "passage_kind": "narrative", "passage_sequence": 21, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s23", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex991earningsre.htm", "table_id": null, "text": "We calculate Contribution Profit as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflows directly associated with a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b50"], "char_count": 1255, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0d5a4cb67cad615f2004eb08500cb4651cf6253f0e3dde3062630c38f174c1ff", "derivation_id": "acc6d4d629ffa26c6c80ed023390e55b8e59d7eeb7ac4787f7f43a5b82751f55", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "block_sequence": 50, "char_end": 1255, "char_start": 0, "fragment_sha256": "bd0a0bb0adac96e28e511c3fa0f0c90c8068e776dafee84ecdec6dbd63d16bb9", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#p22", "passage_kind": "narrative", "passage_sequence": 22, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s24", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex991earningsre.htm", "table_id": null, "text": "We define Contribution Profit After Interest as Contribution Profit, minus interest expense under our non-recourse asset-backed senior debt facilities incurred on the homes sold during the period. This may include interest expense recorded in periods prior to the period in which the sale occurred. Our asset-backed senior debt facilities are secured by our real estate inventory and cash. In addition to our senior debt facilities, we use a mix of debt and equity capital to finance our inventory and that mix will vary over time. In addition, we expect to continue to evolve our cost of financing as we include other debt sources beyond mezzanine capital. As such, in order to allow more meaningful period over period comparisons that more accurately reflect our asset performance rather than our evolving financing choices, we do not include interest expense associated with our mezzanine term debt facilities in this calculation. Contribution Margin After Interest is Contribution Profit After Interest as a percentage of revenue. We view this metric as an important measure of business performance. Contribution Profit After Interest helps management assess Contribution Margin performance, per above, when burdened with the cost of senior financing."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b53", "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b54", "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b55"], "char_count": 298, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "29bc18722b4a2ad267c47c1e85ded40e4bbe22ba5f37014b2e6000de942808f2", "derivation_id": "acc6d4d629ffa26c6c80ed023390e55b8e59d7eeb7ac4787f7f43a5b82751f55", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "block_sequence": 53, "char_end": 49, "char_start": 0, "fragment_sha256": "3c79d34b912ccd5810676229fdb23c57e7c959da948f20c2113ffe85c0e18da8", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "block_sequence": 54, "char_end": 11, "char_start": 0, "fragment_sha256": "2a7680d26ab0fd2298dd52fd36b9d301e5103004cef230dbf5fbd1eabb314fa8", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "block_sequence": 55, "char_end": 234, "char_start": 0, "fragment_sha256": "282df70ba30add14edc335c8110deaba6acbb9d1a399aedc655ebef30cf36211", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#p23", "passage_kind": "narrative", "passage_sequence": 23, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s26", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex991earningsre.htm", "table_id": null, "text": "(In millions, except percentages, and homes sold)\n\n(Unaudited)\n\nThe following table presents a reconciliation of our Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest to our gross profit, which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b56"], "char_count": 2540, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "88e79c9a17577d936aa7b9a294b273bcba1cad817c5b4519b2ba1f0497f7e6bd", "derivation_id": "acc6d4d629ffa26c6c80ed023390e55b8e59d7eeb7ac4787f7f43a5b82751f55", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "block_sequence": 56, "char_end": 2273, "char_start": 0, "fragment_sha256": "aed3c4f45d818668febd45ff652f05cdc1606a6caeeea34ab5e10a9d3b7efc9b", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": 4, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#p24", "passage_kind": "table", "passage_sequence": 24, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s26", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex991earningsre.htm", "table_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b56", "text": "| | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended December 31, | | Year Ended December 31, | | | | | | | | | | | | | | |\n| (in millions, except percentages and homes sold, or as noted) | | 2021 | | | | 2020 | | 2021 | | 2020 | | | | | | | | |\n| Gross profit (GAAP) | | $ | 272 | | | | | $ | 39 | | | $ | 730 | | | $ | 220 | |\n| Gross Margin | | 7.1 | % | | | | 15.4 | % | | 9.1 | % | | 8.5 | % | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | |\n| Inventory valuation adjustment – Current Period(1)(2) | | 24 | | | | | — | | | 39 | | | — | | | | | |\n| Inventory valuation adjustment – Prior Periods(1)(3) | | (17) | | | | | (1) | | | — | | | (11) | | | | | |\n| Restructuring in cost of revenue(4) | | — | | | | | — | | | — | | | 2 | | | | | |\n| Adjusted Gross Profit | | $ | 279 | | | | | $ | 38 | | | $ | 769 | | | $ | 211 | |\n| Adjusted Gross Margin | | 7.3 | % | | | | 15.4 | % | | 9.6 | % | | 8.2 | % | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | |\n| Direct selling costs(5) | | (99) | | | | | (5) | | | (195) | | | (73) | | | | | |\n| Holding costs on sales – Current Period(6)(7) | | (12) | | | | | (1) | | | (47) | | | (17) | | | | | |\n| Holding costs on sales – Prior Periods(6)(8) | | (16) | | | | | (1) | | | (2) | | | (11) | | | | | |\n| Contribution Profit | | $ | 152 | | | | | $ | 31 | | | $ | 525 | | | $ | 110 | |\n| Homes sold in period | | 9,794 | | | | | 849 | | | 21,725 | | | 9,913 | | | | | |\n| Contribution Profit per Home Sold (in thousands) | | $ | 16 | | | | | $ | 37 | | | $ | 24 | | | $ | 11 | |\n| Contribution Margin | | 4.0 | % | | | | 12.6 | % | | 6.5 | % | | 4.3 | % | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | |\n| Interest on homes sold – Current Period(9)(10) | | (12) | | | | | (1) | | | (42) | | | (18) | | | | | |\n| Interest on homes sold – Prior Periods(9)(11) | | (13) | | | | | 1 | | | (1) | | | (10) | | | | | |\n| Contribution Profit After Interest | | $ | 127 | | | | | $ | 31 | | | $ | 482 | | | $ | 82 | |\n| Contribution Margin After Interest | | 3.3 | % | | | | 12.2 | % | | 6.0 | % | | 3.2 | % | | | | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b57", "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b58"], "char_count": 1793, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "64bc24a114dda012a6257831411c2d90f3ce4750321f392f5e6921081334d29b", "derivation_id": "acc6d4d629ffa26c6c80ed023390e55b8e59d7eeb7ac4787f7f43a5b82751f55", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "block_sequence": 57, "char_end": 16, "char_start": 0, "fragment_sha256": "7fdbb5bd0c91a386038a54dafc306bd55a27c3242e1540451c2885fb5da9076a", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "block_sequence": 58, "char_end": 1775, "char_start": 0, "fragment_sha256": "c5ce1cdd6a2d52f9d954fd57dac068cf4d5ca659c55d131c41bb4906a48eb9f4", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#p25", "passage_kind": "narrative", "passage_sequence": 25, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s26", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex991earningsre.htm", "table_id": null, "text": "________________\n\n(1)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2)Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3)Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4)Restructuring in cost of revenue consists mainly of severance and employee termination benefits that were recorded to cost of revenue due to a reduction in workforce in the second quarter of 2020 following the outbreak of the COVID-19 pandemic. (5)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (6)Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (7)Represents holding costs incurred in the period presented on homes sold in the period presented. (8)Represents holding costs incurred in prior periods on homes sold in the period presented. (9)This does not include interest on mezzanine term debt facilities or other indebtedness. (10)Represents the interest expense under our asset-backed senior debt facilities incurred during the period on homes sold in the current period. (11)Represents the interest expense under our asset-backed senior debt facilities incurred during prior periods on homes sold in the current period."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b60"], "char_count": 1482, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1327729e5dd12db94b7402ad2322780abfe4c25a1d527607af32b96a6a8db594", "derivation_id": "acc6d4d629ffa26c6c80ed023390e55b8e59d7eeb7ac4787f7f43a5b82751f55", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "block_sequence": 60, "char_end": 1482, "char_start": 0, "fragment_sha256": "d4e938c5ebf2f221feb70b9c3f9502a8f0e6a350d6ae55fe5bcb2af3c94673a5", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#p26", "passage_kind": "narrative", "passage_sequence": 26, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s27", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex991earningsre.htm", "table_id": null, "text": "We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations or not aligned to related revenue. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b62"], "char_count": 963, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "043eca8044a131a5679ec5297804efdbea86f75bb69999e572c0cf206a7fbe5e", "derivation_id": "acc6d4d629ffa26c6c80ed023390e55b8e59d7eeb7ac4787f7f43a5b82751f55", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Net Loss"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "block_sequence": 62, "char_end": 963, "char_start": 0, "fragment_sha256": "bbfb4d448b038e5573d0c727a299116f80aa05e8872c87254758f017b2df2095", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Net Loss"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#p27", "passage_kind": "narrative", "passage_sequence": 27, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#s28", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex991earningsre.htm", "table_id": null, "text": "We calculate Adjusted Net Loss as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, derivative and warrant fair value adjustment, and intangibles amortization expense. It also excludes non-recurring payroll tax on initial RSU release, restructuring charges, loss on extinguishment of debt, gain on lease termination, legal contingency accrual, and convertible note payment-in-kind (“PIK”) interest and issuance discount amortization. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. 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Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. The following table presents a reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our net loss, which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b65"], "char_count": 2733, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a93143fa59ddf88b46b28aae66eb2fc695f73dea4dced9ab3d685167ffb972ba", "derivation_id": "acc6d4d629ffa26c6c80ed023390e55b8e59d7eeb7ac4787f7f43a5b82751f55", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": 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"norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b65", "text": "| | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended December 31, | | Year Ended December 31, | | | | | | | | | | | | | | |\n| (in millions, except percentages) | | 2021 | | | | 2020 | | 2021 | | 2020 | | | | | | | | |\n| Net loss (GAAP) | | $ | (191) | | | | | $ | (54) | | | $ | (662) | | | $ | (253) | |\n| Adjustments: | | | | | | | | | | | | | | | | | | |\n| Stock-based compensation | | 71 | | | | | 29 | | | 536 | | | 38 | | | | | |\n| Equity securities fair value adjustment(1) | | 16 | | | | | — | | | (35) | | | — | | | | | |\n| Derivative and warrant fair value adjustment(1) | | — | | | | | (33) | | | (12) | | | (8) | | | | | |\n| Intangibles amortization expense(2) | | 2 | | | | | 1 | | | 4 | | | 4 | | | | | |\n| Inventory valuation adjustment – Current Period(3)(4) | | 24 | | | | | — | | | 39 | | | — | | | | | |\n| Inventory valuation adjustment — Prior Periods(3)(5) | | (17) | | | | | (1) | | | — | | | (11) | | | | | |\n| Restructuring(6) | | — | | | | | — | | | — | | | 31 | | | | | |\n| Convertible note PIK interest and discount amortization(7) | | — | | | | | — | | | — | | | 8 | | | | | |\n| Loss on extinguishment of debt | | — | | | | | 11 | | | — | | | 11 | | | | | |\n| Gain on lease termination | | — | | | | | — | | | (5) | | | — | | | | | |\n| Payroll tax on initial RSU release | | — | | | | | — | | | 5 | | | — | | | | | |\n| Legal contingency accrual | | 14 | | | | | 4 | | | 14 | | | 4 | | | | | |\n| Other(8) | | 1 | | | | | 2 | | | — | | | 1 | | | | | |\n| Adjusted Net Loss | | $ | (80) | | | | | $ | (41) | | | $ | (116) | | | $ | (175) | |\n| Adjustments: | | | | | | | | | | | | | | | | | | |\n| Depreciation and amortization, excluding amortization of intangibles and right of use assets | | 9 | | | | | 5 | | | 33 | | | 22 | | | | | |\n| Property financing(9) | | 62 | | | | | 6 | | | 119 | | | 38 | | | | | |\n| Other interest expense(10) | | 10 | | | | | 4 | | | 24 | | | 22 | | | | | |\n| Interest income(11) | | (1) | | | | | (1) | | | (3) | | | (5) | | | | | |\n| Income tax expense | | — | | | | | — | | | 1 | | | — | | | | | |\n| Adjusted EBITDA | | $ | 0.4 | | | | | $ | (27) | | | $ | 58 | | | $ | (98) | |\n| Adjusted EBITDA Margin | | — | % | | | | (10.9) | % | | 0.7 | % | | (3.8) | % | | | | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b66", "norm:0001801169:0001801169-22-000026:q42021formxex991earningsre.htm#b67"], "char_count": 2376, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9df32a47e94ecf1ae34fa3a7e98ad73185c4848132cf62880d34d2f1e1f31092", "derivation_id": "acc6d4d629ffa26c6c80ed023390e55b8e59d7eeb7ac4787f7f43a5b82751f55", "document_id": 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(2)Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4)Inventory valuation adjustment — Current Period is the inventory valuation adjustment charge recorded during the period presented associated with homes that remain in inventory at period end. (5)Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6)Restructuring costs consist mainly of employee termination benefits, relocation packages and retention bonuses as well as costs related to the exiting of certain non-cancelable leases. In 2020, these costs related mainly to a reduction in workforce implemented in April 2020 as well as our exercise of the early termination option related to our San Francisco headquarters. (7)Includes non-cash payment-in-kind (“PIK”) interest and amortization of the discount on the convertible notes issued from July through November 2019 (the “2019 Convertible Notes”). We exclude convertible note PIK interest and amortization from Adjusted Net Loss since these are non-cash in nature and were converted into equity in September 2020 when the Company entered into the Convertible Notes Exchange Agreement with the convertible note holders. (8)Includes primarily gain or loss on disposal of fixed assets, gain or loss on interest rate lock commitments, gain or loss on the sale of available for sale securities, and sublease income. (9)Includes interest expense on our non-recourse asset-backed debt facilities. (10)Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, interest expense related to the 2026 convertible senior notes outstanding, and interest expense on other secured borrowings. 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"norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b8", + "block_sequence": 8, + "block_sha256": "e6efce038ec745a357104be3ff9b4e84bcef708b7e0d7148f7fe6a4000d3707d", + "block_type": "paragraph", + "char_count": 2373, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 8, + "char_end": 2373, + "char_start": 0, + "fragment_sha256": "9873aae6628a5bf70ccd08a71891dbdb6bc34529d4453f46f8ae463213665810", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "Dear Shareholders, Eight years into our goal to transform one of the largest, most antiquated industries in the U.S., we are still scratching the surface of our opportunity ahead. The existing process of buying and selling a home is viewed as one of the worst experiences in life. Additionally, the traditional solutions can take 100-plus days, involve multiple counterparties, and require dozens of offline steps, on top of customer contact information being sold to the highest bidder at multiple steps. Finally, the opportunity ahead will be fueled by a new wave of digital-first home buyers and home sellers. It is our fundamental belief that in a matter of years, millions of home buyers and home sellers will choose a simple, certain and fast experience and transact themselves, completely online. Our 2021 results reflect that this shift is underway. We experienced a nearly seven-fold increase in offer requests from home sellers versus the prior year, we saw all our home sellers engage with our digital dashboard to plan their move, and we provided all our customers an online sale. For buyers, we saw increased demand for a digital touring experience with our self-tour product seeing nearly four times more volume than the prior year and our purchase offers growing five times over the same period - powered by our Opendoor-Backed Offers program. In terms of our financial performance, we demonstrated our market leadership and delivered exceptional results: Revenue: $8.0 billion and 211% growth year-over-year Gross profit: $730 million and 232% growth year-over-year Contribution Profit: $525 million and 377% growth year-over-year We consistently outperformed our expectations in our first year as a public company and pulled forward our financial targets by years, exiting 2021 at a revenue run-rate of over $15 billion. Our experience took another leap forward with the launch of major product experiences and substantial improvements in pricing and operations. We introduced Opendoor-Backed Offers, which provides buyers with the benefits of an all-cash offer, we launched self-service virtual assessments making inspections faster and more convenient, and we launched Opendoor Complete, which brings together all of our products and services into a single, streamlined experience. Empower everyone with the freedom to move 2 Our Mission A Note from Eric" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b9", + "block_sequence": 9, + "block_sha256": "7893ec2f699f0ae4460dfa0c57fc44765fd137e44ad963cf87ad5b306f1ac884", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 9, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "300188cff3490f1f0636e7d872555d36d21a656aa453bd81524837b08903972a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "q42021formxex992sharehol003.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b10", + "block_sequence": 10, + "block_sha256": "b91d04b3d4022cd75afa0411c2525265341ad04b35fa74df20ad37bb29d18973", + "block_type": "paragraph", + "char_count": 1861, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 10, + "char_end": 1861, + "char_start": 0, + "fragment_sha256": "b80007bbba244fd48bb5cd681eef92a6499b78cff40d8c07ecef3b38fbba9c2e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "Furthermore, we invested in our entrepreneurial talent and capabilities, acquiring teams from Pro.com, Skylight.com, and RedDoor, which will power our home personalization and digital mortgage efforts. In pricing, we were able to simultaneously reduce our pricing uncertainty, while increasing our buybox by 50% year-over-year, enabling us to provide offers on more than 60% of all transactions in our active markets. Operationally, our investments in technology drove significant efficiencies, resulting in our ability to deliver nearly six times the home assessments and repairs and nearly 110 basis points of operational cost structure improvements over last year. These investments have also allowed us to efficiently scale the number of customers we service by over 250% from the prior year and efficiently expand our market footprint, doubling the number of our markets in 2021. Looking forward, there are a multitude of reasons why 2022 will define Opendoor. We will drive innovations in our consumer experience, with investments in Opendoor Complete and in our digital one-stop-shop with a suite of services. We will build on our industry-leading pricing capabilities to be the most trusted company to provide a competitive, online offer. We will double our audience and consumer base by expanding to more markets, increasing our buybox, and driving national brand awareness. We will continue to invest in our technology and operations platforms to drive additional scale and cost efficiencies. We will aim to deliver another year of exceptional results rooted in rapid growth and strong unit economics. Last, and most importantly, we will build a world-class consumer experience that removes the stress of moving and continues to transform the industry. Eric Wu, Co-Founder & CEO Empower everyone with the freedom to move 3 Our Mission A Note from Eric" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b11", + "block_sequence": 11, + "block_sha256": "62b1c8a7f7c5d67ab76e57019c4c7f78715306d126c02f52e74590d7129063ad", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 11, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "7f12e3380c6bbe9698e9dd4b2bcf3380e6fa6ca8d932dc68ae9584e2f81e623d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "q42021formxex992sharehol004.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b12", + "block_sequence": 12, + "block_sha256": "92f062a69a272a350a209a1893be0f9cbb866b2758b1bdfbaef8bcf04428d14a", + "block_type": "paragraph", + "char_count": 2199, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 12, + "char_end": 2199, + "char_start": 0, + "fragment_sha256": "faccf85a59249cce804a27e8838222ec4fec0c46a2564067fa33860427d93522", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "\u26ac Total revenue of $8.0 billion, up 211% versus 2020, with 21,725 homes sold, up 119% versus 2020 \u26ac Gross profit of $730 million, up 232% versus 2020; gross margin of 9.1% versus 8.5% in 2020 \u26ac Net loss of ($662) million, versus ($253) million in 2020, primarily driven by non-cash stock based compensation of $536 million versus $38 million in 2020 \u26ac Adjusted Net Loss of ($116) million, versus ($175) million in 2020 \u26ac Contribution Profit of $525 million, up 377% versus 2020; Contribution Margin of 6.5%, versus 4.3% in 2020 \u26ac First year of positive Adjusted EBITDA of $58 million versus ($98) million in 2020; Adjusted EBITDA Margin of 0.7% versus (3.8%) in 2020 \u26ac Purchased 36,908 homes, up 498% versus 2020 \u26ac Launched Opendoor-Backed Offers, which provides homebuyers with the benefits of an all-cash offer when they bid on their dream home, and Opendoor Complete, which brings together all of Opendoor\u2019s products and services into a single, streamlined experience \u26ac More than doubled market footprint to 44 markets \u26ac Expanded buybox coverage by 50%+ YoY, enabling us to offer on over 60% of all transactions in our active markets \u26ac Real seller conversion of over 35% along with record offers, up 590% versus 2020 \u26ac Maintained seller Net Promoter Score of above 80 \u26ac Acquired Pro.com and the team from Skylight.com, leaders in home renovation technology, and RedDoor.com, a fully digital mortgage brokerage Key Highlights \u26ac Revenue of $3.8 billion, up 1,435% versus 4Q20, with 9,794 total homes sold, up 1,054% versus 4Q20 \u26ac Gross profit of $272 million, versus $39 million in 4Q20; gross margin of 7.1%, versus 15.4% in 4Q20 \u26ac Net loss of ($191) million, versus ($54) million in 4Q20 \u26ac Adjusted Net Loss of ($80) million, versus ($41) million in 4Q20 \u26ac Contribution Profit of $152 million, versus $31 million in 4Q20; 20th consecutive quarter of positive Contribution Margin which was 4.0%, versus 12.6% in 4Q20 \u26ac Adjusted EBITDA of $0.4 million versus ($27) million in 4Q20; Adjusted EBITDA Margin of breakeven, versus (10.9%) in 4Q20 \u26ac Purchased 9,639 homes, up 378% versus 4Q20 \u26ac Grew inventory balance to 17,009 homes, representing $6.1 billion in value, up 1,208% versus 4Q20 2021 4Q21 4" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b13", + "block_sequence": 13, + "block_sha256": "08d82cbb1a4fa32c74cada150766509a1a74886e20828205ca649aaaca9a8277", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 13, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "0a1b02f4213f136fea832412bcbdb24bef4fa20a28d165afe96828053e77b65a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "q42021formxex992sharehol005.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b14", + "block_sequence": 14, + "block_sha256": "7ba2018005ed2607928413613d74b8914f77d9b47dbb75bd0a7f121408db6edb", + "block_type": "paragraph", + "char_count": 1647, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 14, + "char_end": 1647, + "char_start": 0, + "fragment_sha256": "f7b95c9c466a3503ec3a739ccb89760b38f8ace92cc4d8f69dab94fb62454cfe", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "MEET THE THOMAS FAMILY William Thomas, of Woodstock, GA, bought and sold his house through Opendoor. After spending a year RVing across the country, he and his wife Kelly wanted to find a more permanent place for their teenage children to call home \u2013 somewhere with enough space to socialize with friends and build lasting relationships. Selling a home the traditional way can be filled with challenges and uncertainty, particularly for a family like the Thomases. William and Kelly both work from home and homeschool their children. With so much happening at home during the week, the idea of scheduling showings and having people in and out of the house felt too disruptive. Additionally, William and Kelly worried about their inability to control the timing of their move \u2013 what if they sold their current house but their offer on another home wasn\u2019t accepted? It wasn\u2019t long before William realized it made a lot of sense to work with Opendoor. What William liked most was that he could browse in his own time for potential homes to buy and schedule home visits that fit into his busy schedule. Additionally, Opendoor was there, ready to purchase his current house at the same time he was closing on their dream home. For the Thomas family, a seamless transition into their new home meant less stress about moving and more time to think about what journey was next. With Opendoor, it was a very seamless process. We were at the same closing table \u2013 we were able to sign the sale of our old home, and then an hour later, sign the documents for closing on our new home. Selling and buying with Opendoor was the complete package! William Thomas 5" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b15", + "block_sequence": 15, + "block_sha256": "1f420c16246071323cdeb6fcfb7fb57e072ee863b7f347d242ee2fde2528c5ab", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 15, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "66c9b89c1097be67855aed7f9e9402aaa1992eeb9420ff2dfc8b490745de964c", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "q42021formxex992sharehol006.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b16", + "block_sequence": 16, + "block_sha256": "acef6a7171997d64bb8c76488c94e4f1c641f60172314866254b2a108e8daf4e", + "block_type": "paragraph", + "char_count": 2462, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 16, + "char_end": 2462, + "char_start": 0, + "fragment_sha256": "00ad255333181530a41c845259c9175016a012bd318b61f8da6044be2081cdc1", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "6 Long-term, Opendoor\u2019s ecosystem is a two-sided local marketplace between home sellers and homebuyers with Opendoor homes and services at the center of the transaction. Our core product of an instant quote attracts homeowners ahead of listing, and our digital and certain sales process with a competitive offer converts sellers. This gives us homes for sale, which is an organic way to attract millions of home shoppers. Our unique inventory and simplified experience to buy a home converts home shoppers to homebuyers with Opendoor. On top of this marketplace activity, we are able to offer our buyers adjacent services to simplify the transaction, as well as generate higher margin for Opendoor. This additional margin gives us the ability to be more competitive on price for our sellers, which in turn can spur additional acquisition growth and create even more homes for buyers. Our focus areas are centered on this flywheel \u2013 build a differentiated product to attract homeowners and convert them to a home sale, leverage our homes to attract home shoppers and convert them to buyers, while layering a better experience for the suite of services surrounding the home. Last, we aim to launch and scale these local marketplaces to every market in the U.S., benefitting from the scalability and centralization of our technology, operations, and pricing platform. HOMEOWNERS AND SELLERS For homeowners, we\u2019ve built a differentiated product that attracts homeowners by making it a few simple steps to get an offer, understand one\u2019s home value and know the equity one can instantly unlock. Our digital sales process that maximizes simplicity, certainty, and speed is a compelling alternative over the traditional process of listing on the market. Finally, the pricing and cost competitiveness of our service converts customers to sell to Opendoor. In 2021, we made substantial progress towards the above vectors of attracting homeowners, streamlining the process to sell, and providing a competitive offer at a low cost. First, we deepened our partnership with homebuilders and large real estate search portals. We are now partnered with over 70 homebuilders, including eight of the top ten homebuilders by sales volume, and have launched integrated experiences with Realtor.com, giving more homeowners an instant offer as they Business Highlights Seller NPS >80 Total Customer Transactions 140,000+ Long-Term Opendoor\u2019s ecosystem is a two-sided local marketplace" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b17", + "block_sequence": 17, + "block_sha256": "cf40b981a8adb82edf635387f3616781df531aa83dec45294baa2e6420e7fe5d", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 17, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "1d40381a1a7d2180475b1daf6e2063cb194aca8d4d746a0bd43b3ce22917c78b", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "q42021formxex992sharehol007.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b18", + "block_sequence": 18, + "block_sha256": "04d1acfd10d97fe95002a0d166245d16a5f90f64c6467f106252e6938b2d4926", + "block_type": "paragraph", + "char_count": 2525, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 18, + "char_end": 2525, + "char_start": 0, + "fragment_sha256": "636212890f6627f0dffb7b5e97242b2a1fa3ebd8b07dc7aeff46e6c3bc2e970c", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "7 are planning their move. In addition, we re-engaged our large and growing pool of homeowners with refreshed offers, home valuation information, and tips on how to sell, driving nearly 30% of our selling customers in 2021. With the launch of self-service virtual home assessments, we further streamlined the seller experience with speed and convenience, and this feature is being used in a third of our interior home assessments today. Next, in terms of cost, we drove significant operational efficiencies by investing in proprietary tooling, such as Opendoor Scout, and increased virtualization and centralization of local processes and labor. This has resulted in our ability to deliver nearly six times the home assessments and repairs, with significantly faster turnaround time to final offer, and nearly 110 basis points of operational cost structure improvements over last year. These improvements have also allowed us to efficiently scale the number of homes we service by over 250% from the prior year and expand our market footprint, doubling the number of our markets in 2021. Last, we experienced multiple breakthroughs in our pricing processes where we analyzed hundreds of data points about each individual home, including proprietary labeling of millions of images, and leveraged both computer vision and AI techniques to assess each home\u2019s value, condition and market environment. As a result, we were able to improve price competitiveness and increase our buybox by 50%, enabling us to offer on more than 60% of all transactions in our active markets. Looking forward to 2022, we aim to leverage our market leadership and scale advantages to attract homeowners and invest in product, pricing and operations to delight and convert more home sellers. As our market footprint expands, we will increasingly invest in our brand at a national scale to drive awareness and further lower our cost of customer acquisition and continue our re-engagement efforts with an already large and growing pool of homeowners. Next, we will continue to make selling a home simple, certain and fast by further reducing the steps and time to complete a transaction. Last, we will drive additional improvements in pricing and our cost structure as we\u2019ve seen in previous years, further improving the value our customers receive and increasing our already large competitive moat. % of 2021 Acquisitions from Re-engaged Customers 30% Opendoor Scout Business Highlights 2021 Buybox Coverage of Total Transactions in Active Markets >60%" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b19", + "block_sequence": 19, + "block_sha256": "3744adf990d6b05b7e1b9b1c2f4e0d9284decfbe648d786dd7140a867646e67d", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 19, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "49cfdbae1da7e311f6e57d21cc140b159ba9b6d5c166d85c30b4637f1cd51cb3", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "q42021formxex992sharehol008.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b20", + "block_sequence": 20, + "block_sha256": "73ec38ee3b2e9cefa96dc138c84aa97ecd572abf0f41c900a0b751c5cb90dcfa", + "block_type": "paragraph", + "char_count": 2531, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 20, + "char_end": 2531, + "char_start": 0, + "fragment_sha256": "444aa40bf3e58ab893085d4548ea7b2579bc2102ee58edad68c90557fb8a080a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "BUYERS AND SERVICES Having a unique supply of homes to sell is a tried and true formula to attract home shoppers, driven by having an online presence and offline signage and tours. Said another way, we are able to successfully aggregate home shopper demand by having homes for sale with little to zero marketing cost. Furthermore, given two-thirds of sellers are also buyers, we have already acquired a large base of prospective home shoppers. With this demand, our goal is to build a differentiated product, similar to our Sell to Opendoor product, that delivers superior simplicity, certainty, and speed as compared to the traditional process. Last, we know that when a buyer chooses to buy with us, we are able to attach a range of services due to increased simplicity, convenience, and cost savings. In 2021, we continued our investments in Buyer and Services. With Opendoor-Backed Offers, we enabled our buyers to make an offer backed by cash which could significantly increase their chances of winning their dream home, giving our customers a superpower that has historically been exclusively for the wealthy. Taking only two months from ideation to launch, Opendoor-Backed Offers is an example of how we are able to leverage our underwriting capabilities, suite of services, and operational infrastructure to quickly build best-in-class experiences for our customers. With the launch of Opendoor Complete in November of 2021, we gave homeowners the ability to buy and sell seamlessly and are already seeing a growing number of sellers leveraging Buy with Opendoor for their next home purchase. We continued to streamline self-tours, giving home shoppers the ability to tour a home without sales pressure, with improved operations and tooling. While we are still early on this journey vis-\u00e0-vis our seller experience, Opendoor-Backed Offers, Opendoor Complete, and our self-tour feature are loved by our customers, a strong signal of growth ahead. In terms of services this past year, we focused on scaling Title and Escrow and more tightly integrating Opendoor Home Loans into our Buy with Opendoor experience. With regards to Title and Escrow, we continued our market leadership with approximately 80% attach across our markets, scaling that revenue nearly 140% year-over-year, and delivering a customer NPS of over 80. Last, we acquired teams from Pro.com, Skylight.com and RedDoor to build our home personalization and digital mortgage initiatives. Business Highlights Opendoor Complete Title and Escrow Growth YoY 140% 8" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b21", + "block_sequence": 21, + "block_sha256": "d457d85e72ea4a178a3f19353235add531174ca9546cde8d77194c417a943342", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 21, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "1c260cbd9a201de6e9541f760306630349006000fc18aabe4959017e4fa310d7", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "q42021formxex992sharehol009.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b22", + "block_sequence": 22, + "block_sha256": "808503f624ec07d5d1f9734095dbb1eb3d749cbae376b0c194f588c3d4ad90e9", + "block_type": "paragraph", + "char_count": 2495, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 22, + "char_end": 2495, + "char_start": 0, + "fragment_sha256": "6a9c999984818a2036255946e0cf46f53a1219ba06b272cc610c76032228ef24", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "Business Highlights Total Markets Launched in 2021 23 Total Markets as of Dec. 2021 44 Looking forward to 2022, we will make improvements and investments centered around Opendoor Complete, Buy with Opendoor, and the checkout experience to buy a home. We will be making Opendoor Complete a marquee product, ensuring that every single seller who is a buyer understands the significant benefits of Opendoor Complete. For Buy with Opendoor and Opendoor-Backed Offers, we will be growing our online presence of our homes and launching early move-in, enabling a buyer to move in on their timeline, which is a feature we know buyers want. Last, we will be creating an e-commerce-like checkout experience for home buyers. This means we will be integrating both the RedDoor and Pro.com products into our buyer experience and enabling customers to shop for a home, tour it, prequalify for a mortgage, make an offer, select upgrades and repairs, and buy the home of their dreams with just their mobile device. MARKET EXPANSION AND SCALABILITY Our expansion nationwide, powered by our technology and operations platform, has a few important benefits to the local marketplaces we operate. First, we are increasingly able to leverage national marketing campaigns to drive awareness at a lower cost. Second, our pricing engine benefits from data across markets. Third, we see scale economies resulting in improvements in our cost structure. In 2021, we significantly increased our market coverage with the launch of 23 new markets. In June of last year, we launched 6 markets in a single day. This was made possible by refinement of our data ingestion systems and sophistication of our pricing models. Additionally, we were able to launch each market with a limited number of in-market Opendoor employees, demonstrating the benefits of our centralized operational platform. Our efficient and rapid market expansion is another proof point of the scalability of our systems and benefits of our technology platform. In terms of 2022, we will unlock serviceable market growth in line with what we delivered in 2021. To achieve this goal, we will be focusing on a few of the larger markets, such as San Francisco Bay Area that was recently launched. We will also continue to expand our buybox coverage this year, not only based on price point, but also the types of homes that we are able to purchase as we expand beyond single family homes. 9 Opendoor Complete We will be making Opendoor Complete a marquee product" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b23", + "block_sequence": 23, + "block_sha256": "645a798a4e1fe167273912a5f74e2277b9d77a48e45df0842f2dcee085c71312", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 23, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "a9390e1cf578bf07d272762db328bc4e950085f125877645c32ab8cc58164275", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "q42021formxex992sharehol010.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b24", + "block_sequence": 24, + "block_sha256": "aaf8bb900d030d9fcadba62a1d06fa112107cf55bb2f32444b1b6cea83b16589", + "block_type": "paragraph", + "char_count": 504, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 24, + "char_end": 504, + "char_start": 0, + "fragment_sha256": "abff00b5d1514161669f1d8c946160964170cb3b27ce879b8576e32ab500d544", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "As we continue to rapidly grow our market share, we are investing aggressively in technology to ensure we continue to delight customers and improve our cost structure as we grow. Our market leadership affords us the unique opportunity and ability to re-imagine and automate a transaction where others cannot \u2013 which is the ability to remove steps and simplify a transaction for consumers, and create a better, more consistent, and lower cost experience. Business Highlights 10 Opendoor Southern CA Market" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b25", + "block_sequence": 25, + "block_sha256": "cd7bba2c1c88b5b1d4bec21501bcdd57a7c0f77e0ec6a4e010e8d09699c46074", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 25, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "54c90d63e09cb978c70b1b9df7901cdf3cfe6b8dff96dd246e5be45c67bdf3e4", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "q42021formxex992sharehol011.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b26", + "block_sequence": 26, + "block_sha256": "c34622acd7bb3eb34a87265b87e61025d23522d64cb3aabda785d047749c933b", + "block_type": "paragraph", + "char_count": 2471, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 26, + "char_end": 2471, + "char_start": 0, + "fragment_sha256": "fc7d112212ace67eb77954ecc10bd3fe10851c9380809e311453954f2772744e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "2021 Revenue $8.0 billion $711 $1,838 $4,741 $2,583 $8,021 ($ in millions) 2021 Homes Sold 21,725 2017 2018 2019 2020 2021 7,470 3,127 18,799 9,913 21,725 Financial Highlights In 2021, we demonstrated our ability to deliver record growth with strong unit economics. We outperformed expectations quarter after quarter as we met the surge in consumer demand with disciplined execution. We are performing years ahead of plan and are in a strong position to deliver another year of rapid growth. GROWTH We significantly outperformed the high end of our revenue guidance, delivering $3.8 billion of revenue in 4Q21 and 1,435% growth year-over year. This outperformance was fueled by the strength of our resale systems as we leaned into strong market demand for the homes we had in inventory coming into Q4. For the full year, revenue was $8.0 billion, up 211% versus 2020. This revenue growth was driven by the aforementioned unit growth, as well as by higher revenue per home sold, up 42% versus 2020. We sold 9,794 homes in 4Q21, over 11 times the volume in 4Q20. Our operations team worked diligently to increase systems capacity to repair and sell a record number of homes in the quarter. By year end, we had worked through the backlog of homes and we entered 1Q22 with greater ability to flex our operational throughput to repair and list higher volumes. For the full year, we sold 21,725 homes, up 119% versus 2020. On the acquisition side, we purchased 9,639 homes in the fourth quarter, up 378% versus 4Q20. Our acquisition volumes were down on a sequential basis, consistent with what we indicated last quarter, driven primarily by our decision to throttle our acquisition pace to ensure a seamless customer experience and manage systemwide operations capacity. For the full year, we acquired a record 36,908 homes, up nearly 500% versus 2020. Over the course of the year, we saw total offers and real seller conversion reach all-time highs as Opendoor\u2019s value proposition of simplicity, certainty and speed, combined with our robust pricing and operational capabilities, continued to accelerate consumer adoption across our markets. As of December 31, 2021, we had 17,009 homes in inventory on our balance sheet, representing $6.1 billion in value, which was up 13 times from the end of 2020. While we saw a strong level of home acquisitions, our inventory balance was largely even with 3Q21, as a result of a record number of home sales. 11 2017 2018 2019 2020 2021" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b27", + "block_sequence": 27, + "block_sha256": "bf77383dcc0f72dd268dbaa38f468985490c5336be02aff35a86b8d723576f85", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 27, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "07b457fb790811c6b2f0d3213b9a3b9cd936cc57c0972363153164dc560b21c5", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "q42021formxex992sharehol012.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b28", + "block_sequence": 28, + "block_sha256": "f5a9573644614a1c4c6160f8ca5702e4358350e5dad64376d43c640f8c423f8d", + "block_type": "paragraph", + "char_count": 2322, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 28, + "char_end": 2322, + "char_start": 0, + "fragment_sha256": "f9301d8f6d1d8abddc96746fb17de9fcb087bb2a713003639c445e2b875d20f3", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "As we exit the year, the overall health of our inventory portfolio remains strong. As of December 31, 2021, only 8% of our homes had been listed on the market for more than 120 days. Our inventory was healthier than the overall market where 24% of homes had been listed for more than 120 days, adjusted for our buybox. As a matter of course, we typically expect holding periods in the fourth quarter to lengthen given seasonal softness from a resale sell-through perspective. In addition to seasonality, we saw extended home repair timelines also contribute to longer holding periods. By year end, our repair timelines were back to historical norms on new acquisitions, and we enter 2022 with greater operational capacity to meet the higher demand we anticipate. UNIT ECONOMICS We delivered unit margins in-line with the margin trajectory that we have guided to throughout the year. GAAP gross profit was $272 million and 7.1% of revenue in 4Q21, versus $39 million and 15.4% of revenue in 4Q20. Adjusted gross profit was $279 million and 7.3% of revenue in 4Q21, versus $38 million and 15.4% of revenue in 4Q20. For the full year, GAAP gross profit was $730 million and 9.1% of revenue, versus $220 million and 8.5% of revenue in 2020. Adjusted gross profit was $769 million and 9.6% of revenue for the year, versus $211 million and 8.2% of revenue in 2020. Contribution Profit, which accounts for the direct selling and holding costs incurred on the homes sold during the quarter, was $152 million in 4Q21, up 390% versus 4Q20. Contribution Margin, which we view as an important measure of unit economics associated with a specific resale cohort, was 4.0% versus 12.6% in 4Q20. For the year, we delivered Contribution Profit of $525 million and a Contribution Margin of 6.5%, slightly ahead of our annual contribution margin target of 4 to 6%, and up from $110 million and 4.3% in 2020. Our Contribution Margin was generally in line with our internal expectations. Throughout the course of 2021, we called out that we were the beneficiaries of two temporary trends: 1) an inventory mix that was over-indexed to recently acquired homes as we restarted acquisitions after a COVID-induced pause and inventory 12 Financial Highlights 2021 Gross Margin 9.1% 2021 Contribution Margin 6.5% 2021 Contribution Profit $525 million" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b29", + "block_sequence": 29, + "block_sha256": "7c2a473fe41adf24ee6c09f23798f901cceb4be82aa0dc6bdc242dabd820448c", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 29, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "a19bf36d9003fffd2afbd0f41e4a825f1a28145b351f98a51eb9a83162657180", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "q42021formxex992sharehol013.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b30", + "block_sequence": 30, + "block_sha256": "5add64a3f7d5c63ff625b3b8ae5d8c12813e4cdd16017a54be587ae3113812ee", + "block_type": "paragraph", + "char_count": 1836, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 30, + "char_end": 1836, + "char_start": 0, + "fragment_sha256": "f23953e4df0955528c847478cc3f9f503358c0a76c250f83a50e385a8957f418", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "sell-down; and 2) a more conservative underwriting stance at the outset of the year versus our home price appreciation (HPA) expectations as we re-accelerated our home purchasing. And as we guided to, our contribution margin came down sequentially through the second half of the year as our inventory mix normalized and our underwriting became more reflective of our HPA expectations. ADJUSTED EBITDA AND NET LOSS GAAP net loss was ($191) million in 4Q21 versus ($54) million in 4Q20. As a percent of revenue, GAAP net loss was (5.0%) versus (21.7%) in 4Q20. GAAP net loss was impacted by stock-based compensation (SBC) expense of approximately $71 million in 4Q21. For Q1, we expect SBC expense to be in the range of $70 to $75 million. For the full year, GAAP net loss was ($662) million versus ($253) million in 2020. As a percent of revenue, GAAP net loss was (8.2%) versus (9.8%) in 2020. Adjusted Net Loss was ($80) million or (2.1%) of revenue in 4Q21, versus ($41) million or (16.6%) of revenue in 4Q20. For the full year, Adjusted Net Loss was ($116) million or (1.4%) of revenue, versus ($175) million or (6.8%) of revenue in 2020. As a reminder, Adjusted Net Loss is a good proxy for normalized free cash flow, as it isolates the operating performance of our business from temporary swings in home inventory that are primarily funded through non-recourse debt facilities. Adjusted EBITDA was $0.4 million in 4Q21 compared to ($27) million in 4Q20. As a percentage of revenue, Adjusted EBITDA was breakeven in 4Q21 versus (10.9%) in 4Q20 and 1.5% in 3Q21. For the full year, Adjusted EBITDA was $58 million and 0.7% of revenue, versus ($98) million or (3.8%) of revenue in 2020. Financial Highlights 13 2021 Adjusted EBITDA Margin 0.7% (8.0%) (7.1%) (4.6%) (3.8%) 0.7% 2017 2018 2019 2020 2021 2021 Adjusted EBITDA $58 million" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b31", + "block_sequence": 31, + "block_sha256": "141aa15cc14d880e45cb4b9594eea8f585f145da192ded6e2f34db10bb6a647d", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 31, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "e66c2386d134c34f21c5209e93fd59bfe37f396f4e70c85fe1039099919d5548", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "q42021formxex992sharehol014.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b32", + "block_sequence": 32, + "block_sha256": "e140bc6a6a524d177921d14683d02da72ac51c920e9559e44b38fe9de0485b0e", + "block_type": "paragraph", + "char_count": 2050, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 32, + "char_end": 2050, + "char_start": 0, + "fragment_sha256": "2b3d02025054842cc05c52dfd28f4e6c00f9eff4975494d52a3c967029d0ef5f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "BALANCE SHEET ITEMS We ended the year with $2.2 billion in cash, cash equivalents, and marketable securities. Based on our current borrowing capacity, we can fund up to approximately $10 billion of inventory, which would imply financing capacity of over $30 billion of home acquisition volumes based on typical inventory turns. We are well capitalized with what we have in hand to meet our 2022 plan. 1Q22 GUIDANCE We expect 2022 to be another record year for Opendoor. For the first quarter of 2022, revenue is expected to be between $4.1 and $4.3 billion, which represents 462% year-over-year growth at the midpoint of the range. This will be driven by the rapid growth of sellers choosing Opendoor and continued strength of our resale systems to meet the high demand for housing. Adjusted EBITDA1 is expected to be between $30 and $40 million, which represents 0.8% margin and a year-over-year increase of $37 million at the midpoint of the expected range. We remain focused on innovating for both sellers and buyers, driving improving profits through improvements in pricing, operations, and services, and by leveraging our technology platform to improve profitability as we scale. 14 Financial Highlights 2021 Cash, Cash Equivalents, and Marketable Securities $2.2 billion 1Q22 Adjusted EBITDA1 Guidance $30\u2013$40 million 1Q22 Revenue Guidance $4.1\u2013$4.3 billion 1. Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA or Adjusted EBITDA Margin to forecasted GAAP net income (loss) or GAAP net Income (Loss) Margin, respectively, within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company\u2019s control." + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b33", + "block_sequence": 33, + "block_sha256": "de85bca4478a67cf4d0b854e30a3d8b5e5ae30260e5dc539fde3f5af34f0affb", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 33, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "1fc941872401f74406a409d00b84060eac7a4a30952ca73c0b47d26b394061f6", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "q42021formxex992sharehol015.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b34", + "block_sequence": 34, + "block_sha256": "1bb8444dff56519cbeb3230ab75affb897154b068595142b8631e972de0d875a", + "block_type": "paragraph", + "char_count": 489, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 34, + "char_end": 489, + "char_start": 0, + "fragment_sha256": "0da8ae23d1e2e9100bad719d905fcb5d37353e9356fab358beb1389909e0db13", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "15Raleigh-Durham, NC Eric Wu, Co-Founder & CEO Carrie Wheeler, CFO CONFERENCE CALL INFORMATION Opendoor will host a conference call to discuss its financial results on February 24, 2022 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. February 24, 2022 at 2 p.m. PT investor.opendoor.com LIVE WEBCAST" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b35", + "block_sequence": 35, + "block_sha256": "04530410650c4cab9e128ffcf8bec9097a658e7ab84092339bb1fbb781904aae", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 35, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "91f6e978207181419c8a57124cee0f32ccecdab2a39d91523a2020d34788e684", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "q42021formxex992sharehol016.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b36", + "block_sequence": 36, + "block_sha256": "725c44b5db09fea1cf5a9919c0ee7602ba243a6bd2f4236e58f75160215f4820", + "block_type": "paragraph", + "char_count": 68, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 36, + "char_end": 68, + "char_start": 0, + "fragment_sha256": "0d282019ef61000a7027912ef8d266468d6f6037dac282ae0f5b619033dcffbb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "/ OpendoorHQ / Opendoor Company / Opendoor-com investor.opendoor.com" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b37", + "block_sequence": 37, + "block_sha256": "22ffdc1cf6543ceffc53f4188a064849f327dd7957f5995c552c585bf96d9f68", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 37, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "97e9e102c6588598384be97d3a491b5ff70458aa589096bd6fc6f3a6e2431140", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "q42021formxex992sharehol017.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b38", + "block_sequence": 38, + "block_sha256": "360f6714512db0fab155bd45eb2ec7cb82e9e52a9360d50a41ec80a45a4727ee", + "block_type": "paragraph", + "char_count": 33, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 38, + "char_end": 33, + "char_start": 0, + "fragment_sha256": "fa5db11c79f789f4a1c5a56d2c3abdf906a6598e87ed9c879ba74d9c05e0b6b2", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "17 Definitions & Financial Tables" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b39", + "block_sequence": 39, + "block_sha256": "0eefef4e13b36e73565f69557316dd5ac74b799d9c5453a010a78feef4c648c3", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 39, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "8093ac26b111d10055368c982b8a84a7c480311242d70044e1daac72c6421146", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "q42021formxex992sharehol018.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b40", + "block_sequence": 40, + "block_sha256": "eed5d2d2f68dbf616dfe0f2863f45ca0162b2ff8dff9dd6c4d577261ba8b717e", + "block_type": "paragraph", + "char_count": 2919, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 40, + "char_end": 2919, + "char_start": 0, + "fragment_sha256": "cb1af8dc889eca755e826477353e60eb13d8d2f8c89304ef276384d7bbf6a251", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "This shareholder letter contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our financial condition, anticipated financial performance, business strategy and plans, market opportunity and expansion and objectives of management for future operations. These forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cwill\u201d, or \u201cwould\u201d, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward- looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this shareholder letter, including but not limited to our public securities\u2019 potential liquidity and trading; our ability to raise financing in the future; our success in retaining or recruiting, or changes required in, our officers, key employees or directors; the impact of the regulatory environment and complexities with compliance related to such environment; various factors relating to our business, operations and financial performance, including, but not limited to, the impact of the COVID-19 pandemic on our ability to grow market share; our ability to respond to general economic conditions, and the health of the U.S. residential real estate industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \"Risk Factors\" in our annual report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 24, 2022, and our other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 18 Forward-Looking Statements" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b41", + "block_sequence": 41, + "block_sha256": "eb98856dbee551621584514ec577cb90ac0173dca09c6fdc6d01a77f0bb4d8b8", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 41, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "99f800c18a235ce62a500e72035cbc0076e99a340801141ceb02f94c4e776cc2", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "q42021formxex992sharehol019.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b42", + "block_sequence": 42, + "block_sha256": "e821e105528a3eaa75cb4a7e03f81f6b94bf1ca20cddddfeae8a577ca88a3215", + "block_type": "paragraph", + "char_count": 3752, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 42, + "char_end": 3752, + "char_start": 0, + "fragment_sha256": "3289e189a6f9d7174f90f415af667fc74933a7f6041a5085cb7f6b528f555af9", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company\u2019s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit, Contribution Profit After Interest, Adjusted Net (Loss) Income, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non- GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest, which are non-GAAP financial measures. We believe that Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance in our key markets. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Contribution Profit After Interest further impacts gross profit by including senior interest costs attributable to homes sold during a reporting period. We believe these measures facilitate meaningful period over period comparisons and illustrate our ability to generate returns on assets sold after considering the costs directly related to the assets sold in a given period. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. These measures also exclude the impact of certain restructuring costs that are required under GAAP. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit. 19 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b43", + "block_sequence": 43, + "block_sha256": "de67b6cf653a776770e9e80ac47a0cff11f38514e1541777ef1d035a944802af", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 43, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "c2b4e16ac079a6881ce7e296e83c779893c1e297ff4cad8eee4fa3936ac7e3c2", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "q42021formxex992sharehol020.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b44", + "block_sequence": 44, + "block_sha256": "daba6a9a47429a624eb54c5ae65ce4e6a10e0f531ffbec4c991700769e865b9d", + "block_type": "paragraph", + "char_count": 3330, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 44, + "char_end": 3330, + "char_start": 0, + "fragment_sha256": "606e350b5bbea5aeb5bff7d0eff1da752717acc53e28d43a1df26fa1f4d9684b", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "Adjusted Gross Profit / Margin We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, (2) inventory valuation adjustment in prior periods, and (3) restructuring in costs of revenue. Restructuring in cost of revenue reflects the costs associated with the reduction in our workforce in 2020, a portion of which were related to personnel included in cost of revenue. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution Profit / Margin We calculate Contribution Profit as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflows directly associated with a specific resale cohort. Contribution Profit / Margin After Interest We define Contribution Profit After Interest as Contribution Profit, minus interest expense under our non-recourse asset- backed senior debt facilities incurred on the homes sold during the period. This may include interest expense recorded in periods prior to the period in which the sale occurred. Our asset-backed senior debt facilities are secured by our real estate inventory and cash. In addition to our senior debt facilities, we use a mix of debt and equity capital to finance our inventory and that mix will vary over time. In addition, we expect to continue to evolve our cost of financing as we include other debt sources beyond mezzanine capital. As such, in order to allow more meaningful period over period comparisons that more accurately reflect our asset performance rather than our evolving financing choices, we do not include interest expense associated with our mezzanine term debt facilities in this calculation. Contribution Margin After Interest is Contribution Profit After Interest as a percentage of revenue. We view this metric as an important measure of business performance. Contribution Profit After Interest helps management assess Contribution Margin performance, per above, when burdened with the cost of senior financing. 20 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b45", + "block_sequence": 45, + "block_sha256": "182ee0e83b5b5dc84b2bc9cbd6890edf28d2c9730ef274bbca7855c1bcdecf4f", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 45, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "4b7127c041dd96f44f71636a2dcd6e39035bc85d195f5f165340648c805a38c3", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "q42021formxex992sharehol021.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b46", + "block_sequence": 46, + "block_sha256": "9c557412274ae3ad8c0821796e3bbe6767c7a231b78369f40a6f53155f1e3c75", + "block_type": "paragraph", + "char_count": 2841, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 46, + "char_end": 2841, + "char_start": 0, + "fragment_sha256": "4c47c2e97848615b89db75ad97a05efe3f0226863151fb5e55c72ce19018911b", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "21 Adjusted Net Loss and Adjusted EBITDA We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations or not aligned to related revenue. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss. We calculate Adjusted Net Loss as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, derivative and warrant fair value adjustment, and intangibles amortization expense. It also excludes non-recurring payroll tax on initial RSU release, restructuring charges, loss on extinguishment of debt, gain on lease termination, legal contingency accrual, and convertible note payment-in-kind (\u201cPIK\u201d) interest and issuance discount amortization. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. 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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited)" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b49", + "block_sequence": 49, + "block_sha256": "97b76087cdd7e7f044524e0b88855b65d2f2d16145920250bb225ae3c176a10d", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 49, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "4aafa20eca49946219cd4bbc163b127ed2549a2934e76a57a9ccd452b8a9dd8a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "q42021formxex992sharehol023.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b50", + "block_sequence": 50, + "block_sha256": "68bd7a4fbd8ad75994144f6a80f4b9be4a16a40127864f20ad14c60f42e3660c", + "block_type": "paragraph", + "char_count": 1585, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 50, + "char_end": 1585, + "char_start": 0, + "fragment_sha256": "0a5660fe3040bd8aad9a3007f0e7eaa77616b48d33b70d1099f6db1547aa1752", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "23 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) December 31, 2021 December 31, 2020 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,731 $ 1,413 Restricted cash 847 93 Marketable securities 484 48 Escrow receivable 84 1 Mortgage loans held for sale pledged under agreements to repurchase 7 8 Real estate inventory, net 6,096 466 Other current assets ($4 and $\u2014 carried at fair value) 91 24 Total current assets 9,340 2,053 PROPERTY AND EQUIPMENT \u2013 Net 45 29 RIGHT OF USE ASSETS 42 50 GOODWILL 60 31 INTANGIBLES \u2013 Net 12 9 OTHER ASSETS ($5 and $\u2014 carried at fair value) 7 4 TOTAL ASSETS $ 9,506 $ 2,176 LIABILITIES AND SHAREHOLDERS\u2019 EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 137 $ 25 Non-recourse asset-backed debt - current portion 4,240 339 Other secured borrowings 7 7 Interest payable 12 1 Lease liabilities - current portion 4 21 Total current liabilities 4,400 393 NON-RECOURSE ASSET-BACKED DEBT \u2013 Net of current portion 1,862 136 CONVERTIBLE SENIOR NOTES 954 \u2014 WARRANT LIABILITIES \u2014 47 LEASE LIABILITIES \u2013 Net of current portion 42 47 Total liabilities 7,258 623 SHAREHOLDERS\u2019 EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 616,026,565 and 540,714,692 shares issued, respectively; 616,026,565 and 540,714,692 shares \u2014 \u2014 Additional paid-in capital 3,955 2,596 Accumulated deficit (1,705) (1,043) Accumulated other comprehensive (loss) income (2) \u2014 Total shareholders\u2019 equity 2,248 1,553 TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY $ 9,506 $ 2,176" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b51", + "block_sequence": 51, + "block_sha256": "5bf56e96c987f9fa59c2c832e8893a74c6e5e11296696b8cbceac633dd692094", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 51, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "0dd82f730e11c1a751ba3133af92be233f3ae7ebb2c7201fda8dd7d271d14fe8", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "q42021formxex992sharehol024.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b52", + "block_sequence": 52, + "block_sha256": "ef0256e3bc107f756b68a1dfcb2330d3e4c61cadcd55ad01fc48fd8623ba3f3f", + "block_type": "paragraph", + "char_count": 3269, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 52, + "char_end": 3269, + "char_start": 0, + "fragment_sha256": "29381d8a7a6878c4d188e040fa15cc697a90d211be0e16ea85fda72521dad349", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "24 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Year Ended December 31, 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (662) $ (253) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: Depreciation and amortization 47 39 Amortization of right of use asset 8 24 Stock-based compensation 536 38 Warrant fair value adjustment (12) (31) Gain on settlement of lease liabilities (5) \u2014 Inventory valuation adjustment 56 8 Changes in fair value of derivative instruments \u2014 23 Change in fair value of equity securities (35) \u2014 Payment-in-kind interest \u2014 4 Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale (4) (3) Origination of mortgage loans held for sale (196) (128) Proceeds from sale and principal collections of mortgage loans held for sale 197 126 Changes in operating assets and liabilities: Escrow receivable (83) 12 Real estate inventories (5,656) 834 Other assets (52) 3 Accounts payable and other accrued liabilities 76 (4) Interest payable 4 (3) Lease liabilities (13) (7) Net cash (used in) provided by operating activities (5,794) 682 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (33) (17) Purchase of intangible assets (1) \u2014 Purchase of marketable securities (486) (175) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 92 170 Purchase of non-marketable equity securities (15) \u2014 Acquisitions, net of cash acquired (33) \u2014 Net cash used in investing activities (476) (22) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of Series E preferred stock \u2014 2 Proceeds from issuance of convertible senior notes, net of issuance costs 953 \u2014 Purchase of capped calls related to convertible senior notes (119) \u2014 Proceeds from exercise of stock options 15 8 Proceeds from warrant exercise 22 \u2014 Proceeds from Business Combination and PIPE offering \u2014 1,014 Proceeds from the February 2021 Offering 886 \u2014 Issuance cost of common stock (29) (43) Proceeds from non-recourse asset-backed debt 11,499 1,309 Principal payments on non-recourse asset-backed debt (5,838) (2,130) Proceeds from other secured borrowings 192 125 Principal payments on other secured borrowings (192) (121) Payment of loan origination fees and debt issuance costs (47) (3) Net cash provided by (used in) financing activities 7,342 161 NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 1,072 821 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 Beginning of period 1,506 685 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 End of period $ 2,578 $ 1,506 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION \u2013 Cash paid during the period for interest $ 122 $ 57 DISCLOSURES OF NONCASH FINANCING ACTIVITIES: Conversion of preferred stock to common stock \u2014 1,386 Issuance of issuer stock rights in extinguishment of the 2019 Convertible Notes $ \u2014 $ 213 Recognition of warrant liability $ \u2014 $ 81 Issuance of common stock in extinguishment of warrant liabilities $ (35) $ \u2014 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 1,731 $ 1,413 Restricted cash 847 93 Cash, cash equivalents, and restricted cash $ 2,578 $ 1,506" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b53", + "block_sequence": 53, + "block_sha256": "2f8886eaf61294629d338635f160314b7e329e90e158de6e6d66fa7c7e436a5f", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 53, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "c7e04a0d0e15c8fd45af85b1925b46adb4c1fb60fb78796d18e0ac640a31883e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "q42021formxex992sharehol025.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b54", + "block_sequence": 54, + "block_sha256": "6b4a3f16548c66b3c1f3c3c954738f9c3ec88b1f893a06789509601f8b789220", + "block_type": "paragraph", + "char_count": 3224, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 54, + "char_end": 3224, + "char_start": 0, + "fragment_sha256": "f280c28851a0dd80fe0d330ea38c8c42026cab30c3e21d89361abfb253796663", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "25 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT, CONTRIBUTION PROFIT AND CONTRIBUTION PROFIT AFTER INTEREST TO OUR GROSS PROFIT (Unaudited) Three Months Ended Year Ended December 31, (in millions, except percentages and homes sold, or as noted) December 31, 2021 September 30, 2021 December 31, 2020 2021 2020 Gross profit (GAAP) $ 272 $ 202 $ 39 $ 730 $ 220 Gross Margin 7.1 % 8.9 % 15.4 % 9.1 % 8.5 % Adjustments: Inventory valuation adjustment \u2013 Current Period\ud834\udd7a(1)(2) 24 31 \u2014 39 \u2014 Inventory valuation adjustment \u2013 Prior Periods\ud834\udd7a(1)(3) (17) \u2014 (1) \u2014 (11) Restructuring in cost of revenue\ud834\udd7a(4) \u2014 \u2014 \u2014 \u2014 2 Adjusted Gross Profit $ 279 $ 233 $ 38 $ 769 $ 211 Adjusted Gross Margin 7.3 % 10.3 % 15.4 % 9.6 % 8.2 % Adjustments: Direct selling costs(5) (99) (52) (5) (195) (73) Holding costs on sales \u2013 Current Period\ud834\udd7a(6)(7) (12) (7) (1) (47) (17) Holding costs on sales \u2013 Prior Periods\ud834\udd7a(6)(8) (16) (5) (1) (2) (11) Contribution Profit $ 152 $ 169 $ 31 $ 525 $ 110 Homes sold in period 9,794 5,988 849 21,725 9,913 Contribution Profit per Home Sold (in thousands) $ 16 $ 28 $ 37 $ 24 $ 11 Contribution Margin 4.0 % 7.5 % 12.6 % 6.5 % 4.3 % Adjustments: Interest on homes sold \u2013 Current Period\ud834\udd7a(9)(10) (12) (6) (1) (42) (18) Interest on homes sold \u2013 Prior Periods\ud834\udd7a(9)(11) (13) (4) 1 (1) (10) Contribution Profit After Interest $ 127 $ 159 $ 31 $ 482 $ 82 Contribution Margin After Interest 3.3 % 7.0 % 12.2 % 6.0 % 3.2 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Restructuring in cost of revenue consists mainly of severance and employee termination benefits that were recorded to cost of revenue due to a reduction in workforce in the second quarter of 2020 following the outbreak of the COVID-19 pandemic. (5) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (6) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (7) Represents holding costs incurred in the period presented on homes sold in the period presented. (8) Represents holding costs incurred in prior periods on homes sold in the period presented. (9) This does not include interest on mezzanine term debt facilities or other indebtedness. (10) Represents the interest expense under our asset-backed senior debt facilities incurred during the period on homes sold in the current period. (11) Represents the interest expense under our asset-backed senior debt facilities incurred during prior periods on homes sold in the current period." + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b55", + "block_sequence": 55, + "block_sha256": "75f99ac6c37009fe6a3f9cf56fbe98f12a06a214549e187f64b0a08dea5e0d59", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 55, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "ef201ead5cd304b642963406075e608251a8f00c001459cf5226f9e3c4d242e4", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "q42021formxex992sharehol026.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b56", + "block_sequence": 56, + "block_sha256": "b51511d6608b52e77434dff723f8b4a2a1e8503937d4480373110b19ce74dbba", + "block_type": "paragraph", + "char_count": 3759, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", + "block_sequence": 56, + "char_end": 3759, + "char_start": 0, + "fragment_sha256": "4ab1639bbd3431b33bde0f120af054112a035757e7a1c6cf8e274d39b14c7ea5", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", + "table": null, + "text": "26 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED NET INCOME (LOSS) AND ADJUSTED EBITDA TO OUR NET LOSS (Unaudited) Three Months Ended Year Ended December 31, (in millions, except percentages) December 31, 2021 September 30, 2021 December 31, 2020 2021 2020 Net loss (GAAP) $ (191) $ (57) $ (54) $ (662) $ (253) Adjustments: Stock-based compensation 71 62 29 536 38 Equity securities fair value adjustment(1) 16 (51) \u2014 (35) \u2014 Derivative and warrant fair value adjustment\ud834\udd7a(1) \u2014 (3) (33) (12) (8) Intangibles amortization expense(2) 2 1 1 4 4 Inventory valuation adjustment \u2013 Current Period\ud834\udd7a(3)(4) 24 31 \u2014 39 \u2014 Inventory valuation adjustment \u2014 Prior Periods\ud834\udd7a(3)(5) (17) \u2014 (1) \u2014 (11) Restructuring(6) \u2014 \u2014 \u2014 \u2014 31 Convertible note PIK interest and discount amortization(7) \u2014 \u2014 \u2014 \u2014 8 Loss on extinguishment of debt \u2014 \u2014 11 \u2014 11 Gain on lease termination \u2014 \u2014 \u2014 (5) \u2014 Payroll tax on initial RSU release \u2014 \u2014 \u2014 5 \u2014 Legal contingency accrual 14 \u2014 4 14 4 Other(8) 1 (1) 2 \u2014 1 Adjusted Net Loss $ (80) $ (18) $ (41) $ (116) $ (175) Adjustments: Depreciation and amortization, excluding amortization of intangibles and right of use assets 9 8 5 33 22 Property financing(9) 62 38 6 119 38 Other interest expense(10) 10 6 4 24 22 Interest income(11) (1) \u2014 (1) (3) (5) Income tax expense \u2014 1 \u2014 1 \u2014 Adjusted EBITDA $ 0.4 $ 35 $ (27) $ 58 $ (98) Adjusted EBITDA Margin \u2014 % 1.5 % (10.9) % 0.7 % (3.8) % (1) Represents the gains and losses on our financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustment charge recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuring costs consist mainly of employee termination benefits, relocation packages and retention bonuses as well as costs related to the exiting of certain non-cancelable leases. In 2020, these costs related mainly to a reduction in workforce implemented in April 2020 as well as our exercise of the early termination option related to our San Francisco headquarters. (7) Includes non-cash payment-in-kind (\u201cPIK\u201d) interest and amortization of the discount on the convertible notes issued from July through November 2019 (the \u201c2019 Convertible Notes\u201d). We exclude convertible note PIK interest and amortization from Adjusted Net Loss since these are non-cash in nature and were converted into equity in September 2020 when the Company entered into the Convertible Notes Exchange Agreement with the convertible note holders. (8) Includes primarily gain or loss on disposal of fixed assets, gain or loss on interest rate lock commitments, gain or loss on the sale of available for sale securities, and sublease income. (9) Includes interest expense on our non-recourse asset-backed debt facilities. (10) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset- backed debt facilities, interest expense related to the 2026 convertible senior notes outstanding, and interest expense on other secured borrowings. 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The existing process of buying and selling a home is viewed as one of the worst experiences in life. Additionally, the traditional solutions can take 100-plus days, involve multiple counterparties, and require dozens of offline steps, on top of customer contact information being sold to the highest bidder at multiple steps. Finally, the opportunity ahead will be fueled by a new wave of digital-first home buyers and home sellers. It is our fundamental belief that in a matter of years, millions of home buyers and home sellers will choose a simple, certain and fast experience and transact themselves, completely online. Our 2021 results reflect that this shift is underway. We experienced a nearly seven-fold increase in offer requests from home sellers versus the prior year, we saw all our home sellers engage with our digital dashboard to plan their move, and we provided all our customers an online sale. For buyers, we saw increased demand for a digital touring experience with our self-tour product seeing nearly four times more volume than the prior year and our purchase offers growing five times over the same period - powered by our Opendoor-Backed Offers program. In terms of our financial performance, we demonstrated our market leadership and delivered exceptional results: Revenue: $8.0 billion and 211% growth year-over-year Gross profit: $730 million and 232% growth year-over-year Contribution Profit: $525 million and 377% growth year-over-year We consistently outperformed our expectations in our first year as a public company and pulled forward our financial targets by years, exiting 2021 at a revenue run-rate of over $15 billion. Our experience took another leap forward with the launch of major product experiences and substantial improvements in pricing and operations. We introduced Opendoor-Backed Offers, which provides buyers with the benefits of an all-cash offer, we launched self-service virtual assessments making inspections faster and more convenient, and we launched Opendoor Complete, which brings together all of our products and services into a single, streamlined experience. 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In pricing, we were able to simultaneously reduce our pricing uncertainty, while increasing our buybox by 50% year-over-year, enabling us to provide offers on more than 60% of all transactions in our active markets. Operationally, our investments in technology drove significant efficiencies, resulting in our ability to deliver nearly six times the home assessments and repairs and nearly 110 basis points of operational cost structure improvements over last year. These investments have also allowed us to efficiently scale the number of customers we service by over 250% from the prior year and efficiently expand our market footprint, doubling the number of our markets in 2021. Looking forward, there are a multitude of reasons why 2022 will define Opendoor. We will drive innovations in our consumer experience, with investments in Opendoor Complete and in our digital one-stop-shop with a suite of services. We will build on our industry-leading pricing capabilities to be the most trusted company to provide a competitive, online offer. We will double our audience and consumer base by expanding to more markets, increasing our buybox, and driving national brand awareness. We will continue to invest in our technology and operations platforms to drive additional scale and cost efficiencies. We will aim to deliver another year of exceptional results rooted in rapid growth and strong unit economics. Last, and most importantly, we will build a world-class consumer experience that removes the stress of moving and continues to transform the industry. Eric Wu, Co-Founder & CEO Empower everyone with the freedom to move 3 Our Mission A Note from Eric"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b12"], "char_count": 2199, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "92f062a69a272a350a209a1893be0f9cbb866b2758b1bdfbaef8bcf04428d14a", "derivation_id": "b0c0231ba4e6d1b3c992e6e527686fa5e799b62f7e8254f2b6982b1a7a915e48", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "block_sequence": 12, "char_end": 2199, "char_start": 0, "fragment_sha256": "faccf85a59249cce804a27e8838222ec4fec0c46a2564067fa33860427d93522", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex992sharehol.htm", "table_id": null, "text": "⚬ Total revenue of $8.0 billion, up 211% versus 2020, with 21,725 homes sold, up 119% versus 2020 ⚬ Gross profit of $730 million, up 232% versus 2020; gross margin of 9.1% versus 8.5% in 2020 ⚬ Net loss of ($662) million, versus ($253) million in 2020, primarily driven by non-cash stock based compensation of $536 million versus $38 million in 2020 ⚬ Adjusted Net Loss of ($116) million, versus ($175) million in 2020 ⚬ Contribution Profit of $525 million, up 377% versus 2020; Contribution Margin of 6.5%, versus 4.3% in 2020 ⚬ First year of positive Adjusted EBITDA of $58 million versus ($98) million in 2020; Adjusted EBITDA Margin of 0.7% versus (3.8%) in 2020 ⚬ Purchased 36,908 homes, up 498% versus 2020 ⚬ Launched Opendoor-Backed Offers, which provides homebuyers with the benefits of an all-cash offer when they bid on their dream home, and Opendoor Complete, which brings together all of Opendoor’s products and services into a single, streamlined experience ⚬ More than doubled market footprint to 44 markets ⚬ Expanded buybox coverage by 50%+ YoY, enabling us to offer on over 60% of all transactions in our active markets ⚬ Real seller conversion of over 35% along with record offers, up 590% versus 2020 ⚬ Maintained seller Net Promoter Score of above 80 ⚬ Acquired Pro.com and the team from Skylight.com, leaders in home renovation technology, and RedDoor.com, a fully digital mortgage brokerage Key Highlights ⚬ Revenue of $3.8 billion, up 1,435% versus 4Q20, with 9,794 total homes sold, up 1,054% versus 4Q20 ⚬ Gross profit of $272 million, versus $39 million in 4Q20; gross margin of 7.1%, versus 15.4% in 4Q20 ⚬ Net loss of ($191) million, versus ($54) million in 4Q20 ⚬ Adjusted Net Loss of ($80) million, versus ($41) million in 4Q20 ⚬ Contribution Profit of $152 million, versus $31 million in 4Q20; 20th consecutive quarter of positive Contribution Margin which was 4.0%, versus 12.6% in 4Q20 ⚬ Adjusted EBITDA of $0.4 million versus ($27) million in 4Q20; Adjusted EBITDA Margin of breakeven, versus (10.9%) in 4Q20 ⚬ Purchased 9,639 homes, up 378% versus 4Q20 ⚬ Grew inventory balance to 17,009 homes, representing $6.1 billion in value, up 1,208% versus 4Q20 2021 4Q21 4"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b14"], "char_count": 1647, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7ba2018005ed2607928413613d74b8914f77d9b47dbb75bd0a7f121408db6edb", "derivation_id": "b0c0231ba4e6d1b3c992e6e527686fa5e799b62f7e8254f2b6982b1a7a915e48", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "block_sequence": 14, "char_end": 1647, "char_start": 0, "fragment_sha256": "f7b95c9c466a3503ec3a739ccb89760b38f8ace92cc4d8f69dab94fb62454cfe", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex992sharehol.htm", "table_id": null, "text": "MEET THE THOMAS FAMILY William Thomas, of Woodstock, GA, bought and sold his house through Opendoor. After spending a year RVing across the country, he and his wife Kelly wanted to find a more permanent place for their teenage children to call home – somewhere with enough space to socialize with friends and build lasting relationships. Selling a home the traditional way can be filled with challenges and uncertainty, particularly for a family like the Thomases. William and Kelly both work from home and homeschool their children. With so much happening at home during the week, the idea of scheduling showings and having people in and out of the house felt too disruptive. Additionally, William and Kelly worried about their inability to control the timing of their move – what if they sold their current house but their offer on another home wasn’t accepted? It wasn’t long before William realized it made a lot of sense to work with Opendoor. What William liked most was that he could browse in his own time for potential homes to buy and schedule home visits that fit into his busy schedule. Additionally, Opendoor was there, ready to purchase his current house at the same time he was closing on their dream home. For the Thomas family, a seamless transition into their new home meant less stress about moving and more time to think about what journey was next. With Opendoor, it was a very seamless process. We were at the same closing table – we were able to sign the sale of our old home, and then an hour later, sign the documents for closing on our new home. Selling and buying with Opendoor was the complete package! William Thomas 5"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b16"], "char_count": 2462, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "acef6a7171997d64bb8c76488c94e4f1c641f60172314866254b2a108e8daf4e", "derivation_id": "b0c0231ba4e6d1b3c992e6e527686fa5e799b62f7e8254f2b6982b1a7a915e48", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "block_sequence": 16, "char_end": 2462, "char_start": 0, "fragment_sha256": "00ad255333181530a41c845259c9175016a012bd318b61f8da6044be2081cdc1", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex992sharehol.htm", "table_id": null, "text": "6 Long-term, Opendoor’s ecosystem is a two-sided local marketplace between home sellers and homebuyers with Opendoor homes and services at the center of the transaction. Our core product of an instant quote attracts homeowners ahead of listing, and our digital and certain sales process with a competitive offer converts sellers. This gives us homes for sale, which is an organic way to attract millions of home shoppers. Our unique inventory and simplified experience to buy a home converts home shoppers to homebuyers with Opendoor. On top of this marketplace activity, we are able to offer our buyers adjacent services to simplify the transaction, as well as generate higher margin for Opendoor. This additional margin gives us the ability to be more competitive on price for our sellers, which in turn can spur additional acquisition growth and create even more homes for buyers. Our focus areas are centered on this flywheel – build a differentiated product to attract homeowners and convert them to a home sale, leverage our homes to attract home shoppers and convert them to buyers, while layering a better experience for the suite of services surrounding the home. Last, we aim to launch and scale these local marketplaces to every market in the U.S., benefitting from the scalability and centralization of our technology, operations, and pricing platform. HOMEOWNERS AND SELLERS For homeowners, we’ve built a differentiated product that attracts homeowners by making it a few simple steps to get an offer, understand one’s home value and know the equity one can instantly unlock. Our digital sales process that maximizes simplicity, certainty, and speed is a compelling alternative over the traditional process of listing on the market. Finally, the pricing and cost competitiveness of our service converts customers to sell to Opendoor. In 2021, we made substantial progress towards the above vectors of attracting homeowners, streamlining the process to sell, and providing a competitive offer at a low cost. First, we deepened our partnership with homebuilders and large real estate search portals. We are now partnered with over 70 homebuilders, including eight of the top ten homebuilders by sales volume, and have launched integrated experiences with Realtor.com, giving more homeowners an instant offer as they Business Highlights Seller NPS >80 Total Customer Transactions 140,000+ Long-Term Opendoor’s ecosystem is a two-sided local marketplace"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b18"], "char_count": 2525, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "04d1acfd10d97fe95002a0d166245d16a5f90f64c6467f106252e6938b2d4926", "derivation_id": "b0c0231ba4e6d1b3c992e6e527686fa5e799b62f7e8254f2b6982b1a7a915e48", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "block_sequence": 18, "char_end": 2525, "char_start": 0, "fragment_sha256": "636212890f6627f0dffb7b5e97242b2a1fa3ebd8b07dc7aeff46e6c3bc2e970c", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex992sharehol.htm", "table_id": null, "text": "7 are planning their move. In addition, we re-engaged our large and growing pool of homeowners with refreshed offers, home valuation information, and tips on how to sell, driving nearly 30% of our selling customers in 2021. With the launch of self-service virtual home assessments, we further streamlined the seller experience with speed and convenience, and this feature is being used in a third of our interior home assessments today. Next, in terms of cost, we drove significant operational efficiencies by investing in proprietary tooling, such as Opendoor Scout, and increased virtualization and centralization of local processes and labor. This has resulted in our ability to deliver nearly six times the home assessments and repairs, with significantly faster turnaround time to final offer, and nearly 110 basis points of operational cost structure improvements over last year. These improvements have also allowed us to efficiently scale the number of homes we service by over 250% from the prior year and expand our market footprint, doubling the number of our markets in 2021. Last, we experienced multiple breakthroughs in our pricing processes where we analyzed hundreds of data points about each individual home, including proprietary labeling of millions of images, and leveraged both computer vision and AI techniques to assess each home’s value, condition and market environment. As a result, we were able to improve price competitiveness and increase our buybox by 50%, enabling us to offer on more than 60% of all transactions in our active markets. Looking forward to 2022, we aim to leverage our market leadership and scale advantages to attract homeowners and invest in product, pricing and operations to delight and convert more home sellers. As our market footprint expands, we will increasingly invest in our brand at a national scale to drive awareness and further lower our cost of customer acquisition and continue our re-engagement efforts with an already large and growing pool of homeowners. Next, we will continue to make selling a home simple, certain and fast by further reducing the steps and time to complete a transaction. Last, we will drive additional improvements in pricing and our cost structure as we’ve seen in previous years, further improving the value our customers receive and increasing our already large competitive moat. % of 2021 Acquisitions from Re-engaged Customers 30% Opendoor Scout Business Highlights 2021 Buybox Coverage of Total Transactions in Active Markets >60%"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b20"], "char_count": 2531, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "73ec38ee3b2e9cefa96dc138c84aa97ecd572abf0f41c900a0b751c5cb90dcfa", "derivation_id": "b0c0231ba4e6d1b3c992e6e527686fa5e799b62f7e8254f2b6982b1a7a915e48", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "block_sequence": 20, "char_end": 2531, "char_start": 0, "fragment_sha256": "444aa40bf3e58ab893085d4548ea7b2579bc2102ee58edad68c90557fb8a080a", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex992sharehol.htm", "table_id": null, "text": "BUYERS AND SERVICES Having a unique supply of homes to sell is a tried and true formula to attract home shoppers, driven by having an online presence and offline signage and tours. Said another way, we are able to successfully aggregate home shopper demand by having homes for sale with little to zero marketing cost. Furthermore, given two-thirds of sellers are also buyers, we have already acquired a large base of prospective home shoppers. With this demand, our goal is to build a differentiated product, similar to our Sell to Opendoor product, that delivers superior simplicity, certainty, and speed as compared to the traditional process. Last, we know that when a buyer chooses to buy with us, we are able to attach a range of services due to increased simplicity, convenience, and cost savings. In 2021, we continued our investments in Buyer and Services. With Opendoor-Backed Offers, we enabled our buyers to make an offer backed by cash which could significantly increase their chances of winning their dream home, giving our customers a superpower that has historically been exclusively for the wealthy. Taking only two months from ideation to launch, Opendoor-Backed Offers is an example of how we are able to leverage our underwriting capabilities, suite of services, and operational infrastructure to quickly build best-in-class experiences for our customers. With the launch of Opendoor Complete in November of 2021, we gave homeowners the ability to buy and sell seamlessly and are already seeing a growing number of sellers leveraging Buy with Opendoor for their next home purchase. We continued to streamline self-tours, giving home shoppers the ability to tour a home without sales pressure, with improved operations and tooling. While we are still early on this journey vis-à-vis our seller experience, Opendoor-Backed Offers, Opendoor Complete, and our self-tour feature are loved by our customers, a strong signal of growth ahead. In terms of services this past year, we focused on scaling Title and Escrow and more tightly integrating Opendoor Home Loans into our Buy with Opendoor experience. With regards to Title and Escrow, we continued our market leadership with approximately 80% attach across our markets, scaling that revenue nearly 140% year-over-year, and delivering a customer NPS of over 80. Last, we acquired teams from Pro.com, Skylight.com and RedDoor to build our home personalization and digital mortgage initiatives. Business Highlights Opendoor Complete Title and Escrow Growth YoY 140% 8"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b22"], "char_count": 2495, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "808503f624ec07d5d1f9734095dbb1eb3d749cbae376b0c194f588c3d4ad90e9", "derivation_id": "b0c0231ba4e6d1b3c992e6e527686fa5e799b62f7e8254f2b6982b1a7a915e48", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "block_sequence": 22, "char_end": 2495, "char_start": 0, "fragment_sha256": "6a9c999984818a2036255946e0cf46f53a1219ba06b272cc610c76032228ef24", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex992sharehol.htm", "table_id": null, "text": "Business Highlights Total Markets Launched in 2021 23 Total Markets as of Dec. 2021 44 Looking forward to 2022, we will make improvements and investments centered around Opendoor Complete, Buy with Opendoor, and the checkout experience to buy a home. We will be making Opendoor Complete a marquee product, ensuring that every single seller who is a buyer understands the significant benefits of Opendoor Complete. For Buy with Opendoor and Opendoor-Backed Offers, we will be growing our online presence of our homes and launching early move-in, enabling a buyer to move in on their timeline, which is a feature we know buyers want. Last, we will be creating an e-commerce-like checkout experience for home buyers. This means we will be integrating both the RedDoor and Pro.com products into our buyer experience and enabling customers to shop for a home, tour it, prequalify for a mortgage, make an offer, select upgrades and repairs, and buy the home of their dreams with just their mobile device. MARKET EXPANSION AND SCALABILITY Our expansion nationwide, powered by our technology and operations platform, has a few important benefits to the local marketplaces we operate. First, we are increasingly able to leverage national marketing campaigns to drive awareness at a lower cost. Second, our pricing engine benefits from data across markets. Third, we see scale economies resulting in improvements in our cost structure. In 2021, we significantly increased our market coverage with the launch of 23 new markets. In June of last year, we launched 6 markets in a single day. This was made possible by refinement of our data ingestion systems and sophistication of our pricing models. Additionally, we were able to launch each market with a limited number of in-market Opendoor employees, demonstrating the benefits of our centralized operational platform. Our efficient and rapid market expansion is another proof point of the scalability of our systems and benefits of our technology platform. In terms of 2022, we will unlock serviceable market growth in line with what we delivered in 2021. To achieve this goal, we will be focusing on a few of the larger markets, such as San Francisco Bay Area that was recently launched. We will also continue to expand our buybox coverage this year, not only based on price point, but also the types of homes that we are able to purchase as we expand beyond single family homes. 9 Opendoor Complete We will be making Opendoor Complete a marquee product"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b24", "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b26"], "char_count": 2977, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "937b39e39c2c7a9022dc2c939e0ce85ef8c48c23c05529596a6f1be8cb10dd70", "derivation_id": "b0c0231ba4e6d1b3c992e6e527686fa5e799b62f7e8254f2b6982b1a7a915e48", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "block_sequence": 24, "char_end": 504, "char_start": 0, "fragment_sha256": "abff00b5d1514161669f1d8c946160964170cb3b27ce879b8576e32ab500d544", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "block_sequence": 26, "char_end": 2471, "char_start": 0, "fragment_sha256": "fc7d112212ace67eb77954ecc10bd3fe10851c9380809e311453954f2772744e", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex992sharehol.htm", "table_id": null, "text": "As we continue to rapidly grow our market share, we are investing aggressively in technology to ensure we continue to delight customers and improve our cost structure as we grow. Our market leadership affords us the unique opportunity and ability to re-imagine and automate a transaction where others cannot – which is the ability to remove steps and simplify a transaction for consumers, and create a better, more consistent, and lower cost experience. Business Highlights 10 Opendoor Southern CA Market\n\n2021 Revenue $8.0 billion $711 $1,838 $4,741 $2,583 $8,021 ($ in millions) 2021 Homes Sold 21,725 2017 2018 2019 2020 2021 7,470 3,127 18,799 9,913 21,725 Financial Highlights In 2021, we demonstrated our ability to deliver record growth with strong unit economics. We outperformed expectations quarter after quarter as we met the surge in consumer demand with disciplined execution. We are performing years ahead of plan and are in a strong position to deliver another year of rapid growth. GROWTH We significantly outperformed the high end of our revenue guidance, delivering $3.8 billion of revenue in 4Q21 and 1,435% growth year-over year. This outperformance was fueled by the strength of our resale systems as we leaned into strong market demand for the homes we had in inventory coming into Q4. For the full year, revenue was $8.0 billion, up 211% versus 2020. This revenue growth was driven by the aforementioned unit growth, as well as by higher revenue per home sold, up 42% versus 2020. We sold 9,794 homes in 4Q21, over 11 times the volume in 4Q20. Our operations team worked diligently to increase systems capacity to repair and sell a record number of homes in the quarter. By year end, we had worked through the backlog of homes and we entered 1Q22 with greater ability to flex our operational throughput to repair and list higher volumes. For the full year, we sold 21,725 homes, up 119% versus 2020. On the acquisition side, we purchased 9,639 homes in the fourth quarter, up 378% versus 4Q20. Our acquisition volumes were down on a sequential basis, consistent with what we indicated last quarter, driven primarily by our decision to throttle our acquisition pace to ensure a seamless customer experience and manage systemwide operations capacity. For the full year, we acquired a record 36,908 homes, up nearly 500% versus 2020. Over the course of the year, we saw total offers and real seller conversion reach all-time highs as Opendoor’s value proposition of simplicity, certainty and speed, combined with our robust pricing and operational capabilities, continued to accelerate consumer adoption across our markets. As of December 31, 2021, we had 17,009 homes in inventory on our balance sheet, representing $6.1 billion in value, which was up 13 times from the end of 2020. While we saw a strong level of home acquisitions, our inventory balance was largely even with 3Q21, as a result of a record number of home sales. 11 2017 2018 2019 2020 2021"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b28"], "char_count": 2322, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f5a9573644614a1c4c6160f8ca5702e4358350e5dad64376d43c640f8c423f8d", "derivation_id": "b0c0231ba4e6d1b3c992e6e527686fa5e799b62f7e8254f2b6982b1a7a915e48", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "block_sequence": 28, "char_end": 2322, "char_start": 0, "fragment_sha256": "f9301d8f6d1d8abddc96746fb17de9fcb087bb2a713003639c445e2b875d20f3", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex992sharehol.htm", "table_id": null, "text": "As we exit the year, the overall health of our inventory portfolio remains strong. As of December 31, 2021, only 8% of our homes had been listed on the market for more than 120 days. Our inventory was healthier than the overall market where 24% of homes had been listed for more than 120 days, adjusted for our buybox. As a matter of course, we typically expect holding periods in the fourth quarter to lengthen given seasonal softness from a resale sell-through perspective. In addition to seasonality, we saw extended home repair timelines also contribute to longer holding periods. By year end, our repair timelines were back to historical norms on new acquisitions, and we enter 2022 with greater operational capacity to meet the higher demand we anticipate. UNIT ECONOMICS We delivered unit margins in-line with the margin trajectory that we have guided to throughout the year. GAAP gross profit was $272 million and 7.1% of revenue in 4Q21, versus $39 million and 15.4% of revenue in 4Q20. Adjusted gross profit was $279 million and 7.3% of revenue in 4Q21, versus $38 million and 15.4% of revenue in 4Q20. For the full year, GAAP gross profit was $730 million and 9.1% of revenue, versus $220 million and 8.5% of revenue in 2020. Adjusted gross profit was $769 million and 9.6% of revenue for the year, versus $211 million and 8.2% of revenue in 2020. Contribution Profit, which accounts for the direct selling and holding costs incurred on the homes sold during the quarter, was $152 million in 4Q21, up 390% versus 4Q20. Contribution Margin, which we view as an important measure of unit economics associated with a specific resale cohort, was 4.0% versus 12.6% in 4Q20. For the year, we delivered Contribution Profit of $525 million and a Contribution Margin of 6.5%, slightly ahead of our annual contribution margin target of 4 to 6%, and up from $110 million and 4.3% in 2020. Our Contribution Margin was generally in line with our internal expectations. Throughout the course of 2021, we called out that we were the beneficiaries of two temporary trends: 1) an inventory mix that was over-indexed to recently acquired homes as we restarted acquisitions after a COVID-induced pause and inventory 12 Financial Highlights 2021 Gross Margin 9.1% 2021 Contribution Margin 6.5% 2021 Contribution Profit $525 million"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b30"], "char_count": 1836, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5add64a3f7d5c63ff625b3b8ae5d8c12813e4cdd16017a54be587ae3113812ee", "derivation_id": "b0c0231ba4e6d1b3c992e6e527686fa5e799b62f7e8254f2b6982b1a7a915e48", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "block_sequence": 30, "char_end": 1836, "char_start": 0, "fragment_sha256": "f23953e4df0955528c847478cc3f9f503358c0a76c250f83a50e385a8957f418", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#p11", "passage_kind": "narrative", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex992sharehol.htm", "table_id": null, "text": "sell-down; and 2) a more conservative underwriting stance at the outset of the year versus our home price appreciation (HPA) expectations as we re-accelerated our home purchasing. And as we guided to, our contribution margin came down sequentially through the second half of the year as our inventory mix normalized and our underwriting became more reflective of our HPA expectations. ADJUSTED EBITDA AND NET LOSS GAAP net loss was ($191) million in 4Q21 versus ($54) million in 4Q20. As a percent of revenue, GAAP net loss was (5.0%) versus (21.7%) in 4Q20. GAAP net loss was impacted by stock-based compensation (SBC) expense of approximately $71 million in 4Q21. For Q1, we expect SBC expense to be in the range of $70 to $75 million. For the full year, GAAP net loss was ($662) million versus ($253) million in 2020. As a percent of revenue, GAAP net loss was (8.2%) versus (9.8%) in 2020. Adjusted Net Loss was ($80) million or (2.1%) of revenue in 4Q21, versus ($41) million or (16.6%) of revenue in 4Q20. For the full year, Adjusted Net Loss was ($116) million or (1.4%) of revenue, versus ($175) million or (6.8%) of revenue in 2020. As a reminder, Adjusted Net Loss is a good proxy for normalized free cash flow, as it isolates the operating performance of our business from temporary swings in home inventory that are primarily funded through non-recourse debt facilities. Adjusted EBITDA was $0.4 million in 4Q21 compared to ($27) million in 4Q20. As a percentage of revenue, Adjusted EBITDA was breakeven in 4Q21 versus (10.9%) in 4Q20 and 1.5% in 3Q21. For the full year, Adjusted EBITDA was $58 million and 0.7% of revenue, versus ($98) million or (3.8%) of revenue in 2020. Financial Highlights 13 2021 Adjusted EBITDA Margin 0.7% (8.0%) (7.1%) (4.6%) (3.8%) 0.7% 2017 2018 2019 2020 2021 2021 Adjusted EBITDA $58 million"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b32"], "char_count": 2050, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e140bc6a6a524d177921d14683d02da72ac51c920e9559e44b38fe9de0485b0e", "derivation_id": "b0c0231ba4e6d1b3c992e6e527686fa5e799b62f7e8254f2b6982b1a7a915e48", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "block_sequence": 32, "char_end": 2050, "char_start": 0, "fragment_sha256": "2b3d02025054842cc05c52dfd28f4e6c00f9eff4975494d52a3c967029d0ef5f", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex992sharehol.htm", "table_id": null, "text": "BALANCE SHEET ITEMS We ended the year with $2.2 billion in cash, cash equivalents, and marketable securities. Based on our current borrowing capacity, we can fund up to approximately $10 billion of inventory, which would imply financing capacity of over $30 billion of home acquisition volumes based on typical inventory turns. We are well capitalized with what we have in hand to meet our 2022 plan. 1Q22 GUIDANCE We expect 2022 to be another record year for Opendoor. For the first quarter of 2022, revenue is expected to be between $4.1 and $4.3 billion, which represents 462% year-over-year growth at the midpoint of the range. This will be driven by the rapid growth of sellers choosing Opendoor and continued strength of our resale systems to meet the high demand for housing. Adjusted EBITDA1 is expected to be between $30 and $40 million, which represents 0.8% margin and a year-over-year increase of $37 million at the midpoint of the expected range. We remain focused on innovating for both sellers and buyers, driving improving profits through improvements in pricing, operations, and services, and by leveraging our technology platform to improve profitability as we scale. 14 Financial Highlights 2021 Cash, Cash Equivalents, and Marketable Securities $2.2 billion 1Q22 Adjusted EBITDA1 Guidance $30–$40 million 1Q22 Revenue Guidance $4.1–$4.3 billion 1. Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA or Adjusted EBITDA Margin to forecasted GAAP net income (loss) or GAAP net Income (Loss) Margin, respectively, within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b34", "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b36", "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b38", "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b40"], "char_count": 3515, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "958bd1e5a7c1ecb36f1485bb77813e27e06b269b117a42e68c950c90749d6818", "derivation_id": "b0c0231ba4e6d1b3c992e6e527686fa5e799b62f7e8254f2b6982b1a7a915e48", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "block_sequence": 34, "char_end": 489, "char_start": 0, "fragment_sha256": "0da8ae23d1e2e9100bad719d905fcb5d37353e9356fab358beb1389909e0db13", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "block_sequence": 36, "char_end": 68, "char_start": 0, "fragment_sha256": "0d282019ef61000a7027912ef8d266468d6f6037dac282ae0f5b619033dcffbb", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "block_sequence": 38, "char_end": 33, "char_start": 0, "fragment_sha256": "fa5db11c79f789f4a1c5a56d2c3abdf906a6598e87ed9c879ba74d9c05e0b6b2", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "block_sequence": 40, "char_end": 2919, "char_start": 0, "fragment_sha256": "cb1af8dc889eca755e826477353e60eb13d8d2f8c89304ef276384d7bbf6a251", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#p13", "passage_kind": "narrative", "passage_sequence": 13, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex992sharehol.htm", "table_id": null, "text": "15Raleigh-Durham, NC Eric Wu, Co-Founder & CEO Carrie Wheeler, CFO CONFERENCE CALL INFORMATION Opendoor will host a conference call to discuss its financial results on February 24, 2022 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. February 24, 2022 at 2 p.m. PT investor.opendoor.com LIVE WEBCAST\n\n/ OpendoorHQ / Opendoor Company / Opendoor-com investor.opendoor.com\n\n17 Definitions & Financial Tables\n\nThis shareholder letter contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our financial condition, anticipated financial performance, business strategy and plans, market opportunity and expansion and objectives of management for future operations. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “intend”, “may”, “might”, “opportunity”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “will”, or “would”, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward- looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this shareholder letter, including but not limited to our public securities’ potential liquidity and trading; our ability to raise financing in the future; our success in retaining or recruiting, or changes required in, our officers, key employees or directors; the impact of the regulatory environment and complexities with compliance related to such environment; various factors relating to our business, operations and financial performance, including, but not limited to, the impact of the COVID-19 pandemic on our ability to grow market share; our ability to respond to general economic conditions, and the health of the U.S. residential real estate industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \"Risk Factors\" in our annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2022, and our other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 18 Forward-Looking Statements"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b42"], "char_count": 3752, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e821e105528a3eaa75cb4a7e03f81f6b94bf1ca20cddddfeae8a577ca88a3215", "derivation_id": "b0c0231ba4e6d1b3c992e6e527686fa5e799b62f7e8254f2b6982b1a7a915e48", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "block_sequence": 42, "char_end": 3752, "char_start": 0, "fragment_sha256": "3289e189a6f9d7174f90f415af667fc74933a7f6041a5085cb7f6b528f555af9", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#p14", "passage_kind": "narrative", "passage_sequence": 14, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex992sharehol.htm", "table_id": null, "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company’s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit, Contribution Profit After Interest, Adjusted Net (Loss) Income, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non- GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest, which are non-GAAP financial measures. We believe that Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance in our key markets. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Contribution Profit After Interest further impacts gross profit by including senior interest costs attributable to homes sold during a reporting period. We believe these measures facilitate meaningful period over period comparisons and illustrate our ability to generate returns on assets sold after considering the costs directly related to the assets sold in a given period. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. These measures also exclude the impact of certain restructuring costs that are required under GAAP. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit. 19 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b44"], "char_count": 3330, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "daba6a9a47429a624eb54c5ae65ce4e6a10e0f531ffbec4c991700769e865b9d", "derivation_id": "b0c0231ba4e6d1b3c992e6e527686fa5e799b62f7e8254f2b6982b1a7a915e48", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "block_sequence": 44, "char_end": 3330, "char_start": 0, "fragment_sha256": "606e350b5bbea5aeb5bff7d0eff1da752717acc53e28d43a1df26fa1f4d9684b", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#p15", "passage_kind": "narrative", "passage_sequence": 15, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex992sharehol.htm", "table_id": null, "text": "Adjusted Gross Profit / Margin We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, (2) inventory valuation adjustment in prior periods, and (3) restructuring in costs of revenue. Restructuring in cost of revenue reflects the costs associated with the reduction in our workforce in 2020, a portion of which were related to personnel included in cost of revenue. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution Profit / Margin We calculate Contribution Profit as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflows directly associated with a specific resale cohort. Contribution Profit / Margin After Interest We define Contribution Profit After Interest as Contribution Profit, minus interest expense under our non-recourse asset- backed senior debt facilities incurred on the homes sold during the period. This may include interest expense recorded in periods prior to the period in which the sale occurred. Our asset-backed senior debt facilities are secured by our real estate inventory and cash. In addition to our senior debt facilities, we use a mix of debt and equity capital to finance our inventory and that mix will vary over time. In addition, we expect to continue to evolve our cost of financing as we include other debt sources beyond mezzanine capital. As such, in order to allow more meaningful period over period comparisons that more accurately reflect our asset performance rather than our evolving financing choices, we do not include interest expense associated with our mezzanine term debt facilities in this calculation. Contribution Margin After Interest is Contribution Profit After Interest as a percentage of revenue. We view this metric as an important measure of business performance. Contribution Profit After Interest helps management assess Contribution Margin performance, per above, when burdened with the cost of senior financing. 20 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b46"], "char_count": 2841, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9c557412274ae3ad8c0821796e3bbe6767c7a231b78369f40a6f53155f1e3c75", "derivation_id": "b0c0231ba4e6d1b3c992e6e527686fa5e799b62f7e8254f2b6982b1a7a915e48", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "block_sequence": 46, "char_end": 2841, "char_start": 0, "fragment_sha256": "4c47c2e97848615b89db75ad97a05efe3f0226863151fb5e55c72ce19018911b", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#p16", "passage_kind": "narrative", "passage_sequence": 16, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex992sharehol.htm", "table_id": null, "text": "21 Adjusted Net Loss and Adjusted EBITDA We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations or not aligned to related revenue. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss. We calculate Adjusted Net Loss as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, derivative and warrant fair value adjustment, and intangibles amortization expense. It also excludes non-recurring payroll tax on initial RSU release, restructuring charges, loss on extinguishment of debt, gain on lease termination, legal contingency accrual, and convertible note payment-in-kind (“PIK”) interest and issuance discount amortization. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b48", "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b50"], "char_count": 2727, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "3166b9a8bc90d1779567d5128574c6227abcf51e21f5fda3533d3946447a51d0", "derivation_id": "b0c0231ba4e6d1b3c992e6e527686fa5e799b62f7e8254f2b6982b1a7a915e48", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "block_sequence": 48, "char_end": 1140, "char_start": 0, "fragment_sha256": "b46233bbb0e64a86f3654fe0745565e983983a5d5c6ad0a169cc8fcb7d87d7b1", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "block_sequence": 50, "char_end": 1585, "char_start": 0, "fragment_sha256": "0a5660fe3040bd8aad9a3007f0e7eaa77616b48d33b70d1099f6db1547aa1752", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#p17", "passage_kind": "narrative", "passage_sequence": 17, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex992sharehol.htm", "table_id": null, "text": "22 Three Months Ended December 31, Year Ended December 31, 2021 2020 2021 2020 REVENUE $ 3,822 $ 249 $ 8,021 $ 2,583 COST OF REVENUE 3,550 210 7,291 2,363 GROSS PROFIT 272 39 730 220 OPERATING EXPENSES: Sales, marketing and operations 225 39 544 195 General and administrative 117 54 620 153 Technology and development 32 12 134 58 Total operating expenses 374 105 1,298 406 LOSS FROM OPERATIONS (102) (66) (568) (186) DERIVATIVE AND WARRANT FAIR VALUE ADJUSTMENT — 33 12 8 LOSS ON EXTINGUISHMENT OF DEBT — (11) — (11) INTEREST EXPENSE (73) (11) (143) (68) OTHER INCOME – Net (16) 1 38 4 LOSS BEFORE INCOME TAXES (191) (54) (661) (253) INCOME TAX EXPENSE — — (1) — NET LOSS $ (191) $ (54) $ (662) $ (253) Net loss per share attributable to common shareholders: Basic $ (0.31) $ (0.30) $ (1.12) $ (2.31) Diluted $ (0.31) $ (0.30) $ (1.12) $ (2.31) Weighted-average shares outstanding: Basic 612,516 178,975 592,574 109,301 Diluted 612,516 178,975 592,574 109,301 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited)\n\n23 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) December 31, 2021 December 31, 2020 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,731 $ 1,413 Restricted cash 847 93 Marketable securities 484 48 Escrow receivable 84 1 Mortgage loans held for sale pledged under agreements to repurchase 7 8 Real estate inventory, net 6,096 466 Other current assets ($4 and $— carried at fair value) 91 24 Total current assets 9,340 2,053 PROPERTY AND EQUIPMENT – Net 45 29 RIGHT OF USE ASSETS 42 50 GOODWILL 60 31 INTANGIBLES – Net 12 9 OTHER ASSETS ($5 and $— carried at fair value) 7 4 TOTAL ASSETS $ 9,506 $ 2,176 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 137 $ 25 Non-recourse asset-backed debt - current portion 4,240 339 Other secured borrowings 7 7 Interest payable 12 1 Lease liabilities - current portion 4 21 Total current liabilities 4,400 393 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 1,862 136 CONVERTIBLE SENIOR NOTES 954 — WARRANT LIABILITIES — 47 LEASE LIABILITIES – Net of current portion 42 47 Total liabilities 7,258 623 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 616,026,565 and 540,714,692 shares issued, respectively; 616,026,565 and 540,714,692 shares — — Additional paid-in capital 3,955 2,596 Accumulated deficit (1,705) (1,043) Accumulated other comprehensive (loss) income (2) — Total shareholders’ equity 2,248 1,553 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 9,506 $ 2,176"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b52"], "char_count": 3269, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ef0256e3bc107f756b68a1dfcb2330d3e4c61cadcd55ad01fc48fd8623ba3f3f", "derivation_id": "b0c0231ba4e6d1b3c992e6e527686fa5e799b62f7e8254f2b6982b1a7a915e48", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "block_sequence": 52, "char_end": 3269, "char_start": 0, "fragment_sha256": "29381d8a7a6878c4d188e040fa15cc697a90d211be0e16ea85fda72521dad349", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#p18", "passage_kind": "narrative", "passage_sequence": 18, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex992sharehol.htm", "table_id": null, "text": "24 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Year Ended December 31, 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (662) $ (253) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: Depreciation and amortization 47 39 Amortization of right of use asset 8 24 Stock-based compensation 536 38 Warrant fair value adjustment (12) (31) Gain on settlement of lease liabilities (5) — Inventory valuation adjustment 56 8 Changes in fair value of derivative instruments — 23 Change in fair value of equity securities (35) — Payment-in-kind interest — 4 Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale (4) (3) Origination of mortgage loans held for sale (196) (128) Proceeds from sale and principal collections of mortgage loans held for sale 197 126 Changes in operating assets and liabilities: Escrow receivable (83) 12 Real estate inventories (5,656) 834 Other assets (52) 3 Accounts payable and other accrued liabilities 76 (4) Interest payable 4 (3) Lease liabilities (13) (7) Net cash (used in) provided by operating activities (5,794) 682 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (33) (17) Purchase of intangible assets (1) — Purchase of marketable securities (486) (175) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 92 170 Purchase of non-marketable equity securities (15) — Acquisitions, net of cash acquired (33) — Net cash used in investing activities (476) (22) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of Series E preferred stock — 2 Proceeds from issuance of convertible senior notes, net of issuance costs 953 — Purchase of capped calls related to convertible senior notes (119) — Proceeds from exercise of stock options 15 8 Proceeds from warrant exercise 22 — Proceeds from Business Combination and PIPE offering — 1,014 Proceeds from the February 2021 Offering 886 — Issuance cost of common stock (29) (43) Proceeds from non-recourse asset-backed debt 11,499 1,309 Principal payments on non-recourse asset-backed debt (5,838) (2,130) Proceeds from other secured borrowings 192 125 Principal payments on other secured borrowings (192) (121) Payment of loan origination fees and debt issuance costs (47) (3) Net cash provided by (used in) financing activities 7,342 161 NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 1,072 821 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 1,506 685 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $ 2,578 $ 1,506 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $ 122 $ 57 DISCLOSURES OF NONCASH FINANCING ACTIVITIES: Conversion of preferred stock to common stock — 1,386 Issuance of issuer stock rights in extinguishment of the 2019 Convertible Notes $ — $ 213 Recognition of warrant liability $ — $ 81 Issuance of common stock in extinguishment of warrant liabilities $ (35) $ — RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 1,731 $ 1,413 Restricted cash 847 93 Cash, cash equivalents, and restricted cash $ 2,578 $ 1,506"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b54"], "char_count": 3224, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6b4a3f16548c66b3c1f3c3c954738f9c3ec88b1f893a06789509601f8b789220", "derivation_id": "b0c0231ba4e6d1b3c992e6e527686fa5e799b62f7e8254f2b6982b1a7a915e48", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "block_sequence": 54, "char_end": 3224, "char_start": 0, "fragment_sha256": "f280c28851a0dd80fe0d330ea38c8c42026cab30c3e21d89361abfb253796663", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#p19", "passage_kind": "narrative", "passage_sequence": 19, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex992sharehol.htm", "table_id": null, "text": "25 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT, CONTRIBUTION PROFIT AND CONTRIBUTION PROFIT AFTER INTEREST TO OUR GROSS PROFIT (Unaudited) Three Months Ended Year Ended December 31, (in millions, except percentages and homes sold, or as noted) December 31, 2021 September 30, 2021 December 31, 2020 2021 2020 Gross profit (GAAP) $ 272 $ 202 $ 39 $ 730 $ 220 Gross Margin 7.1 % 8.9 % 15.4 % 9.1 % 8.5 % Adjustments: Inventory valuation adjustment – Current Period𝅺(1)(2) 24 31 — 39 — Inventory valuation adjustment – Prior Periods𝅺(1)(3) (17) — (1) — (11) Restructuring in cost of revenue𝅺(4) — — — — 2 Adjusted Gross Profit $ 279 $ 233 $ 38 $ 769 $ 211 Adjusted Gross Margin 7.3 % 10.3 % 15.4 % 9.6 % 8.2 % Adjustments: Direct selling costs(5) (99) (52) (5) (195) (73) Holding costs on sales – Current Period𝅺(6)(7) (12) (7) (1) (47) (17) Holding costs on sales – Prior Periods𝅺(6)(8) (16) (5) (1) (2) (11) Contribution Profit $ 152 $ 169 $ 31 $ 525 $ 110 Homes sold in period 9,794 5,988 849 21,725 9,913 Contribution Profit per Home Sold (in thousands) $ 16 $ 28 $ 37 $ 24 $ 11 Contribution Margin 4.0 % 7.5 % 12.6 % 6.5 % 4.3 % Adjustments: Interest on homes sold – Current Period𝅺(9)(10) (12) (6) (1) (42) (18) Interest on homes sold – Prior Periods𝅺(9)(11) (13) (4) 1 (1) (10) Contribution Profit After Interest $ 127 $ 159 $ 31 $ 482 $ 82 Contribution Margin After Interest 3.3 % 7.0 % 12.2 % 6.0 % 3.2 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Restructuring in cost of revenue consists mainly of severance and employee termination benefits that were recorded to cost of revenue due to a reduction in workforce in the second quarter of 2020 following the outbreak of the COVID-19 pandemic. (5) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (6) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (7) Represents holding costs incurred in the period presented on homes sold in the period presented. (8) Represents holding costs incurred in prior periods on homes sold in the period presented. (9) This does not include interest on mezzanine term debt facilities or other indebtedness. (10) Represents the interest expense under our asset-backed senior debt facilities incurred during the period on homes sold in the current period. (11) Represents the interest expense under our asset-backed senior debt facilities incurred during prior periods on homes sold in the current period."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#b56"], "char_count": 3759, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b51511d6608b52e77434dff723f8b4a2a1e8503937d4480373110b19ce74dbba", "derivation_id": "b0c0231ba4e6d1b3c992e6e527686fa5e799b62f7e8254f2b6982b1a7a915e48", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "block_sequence": 56, "char_end": 3759, "char_start": 0, "fragment_sha256": "4ab1639bbd3431b33bde0f120af054112a035757e7a1c6cf8e274d39b14c7ea5", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#p20", "passage_kind": "narrative", "passage_sequence": 20, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex992sharehol.htm", "table_id": null, "text": "26 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED NET INCOME (LOSS) AND ADJUSTED EBITDA TO OUR NET LOSS (Unaudited) Three Months Ended Year Ended December 31, (in millions, except percentages) December 31, 2021 September 30, 2021 December 31, 2020 2021 2020 Net loss (GAAP) $ (191) $ (57) $ (54) $ (662) $ (253) Adjustments: Stock-based compensation 71 62 29 536 38 Equity securities fair value adjustment(1) 16 (51) — (35) — Derivative and warrant fair value adjustment𝅺(1) — (3) (33) (12) (8) Intangibles amortization expense(2) 2 1 1 4 4 Inventory valuation adjustment – Current Period𝅺(3)(4) 24 31 — 39 — Inventory valuation adjustment — Prior Periods𝅺(3)(5) (17) — (1) — (11) Restructuring(6) — — — — 31 Convertible note PIK interest and discount amortization(7) — — — — 8 Loss on extinguishment of debt — — 11 — 11 Gain on lease termination — — — (5) — Payroll tax on initial RSU release — — — 5 — Legal contingency accrual 14 — 4 14 4 Other(8) 1 (1) 2 — 1 Adjusted Net Loss $ (80) $ (18) $ (41) $ (116) $ (175) Adjustments: Depreciation and amortization, excluding amortization of intangibles and right of use assets 9 8 5 33 22 Property financing(9) 62 38 6 119 38 Other interest expense(10) 10 6 4 24 22 Interest income(11) (1) — (1) (3) (5) Income tax expense — 1 — 1 — Adjusted EBITDA $ 0.4 $ 35 $ (27) $ 58 $ (98) Adjusted EBITDA Margin — % 1.5 % (10.9) % 0.7 % (3.8) % (1) Represents the gains and losses on our financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment — Current Period is the inventory valuation adjustment charge recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuring costs consist mainly of employee termination benefits, relocation packages and retention bonuses as well as costs related to the exiting of certain non-cancelable leases. In 2020, these costs related mainly to a reduction in workforce implemented in April 2020 as well as our exercise of the early termination option related to our San Francisco headquarters. (7) Includes non-cash payment-in-kind (“PIK”) interest and amortization of the discount on the convertible notes issued from July through November 2019 (the “2019 Convertible Notes”). We exclude convertible note PIK interest and amortization from Adjusted Net Loss since these are non-cash in nature and were converted into equity in September 2020 when the Company entered into the Convertible Notes Exchange Agreement with the convertible note holders. (8) Includes primarily gain or loss on disposal of fixed assets, gain or loss on interest rate lock commitments, gain or loss on the sale of available for sale securities, and sublease income. (9) Includes interest expense on our non-recourse asset-backed debt facilities. (10) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset- backed debt facilities, interest expense related to the 2026 convertible senior notes outstanding, and interest expense on other secured borrowings. 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NON-GAAP MEASURES & KEY METRICS (Unaudited) Period Ended ($ in millions, except markets, homes purchased, homes sold, homes in inventory, and margins) Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Key Metrics Total Markets 44 44 39 27 21 Total Revenue $ 3,822 $ 2,266 $ 1,186 $ 747 $ 249 Homes Purchased 9,639 15,181 8,494 3,594 2,016 Homes Sold 9,794 5,988 3,481 2,462 849 Homes in Inventory 17,009 17,164 7,971 2,958 1,827 Inventory $ 6,096 $ 6,268 $ 2,724 $ 841 $ 466 Non-GAAP Financial Measures Adjusted Gross Profit $ 279 $ 233 $ 160 $ 97 $ 38 Selling Costs (99) (52) (26) (18) (5) Holding Costs (28) (12) (6) (3) (2) Contribution Profit $ 152 $ 169 $ 128 $ 76 $ 31 Contribution Profit After Interest $ 127 $ 159 $ 123 $ 73 $ 31 Adjusted EBITDA $ 0.4 $ 35 $ 25 $ (2) $ (27) Adjusted Net (Loss) Income $ (80) $ (18) $ 3 $ (21) $ (41) Margins Total Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Adjusted Gross Profit 7.3 % 10.3 % 13.5 % 13.0 % 15.4 % Contribution Margin 4.0 % 7.5 % 10.8 % 10.2 % 12.6 % Contribution Margin After Interest 3.3 % 7.0 % 10.4 % 9.8 % 12.2 % Adjusted EBITDA \u2014 % 1.5 % 2.2 % (0.3) % (10.9) % Adjusted Net (Loss) Income (2.1) % (0.8) % 0.2 % (2.8) % (16.6) % Exhibit 99.3" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm#b7", + "block_sequence": 7, + "block_sha256": "43f47e12fe2b124e7bd18b8a19a15768740b817e1c1d7e4031f2606ee4adb5dd", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm", + "block_sequence": 7, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "086455457a3d62fabebaa5d6082f056b4599ee0faed64321cddb609079f59ff0", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm#s2", + "table": null, + "text": "q42021formxex993suppleme002.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm#b8", + "block_sequence": 8, + "block_sha256": "f8c06327f604c236bf325b0ab8e812d927ccf860d6f9522e1ccf9c77563ea266", + "block_type": "paragraph", + "char_count": 1136, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm", + "block_sequence": 8, + "char_end": 1136, + "char_start": 0, + "fragment_sha256": "d9f36baf1822901d4bf3096657c497f89d3f484ad97b229de31c45a97c56174e", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amonts) (Unaudited) Three Months Ended December 31, Year Ended December 31, 2021 2020 2021 2020 REVENUE $ 3,822 $ 249 $ 8,021 $ 2,583 COST OF REVENUE 3,550 210 7,291 2,363 GROSS PROFIT 272 39 730 220 OPERATING EXPENSES: Sales, marketing and operations 225 39 544 195 General and administrative 117 54 620 153 Technology and development 32 12 134 58 Total operating expenses 374 105 1,298 406 LOSS FROM OPERATIONS (102) (66) (568) (186) DERIVATIVE AND WARRANT FAIR VALUE ADJUSTMENT \u2014 33 12 8 LOSS ON EXTINGUISHMENT OF DEBT \u2014 (11) \u2014 (11) INTEREST EXPENSE (73) (11) (143) (68) OTHER INCOME \u2013 Net (16) 1 38 4 LOSS BEFORE INCOME TAXES (191) (54) (661) (253) INCOME TAX EXPENSE \u2014 \u2014 (1) \u2014 NET LOSS $ (191) $ (54) $ (662) $ (253) Net loss per share attributable to common shareholders: Basic $ (0.31) $ (0.30) $ (1.12) $ (2.31) Diluted $ (0.31) $ (0.30) $ (1.12) $ (2.31) Weighted-average shares outstanding: Basic 612,516 178,975 592,574 109,301 Diluted 612,516 178,975 592,574 109,301" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm#b9", + "block_sequence": 9, + "block_sha256": "08ce013069f714e294c05d6c360cbb169afe0e407fbf27ec51742d557cdae0f6", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm", + "block_sequence": 9, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "fcb391dccd7f0b8d04b6a0f29b3a85a81363773f69bc9507475fdc65b7649b77", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm#s2", + "table": null, + "text": "q42021formxex993suppleme003.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm#b10", + "block_sequence": 10, + "block_sha256": "df1b563cb6fced499c55b9cb271eca51dcef95e493f191d97aced84a35914baf", + "block_type": "paragraph", + "char_count": 1604, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm", + "block_sequence": 10, + "char_end": 1604, + "char_start": 0, + "fragment_sha256": "93a18283b360386ace0168d338cc8ec412febc94616848fc0727adedabeb884c", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) December 31, 2021 December 31, 2020 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,731 $ 1,413 Restricted cash 847 93 Marketable securities 484 48 Escrow receivable 84 1 Mortgage loans held for sale pledged under agreements to repurchase 7 8 Real estate inventory, net 6,096 466 Other current assets ($4 and $\u2014 carried at fair value) 91 24 Total current assets 9,340 2,053 PROPERTY AND EQUIPMENT \u2013 Net 45 29 RIGHT OF USE ASSETS 42 50 GOODWILL 60 31 INTANGIBLES \u2013 Net 12 9 OTHER ASSETS ($5 and $\u2014 carried at fair value) 7 4 TOTAL ASSETS $ 9,506 $ 2,176 LIABILITIES AND SHAREHOLDERS\u2019 EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 137 $ 25 Non-recourse asset-backed debt - current portion 4,240 339 Other secured borrowings 7 7 Interest payable 12 1 Lease liabilities - current portion 4 21 Total current liabilities 4,400 393 NON-RECOURSE ASSET-BACKED DEBT \u2013 Net of current portion 1,862 136 CONVERTIBLE SENIOR NOTES 954 \u2014 WARRANT LIABILITIES \u2014 47 LEASE LIABILITIES \u2013 Net of current portion 42 47 Total liabilities 7,258 623 SHAREHOLDERS\u2019 EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 616,026,565 and 540,714,692 shares issued, respectively; 616,026,565 and 540,714,692 shares outstanding, respectively \u2014 \u2014 Additional paid-in capital 3,955 2,596 Accumulated deficit (1,705) (1,043) Accumulated other comprehensive (loss) income (2) \u2014 Total shareholders\u2019 equity 2,248 1,553 TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY $ 9,506 $ 2,176" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm#b11", + "block_sequence": 11, + "block_sha256": "c7822afa056425c262734199698fb8c02a9d5bc0ac6e9f06dd65e0a991a0bf21", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm", + "block_sequence": 11, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "ac6ee084e94ee2e6eaab467a7f7727192b6f4d8714012d7ef53e51c29ec87e96", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm#s2", + "table": null, + "text": "q42021formxex993suppleme004.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm#b12", + "block_sequence": 12, + "block_sha256": "cc8caa9907c68273452b3a331cbb7f174d39c05784cdc021416ec86b0bfe2bf0", + "block_type": "paragraph", + "char_count": 2137, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm", + "block_sequence": 12, + "char_end": 2137, + "char_start": 0, + "fragment_sha256": "9aec44841bc4f1f42a08767ae7c54b9ceab6acfa9fcf34b6279e3229b3650e7e", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Year Ended December 31, 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (662) $ (253) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: Depreciation and amortization 47 39 Amortization of right of use asset 8 24 Stock-based compensation 536 38 Warrant fair value adjustment (12) (31) Gain on settlement of lease liabilities (5) \u2014 Inventory valuation adjustment 56 8 Changes in fair value of derivative instruments \u2014 23 Change in fair value of equity securities (35) \u2014 Payment-in-kind interest \u2014 4 Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale (4) (3) Origination of mortgage loans held for sale (196) (128) Proceeds from sale and principal collections of mortgage loans held for sale 197 126 Changes in operating assets and liabilities: Escrow receivable (83) 12 Real estate inventories (5,656) 834 Other assets (52) 3 Accounts payable and other accrued liabilities 76 (4) Interest payable 4 (3) Lease liabilities (13) (7) Net cash (used in) provided by operating activities (5,794) 682 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (33) (17) Purchase of intangible assets (1) \u2014 Purchase of marketable securities (486) (175) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 92 170 Purchase of non-marketable equity securities (15) \u2014 Acquisitions, net of cash acquired (33) \u2014 Net cash used in investing activities (476) (22) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of Series E preferred stock \u2014 2 Proceeds from issuance of convertible senior notes, net of issuance costs 953 \u2014 Purchase of capped calls related to convertible senior notes (119) \u2014 Proceeds from exercise of stock options 15 8 Proceeds from warrant exercise 22 \u2014 Proceeds from Business Combination and PIPE offering \u2014 1,014 Proceeds from the February 2021 Offering 886 \u2014 Issuance cost of common stock (29) (43) Proceeds from non-recourse asset-backed debt 11,499 1,309" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm#b13", + "block_sequence": 13, + "block_sha256": "f068620d1bb4a26320f62c7d6931bef65ffb0cbb392ab1dfa484423c74c11e29", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm", + "block_sequence": 13, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "752b4ef74a86e4ef7167eb002d4da6dc8d8ee298ebde1fc75efac97c36bc3c8d", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm#s2", + "table": null, + "text": "q42021formxex993suppleme005.jpg" + }, + { + "block_id": 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INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 1,072 821 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 Beginning of period 1,506 685 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 End of period $ 2,578 $ 1,506 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION \u2013 Cash paid during the period for interest $ 122 $ 57 DISCLOSURES OF NONCASH FINANCING ACTIVITIES: Conversion of preferred stock to common stock $ \u2014 $ 1,386 Issuance of issuer stock rights in extinguishment of the 2019 Convertible Notes $ \u2014 $ 213 Recognition of warrant liability $ \u2014 $ 81 Issuance of common stock in extinguishment of warrant liabilities $ (35) $ \u2014 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 1,731 $ 1,413 Restricted cash 847 93 Cash, cash equivalents, and restricted cash $ 2,578 $ 1,506" + }, + { + "block_id": "norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm#b15", + "block_sequence": 15, + "block_sha256": 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NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest to our Gross Profit Three Months Ended (in millions, except percentages and homes sold, or as noted) December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 Gross profit (GAAP) $ 272 $ 202 $ 159 $ 97 $ 39 Gross Margin 7.1 % 8.9 % 13.4 % 13.0 % 15.4 % Adjustments: Inventory valuation adjustment \u2013 Current Period\ud834\udd7a (1)(2) 24 31 1 \u2014 \u2014 Inventory valuation adjustment \u2013 Prior Periods\ud834\udd7a (1)(3) (17) \u2014 \u2014 \u2014 (1) Adjusted Gross Profit $ 279 $ 233 $ 160 $ 97 $ 38 Adjusted Gross Margin 7.3 % 10.3 % 13.5 % 13.0 % 15.4 % Adjustments: Direct selling costs (4) (99) (52) (26) (18) (5) Holding costs on sales \u2013 Current Period\ud834\udd7a (5)(6) (12) (7) (3) (2) (1) Holding costs on sales \u2013 Prior Periods\ud834\udd7a (5)(7) (16) (5) (3) (1) (1) Contribution Profit $ 152 $ 169 $ 128 $ 76 $ 31 Homes sold in period 9,794 5,988 3,481 2,462 849 Contribution Profit per Home Sold (in thousands) $ 16 $ 28 $ 37 $ 31 $ 37 Contribution Margin 4.0 % 7.5 % 10.8 % 10.2 % 12.6 % Adjustments: Interest on homes sold \u2013 Current Period\ud834\udd7a (8)(9) (12) (6) (3) (2) (1) Interest on homes sold \u2013 Prior Periods\ud834\udd7a (8)(10) (13) (4) (2) (1) 1 Contribution Profit After Interest $ 127 $ 159 $ 123 $ 73 $ 31 Contribution Margin After Interest 3.3 % 7.0 % 10.4 % 9.8 % 12.2 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow- related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeoners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented. (8) This does not include interest on mezzanine term debt facilities or other indebtedness. (9) Represents the interest expense under our asset-backed senior debt facilities incurred during the period on homes sold in the current period. 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(2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustment charge recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Includes primarily gain or loss on disposal of fixed assets, gain or loss on interest rate lock commitments, gain or loss on the sale of available for sale securities, and sublease income. 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NON-GAAP MEASURES & KEY METRICS (Unaudited) Period Ended ($ in millions, except markets, homes purchased, homes sold, homes in inventory, and margins) Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Key Metrics Total Markets 44 44 39 27 21 Total Revenue $ 3,822 $ 2,266 $ 1,186 $ 747 $ 249 Homes Purchased 9,639 15,181 8,494 3,594 2,016 Homes Sold 9,794 5,988 3,481 2,462 849 Homes in Inventory 17,009 17,164 7,971 2,958 1,827 Inventory $ 6,096 $ 6,268 $ 2,724 $ 841 $ 466 Non-GAAP Financial Measures Adjusted Gross Profit $ 279 $ 233 $ 160 $ 97 $ 38 Selling Costs (99) (52) (26) (18) (5) Holding Costs (28) (12) (6) (3) (2) Contribution Profit $ 152 $ 169 $ 128 $ 76 $ 31 Contribution Profit After Interest $ 127 $ 159 $ 123 $ 73 $ 31 Adjusted EBITDA $ 0.4 $ 35 $ 25 $ (2) $ (27) Adjusted Net (Loss) Income $ (80) $ (18) $ 3 $ (21) $ (41) Margins Total Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Adjusted Gross Profit 7.3 % 10.3 % 13.5 % 13.0 % 15.4 % Contribution Margin 4.0 % 7.5 % 10.8 % 10.2 % 12.6 % Contribution Margin After Interest 3.3 % 7.0 % 10.4 % 9.8 % 12.2 % Adjusted EBITDA — % 1.5 % 2.2 % (0.3) % (10.9) % Adjusted Net (Loss) Income (2.1) % (0.8) % 0.2 % (2.8) % (16.6) % Exhibit 99.3\n\nOPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amonts) (Unaudited) Three Months Ended December 31, Year Ended December 31, 2021 2020 2021 2020 REVENUE $ 3,822 $ 249 $ 8,021 $ 2,583 COST OF REVENUE 3,550 210 7,291 2,363 GROSS PROFIT 272 39 730 220 OPERATING EXPENSES: Sales, marketing and operations 225 39 544 195 General and administrative 117 54 620 153 Technology and development 32 12 134 58 Total operating expenses 374 105 1,298 406 LOSS FROM OPERATIONS (102) (66) (568) (186) DERIVATIVE AND WARRANT FAIR VALUE ADJUSTMENT — 33 12 8 LOSS ON EXTINGUISHMENT OF DEBT — (11) — (11) INTEREST EXPENSE (73) (11) (143) (68) OTHER INCOME – Net (16) 1 38 4 LOSS BEFORE INCOME TAXES (191) (54) (661) (253) INCOME TAX EXPENSE — — (1) — NET LOSS $ (191) $ (54) $ (662) $ (253) Net loss per share attributable to common shareholders: Basic $ (0.31) $ (0.30) $ (1.12) $ (2.31) Diluted $ (0.31) $ (0.30) $ (1.12) $ (2.31) Weighted-average shares outstanding: Basic 612,516 178,975 592,574 109,301 Diluted 612,516 178,975 592,574 109,301"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm#b10"], "char_count": 1604, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "df1b563cb6fced499c55b9cb271eca51dcef95e493f191d97aced84a35914baf", "derivation_id": "ea045b130615fad81787a5d18d80df821714100db0835264f4431e9d8f527fe6", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm", "block_sequence": 10, "char_end": 1604, "char_start": 0, "fragment_sha256": "93a18283b360386ace0168d338cc8ec412febc94616848fc0727adedabeb884c", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm#p2", "passage_kind": "narrative", "passage_sequence": 2, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex993suppleme.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) December 31, 2021 December 31, 2020 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,731 $ 1,413 Restricted cash 847 93 Marketable securities 484 48 Escrow receivable 84 1 Mortgage loans held for sale pledged under agreements to repurchase 7 8 Real estate inventory, net 6,096 466 Other current assets ($4 and $— carried at fair value) 91 24 Total current assets 9,340 2,053 PROPERTY AND EQUIPMENT – Net 45 29 RIGHT OF USE ASSETS 42 50 GOODWILL 60 31 INTANGIBLES – Net 12 9 OTHER ASSETS ($5 and $— carried at fair value) 7 4 TOTAL ASSETS $ 9,506 $ 2,176 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 137 $ 25 Non-recourse asset-backed debt - current portion 4,240 339 Other secured borrowings 7 7 Interest payable 12 1 Lease liabilities - current portion 4 21 Total current liabilities 4,400 393 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 1,862 136 CONVERTIBLE SENIOR NOTES 954 — WARRANT LIABILITIES — 47 LEASE LIABILITIES – Net of current portion 42 47 Total liabilities 7,258 623 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 616,026,565 and 540,714,692 shares issued, respectively; 616,026,565 and 540,714,692 shares outstanding, respectively — — Additional paid-in capital 3,955 2,596 Accumulated deficit (1,705) (1,043) Accumulated other comprehensive (loss) income (2) — Total shareholders’ equity 2,248 1,553 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 9,506 $ 2,176"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm#b12"], "char_count": 2137, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "cc8caa9907c68273452b3a331cbb7f174d39c05784cdc021416ec86b0bfe2bf0", "derivation_id": "ea045b130615fad81787a5d18d80df821714100db0835264f4431e9d8f527fe6", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm", "block_sequence": 12, "char_end": 2137, "char_start": 0, "fragment_sha256": "9aec44841bc4f1f42a08767ae7c54b9ceab6acfa9fcf34b6279e3229b3650e7e", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex993suppleme.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Year Ended December 31, 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (662) $ (253) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: Depreciation and amortization 47 39 Amortization of right of use asset 8 24 Stock-based compensation 536 38 Warrant fair value adjustment (12) (31) Gain on settlement of lease liabilities (5) — Inventory valuation adjustment 56 8 Changes in fair value of derivative instruments — 23 Change in fair value of equity securities (35) — Payment-in-kind interest — 4 Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale (4) (3) Origination of mortgage loans held for sale (196) (128) Proceeds from sale and principal collections of mortgage loans held for sale 197 126 Changes in operating assets and liabilities: Escrow receivable (83) 12 Real estate inventories (5,656) 834 Other assets (52) 3 Accounts payable and other accrued liabilities 76 (4) Interest payable 4 (3) Lease liabilities (13) (7) Net cash (used in) provided by operating activities (5,794) 682 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (33) (17) Purchase of intangible assets (1) — Purchase of marketable securities (486) (175) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 92 170 Purchase of non-marketable equity securities (15) — Acquisitions, net of cash acquired (33) — Net cash used in investing activities (476) (22) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of Series E preferred stock — 2 Proceeds from issuance of convertible senior notes, net of issuance costs 953 — Purchase of capped calls related to convertible senior notes (119) — Proceeds from exercise of stock options 15 8 Proceeds from warrant exercise 22 — Proceeds from Business Combination and PIPE offering — 1,014 Proceeds from the February 2021 Offering 886 — Issuance cost of common stock (29) (43) Proceeds from non-recourse asset-backed debt 11,499 1,309"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm#b14"], "char_count": 1111, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "2527eb30133076fe2427b9534f34638daedee598cfc72caa3793c31a7a77a95f", "derivation_id": "ea045b130615fad81787a5d18d80df821714100db0835264f4431e9d8f527fe6", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm", "block_sequence": 14, "char_end": 1111, "char_start": 0, "fragment_sha256": "bac67fd276f4f03ac1c615b8ec50f61f70c19a9b0f1f3bb361b33bfc2d35d042", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex993suppleme.htm", "table_id": null, "text": "Principal payments on non-recourse asset-backed debt (5,838) (2,130) Proceeds from other secured borrowings 192 125 Principal payments on other secured borrowings (192) (121) Payment of loan origination fees and debt issuance costs (47) (3) Net cash provided by financing activities 7,342 161 NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 1,072 821 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 1,506 685 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $ 2,578 $ 1,506 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $ 122 $ 57 DISCLOSURES OF NONCASH FINANCING ACTIVITIES: Conversion of preferred stock to common stock $ — $ 1,386 Issuance of issuer stock rights in extinguishment of the 2019 Convertible Notes $ — $ 213 Recognition of warrant liability $ — $ 81 Issuance of common stock in extinguishment of warrant liabilities $ (35) $ — RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 1,731 $ 1,413 Restricted cash 847 93 Cash, cash equivalents, and restricted cash $ 2,578 $ 1,506"} +{"artifact_role": "ex99-03", "block_ids": 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"parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex993suppleme.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest to our Gross Profit Three Months Ended (in millions, except percentages and homes sold, or as noted) December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 Gross profit (GAAP) $ 272 $ 202 $ 159 $ 97 $ 39 Gross Margin 7.1 % 8.9 % 13.4 % 13.0 % 15.4 % Adjustments: Inventory valuation adjustment – Current Period𝅺 (1)(2) 24 31 1 — — Inventory valuation adjustment – Prior Periods𝅺 (1)(3) (17) — — — (1) Adjusted Gross Profit $ 279 $ 233 $ 160 $ 97 $ 38 Adjusted Gross Margin 7.3 % 10.3 % 13.5 % 13.0 % 15.4 % Adjustments: Direct selling costs (4) (99) (52) (26) (18) (5) Holding costs on sales – Current Period𝅺 (5)(6) (12) (7) (3) (2) (1) Holding costs on sales – Prior Periods𝅺 (5)(7) (16) (5) (3) (1) (1) Contribution Profit $ 152 $ 169 $ 128 $ 76 $ 31 Homes sold in period 9,794 5,988 3,481 2,462 849 Contribution Profit per Home Sold (in thousands) $ 16 $ 28 $ 37 $ 31 $ 37 Contribution Margin 4.0 % 7.5 % 10.8 % 10.2 % 12.6 % Adjustments: Interest on homes sold – Current Period𝅺 (8)(9) (12) (6) (3) (2) (1) Interest on homes sold – Prior Periods𝅺 (8)(10) (13) (4) (2) (1) 1 Contribution Profit After Interest $ 127 $ 159 $ 123 $ 73 $ 31 Contribution Margin After Interest 3.3 % 7.0 % 10.4 % 9.8 % 12.2 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow- related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeoners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented. (8) This does not include interest on mezzanine term debt facilities or other indebtedness. (9) Represents the interest expense under our asset-backed senior debt facilities incurred during the period on homes sold in the current period. (10) Represents the interest expense under our asset-backed senior debt facilities incurred during prior periods on homes sold in the current period."} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm#b18"], "char_count": 2728, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "bfd086fede6da3aceeff4deb6b3841e1392214e00eae3fb654176275a80cb0c6", "derivation_id": "ea045b130615fad81787a5d18d80df821714100db0835264f4431e9d8f527fe6", "document_id": "norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2022-02-24", "filing_id": "sec:0001801169:0001801169-22-000026", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm", "block_sequence": 18, "char_end": 2728, "char_start": 0, "fragment_sha256": "69189435713b464fad715f5361d92cb723d4af62d86abe8cba34c21722a5887e", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-02-24", "section_id": "norm:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000026:q42021formxex993suppleme.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000026/q42021formxex993suppleme.htm", "table_id": null, "text": "Reconciliation of our Adjusted Net (Loss) Income and Adjusted EBITDA to our Net Loss Three Months Ended (in millions, except percentages) December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 Net loss (GAAP) $ (191) $ (57) $ (144) $ (270) $ (54) Adjustments: Stock-based compensation 71 62 164 239 29 Equity securities fair value adjustment(1) 16 (51) — — — Derivative and warrant fair value adjustment𝅺(1) — (3) (24) 15 (33) Intangibles amortization expense(2) 2 1 1 — 1 Inventory valuation adjustment – Current Period𝅺(3)(4) 24 31 1 — — Inventory valuation adjustment — Prior Periods𝅺(3)(5) (17) — — — (1) Loss on extinguishment of debt — — — — 11 Gain on lease termination — — — (5) — Payroll tax on initial RSU release — — 5 — — Legal contingency accrual 14 — — — 4 Other(6) 1 (1) — — 2 Adjusted Net (Loss) Income $ (80) $ (18) $ 3 $ (21) $ (41) Adjustments: Depreciation and amortization, excluding amortization of intangibles 9 8 7 9 5 Property financing(7) 62 38 12 7 6 Other interest expense(8) 10 6 4 4 4 Interest income(9) (1) — (1) (1) (1) Income tax expense — 1 — — — Adjusted EBITDA $ 0.4 $ 35 $ 25 $ (2) $ (27) Adjusted EBITDA Margin — % 1.5 % 2.2 % (0.3) % (10.9) % (1) Represents the gains and losses on our financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment — Current Period is the inventory valuation adjustment charge recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Includes primarily gain or loss on disposal of fixed assets, gain or loss on interest rate lock commitments, gain or loss on the sale of available for sale securities, and sublease income. (7) Includes interest expense on our asset-backed debt facilities. (8) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, interest expense related to the 2026 convertible senior notes outstanding, and interest expense on other secured borrowings. 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"norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b8", + "block_sequence": 8, + "block_sha256": "0b5a51fa35137d168087c0a9aef91d696e24db52243c4667c1b5442be637166b", + "block_type": "paragraph", + "char_count": 2575, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 8, + "char_end": 2575, + "char_start": 0, + "fragment_sha256": "c0d7e6ba9a4de63ecf18163d3dd84d6e15630a53a7285cd3fb30958d63e7d962", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "Dear Shareholders, Transforming a $2.3 trillion industry is a rare and unique opportunity. As we reshape a broken, offline process into a digital, seamless experience, we are also building a durable, generational company. This means we align our goals and teams against both growing customers and driving sustainable margin expansion. This means we operate with a focus on building the lowest cost structure. This means having a culture of discipline around pricing and risk management across periods of uncertainty. The result of this hard work is the capability to grow and protect margins across economic cycles. Our first quarter results are a testament to this durability. We surpassed our expectations across all of our key metrics, delivering record revenue of $5.2 billion, up 590% year-over-year, gross profit of $535 million, and Contribution Profit of $332 million. Our first quarter revenue represents a run rate of over $20 billion, which is 40% towards our goal of $50 billion. Importantly, we outperformed while demonstrating profitability with net income of $28 million, Adjusted EBITDA of $176 million and Adjusted Net Income of $99 million. The past eight years of investment and hard work on our cost structure, automation, technology platform, and pricing engine are enabling us to deliver sustainable margin improvements as we scale. In addition to these key financial milestones, we continue to make progress against our consumer flywheel. For home sellers, we are seeing adoption accelerate with another quarter of record offer requests, up nearly three-fold versus prior year. At the same time, we have maintained a real seller conversion of over 35% and NPS north of 80. These metrics strengthen our conviction that getting an offer from Opendoor is well on its way to becoming a mainstream behavior to start a move. For home buyers, we hit all-time highs for purchase offers, driven by the adoption of Opendoor-Backed Offers and Opendoor Complete. Additionally, we are preparing to launch a fully digital financing product that can provide a pre-approval in less than 60 seconds. Just a few years ago, we were uncertain that Opendoor could be in every single market in the US. Today, we are demonstrating Opendoor can be a nationwide, all-markets company. This year, we entered some of the largest markets in the country with San Francisco Bay Area, followed by New York and New Jersey, enabling us to serve homeowners coast-to-coast. Furthermore, through continued pricing 2 A Note from Eric Our Mission Powering life\u2019s progress, one move at a time" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b9", + "block_sequence": 9, + "block_sha256": "cdcfa31f523a65547c6a7e73794b5597b7276f43155f765ba0084d6f5009713c", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 9, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "14f8273e18fb310f7253764bf43b9be4fc516153ab4487ab20d2f1d68e570912", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "exh9921q22_opendoorshare003.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b10", + "block_sequence": 10, + "block_sha256": "302a83831bde60c06188181325c6636be8688d36f08fec9b44eb6c3ba15770c4", + "block_type": "paragraph", + "char_count": 1462, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 10, + "char_end": 1462, + "char_start": 0, + "fragment_sha256": "5f5fae2089d904bdcfb3619b6efc0741f7b8335fccf8150336c81153a81d74ff", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "optimization, we added another $30 billion to our total serviceable market by expanding our buybox. While recent headlines regarding rates and affordability have cast doubt over the short to medium-term outlook for housing, we are confident in our ability to hit our financial targets across cycles. This is due in part to the cost structure and pricing improvements that we have made, which provide the necessary margin of safety in our unit economics. Also, the combination of holding highly liquid, sale-ready homes with the fact that home price declines during recessions have proven to be slow moving, makes navigating market turbulence very manageable. In addition, our offer price incorporates home price appreciation (HPA) forecast movements, which means that our systems are built to succeed across market cycles. In summary, this quarter marked another step along our journey to transform the industry. While I am encouraged by our financial performance, I am most proud of how we delivered these results. We focused on delivering system level changes that will enable us to drive sustainable margin improvements. We focused on our company culture, ensuring that we show up as one team combining the best technology with operational excellence. Last but not least, we focused on the consumer experience, delivering products and services that delight. Eric Wu, Co-Founder & CEO 3 A Note from Eric Our Mission Powering life\u2019s progress, one move at a time" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b11", + "block_sequence": 11, + "block_sha256": "335e29c840e0e33de4b6a94ce0287981cc6cabbc24a7be792cf01413743f4a39", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 11, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "fb13510012b73a2a73adeb38eb11f3a849bf09d1ecefc2ec19aef7509d102e56", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "exh9921q22_opendoorshare004.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b12", + "block_sequence": 12, + "block_sha256": "e8acb1bf40cd08f88e7b4959579013a0126cfc6b2097d338966696733c8665c4", + "block_type": "paragraph", + "char_count": 846, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 12, + "char_end": 846, + "char_start": 0, + "fragment_sha256": "b8e1f09fcc4b1157e7e03adb02f560eb5599da286f91c9e6ea37a737913a05f1", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "1Q22 \u25cf Revenue of $5.2 billion, up 590% versus 1Q21; with 12,669 total homes sold, up 415% versus 1Q21 \u25cf Gross profit of $535 million, versus $97 million in 1Q21; gross margin of 10.4%, versus 13.0% in 1Q21 \u25cf Net income of $28 million, versus ($270) million in 1Q21 \u25cf Adjusted Net Income of $99 million, versus ($21) million in 1Q21 \u25cf Contribution Profit of $332 million, versus $76 million in 1Q21; 21st consecutive quarter of positive Contribution Margin which was 6.4%, versus 10.2% in 1Q21 \u25cf Adjusted EBITDA of $176 million, versus ($2) million in 1Q21; Adjusted EBITDA Margin of 3.4%, versus (0.3%) in 1Q21 \u25cf Purchased 9,020 homes, up 151% versus 1Q21 \u25cf Inventory balance of 13,360 homes, representing $4.7 billion in value, up 455% versus 1Q21 \u25cf Launched San Francisco Bay Area, bringing us to 45 markets at the end of 1Q22 Key Highlights 4" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b13", + "block_sequence": 13, + "block_sha256": "e8365e23ca9dc9e8288a1d66e3cd63284671ee4d3fe5402f161638106171a6c8", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 13, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "4b367c67259aabca518377daf5a9aa45d54f35dce43ec6e9c085fc0dbfdb40e5", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "exh9921q22_opendoorshare005.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b14", + "block_sequence": 14, + "block_sha256": "babbe13be64f679d3277d3960a69f4ac59581ff46c67bb8a6045dd2deaea3699", + "block_type": "paragraph", + "char_count": 1969, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 14, + "char_end": 1969, + "char_start": 0, + "fragment_sha256": "70e8b0b28e332cec227e74352e24f4925304993e43950804742035d72a06af06", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "5 NEED HI RES IMAGE WILL UPDATE The Blasingame Family Surprise, Arizona The Blasingame family bought and sold their house through Opendoor. After relocating from Syracuse, NY to Surprise, AZ during the pandemic and settling into a home that was far from their dream home, Stefen and his wife, Ashley, were keen to move to a family-oriented community where the couple\u2019s three young children could build new friendships and spend more time outdoors. Selling a home and buying a home at the same time can be one of life\u2019s most daunting tasks, especially when it\u2019s in one of the country\u2019s hottest housing markets - metro Phoenix. The Blasingames knew that they would need to sell their existing home in order to buy their dream home, and were uncertain that they could actually compete with all cash offers. Furthermore, there was the cost, stress and logistical challenges of uprooting their family if they were to sell their home before they found a new home. As more time passed, Stefen and Ashley decided that working with a partner such as Opendoor was the best path forward to make their dream a reality. They loved the ease and flexibility of being able to browse homes on the Opendoor app and schedule tours on their timeline, without feeling rushed or pressured into making a purchase via the traditional process. Additionally, they appreciated that there were no surprises with Opendoor - once they decided to move forward and sell their home, they simply had to \u201cpush a button and accept that offer.\u201d For the Blasingames, being able to move on their own terms with Opendoor meant that they didn\u2019t have to feel overwhelmed with the process and could instead focus on finding the perfect home for their family. Opendoor gave us the ability to be able to find our new home, sell our current home, and make it all happen at one time, in the most simple process ever. What Opendoor has unlocked for us is to know that we can move on our own terms. - Stefen Blasingame" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b15", + "block_sequence": 15, + "block_sha256": "46e54e320e759ffba02d4bb4062df98735e15d9b8123b0367947f7c8b877b734", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 15, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "2155fcb33e5753cc3240464fc871a3e9734f5b77d160db820c17f6854670f3e8", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "exh9921q22_opendoorshare006.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b16", + "block_sequence": 16, + "block_sha256": "d066ff20c9395300f816db10f5088ff7801222931d84398f00c85ee9931e8267", + "block_type": "paragraph", + "char_count": 2258, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 16, + "char_end": 2258, + "char_start": 0, + "fragment_sha256": "dbf6c7dba57e8a60bf80f7d2fde001f6e924560d6d8752734e8bb6ecf96e9c31", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "Total Offer Request Growth YoY 186% 6 HOMEOWNERS AND SELLERS Our Seller business continues to lead the market, growing faster and at greater scale than any other home seller offering in the industry. More and more homeowners are starting their move with an Opendoor estimate as offer requests reached another all-time high, up 186% versus prior year. We are also seeing a significant number of homeowners returning to Opendoor to sell their home after receiving an initial offer over 12 months ago. This speaks to the potential of re-engagement to drive future growth \u2013 as our market registration deepens with the acceleration of offer requests, we are building a growing base of prospective customers that we can re-engage and convert over the course of years. As pricing is a key driver of conversion and buybox expansion, we continue to see our investments lead to improvements in our ability to competitively price homes across our markets. In Q1, we added new computer vision capabilities, which leverage AI to systematically derive information about home conditions, and we have processed over 500 million property images to date. This capability deepens our ability to build a training set and automate values beyond aggregated data, such as square footage and number of rooms, to more nuanced qualitative data, such as home condition and datedness. We are incorporating this new proprietary data into our pricing models and processes. Furthermore, in Q1, we successfully incorporated highly granular indicators of buyer demand, including top-of-funnel buyer digital signals, into our models to further improve the accuracy of our underwriting and HPA forecasts. The acceleration of our offer growth, strength in our re-engagement, and investments in our pricing systems have not only delivered over 150% year-on-year customer growth, but more importantly, give us confidence in our ability to sustain our market share gains as we convert the offline, traditional process to a modern, digital one. BUYERS AND SERVICES Our vision is to build an end-to-end buying experience that is digital and on par with the superior e-commerce experiences that customers expect. 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This past quarter, we took our successful Late Checkout feature from our Seller offering and made it available to buyers via Opendoor-Backed Offers. This helps to further strengthen the buyer's bid as it gives the home seller more flexibility on their move-out date. We also focused on cross-selling throughout the seller experience and highlighting the buying experience earlier in the seller\u2019s journey with Opendoor. We are seeing the value of Opendoor Complete resonate with home sellers, as well as increased conversion of our sellers into buyers with Opendoor by solving their holistic need to buy and sell. We have continued to make progress on our financing offering, including adding Lower.com as a strategic partner. Our partnership with Lower.com enables us to offer a broader suite of products, such as FHA/VA loans, ensures financing-product coverage across our ever-expanding market footprint, and adds fulfillment flexibility. This is particularly important as our mortgage team launches our digital Opendoor financing app in the coming weeks. Hiding in plain sight, our title and escrow business also continues to perform exceptionally well with 223% revenue growth year-over-year, over 80% attach, and an NPS consistently above 80. Having scaled this into one of the largest title agencies in the country, we are excited to expand our coverage and launch escrow services in California in the second quarter. MARKET EXPANSION AND SCALABILITY With our goal of serving every home seller and home buyer in the US, we know that increasing scale enables us to leverage national advertising to drive awareness, and deliver further cost structure improvements. We ended Q1 with the ability to underwrite more than 25% of total single family home transactions in the US. We added another $30 billion to our total serviceable market through buybox expansion, driven by pricing and cost improvements. In San Francisco Bay Area (SFBA), which we entered in February, we are seeing 2.3 times the offer requests as other comparable markets at the same time since 7 Opendoor Late Checkout Title and Escrow Growth YoY 223% Business Highlights" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b19", + "block_sequence": 19, + "block_sha256": "ce44fa4c871b85b60266253714b04adb66f5f267a14d45393cbc205f03f1f734", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 19, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "ff50064366647be402ef58f0b35d185cbe884b7947604f9074086eef5fc9181e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "exh9921q22_opendoorshare008.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b20", + "block_sequence": 20, + "block_sha256": "77cd563966df15a19c291ee2e85cf7106fa0d32dfe974f9a1baa1c3a620f0a92", + "block_type": "paragraph", + "char_count": 2717, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 20, + "char_end": 2717, + "char_start": 0, + "fragment_sha256": "a0d840d27545bc18e387945b7084a5f21ab54758317d2b055dee9e06533056f6", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "Total Markets To Date 48 Vendor Management Platform launch, and exceeding our targets on organic volume alone. Two months after SFBA, we were able to successfully launch New York and New Jersey, which collectively mark our 46th metro market. Just this week, we entered two additional markets, Detroit and Southwest Florida, putting us well on track to meet our 2022 goal of unlocking serviceable market growth that is in line with what we achieved in 2021. With our geographic footprint now spanning 48 markets, we have a predictable playbook for driving growth and customer acquisition. We are beginning to leverage national advertising in our media mix. The early returns are positive with national media twice as efficient as local market advertising. Alongside our ramp of national advertising, we are also investing in a new brand campaign that will highlight the value of Opendoor to customers, further driving the behavior to start their move with Opendoor. We know that stronger brand health measures help drive conversion. The combination of improvements in media buying and stronger brand and innovation in our lifecycle marketing programs have enabled us to continue to improve our overall customer acquisition cost while driving significant growth. In our march to 100 markets and $50 billion of revenue, our technology and operations systems have formed a unique platform that will enable us to operate at next-level scale. In Q1, we launched our proprietary vendor management platform, which enables a faster and more efficient distribution of workload across our vendor network. It matches the right vendor to the right home, based on the skills and competencies of each vendor, as well as their available capacity at any given time. It also ensures that we load balance appropriately to shorten the time to complete repairs and keep a broader base of vendors actively engaged with Opendoor. Since the platform\u2019s launch in February, we have already seen a 20% lift in trade partner capacity in our pilot markets, which will reduce our holding times, and we will be rolling out this tool to all of our markets in Q2. These investments have allowed us to reduce the number of days we need to complete repairs to normal levels following the uptick in days we experienced last quarter. In summary, we are continuing our investment in driving growth and adoption with homeowners and sellers, deepening our digital offering when buying a home, and investing in our platform to scale and expand nationwide. Together with our strong cost discipline, we are building a durable, generational company to transform the largest category in the US. 8 Business Highlights Buybox Coverage of Total US Transactions >25%" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b21", + "block_sequence": 21, + "block_sha256": "85b805e05cfff8dd4a0eca765c877110c12978d66727187bf55a983e886afe43", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 21, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "125d6f9c2d703bdc93554eafb05e42bbe4aa2729b5aec0d71ebf5497beafd8fe", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "exh9921q22_opendoorshare009.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b22", + "block_sequence": 22, + "block_sha256": "3b4c5fb83d0a0b8e1682c8628c5b4f2e4c58ec33f4f77cf331160c0c75f0105a", + "block_type": "paragraph", + "char_count": 2433, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 22, + "char_end": 2433, + "char_start": 0, + "fragment_sha256": "9867e7f7db127116117b32ee9c41a59013e2c012cd455895fd457dfe80711348", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "($ in millions) 2022 is off to an exceptional start with Q1 marking a record quarter of revenue and profitability. We are seeing strong momentum across the business and are confident that this will be another defining year for Opendoor. GROWTH In the first quarter, we meaningfully exceeded the high end of our revenue guidance, delivering $5.2 billion of revenue and 590% growth year-over-year. This marked the highest quarterly revenue in Opendoor\u2019s history, beating last quarter\u2019s record sales. Our strong inventory balance and agile resale systems enabled us to lean into the elevated demand for housing in an extremely supply constrained market. This resulted in a record number of 12,669 homes sold, which is over five times the volume in 1Q21. Revenue per home sold was also a tailwind to outperformance, up 34% versus the prior year. We purchased 9,020 homes in the first quarter, up 151% versus 1Q21. As in prior years, our first quarter acquisition pace aligned with the spring selling season. We ramped our acquisition pace as we moved through the first quarter, acquiring 45% more homes in March than we did in January. We ended the quarter with 8,066 homes under contract to be purchased, representing $3.2 billion in value, double the number of homes under contract in 1Q21. This sets us up nicely to close on those homes in Q2, driving a solid uptick in acquisition volumes. While housing supply for the industry continues to remain at historical lows, that has not impacted our ability to acquire homes: we continue to see a record number of home sellers requesting an offer and real seller conversion well above 35%. These are an indication of our incredible product market fit, which will continue to fuel our acquisition growth for quarters and years to come. UNIT ECONOMICS We delivered strong unit margins on record resale volume this quarter. GAAP gross profit was $535 million and 10.4% of revenue in 1Q22, versus $97 million and 13.0% of revenue in 1Q21. Adjusted Gross Profit was $512 million and 9.9% of revenue in 1Q22, versus $97 million and 13.0% of revenue in 1Q21. Contribution Profit was $332 million in the quarter, up 337% versus 1Q21. Contribution Margin was 6.4% versus 10.2% in 1Q21. Year-over-year margin trends reflect 9 1Q21 2Q21 3Q21 4Q21 1Q22 Financial Highlights 1Q22 Revenue $5.2 billion $747 $1,185 $2,266 $3,822 $5,151 1Q22 Gross Profit $535 million 1Q22 Contribution Profit $332 million" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b23", + "block_sequence": 23, + "block_sha256": "c82f2afbbc790d40de668424d2bdf6023af739797fb49ee8a5aa3c069ff504bc", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 23, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "69732495f8261bc6c734d9930b0e549ea2d98dfbdd766056be63cd1d38f35d18", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "exh9921q22_opendoorshare010.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b24", + "block_sequence": 24, + "block_sha256": "c59f643db071a2d4ccaf66c4abc686cb9951011a813d9272c1e2776a0c2ebf62", + "block_type": "paragraph", + "char_count": 2371, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 24, + "char_end": 2371, + "char_start": 0, + "fragment_sha256": "d627b074aeaeb6575e0a6fb5e80344c5618db99c17230149787c891883b248a7", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "the normalization of our inventory mix and reduction in underwriting conservatism we had coming out of COVID-19 last year. Contribution Margins were up from 4Q21, reflecting a normalization of our resale approach as we cleared the operational backlog we worked through late last year. Sequential margin improvement was also driven by an increase in spreads that we have been embedding in our offers since Q3 of last year. This benefit will continue into Q2, and this demonstrates our ability to adjust spreads given market conditions while still achieving strong acquisition growth. NET INCOME AND ADJUSTED EBITDA We are proud to deliver our first quarter of positive GAAP net income, which was $28 million versus ($270) million in 1Q21. As a percent of revenue, GAAP net income was 0.5% versus (36.2%) in 1Q21. Adjusted Net Income was a record $99 million or 1.9% of revenue in 1Q22, versus ($21) million or (2.8%) of revenue in 1Q21 \u2013 and notably compares to ($116) million for all of last year. As a reminder, Adjusted Net Income is a good proxy for operating free cash flow (FCF), as it isolates the operating performance of our business from changes in home inventory that are primarily funded through non-recourse debt facilities. It is worth noting that we are already achieving operating FCF breakeven while operating at the high end of our current Contribution Margin target range. Adjusted EBITDA was $176 million in 1Q22 compared to ($2) million in 1Q21. As a percentage of revenue, Adjusted EBITDA was 3.4% in 1Q22 versus (0.3%) in 1Q21. Adjusted EBITDA came in well ahead of our expectations due to strong revenue performance and unit margins, which provided incremental leverage against our operating expense base. Our ongoing improvements in EBITDA are underpinned by our growing scale, sustained reductions in our cost structure, and our ability to deliver against our annual baseline Contribution Margin target of 4 to 6%. INVENTORY Given the aforementioned resale and acquisition volumes, we ended the quarter with 13,360 homes in inventory on our balance sheet, representing $4.7 billion in value. We expect this to be the low point for inventory for the year. Financial Highlights 1Q22 Adjusted EBITDA Margin 3.4% (0.3%) 2.2% 1.5% 0.0% 3.4% 1Q21 2Q21 3Q21 4Q21 1Q22 1Q22 Adjusted Net Income 1.9% 1Q21 2Q21 3Q21 4Q21 1Q22 (2.8%) 0.2% (0.8%) (2.1%) 1.9%" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b25", + "block_sequence": 25, + "block_sha256": "f31f11ced9e279070ce59b379e348424d16eb5d7f74c6dec7471b05574462525", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 25, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "23070f377159af44efcfae8dae9b231553cd80ce1afa7a0c1220365ed4100abe", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "exh9921q22_opendoorshare011.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b26", + "block_sequence": 26, + "block_sha256": "a44d79abf7d100fb0a5033a9a600beec56094c162688be9590ab2e82947c9238", + "block_type": "paragraph", + "char_count": 2330, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 26, + "char_end": 2330, + "char_start": 0, + "fragment_sha256": "7ae2ca1c51f6231759df28f97ec4bd64f3d7457084c59d2376e3922ae86a17a0", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "Inventory management is a core capability we have heavily invested in since our inception over eight years ago. Our portfolio approach benefits from ongoing system and model development, as well as increasing diversification as we scale across markets, price levels and home types. Our decisions are informed by real-time data systems that allow us to understand what is happening across the market to enable dynamic decision making and ensure that we are managing for optimal portfolio performance. One of the key measures of inventory health that we track is the total number of days that a home is listed on the market. Only 7% of our homes were listed on the market for more than 120 days as of March 31, 2022, compared to 24% of the homes in the overall market, adjusted for our buy-box. We have consistently demonstrated superior clearance on aged inventory (120+ days), selling those homes 3 times or faster than the equivalent rate for same aged homes on the MLS, which is an important driver of managing overall portfolio performance. The average number of days we owned homes was elevated in Q1, primarily as a result of working through the backlog of homes we had in Q4 that increased the number of days from the time of acquisition to listing (\u201cpre-list days\u201d). A portion of those backlogged homes carried over into our Q1 resales, increasing overall average days owned. As we have built more operational capacity, we are back to normalized pre-list levels for the homes we are acquiring in Q1 and beyond. OTHER BALANCE SHEET ITEMS We ended the first quarter of the year with $2.8 billion in cash, cash equivalents and marketable securities and $11.3 billion of financing availability. We are well capitalized given both our cash balance and financing capacity, which translate into north of $35 billion of annual home purchasing power \u2013 plenty of fuel to achieve our growth objectives for 2022 and beyond. While we expect rates to increase over the course of the year, this should have a relatively small impact on our overall cost structure per home. Our cost of funds for our senior financing was around 3.0% in 1Q22. We expect that to increase to approximately 11 Faster Rate of Sell-Through on Aged Inventory vs. the MLS >3x Financial Highlights 1Q22 Cash, Cash Equivalents, and Marketable Securities $2.8 billion" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b27", + "block_sequence": 27, + "block_sha256": "412cb1c38f272723d7248299c8fed55b50e0322f556306a1b41c329e604396de", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 27, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "47497481da6f978f4a45c4df236ee09f863d37533f45788366c57f4fce8d9d18", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "exh9921q22_opendoorshare012.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b28", + "block_sequence": 28, + "block_sha256": "7174062ef94cbb7e422ea894c6bee7fedd288ab9180709d65334c9ae7ee219e1", + "block_type": "paragraph", + "char_count": 2383, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 28, + "char_end": 2383, + "char_start": 0, + "fragment_sha256": "6d8d84801f334a367626fd8adb2a11e7372abe75dc83aa99f48014fafab7a5eb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "4.0% for the full year based on the current forward curve and our expected mix of senior revolving and term facilities. Based on hold times of approximately 100 days, this would imply that senior financing costs per home move from approximately 70bps in 1Q22 to 90bps for the full year, which is a manageable increase relative to our overall cost structure. Importantly, we pass on this incremental interest expense in our offers, which allows our Contribution Margins After Interest to stay neutral. We are also able to take advantage of our strong cash balance to manage our overall interest expense levels by modulating our advance rates across both senior and mezzanine financing. GUIDANCE We expect the following results for the second quarter of 2022: \u25cf Revenue is expected to be between $4.1 and $4.3 billion, representing over 254% growth year-over-year at the midpoint of the range. Notably, this would represent revenue of $9.3 to $9.5 billion for the first half of 2022 versus our prior expectation of $8 billion. While sequential trends may vary due to seasonality or the timing of contract closes, we expect to continue to drive exceptional growth relative to prior year. \u25cf Adjusted EBITDA1 is expected to be between $170 and $190 million, which represents 4.3% margin and 604% growth year-over-year at the midpoint of the range. \u25cf Stock-based compensation is expected to be in the range of $73 to $75 million. MARKET OUTLOOK The macro environment that we\u2019re operating in has evolved rapidly since the start of the year. But first, it is important to reiterate that 12 1. Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA or Adjusted EBITDA Margin to forecasted GAAP net income (loss) or GAAP net Income (Loss) Margin, respectively, within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company\u2019s control. Financial Highlights 2Q22 Revenue Guidance $4.1 to $4.3 billion 2Q22 Adjusted EBITDA1 Guidance $170 to $190 million" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b29", + "block_sequence": 29, + "block_sha256": "0a611063807b1ed99ca7f1b0e4b73260a3b865b9c6d85919cbd45eea1883fc82", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 29, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "a3078f469ff5a6328224d4cdc069fbe0fc00d7b3e571a8f2b2390ef9e3d247fb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "exh9921q22_opendoorshare013.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b30", + "block_sequence": 30, + "block_sha256": "f0f1bb247fd7ce984098b8136119f4ccb59fe78db534b6045f25ea92f87576c2", + "block_type": "paragraph", + "char_count": 2501, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 30, + "char_end": 2501, + "char_start": 0, + "fragment_sha256": "2e99f2fbb6d8593c771c759bf5b8d659c65392239c544fed2549eb2dc36c800f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "what is core to our business model \u2013 and, frankly, what is most misunderstood \u2013 is that our systems and margin structure are designed to be durable across different housing markets. That\u2019s not to say we\u2019re immune to what is going on in housing. Housing dynamics are a key input to our business and we have designed our pricing and operational systems to give us a deep understanding of the underlying drivers and to be able to dynamically adjust to changing conditions. Our offers account for the level of certainty in our home acquisition pricing, inclusive of forecasted HPA. Our models are designed to produce offers that are more conservative when there is greater uncertainty. Conversely, we may be less conservative in our offers when we have a high degree of certainty in our offer price and expected outcomes. Our forecasts of market conditions and pricing are updated on a daily basis using high-frequency, detailed metrics across all segments of our business. This, combined with our resale systems and centralized operating capabilities, are important drivers that we believe enable us to be world-class in pricing this asset class and deliver on our baseline annual Contribution Margin target of 4% to 6% across different economic environments. Our expectation is that the housing industry may begin to experience a moderation in HPA and transaction volumes beyond what is normal from seasonal trends, beginning in the second half of the year - the pace of which should be gradual and consistent with a typical slowdown. While there is a reasonable chance of \u201cstronger for longer\u201d for housing, we have positioned ourselves to be more conservative in our home valuations in 2H22 given general macro uncertainty. That being said, the current housing macro environment is very different from prior downturns, particularly the Global Financial Crisis (GFC), for a few key reasons: \u25cf Market inventory is at a forty-year low going back to the early 1980s. In addition, available inventory in March 2022 was approximately 72% lower than in March 2008. While demand may ease as rates rise, we believe supply demand dynamics will likely return to a more balanced state versus a sharp correction given today\u2019s structurally lower supply. \u25cf The consumer is in a much healthier position today. Household financial obligations as a percent of personal 13 Financial Highlights Annual Baseline Contribution Margin Target 4% - 6% Our Systems and Margin Structure Designed to be durable across market cycles" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b31", + "block_sequence": 31, + "block_sha256": "1dd96cc545d2ab7bb87ce218d82116acb76a97ce74329ab7f84f2549ce41b557", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 31, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "3a296ee1b49abaea6c9fba76e3eae52c63d442045b9c54829f6aa20a20a5a628", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "exh9921q22_opendoorshare014.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b32", + "block_sequence": 32, + "block_sha256": "a6b229cd528b30de4fed1d672cd331a99ecbb026f80220c8b170f388156cc5e9", + "block_type": "paragraph", + "char_count": 2874, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 32, + "char_end": 2874, + "char_start": 0, + "fragment_sha256": "72650daa5c35a37de3b73c5a0ce259c61bb6fc5508e6a79ffc9060a3f5c2cb54", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "\u25cf disposable income are at a 40-year low and remain significantly lower than what they were in 2008. The financial system is also in a much better position today than going into 2008. This diminishes the risk of a \u201cforced selling\u201d dynamic or a very rapid credit contraction like what occurred during the GFC. \u25cf While real mortgage rates continue to rise and may impact demand, real interest rates remain quite low on a historical basis, at around 2% compared to a pre-pandemic average of 2.5% and a pre-GFC average1 of 4.5%. Moreover, significant transaction volumes happen across all rate environments. For example, in 2002, 30-year mortgage rates averaged 6.4% with real rates at 4% and yet the transaction rate for single family existing homes was 5 million homes that year2. This compares with current rates at 5.2%, real rates at 1.9% and transaction rates of about 5.2 million homes a year. Another dynamic worth noting is that real estate prices have tended to move slowly in market declines. There have only been six quarters of HPA declines over the last 50 years outside of the GFC, all of which were very modest at around 1% or less. During the GFC, the largest price decline sustained over a single quarter was 3%. The upshot of all the above is we expect the housing industry to see more of a typical slowdown with gradual slowing in volumes and HPA. We are confident in our ability to respond to these changing market dynamics and deliver on our stated margin goals. Furthermore, as homeowners navigate the changing housing market, we believe that the superior value proposition of simplicity, certainty and speed relative to the traditional listing will only become more important to consumers. That dynamic, coupled with our low market share levels and momentum to date, will enable us to continue to gain share across market cycles. 14 1. Real rates are computed as the difference between the weekly 30-year contract rate as reported by the MBA minus the 5-year breakeven inflation based on 5-year tips (after 2003) or the Cleveland Fed\u2019s inflation expectations model for 5-year ahead inflation (prior to 2003). The pre-pandemic average is computed via simple average of weekly observations from 2010 to 2019 and the pre-GFC average is computed via simple average of weekly observations from 1990 to 2006 2. Data for rates is from the weekly MBA dataset for 30yr contract rates. Data for expected inflation (real rates being computed as the difference between mortgage rates and inflation expectations) is from the Cleveland Fed\u2019s inflation expectations model for 5-year ahead inflation. Data for transaction rates is from NAR and is the average of the monthly SAAR number of sales for single-family existing homes. Financial Highlights Share Gainer Across Cycles Our value prop of simplicity, certainty and speed will resonate even more in changing markets" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b33", + "block_sequence": 33, + "block_sha256": "1259c2c57d8e5b49151f0d7803f043e5a3a6fd111f2a70194b30b703d0de99ab", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 33, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "cabbb0d561fd883e8085448eb964c5d1fb52a908eb2d90cc2b5e9a63e0b45df2", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "exh9921q22_opendoorshare015.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b34", + "block_sequence": 34, + "block_sha256": "fe32c2dff318f48209fa5f84e5a10121d1e205b885f688c2728ed716b377bd84", + "block_type": "paragraph", + "char_count": 477, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 34, + "char_end": 477, + "char_start": 0, + "fragment_sha256": "b262d8440dc2c3260909576e5b4d5d4546d96a40d70f1255a112d90da3ec5a2c", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "15Raleigh-Durham, NC Eric Wu, Co-Founder & CEO Carrie Wheeler, CFO CONFERENCE CALL INFORMATION Opendoor will host a conference call to discuss its financial results on May 5, 2022 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. May 5, 2022 at 2 p.m. PT investor.opendoor.com LIVE WEBCAST" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b35", + "block_sequence": 35, + "block_sha256": "08c24b962c567735b4643181da3b369c6becdb218c7a2e18402537e607be3a5e", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 35, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "6ed35cb83d2dccb86a6fc12217ddc883318907d8f3767412f273874ebfd7e515", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "exh9921q22_opendoorshare016.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b36", + "block_sequence": 36, + "block_sha256": "725c44b5db09fea1cf5a9919c0ee7602ba243a6bd2f4236e58f75160215f4820", + "block_type": "paragraph", + "char_count": 68, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 36, + "char_end": 68, + "char_start": 0, + "fragment_sha256": "0d282019ef61000a7027912ef8d266468d6f6037dac282ae0f5b619033dcffbb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "/ OpendoorHQ / Opendoor Company / Opendoor-com investor.opendoor.com" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b37", + "block_sequence": 37, + "block_sha256": "ecbf9731b111d2ff0cac5c1c42d52415e318c1874bb9709d02fd67f69d849b5c", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 37, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "58624d4812eb06d6c70320d3a789c901136c28baa364488c4052b877b71fbbe6", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "exh9921q22_opendoorshare017.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b38", + "block_sequence": 38, + "block_sha256": "360f6714512db0fab155bd45eb2ec7cb82e9e52a9360d50a41ec80a45a4727ee", + "block_type": "paragraph", + "char_count": 33, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 38, + "char_end": 33, + "char_start": 0, + "fragment_sha256": "fa5db11c79f789f4a1c5a56d2c3abdf906a6598e87ed9c879ba74d9c05e0b6b2", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "17 Definitions & Financial Tables" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b39", + "block_sequence": 39, + "block_sha256": "6c1d362b09d6ebcd4eb1224f14be526f8d8403c3a3f5e6fd04459b3ab8438eb1", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 39, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "7626c63d0a17aea81a41f2712f00a6de6ac03b95faff51e16b4cc1575abef602", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "exh9921q22_opendoorshare018.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b40", + "block_sequence": 40, + "block_sha256": "eed5d2d2f68dbf616dfe0f2863f45ca0162b2ff8dff9dd6c4d577261ba8b717e", + "block_type": "paragraph", + "char_count": 2919, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 40, + "char_end": 2919, + "char_start": 0, + "fragment_sha256": "cb1af8dc889eca755e826477353e60eb13d8d2f8c89304ef276384d7bbf6a251", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "This shareholder letter contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our financial condition, anticipated financial performance, business strategy and plans, market opportunity and expansion and objectives of management for future operations. These forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cwill\u201d, or \u201cwould\u201d, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward- looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this shareholder letter, including but not limited to our public securities\u2019 potential liquidity and trading; our ability to raise financing in the future; our success in retaining or recruiting, or changes required in, our officers, key employees or directors; the impact of the regulatory environment and complexities with compliance related to such environment; various factors relating to our business, operations and financial performance, including, but not limited to, the impact of the COVID-19 pandemic on our ability to grow market share; our ability to respond to general economic conditions, and the health of the U.S. residential real estate industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \"Risk Factors\" in our annual report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 24, 2022, and our other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 18 Forward-Looking Statements" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b41", + "block_sequence": 41, + "block_sha256": "732a3bfe8aa1225dca9a68d2e6aa19652a8a2639eb2c808238f51a5c13b99b03", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 41, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "03b669953b4dc9aa15d12941c8c57387dcdb5a31fcd1a4a629ae84e6471b16eb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "exh9921q22_opendoorshare019.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b42", + "block_sequence": 42, + "block_sha256": "6a355a5a6618e7aa1b5e97802386b23ccb6ad0d7478acb634bf00942275738a9", + "block_type": "paragraph", + "char_count": 3652, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 42, + "char_end": 3652, + "char_start": 0, + "fragment_sha256": "07cbcbe736b49fd2d0846f11581ee3e37a936c2361b138761606f7a3dc34ce6e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company\u2019s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit, Contribution Profit After Interest, Adjusted Net (Loss) Income, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non- GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest, which are non-GAAP financial measures. We believe that Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance in our key markets. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Contribution Profit After Interest further impacts gross profit by including senior interest costs attributable to homes sold during a reporting period. We believe these measures facilitate meaningful period over period comparisons and illustrate our ability to generate returns on assets sold after considering the costs directly related to the assets sold in a given period. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit. 19 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b43", + "block_sequence": 43, + "block_sha256": "4871a6875e008ff9d89e953a256d19d01c6ad4f065eb0458498a5e2dcc32ff2f", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 43, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "9c6093a9ad7c8169b291157c553641d21e3791bc81f5073f7afe866df7e65495", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "exh9921q22_opendoorshare020.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b44", + "block_sequence": 44, + "block_sha256": "b376b90fd7f5577d6a2eab2a9a77a4a2ddbd4c3cf5f27fcfbb5613f09cb70dae", + "block_type": "paragraph", + "char_count": 3109, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 44, + "char_end": 3109, + "char_start": 0, + "fragment_sha256": "f3631770a92a9df4743b22254c387de935a1cf1d82573007193a3e72689ce8bc", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "Adjusted Gross Profit / Margin We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution Profit / Margin We calculate Contribution Profit as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflows directly associated with a specific resale cohort. Contribution Profit / Margin After Interest We define Contribution Profit After Interest as Contribution Profit, minus interest expense under our non-recourse asset- backed senior debt facilities incurred on the homes sold during the period. This may include interest expense recorded in periods prior to the period in which the sale occurred. Our asset-backed senior debt facilities are secured by our real estate inventory and cash. In addition to our senior debt facilities, we use a mix of debt and equity capital to finance our inventory and that mix will vary over time. In addition, we expect to continue to evolve our cost of financing as we include other debt sources beyond mezzanine capital. As such, in order to allow more meaningful period over period comparisons that more accurately reflect our asset performance rather than our evolving financing choices, we do not include interest expense associated with our mezzanine term debt facilities in this calculation. Contribution Margin After Interest is Contribution Profit After Interest as a percentage of revenue. We view this metric as an important measure of business performance. Contribution Profit After Interest helps management assess Contribution Margin performance, per above, when burdened with the cost of senior financing. 20 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b45", + "block_sequence": 45, + "block_sha256": "d328a1e2cbcffe1eb07cbd00db2648f99f538bce465dc772d65e40239233140c", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 45, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "09a2245f36e1e4bb761afa721fbb2ef65c39ede05882d770c558e0a3b78b9288", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "exh9921q22_opendoorshare021.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b46", + "block_sequence": 46, + "block_sha256": "1924bfa2bed1f4a79e0115bd316d5bf87aa9213a235bfae7ea42448cc8c0c453", + "block_type": "paragraph", + "char_count": 2778, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 46, + "char_end": 2778, + "char_start": 0, + "fragment_sha256": "68a6f7a8c139ce8c7acffb6a5fb2d1bb93f0527cf973dce4801c81dbed9a8db5", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "21 Adjusted Net Income (Loss) and Adjusted EBITDA We also present Adjusted Net Income (Loss) and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non- recurring, non-cash, not directly related to our revenue-generating operations or not aligned to related revenue. Adjusted Net Income (Loss) and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net income (loss). We calculate Adjusted Net Income (Loss) as GAAP net income (loss) adjusted to exclude non-cash expenses of stock-based compensation, marketable equity securities fair value adjustment, warrant fair value adjustment, and intangibles amortization expense. It also excludes non-recurring gain on lease termination, payroll tax on initial RSU release, and legal contingency accrual. Adjusted Net Income (Loss) also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Income (Loss) does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net Income (Loss) adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b47", + "block_sequence": 47, + "block_sha256": "3b980084f86654da190cc6a12d5dcd911fdd4cab4050af70436c52d493ad0a7f", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 47, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "7164aa96aaacf302acf2016383983f040cb5fc422e3eae43787d6fdbdfd3e667", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "exh9921q22_opendoorshare022.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b48", + "block_sequence": 48, + "block_sha256": "700805474a22b861aeb2495dcad00ab0b29a75defaf74414d518ef933388be5d", + "block_type": "paragraph", + "char_count": 869, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 48, + "char_end": 869, + "char_start": 0, + "fragment_sha256": "7267e74a6f2e87026ae758119d2e07f645c01758ba1930c597cb181983666f1a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "22 Three Months Ended March 31, 2022 2021 REVENUE $ 5,151 $ 747 COST OF REVENUE 4,616 650 GROSS PROFIT 535 97 OPERATING EXPENSES: Sales, marketing and operations 276 69 General and administrative 101 222 Technology and development 40 51 Total operating expenses 417 342 INCOME (LOSS) FROM OPERATIONS 118 (245) WARRANT FAIR VALUE ADJUSTMENT \u2014 (15) INTEREST EXPENSE (68) (11) OTHER INCOME \u2013 Net (22) 1 INCOME (LOSS) BEFORE INCOME TAXES 28 (270) INCOME TAX EXPENSE \u2014 \u2014 NET INCOME (LOSS) $ 28 $ (270) Net income (loss) per share attributable to common shareholders: Basic $ 0.05 $ (0.48) Diluted $ 0.04 $ (0.48) Weighted-average shares outstanding: Basic 619,137 565,381 Diluted 640,785 565,381 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited)" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b49", + "block_sequence": 49, + "block_sha256": "4e7fdc6005f73cc3c5403ff9c05e62e2470935d37e7d980a45909e6e834a77c6", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 49, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "f90808e996532f10493c60c4ba241ab6df79937e3885a33f156dc4127e65309e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "exh9921q22_opendoorshare023.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b50", + "block_sequence": 50, + "block_sha256": "71cf2a1d7a0d07d9c9bfd4e587194b40977c88283187b248c25b79c6e3529ed1", + "block_type": "paragraph", + "char_count": 1579, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 50, + "char_end": 1579, + "char_start": 0, + "fragment_sha256": "b06dc8b1894300123b3252dc8e481f57352262ccca499831de551a0b0eb1fddb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "23 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) March 31, 2022 December 31, 2021 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 2,312 $ 1,731 Restricted cash 444 847 Marketable securities 464 484 Escrow receivable 58 84 Mortgage loans held for sale pledged under agreements to repurchase 11 7 Real estate inventory, net 4,664 6,096 Other current assets ($4 and $4 carried at fair value) 126 91 Total current assets 8,079 9,340 PROPERTY AND EQUIPMENT \u2013 Net 49 45 RIGHT OF USE ASSETS 45 42 GOODWILL 60 60 INTANGIBLES \u2013 Net 10 12 OTHER ASSETS ($5 and $5 carried at fair value) 29 7 TOTAL ASSETS $ 8,272 $ 9,506 LIABILITIES AND SHAREHOLDERS\u2019 EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 132 $ 137 Non-recourse asset-backed debt - current portion 2,660 4,240 Other secured borrowings 10 7 Interest payable 6 12 Lease liabilities - current portion 6 4 Total current liabilities 2,814 4,400 NON-RECOURSE ASSET-BACKED DEBT \u2013 Net of current portion 2,113 1,862 CONVERTIBLE SENIOR NOTES 955 954 LEASE LIABILITIES \u2013 Net of current portion 43 42 Total liabilities 5,925 7,258 SHAREHOLDERS\u2019 EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 622,918,512 and 616,026,565 shares issued, respectively; 622,918,512 and 616,026,565 shares \u2014 \u2014 Additional paid-in capital 4,028 3,955 Accumulated deficit (1,677) (1,705) Accumulated other comprehensive (loss) income (4) (2) Total shareholders\u2019 equity 2,347 2,248 TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY $ 8,272 $ 9,506" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b51", + "block_sequence": 51, + "block_sha256": "ac124417806b8f633a6348cd18e29363970c5a8834a99efb414956051856af20", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 51, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "012f66dfbe7a405d54ef6ca6b98a873303bd35367cb59b32a912e44d3f94ad2c", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "exh9921q22_opendoorshare024.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b52", + "block_sequence": 52, + "block_sha256": "f48cd3f7a39f02d00d8e8d25217558af036b16b97eccd8fdd32595fb12ca06cf", + "block_type": "paragraph", + "char_count": 2658, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 52, + "char_end": 2658, + "char_start": 0, + "fragment_sha256": "0d8c3f7e2486d76e81af1b1888a7a6c76be94ad3effa3b456a0f584eb567ba46", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "24 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Three Months Ended March 31, 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 28 $ (270) Adjustments to reconcile net income (loss) to cash, cash equivalents, and restricted cash provided by (used in) operating activities: Depreciation and amortization 18 10 Amortization of right of use asset 2 2 Stock-based compensation 67 239 Warrant fair value adjustment \u2014 15 Gain on settlement of lease liabilities \u2014 (5) Inventory valuation adjustment 8 \u2014 Change in fair value of equity securities 22 \u2014 Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale (1) (1) Origination of mortgage loans held for sale (46) (32) Proceeds from sale and principal collections of mortgage loans held for sale 43 32 Changes in operating assets and liabilities: Escrow receivable 26 (18) Real estate inventory 1,416 (375) Other assets (28) (8) Accounts payable and other accrued liabilities 2 16 Interest payable (5) \u2014 Lease liabilities (2) (10) Net cash provided by (used in) operating activities 1,550 (405) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (10) (4) Purchase of marketable securities (28) (34) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 22 23 Purchase of non-marketable equity securities (25) (10) Capital returns of non-marketable equity securities 3 \u2014 Net cash used in investing activities (38) (25) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise of stock options 2 \u2014 Proceeds from the February 2021 Offering \u2014 886 Issuance cost of common stock \u2014 (29) Proceeds from non-recourse asset-backed debt 2,292 673 Principal payments on non-recourse asset-backed debt (3,622) (423) Proceeds from other secured borrowings 45 31 Principal payments on other secured borrowings (41) (31) Payment of loan origination fees and debt issuance costs (10) \u2014 Net cash (used in) provided by financing activities (1,334) 1,107 NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 178 677 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 Beginning of period 2,578 1,506 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 End of period $ 2,756 $ 2,183 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION \u2013 Cash paid during the period for interest $ 68 $ 9 DISCLOSURES OF NONCASH ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 4 $ 5 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 2,312 $ 2,040 Restricted cash 444 143 Cash, cash equivalents, and restricted cash $ 2,756 $ 2,183" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b53", + "block_sequence": 53, + "block_sha256": "c69b7dab93bb78f179fed61c003990ae5b4045dc27261d0aa7e462e1f3aa8299", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 53, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "a9a2af6cfd43a4f7049689e666c2a3cb1c22faa40bb84d1290b4f193cb24186e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "exh9921q22_opendoorshare025.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b54", + "block_sequence": 54, + "block_sha256": "e7306c2761bc9e1e8e2e1ea8b49eb6cd5e6e9a2df5327cb807949f63c269c11b", + "block_type": "paragraph", + "char_count": 2606, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", + "block_sequence": 54, + "char_end": 2606, + "char_start": 0, + "fragment_sha256": "96533fb4284f6d12221e2ccd22c5118bd19b40562e66725f5938ca06b89759cd", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", + "table": null, + "text": "25 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT, CONTRIBUTION PROFIT AND CONTRIBUTION PROFIT AFTER INTEREST TO OUR GROSS PROFIT (Unaudited) Three Months Ended (in millions, except percentages and homes sold, or as noted) March 31, 2022 March 31, 2021 Gross profit (GAAP) $ 535 $ 97 Gross Margin 10.4 % 13.0 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f(1)(2) 8 \u2014 Inventory valuation adjustment \u2013 Prior Periods\u034f(1)(3) (31) \u2014 Adjusted Gross Profit $ 512 $ 97 Adjusted Gross Margin 9.9 % 13.0 % Adjustments: Direct selling costs(4) (136) (18) Holding costs on sales \u2013 Current Period\u034f(5)(6) (16) (2) Holding costs on sales \u2013 Prior Periods\u034f(5)(7) (28) (1) Contribution Profit $ 332 $ 76 Homes sold in period 12,669 2,462 Contribution Profit per Home Sold (in thousands) $ 26 $ 31 Contribution Margin 6.4 % 10.2 % Adjustments: Interest on homes sold \u2013 Current Period\u034f(8)(9) (16) (2) Interest on homes sold \u2013 Prior Periods\u034f(8)(10) (26) (1) Contribution Profit After Interest $ 290 $ 73 Contribution Margin After Interest 5.6 % 9.8 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented. (8) This does not include interest on mezzanine term debt facilities or other indebtedness. (9) Represents the interest expense under our asset-backed senior debt facilities incurred during the period on homes sold in the current period. 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(7) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset- backed debt facilities, interest expense related to the 2026 convertible senior notes outstanding, and interest expense on other secured borrowings. 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As we reshape a broken, offline process into a digital, seamless experience, we are also building a durable, generational company. This means we align our goals and teams against both growing customers and driving sustainable margin expansion. This means we operate with a focus on building the lowest cost structure. This means having a culture of discipline around pricing and risk management across periods of uncertainty. The result of this hard work is the capability to grow and protect margins across economic cycles. Our first quarter results are a testament to this durability. We surpassed our expectations across all of our key metrics, delivering record revenue of $5.2 billion, up 590% year-over-year, gross profit of $535 million, and Contribution Profit of $332 million. Our first quarter revenue represents a run rate of over $20 billion, which is 40% towards our goal of $50 billion. Importantly, we outperformed while demonstrating profitability with net income of $28 million, Adjusted EBITDA of $176 million and Adjusted Net Income of $99 million. The past eight years of investment and hard work on our cost structure, automation, technology platform, and pricing engine are enabling us to deliver sustainable margin improvements as we scale. In addition to these key financial milestones, we continue to make progress against our consumer flywheel. For home sellers, we are seeing adoption accelerate with another quarter of record offer requests, up nearly three-fold versus prior year. At the same time, we have maintained a real seller conversion of over 35% and NPS north of 80. These metrics strengthen our conviction that getting an offer from Opendoor is well on its way to becoming a mainstream behavior to start a move. For home buyers, we hit all-time highs for purchase offers, driven by the adoption of Opendoor-Backed Offers and Opendoor Complete. Additionally, we are preparing to launch a fully digital financing product that can provide a pre-approval in less than 60 seconds. Just a few years ago, we were uncertain that Opendoor could be in every single market in the US. Today, we are demonstrating Opendoor can be a nationwide, all-markets company. This year, we entered some of the largest markets in the country with San Francisco Bay Area, followed by New York and New Jersey, enabling us to serve homeowners coast-to-coast. Furthermore, through continued pricing 2 A Note from Eric Our Mission Powering life’s progress, one move at a time"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b10", "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b12"], "char_count": 2310, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a7175a6768f06750d48bdb2d502121d24713fa0b9b954b915e1b88a313379ccc", "derivation_id": "9665c5956ffcb9742571acd94da78f43e1d7a7ba60eaf69e342a197c483802de", "document_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "block_sequence": 10, "char_end": 1462, "char_start": 0, "fragment_sha256": "5f5fae2089d904bdcfb3619b6efc0741f7b8335fccf8150336c81153a81d74ff", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "block_sequence": 12, "char_end": 846, "char_start": 0, "fragment_sha256": "b8e1f09fcc4b1157e7e03adb02f560eb5599da286f91c9e6ea37a737913a05f1", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#p2", "passage_kind": "narrative", "passage_sequence": 2, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/exh9921q22_opendoorshare.htm", "table_id": null, "text": "optimization, we added another $30 billion to our total serviceable market by expanding our buybox. While recent headlines regarding rates and affordability have cast doubt over the short to medium-term outlook for housing, we are confident in our ability to hit our financial targets across cycles. This is due in part to the cost structure and pricing improvements that we have made, which provide the necessary margin of safety in our unit economics. Also, the combination of holding highly liquid, sale-ready homes with the fact that home price declines during recessions have proven to be slow moving, makes navigating market turbulence very manageable. In addition, our offer price incorporates home price appreciation (HPA) forecast movements, which means that our systems are built to succeed across market cycles. In summary, this quarter marked another step along our journey to transform the industry. While I am encouraged by our financial performance, I am most proud of how we delivered these results. We focused on delivering system level changes that will enable us to drive sustainable margin improvements. We focused on our company culture, ensuring that we show up as one team combining the best technology with operational excellence. Last but not least, we focused on the consumer experience, delivering products and services that delight. Eric Wu, Co-Founder & CEO 3 A Note from Eric Our Mission Powering life’s progress, one move at a time\n\n1Q22 ● Revenue of $5.2 billion, up 590% versus 1Q21; with 12,669 total homes sold, up 415% versus 1Q21 ● Gross profit of $535 million, versus $97 million in 1Q21; gross margin of 10.4%, versus 13.0% in 1Q21 ● Net income of $28 million, versus ($270) million in 1Q21 ● Adjusted Net Income of $99 million, versus ($21) million in 1Q21 ● Contribution Profit of $332 million, versus $76 million in 1Q21; 21st consecutive quarter of positive Contribution Margin which was 6.4%, versus 10.2% in 1Q21 ● Adjusted EBITDA of $176 million, versus ($2) million in 1Q21; Adjusted EBITDA Margin of 3.4%, versus (0.3%) in 1Q21 ● Purchased 9,020 homes, up 151% versus 1Q21 ● Inventory balance of 13,360 homes, representing $4.7 billion in value, up 455% versus 1Q21 ● Launched San Francisco Bay Area, bringing us to 45 markets at the end of 1Q22 Key Highlights 4"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b14"], "char_count": 1969, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "babbe13be64f679d3277d3960a69f4ac59581ff46c67bb8a6045dd2deaea3699", "derivation_id": "9665c5956ffcb9742571acd94da78f43e1d7a7ba60eaf69e342a197c483802de", "document_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "block_sequence": 14, "char_end": 1969, "char_start": 0, "fragment_sha256": "70e8b0b28e332cec227e74352e24f4925304993e43950804742035d72a06af06", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/exh9921q22_opendoorshare.htm", "table_id": null, "text": "5 NEED HI RES IMAGE WILL UPDATE The Blasingame Family Surprise, Arizona The Blasingame family bought and sold their house through Opendoor. After relocating from Syracuse, NY to Surprise, AZ during the pandemic and settling into a home that was far from their dream home, Stefen and his wife, Ashley, were keen to move to a family-oriented community where the couple’s three young children could build new friendships and spend more time outdoors. Selling a home and buying a home at the same time can be one of life’s most daunting tasks, especially when it’s in one of the country’s hottest housing markets - metro Phoenix. The Blasingames knew that they would need to sell their existing home in order to buy their dream home, and were uncertain that they could actually compete with all cash offers. Furthermore, there was the cost, stress and logistical challenges of uprooting their family if they were to sell their home before they found a new home. As more time passed, Stefen and Ashley decided that working with a partner such as Opendoor was the best path forward to make their dream a reality. They loved the ease and flexibility of being able to browse homes on the Opendoor app and schedule tours on their timeline, without feeling rushed or pressured into making a purchase via the traditional process. Additionally, they appreciated that there were no surprises with Opendoor - once they decided to move forward and sell their home, they simply had to “push a button and accept that offer.” For the Blasingames, being able to move on their own terms with Opendoor meant that they didn’t have to feel overwhelmed with the process and could instead focus on finding the perfect home for their family. Opendoor gave us the ability to be able to find our new home, sell our current home, and make it all happen at one time, in the most simple process ever. What Opendoor has unlocked for us is to know that we can move on our own terms. - Stefen Blasingame"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b16"], "char_count": 2258, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d066ff20c9395300f816db10f5088ff7801222931d84398f00c85ee9931e8267", "derivation_id": "9665c5956ffcb9742571acd94da78f43e1d7a7ba60eaf69e342a197c483802de", "document_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "block_sequence": 16, "char_end": 2258, "char_start": 0, "fragment_sha256": "dbf6c7dba57e8a60bf80f7d2fde001f6e924560d6d8752734e8bb6ecf96e9c31", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/exh9921q22_opendoorshare.htm", "table_id": null, "text": "Total Offer Request Growth YoY 186% 6 HOMEOWNERS AND SELLERS Our Seller business continues to lead the market, growing faster and at greater scale than any other home seller offering in the industry. More and more homeowners are starting their move with an Opendoor estimate as offer requests reached another all-time high, up 186% versus prior year. We are also seeing a significant number of homeowners returning to Opendoor to sell their home after receiving an initial offer over 12 months ago. This speaks to the potential of re-engagement to drive future growth – as our market registration deepens with the acceleration of offer requests, we are building a growing base of prospective customers that we can re-engage and convert over the course of years. As pricing is a key driver of conversion and buybox expansion, we continue to see our investments lead to improvements in our ability to competitively price homes across our markets. In Q1, we added new computer vision capabilities, which leverage AI to systematically derive information about home conditions, and we have processed over 500 million property images to date. This capability deepens our ability to build a training set and automate values beyond aggregated data, such as square footage and number of rooms, to more nuanced qualitative data, such as home condition and datedness. We are incorporating this new proprietary data into our pricing models and processes. Furthermore, in Q1, we successfully incorporated highly granular indicators of buyer demand, including top-of-funnel buyer digital signals, into our models to further improve the accuracy of our underwriting and HPA forecasts. The acceleration of our offer growth, strength in our re-engagement, and investments in our pricing systems have not only delivered over 150% year-on-year customer growth, but more importantly, give us confidence in our ability to sustain our market share gains as we convert the offline, traditional process to a modern, digital one. BUYERS AND SERVICES Our vision is to build an end-to-end buying experience that is digital and on par with the superior e-commerce experiences that customers expect. Customer Growth YoY >150% Images Processed via Computer Vision 500M Business Highlights"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b18"], "char_count": 2279, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c3250621dafcc858eabee9afb33a969c1c057c3d463dd81e5d2ce278746f87e0", "derivation_id": "9665c5956ffcb9742571acd94da78f43e1d7a7ba60eaf69e342a197c483802de", "document_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "block_sequence": 18, "char_end": 2279, "char_start": 0, "fragment_sha256": "a6085b4c48f76b2545aee7b4d8b3ac985d14d81249bed15d33dbc67879e88404", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/exh9921q22_opendoorshare.htm", "table_id": null, "text": "With Opendoor Complete, we are bringing together the buying and selling experience and combining two transactions into one seamless move. This past quarter, we took our successful Late Checkout feature from our Seller offering and made it available to buyers via Opendoor-Backed Offers. This helps to further strengthen the buyer's bid as it gives the home seller more flexibility on their move-out date. We also focused on cross-selling throughout the seller experience and highlighting the buying experience earlier in the seller’s journey with Opendoor. We are seeing the value of Opendoor Complete resonate with home sellers, as well as increased conversion of our sellers into buyers with Opendoor by solving their holistic need to buy and sell. We have continued to make progress on our financing offering, including adding Lower.com as a strategic partner. Our partnership with Lower.com enables us to offer a broader suite of products, such as FHA/VA loans, ensures financing-product coverage across our ever-expanding market footprint, and adds fulfillment flexibility. This is particularly important as our mortgage team launches our digital Opendoor financing app in the coming weeks. Hiding in plain sight, our title and escrow business also continues to perform exceptionally well with 223% revenue growth year-over-year, over 80% attach, and an NPS consistently above 80. Having scaled this into one of the largest title agencies in the country, we are excited to expand our coverage and launch escrow services in California in the second quarter. MARKET EXPANSION AND SCALABILITY With our goal of serving every home seller and home buyer in the US, we know that increasing scale enables us to leverage national advertising to drive awareness, and deliver further cost structure improvements. We ended Q1 with the ability to underwrite more than 25% of total single family home transactions in the US. We added another $30 billion to our total serviceable market through buybox expansion, driven by pricing and cost improvements. In San Francisco Bay Area (SFBA), which we entered in February, we are seeing 2.3 times the offer requests as other comparable markets at the same time since 7 Opendoor Late Checkout Title and Escrow Growth YoY 223% Business Highlights"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b20"], "char_count": 2717, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "77cd563966df15a19c291ee2e85cf7106fa0d32dfe974f9a1baa1c3a620f0a92", "derivation_id": "9665c5956ffcb9742571acd94da78f43e1d7a7ba60eaf69e342a197c483802de", "document_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "block_sequence": 20, "char_end": 2717, "char_start": 0, "fragment_sha256": "a0d840d27545bc18e387945b7084a5f21ab54758317d2b055dee9e06533056f6", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/exh9921q22_opendoorshare.htm", "table_id": null, "text": "Total Markets To Date 48 Vendor Management Platform launch, and exceeding our targets on organic volume alone. Two months after SFBA, we were able to successfully launch New York and New Jersey, which collectively mark our 46th metro market. Just this week, we entered two additional markets, Detroit and Southwest Florida, putting us well on track to meet our 2022 goal of unlocking serviceable market growth that is in line with what we achieved in 2021. With our geographic footprint now spanning 48 markets, we have a predictable playbook for driving growth and customer acquisition. We are beginning to leverage national advertising in our media mix. The early returns are positive with national media twice as efficient as local market advertising. Alongside our ramp of national advertising, we are also investing in a new brand campaign that will highlight the value of Opendoor to customers, further driving the behavior to start their move with Opendoor. We know that stronger brand health measures help drive conversion. The combination of improvements in media buying and stronger brand and innovation in our lifecycle marketing programs have enabled us to continue to improve our overall customer acquisition cost while driving significant growth. In our march to 100 markets and $50 billion of revenue, our technology and operations systems have formed a unique platform that will enable us to operate at next-level scale. In Q1, we launched our proprietary vendor management platform, which enables a faster and more efficient distribution of workload across our vendor network. It matches the right vendor to the right home, based on the skills and competencies of each vendor, as well as their available capacity at any given time. It also ensures that we load balance appropriately to shorten the time to complete repairs and keep a broader base of vendors actively engaged with Opendoor. Since the platform’s launch in February, we have already seen a 20% lift in trade partner capacity in our pilot markets, which will reduce our holding times, and we will be rolling out this tool to all of our markets in Q2. These investments have allowed us to reduce the number of days we need to complete repairs to normal levels following the uptick in days we experienced last quarter. In summary, we are continuing our investment in driving growth and adoption with homeowners and sellers, deepening our digital offering when buying a home, and investing in our platform to scale and expand nationwide. Together with our strong cost discipline, we are building a durable, generational company to transform the largest category in the US. 8 Business Highlights Buybox Coverage of Total US Transactions >25%"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b22"], "char_count": 2433, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "3b4c5fb83d0a0b8e1682c8628c5b4f2e4c58ec33f4f77cf331160c0c75f0105a", "derivation_id": "9665c5956ffcb9742571acd94da78f43e1d7a7ba60eaf69e342a197c483802de", "document_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "block_sequence": 22, "char_end": 2433, "char_start": 0, "fragment_sha256": "9867e7f7db127116117b32ee9c41a59013e2c012cd455895fd457dfe80711348", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/exh9921q22_opendoorshare.htm", "table_id": null, "text": "($ in millions) 2022 is off to an exceptional start with Q1 marking a record quarter of revenue and profitability. We are seeing strong momentum across the business and are confident that this will be another defining year for Opendoor. GROWTH In the first quarter, we meaningfully exceeded the high end of our revenue guidance, delivering $5.2 billion of revenue and 590% growth year-over-year. This marked the highest quarterly revenue in Opendoor’s history, beating last quarter’s record sales. Our strong inventory balance and agile resale systems enabled us to lean into the elevated demand for housing in an extremely supply constrained market. This resulted in a record number of 12,669 homes sold, which is over five times the volume in 1Q21. Revenue per home sold was also a tailwind to outperformance, up 34% versus the prior year. We purchased 9,020 homes in the first quarter, up 151% versus 1Q21. As in prior years, our first quarter acquisition pace aligned with the spring selling season. We ramped our acquisition pace as we moved through the first quarter, acquiring 45% more homes in March than we did in January. We ended the quarter with 8,066 homes under contract to be purchased, representing $3.2 billion in value, double the number of homes under contract in 1Q21. This sets us up nicely to close on those homes in Q2, driving a solid uptick in acquisition volumes. While housing supply for the industry continues to remain at historical lows, that has not impacted our ability to acquire homes: we continue to see a record number of home sellers requesting an offer and real seller conversion well above 35%. These are an indication of our incredible product market fit, which will continue to fuel our acquisition growth for quarters and years to come. UNIT ECONOMICS We delivered strong unit margins on record resale volume this quarter. GAAP gross profit was $535 million and 10.4% of revenue in 1Q22, versus $97 million and 13.0% of revenue in 1Q21. Adjusted Gross Profit was $512 million and 9.9% of revenue in 1Q22, versus $97 million and 13.0% of revenue in 1Q21. Contribution Profit was $332 million in the quarter, up 337% versus 1Q21. Contribution Margin was 6.4% versus 10.2% in 1Q21. Year-over-year margin trends reflect 9 1Q21 2Q21 3Q21 4Q21 1Q22 Financial Highlights 1Q22 Revenue $5.2 billion $747 $1,185 $2,266 $3,822 $5,151 1Q22 Gross Profit $535 million 1Q22 Contribution Profit $332 million"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b24"], "char_count": 2371, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c59f643db071a2d4ccaf66c4abc686cb9951011a813d9272c1e2776a0c2ebf62", "derivation_id": "9665c5956ffcb9742571acd94da78f43e1d7a7ba60eaf69e342a197c483802de", "document_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "block_sequence": 24, "char_end": 2371, "char_start": 0, "fragment_sha256": "d627b074aeaeb6575e0a6fb5e80344c5618db99c17230149787c891883b248a7", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/exh9921q22_opendoorshare.htm", "table_id": null, "text": "the normalization of our inventory mix and reduction in underwriting conservatism we had coming out of COVID-19 last year. Contribution Margins were up from 4Q21, reflecting a normalization of our resale approach as we cleared the operational backlog we worked through late last year. Sequential margin improvement was also driven by an increase in spreads that we have been embedding in our offers since Q3 of last year. This benefit will continue into Q2, and this demonstrates our ability to adjust spreads given market conditions while still achieving strong acquisition growth. NET INCOME AND ADJUSTED EBITDA We are proud to deliver our first quarter of positive GAAP net income, which was $28 million versus ($270) million in 1Q21. As a percent of revenue, GAAP net income was 0.5% versus (36.2%) in 1Q21. Adjusted Net Income was a record $99 million or 1.9% of revenue in 1Q22, versus ($21) million or (2.8%) of revenue in 1Q21 – and notably compares to ($116) million for all of last year. As a reminder, Adjusted Net Income is a good proxy for operating free cash flow (FCF), as it isolates the operating performance of our business from changes in home inventory that are primarily funded through non-recourse debt facilities. It is worth noting that we are already achieving operating FCF breakeven while operating at the high end of our current Contribution Margin target range. Adjusted EBITDA was $176 million in 1Q22 compared to ($2) million in 1Q21. As a percentage of revenue, Adjusted EBITDA was 3.4% in 1Q22 versus (0.3%) in 1Q21. Adjusted EBITDA came in well ahead of our expectations due to strong revenue performance and unit margins, which provided incremental leverage against our operating expense base. Our ongoing improvements in EBITDA are underpinned by our growing scale, sustained reductions in our cost structure, and our ability to deliver against our annual baseline Contribution Margin target of 4 to 6%. INVENTORY Given the aforementioned resale and acquisition volumes, we ended the quarter with 13,360 homes in inventory on our balance sheet, representing $4.7 billion in value. We expect this to be the low point for inventory for the year. Financial Highlights 1Q22 Adjusted EBITDA Margin 3.4% (0.3%) 2.2% 1.5% 0.0% 3.4% 1Q21 2Q21 3Q21 4Q21 1Q22 1Q22 Adjusted Net Income 1.9% 1Q21 2Q21 3Q21 4Q21 1Q22 (2.8%) 0.2% (0.8%) (2.1%) 1.9%"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b26"], "char_count": 2330, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a44d79abf7d100fb0a5033a9a600beec56094c162688be9590ab2e82947c9238", "derivation_id": "9665c5956ffcb9742571acd94da78f43e1d7a7ba60eaf69e342a197c483802de", "document_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "block_sequence": 26, "char_end": 2330, "char_start": 0, "fragment_sha256": "7ae2ca1c51f6231759df28f97ec4bd64f3d7457084c59d2376e3922ae86a17a0", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/exh9921q22_opendoorshare.htm", "table_id": null, "text": "Inventory management is a core capability we have heavily invested in since our inception over eight years ago. Our portfolio approach benefits from ongoing system and model development, as well as increasing diversification as we scale across markets, price levels and home types. Our decisions are informed by real-time data systems that allow us to understand what is happening across the market to enable dynamic decision making and ensure that we are managing for optimal portfolio performance. One of the key measures of inventory health that we track is the total number of days that a home is listed on the market. Only 7% of our homes were listed on the market for more than 120 days as of March 31, 2022, compared to 24% of the homes in the overall market, adjusted for our buy-box. We have consistently demonstrated superior clearance on aged inventory (120+ days), selling those homes 3 times or faster than the equivalent rate for same aged homes on the MLS, which is an important driver of managing overall portfolio performance. The average number of days we owned homes was elevated in Q1, primarily as a result of working through the backlog of homes we had in Q4 that increased the number of days from the time of acquisition to listing (“pre-list days”). A portion of those backlogged homes carried over into our Q1 resales, increasing overall average days owned. As we have built more operational capacity, we are back to normalized pre-list levels for the homes we are acquiring in Q1 and beyond. OTHER BALANCE SHEET ITEMS We ended the first quarter of the year with $2.8 billion in cash, cash equivalents and marketable securities and $11.3 billion of financing availability. We are well capitalized given both our cash balance and financing capacity, which translate into north of $35 billion of annual home purchasing power – plenty of fuel to achieve our growth objectives for 2022 and beyond. While we expect rates to increase over the course of the year, this should have a relatively small impact on our overall cost structure per home. Our cost of funds for our senior financing was around 3.0% in 1Q22. We expect that to increase to approximately 11 Faster Rate of Sell-Through on Aged Inventory vs. the MLS >3x Financial Highlights 1Q22 Cash, Cash Equivalents, and Marketable Securities $2.8 billion"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b28"], "char_count": 2383, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7174062ef94cbb7e422ea894c6bee7fedd288ab9180709d65334c9ae7ee219e1", "derivation_id": "9665c5956ffcb9742571acd94da78f43e1d7a7ba60eaf69e342a197c483802de", "document_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "block_sequence": 28, "char_end": 2383, "char_start": 0, "fragment_sha256": "6d8d84801f334a367626fd8adb2a11e7372abe75dc83aa99f48014fafab7a5eb", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/exh9921q22_opendoorshare.htm", "table_id": null, "text": "4.0% for the full year based on the current forward curve and our expected mix of senior revolving and term facilities. Based on hold times of approximately 100 days, this would imply that senior financing costs per home move from approximately 70bps in 1Q22 to 90bps for the full year, which is a manageable increase relative to our overall cost structure. Importantly, we pass on this incremental interest expense in our offers, which allows our Contribution Margins After Interest to stay neutral. We are also able to take advantage of our strong cash balance to manage our overall interest expense levels by modulating our advance rates across both senior and mezzanine financing. GUIDANCE We expect the following results for the second quarter of 2022: ● Revenue is expected to be between $4.1 and $4.3 billion, representing over 254% growth year-over-year at the midpoint of the range. Notably, this would represent revenue of $9.3 to $9.5 billion for the first half of 2022 versus our prior expectation of $8 billion. While sequential trends may vary due to seasonality or the timing of contract closes, we expect to continue to drive exceptional growth relative to prior year. ● Adjusted EBITDA1 is expected to be between $170 and $190 million, which represents 4.3% margin and 604% growth year-over-year at the midpoint of the range. ● Stock-based compensation is expected to be in the range of $73 to $75 million. MARKET OUTLOOK The macro environment that we’re operating in has evolved rapidly since the start of the year. But first, it is important to reiterate that 12 1. Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA or Adjusted EBITDA Margin to forecasted GAAP net income (loss) or GAAP net Income (Loss) Margin, respectively, within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. Financial Highlights 2Q22 Revenue Guidance $4.1 to $4.3 billion 2Q22 Adjusted EBITDA1 Guidance $170 to $190 million"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b30"], "char_count": 2501, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f0f1bb247fd7ce984098b8136119f4ccb59fe78db534b6045f25ea92f87576c2", "derivation_id": "9665c5956ffcb9742571acd94da78f43e1d7a7ba60eaf69e342a197c483802de", "document_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "block_sequence": 30, "char_end": 2501, "char_start": 0, "fragment_sha256": "2e99f2fbb6d8593c771c759bf5b8d659c65392239c544fed2549eb2dc36c800f", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#p11", "passage_kind": "narrative", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/exh9921q22_opendoorshare.htm", "table_id": null, "text": "what is core to our business model – and, frankly, what is most misunderstood – is that our systems and margin structure are designed to be durable across different housing markets. That’s not to say we’re immune to what is going on in housing. Housing dynamics are a key input to our business and we have designed our pricing and operational systems to give us a deep understanding of the underlying drivers and to be able to dynamically adjust to changing conditions. Our offers account for the level of certainty in our home acquisition pricing, inclusive of forecasted HPA. Our models are designed to produce offers that are more conservative when there is greater uncertainty. Conversely, we may be less conservative in our offers when we have a high degree of certainty in our offer price and expected outcomes. Our forecasts of market conditions and pricing are updated on a daily basis using high-frequency, detailed metrics across all segments of our business. This, combined with our resale systems and centralized operating capabilities, are important drivers that we believe enable us to be world-class in pricing this asset class and deliver on our baseline annual Contribution Margin target of 4% to 6% across different economic environments. Our expectation is that the housing industry may begin to experience a moderation in HPA and transaction volumes beyond what is normal from seasonal trends, beginning in the second half of the year - the pace of which should be gradual and consistent with a typical slowdown. While there is a reasonable chance of “stronger for longer” for housing, we have positioned ourselves to be more conservative in our home valuations in 2H22 given general macro uncertainty. That being said, the current housing macro environment is very different from prior downturns, particularly the Global Financial Crisis (GFC), for a few key reasons: ● Market inventory is at a forty-year low going back to the early 1980s. In addition, available inventory in March 2022 was approximately 72% lower than in March 2008. While demand may ease as rates rise, we believe supply demand dynamics will likely return to a more balanced state versus a sharp correction given today’s structurally lower supply. ● The consumer is in a much healthier position today. Household financial obligations as a percent of personal 13 Financial Highlights Annual Baseline Contribution Margin Target 4% - 6% Our Systems and Margin Structure Designed to be durable across market cycles"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b32"], "char_count": 2874, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a6b229cd528b30de4fed1d672cd331a99ecbb026f80220c8b170f388156cc5e9", "derivation_id": "9665c5956ffcb9742571acd94da78f43e1d7a7ba60eaf69e342a197c483802de", "document_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "block_sequence": 32, "char_end": 2874, "char_start": 0, "fragment_sha256": "72650daa5c35a37de3b73c5a0ce259c61bb6fc5508e6a79ffc9060a3f5c2cb54", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/exh9921q22_opendoorshare.htm", "table_id": null, "text": "● disposable income are at a 40-year low and remain significantly lower than what they were in 2008. The financial system is also in a much better position today than going into 2008. This diminishes the risk of a “forced selling” dynamic or a very rapid credit contraction like what occurred during the GFC. ● While real mortgage rates continue to rise and may impact demand, real interest rates remain quite low on a historical basis, at around 2% compared to a pre-pandemic average of 2.5% and a pre-GFC average1 of 4.5%. Moreover, significant transaction volumes happen across all rate environments. For example, in 2002, 30-year mortgage rates averaged 6.4% with real rates at 4% and yet the transaction rate for single family existing homes was 5 million homes that year2. This compares with current rates at 5.2%, real rates at 1.9% and transaction rates of about 5.2 million homes a year. Another dynamic worth noting is that real estate prices have tended to move slowly in market declines. There have only been six quarters of HPA declines over the last 50 years outside of the GFC, all of which were very modest at around 1% or less. During the GFC, the largest price decline sustained over a single quarter was 3%. The upshot of all the above is we expect the housing industry to see more of a typical slowdown with gradual slowing in volumes and HPA. We are confident in our ability to respond to these changing market dynamics and deliver on our stated margin goals. Furthermore, as homeowners navigate the changing housing market, we believe that the superior value proposition of simplicity, certainty and speed relative to the traditional listing will only become more important to consumers. That dynamic, coupled with our low market share levels and momentum to date, will enable us to continue to gain share across market cycles. 14 1. Real rates are computed as the difference between the weekly 30-year contract rate as reported by the MBA minus the 5-year breakeven inflation based on 5-year tips (after 2003) or the Cleveland Fed’s inflation expectations model for 5-year ahead inflation (prior to 2003). The pre-pandemic average is computed via simple average of weekly observations from 2010 to 2019 and the pre-GFC average is computed via simple average of weekly observations from 1990 to 2006 2. Data for rates is from the weekly MBA dataset for 30yr contract rates. Data for expected inflation (real rates being computed as the difference between mortgage rates and inflation expectations) is from the Cleveland Fed’s inflation expectations model for 5-year ahead inflation. Data for transaction rates is from NAR and is the average of the monthly SAAR number of sales for single-family existing homes. Financial Highlights Share Gainer Across Cycles Our value prop of simplicity, certainty and speed will resonate even more in changing markets"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b34", "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b36", "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b38", "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b40"], "char_count": 3503, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f4733021cfc32cc2d0848da0a25babf57a47c35ea17d05d97db0c9614b3a7d40", "derivation_id": "9665c5956ffcb9742571acd94da78f43e1d7a7ba60eaf69e342a197c483802de", "document_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "block_sequence": 34, "char_end": 477, "char_start": 0, "fragment_sha256": "b262d8440dc2c3260909576e5b4d5d4546d96a40d70f1255a112d90da3ec5a2c", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "block_sequence": 36, "char_end": 68, "char_start": 0, "fragment_sha256": "0d282019ef61000a7027912ef8d266468d6f6037dac282ae0f5b619033dcffbb", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "block_sequence": 38, "char_end": 33, "char_start": 0, "fragment_sha256": "fa5db11c79f789f4a1c5a56d2c3abdf906a6598e87ed9c879ba74d9c05e0b6b2", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "block_sequence": 40, "char_end": 2919, "char_start": 0, "fragment_sha256": "cb1af8dc889eca755e826477353e60eb13d8d2f8c89304ef276384d7bbf6a251", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#p13", "passage_kind": "narrative", "passage_sequence": 13, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/exh9921q22_opendoorshare.htm", "table_id": null, "text": "15Raleigh-Durham, NC Eric Wu, Co-Founder & CEO Carrie Wheeler, CFO CONFERENCE CALL INFORMATION Opendoor will host a conference call to discuss its financial results on May 5, 2022 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. May 5, 2022 at 2 p.m. PT investor.opendoor.com LIVE WEBCAST\n\n/ OpendoorHQ / Opendoor Company / Opendoor-com investor.opendoor.com\n\n17 Definitions & Financial Tables\n\nThis shareholder letter contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our financial condition, anticipated financial performance, business strategy and plans, market opportunity and expansion and objectives of management for future operations. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “intend”, “may”, “might”, “opportunity”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “will”, or “would”, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward- looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this shareholder letter, including but not limited to our public securities’ potential liquidity and trading; our ability to raise financing in the future; our success in retaining or recruiting, or changes required in, our officers, key employees or directors; the impact of the regulatory environment and complexities with compliance related to such environment; various factors relating to our business, operations and financial performance, including, but not limited to, the impact of the COVID-19 pandemic on our ability to grow market share; our ability to respond to general economic conditions, and the health of the U.S. residential real estate industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \"Risk Factors\" in our annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2022, and our other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 18 Forward-Looking Statements"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b42"], "char_count": 3652, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6a355a5a6618e7aa1b5e97802386b23ccb6ad0d7478acb634bf00942275738a9", "derivation_id": "9665c5956ffcb9742571acd94da78f43e1d7a7ba60eaf69e342a197c483802de", "document_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "block_sequence": 42, "char_end": 3652, "char_start": 0, "fragment_sha256": "07cbcbe736b49fd2d0846f11581ee3e37a936c2361b138761606f7a3dc34ce6e", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#p14", "passage_kind": "narrative", "passage_sequence": 14, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/exh9921q22_opendoorshare.htm", "table_id": null, "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company’s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit, Contribution Profit After Interest, Adjusted Net (Loss) Income, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non- GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest, which are non-GAAP financial measures. We believe that Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance in our key markets. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Contribution Profit After Interest further impacts gross profit by including senior interest costs attributable to homes sold during a reporting period. We believe these measures facilitate meaningful period over period comparisons and illustrate our ability to generate returns on assets sold after considering the costs directly related to the assets sold in a given period. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit. 19 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b44"], "char_count": 3109, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b376b90fd7f5577d6a2eab2a9a77a4a2ddbd4c3cf5f27fcfbb5613f09cb70dae", "derivation_id": "9665c5956ffcb9742571acd94da78f43e1d7a7ba60eaf69e342a197c483802de", "document_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "block_sequence": 44, "char_end": 3109, "char_start": 0, "fragment_sha256": "f3631770a92a9df4743b22254c387de935a1cf1d82573007193a3e72689ce8bc", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#p15", "passage_kind": "narrative", "passage_sequence": 15, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/exh9921q22_opendoorshare.htm", "table_id": null, "text": "Adjusted Gross Profit / Margin We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution Profit / Margin We calculate Contribution Profit as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflows directly associated with a specific resale cohort. Contribution Profit / Margin After Interest We define Contribution Profit After Interest as Contribution Profit, minus interest expense under our non-recourse asset- backed senior debt facilities incurred on the homes sold during the period. This may include interest expense recorded in periods prior to the period in which the sale occurred. Our asset-backed senior debt facilities are secured by our real estate inventory and cash. In addition to our senior debt facilities, we use a mix of debt and equity capital to finance our inventory and that mix will vary over time. In addition, we expect to continue to evolve our cost of financing as we include other debt sources beyond mezzanine capital. As such, in order to allow more meaningful period over period comparisons that more accurately reflect our asset performance rather than our evolving financing choices, we do not include interest expense associated with our mezzanine term debt facilities in this calculation. Contribution Margin After Interest is Contribution Profit After Interest as a percentage of revenue. We view this metric as an important measure of business performance. Contribution Profit After Interest helps management assess Contribution Margin performance, per above, when burdened with the cost of senior financing. 20 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b46"], "char_count": 2778, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1924bfa2bed1f4a79e0115bd316d5bf87aa9213a235bfae7ea42448cc8c0c453", "derivation_id": "9665c5956ffcb9742571acd94da78f43e1d7a7ba60eaf69e342a197c483802de", "document_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "block_sequence": 46, "char_end": 2778, "char_start": 0, "fragment_sha256": "68a6f7a8c139ce8c7acffb6a5fb2d1bb93f0527cf973dce4801c81dbed9a8db5", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#p16", "passage_kind": "narrative", "passage_sequence": 16, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/exh9921q22_opendoorshare.htm", "table_id": null, "text": "21 Adjusted Net Income (Loss) and Adjusted EBITDA We also present Adjusted Net Income (Loss) and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non- recurring, non-cash, not directly related to our revenue-generating operations or not aligned to related revenue. Adjusted Net Income (Loss) and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net income (loss). We calculate Adjusted Net Income (Loss) as GAAP net income (loss) adjusted to exclude non-cash expenses of stock-based compensation, marketable equity securities fair value adjustment, warrant fair value adjustment, and intangibles amortization expense. It also excludes non-recurring gain on lease termination, payroll tax on initial RSU release, and legal contingency accrual. Adjusted Net Income (Loss) also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Income (Loss) does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net Income (Loss) adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. 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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited)\n\n23 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) March 31, 2022 December 31, 2021 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 2,312 $ 1,731 Restricted cash 444 847 Marketable securities 464 484 Escrow receivable 58 84 Mortgage loans held for sale pledged under agreements to repurchase 11 7 Real estate inventory, net 4,664 6,096 Other current assets ($4 and $4 carried at fair value) 126 91 Total current assets 8,079 9,340 PROPERTY AND EQUIPMENT – Net 49 45 RIGHT OF USE ASSETS 45 42 GOODWILL 60 60 INTANGIBLES – Net 10 12 OTHER ASSETS ($5 and $5 carried at fair value) 29 7 TOTAL ASSETS $ 8,272 $ 9,506 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 132 $ 137 Non-recourse asset-backed debt - current portion 2,660 4,240 Other secured borrowings 10 7 Interest payable 6 12 Lease liabilities - current portion 6 4 Total current liabilities 2,814 4,400 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 2,113 1,862 CONVERTIBLE SENIOR NOTES 955 954 LEASE LIABILITIES – Net of current portion 43 42 Total liabilities 5,925 7,258 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 622,918,512 and 616,026,565 shares issued, respectively; 622,918,512 and 616,026,565 shares — — Additional paid-in capital 4,028 3,955 Accumulated deficit (1,677) (1,705) Accumulated other comprehensive (loss) income (4) (2) Total shareholders’ equity 2,347 2,248 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 8,272 $ 9,506"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b52"], "char_count": 2658, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f48cd3f7a39f02d00d8e8d25217558af036b16b97eccd8fdd32595fb12ca06cf", "derivation_id": "9665c5956ffcb9742571acd94da78f43e1d7a7ba60eaf69e342a197c483802de", "document_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "block_sequence": 52, "char_end": 2658, "char_start": 0, "fragment_sha256": "0d8c3f7e2486d76e81af1b1888a7a6c76be94ad3effa3b456a0f584eb567ba46", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#p18", "passage_kind": "narrative", "passage_sequence": 18, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/exh9921q22_opendoorshare.htm", "table_id": null, "text": "24 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Three Months Ended March 31, 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 28 $ (270) Adjustments to reconcile net income (loss) to cash, cash equivalents, and restricted cash provided by (used in) operating activities: Depreciation and amortization 18 10 Amortization of right of use asset 2 2 Stock-based compensation 67 239 Warrant fair value adjustment — 15 Gain on settlement of lease liabilities — (5) Inventory valuation adjustment 8 — Change in fair value of equity securities 22 — Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale (1) (1) Origination of mortgage loans held for sale (46) (32) Proceeds from sale and principal collections of mortgage loans held for sale 43 32 Changes in operating assets and liabilities: Escrow receivable 26 (18) Real estate inventory 1,416 (375) Other assets (28) (8) Accounts payable and other accrued liabilities 2 16 Interest payable (5) — Lease liabilities (2) (10) Net cash provided by (used in) operating activities 1,550 (405) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (10) (4) Purchase of marketable securities (28) (34) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 22 23 Purchase of non-marketable equity securities (25) (10) Capital returns of non-marketable equity securities 3 — Net cash used in investing activities (38) (25) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise of stock options 2 — Proceeds from the February 2021 Offering — 886 Issuance cost of common stock — (29) Proceeds from non-recourse asset-backed debt 2,292 673 Principal payments on non-recourse asset-backed debt (3,622) (423) Proceeds from other secured borrowings 45 31 Principal payments on other secured borrowings (41) (31) Payment of loan origination fees and debt issuance costs (10) — Net cash (used in) provided by financing activities (1,334) 1,107 NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 178 677 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 2,578 1,506 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $ 2,756 $ 2,183 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $ 68 $ 9 DISCLOSURES OF NONCASH ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 4 $ 5 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 2,312 $ 2,040 Restricted cash 444 143 Cash, cash equivalents, and restricted cash $ 2,756 $ 2,183"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b54"], "char_count": 2606, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e7306c2761bc9e1e8e2e1ea8b49eb6cd5e6e9a2df5327cb807949f63c269c11b", "derivation_id": "9665c5956ffcb9742571acd94da78f43e1d7a7ba60eaf69e342a197c483802de", "document_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "block_sequence": 54, "char_end": 2606, "char_start": 0, "fragment_sha256": "96533fb4284f6d12221e2ccd22c5118bd19b40562e66725f5938ca06b89759cd", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#p19", "passage_kind": "narrative", "passage_sequence": 19, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/exh9921q22_opendoorshare.htm", "table_id": null, "text": "25 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT, CONTRIBUTION PROFIT AND CONTRIBUTION PROFIT AFTER INTEREST TO OUR GROSS PROFIT (Unaudited) Three Months Ended (in millions, except percentages and homes sold, or as noted) March 31, 2022 March 31, 2021 Gross profit (GAAP) $ 535 $ 97 Gross Margin 10.4 % 13.0 % Adjustments: Inventory valuation adjustment – Current Period͏(1)(2) 8 — Inventory valuation adjustment – Prior Periods͏(1)(3) (31) — Adjusted Gross Profit $ 512 $ 97 Adjusted Gross Margin 9.9 % 13.0 % Adjustments: Direct selling costs(4) (136) (18) Holding costs on sales – Current Period͏(5)(6) (16) (2) Holding costs on sales – Prior Periods͏(5)(7) (28) (1) Contribution Profit $ 332 $ 76 Homes sold in period 12,669 2,462 Contribution Profit per Home Sold (in thousands) $ 26 $ 31 Contribution Margin 6.4 % 10.2 % Adjustments: Interest on homes sold – Current Period͏(8)(9) (16) (2) Interest on homes sold – Prior Periods͏(8)(10) (26) (1) Contribution Profit After Interest $ 290 $ 73 Contribution Margin After Interest 5.6 % 9.8 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented. (8) This does not include interest on mezzanine term debt facilities or other indebtedness. (9) Represents the interest expense under our asset-backed senior debt facilities incurred during the period on homes sold in the current period. (10) Represents the interest expense under our asset-backed senior debt facilities incurred during prior periods on homes sold in the current period."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#b56"], "char_count": 2380, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "fae7c22173389fd156852ca1c219359031b4c8ea414c01a4ba2e5015bdf3ae2e", "derivation_id": "9665c5956ffcb9742571acd94da78f43e1d7a7ba60eaf69e342a197c483802de", "document_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "block_sequence": 56, "char_end": 2380, "char_start": 0, "fragment_sha256": "aaa298d413740e7fa5f9bba63b89441bc4719dd21f2933425c4b2c909d85f32c", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#p20", "passage_kind": "narrative", "passage_sequence": 20, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000040:exh9921q22_opendoorshare.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/exh9921q22_opendoorshare.htm", "table_id": null, "text": "26 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED NET INCOME (LOSS) AND ADJUSTED EBITDA TO OUR NET LOSS (Unaudited) Three Months Ended Twelve Months Ended (in millions, except percentages) March 31, 2022 March 31, 2021 December 31, 2021 Net Income (loss) (GAAP) $ 28 $ (270) $ (662) Adjustments: Stock-based compensation 67 239 536 Equity securities fair value adjustment(1) 22 — (35) Warrant fair value adjustment͏(1) — 15 (12) Intangibles amortization expense(2) 2 — 4 Inventory valuation adjustment – Current Period͏(3)(4) 8 — 39 Inventory valuation adjustment — Prior Periods͏(3)(5) (31) — — Gain on lease termination — (5) (5) Payroll tax on initial RSU release — — 5 Legal contingency accrual 3 — 14 Adjusted Net Income (Loss) $ 99 $ (21) $ (116) Adjustments: Depreciation and amortization, excluding amortization of intangibles 9 9 33 Property financing(6) 58 7 119 Other interest expense(7) 10 4 24 Interest income(8) — (1) (3) Income tax expense — — 1 Adjusted EBITDA $ 176 $ (2) $ 58 Adjusted EBITDA Margin 3.4 % (0.3) % 0.7 % (1) Represents the gains and losses on our financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Includes interest expense on our non-recourse asset-backed debt facilities. (7) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset- backed debt facilities, interest expense related to the 2026 convertible senior notes outstanding, and interest expense on other secured borrowings. 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NON-GAAP MEASURES & KEY METRICS (Unaudited) Period Ended ($ in millions, except markets, homes purchased, homes sold, homes in inventory, and margins) Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Key Metrics Total Markets 45 44 44 39 27 Total Revenue $ 5,151 $ 3,822 $ 2,266 $ 1,186 $ 747 Homes Purchased 9,020 9,639 15,181 8,494 3,594 Homes Sold 12,669 9,794 5,988 3,481 2,462 Homes in Inventory 13,360 17,009 17,164 7,971 2,958 Inventory $ 4,664 $ 6,096 $ 6,268 $ 2,724 $ 841 Non-GAAP Financial Measures Adjusted Gross Profit $ 512 $ 279 $ 233 $ 160 $ 97 Selling Costs (136) (99) (52) (26) (18) Holding Costs (44) (28) (12) (6) (3) Contribution Profit $ 332 $ 152 $ 169 $ 128 $ 76 Contribution Profit After Interest $ 290 $ 127 $ 159 $ 123 $ 73 Adjusted EBITDA $ 176 $ 0.4 $ 35 $ 25 $ (2) Adjusted Net Income (Loss) $ 99 $ (80) $ (18) $ 3 $ (21) Margins Total Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Adjusted Gross Profit 9.9 % 7.3 % 10.3 % 13.5 % 13.0 % Contribution Margin 6.4 % 4.0 % 7.5 % 10.8 % 10.2 % Contribution Margin After Interest 5.6 % 3.3 % 7.0 % 10.4 % 9.8 % Adjusted EBITDA 3.4 % \u2014 % 1.5 % 2.2 % (0.3) % Adjusted Net Income (Loss) 1.9 % (2.1) % (0.8) % 0.2 % (2.8) % Exhibit 99.3" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm#b7", + "block_sequence": 7, + "block_sha256": "7f6bd9252a1fc23ef855e532c17eb726245287537a7029c4bfb304e0c20fb373", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm", + "block_sequence": 7, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "de2814b2a277a633ea56856839847fcd8ce2e2afeb7c6a1ced60a041540e4482", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm#s2", + "table": null, + "text": "exh993q12022formxex993su002.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm#b8", + "block_sequence": 8, + "block_sha256": "3cada5c6fab93fba4d4eb80949c39696353e398aefa25cde7b6a4619832270e0", + "block_type": "paragraph", + "char_count": 873, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm", + "block_sequence": 8, + "char_end": 873, + "char_start": 0, + "fragment_sha256": "559169bb648be2430d993f6104bfaae9ca84107f8360c003b8a826a8b10f5815", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited) Three Months Ended March 31, 2022 2021 REVENUE $ 5,151 $ 747 COST OF REVENUE 4,616 650 GROSS PROFIT 535 97 OPERATING EXPENSES: Sales, marketing and operations 276 69 General and administrative 101 222 Technology and development 40 51 Total operating expenses 417 342 INCOME (LOSS) FROM OPERATIONS 118 (245) WARRANT FAIR VALUE ADJUSTMENT \u2014 (15) INTEREST EXPENSE (68) (11) OTHER (LOSS) INCOME \u2013 Net (22) 1 INCOME (LOSS) BEFORE INCOME TAXES 28 (270) INCOME TAX EXPENSE \u2014 \u2014 NET INCOME (LOSS) $ 28 $ (270) Net income (loss) per share attributable to common shareholders: Basic $ 0.05 $ (0.48) Diluted $ 0.04 $ (0.48) Weighted-average shares outstanding: Basic 619,137 565,381 Diluted 640,785 565,381" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm#b9", + "block_sequence": 9, + "block_sha256": "3f168403195334855e71313dda33b2cc0556eb015ca7246845cb4d95f2adf0cc", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm", + "block_sequence": 9, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "dfc310e42160767a0647c755d624a38912de69bbce4c4baf86051822e2e4b924", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm#s2", + "table": null, + "text": "exh993q12022formxex993su003.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm#b10", + "block_sequence": 10, + "block_sha256": "a5c6560eac7a5c2af7dfedf445a6e5a07d77960e974c1aca81644fbd85e432bb", + "block_type": "paragraph", + "char_count": 1598, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm", + "block_sequence": 10, + "char_end": 1598, + "char_start": 0, + "fragment_sha256": "06166b4438f04ba0b1b44cd47d5ca400694f99512b9d85692c91b617ff1cd1ac", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) March 31, 2022 December 31, 2021 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 2,312 $ 1,731 Restricted cash 444 847 Marketable securities 464 484 Escrow receivable 58 84 Mortgage loans held for sale pledged under agreements to repurchase 11 7 Real estate inventory, net 4,664 6,096 Other current assets ($4 and $4 carried at fair value) 126 91 Total current assets 8,079 9,340 PROPERTY AND EQUIPMENT \u2013 Net 49 45 RIGHT OF USE ASSETS 45 42 GOODWILL 60 60 INTANGIBLES \u2013 Net 10 12 OTHER ASSETS ($5 and $5 carried at fair value) 29 7 TOTAL ASSETS $ 8,272 $ 9,506 LIABILITIES AND SHAREHOLDERS\u2019 EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 132 $ 137 Non-recourse asset-backed debt - current portion 2,660 4,240 Other secured borrowings 10 7 Interest payable 6 12 Lease liabilities - current portion 6 4 Total current liabilities 2,814 4,400 NON-RECOURSE ASSET-BACKED DEBT \u2013 Net of current portion 2,113 1,862 CONVERTIBLE SENIOR NOTES 955 954 LEASE LIABILITIES \u2013 Net of current portion 43 42 Total liabilities 5,925 7,258 SHAREHOLDERS\u2019 EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 622,918,512 and 616,026,565 shares issued, respectively; 622,918,512 and 616,026,565 shares outstanding, respectively \u2014 \u2014 Additional paid-in capital 4,028 3,955 Accumulated deficit (1,677) (1,705) Accumulated other comprehensive (loss) income (4) (2) Total shareholders\u2019 equity 2,347 2,248 TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY $ 8,272 $ 9,506" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm#b11", + "block_sequence": 11, + "block_sha256": "db7b87a6d729ef1b4d61dec9945dc6371ffeb2f6c712f0c2a401b9a1018e2a57", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm", + "block_sequence": 11, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "faca71ea35b6f5cbd9c43e75e85f4621b570d7e5be7542c78b1c5359ce2b9bb7", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm#s2", + "table": null, + "text": "exh993q12022formxex993su004.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm#b12", + "block_sequence": 12, + "block_sha256": "f48a800dbb039d56382dbe4be64f06221d336c2cda8d25cc98b1a959080e92d5", + "block_type": "paragraph", + "char_count": 1961, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm", + "block_sequence": 12, + "char_end": 1961, + "char_start": 0, + "fragment_sha256": "cbfcbcd4098f680214ad07512641ee00e2207e180792f671674d1772dbe76aa1", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Three Months Ended March 31, 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 28 $ (270) Adjustments to reconcile net income (loss) to cash, cash equivalents, and restricted cash provided by (used in) operating activities: Depreciation and amortization 18 10 Amortization of right of use asset 2 2 Stock-based compensation 67 239 Warrant fair value adjustment \u2014 15 Gain on settlement of lease liabilities \u2014 (5) Inventory valuation adjustment 8 \u2014 Change in fair value of equity securities 22 \u2014 Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale (1) (1) Origination of mortgage loans held for sale (46) (32) Proceeds from sale and principal collections of mortgage loans held for sale 43 32 Changes in operating assets and liabilities: Escrow receivable 26 (18) Real estate inventory 1,416 (375) Other assets (28) (8) Accounts payable and other accrued liabilities 2 16 Interest payable (5) \u2014 Lease liabilities (2) (10) Net cash provided by (used in) operating activities 1,550 (405) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (10) (4) Purchase of marketable securities (28) (34) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 22 23 Purchase of non-marketable equity securities (25) (10) Capital returns of non-marketable equity securities 3 \u2014 Net cash used in investing activities (38) (25) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise of stock options 2 \u2014 Proceeds from the February 2021 Offering \u2014 886 Issuance cost of common stock \u2014 (29) Proceeds from non-recourse asset-backed debt 2,292 673 Principal payments on non-recourse asset-backed debt (3,622) (423) Proceeds from other secured borrowings 45 31 Principal payments on other secured borrowings (41) (31) Payment of loan origination fees and debt issuance costs (10) \u2014" + }, + { + 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NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest to our Gross Profit Three Months Ended (in millions, except percentages and homes sold, or as noted) March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 Gross profit (GAAP) $ 535 $ 272 $ 202 $ 159 $ 97 Gross Margin 10.4 % 7.1 % 8.9 % 13.4 % 13.0 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f (1)(2) 8 24 31 1 \u2014 Inventory valuation adjustment \u2013 Prior Periods\u034f (1)(3) (31) (17) \u2014 \u2014 \u2014 Adjusted Gross Profit $ 512 $ 279 $ 233 $ 160 $ 97 Adjusted Gross Margin 9.9 % 7.3 % 10.3 % 13.5 % 13.0 % Adjustments: Direct selling costs (4) (136) (99) (52) (26) (18) Holding costs on sales \u2013 Current Period\u034f (5)(6) (16) (12) (7) (3) (2) Holding costs on sales \u2013 Prior Periods\u034f (5)(7) (28) (16) (5) (3) (1) Contribution Profit $ 332 $ 152 $ 169 $ 128 $ 76 Homes sold in period 12,669 9,794 5,988 3,481 2,462 Contribution Profit per Home Sold (in thousands) $ 26 $ 16 $ 28 $ 37 $ 31 Contribution Margin 6.4 % 4.0 % 7.5 % 10.8 % 10.2 % Adjustments: Interest on homes sold \u2013 Current Period\u034f (8)(9) (16) (12) (6) (3) (2) Interest on homes sold \u2013 Prior Periods\u034f (8)(10) (26) (13) (4) (2) (1) Contribution Profit After Interest $ 290 $ 127 $ 159 $ 123 $ 73 Contribution Margin After Interest 5.6 % 3.3 % 7.0 % 10.4 % 9.8 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow- related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented. (8) This does not include interest on mezzanine term debt facilities or other indebtedness. (9) Represents the interest expense under our asset-backed senior debt facilities incurred during the period on homes sold in the current period. 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NON-GAAP MEASURES & KEY METRICS (Unaudited) Period Ended ($ in millions, except markets, homes purchased, homes sold, homes in inventory, and margins) Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Key Metrics Total Markets 45 44 44 39 27 Total Revenue $ 5,151 $ 3,822 $ 2,266 $ 1,186 $ 747 Homes Purchased 9,020 9,639 15,181 8,494 3,594 Homes Sold 12,669 9,794 5,988 3,481 2,462 Homes in Inventory 13,360 17,009 17,164 7,971 2,958 Inventory $ 4,664 $ 6,096 $ 6,268 $ 2,724 $ 841 Non-GAAP Financial Measures Adjusted Gross Profit $ 512 $ 279 $ 233 $ 160 $ 97 Selling Costs (136) (99) (52) (26) (18) Holding Costs (44) (28) (12) (6) (3) Contribution Profit $ 332 $ 152 $ 169 $ 128 $ 76 Contribution Profit After Interest $ 290 $ 127 $ 159 $ 123 $ 73 Adjusted EBITDA $ 176 $ 0.4 $ 35 $ 25 $ (2) Adjusted Net Income (Loss) $ 99 $ (80) $ (18) $ 3 $ (21) Margins Total Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Adjusted Gross Profit 9.9 % 7.3 % 10.3 % 13.5 % 13.0 % Contribution Margin 6.4 % 4.0 % 7.5 % 10.8 % 10.2 % Contribution Margin After Interest 5.6 % 3.3 % 7.0 % 10.4 % 9.8 % Adjusted EBITDA 3.4 % — % 1.5 % 2.2 % (0.3) % Adjusted Net Income (Loss) 1.9 % (2.1) % (0.8) % 0.2 % (2.8) % Exhibit 99.3\n\nOPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited) Three Months Ended March 31, 2022 2021 REVENUE $ 5,151 $ 747 COST OF REVENUE 4,616 650 GROSS PROFIT 535 97 OPERATING EXPENSES: Sales, marketing and operations 276 69 General and administrative 101 222 Technology and development 40 51 Total operating expenses 417 342 INCOME (LOSS) FROM OPERATIONS 118 (245) WARRANT FAIR VALUE ADJUSTMENT — (15) INTEREST EXPENSE (68) (11) OTHER (LOSS) INCOME – Net (22) 1 INCOME (LOSS) BEFORE INCOME TAXES 28 (270) INCOME TAX EXPENSE — — NET INCOME (LOSS) $ 28 $ (270) Net income (loss) per share attributable to common shareholders: Basic $ 0.05 $ (0.48) Diluted $ 0.04 $ (0.48) Weighted-average shares outstanding: Basic 619,137 565,381 Diluted 640,785 565,381"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm#b10"], "char_count": 1598, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a5c6560eac7a5c2af7dfedf445a6e5a07d77960e974c1aca81644fbd85e432bb", "derivation_id": "5b2caaec7a7d66fedf7564a4e7c4588668b2a373c1896dda60ebcaaedbff1704", "document_id": "norm:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm", "block_sequence": 10, "char_end": 1598, "char_start": 0, "fragment_sha256": "06166b4438f04ba0b1b44cd47d5ca400694f99512b9d85692c91b617ff1cd1ac", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm#p2", "passage_kind": "narrative", "passage_sequence": 2, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/exh993q12022formxex993su.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) March 31, 2022 December 31, 2021 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 2,312 $ 1,731 Restricted cash 444 847 Marketable securities 464 484 Escrow receivable 58 84 Mortgage loans held for sale pledged under agreements to repurchase 11 7 Real estate inventory, net 4,664 6,096 Other current assets ($4 and $4 carried at fair value) 126 91 Total current assets 8,079 9,340 PROPERTY AND EQUIPMENT – Net 49 45 RIGHT OF USE ASSETS 45 42 GOODWILL 60 60 INTANGIBLES – Net 10 12 OTHER ASSETS ($5 and $5 carried at fair value) 29 7 TOTAL ASSETS $ 8,272 $ 9,506 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 132 $ 137 Non-recourse asset-backed debt - current portion 2,660 4,240 Other secured borrowings 10 7 Interest payable 6 12 Lease liabilities - current portion 6 4 Total current liabilities 2,814 4,400 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 2,113 1,862 CONVERTIBLE SENIOR NOTES 955 954 LEASE LIABILITIES – Net of current portion 43 42 Total liabilities 5,925 7,258 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 622,918,512 and 616,026,565 shares issued, respectively; 622,918,512 and 616,026,565 shares outstanding, respectively — — Additional paid-in capital 4,028 3,955 Accumulated deficit (1,677) (1,705) Accumulated other comprehensive (loss) income (4) (2) Total shareholders’ equity 2,347 2,248 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 8,272 $ 9,506"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm#b12"], "char_count": 1961, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f48a800dbb039d56382dbe4be64f06221d336c2cda8d25cc98b1a959080e92d5", "derivation_id": "5b2caaec7a7d66fedf7564a4e7c4588668b2a373c1896dda60ebcaaedbff1704", "document_id": "norm:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm", "block_sequence": 12, "char_end": 1961, "char_start": 0, "fragment_sha256": "cbfcbcd4098f680214ad07512641ee00e2207e180792f671674d1772dbe76aa1", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/exh993q12022formxex993su.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Three Months Ended March 31, 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 28 $ (270) Adjustments to reconcile net income (loss) to cash, cash equivalents, and restricted cash provided by (used in) operating activities: Depreciation and amortization 18 10 Amortization of right of use asset 2 2 Stock-based compensation 67 239 Warrant fair value adjustment — 15 Gain on settlement of lease liabilities — (5) Inventory valuation adjustment 8 — Change in fair value of equity securities 22 — Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale (1) (1) Origination of mortgage loans held for sale (46) (32) Proceeds from sale and principal collections of mortgage loans held for sale 43 32 Changes in operating assets and liabilities: Escrow receivable 26 (18) Real estate inventory 1,416 (375) Other assets (28) (8) Accounts payable and other accrued liabilities 2 16 Interest payable (5) — Lease liabilities (2) (10) Net cash provided by (used in) operating activities 1,550 (405) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (10) (4) Purchase of marketable securities (28) (34) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 22 23 Purchase of non-marketable equity securities (25) (10) Capital returns of non-marketable equity securities 3 — Net cash used in investing activities (38) (25) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise of stock options 2 — Proceeds from the February 2021 Offering — 886 Issuance cost of common stock — (29) Proceeds from non-recourse asset-backed debt 2,292 673 Principal payments on non-recourse asset-backed debt (3,622) (423) Proceeds from other secured borrowings 45 31 Principal payments on other secured borrowings (41) (31) Payment of loan origination fees and debt issuance costs (10) —"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm#b14", "norm:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm#b16"], "char_count": 3641, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "852b62b003e6b7b25bb9456c8a4d5aba404e521b5010c5f0fea3bd1fd9d9574e", "derivation_id": "5b2caaec7a7d66fedf7564a4e7c4588668b2a373c1896dda60ebcaaedbff1704", "document_id": "norm:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm", "block_sequence": 14, "char_end": 683, "char_start": 0, "fragment_sha256": "b5e855829cfaa61cfcc9dd24ceffc1f9b58a89ddf8f8cd668f4c3c15dbc9fb2a", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm", "block_sequence": 16, "char_end": 2956, "char_start": 0, "fragment_sha256": "44c4423390f65db8025f714838e15ee2d697524bc367ed8cefa92b3b2e84c921", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/exh993q12022formxex993su.htm", "table_id": null, "text": "Net cash provided by financing activities (1,334) 1,107 NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 178 677 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 2,578 1,506 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $ 2,756 $ 2,183 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $ 68 $ 9 DISCLOSURES OF NONCASH ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 4 $ 5 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 2,312 $ 2,040 Restricted cash 444 143 Cash, cash equivalents, and restricted cash $ 2,756 $ 2,183\n\nOPENDOOR TECHNOLOGIES INC. NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest to our Gross Profit Three Months Ended (in millions, except percentages and homes sold, or as noted) March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 Gross profit (GAAP) $ 535 $ 272 $ 202 $ 159 $ 97 Gross Margin 10.4 % 7.1 % 8.9 % 13.4 % 13.0 % Adjustments: Inventory valuation adjustment – Current Period͏ (1)(2) 8 24 31 1 — Inventory valuation adjustment – Prior Periods͏ (1)(3) (31) (17) — — — Adjusted Gross Profit $ 512 $ 279 $ 233 $ 160 $ 97 Adjusted Gross Margin 9.9 % 7.3 % 10.3 % 13.5 % 13.0 % Adjustments: Direct selling costs (4) (136) (99) (52) (26) (18) Holding costs on sales – Current Period͏ (5)(6) (16) (12) (7) (3) (2) Holding costs on sales – Prior Periods͏ (5)(7) (28) (16) (5) (3) (1) Contribution Profit $ 332 $ 152 $ 169 $ 128 $ 76 Homes sold in period 12,669 9,794 5,988 3,481 2,462 Contribution Profit per Home Sold (in thousands) $ 26 $ 16 $ 28 $ 37 $ 31 Contribution Margin 6.4 % 4.0 % 7.5 % 10.8 % 10.2 % Adjustments: Interest on homes sold – Current Period͏ (8)(9) (16) (12) (6) (3) (2) Interest on homes sold – Prior Periods͏ (8)(10) (26) (13) (4) (2) (1) Contribution Profit After Interest $ 290 $ 127 $ 159 $ 123 $ 73 Contribution Margin After Interest 5.6 % 3.3 % 7.0 % 10.4 % 9.8 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow- related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented. (8) This does not include interest on mezzanine term debt facilities or other indebtedness. (9) Represents the interest expense under our asset-backed senior debt facilities incurred during the period on homes sold in the current period. (10) Represents the interest expense under our asset-backed senior debt facilities incurred during prior periods on homes sold in the current period."} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm#b18"], "char_count": 2675, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "98f132b6d842d5b70b4a6baf841db3b24bf589af0a1874afff52930916ae9168", "derivation_id": "5b2caaec7a7d66fedf7564a4e7c4588668b2a373c1896dda60ebcaaedbff1704", "document_id": "norm:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm", "block_sequence": 18, "char_end": 2675, "char_start": 0, "fragment_sha256": "65b949b0cb05c65d5423e5a9f424ac566bf4a1603db848385b753948fb30c449", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000040:exh993q12022formxex993su.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/exh993q12022formxex993su.htm", "table_id": null, "text": "Reconciliation of our Adjusted Net Income (Loss) and Adjusted EBITDA to our Net Loss Three Months Ended (in millions, except percentages) March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 Net Income (loss) (GAAP) $ 28 $ (191) $ (57) $ (144) $ (270) Adjustments: Stock-based compensation 67 71 62 164 239 Equity securities fair value adjustment(1) 22 16 (51) — — Warrant fair value adjustment͏(1) — — (3) (24) 15 Intangibles amortization expense(2) 2 2 1 1 — Inventory valuation adjustment – Current Period͏(3)(4) 8 24 31 1 — Inventory valuation adjustment — Prior Periods͏(3)(5) (31) (17) — — — Gain on lease termination — — — — (5) Payroll tax on initial RSU release — — — 5 — Legal contingency accrual 3 14 — — — Other(6) — 1 (1) — — Adjusted Net Income (Loss) $ 99 $ (80) $ (18) $ 3 $ (21) Adjustments: Depreciation and amortization, excluding amortization of intangibles 9 9 8 7 9 Property financing(7) 58 62 38 12 7 Other interest expense(8) 10 10 6 4 4 Interest income(9) — (1) — (1) (1) Income tax expense — — 1 — — Adjusted EBITDA $ 176 $ 0.4 $ 35 $ 25 $ (2) Adjusted EBITDA Margin 3.4 % — % 1.5 % 2.2 % (0.3) % (1) Represents the gains and losses on our financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Includes primarily gain or loss on disposal of fixed assets, gain or loss on interest rate lock commitments, gain or loss on the sale of available for sale securities, and sublease income. (7) Includes interest expense on our non-recourse asset-backed debt facilities. (8) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, interest expense related to the 2026 convertible senior notes outstanding, and interest expense on other secured borrowings. 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Emerging growth company \u2610 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:open-20220505.htm#b20", + "block_sequence": 20, + "block_sha256": "5307a7e048eb396b1c5276f7cf16cf2e9f1135d2d24aedc7fff830e4d32b3091", + "block_type": "heading", + "char_count": 9, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:open-20220505.htm", + "block_sequence": 20, + "char_end": 9, + "char_start": 0, + "fragment_sha256": "8dffb782385f2f3d67fc274056b6c21f38598d994cb3a74b02b658a5d0c5aa0f", + "heading_path": [ + "UNITED STATES", + "Item 2.02" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000040:open-20220505.htm#s12", + "table": null, + "text": "Item 2.02" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:open-20220505.htm#b21", + "block_sequence": 21, + "block_sha256": "58c5517f0aa14eebc720b301fc7cce224252190d0c71fc33fdbe6ac5f8920c71", + "block_type": "heading", + "char_count": 45, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:open-20220505.htm", + "block_sequence": 21, + "char_end": 45, + "char_start": 0, + "fragment_sha256": "8d84f9abf7be045af6a2d5ce6eb4873d8d34fec79713685c930ef9adf0f4d08d", + "heading_path": [ + "UNITED STATES", + "Item 2.02", + "Results of Operations and Financial Condition" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000040:open-20220505.htm#s13", + "table": null, + "text": "Results of Operations and Financial Condition" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:open-20220505.htm#b22", + "block_sequence": 22, + "block_sha256": "67c6db8796e41c02c2a7d18221916a5e7c68bb4efbc0f078467c48ff4318bca4", + "block_type": "paragraph", + "char_count": 345, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:open-20220505.htm", + "block_sequence": 22, + "char_end": 345, + "char_start": 0, + "fragment_sha256": "2cbee4cab72232598f705107689bfcd6aa5441f53bbefb01e02f854965b03346", + "heading_path": [ + "UNITED STATES", + "Item 2.02", + "Results of Operations and Financial Condition" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:open-20220505.htm#s13", + "table": null, + "text": "On May 5, 2022, Opendoor Technologies Inc. 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A copy of the press release and the shareholder letter is furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K." + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:open-20220505.htm#b23", + "block_sequence": 23, + "block_sha256": "b89696dd562dc98e2d1749a869ddb9e170e8ec4b569de938d823dcf31e61ed4a", + "block_type": "heading", + "char_count": 34, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:open-20220505.htm", + "block_sequence": 23, + "char_end": 34, + "char_start": 0, + "fragment_sha256": "fcec0789832f49277de82434595e218c54afde9c84449c5911f7736e0ddd34bf", + "heading_path": [ + "UNITED STATES", + "Item 7.01 Regulation FD Disclosure" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000040:open-20220505.htm#s14", + "table": null, + "text": "Item 7.01 Regulation FD Disclosure" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:open-20220505.htm#b24", + "block_sequence": 24, + "block_sha256": "a0fd1cfa55c4fc7ac02a92dd31073d361964930c97f26fb979e2c6c22b8bbe5a", + "block_type": "paragraph", + "char_count": 766, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:open-20220505.htm", + "block_sequence": 24, + "char_end": 766, + "char_start": 0, + "fragment_sha256": "356fb75e8b4aff8a49458f21a83590553819ab84f590513927c921161e0dca8c", + "heading_path": [ + "UNITED STATES", + "Item 7.01 Regulation FD Disclosure" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000040:open-20220505.htm#s14", + "table": null, + "text": "On May 5, 2022, the Company posted an earnings supplement (the \u201cSupplement\u201d) in the \u201cInvestor Relations\u201d portion of its website at investor.opendoor.com. A copy of the Supplement is attached to this Current Report on Form 8-K as Exhibit 99.3. The information contained in Items 2.02 and 7.01 of this Current Report (including Exhibits 99.1, 99.2, and 99.3 attached hereto) shall not be deemed \u201cfiled\u201d for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing." + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:open-20220505.htm#b25", + "block_sequence": 25, + "block_sha256": "28d9b98ec55f40445f464c6461083674943302bf8d4ac1af51951bba92dd594f", + "block_type": "heading", + "char_count": 10, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:open-20220505.htm", + "block_sequence": 25, + "char_end": 10, + "char_start": 0, + "fragment_sha256": 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Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-22-000040:open-20220505.htm#b22"], "char_count": 345, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "67c6db8796e41c02c2a7d18221916a5e7c68bb4efbc0f078467c48ff4318bca4", "derivation_id": "979a5e3f6f84839a9091271d4f3ad4cc86b1c388591ee651c82311f647665318", "document_id": "norm:0001801169:0001801169-22-000040:open-20220505.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 2.02", "Results of Operations and Financial Condition"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:open-20220505.htm", "block_sequence": 22, "char_end": 345, "char_start": 0, "fragment_sha256": "2cbee4cab72232598f705107689bfcd6aa5441f53bbefb01e02f854965b03346", "heading_path": ["UNITED STATES", "Item 2.02", "Results of Operations and Financial Condition"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:open-20220505.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:open-20220505.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-22-000040:open-20220505.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/open-20220505.htm", "table_id": null, "text": "On May 5, 2022, Opendoor Technologies Inc. (the “Company”) issued a press release and a shareholder letter announcing its financial results for the fourth quarter and year ended March 31, 2022. A copy of the press release and the shareholder letter is furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-22-000040:open-20220505.htm#b24"], "char_count": 766, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a0fd1cfa55c4fc7ac02a92dd31073d361964930c97f26fb979e2c6c22b8bbe5a", "derivation_id": "979a5e3f6f84839a9091271d4f3ad4cc86b1c388591ee651c82311f647665318", "document_id": "norm:0001801169:0001801169-22-000040:open-20220505.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 7.01 Regulation FD Disclosure"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:open-20220505.htm", "block_sequence": 24, "char_end": 766, "char_start": 0, "fragment_sha256": "356fb75e8b4aff8a49458f21a83590553819ab84f590513927c921161e0dca8c", "heading_path": ["UNITED STATES", "Item 7.01 Regulation FD Disclosure"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:open-20220505.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:open-20220505.htm#s14", "source_artifact_id": "sec:0001801169:0001801169-22-000040:open-20220505.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/open-20220505.htm", "table_id": null, "text": "On May 5, 2022, the Company posted an earnings supplement (the “Supplement”) in the “Investor Relations” portion of its website at investor.opendoor.com. A copy of the Supplement is attached to this Current Report on Form 8-K as Exhibit 99.3. The information contained in Items 2.02 and 7.01 of this Current Report (including Exhibits 99.1, 99.2, and 99.3 attached hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-22-000040:open-20220505.htm#b27"], "char_count": 12, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1bb512677b8189f063271298af785857c211249e9a13edc9cf8a2d4545faefd7", "derivation_id": "979a5e3f6f84839a9091271d4f3ad4cc86b1c388591ee651c82311f647665318", "document_id": "norm:0001801169:0001801169-22-000040:open-20220505.htm", "document_type": 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Opendoor Technologies Inc. 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(Nasdaq: OPEN), a leading digital platform for residential real estate transactions, today reported financial results for its quarter ended March 31, 2022. Opendoor\u2019s first quarter of 2022 financial results and management commentary can be accessed through the Company\u2019s shareholder letter on the quarterly results page of Opendoor\u2019s investor relations website at https://investor.opendoor.com. \u201cWe are proud to report our first quarter of positive net income as we exceeded our expectations across all of our key metrics,\u201d said Eric Wu, Co-founder and CEO of Opendoor. \u201cFor the past eight years, we have been working on the rare opportunity to transform the $2.3 trillion housing industry. We have made significant progress toward reshaping a broken, offline process into a digital, seamless experience for our customers.\u201d Wu continued: \u201cWe have also focused on building a durable, generational company. 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with 12,669 total homes sold, up 415% versus 1Q21, demonstrating rapid consumer adoption of our product offerings \u2022Record gross profit of $535 million, versus $97 million in 1Q21, up 452% versus prior year; gross margin of 10.4%, versus 13.0% in 1Q21 \u2022First quarter of positive net income of $28 million, versus $(270) million in 1Q21 \u2022Adjusted Net Income of $99 million, versus $(21) million in 1Q21 \u2022Record Contribution Profit of $332 million, versus $76 million in 1Q21, up 337% versus prior year; 21st consecutive quarter of positive Contribution Margin which was 6.4%, versus 10.2% in 1Q21 \u2022Adjusted EBITDA of $176 million versus $(2) million in 1Q21; fourth consecutive quarter of positive Adjusted EBITDA and three times higher than what was generated in all of 2021; Adjusted EBITDA Margin of 3.4% versus (0.3)% in 1Q21 \u2022Inventory balance of 13,360 homes, representing $4.7 billion in value, up 455% versus 1Q21 \u2022Purchased 9,020 homes, up 151% versus 1Q21 \u2022Launched San Francisco Bay Area, bringing us to 45 markets at the end of 1Q22" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b10", + "block_sequence": 10, + "block_sha256": "709be924400857c9537a1f1377b05e038633bc91e391591dfef5a32c0bb1dada", + "block_type": "heading", + "char_count": 7, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", + "block_sequence": 10, + "char_end": 7, + "char_start": 0, + "fragment_sha256": "dd91fbc1c8ad2b99acb4521a7e8ce5c75236244b89fece31335460fb1b0a96ed", + "heading_path": [ + "EX-99.1", + "Outlook" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s6", + "table": null, + "text": "Outlook" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b11", + "block_sequence": 11, + "block_sha256": "51c44d7b2cbff91deed9a4b30086efaef28bb5d64ae7bf71dc4e173e9b07ea8d", + "block_type": "paragraph", + "char_count": 192, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", + "block_sequence": 11, + "char_end": 192, + "char_start": 0, + "fragment_sha256": "fca11cc08c60e0cb0a9597df6ed1a70d6d60981560ffc3ea893a6469acda2d1f", + "heading_path": [ + "EX-99.1", + "Outlook" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s6", + "table": null, + "text": "\u20222Q22 revenue guidance of $4.1 billion - $4.3 billion, up 254% YoY at the midpoint of range \u20222Q22 Adjusted EBITDA1 guidance of $170 million - $190 million, up 604% YoY at the midpoint of range" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b12", + "block_sequence": 12, + "block_sha256": "a6d5472b2970d188397362cbeb120c141dfa00ea685622341f4da2accca23ec9", + "block_type": "heading", + "char_count": 35, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", + "block_sequence": 12, + "char_end": 35, + "char_start": 0, + "fragment_sha256": "8f4803ade21027cea3732425b5d91aff522b9219c7b3a8bb471d178586335c09", + "heading_path": [ + "EX-99.1", + "Outlook", + "Conference Call and Webcast Details" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s7", + "table": null, + "text": "Conference Call and Webcast Details" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b13", + "block_sequence": 13, + "block_sha256": "192ee7263bfc03474f310ab5f065679b45e052b67af5b345d764c5843b886e14", + "block_type": "paragraph", + "char_count": 323, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", + "block_sequence": 13, + "char_end": 323, + "char_start": 0, + "fragment_sha256": "5c96d21bcd4c356dc7c8d807910321b9f1ed3cc785412fc866a1550d2de8b6ef", + "heading_path": [ + "EX-99.1", + "Outlook", + "Conference Call and Webcast Details" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s7", + "table": null, + "text": "Opendoor will host a conference call to discuss its financial results on May 5, 2022, at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call." + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b14", + "block_sequence": 14, + "block_sha256": "1d8469bf9c663edb3c938b337e8eb7b6386c9f6dc8633427fe813d5f0ad02182", + "block_type": "heading", + "char_count": 26, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", + "block_sequence": 14, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "1c1b2c1ff491441a71c1994c5ace986494b37cd4881e2f3417345dd8ad104d6e", + "heading_path": [ + "EX-99.1", + "Outlook", + "Conference Call and Webcast Details", + "Forward Looking Statements" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s8", + "table": null, + "text": "Forward Looking Statements" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b15", + "block_sequence": 15, + "block_sha256": "06930b5aecec20b6a6387d7f09601ce20bfa8e35a6417d646ef4f3e1f40d1dfa", + "block_type": "paragraph", + "char_count": 3651, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", + "block_sequence": 15, + "char_end": 3651, + "char_start": 0, + "fragment_sha256": "f752cf12f4f43d4fa0ebcbdd370312855c15246d773dc42ba9f84ea79c8278cc", + "heading_path": [ + "EX-99.1", + "Outlook", + "Conference Call and Webcast Details", + "Forward Looking Statements" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s8", + "table": null, + "text": "This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our financial condition, anticipated financial performance, business strategy and plans, market opportunity and expansion and objectives of management for future operations. These forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject,\u201d \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cwill\u201d, or \u201cwould\u201d, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to our public securities\u2019 potential liquidity and trading; our ability to raise financing in the future; our success in retaining or recruiting, or changes required in, our officers, key employees or directors; the impact of the regulatory environment and complexities with compliance related to such environment; various factors relating to our business, operations and financial performance, including, but not limited to, the impact of the COVID-19 pandemic on our ability to grow market share; our ability to respond to general economic conditions and the health of the U.S. residential real estate industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \"Risk Factors\" in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 24, 2022, as updated by our other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 1 Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company\u2019s control. 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--- | --- |\n| | Three Months Ended March 31, | | | | | | |\n| | 2022 | | 2021 | | | | |\n| CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | |\n| Net income (loss) | $ | 28 | | | $ | (270) | |\n| Adjustments to reconcile net income (loss) to cash, cash equivalents, and restricted cash provided by (used in) operating activities: | | | | | | | |\n| Depreciation and amortization | 18 | | | 10 | | | |\n| Amortization of right of use asset | 2 | | | 2 | | | |\n| | | | | | | | |\n| Stock-based compensation | 67 | | | 239 | | | |\n| Warrant fair value adjustment | \u2014 | | | 15 | | | |\n| Gain on settlement of lease liabilities | \u2014 | | | (5) | | | |\n| Inventory valuation adjustment | 8 | | | \u2014 | | | |\n| | | | | | | | |\n| Change in fair value of equity securities | 22 | | | \u2014 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale | (1) | | | (1) | | | |\n| Origination of mortgage loans held for sale | (46) | | | (32) | | | |\n| Proceeds from sale and principal collections of mortgage loans held for sale | 43 | | | 32 | | | |\n| Changes in operating assets and liabilities: | | | | | | | |\n| Escrow receivable | 26 | | | (18) | | | |\n| Real estate inventory | 1,416 | | | (375) | | | |\n| Other assets | (28) | | | (8) | | | |\n| Accounts payable and other accrued liabilities | 2 | | | 16 | | | |\n| Interest payable | (5) | | | \u2014 | | | |\n| Lease liabilities | (2) | | | (10) | | | |\n| Net cash provided by (used in) operating activities | 1,550 | | | (405) | | | |\n| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | |\n| Purchase of property and equipment | (10) | | | (4) | | | |\n| | | | | | | | |\n| Purchase of marketable securities | (28) | | | (34) | | | |\n| Proceeds from sales, maturities, redemptions and paydowns of marketable securities | 22 | | | 23 | | | |\n| Purchase of non-marketable equity securities | (25) | | | (10) | | | |\n| | | | | | | | |\n| Capital returns of non-marketable equity securities | 3 | | | \u2014 | | | |\n| Net cash used in investing activities | (38) | | | (25) | | | |\n| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from exercise of stock options | 2 | | | \u2014 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from the February 2021 Offering | \u2014 | | | 886 | | | |\n| Issuance cost of common stock | \u2014 | | | (29) | | | |\n| | | | | | | | |\n| Proceeds from non-recourse asset-backed debt | 2,292 | | | 673 | | | |\n| Principal payments on non-recourse asset-backed debt | (3,622) | | | (423) | | | |\n| Proceeds from other secured borrowings | 45 | | | 31 | | | |\n| Principal payments on other secured borrowings | (41) | | | (31) | | | |\n| Payment of loan origination fees and debt issuance costs | (10) | | | \u2014 | | | |\n| | | | | 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FLOWS FROM FINANCING ACTIVITIES: | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \nProceeds from exercise of stock options | 2 | | | \u2014 | | | \n | | | | | | | \n | | | | | | | \nProceeds from the February 2021 Offering | \u2014 | | | 886 | | | \nIssuance cost of common stock | \u2014 | | | (29) | | | \n | | | | | | | \nProceeds from non-recourse asset-backed debt | 2,292 | | | 673 | | | \nPrincipal payments on non-recourse asset-backed debt | (3,622) | | | (423) | | | \nProceeds from other secured borrowings | 45 | | | 31 | | | \nPrincipal payments on other secured borrowings | (41) | | | (31) | | | \nPayment of loan origination fees and debt issuance costs | (10) | | | \u2014 | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \nNet cash provided by financing activities | (1,334) | | | 1,107 | | | \nNET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 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The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit, Contribution Profit After Interest, Adjusted Net (Loss) Income, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results." + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b40", + "block_sequence": 40, + "block_sha256": "d36dc3f3a1409994d5fd201d8582e0e68e2c36bec47c148908292fec8a24bbbe", + "block_type": "heading", + "char_count": 81, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", + "block_sequence": 40, + "char_end": 81, + "char_start": 0, + "fragment_sha256": "78cfde759c71ab9456e04e200bad20f55d9df67455a0c0e05b2942c2622084f4", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s20", + "table": null, + "text": "Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b41", + "block_sequence": 41, + "block_sha256": "ced100c9e1f88d338f4cd3f8adb7e1b93aae282d69d9952422c6cdd8d563739e", + "block_type": "paragraph", + "char_count": 2234, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", + "block_sequence": 41, + "char_end": 2234, + "char_start": 0, + "fragment_sha256": "405b456ce88f5a0ce7ad9bcc76e2b21e1db0ffc5741821d55013c141f20f2de6", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s20", + "table": null, + "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest, which are non-GAAP financial measures. We believe that Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance in our key markets. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Contribution Profit After Interest further impacts gross profit by including senior interest costs attributable to homes sold during a reporting period. We believe these measures facilitate meaningful period over period comparisons and illustrate our ability to generate returns on assets sold after considering the costs directly related to the assets sold in a given period. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit." + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b42", + "block_sequence": 42, + "block_sha256": "3a0f4b517b2973d0284f077238ba89bbd42b072b4d09fc22bba1dad3687e0f87", + "block_type": "heading", + "char_count": 30, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", + "block_sequence": 42, + "char_end": 30, + "char_start": 0, + "fragment_sha256": "ad3435f9016ffd33bd846c44952e5af35add4d543073bbf72f364b3671a517b9", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Gross Profit / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s21", + "table": null, + "text": "Adjusted Gross Profit / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b43", + "block_sequence": 43, + "block_sha256": "b3962a2db41409c54ab31066a622020ec2a193b770577cf1e6c972ca2271a5a3", + "block_type": "paragraph", + "char_count": 976, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", + "block_sequence": 43, + "char_end": 976, + "char_start": 0, + "fragment_sha256": "3e79e47b48cc88b924f08b2f941c62baa1fd2ea6fca465f0411c7b0cc237d82d", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Gross Profit / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s21", + "table": null, + "text": "We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b44", + "block_sequence": 44, + "block_sha256": "530922c6281eb17366bc5afad3d135e14758fe69731bdbd8be3f74f8618ea5bf", + "block_type": "heading", + "char_count": 28, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", + "block_sequence": 44, + "char_end": 28, + "char_start": 0, + "fragment_sha256": "de401b6badd9bfbd79ee63affb5bf42a8c0d4d049649690efdedd29a40b60c71", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s22", + "table": null, + "text": "Contribution Profit / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b45", + "block_sequence": 45, + "block_sha256": "53ce57937d1e18ed6e95c274c9bde474fb4e34c6de56b78fa51faa91e592bac9", + "block_type": "paragraph", + "char_count": 756, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", + "block_sequence": 45, + "char_end": 756, + "char_start": 0, + "fragment_sha256": "628eda891319ae3c754f2c4ff1eb35a81fc8fc6281a866a17ae4f08b4bf70e57", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s22", + "table": null, + "text": "We calculate Contribution Profit as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflows directly associated with a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b46", + "block_sequence": 46, + "block_sha256": "6550d89a9b61260d0341c38394782c3ca94190a307c66c7ec8c6a91e0d85fff0", + "block_type": "heading", + "char_count": 43, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", + "block_sequence": 46, + "char_end": 43, + "char_start": 0, + "fragment_sha256": "17208a9c4ac0166157479a69a444a5ed8c68eb01264411879f3cf7ade604f0b8", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin After Interest" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s23", + "table": null, + "text": "Contribution Profit / Margin After Interest" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b47", + "block_sequence": 47, + "block_sha256": "0d5a4cb67cad615f2004eb08500cb4651cf6253f0e3dde3062630c38f174c1ff", + "block_type": "paragraph", + "char_count": 1255, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", + "block_sequence": 47, + "char_end": 1255, + "char_start": 0, + "fragment_sha256": "fc4246cff39660197fa56aef1cdb22cd23e78746608b70bf3345da701a6b88dd", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin After Interest" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s23", + "table": null, + "text": "We define Contribution Profit After Interest as Contribution Profit, minus interest expense under our non-recourse asset-backed senior debt facilities incurred on the homes sold during the period. This may include interest expense recorded in periods prior to the period in which the sale occurred. Our asset-backed senior debt facilities are secured by our real estate inventory and cash. In addition to our senior debt facilities, we use a mix of debt and equity capital to finance our inventory and that mix will vary over time. In addition, we expect to continue to evolve our cost of financing as we include other debt sources beyond mezzanine capital. As such, in order to allow more meaningful period over period comparisons that more accurately reflect our asset performance rather than our evolving financing choices, we do not include interest expense associated with our mezzanine term debt facilities in this calculation. Contribution Margin After Interest is Contribution Profit After Interest as a percentage of revenue. We view this metric as an important measure of business performance. Contribution Profit After Interest helps management assess Contribution Margin performance, per above, when burdened with the cost of senior financing." + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b48", + "block_sequence": 48, + "block_sha256": "7460ff5afa74595bed1ed49c4ec349f88984782302cbab9cee3bae99ec2b46cd", + "block_type": "heading", + "char_count": 26, + "level": 6, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", + "block_sequence": 48, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "b8b8062826f34c01775f668e5b2cc75d457b8d2c8832287c6f571c29eac5c67b", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin After Interest", + "OPENDOOR TECHNOLOGIES INC." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s24", + "table": null, + "text": "OPENDOOR 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"norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b51", + "block_sequence": 51, + "block_sha256": "f9aa17ccb15e3a675fca6f8c1e57bf3db93b3cf876860608fe8d12b3aa8a8174", + "block_type": "paragraph", + "char_count": 11, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", + "block_sequence": 51, + "char_end": 11, + "char_start": 0, + "fragment_sha256": "2a7680d26ab0fd2298dd52fd36b9d301e5103004cef230dbf5fbd1eabb314fa8", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin After Interest", + "OPENDOOR TECHNOLOGIES INC.", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s25", + "table": null, + "text": "(Unaudited)" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b52", + "block_sequence": 52, + "block_sha256": "f2efc3d99fb915bd7e8a227eaffb3975f9d1e6cdc043e6362c8c6be9e19cff48", + "block_type": "paragraph", + "char_count": 234, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", + "block_sequence": 52, + "char_end": 234, + "char_start": 0, + "fragment_sha256": "282df70ba30add14edc335c8110deaba6acbb9d1a399aedc655ebef30cf36211", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin After Interest", + "OPENDOOR TECHNOLOGIES INC.", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s25", + "table": null, + "text": "The following table presents a reconciliation of our Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest to our gross profit, which is the most directly comparable GAAP measure, for the periods 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"kind_confidence": 0.9473684210526316, + "markdown": "| | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended March 31, | | | | | | | | | | | | |\n| (in millions, except percentages and homes sold, or as noted) | | 2022 | | | | 2021 | | | | | | | | |\n| Gross profit (GAAP) | | $ | 535 | | | | | $ | 97 | | | | | |\n| Gross Margin | | 10.4 | % | | | | 13.0 | % | | | | | | |\n| Adjustments: | | | | | | | | | | | | | | |\n| Inventory valuation adjustment \u2013 Current Period(1)(2) | | 8 | | | | | \u2014 | | | | | | | |\n| Inventory valuation adjustment \u2013 Prior Periods(1)(3) | | (31) | | | | | \u2014 | | | | | | | |\n| | | | | | | | | | | | | | | |\n| Adjusted Gross Profit | | $ | 512 | | | | | $ | 97 | | | | | |\n| Adjusted Gross Margin | | 9.9 | % | | | | 13.0 | % | | | | | | |\n| Adjustments: | | | | | | | | | | | | | | |\n| Direct selling costs(4) | | (136) | | | | | (18) | | | | | | | 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| | | | | \nInterest on homes sold \u2013 Current Period(8)(9) | | (16) | | | | | (2) | | | | | | | \nInterest on homes sold \u2013 Prior Periods(8)(10) | | (26) | | | | | (1) | | | | | | | \nContribution Profit After Interest | | $ | 290 | | | | | $ | 73 | | | | | \nContribution Margin After Interest | | 5.6 | % | | | | 9.8 | % | | | | | | " + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b54", + "block_sequence": 54, + "block_sha256": "4cf00d828a49141d245df4e3d22e42f6ceb9cf545bc53f0f5984d2aa792cbd44", + "block_type": "other", + "char_count": 16, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", + "block_sequence": 54, + "char_end": 16, + "char_start": 0, + "fragment_sha256": "7fdbb5bd0c91a386038a54dafc306bd55a27c3242e1540451c2885fb5da9076a", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin After Interest", + "OPENDOOR 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"table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s25", + "table": null, + "text": "(1)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2)Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3)Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5)Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented. (8)This does not include interest on mezzanine term debt facilities or other indebtedness. (9)Represents the interest expense under our asset-backed senior debt facilities incurred during the period on homes sold in the current period. (10)Represents the interest expense under our asset-backed senior debt facilities incurred during prior periods on homes sold in the current period." + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b56", + "block_sequence": 56, + "block_sha256": "941b27d2d684562b75454996b02837000a23d21ef5ee296148de586cb4fa519f", + "block_type": "heading", + "char_count": 46, + "level": 8, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", + "block_sequence": 56, + "char_end": 46, + "char_start": 0, + "fragment_sha256": "ecb1f8290c4e287cf5263ecd791c8dde62c51a8dc33e5b72c2f53eec3985d61d", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Net Income (Loss) and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s26", + "table": null, + "text": "Adjusted Net Income (Loss) and Adjusted EBITDA" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b57", + "block_sequence": 57, + "block_sha256": "b2f4074f72b4024f78adf97a080384af175574ffa894f53a98972307afbecb3e", + "block_type": "paragraph", + "char_count": 1509, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", + "block_sequence": 57, + "char_end": 1509, + "char_start": 0, + "fragment_sha256": "c2b528502a57a66bdae7302a8eb6feacdf0784631b532c8b7713dbce565f494a", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Net Income (Loss) and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s26", + "table": null, + "text": "We also present Adjusted Net Income (Loss) and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations or not aligned to related revenue. Adjusted Net Income (Loss) and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net income (loss)." + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b58", + "block_sequence": 58, + "block_sha256": "b5fa405bfa4f8ab945fc1f1d6635d37b1c27507f631cdb5af980fc9eed2d7bf1", + "block_type": "heading", + "char_count": 26, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", + "block_sequence": 58, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "4f473c571dc8897f8549b47a56e53da9f07358c1bdcd6933a714dbdad1370bd8", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Net Income (Loss)" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s27", + "table": null, + "text": "Adjusted Net Income (Loss)" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b59", + "block_sequence": 59, + "block_sha256": "ae15998b6146ded896c3c66d944a0a1173c88d74d04f8844f7689bc6f93c8625", + "block_type": "paragraph", + "char_count": 817, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", + "block_sequence": 59, + "char_end": 817, + "char_start": 0, + "fragment_sha256": "06a6ef67e90cd47c0de363fc1fd85a858350d132bf8b7b76040da8241bcda850", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Net Income (Loss)" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s27", + "table": null, + "text": "We calculate Adjusted Net Income (Loss) as GAAP net income (loss) adjusted to exclude non-cash expenses of stock-based compensation, marketable equity securities fair value adjustment, warrant fair value adjustment, and intangibles amortization expense. It also excludes non-recurring gain on lease termination and legal contingency accrual. Adjusted Net Income (Loss) also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Income (Loss) does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date." + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b60", + "block_sequence": 60, + "block_sha256": "773660f28ede02e28c7f61ddeb64a36beccffd99caee7e409b39dd9eb04f06b9", + "block_type": "heading", + "char_count": 15, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", + "block_sequence": 60, + "char_end": 15, + "char_start": 0, + "fragment_sha256": "9fb6e786e171bef58f47377e0b4f8eaa5be01cdfc8cecba9c6c1035fd236de44", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s28", + "table": null, + "text": "Adjusted EBITDA" + }, + { + "block_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b61", + "block_sequence": 61, + "block_sha256": "311f40181b9a7588e672106f0695606651a75a9f20518cca4c6593861af15e22", + "block_type": "paragraph", + "char_count": 555, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", + "block_sequence": 61, + "char_end": 555, + "char_start": 0, + "fragment_sha256": "6254bfc0addbfd74d66f070e8448b1d3130dc6b854ddace0f18ab7eadaeb8e98", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s28", + "table": null, + "text": "We calculated Adjusted EBITDA as Adjusted Net Income (Loss) adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. 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"source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/q12022formxex991earningsre.htm", "table_id": null, "text": "SAN FRANCISCO, California - May 5, 2022 - Opendoor Technologies Inc. (Nasdaq: OPEN), a leading digital platform for residential real estate transactions, today reported financial results for its quarter ended March 31, 2022. Opendoor’s first quarter of 2022 financial results and management commentary can be accessed through the Company’s shareholder letter on the quarterly results page of Opendoor’s investor relations website at https://investor.opendoor.com. “We are proud to report our first quarter of positive net income as we exceeded our expectations across all of our key metrics,” said Eric Wu, Co-founder and CEO of Opendoor. “For the past eight years, we have been working on the rare opportunity to transform the $2.3 trillion housing industry. We have made significant progress toward reshaping a broken, offline process into a digital, seamless experience for our customers.” Wu continued: “We have also focused on building a durable, generational company. This means we align our goals and teams against both growing customers and driving sustainable margin expansion, operating with a focus on building the lowest cost structure, and having a culture of discipline around pricing and risk management across periods of uncertainty. The result of this hard work is the capability to grow and protect margins across economic cycles.”"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b9"], "char_count": 1107, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8e16e75dfc1792c1ca2e7435b6da32848ff6d0c34500fd0bd7fda1cbf07a5933", "derivation_id": "4de33db5add88d558890fe3d7def1f9e311157c8f13dd83ed863308119be0f90", "document_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "First Quarter 2022 Key Highlights"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "block_sequence": 9, "char_end": 1107, "char_start": 0, "fragment_sha256": "2c922a9c08ab4a363c1b61068b90e933f4c9e2f8a9efed2abed58f910fec46da", "heading_path": ["EX-99.1", "First Quarter 2022 Key Highlights"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s5", "source_artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/q12022formxex991earningsre.htm", "table_id": null, "text": "•Highest quarterly revenue of $5.2 billion, up 590% versus 1Q21; with 12,669 total homes sold, up 415% versus 1Q21, demonstrating rapid consumer adoption of our product offerings •Record gross profit of $535 million, versus $97 million in 1Q21, up 452% versus prior year; gross margin of 10.4%, versus 13.0% in 1Q21 •First quarter of positive net income of $28 million, versus $(270) million in 1Q21 •Adjusted Net Income of $99 million, versus $(21) million in 1Q21 •Record Contribution Profit of $332 million, versus $76 million in 1Q21, up 337% versus prior year; 21st consecutive quarter of positive Contribution Margin which was 6.4%, versus 10.2% in 1Q21 •Adjusted EBITDA of $176 million versus $(2) million in 1Q21; fourth consecutive quarter of positive Adjusted EBITDA and three times higher than what was generated in all of 2021; Adjusted EBITDA Margin of 3.4% versus (0.3)% in 1Q21 •Inventory balance of 13,360 homes, representing $4.7 billion in value, up 455% versus 1Q21 •Purchased 9,020 homes, up 151% versus 1Q21 •Launched San Francisco Bay Area, bringing us to 45 markets at the end of 1Q22"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b11"], "char_count": 192, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "51c44d7b2cbff91deed9a4b30086efaef28bb5d64ae7bf71dc4e173e9b07ea8d", "derivation_id": "4de33db5add88d558890fe3d7def1f9e311157c8f13dd83ed863308119be0f90", "document_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EX-99.1", "Outlook"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "block_sequence": 11, "char_end": 192, "char_start": 0, "fragment_sha256": "fca11cc08c60e0cb0a9597df6ed1a70d6d60981560ffc3ea893a6469acda2d1f", "heading_path": ["EX-99.1", "Outlook"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s6", "source_artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/q12022formxex991earningsre.htm", "table_id": null, "text": "•2Q22 revenue guidance of $4.1 billion - $4.3 billion, up 254% YoY at the midpoint of range •2Q22 Adjusted EBITDA1 guidance of $170 million - $190 million, up 604% YoY at the midpoint of range"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b13"], "char_count": 323, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "192ee7263bfc03474f310ab5f065679b45e052b67af5b345d764c5843b886e14", "derivation_id": "4de33db5add88d558890fe3d7def1f9e311157c8f13dd83ed863308119be0f90", "document_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Outlook", "Conference Call and Webcast Details"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "block_sequence": 13, "char_end": 323, "char_start": 0, "fragment_sha256": "5c96d21bcd4c356dc7c8d807910321b9f1ed3cc785412fc866a1550d2de8b6ef", "heading_path": ["EX-99.1", "Outlook", "Conference Call and Webcast Details"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s7", "source_artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/q12022formxex991earningsre.htm", "table_id": null, "text": "Opendoor will host a conference call to discuss its financial results on May 5, 2022, at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b15"], "char_count": 3651, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "06930b5aecec20b6a6387d7f09601ce20bfa8e35a6417d646ef4f3e1f40d1dfa", "derivation_id": "4de33db5add88d558890fe3d7def1f9e311157c8f13dd83ed863308119be0f90", "document_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Outlook", "Conference Call and Webcast Details", "Forward Looking Statements"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "block_sequence": 15, "char_end": 3651, "char_start": 0, "fragment_sha256": "f752cf12f4f43d4fa0ebcbdd370312855c15246d773dc42ba9f84ea79c8278cc", "heading_path": ["EX-99.1", "Outlook", "Conference Call and Webcast Details", "Forward Looking Statements"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s8", "source_artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/q12022formxex991earningsre.htm", "table_id": null, "text": "This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our financial condition, anticipated financial performance, business strategy and plans, market opportunity and expansion and objectives of management for future operations. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “intend”, “may”, “might”, “opportunity”, “plan”, “possible”, “potential”, “predict”, “project,” “should”, “strategy”, “strive”, “target”, “will”, or “would”, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to our public securities’ potential liquidity and trading; our ability to raise financing in the future; our success in retaining or recruiting, or changes required in, our officers, key employees or directors; the impact of the regulatory environment and complexities with compliance related to such environment; various factors relating to our business, operations and financial performance, including, but not limited to, the impact of the COVID-19 pandemic on our ability to grow market share; our ability to respond to general economic conditions and the health of the U.S. residential real estate industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \"Risk Factors\" in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2022, as updated by our other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 1 Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. For more information regarding the non-GAAP financial measures discussed in this press release, please see “Use of Non-GAAP Financial Measures” below."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b17"], "char_count": 267, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "728a6be9af5984289973d5c797852c20b20733c22f5009c2f70111ea91a1cea5", "derivation_id": "4de33db5add88d558890fe3d7def1f9e311157c8f13dd83ed863308119be0f90", "document_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "About Opendoor"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "block_sequence": 17, "char_end": 267, "char_start": 0, "fragment_sha256": "cdff04a27af8da1be848380dc9803f1385749dc97f8e34109b858e9b6bdbeee4", "heading_path": ["EX-99.1", "About Opendoor"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s9", "source_artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/q12022formxex991earningsre.htm", "table_id": null, "text": "Opendoor’s mission is to empower everyone with the freedom to move. 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value) | | 126 | | | 91 | | | |\n| Total current assets | | 8,079 | | | 9,340 | | | |\n| PROPERTY AND EQUIPMENT – Net | | 49 | | | 45 | | | |\n| RIGHT OF USE ASSETS | | 45 | | | 42 | | | |\n| GOODWILL | | 60 | | | 60 | | | |\n| INTANGIBLES – Net | | 10 | | | 12 | | | |\n| OTHER ASSETS ($5 and $5 carried at fair value) | | 29 | | | 7 | | | |\n| TOTAL ASSETS | | $ | 8,272 | | | $ | 9,506 | |\n| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | |\n| CURRENT LIABILITIES: | | | | | | | | |\n| Accounts payable and other accrued liabilities | | $ | 132 | | | $ | 137 | |\n| Non-recourse asset-backed debt - current portion | | 2,660 | | | 4,240 | | | |\n| Other secured borrowings | | 10 | | | 7 | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| Interest payable | | 6 | | | 12 | | | |\n| Lease liabilities - current portion | | 6 | | | 4 | | | |\n| Total current liabilities | | 2,814 | | | 4,400 | | | |\n| NON-RECOURSE ASSET-BACKED DEBT – Net of current portion | | 2,113 | | | 1,862 | | | 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"filing_id": "sec:0001801169:0001801169-22-000040", "flags": ["oversize_table_passage"], "form": "8-K", "heading_path": ["EX-99.1", "About Opendoor", "Contact Information", "Investors:", "Media:", "CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "block_sequence": 37, "char_end": 4115, "char_start": 0, "fragment_sha256": "bd8f72fe324afb75b5ad3db8bf6ad6e7069e20e64d4358118d7e46e560cbcd25", "heading_path": ["EX-99.1", "About Opendoor", "Contact Information", "Investors:", "Media:", "CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS"], "table_index": 2, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#p15", "passage_kind": "table", "passage_sequence": 15, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s18", "source_artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/q12022formxex991earningsre.htm", "table_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b37", "text": "| | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| | Three Months Ended March 31, | | | | | | |\n| | 2022 | | 2021 | | | | |\n| CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | |\n| Net income (loss) | $ | 28 | | | $ | (270) | |\n| Adjustments to reconcile net income (loss) to cash, cash equivalents, and restricted cash provided by (used in) operating activities: | | | | | | | |\n| Depreciation and amortization | 18 | | | 10 | | | |\n| Amortization of right of use asset | 2 | | | 2 | | | |\n| | | | | | | | |\n| Stock-based compensation | 67 | | | 239 | | | |\n| Warrant fair value adjustment | — | | | 15 | | | |\n| Gain on settlement of lease liabilities | — | | | (5) | | | |\n| Inventory valuation adjustment | 8 | | | — | | | |\n| | | | | | | | |\n| Change in fair value of equity securities | 22 | | | — | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale | (1) | | | (1) | | | |\n| Origination of mortgage loans held for sale | (46) | | | (32) | | | |\n| Proceeds from sale and principal collections of mortgage loans held for sale | 43 | | | 32 | | | |\n| Changes in operating assets and liabilities: | | | | | | | |\n| Escrow receivable | 26 | | | (18) | | | |\n| Real estate inventory | 1,416 | | | (375) | | | |\n| Other assets | (28) | | | (8) | | | |\n| Accounts payable and other accrued liabilities | 2 | | | 16 | | | |\n| Interest payable | (5) | | | — | | | |\n| Lease liabilities | (2) | | | (10) | | | |\n| Net cash provided by (used in) operating activities | 1,550 | | | (405) | | | |\n| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | |\n| Purchase of property and equipment | (10) | | | (4) | | | |\n| | | | | | | | |\n| Purchase of marketable securities | (28) | | | (34) | | | |\n| Proceeds from sales, maturities, redemptions and paydowns of marketable securities | 22 | | | 23 | | | |\n| Purchase of non-marketable equity securities | (25) | | | (10) | | | |\n| | | | | | | | |\n| Capital returns of non-marketable equity securities | 3 | | | — | | | |\n| Net cash used in investing activities | (38) | | | (25) | | | |\n| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from exercise of stock options | 2 | | | — | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from the February 2021 Offering | — | | | 886 | | | |\n| Issuance cost of common stock | — | | | (29) | | | |\n| | | | | | | | |\n| Proceeds from non-recourse asset-backed debt | 2,292 | | | 673 | | | |\n| Principal payments on non-recourse asset-backed debt | (3,622) | | | (423) | | | |\n| Proceeds from other secured borrowings | 45 | | | 31 | | | |\n| Principal payments on other secured borrowings | (41) | | | (31) | | | |\n| Payment of loan origination fees and debt issuance costs | (10) | | | — | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Net cash provided by financing activities | (1,334) | | | 1,107 | | | |\n| NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 178 | | | 677 | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period | 2,578 | | | 1,506 | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period | $ | 2,756 | | | $ | 2,183 | |\n| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest | $ | 68 | | | $ | 9 | |\n| DISCLOSURES OF NONCASH ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Stock-based compensation expense capitalized for internally developed software | $ | 4 | | | $ | 5 | |\n| RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: | | | | | | | |\n| Cash and cash equivalents | $ | 2,312 | | | $ | 2,040 | |\n| Restricted cash | 444 | | | 143 | | | |\n| Cash, cash equivalents, and restricted cash | $ | 2,756 | | | $ | 2,183 | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b39"], "char_count": 1279, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "760dc5a51dc6e8cf0dcd8d652773ad31ea06668ce1aefda81c3286b5fe251822", "derivation_id": "4de33db5add88d558890fe3d7def1f9e311157c8f13dd83ed863308119be0f90", "document_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "block_sequence": 39, "char_end": 1279, "char_start": 0, "fragment_sha256": "5d15ab0aeb4bc3afc28647b2564eb6d69b5014af1a6c6cf3c83e917b80c679e8", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#p16", "passage_kind": "narrative", "passage_sequence": 16, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s19", "source_artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/q12022formxex991earningsre.htm", "table_id": null, "text": "To provide investors with additional information regarding the Company’s financial results, this press release includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit, Contribution Profit After Interest, Adjusted Net (Loss) Income, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b41"], "char_count": 2234, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ced100c9e1f88d338f4cd3f8adb7e1b93aae282d69d9952422c6cdd8d563739e", "derivation_id": "4de33db5add88d558890fe3d7def1f9e311157c8f13dd83ed863308119be0f90", "document_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "block_sequence": 41, "char_end": 2234, "char_start": 0, "fragment_sha256": "405b456ce88f5a0ce7ad9bcc76e2b21e1db0ffc5741821d55013c141f20f2de6", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#p17", "passage_kind": "narrative", "passage_sequence": 17, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s20", "source_artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/q12022formxex991earningsre.htm", "table_id": null, "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest, which are non-GAAP financial measures. We believe that Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance in our key markets. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Contribution Profit After Interest further impacts gross profit by including senior interest costs attributable to homes sold during a reporting period. We believe these measures facilitate meaningful period over period comparisons and illustrate our ability to generate returns on assets sold after considering the costs directly related to the assets sold in a given period. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b43"], "char_count": 976, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b3962a2db41409c54ab31066a622020ec2a193b770577cf1e6c972ca2271a5a3", "derivation_id": "4de33db5add88d558890fe3d7def1f9e311157c8f13dd83ed863308119be0f90", "document_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Gross Profit / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "block_sequence": 43, "char_end": 976, "char_start": 0, "fragment_sha256": "3e79e47b48cc88b924f08b2f941c62baa1fd2ea6fca465f0411c7b0cc237d82d", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Gross Profit / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#p18", "passage_kind": "narrative", "passage_sequence": 18, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s21", "source_artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/q12022formxex991earningsre.htm", "table_id": null, "text": "We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b45"], "char_count": 756, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "53ce57937d1e18ed6e95c274c9bde474fb4e34c6de56b78fa51faa91e592bac9", "derivation_id": "4de33db5add88d558890fe3d7def1f9e311157c8f13dd83ed863308119be0f90", "document_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "block_sequence": 45, "char_end": 756, "char_start": 0, "fragment_sha256": "628eda891319ae3c754f2c4ff1eb35a81fc8fc6281a866a17ae4f08b4bf70e57", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#p19", "passage_kind": "narrative", "passage_sequence": 19, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s22", "source_artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/q12022formxex991earningsre.htm", "table_id": null, "text": "We calculate Contribution Profit as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflows directly associated with a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b47"], "char_count": 1255, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0d5a4cb67cad615f2004eb08500cb4651cf6253f0e3dde3062630c38f174c1ff", "derivation_id": "4de33db5add88d558890fe3d7def1f9e311157c8f13dd83ed863308119be0f90", "document_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "block_sequence": 47, "char_end": 1255, "char_start": 0, "fragment_sha256": "fc4246cff39660197fa56aef1cdb22cd23e78746608b70bf3345da701a6b88dd", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#p20", "passage_kind": "narrative", "passage_sequence": 20, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s23", "source_artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/q12022formxex991earningsre.htm", "table_id": null, "text": "We define Contribution Profit After Interest as Contribution Profit, minus interest expense under our non-recourse asset-backed senior debt facilities incurred on the homes sold during the period. This may include interest expense recorded in periods prior to the period in which the sale occurred. Our asset-backed senior debt facilities are secured by our real estate inventory and cash. In addition to our senior debt facilities, we use a mix of debt and equity capital to finance our inventory and that mix will vary over time. In addition, we expect to continue to evolve our cost of financing as we include other debt sources beyond mezzanine capital. As such, in order to allow more meaningful period over period comparisons that more accurately reflect our asset performance rather than our evolving financing choices, we do not include interest expense associated with our mezzanine term debt facilities in this calculation. Contribution Margin After Interest is Contribution Profit After Interest as a percentage of revenue. We view this metric as an important measure of business performance. Contribution Profit After Interest helps management assess Contribution Margin performance, per above, when burdened with the cost of senior financing."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b50", "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b51", "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b52"], "char_count": 298, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "29bc18722b4a2ad267c47c1e85ded40e4bbe22ba5f37014b2e6000de942808f2", "derivation_id": "4de33db5add88d558890fe3d7def1f9e311157c8f13dd83ed863308119be0f90", "document_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "block_sequence": 50, "char_end": 49, "char_start": 0, "fragment_sha256": "3c79d34b912ccd5810676229fdb23c57e7c959da948f20c2113ffe85c0e18da8", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "block_sequence": 51, "char_end": 11, "char_start": 0, "fragment_sha256": "2a7680d26ab0fd2298dd52fd36b9d301e5103004cef230dbf5fbd1eabb314fa8", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "block_sequence": 52, "char_end": 234, "char_start": 0, "fragment_sha256": "282df70ba30add14edc335c8110deaba6acbb9d1a399aedc655ebef30cf36211", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#p21", "passage_kind": "narrative", "passage_sequence": 21, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/q12022formxex991earningsre.htm", "table_id": null, "text": "(In millions, except percentages, and homes sold)\n\n(Unaudited)\n\nThe following table presents a reconciliation of our Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest to our gross profit, which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b53"], "char_count": 2031, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "eb8fb64f1a48e31361a0385b20a5a8b329d1009e1a219e7e9d42290621ab794f", "derivation_id": "4de33db5add88d558890fe3d7def1f9e311157c8f13dd83ed863308119be0f90", "document_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "block_sequence": 53, "char_end": 1800, "char_start": 0, "fragment_sha256": "942520e775211952c9f1415ec4d461f40e2fd5eb4b21f7cbbebaccf61657f283", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": 3, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#p22", "passage_kind": "table", "passage_sequence": 22, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/q12022formxex991earningsre.htm", "table_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b53", "text": "| | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended March 31, | | | | | | | | | | | | |\n| (in millions, except percentages and homes sold, or as noted) | | 2022 | | | | 2021 | | | | | | | | |\n| Gross profit (GAAP) | | $ | 535 | | | | | $ | 97 | | | | | |\n| Gross Margin | | 10.4 | % | | | | 13.0 | % | | | | | | |\n| Adjustments: | | | | | | | | | | | | | | |\n| Inventory valuation adjustment – Current Period(1)(2) | | 8 | | | | | — | | | | | | | |\n| Inventory valuation adjustment – Prior Periods(1)(3) | | (31) | | | | | — | | | | | | | |\n| | | | | | | | | | | | | | | |\n| Adjusted Gross Profit | | $ | 512 | | | | | $ | 97 | | | | | |\n| Adjusted Gross Margin | | 9.9 | % | | | | 13.0 | % | | | | | | |\n| Adjustments: | | | | | | | | | | | | | | |\n| Direct selling costs(4) | | (136) | | | | | (18) | | | | | | | |\n| Holding costs on sales – Current Period(5)(6) | | (16) | | | | | (2) | | | | | | | |\n| Holding costs on sales – Prior Periods(5)(7) | | (28) | | | | | (1) | | | | | | | |\n| Contribution Profit | | $ | 332 | | | | | $ | 76 | | | | | |\n| Homes sold in period | | 12,669 | | | | | 2,462 | | | | | | | |\n| Contribution Profit per Home Sold (in thousands) | | $ | 26 | | | | | $ | 31 | | | | | |\n| Contribution Margin | | 6.4 | % | | | | 10.2 | % | | | | | | |\n| Adjustments: | | | | | | | | | | | | | | |\n| Interest on homes sold – Current Period(8)(9) | | (16) | | | | | (2) | | | | | | | |\n| Interest on homes sold – Prior Periods(8)(10) | | (26) | | | | | (1) | | | | | | | |\n| Contribution Profit After Interest | | $ | 290 | | | | | $ | 73 | | | | | |\n| Contribution Margin After Interest | | 5.6 | % | | | | 9.8 | % | | | | | | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b54", "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b55"], "char_count": 1544, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "2b25e76220a9c691c31d401f4191d6a1f1c344c7354868ee5006cc8f9f6d8c42", "derivation_id": "4de33db5add88d558890fe3d7def1f9e311157c8f13dd83ed863308119be0f90", "document_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "block_sequence": 54, "char_end": 16, "char_start": 0, "fragment_sha256": "7fdbb5bd0c91a386038a54dafc306bd55a27c3242e1540451c2885fb5da9076a", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "block_sequence": 55, "char_end": 1526, "char_start": 0, "fragment_sha256": "7ce90cb3191f273232e85c64ec7822176c5bf1cc50fcee5aba33c39e33813721", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#p23", "passage_kind": "narrative", "passage_sequence": 23, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/q12022formxex991earningsre.htm", "table_id": null, "text": "________________\n\n(1)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2)Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3)Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5)Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented. (8)This does not include interest on mezzanine term debt facilities or other indebtedness. (9)Represents the interest expense under our asset-backed senior debt facilities incurred during the period on homes sold in the current period. (10)Represents the interest expense under our asset-backed senior debt facilities incurred during prior periods on homes sold in the current period."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b57"], "char_count": 1509, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b2f4074f72b4024f78adf97a080384af175574ffa894f53a98972307afbecb3e", "derivation_id": "4de33db5add88d558890fe3d7def1f9e311157c8f13dd83ed863308119be0f90", "document_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Net Income (Loss) and Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "block_sequence": 57, "char_end": 1509, "char_start": 0, "fragment_sha256": "c2b528502a57a66bdae7302a8eb6feacdf0784631b532c8b7713dbce565f494a", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Net Income (Loss) and Adjusted EBITDA"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#p24", "passage_kind": "narrative", "passage_sequence": 24, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s26", "source_artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/q12022formxex991earningsre.htm", "table_id": null, "text": "We also present Adjusted Net Income (Loss) and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations or not aligned to related revenue. Adjusted Net Income (Loss) and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net income (loss)."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b59"], "char_count": 817, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ae15998b6146ded896c3c66d944a0a1173c88d74d04f8844f7689bc6f93c8625", "derivation_id": "4de33db5add88d558890fe3d7def1f9e311157c8f13dd83ed863308119be0f90", "document_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Net Income (Loss)"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "block_sequence": 59, "char_end": 817, "char_start": 0, "fragment_sha256": "06a6ef67e90cd47c0de363fc1fd85a858350d132bf8b7b76040da8241bcda850", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Net Income (Loss)"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#p25", "passage_kind": "narrative", "passage_sequence": 25, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s27", "source_artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/q12022formxex991earningsre.htm", "table_id": null, "text": "We calculate Adjusted Net Income (Loss) as GAAP net income (loss) adjusted to exclude non-cash expenses of stock-based compensation, marketable equity securities fair value adjustment, warrant fair value adjustment, and intangibles amortization expense. It also excludes non-recurring gain on lease termination and legal contingency accrual. Adjusted Net Income (Loss) also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Income (Loss) does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b61"], "char_count": 555, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "311f40181b9a7588e672106f0695606651a75a9f20518cca4c6593861af15e22", "derivation_id": "4de33db5add88d558890fe3d7def1f9e311157c8f13dd83ed863308119be0f90", "document_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-05-05", "filing_id": "sec:0001801169:0001801169-22-000040", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "block_sequence": 61, "char_end": 555, "char_start": 0, "fragment_sha256": "6254bfc0addbfd74d66f070e8448b1d3130dc6b854ddace0f18ab7eadaeb8e98", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted EBITDA"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#p26", "passage_kind": "narrative", "passage_sequence": 26, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-05", "section_id": "norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#s28", "source_artifact_id": "sec:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000040/q12022formxex991earningsre.htm", "table_id": null, "text": "We calculated Adjusted EBITDA as Adjusted Net Income (Loss) adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. 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| |\n| | | | | | | | | | | | | | | |\n| Gain on lease termination | | — | | | | | (5) | | | | | | | |\n| | | | | | | | | | | | | | | |\n| Legal contingency accrual | | 3 | | | | | — | | | | | | | |\n| | | | | | | | | | | | | | | |\n| Adjusted Net Income (Loss) | | $ | 99 | | | | | $ | (21) | | | | | |\n| Adjustments: | | | | | | | | | | | | | | |\n| Depreciation and amortization, excluding amortization of intangibles and right of use assets | | 9 | | | | | 9 | | | | | | | |\n| Property financing(6) | | 58 | | | | | 7 | | | | | | | |\n| Other interest expense(7) | | 10 | | | | | 4 | | | | | | | |\n| Interest income(8) | | — | | | | | (1) | | | | | | | |\n| | | | | | | | | | | | | | | |\n| Adjusted EBITDA | | $ | 176 | | | | | $ | (2) | | | | | |\n| Adjusted EBITDA Margin | | 3.4 | % | | | | (0.3) | % | | | | | | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000040:q12022formxex991earningsre.htm#b63", 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(2)Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4)Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5)Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6)Includes interest expense on our non-recourse asset-backed debt facilities. 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(the \u201cCompany\u201d) held its 2022 Annual Meeting of Stockholders on May 25, 2022 (the \u201cMeeting\u201d). A total of 497,885,575 shares of the Company's common stock were present online or represented by proxy at the meeting, representing approximately 79.86% percent of the Company\u2019s outstanding common stock as of the March 29, 2022 record date. The following are the voting results for the proposals considered and voted upon at the meeting, all of which were described in the Company\u2019s definitive proxy statement filed with the Securities and Exchange Commission on April 8, 2022. 1. Election of Adam Bain, Pueo Keffer and John Rice as Class II Directors, each for a three-year term ending at the 2025 Annual Meeting of Stockholders:" + }, + { + "block_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#b23", + "block_sequence": 23, + "block_sha256": "5f3b306dad003e6b58ebd6a79181594a783169404ec2cef9d3b5b49eefec0e79", + "block_type": "table", + "char_count": 235, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000055:open-20220525.htm", + "block_sequence": 23, + "char_end": 235, + "char_start": 0, + "fragment_sha256": "6cf15d73a4193cffc779e7f6ea30925749bd37a25ee52aacc48d5da1eb76cb6d", + "heading_path": [ + "UNITED STATES", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders." + ], + "table_index": 3, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#s13", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.95, + "markdown": "| | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| Nominees | | For | | Withhold | | Broker Non-Votes |\n| Adam Bain | | 329,096,552 | | 39,465,463 | | 129,323,560 |\n| Pueo Keffer | | 340,791,576 | | 27,770,439 | | 129,323,560 |\n| John Rice | | 327,040,956 | | 41,521,059 | | 129,323,560 |", + "n_cols": 7, + "n_rows": 4, + "plain_text": "Nominees | | For | | Withhold | | Broker Non-Votes\nAdam Bain | | 329,096,552 | | 39,465,463 | | 129,323,560\nPueo Keffer | | 340,791,576 | | 27,770,439 | | 129,323,560\nJohn Rice | | 327,040,956 | | 41,521,059 | | 129,323,560", + "rows": [ + [ + "Nominees", + "", + "For", + "", + "Withhold", + "", + "Broker Non-Votes" + ], + [ + "Adam Bain", + "", + "329,096,552", + "", + "39,465,463", + "", + "129,323,560" + ], + [ + "Pueo Keffer", + "", + "340,791,576", + "", + "27,770,439", + "", + "129,323,560" + ], + [ + "John Rice", + "", + "327,040,956", + "", + "41,521,059", + "", + "129,323,560" + ] + ], + "table_index": 3, + "table_kind": "data" + }, + "text": "Nominees | | For | | Withhold | | Broker Non-Votes\nAdam Bain | | 329,096,552 | | 39,465,463 | | 129,323,560\nPueo Keffer | | 340,791,576 | | 27,770,439 | | 129,323,560\nJohn Rice | | 327,040,956 | | 41,521,059 | | 129,323,560" + }, + { + "block_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#b24", + "block_sequence": 24, + "block_sha256": "0e02287e0f4fef1b2ee058759b3e9bbbfbebfb76c96aeeeefc21db0343cd770e", + "block_type": "paragraph", + "char_count": 149, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000055:open-20220525.htm", + "block_sequence": 24, + "char_end": 149, + "char_start": 0, + "fragment_sha256": "a9c01926c7973f4bd471147068fc9070a5e9b25cd14f7715482a89ac97c586a4", + "heading_path": [ + "UNITED STATES", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#s13", + "table": null, + "text": "2. Ratification of Deloitte & Touche LLP as the Company\u2019s independent registered public accounting firm for the fiscal year ending December 31, 2022:" + }, + { + "block_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#b25", + "block_sequence": 25, + "block_sha256": "063432c8fcf37bd3b1ea1850d9835a43909bce3776f4d0bde365a808843df721", + "block_type": "table", + "char_count": 96, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000055:open-20220525.htm", + "block_sequence": 25, + "char_end": 96, + "char_start": 0, + "fragment_sha256": "dc749dc831923fb4f316cbcfa180b521efcf5fe48d115e99c212e3a615e2a228", + "heading_path": [ + "UNITED STATES", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders." + ], + "table_index": 4, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#s13", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.95, + "markdown": "| | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| For | | Against | | Abstain | | Broker Non-Votes |\n| 497,179,859 | | 599,884 | | 105,832 | | 0 |", + "n_cols": 7, + "n_rows": 2, + "plain_text": "For | | Against | | Abstain | | Broker Non-Votes\n497,179,859 | | 599,884 | | 105,832 | | 0", + "rows": [ + [ + "For", + "", + "Against", + "", + "Abstain", + "", + "Broker Non-Votes" + ], + [ + "497,179,859", + "", + "599,884", + "", + "105,832", + "", + "0" + ] + ], + "table_index": 4, + "table_kind": "data" + }, + "text": "For | | Against | | Abstain | | Broker Non-Votes\n497,179,859 | | 599,884 | | 105,832 | | 0" + }, + { + "block_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#b26", + "block_sequence": 26, + "block_sha256": "31360f713263b012a1a3e8984c03f928b233ff56db8756d7a21506e8d3f2f9dd", + "block_type": "paragraph", + "char_count": 115, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000055:open-20220525.htm", + "block_sequence": 26, + "char_end": 115, + "char_start": 0, + "fragment_sha256": "94e3c5f64766726e691be66317dfa7cda9fa41beb348d5419737f620107d32f6", + "heading_path": [ + "UNITED STATES", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#s13", + "table": null, + "text": "3. The approval, on an advisory (non-binding) basis, of the compensation of the Company's named executive officers:" + }, + { + "block_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#b27", + "block_sequence": 27, + "block_sha256": "163bc23f95bfe36a9db3ac9634443b274c70b4a98006ceb00c1f8e72a4c08dee", + "block_type": "table", + "char_count": 110, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000055:open-20220525.htm", + "block_sequence": 27, + "char_end": 110, + "char_start": 0, + "fragment_sha256": "e6f000545505dee2411891bb1ef41c063ad6d3c56db4cba68698e1afedcc47da", + "heading_path": [ + "UNITED STATES", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders." + ], + "table_index": 5, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#s13", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.95, + "markdown": "| | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| For | | Against | | Abstain | | Broker Non-Votes |\n| 229,845,572 | | 138,425,358 | | 291,085 | | 129,323,560 |", + "n_cols": 7, + "n_rows": 2, + "plain_text": "For | | Against | | Abstain | | Broker Non-Votes\n229,845,572 | | 138,425,358 | | 291,085 | | 129,323,560", + "rows": [ + [ + "For", + "", + "Against", + "", + "Abstain", + "", + "Broker Non-Votes" + ], + [ + "229,845,572", + "", + "138,425,358", + "", + "291,085", + "", + "129,323,560" + ] + ], + "table_index": 5, + "table_kind": "data" + }, + "text": "For | | Against | | Abstain | | Broker Non-Votes\n229,845,572 | | 138,425,358 | | 291,085 | | 129,323,560" + }, + { + "block_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#b28", + "block_sequence": 28, + "block_sha256": "d091f6a48611271a41360acf42e83963656cc01f267aff951521b799acc22474", + "block_type": "paragraph", + "char_count": 128, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000055:open-20220525.htm", + "block_sequence": 28, + "char_end": 128, + "char_start": 0, + "fragment_sha256": "de9e979bba490593cdcc2a516ab4d51783b3f6afadb6e6349e2e21741e405635", + "heading_path": [ + "UNITED STATES", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#s13", + "table": null, + "text": "Based on the foregoing, Adam Bain, Pueo Keffer and John Rice were elected as Class II Directors and Items 2 and 3 were approved." + }, + { + "block_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#b29", + "block_sequence": 29, + "block_sha256": "d4735e3a265e16eee03f59718b9b5d03019c07d8b6c51f90da3a666eec13ab35", + "block_type": "heading", + "char_count": 1, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000055:open-20220525.htm", + "block_sequence": 29, + "char_end": 1, + "char_start": 0, + "fragment_sha256": "c7f907368e44bbc5ff89addb6a7211acac04721f9737f89f3f43f2e50f716a0a", + "heading_path": [ + "UNITED STATES", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders.", + "2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#s14", + "table": null, + "text": "2" + }, + { + "block_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#b30", + "block_sequence": 30, + "block_sha256": "642e510766e16f8a11cf440c0658d263396e5791ed944157344e27a66c50fddf", + "block_type": "heading", + "char_count": 10, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000055:open-20220525.htm", + "block_sequence": 30, + "char_end": 10, + "char_start": 0, + "fragment_sha256": "4ac5b95af1330a6b49f3dc5f984ba884f8a5b17623acbf2ddc58b8735ef69389", + "heading_path": [ + "UNITED STATES", + "SIGNATURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#s15", + "table": null, + "text": "SIGNATURES" + }, + { + "block_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#b31", + "block_sequence": 31, + "block_sha256": "9feef6fc69a08b35879910a8946d2a8bf490d4164abd23fc4d6d1c7d5a481a4c", + "block_type": "paragraph", + "char_count": 304, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000055:open-20220525.htm", + "block_sequence": 31, + "char_end": 304, + "char_start": 0, + "fragment_sha256": "06c9d62185d15346e4235d45121290bfd21d2cc69064b1194fd0496497d5c8c1", + "heading_path": [ + "UNITED STATES", + "SIGNATURES" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#s15", + "table": null, + "text": "Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Opendoor Technologies Inc. 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"Opendoor Technologies Inc.", "content_sha256": "1cedb6b0b4276528db71c05e6865869a2cddd8e2ffef4416adb0a98d741a2bd6", "derivation_id": "fb4d223909651b2e53aafd7e389551e8a40e1a3af1dbadf61dd6f6f382b00e36", "document_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2022-05-27", "filing_id": "sec:0001801169:0001801169-22-000055", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "N/A"], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000055:open-20220525.htm", "block_sequence": 19, "char_end": 517, "char_start": 0, "fragment_sha256": "af101b4f7d92a021443e9892caef73caf84ef20a1469662406ca2d373d6abe5b", "heading_path": ["UNITED STATES", "N/A"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-25", "section_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#s11", "source_artifact_id": "sec:0001801169:0001801169-22-000055:open-20220525.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000055/open-20220525.htm", "table_id": null, "text": "Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-22-000055:open-20220525.htm#b22"], "char_count": 752, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d3deed761e8e946136610d2e0f766e6f32775b12a79ef16ac06ca6d107429d90", "derivation_id": "fb4d223909651b2e53aafd7e389551e8a40e1a3af1dbadf61dd6f6f382b00e36", "document_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2022-05-27", "filing_id": "sec:0001801169:0001801169-22-000055", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000055:open-20220525.htm", "block_sequence": 22, "char_end": 752, "char_start": 0, "fragment_sha256": "0b949c735d924f329c745cfc64936debd14690cc2b76f63c33fc226729037e29", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-25", "section_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-22-000055:open-20220525.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000055/open-20220525.htm", "table_id": null, "text": "Opendoor Technologies Inc. (the “Company”) held its 2022 Annual Meeting of Stockholders on May 25, 2022 (the “Meeting”). A total of 497,885,575 shares of the Company's common stock were present online or represented by proxy at the meeting, representing approximately 79.86% percent of the Company’s outstanding common stock as of the March 29, 2022 record date. The following are the voting results for the proposals considered and voted upon at the meeting, all of which were described in the Company’s definitive proxy statement filed with the Securities and Exchange Commission on April 8, 2022. 1. Election of Adam Bain, Pueo Keffer and John Rice as Class II Directors, each for a three-year term ending at the 2025 Annual Meeting of Stockholders:"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-22-000055:open-20220525.htm#b23"], "char_count": 318, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1cb8f6dff9d8c147b6bedfd6aea8749f645e2e4f110c9ac96ee6a3b00077b703", "derivation_id": "fb4d223909651b2e53aafd7e389551e8a40e1a3af1dbadf61dd6f6f382b00e36", "document_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2022-05-27", "filing_id": "sec:0001801169:0001801169-22-000055", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000055:open-20220525.htm", "block_sequence": 23, "char_end": 235, "char_start": 0, "fragment_sha256": "6cf15d73a4193cffc779e7f6ea30925749bd37a25ee52aacc48d5da1eb76cb6d", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "table_index": 3, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#p9", "passage_kind": "table", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-25", "section_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-22-000055:open-20220525.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000055/open-20220525.htm", "table_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#b23", "text": "| | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| Nominees | | For | | Withhold | | Broker Non-Votes |\n| Adam Bain | | 329,096,552 | | 39,465,463 | | 129,323,560 |\n| Pueo Keffer | | 340,791,576 | | 27,770,439 | | 129,323,560 |\n| John Rice | | 327,040,956 | | 41,521,059 | | 129,323,560 |"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-22-000055:open-20220525.htm#b24"], "char_count": 149, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0e02287e0f4fef1b2ee058759b3e9bbbfbebfb76c96aeeeefc21db0343cd770e", "derivation_id": "fb4d223909651b2e53aafd7e389551e8a40e1a3af1dbadf61dd6f6f382b00e36", "document_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2022-05-27", "filing_id": "sec:0001801169:0001801169-22-000055", "flags": ["short_passage"], "form": "8-K", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000055:open-20220525.htm", "block_sequence": 24, "char_end": 149, "char_start": 0, "fragment_sha256": "a9c01926c7973f4bd471147068fc9070a5e9b25cd14f7715482a89ac97c586a4", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-25", "section_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-22-000055:open-20220525.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000055/open-20220525.htm", "table_id": null, "text": "2. Ratification of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2022:"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-22-000055:open-20220525.htm#b25"], "char_count": 171, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d7d83e0269b98365a865d856f6eeb2e76980b33b4cfcdc53412b19f1e4791425", "derivation_id": "fb4d223909651b2e53aafd7e389551e8a40e1a3af1dbadf61dd6f6f382b00e36", "document_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2022-05-27", "filing_id": "sec:0001801169:0001801169-22-000055", "flags": ["short_passage"], "form": "8-K", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000055:open-20220525.htm", "block_sequence": 25, "char_end": 96, "char_start": 0, "fragment_sha256": "dc749dc831923fb4f316cbcfa180b521efcf5fe48d115e99c212e3a615e2a228", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "table_index": 4, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#p11", "passage_kind": "table", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-25", "section_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-22-000055:open-20220525.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000055/open-20220525.htm", "table_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#b25", "text": "| | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| For | | Against | | Abstain | | Broker Non-Votes |\n| 497,179,859 | | 599,884 | | 105,832 | | 0 |"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-22-000055:open-20220525.htm#b26"], "char_count": 115, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "31360f713263b012a1a3e8984c03f928b233ff56db8756d7a21506e8d3f2f9dd", "derivation_id": "fb4d223909651b2e53aafd7e389551e8a40e1a3af1dbadf61dd6f6f382b00e36", "document_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2022-05-27", "filing_id": "sec:0001801169:0001801169-22-000055", "flags": ["short_passage"], "form": "8-K", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000055:open-20220525.htm", "block_sequence": 26, "char_end": 115, "char_start": 0, "fragment_sha256": "94e3c5f64766726e691be66317dfa7cda9fa41beb348d5419737f620107d32f6", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-25", "section_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-22-000055:open-20220525.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000055/open-20220525.htm", "table_id": null, "text": "3. The approval, on an advisory (non-binding) basis, of the compensation of the Company's named executive officers:"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-22-000055:open-20220525.htm#b27"], "char_count": 185, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9373c575ae9f62d0d381c78884ae02981662dcbca746b27c585b69153b089313", "derivation_id": "fb4d223909651b2e53aafd7e389551e8a40e1a3af1dbadf61dd6f6f382b00e36", "document_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2022-05-27", "filing_id": "sec:0001801169:0001801169-22-000055", "flags": ["short_passage"], "form": "8-K", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000055:open-20220525.htm", "block_sequence": 27, "char_end": 110, "char_start": 0, "fragment_sha256": "e6f000545505dee2411891bb1ef41c063ad6d3c56db4cba68698e1afedcc47da", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "table_index": 5, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#p13", "passage_kind": "table", "passage_sequence": 13, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-25", "section_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-22-000055:open-20220525.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000055/open-20220525.htm", "table_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#b27", "text": "| | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| For | | Against | | Abstain | | Broker Non-Votes |\n| 229,845,572 | | 138,425,358 | | 291,085 | | 129,323,560 |"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-22-000055:open-20220525.htm#b28"], "char_count": 128, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d091f6a48611271a41360acf42e83963656cc01f267aff951521b799acc22474", "derivation_id": "fb4d223909651b2e53aafd7e389551e8a40e1a3af1dbadf61dd6f6f382b00e36", "document_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2022-05-27", "filing_id": "sec:0001801169:0001801169-22-000055", "flags": ["short_passage"], "form": "8-K", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000055:open-20220525.htm", "block_sequence": 28, "char_end": 128, "char_start": 0, "fragment_sha256": "de9e979bba490593cdcc2a516ab4d51783b3f6afadb6e6349e2e21741e405635", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#p14", "passage_kind": "narrative", "passage_sequence": 14, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-05-25", "section_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-22-000055:open-20220525.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000055/open-20220525.htm", "table_id": null, "text": "Based on the foregoing, Adam Bain, Pueo Keffer and John Rice were elected as Class II Directors and Items 2 and 3 were approved."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-22-000055:open-20220525.htm#b31"], "char_count": 304, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9feef6fc69a08b35879910a8946d2a8bf490d4164abd23fc4d6d1c7d5a481a4c", "derivation_id": "fb4d223909651b2e53aafd7e389551e8a40e1a3af1dbadf61dd6f6f382b00e36", "document_id": "norm:0001801169:0001801169-22-000055:open-20220525.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2022-05-27", "filing_id": "sec:0001801169:0001801169-22-000055", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "SIGNATURES"], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000055:open-20220525.htm", "block_sequence": 31, "char_end": 304, "char_start": 0, "fragment_sha256": "06c9d62185d15346e4235d45121290bfd21d2cc69064b1194fd0496497d5c8c1", "heading_path": ["UNITED STATES", "SIGNATURES"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": 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(\u201cOpendoor\u201d) (Nasdaq: OPEN), a leading digital platform for residential real estate, today said the U.S. Federal Trade Commission (FTC) approved a comprehensive settlement agreement. The company made the following statement: \u201cSince our founding in 2014, Opendoor set out to drastically simplify the real estate transaction, redefine the housing market, and make buying and selling a home as easy as a tap of a button \u2013 bringing transparency, competition and convenience to the antiquated and offline home transaction for consumers. And data shows that our customers value and adopt Opendoor; in fact, we maintain an NPS well over 80 and have maintained a real seller conversion of over 35 percent. 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(“Opendoor”) (Nasdaq: OPEN), a leading digital platform for residential real estate, today said the U.S. Federal Trade Commission (FTC) approved a comprehensive settlement agreement. The company made the following statement: “Since our founding in 2014, Opendoor set out to drastically simplify the real estate transaction, redefine the housing market, and make buying and selling a home as easy as a tap of a button – bringing transparency, competition and convenience to the antiquated and offline home transaction for consumers. And data shows that our customers value and adopt Opendoor; in fact, we maintain an NPS well over 80 and have maintained a real seller conversion of over 35 percent. 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This Current Report on Form 8-K contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained herein that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the Company\u2019s anticipated financial performance and final settlement with the FTC. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this Current Report on Form 8-K, including but not limited to various factors relating to the Company\u2019s business, operations and financial performance and the certainty of the FTC\u2019s final approval of the settlement. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \"Risk Factors\" in the Company\u2019s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 24, 2022, as updated by the Company\u2019s other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. 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Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-22-000070:open-20220801.htm#b21"], "char_count": 3023, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7f9516cf8c73cf03c73b46b8d2fe3d3a2cdc20b1d4e54c299bcd351ebe26ffcb", "derivation_id": "195d1f6f263c9f8b3525395c646447a5f1a8dbe108275836f3c3488814b35ac6", "document_id": "norm:0001801169:0001801169-22-000070:open-20220801.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2022-08-01", "filing_id": "sec:0001801169:0001801169-22-000070", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 7.01. 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Regulation FD Disclosure."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000070:open-20220801.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-01", "section_id": "norm:0001801169:0001801169-22-000070:open-20220801.htm#s12", "source_artifact_id": "sec:0001801169:0001801169-22-000070:open-20220801.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000070/open-20220801.htm", "table_id": null, "text": "On August 1, 2022, Opendoor Technologies Inc. (the “Company”) issued a statement regarding the Company’s comprehensive settlement agreement with the U.S. Federal Trade Commission (FTC) (the “Press Release”). The settlement is subject to final approval by the FTC and includes a payment of $62 million, which the Company expects to disburse in the second half of 2022. The Company recorded an incremental legal contingency accrual of $41 million, bringing the total accrual balance to $62 million as of June 30, 2022. A copy of the Press Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. This Current Report on Form 8-K contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained herein that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the Company’s anticipated financial performance and final settlement with the FTC. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this Current Report on Form 8-K, including but not limited to various factors relating to the Company’s business, operations and financial performance and the certainty of the FTC’s final approval of the settlement. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \"Risk Factors\" in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2022, as updated by the Company’s other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. The Company does not give any assurance that it will achieve these expectations. 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Opendoor Technologies Inc. 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(Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported financial results for its quarter ended June 30, 2022. Opendoor\u2019s second quarter of 2022 financial results and management commentary can be accessed through the Company\u2019s shareholder letter on the quarterly results page of Opendoor\u2019s investor relations website at https://investor.opendoor.com. \u201cWe are proud of how we served our customers and of our financial performance in the second quarter. Revenue grew over 250% year-over-year, with gross profit of $486 million and Contribution Profit of $422 million \u2013 the highest of any quarter. These results enabled us to deliver a record first half of 2022,\u201d said Eric Wu, Co-founder and CEO of Opendoor. Wu continued, \u201cWhile we are pleased with these results, current market volatility is requiring us to move swiftly and with discipline in managing risk and overall inventory health. We are leveraging our responsive pricing and operations platform, our low cost structure, and our strong balance sheet to operate from a position of strength and solidify our leadership as the category winner.\u201d" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b8", + "block_sequence": 8, + "block_sha256": "01eb6d61c9ce4f5605855f66bac536a18f783f0023097b6456e07955b5b8d94f", + "block_type": "heading", + "char_count": 34, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", + "block_sequence": 8, + "char_end": 34, + "char_start": 0, + "fragment_sha256": "2e63a9e5643b48845f1fd77c7fe9cdd821e38fe93b015659882149d27d884316", + "heading_path": [ + "EX-99.1", + "Second Quarter 2022 Key Highlights" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s5", + "table": null, + "text": "Second Quarter 2022 Key Highlights" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b9", + "block_sequence": 9, + "block_sha256": "0be1e92aa2b25192feaf3cb7d8218a4cc3ed82d74a7340cde39d83ed23523efa", + "block_type": "paragraph", + "char_count": 889, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", + "block_sequence": 9, + "char_end": 889, + "char_start": 0, + "fragment_sha256": "9ba502d52b6fcedf8c2558f153617abafa3bc52f18acdabac5b0996bc536296e", + "heading_path": [ + "EX-99.1", + "Second Quarter 2022 Key Highlights" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s5", + "table": null, + "text": "\u2022Revenue of $4.2 billion, up 254% versus 2Q21; with 10,482 total homes sold, up 201% versus 2Q21 \u2022Gross profit of $486 million, versus $159 million in 2Q21, up 206% versus prior year; gross margin of 11.6%, versus 13.4% in 2Q21 \u2022Net loss of $(54) million, versus $(144) million in 2Q21 \u2022Adjusted Net Income of $122 million, versus $3 million in 2Q21 \u2022Contribution Profit of $422 million, versus $128 million in 2Q21, up 230% versus prior year; Contribution Margin of 10.1%, versus 10.8% in 2Q21 \u2022Adjusted EBITDA of $218 million, versus $25 million in 2Q21; Adjusted EBITDA Margin of 5.2%, versus 2.2% in 2Q21 \u2022Inventory balance of 17,013 homes, representing $6.6 billion in value, up 143% versus 2Q21 \u2022Purchased 14,135 homes, up 66% versus 2Q21 \u2022Launched New York and New Jersey, Detroit, Southwest Florida, Boston, Albuquerque, and Cincinnati; bringing us to 51 markets at the end of 2Q22" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b10", + "block_sequence": 10, + "block_sha256": "709be924400857c9537a1f1377b05e038633bc91e391591dfef5a32c0bb1dada", + "block_type": "heading", + "char_count": 7, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", + "block_sequence": 10, + "char_end": 7, + "char_start": 0, + "fragment_sha256": "8b0a83ae369d2d09a68d519782646201ccec8aa18744059fc1039c6e2b206a89", + "heading_path": [ + "EX-99.1", + "Outlook" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s6", + "table": null, + "text": "Outlook" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b11", + "block_sequence": 11, + "block_sha256": "596822493fd626cf9018d019484ae986bc09ffbe9fb062937defc889d836d013", + "block_type": "paragraph", + "char_count": 879, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", + "block_sequence": 11, + "char_end": 879, + "char_start": 0, + "fragment_sha256": "fd2133aca570a09bea595397a857a3d53e9cbbfe1350e31f1a427f0643756be2", + "heading_path": [ + "EX-99.1", + "Outlook" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s6", + "table": null, + "text": "\u20223Q22 revenue guidance of $2.2 billion to $2.6 billion \u20223Q22 Adjusted EBITDA1 guidance of $(175) million to $(125) million 1 Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company\u2019s control. For more information regarding the non-GAAP financial measures discussed in this press release, please see \u201cUse of Non-GAAP Financial Measures\u201d below." + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b12", + "block_sequence": 12, + "block_sha256": "a6d5472b2970d188397362cbeb120c141dfa00ea685622341f4da2accca23ec9", + "block_type": "heading", + "char_count": 35, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", + "block_sequence": 12, + "char_end": 35, + "char_start": 0, + "fragment_sha256": "8f4803ade21027cea3732425b5d91aff522b9219c7b3a8bb471d178586335c09", + "heading_path": [ + "EX-99.1", + "Outlook", + "Conference Call and Webcast Details" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s7", + "table": null, + "text": "Conference Call and Webcast Details" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b13", + "block_sequence": 13, + "block_sha256": "b54801e6256eb49c473ac9ff3084f762c414cabc0f868557922a84fa0596b452", + "block_type": "paragraph", + "char_count": 326, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", + "block_sequence": 13, + "char_end": 326, + "char_start": 0, + "fragment_sha256": "385c26fc62be3248cc3eec4091cfa33b2ddb9e6b2af8566555668241cf609c04", + "heading_path": [ + "EX-99.1", + "Outlook", + "Conference Call and Webcast Details" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s7", + "table": null, + "text": "Opendoor will host a conference call to discuss its financial results on August 4, 2022, at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call." + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b14", + "block_sequence": 14, + "block_sha256": "1d8469bf9c663edb3c938b337e8eb7b6386c9f6dc8633427fe813d5f0ad02182", + "block_type": "heading", + "char_count": 26, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", + "block_sequence": 14, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "1c1b2c1ff491441a71c1994c5ace986494b37cd4881e2f3417345dd8ad104d6e", + "heading_path": [ + "EX-99.1", + "Outlook", + "Conference Call and Webcast Details", + "Forward Looking Statements" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s8", + "table": null, + "text": "Forward Looking Statements" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b15", + "block_sequence": 15, + "block_sha256": "069db7a1c44bfeb16eadc0150421f7102c71af682538f0d8d807de7d25158b76", + "block_type": "paragraph", + "char_count": 2894, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", + "block_sequence": 15, + "char_end": 2894, + "char_start": 0, + "fragment_sha256": "6b3e44219de7aa1f49f2c4ad751ac50581775e862a451947ab4e36ffac7a97e5", + "heading_path": [ + "EX-99.1", + "Outlook", + "Conference Call and Webcast Details", + "Forward Looking Statements" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s8", + "table": null, + "text": "This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our financial condition, anticipated financial performance, business strategy and plans, market opportunity and expansion and objectives of management for future operations. These forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject,\u201d \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cwill\u201d, or \u201cwould\u201d, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to our public securities\u2019 potential liquidity and trading; our ability to raise financing in the future; our success in retaining or recruiting, or changes required in, our officers, key employees or directors; the impact of the regulatory environment and complexities with compliance related to such environment; various factors relating to our business, operations and financial performance, including, but not limited to, the impact of the COVID-19 pandemic on our ability to grow market share; our ability to respond to general economic conditions and the health of the U.S. residential real estate industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \"Risk Factors\" in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 24, 2022, as updated by our other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations." + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b16", + "block_sequence": 16, + "block_sha256": "bee3b0c71ab4d6d3fe30831f8a6898f49de6dcbb44cd92a09d86856b2468a886", + "block_type": "heading", + "char_count": 14, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", + "block_sequence": 16, + "char_end": 14, + "char_start": 0, + "fragment_sha256": "3d07b6b22079852bb7e3061832cbd4e1b50684ab4fc951fe2188bff33bd5f1be", + "heading_path": [ + "EX-99.1", + "About Opendoor" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s9", + "table": null, + "text": "About Opendoor" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b17", + "block_sequence": 17, + "block_sha256": "623668265a7841242a2cb6a5fbfe03f84c015d16f6625f8dde6f6ff152a9d25a", + "block_type": "paragraph", + "char_count": 289, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", + "block_sequence": 17, + "char_end": 289, + "char_start": 0, + "fragment_sha256": "0b9647840dadcf470f9ed8d0e0ff781af6be2c93e8f0daa9cd8c60b53c11bcfc", + "heading_path": [ + "EX-99.1", + "About Opendoor" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s9", + "table": null, + "text": "Opendoor\u2019s mission is to power life\u2019s progress, one move at a time. 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--- | --- | --- | --- |\n| | Six Months Ended June 30, | | | | | | |\n| | 2022 | | 2021 | | | | |\n| CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | |\n| Net loss | $ | (26) | | | $ | (414) | |\n| Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash used in operating activities: | | | | | | | |\n| Depreciation and amortization | 38 | | | 20 | | | |\n| Amortization of right of use asset | 4 | | | 4 | | | |\n| | | | | | | | |\n| Stock-based compensation | 126 | | | 403 | | | |\n| Warrant fair value adjustment | \u2014 | | | (9) | | | |\n| Gain on settlement of lease liabilities | \u2014 | | | (5) | | | |\n| Inventory valuation adjustment | 90 | | | 1 | | | |\n| | | | | | | | |\n| Change in fair value of equity securities | 25 | | | \u2014 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale | (1) | | | (2) | | | |\n| Origination of mortgage loans held for sale | (108) | | | (83) 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"norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b39", + "block_sequence": 39, + "block_sha256": "760dc5a51dc6e8cf0dcd8d652773ad31ea06668ce1aefda81c3286b5fe251822", + "block_type": "paragraph", + "char_count": 1279, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", + "block_sequence": 39, + "char_end": 1279, + "char_start": 0, + "fragment_sha256": "5d15ab0aeb4bc3afc28647b2564eb6d69b5014af1a6c6cf3c83e917b80c679e8", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s19", + "table": null, + "text": "To provide investors with additional information regarding the Company\u2019s financial results, this press release includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit, Contribution Profit After Interest, Adjusted Net (Loss) Income, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results." + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b40", + "block_sequence": 40, + "block_sha256": "d36dc3f3a1409994d5fd201d8582e0e68e2c36bec47c148908292fec8a24bbbe", + "block_type": "heading", + "char_count": 81, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", + "block_sequence": 40, + "char_end": 81, + "char_start": 0, + "fragment_sha256": "78cfde759c71ab9456e04e200bad20f55d9df67455a0c0e05b2942c2622084f4", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s20", + "table": null, + "text": "Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b41", + "block_sequence": 41, + "block_sha256": "822d7a0d712d35d18bf6abe497661e19e905e4404a26eb7a1a94721cada39def", + "block_type": "paragraph", + "char_count": 2215, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", + "block_sequence": 41, + "char_end": 2215, + "char_start": 0, + "fragment_sha256": "6ceed28d6e49a8a58ea3393d1299ccb7cc0e6f419e92ff49c89d960052e5e4a4", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s20", + "table": null, + "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest, which are non-GAAP financial measures. We believe that Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Contribution Profit After Interest further impacts gross profit by including senior interest costs attributable to homes sold during a reporting period. We believe these measures facilitate meaningful period over period comparisons and illustrate our ability to generate returns on assets sold after considering the costs directly related to the assets sold in a given period. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit." + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b42", + "block_sequence": 42, + "block_sha256": "3a0f4b517b2973d0284f077238ba89bbd42b072b4d09fc22bba1dad3687e0f87", + "block_type": "heading", + "char_count": 30, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", + "block_sequence": 42, + "char_end": 30, + "char_start": 0, + "fragment_sha256": "ad3435f9016ffd33bd846c44952e5af35add4d543073bbf72f364b3671a517b9", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Gross Profit / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s21", + "table": null, + "text": "Adjusted Gross Profit / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b43", + "block_sequence": 43, + "block_sha256": "b3962a2db41409c54ab31066a622020ec2a193b770577cf1e6c972ca2271a5a3", + "block_type": "paragraph", + "char_count": 976, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", + "block_sequence": 43, + "char_end": 976, + "char_start": 0, + "fragment_sha256": "3e79e47b48cc88b924f08b2f941c62baa1fd2ea6fca465f0411c7b0cc237d82d", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Gross Profit / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s21", + "table": null, + "text": "We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b44", + "block_sequence": 44, + "block_sha256": "530922c6281eb17366bc5afad3d135e14758fe69731bdbd8be3f74f8618ea5bf", + "block_type": "heading", + "char_count": 28, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", + "block_sequence": 44, + "char_end": 28, + "char_start": 0, + "fragment_sha256": "de401b6badd9bfbd79ee63affb5bf42a8c0d4d049649690efdedd29a40b60c71", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s22", + "table": null, + "text": "Contribution Profit / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b45", + "block_sequence": 45, + "block_sha256": "53ce57937d1e18ed6e95c274c9bde474fb4e34c6de56b78fa51faa91e592bac9", + "block_type": "paragraph", + "char_count": 756, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", + "block_sequence": 45, + "char_end": 756, + "char_start": 0, + "fragment_sha256": "628eda891319ae3c754f2c4ff1eb35a81fc8fc6281a866a17ae4f08b4bf70e57", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s22", + "table": null, + "text": "We calculate Contribution Profit as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflows directly associated with a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b46", + "block_sequence": 46, + "block_sha256": "6550d89a9b61260d0341c38394782c3ca94190a307c66c7ec8c6a91e0d85fff0", + "block_type": "heading", + "char_count": 43, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", + "block_sequence": 46, + "char_end": 43, + "char_start": 0, + "fragment_sha256": "17208a9c4ac0166157479a69a444a5ed8c68eb01264411879f3cf7ade604f0b8", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin After Interest" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s23", + "table": null, + "text": "Contribution Profit / Margin After Interest" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b47", + "block_sequence": 47, + "block_sha256": "9a9420396348d1f909f0cab20c18e197bdd6c799c8ed7dd5178912b3e82443e6", + "block_type": "paragraph", + "char_count": 1242, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", + "block_sequence": 47, + "char_end": 1242, + "char_start": 0, + "fragment_sha256": "47169d6927a6d1aaf57483db1942aa55e3b9388d96e4d2ccfcba57490ab5dbe8", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin After Interest" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s23", + "table": null, + "text": "We define Contribution Profit After Interest as Contribution Profit, minus interest expense under our non-recourse asset-backed senior debt facilities incurred on the homes sold during the period. This may include interest expense recorded in periods prior to the period in which the sale occurred. Our asset-backed senior debt facilities are secured by our real estate inventory and cash. In addition to our senior debt facilities, we use a mix of debt and equity capital to finance our inventory and that mix will vary over time. We expect to continue to evolve our cost of financing as we include other debt sources beyond mezzanine capital. As such, in order to allow more meaningful period over period comparisons that more accurately reflect our asset performance rather than our evolving financing choices, we do not include interest expense associated with our mezzanine term debt facilities in this calculation. Contribution Margin After Interest is Contribution Profit After Interest as a percentage of revenue. We view this metric as an important measure of business performance. Contribution Profit After Interest helps management assess Contribution Margin performance, per above, when burdened with the cost of senior financing." + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b48", + "block_sequence": 48, + "block_sha256": "7460ff5afa74595bed1ed49c4ec349f88984782302cbab9cee3bae99ec2b46cd", + "block_type": "heading", + "char_count": 26, + "level": 6, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", + "block_sequence": 48, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "b8b8062826f34c01775f668e5b2cc75d457b8d2c8832287c6f571c29eac5c67b", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin After Interest", + "OPENDOOR TECHNOLOGIES INC." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s24", + "table": null, + "text": "OPENDOOR 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"norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b50", + "block_sequence": 50, + "block_sha256": "e7bd0ccd72aefae52d4da33fa05bd486df144362ed87c427c907aa03cfff6ce6", + "block_type": "paragraph", + "char_count": 49, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", + "block_sequence": 50, + "char_end": 49, + "char_start": 0, + "fragment_sha256": "3c79d34b912ccd5810676229fdb23c57e7c959da948f20c2113ffe85c0e18da8", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin After Interest", + "OPENDOOR TECHNOLOGIES INC.", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s25", + "table": null, + "text": "(In millions, except percentages, and homes sold)" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b51", + "block_sequence": 51, + "block_sha256": "f9aa17ccb15e3a675fca6f8c1e57bf3db93b3cf876860608fe8d12b3aa8a8174", + "block_type": "paragraph", + "char_count": 11, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", + "block_sequence": 51, + "char_end": 11, + "char_start": 0, + "fragment_sha256": "2a7680d26ab0fd2298dd52fd36b9d301e5103004cef230dbf5fbd1eabb314fa8", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin After Interest", + "OPENDOOR TECHNOLOGIES INC.", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s25", + "table": null, + "text": "(Unaudited)" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b52", + "block_sequence": 52, + "block_sha256": "f2efc3d99fb915bd7e8a227eaffb3975f9d1e6cdc043e6362c8c6be9e19cff48", + "block_type": "paragraph", + "char_count": 234, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", + "block_sequence": 52, + "char_end": 234, + "char_start": 0, + "fragment_sha256": "282df70ba30add14edc335c8110deaba6acbb9d1a399aedc655ebef30cf36211", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin After Interest", + "OPENDOOR TECHNOLOGIES INC.", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s25", + "table": null, + "text": "The following table presents a reconciliation of our Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest to our gross profit, which is the most directly comparable GAAP measure, for the periods indicated:" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b53", + "block_sequence": 53, + "block_sha256": "822be51c83aea38cfb43f1795e3fb366bf672b978107432ff90e7efb7d79c83a", + "block_type": "table", + "char_count": 2252, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", + "block_sequence": 53, + "char_end": 2252, + "char_start": 0, + "fragment_sha256": "fe61da895e4d26e5e494600d13ec603c4d9784eb92c913030f9ac274645b0d4a", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution Profit / Margin After Interest", + "OPENDOOR TECHNOLOGIES INC.", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": 3, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s25", + "table": { + "caption": null, + "flags": [ + "wide_table" + ], + "has_merged_cells": true, + "header_rows": 0, + 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"table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s25", + "table": null, + "text": "(1)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2)Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3)Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5)Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented. (8)This does not include interest on mezzanine term debt facilities or other indebtedness. (9)Represents the interest expense under our asset-backed senior debt facilities incurred during the period presented on homes sold in the period presented. (10)Represents the interest expense under our asset-backed senior debt facilities incurred during prior periods on homes sold in the period presented." + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b56", + "block_sequence": 56, + "block_sha256": "941b27d2d684562b75454996b02837000a23d21ef5ee296148de586cb4fa519f", + "block_type": "heading", + "char_count": 46, + "level": 8, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", + "block_sequence": 56, + "char_end": 46, + "char_start": 0, + "fragment_sha256": "ecb1f8290c4e287cf5263ecd791c8dde62c51a8dc33e5b72c2f53eec3985d61d", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Net Income (Loss) and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s26", + "table": null, + "text": "Adjusted Net Income (Loss) and Adjusted EBITDA" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b57", + "block_sequence": 57, + "block_sha256": "5c4e3568478cd3d4aa294569e46e26aecb3dea22444d437f4592d281fb5a9940", + "block_type": "paragraph", + "char_count": 1500, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", + "block_sequence": 57, + "char_end": 1500, + "char_start": 0, + "fragment_sha256": "19caafe365dc63b10f557896f9b83918528aa7e89035b8e5a05906fedfc46331", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Net Income (Loss) and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s26", + "table": null, + "text": "We also present Adjusted Net Income (Loss) and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations or not aligned to related revenue. Adjusted Net Income (Loss) and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss." + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b58", + "block_sequence": 58, + "block_sha256": "b5fa405bfa4f8ab945fc1f1d6635d37b1c27507f631cdb5af980fc9eed2d7bf1", + "block_type": "heading", + "char_count": 26, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", + "block_sequence": 58, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "4f473c571dc8897f8549b47a56e53da9f07358c1bdcd6933a714dbdad1370bd8", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Net Income (Loss)" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s27", + "table": null, + "text": "Adjusted Net Income (Loss)" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b59", + "block_sequence": 59, + "block_sha256": "4e08b693c5e04028424f2a1ff8d8729735ccb08e179887b3e00f8606b1a7bc6c", + "block_type": "paragraph", + "char_count": 855, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", + "block_sequence": 59, + "char_end": 855, + "char_start": 0, + "fragment_sha256": "e94a78b023da7dd3b946c28faf43c8f3810c153f70e7b25511f03125c664aeaf", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Net Income (Loss)" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s27", + "table": null, + "text": "We calculate Adjusted Net Income (Loss) as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, warrant fair value adjustment, and intangibles amortization expense. It also excludes non-recurring gain on lease termination, payroll tax on initial RSU release, and legal contingency accrual and related expenses. Adjusted Net Income (Loss) also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Income (Loss) does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date." + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b60", + "block_sequence": 60, + "block_sha256": "773660f28ede02e28c7f61ddeb64a36beccffd99caee7e409b39dd9eb04f06b9", + "block_type": "heading", + "char_count": 15, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", + "block_sequence": 60, + "char_end": 15, + "char_start": 0, + "fragment_sha256": "9fb6e786e171bef58f47377e0b4f8eaa5be01cdfc8cecba9c6c1035fd236de44", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s28", + "table": null, + "text": "Adjusted EBITDA" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b61", + "block_sequence": 61, + "block_sha256": "6bee3ddf15639e058ecc96c8dd2e243abe18c53093a3df0151f85c8de18ade59", + "block_type": "paragraph", + "char_count": 546, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", + "block_sequence": 61, + "char_end": 546, + "char_start": 0, + "fragment_sha256": "a3ea903e0da1ef5fe5285520f30696a36341f88fa2e3960389c8b053e492d894", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s28", + "table": null, + "text": "We calculated Adjusted EBITDA as Adjusted Net Income (Loss) adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. The following table presents a reconciliation of our Adjusted Net Income (Loss) and Adjusted EBITDA to our net loss, which is the most directly comparable GAAP measure, for the periods indicated:" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b62", + "block_sequence": 62, + "block_sha256": "e6215d2e4d8023e3bb8a398a6aaae928964cc415372f806d6dc39b39c2ca9772", + "block_type": "table", + "char_count": 2331, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", + "block_sequence": 62, + "char_end": 2331, + "char_start": 0, + "fragment_sha256": "146e6b934bb6e96ef17af6b8d6dea9f64e14a81e0d0bf018edbed2b8b0009d22", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted EBITDA" + ], + "table_index": 4, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s28", + "table": { + "caption": null, + "flags": [ + 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"https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex991earningsre.htm", "table_id": null, "text": "html PUBLIC \"-//W3C//DTD HTML 4.01 Transitional//EN\" \"http://www.w3.org/TR/html4/loose.dtd\" Document created using Wdesk Copyright 2022 Workiva Document"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b7"], "char_count": 1217, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ac0678081c10000bd4839c27f9fa8b1242153b025700b125cb749d55fb750bb9", "derivation_id": "a73d025366edab20d616666d81c07b07f2f70a9ceba8093523b53022abb1127e", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Exhibit 99.1", "Opendoor Announces Second 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"source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex991earningsre.htm", "table_id": null, "text": "SAN FRANCISCO, California - August 4, 2022 - Opendoor Technologies Inc. (Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported financial results for its quarter ended June 30, 2022. Opendoor’s second quarter of 2022 financial results and management commentary can be accessed through the Company’s shareholder letter on the quarterly results page of Opendoor’s investor relations website at https://investor.opendoor.com. “We are proud of how we served our customers and of our financial performance in the second quarter. Revenue grew over 250% year-over-year, with gross profit of $486 million and Contribution Profit of $422 million – the highest of any quarter. These results enabled us to deliver a record first half of 2022,” said Eric Wu, Co-founder and CEO of Opendoor. Wu continued, “While we are pleased with these results, current market volatility is requiring us to move swiftly and with discipline in managing risk and overall inventory health. We are leveraging our responsive pricing and operations platform, our low cost structure, and our strong balance sheet to operate from a position of strength and solidify our leadership as the category winner.”"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b9"], "char_count": 889, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0be1e92aa2b25192feaf3cb7d8218a4cc3ed82d74a7340cde39d83ed23523efa", "derivation_id": "a73d025366edab20d616666d81c07b07f2f70a9ceba8093523b53022abb1127e", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Second Quarter 2022 Key Highlights"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "block_sequence": 9, "char_end": 889, "char_start": 0, "fragment_sha256": "9ba502d52b6fcedf8c2558f153617abafa3bc52f18acdabac5b0996bc536296e", "heading_path": ["EX-99.1", "Second Quarter 2022 Key Highlights"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s5", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex991earningsre.htm", "table_id": null, "text": "•Revenue of $4.2 billion, up 254% versus 2Q21; with 10,482 total homes sold, up 201% versus 2Q21 •Gross profit of $486 million, versus $159 million in 2Q21, up 206% versus prior year; gross margin of 11.6%, versus 13.4% in 2Q21 •Net loss of $(54) million, versus $(144) million in 2Q21 •Adjusted Net Income of $122 million, versus $3 million in 2Q21 •Contribution Profit of $422 million, versus $128 million in 2Q21, up 230% versus prior year; Contribution Margin of 10.1%, versus 10.8% in 2Q21 •Adjusted EBITDA of $218 million, versus $25 million in 2Q21; Adjusted EBITDA Margin of 5.2%, versus 2.2% in 2Q21 •Inventory balance of 17,013 homes, representing $6.6 billion in value, up 143% versus 2Q21 •Purchased 14,135 homes, up 66% versus 2Q21 •Launched New York and New Jersey, Detroit, Southwest Florida, Boston, Albuquerque, and Cincinnati; bringing us to 51 markets at the end of 2Q22"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b11"], "char_count": 879, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "596822493fd626cf9018d019484ae986bc09ffbe9fb062937defc889d836d013", "derivation_id": "a73d025366edab20d616666d81c07b07f2f70a9ceba8093523b53022abb1127e", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Outlook"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "block_sequence": 11, "char_end": 879, "char_start": 0, "fragment_sha256": "fd2133aca570a09bea595397a857a3d53e9cbbfe1350e31f1a427f0643756be2", "heading_path": ["EX-99.1", "Outlook"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s6", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex991earningsre.htm", "table_id": null, "text": "•3Q22 revenue guidance of $2.2 billion to $2.6 billion •3Q22 Adjusted EBITDA1 guidance of $(175) million to $(125) million 1 Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. For more information regarding the non-GAAP financial measures discussed in this press release, please see “Use of Non-GAAP Financial Measures” below."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b13"], "char_count": 326, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b54801e6256eb49c473ac9ff3084f762c414cabc0f868557922a84fa0596b452", "derivation_id": "a73d025366edab20d616666d81c07b07f2f70a9ceba8093523b53022abb1127e", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Outlook", "Conference Call and Webcast Details"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "block_sequence": 13, "char_end": 326, "char_start": 0, "fragment_sha256": "385c26fc62be3248cc3eec4091cfa33b2ddb9e6b2af8566555668241cf609c04", "heading_path": ["EX-99.1", "Outlook", "Conference Call and Webcast Details"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s7", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex991earningsre.htm", "table_id": null, "text": "Opendoor will host a conference call to discuss its financial results on August 4, 2022, at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b15"], "char_count": 2894, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "069db7a1c44bfeb16eadc0150421f7102c71af682538f0d8d807de7d25158b76", "derivation_id": "a73d025366edab20d616666d81c07b07f2f70a9ceba8093523b53022abb1127e", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Outlook", "Conference Call and Webcast Details", "Forward Looking Statements"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "block_sequence": 15, "char_end": 2894, "char_start": 0, "fragment_sha256": "6b3e44219de7aa1f49f2c4ad751ac50581775e862a451947ab4e36ffac7a97e5", "heading_path": ["EX-99.1", "Outlook", "Conference Call and Webcast Details", "Forward Looking Statements"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s8", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex991earningsre.htm", "table_id": null, "text": "This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our financial condition, anticipated financial performance, business strategy and plans, market opportunity and expansion and objectives of management for future operations. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “intend”, “may”, “might”, “opportunity”, “plan”, “possible”, “potential”, “predict”, “project,” “should”, “strategy”, “strive”, “target”, “will”, or “would”, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to our public securities’ potential liquidity and trading; our ability to raise financing in the future; our success in retaining or recruiting, or changes required in, our officers, key employees or directors; the impact of the regulatory environment and complexities with compliance related to such environment; various factors relating to our business, operations and financial performance, including, but not limited to, the impact of the COVID-19 pandemic on our ability to grow market share; our ability to respond to general economic conditions and the health of the U.S. residential real estate industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \"Risk Factors\" in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2022, as updated by our other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b17"], "char_count": 289, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "623668265a7841242a2cb6a5fbfe03f84c015d16f6625f8dde6f6ff152a9d25a", "derivation_id": "a73d025366edab20d616666d81c07b07f2f70a9ceba8093523b53022abb1127e", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "About Opendoor"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "block_sequence": 17, "char_end": 289, "char_start": 0, "fragment_sha256": "0b9647840dadcf470f9ed8d0e0ff781af6be2c93e8f0daa9cd8c60b53c11bcfc", "heading_path": ["EX-99.1", "About Opendoor"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s9", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex991earningsre.htm", "table_id": null, "text": "Opendoor’s mission is to power life’s progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple way to buy and sell a home. Opendoor currently operates in a growing number of markets nationwide. 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and operations | 276 | | | 97 | | | 552 | | | 166 | | | | | |\n| General and administrative | 137 | | | 190 | | | 238 | | | 412 | | | | | |\n| Technology and development | 41 | | | 24 | | | 81 | | | 75 | | | | | |\n| Total operating expenses | 454 | | | 311 | | | 871 | | | 653 | | | | | |\n| INCOME (LOSS) FROM OPERATIONS | 32 | | | (152) | | | 150 | | | (397) | | | | | |\n| WARRANT FAIR VALUE ADJUSTMENT | — | | | 24 | | | — | | | 9 | | | | | |\n| | | | | | | | | | | | | | | | |\n| INTEREST EXPENSE | (89) | | | (16) | | | (157) | | | (27) | | | | | |\n| OTHER INCOME (LOSS) – Net | 4 | | | — | | | (18) | | | 1 | | | | | |\n| LOSS BEFORE INCOME TAXES | (53) | | | (144) | | | (25) | | | (414) | | | | | |\n| INCOME TAX EXPENSE | (1) | | | — | | | (1) | | | — | | | | | |\n| NET LOSS | $ | (54) | | | $ | (144) | | | $ | (26) | | | $ | (414) | |\n| | | | | | | | | | | | | | | | |\n| | | | | | | | | | | | | | | | |\n| Net loss per share attributable to common shareholders: | | | | | | | | | | | 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and cash equivalents | | $ | 2,239 | | | $ | 1,731 | |\n| Restricted cash | | 615 | | | 847 | | | |\n| Marketable securities | | 233 | | | 484 | | | |\n| Escrow receivable | | 56 | | | 84 | | | |\n| Mortgage loans held for sale pledged under agreements to repurchase | | 12 | | | 7 | | | |\n| Real estate inventory, net | | 6,628 | | | 6,096 | | | |\n| Other current assets ($2 and $4 carried at fair value) | | 162 | | | 91 | | | |\n| Total current assets | | 9,945 | | | 9,340 | | | |\n| PROPERTY AND EQUIPMENT – Net | | 54 | | | 45 | | | |\n| RIGHT OF USE ASSETS | | 43 | | | 42 | | | |\n| GOODWILL | | 60 | | | 60 | | | |\n| INTANGIBLES – Net | | 7 | | | 12 | | | |\n| OTHER ASSETS | | 27 | | | 7 | | | |\n| TOTAL ASSETS | | $ | 10,136 | | | $ | 9,506 | |\n| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | |\n| CURRENT LIABILITIES: | | | | | | | | |\n| Accounts payable and other accrued liabilities | | $ | 215 | | | $ | 137 | |\n| Non-recourse asset-backed debt - current portion | | 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Inc.", "content_sha256": "05f7242c15678dbf0227fa54676d1a14ca5e9907e71ea33aed52f8b596bdc099", "derivation_id": "a73d025366edab20d616666d81c07b07f2f70a9ceba8093523b53022abb1127e", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": ["oversize_table_passage"], "form": "8-K", "heading_path": ["EX-99.1", "About Opendoor", "Contact Information", "Investors:", "Media:", "CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "block_sequence": 37, "char_end": 4192, "char_start": 0, "fragment_sha256": "3bb12d11b480e30b70526429797d4739fc59c48607e68c829cb8bd2b0dc7174a", "heading_path": ["EX-99.1", "About Opendoor", "Contact Information", "Investors:", "Media:", "CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS"], "table_index": 2, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#p15", "passage_kind": "table", "passage_sequence": 15, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s18", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex991earningsre.htm", "table_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b37", "text": "| | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| | Six Months Ended June 30, | | | | | | |\n| | 2022 | | 2021 | | | | |\n| CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | |\n| Net loss | $ | (26) | | | $ | (414) | |\n| Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash used in operating activities: | | | | | | | |\n| Depreciation and amortization | 38 | | | 20 | | | |\n| Amortization of right of use asset | 4 | | | 4 | | | |\n| | | | | | | | |\n| Stock-based compensation | 126 | | | 403 | | | |\n| Warrant fair value adjustment | — | | | (9) | | | |\n| Gain on settlement of lease liabilities | — | | | (5) | | | |\n| Inventory valuation adjustment | 90 | | | 1 | | | |\n| | | | | | | | |\n| Change in fair value of equity securities | 25 | | | — | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale | (1) | | | (2) | | | |\n| Origination of mortgage loans held for sale | (108) | | | (83) | | | |\n| Proceeds from sale and principal collections of mortgage loans held for sale | 106 | | | 68 | | | |\n| Changes in operating assets and liabilities: | | | | | | | |\n| Escrow receivable | 28 | | | (32) | | | |\n| Real estate inventory | (622) | | | (2,249) | | | |\n| Other assets | (80) | | | (38) | | | |\n| Accounts payable and other accrued liabilities | 79 | | | 34 | | | |\n| | | | | | | | |\n| Lease liabilities | (2) | | | (10) | | | |\n| Net cash used in operating activities | (343) | | | (2,312) | | | |\n| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | |\n| Purchase of property and equipment | (20) | | | (11) | | | |\n| | | | | | | | |\n| Purchase of marketable securities | (28) | | | (239) | | | |\n| Proceeds from sales, maturities, redemptions and paydowns of marketable securities | 250 | | | 86 | | | |\n| Purchase of non-marketable equity securities | (25) | | | (10) | | | |\n| Proceeds from sale of non-marketable equity securities | 3 | | | — | | | |\n| | | | | | | | |\n| Capital returns of non-marketable equity securities | 3 | | | — | | | |\n| Net cash provided by (used in) investing activities | 183 | | | (174) | | | |\n| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from exercise of stock options | 3 | | | 7 | | | |\n| Proceeds from warrant exercise | — | | | 5 | | | |\n| | | | | | | | |\n| Proceeds from the February 2021 Offering | — | | | 886 | | | |\n| Issuance cost of common stock | — | | | (29) | | | |\n| | | | | | | | |\n| Proceeds from non-recourse asset-backed debt | 6,608 | | | 3,160 | | | |\n| Principal payments on non-recourse asset-backed debt | (6,162) | | | (1,374) | | | |\n| Proceeds from other secured borrowings | 105 | | | 82 | | | |\n| Principal payments on other secured borrowings | (100) | | | (65) | | | |\n| Payment of loan origination fees and debt issuance costs | (18) | | | (2) | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Net cash provided by financing activities | 436 | | | 2,670 | | | |\n| NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 276 | | | 184 | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period | 2,578 | | | 1,506 | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period | $ | 2,854 | | | $ | 1,690 | |\n| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest | $ | 145 | | | $ | 21 | |\n| DISCLOSURES OF NONCASH ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Stock-based compensation expense capitalized for internally developed software | $ | 8 | | | $ | 6 | |\n| RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: | | | | | | | |\n| Cash and cash equivalents | $ | 2,239 | | | $ | 1,558 | |\n| Restricted cash | 615 | | | 132 | | | |\n| Cash, cash equivalents, and restricted cash | $ | 2,854 | | | $ | 1,690 | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b39"], "char_count": 1279, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "760dc5a51dc6e8cf0dcd8d652773ad31ea06668ce1aefda81c3286b5fe251822", "derivation_id": "a73d025366edab20d616666d81c07b07f2f70a9ceba8093523b53022abb1127e", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "block_sequence": 39, "char_end": 1279, "char_start": 0, "fragment_sha256": "5d15ab0aeb4bc3afc28647b2564eb6d69b5014af1a6c6cf3c83e917b80c679e8", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#p16", "passage_kind": "narrative", "passage_sequence": 16, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s19", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex991earningsre.htm", "table_id": null, "text": "To provide investors with additional information regarding the Company’s financial results, this press release includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit, Contribution Profit After Interest, Adjusted Net (Loss) Income, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b41"], "char_count": 2215, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "822d7a0d712d35d18bf6abe497661e19e905e4404a26eb7a1a94721cada39def", "derivation_id": "a73d025366edab20d616666d81c07b07f2f70a9ceba8093523b53022abb1127e", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "block_sequence": 41, "char_end": 2215, "char_start": 0, "fragment_sha256": "6ceed28d6e49a8a58ea3393d1299ccb7cc0e6f419e92ff49c89d960052e5e4a4", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#p17", "passage_kind": "narrative", "passage_sequence": 17, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s20", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex991earningsre.htm", "table_id": null, "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest, which are non-GAAP financial measures. We believe that Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Contribution Profit After Interest further impacts gross profit by including senior interest costs attributable to homes sold during a reporting period. We believe these measures facilitate meaningful period over period comparisons and illustrate our ability to generate returns on assets sold after considering the costs directly related to the assets sold in a given period. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b43"], "char_count": 976, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b3962a2db41409c54ab31066a622020ec2a193b770577cf1e6c972ca2271a5a3", "derivation_id": "a73d025366edab20d616666d81c07b07f2f70a9ceba8093523b53022abb1127e", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Gross Profit / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "block_sequence": 43, "char_end": 976, "char_start": 0, "fragment_sha256": "3e79e47b48cc88b924f08b2f941c62baa1fd2ea6fca465f0411c7b0cc237d82d", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Gross Profit / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#p18", "passage_kind": "narrative", "passage_sequence": 18, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s21", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex991earningsre.htm", "table_id": null, "text": "We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b45"], "char_count": 756, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "53ce57937d1e18ed6e95c274c9bde474fb4e34c6de56b78fa51faa91e592bac9", "derivation_id": "a73d025366edab20d616666d81c07b07f2f70a9ceba8093523b53022abb1127e", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "block_sequence": 45, "char_end": 756, "char_start": 0, "fragment_sha256": "628eda891319ae3c754f2c4ff1eb35a81fc8fc6281a866a17ae4f08b4bf70e57", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#p19", "passage_kind": "narrative", "passage_sequence": 19, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s22", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex991earningsre.htm", "table_id": null, "text": "We calculate Contribution Profit as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflows directly associated with a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b47"], "char_count": 1242, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9a9420396348d1f909f0cab20c18e197bdd6c799c8ed7dd5178912b3e82443e6", "derivation_id": "a73d025366edab20d616666d81c07b07f2f70a9ceba8093523b53022abb1127e", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "block_sequence": 47, "char_end": 1242, "char_start": 0, "fragment_sha256": "47169d6927a6d1aaf57483db1942aa55e3b9388d96e4d2ccfcba57490ab5dbe8", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#p20", "passage_kind": "narrative", "passage_sequence": 20, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s23", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex991earningsre.htm", "table_id": null, "text": "We define Contribution Profit After Interest as Contribution Profit, minus interest expense under our non-recourse asset-backed senior debt facilities incurred on the homes sold during the period. This may include interest expense recorded in periods prior to the period in which the sale occurred. Our asset-backed senior debt facilities are secured by our real estate inventory and cash. In addition to our senior debt facilities, we use a mix of debt and equity capital to finance our inventory and that mix will vary over time. We expect to continue to evolve our cost of financing as we include other debt sources beyond mezzanine capital. As such, in order to allow more meaningful period over period comparisons that more accurately reflect our asset performance rather than our evolving financing choices, we do not include interest expense associated with our mezzanine term debt facilities in this calculation. Contribution Margin After Interest is Contribution Profit After Interest as a percentage of revenue. We view this metric as an important measure of business performance. Contribution Profit After Interest helps management assess Contribution Margin performance, per above, when burdened with the cost of senior financing."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b50", "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b51", "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b52"], "char_count": 298, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "29bc18722b4a2ad267c47c1e85ded40e4bbe22ba5f37014b2e6000de942808f2", "derivation_id": "a73d025366edab20d616666d81c07b07f2f70a9ceba8093523b53022abb1127e", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "block_sequence": 50, "char_end": 49, "char_start": 0, "fragment_sha256": "3c79d34b912ccd5810676229fdb23c57e7c959da948f20c2113ffe85c0e18da8", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "block_sequence": 51, "char_end": 11, "char_start": 0, "fragment_sha256": "2a7680d26ab0fd2298dd52fd36b9d301e5103004cef230dbf5fbd1eabb314fa8", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "block_sequence": 52, "char_end": 234, "char_start": 0, "fragment_sha256": "282df70ba30add14edc335c8110deaba6acbb9d1a399aedc655ebef30cf36211", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#p21", "passage_kind": "narrative", "passage_sequence": 21, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex991earningsre.htm", "table_id": null, "text": "(In millions, except percentages, and homes sold)\n\n(Unaudited)\n\nThe following table presents a reconciliation of our Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest to our gross profit, which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b53"], "char_count": 2519, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "852d4dda3f1a4eb2a21a597a3d06cf2826399be751895c4e0e74def069714fbe", "derivation_id": "a73d025366edab20d616666d81c07b07f2f70a9ceba8093523b53022abb1127e", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "block_sequence": 53, "char_end": 2252, "char_start": 0, "fragment_sha256": "fe61da895e4d26e5e494600d13ec603c4d9784eb92c913030f9ac274645b0d4a", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": 3, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#p22", "passage_kind": "table", "passage_sequence": 22, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex991earningsre.htm", "table_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b53", "text": "| | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | | | | | | | | | | | |\n| (in millions, except percentages and homes sold, or as noted) | | 2022 | | | | 2021 | | 2022 | | 2021 | | | | | | | | |\n| Gross profit (GAAP) | | $ | 486 | | | | | $ | 159 | | | $ | 1,021 | | | $ | 256 | |\n| Gross Margin | | 11.6 | % | | | | 13.4 | % | | 10.9 | % | | 13.2 | % | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | |\n| Inventory valuation adjustment – Current Period(1)(2) | | 82 | | | | | 1 | | | 85 | | | 1 | | | | | |\n| Inventory valuation adjustment – Prior Periods(1)(3) | | (12) | | | | | — | | | (38) | | | — | | | | | |\n| | | | | | | | | | | | | | | | | | | |\n| Adjusted Gross Profit | | $ | 556 | | | | | $ | 160 | | | $ | 1,068 | | | $ | 257 | |\n| Adjusted Gross Margin | | 13.2 | % | | | | 13.5 | % | | 11.4 | % | | 13.3 | % | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | |\n| Direct selling costs(4) | | (100) | | | | | (26) | | | (236) | | | (44) | | | | | |\n| Holding costs on sales – Current Period(5)(6) | | (11) | | | | | (3) | | | (42) | | | (7) | | | | | |\n| Holding costs on sales – Prior Periods(5)(7) | | (23) | | | | | (3) | | | (36) | | | (2) | | | | | |\n| Contribution Profit | | $ | 422 | | | | | $ | 128 | | | $ | 754 | | | $ | 204 | |\n| Homes sold in period | | 10,482 | | | | | 3,481 | | | 23,151 | | | 5,943 | | | | | |\n| Contribution Profit per Home Sold (in thousands) | | $ | 40 | | | | | $ | 37 | | | $ | 33 | | | $ | 34 | |\n| Contribution Margin | | 10.1 | % | | | | 10.8 | % | | 8.1 | % | | 10.5 | % | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | |\n| Interest on homes sold – Current Period(8)(9) | | (12) | | | | | (3) | | | (42) | | | (7) | | | | | |\n| Interest on homes sold – Prior Periods(8)(10) | | (21) | | | | | (2) | | | (33) | | | (1) | | | | | |\n| Contribution Profit After Interest | | $ | 389 | | | | | $ | 123 | | | $ | 679 | | | $ | 196 | |\n| Contribution Margin After Interest | | 9.3 | % | | | | 10.4 | % | | 7.3 | % | | 10.1 | % | | | | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b54", "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b55"], "char_count": 1558, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "68c196b921884edfcac4b11762777414cd0913f4acc28397b4108aea5b5ee603", "derivation_id": "a73d025366edab20d616666d81c07b07f2f70a9ceba8093523b53022abb1127e", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "block_sequence": 54, "char_end": 16, "char_start": 0, "fragment_sha256": "7fdbb5bd0c91a386038a54dafc306bd55a27c3242e1540451c2885fb5da9076a", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "block_sequence": 55, "char_end": 1540, "char_start": 0, "fragment_sha256": "8cdce61960caebcc50639a6217cd08a6edf6d8079d98051c6ea1cbab5800c096", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#p23", "passage_kind": "narrative", "passage_sequence": 23, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex991earningsre.htm", "table_id": null, "text": "________________\n\n(1)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2)Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3)Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5)Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented. (8)This does not include interest on mezzanine term debt facilities or other indebtedness. (9)Represents the interest expense under our asset-backed senior debt facilities incurred during the period presented on homes sold in the period presented. (10)Represents the interest expense under our asset-backed senior debt facilities incurred during prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b57"], "char_count": 1500, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5c4e3568478cd3d4aa294569e46e26aecb3dea22444d437f4592d281fb5a9940", "derivation_id": "a73d025366edab20d616666d81c07b07f2f70a9ceba8093523b53022abb1127e", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Net Income (Loss) and Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "block_sequence": 57, "char_end": 1500, "char_start": 0, "fragment_sha256": "19caafe365dc63b10f557896f9b83918528aa7e89035b8e5a05906fedfc46331", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Net Income (Loss) and Adjusted EBITDA"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#p24", "passage_kind": "narrative", "passage_sequence": 24, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s26", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex991earningsre.htm", "table_id": null, "text": "We also present Adjusted Net Income (Loss) and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations or not aligned to related revenue. Adjusted Net Income (Loss) and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b59"], "char_count": 855, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "4e08b693c5e04028424f2a1ff8d8729735ccb08e179887b3e00f8606b1a7bc6c", "derivation_id": "a73d025366edab20d616666d81c07b07f2f70a9ceba8093523b53022abb1127e", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Net Income (Loss)"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "block_sequence": 59, "char_end": 855, "char_start": 0, "fragment_sha256": "e94a78b023da7dd3b946c28faf43c8f3810c153f70e7b25511f03125c664aeaf", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Net Income (Loss)"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#p25", "passage_kind": "narrative", "passage_sequence": 25, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s27", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex991earningsre.htm", "table_id": null, "text": "We calculate Adjusted Net Income (Loss) as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, warrant fair value adjustment, and intangibles amortization expense. It also excludes non-recurring gain on lease termination, payroll tax on initial RSU release, and legal contingency accrual and related expenses. Adjusted Net Income (Loss) also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Income (Loss) does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#b61"], "char_count": 546, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6bee3ddf15639e058ecc96c8dd2e243abe18c53093a3df0151f85c8de18ade59", "derivation_id": "a73d025366edab20d616666d81c07b07f2f70a9ceba8093523b53022abb1127e", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "block_sequence": 61, "char_end": 546, "char_start": 0, "fragment_sha256": "a3ea903e0da1ef5fe5285520f30696a36341f88fa2e3960389c8b053e492d894", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted EBITDA"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#p26", "passage_kind": "narrative", "passage_sequence": 26, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm#s28", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex991earningsre.htm", "table_id": null, "text": "We calculated Adjusted EBITDA as Adjusted Net Income (Loss) adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. 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85 | | | 1 | | | | | |\n| Inventory valuation adjustment — Prior Periods(3)(5) | | (12) | | | | | — | | | (38) | | | — | | | | | |\n| | | | | | | | | | | | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | |\n| Gain on lease termination | | — | | | | | — | | | — | | | (5) | | | | | |\n| Payroll tax on initial RSU release | | — | | | | | 5 | | | — | | | 5 | | | | | |\n| Legal contingency accrual and related expenses | | 42 | | | | | — | | | 45 | | | — | | | | | |\n| Other(6) | | (1) | | | | | — | | | (1) | | | — | | | | | |\n| Adjusted Net Income (Loss) | | $ | 122 | | | | | $ | 3 | | | $ | 221 | | | $ | (18) | |\n| Adjustments: | | | | | | | | | | | | | | | | | | |\n| Depreciation and amortization, excluding amortization of intangibles and right of use assets | | 12 | | | | | 7 | | | 21 | | | 16 | | | | | |\n| Property financing(7) | | 76 | | | | | 12 | | | 134 | | | 19 | | | | | |\n| Other interest expense(8) | | 13 | | | | | 4 | | | 23 | 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(2)Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4)Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5)Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6)Includes primarily gain or loss on interest rate lock commitments, gain or loss on the sale of available for sale securities, sublease income, and income from equity method investments. 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"norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "Letter to Shareholders 2Q22 The Gooden Family St. Augustine, Florida Exhibit 99.2" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b7", + "block_sequence": 7, + "block_sha256": "af5be0239e9f9bfd7cb5192466d413bc8014240819158b726ae8d95c107d9bb1", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 7, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "d0eed90ceb5822d8cdda7e4fc191bfb3b68efec1d1cafa1ffc4384c7bc14562a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "q22022formxex992sharehol002.jpg" + }, + { + "block_id": 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Against a backdrop of heightened uncertainty in the current macro environment, this mission matters more than ever. In Q2, we were proud of how we served our customers and of our financial results. We helped over 14,000 sellers move with peace of mind and delivered revenue of $4.2 billion, growing over 250% year-over-year, with gross profit of $486 million and record Contribution Profit of $422 million. In pursuit of our mission, we continue to make strides towards serving home sellers nationwide and building a digital home buying experience. For home sellers, we expanded our footprint by six new markets, surpassing a milestone of over 50 markets in total. We have also entered into a multi-year exclusive partnership with Zillow so that home sellers on the Zillow platform can request an offer directly from Opendoor, combining two category leaders to transform how people start their move. For home buyers, we launched our financing app, which provides mortgage pre-approval in as little as 60-seconds and is being seamlessly integrated with the rest of our product suite. Most recently, we announced Opendoor Exclusives, an exclusive marketplace for our homes. A recent customer described Exclusives as, \u201cI felt like I was shopping for a home on Amazon. The process was seamless and uncomplicated.\u201d To that end, we have built a new e-commerce-like experience enabling home buyers to buy directly from Opendoor with simplicity, certainty, and speed. We are pleased with these results, and our long-term vision remains clear. As we look ahead, current volatility in the housing market is requiring a highly dynamic and rigorous approach to managing risk and overall inventory health. As most are aware, the housing market has moved rapidly in response to the Fed's aggressive rate hikes in an effort to curb inflation. This resulted in a steep increase in mortgage rates, which in turn catalyzed a slowdown in the rate of home transactions and lower levels of home price appreciation from all-time highs early in the year. To navigate this market movement, our game plan is to move quickly and with discipline. First, starting in May, we substantially increased our spreads to incorporate the market shifts and to position future resale cohorts to meet or exceed our margin expectations. Second, we are prioritizing inventory health by reducing the price of our existing inventory in line with the market. While we expect to realize 2 A Note from Eric Our Mission Powering life\u2019s progress, one move at a time" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b9", + "block_sequence": 9, + "block_sha256": "55be8d09c8177768b6ce95ce3aa6cf09ae95d6eab9e58379e0b919bd3634db31", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 9, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "860534b486945a83280b3a2a41302772d2c4256046368113d66c39710db60f08", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "q22022formxex992sharehol003.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b10", + "block_sequence": 10, + "block_sha256": "fcb751eb3fe5b2da5fcd17baf93d5d038302ea4a710481394d3356246851aac9", + "block_type": "paragraph", + "char_count": 985, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 10, + "char_end": 985, + "char_start": 0, + "fragment_sha256": "b3254f1e470d0cd297737e75f773c4c09eaa065655fadd3daeb50973f7cdddca", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "sequentially lower contribution margins in the second half of the year, these actions will enable strong financial performance beyond this period of market transition. And, for the homes we are acquiring today, we expect those to perform well and in line with expectations. We will continue to leverage what we have built over the past eight years \u2013 our responsive pricing and operations platform, our low cost structure, and our strong balance sheet and capital position \u2013 all of which gives us the flexibility to operate from a position of strength. Importantly, we will be balancing short-term risk management with long-term transformative initiatives such as Opendoor Exclusives. With our superior customer experience, platform capabilities, and operational excellence, we know this is an opportunity to strengthen our position and solidify our leadership as the category winner. Eric Wu, Co-Founder & CEO 3 A Note from Eric Our Mission Powering life\u2019s progress, one move at a time" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b11", + "block_sequence": 11, + "block_sha256": "7d8e54662466da775a44b07196308ef1ef4f76caad2f81fbfc6fb1a344ea55e6", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 11, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "496151b4d80ff69e86ec99748aab452d075273fd7d3997bf61eec747ff5d039b", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "q22022formxex992sharehol004.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b12", + "block_sequence": 12, + "block_sha256": "139b1aa2db44fa3ed157e871a7ca486527c5c68d8a1cc3d82078b4d4b38f58f3", + "block_type": "paragraph", + "char_count": 893, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 12, + "char_end": 893, + "char_start": 0, + "fragment_sha256": "6445f35756f6af67584fbc7ba7bc46ce90532d01415d2ab1417ce8c5d2147058", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "2Q22 \u25cf Revenue of $4.2 billion, up 254% versus 2Q21; with 10,482 total homes sold, up 201% versus 2Q21 \u25cf Gross profit of $486 million, versus $159 million in 2Q21, up 206% versus prior year; gross margin of 11.6%, versus 13.4% in 2Q21 \u25cf Net loss of ($54) million, versus ($144) million in 2Q21 \u25cf Adjusted Net Income of $122 million, versus $3 million in 2Q21 \u25cf Contribution Profit of $422 million, versus $128 million in 2Q21; Contribution Margin of 10.1%, versus 10.8% in 2Q21 \u25cf Adjusted EBITDA of $218 million, versus $25 million in 2Q21; Adjusted EBITDA Margin of 5.2%, versus 2.2% in 2Q21 \u25cf Inventory balance of 17,013 homes, representing $6.6 billion in value, up 143% versus 2Q21 \u25cf Purchased 14,135 homes, up 66% versus 2Q21 \u25cf Launched New York and New Jersey, Detroit, Southwest Florida, Boston, Albuquerque, and Cincinnati; bringing us to 51 markets at the end of 2Q22 Key Highlights 4" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b13", + "block_sequence": 13, + "block_sha256": "316b628115c9b8079bdb1b5ee17889a700f55c4e615405580c09b2b5898bf814", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 13, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "e2e3630ea102eae625a1e5703f5ea0301cade988b25f6f357e63e9851f089de4", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "q22022formxex992sharehol005.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b14", + "block_sequence": 14, + "block_sha256": "c761dc08bf6a71471e400b79322d780b85cb3203d82171ea9701fddd61366a7c", + "block_type": "paragraph", + "char_count": 1966, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 14, + "char_end": 1966, + "char_start": 0, + "fragment_sha256": "d0f37098f1cd3e745fb825bb4b48727a551d26efa86fe43973e98b42b80c0bf4", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "5 Julie Damavandi Las Vegas, Nevada After 41 years in her home in Las Vegas, Julie Damavandi was ready for a fresh start. She had raised her children there, mostly as a single parent, as it was where she had lived after her husband passed away. Despite years of happy memories, there were corners of the house that reminded her of more challenging times. Julie\u2019s lifelong dream was to own a brand new home, so she set her sights on a new-build community in Henderson, NV, away from the hustle and bustle of the city. She quickly found a home with her ideal floor plan, including two key items on her wish list: a large kitchen with an island and an oversized soaking tub. Julie completely fell in love with every detail of the house, but was then faced with the daunting task of selling her current house. At the recommendation of a salesperson in the new-build community, Julie reached out to Opendoor. Within three days of requesting an offer, Julie was under contract to sell her home to Opendoor. She was in awe of the simplicity of the process and the ability to select her own closing date. Selling to Opendoor also meant that she didn\u2019t have to deal with the typical stressors associated with the traditional way of selling a home, like scheduling open houses, making repairs, and paying for an appraisal. In less than 30 days, she had the proceeds from her home sale in her bank account, and she was finally empowered with the freedom to move. At home in Henderson, with the glow of the city lights in the distance, Julie found a quiet solace and a new sense of peace after leaving the emotional baggage of her previous home behind her. In her words, \u201cOpendoor made it possible for me to unload all of that burden and be able to look forward and to feel the freedom that I needed to go into a new house.\u201d Opendoor made this whole fresh start possible. There's no doubt in my mind that without Opendoor, this very well may not have happened. - Julie Damavandi" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b15", + "block_sequence": 15, + "block_sha256": "e21513d2be6d18dd8de3e5c27805a6dd029a46740e2d65c78cb541fd67d27b58", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 15, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "33d990ac97781599eb3a86cd155a103a8096aee8da3e83dc7f081b7b382578aa", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "q22022formxex992sharehol006.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b16", + "block_sequence": 16, + "block_sha256": "ede96e9eabdb280f1c950128b446963a193a820e4dcdb2ac037c83c0b205e6e1", + "block_type": "paragraph", + "char_count": 2301, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 16, + "char_end": 2301, + "char_start": 0, + "fragment_sha256": "52110c3c368fbfc7a86851e183544a5a429a49d8c5e2c6d8b62bbcd9fd663775", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "Address Entry Coverage Growth YoY 50% 6 HOMEOWNERS AND SELLERS In a rapidly changing market, more sellers are seeking an Opendoor offer than ever. We further deepened our market penetration with total registered address entry coverage up 50% versus last year, giving us a broader pool of prospective customers to re-engage and convert in future quarters. Offer requests also reached another record high, up 69% compared to the prior year. More importantly, we will be accelerating our future seller growth with an exclusive partnership with Zillow, which will empower the millions of homeowners who visit Zillow with the ability to receive an Opendoor offer. It is rare that two leading innovators come together and align on a vision that can fundamentally change how people start their move. In addition to record offers, we are seeing conversion exceed our expectations at our current spreads. While we have increased spreads significantly to incorporate the rapidly shifting market conditions, we are demonstrating that conversion is stickier than previously expected. In addition to the convenience we offer sellers \u2014 the ability to skip showings and repairs, and to close faster \u2014 the certainty we provide is much desired and needed in this moment. BUYERS AND SERVICES We have been building an end-to-end home buying experience on par with the e-commerce experiences that consumers have come to expect. In June, we went live with our financing app, which gives customers the ability to obtain a pre-approval in as little as 60 seconds and integrates home financing seamlessly with the rest of Opendoor\u2019s services. While just launched in California, we are seeing a high level of engagement in the app, with leading indicators suggesting that this will become our highest attaching state within months of launch. We are planning to launch this app in additional markets over the course of 2022. We are also thrilled to have launched Opendoor Exclusives, a first-of-its-kind marketplace that enables homebuyers to purchase our homes via an e-commerce checkout experience. Customers can purchase homes directly from Opendoor, with a buy-it-now price, eliminating stressful negotiations, weeks of uncertainty, and multiple Total Offer Request Growth YoY 69% Business Highlights Opendoor Financing App" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b17", + "block_sequence": 17, + "block_sha256": "e1a35e62391be2c1660bf32dac43871c8fa92724c960e0c2b6a5f2dda0aec4c0", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 17, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "24d307f87a711118d9ddbeae99c430990a93294f1797d7a9826d84a9872e9691", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "q22022formxex992sharehol007.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b18", + "block_sequence": 18, + "block_sha256": "0511f4ddecd50b61ad2a614a445437ec0a85fe89fa1bcc6e60a38588e3f475da", + "block_type": "paragraph", + "char_count": 2428, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 18, + "char_end": 2428, + "char_start": 0, + "fragment_sha256": "244a31b2cb3759a97361f77cdb4e23c760b7f46746339dcba9820b8d3534fc60", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "counterparties. Importantly, this experience is a win-win, providing homebuyers more control, greater peace of mind, and a better experience while eliminating the need for a broker. We have already seen tremendous momentum and positive feedback in our first pilot market of Austin with an NPS north of 75. We know that being vertically integrated gives us control of the consumer experience in differentiated ways, and we are excited to see consumers embrace this new experience. Finally, this initiative represents an important step towards our long-term vision of building a two-sided marketplace with Opendoor homes and services at the center of the transaction. MARKET EXPANSION AND SCALABILITY Serving every homeseller and homebuyer in the US remains one of our long-term goals. We surpassed the milestone of 50 markets in Q2 with the addition of six new markets, including New York, New Jersey, Boston, and Detroit, giving us the ability to underwrite nearly 30% of single family home transactions in the US. Our investments in our platform have enabled an agile and low cost operating system that allows us to scale up and down gracefully across seasons and cycles. In the first half of the year, approximately 40% of our home operations tasks were carried out by third-party operators, which gives us the flexibility to adapt to macro conditions and adjust our costs commensurate with volume expectations over the balance of the year. Furthermore, our centralization of tasks previously handled by local operators, such as home assessment review and vendor sourcing, has enabled us to shift an increasing amount of back-office work to our offshore teams. This not only drives structural cost improvements, but also accelerates our turnaround times while maintaining our high quality standards. In summary, the second quarter completed an exciting first half of the year for Opendoor. We have made significant progress against our strategic goals and are encouraged by the early success of our new initiatives. We also recognize that the months ahead will require us to take decisive action and continuously adjust as market conditions evolve. We are ready and well-positioned with our responsive pricing strategies, flexible operating model, low cost structure, and strong balance sheet to navigate near-term volatility and invest in the future of our platform. 7 Opendoor Exclusives Total Markets 51 Business Highlights" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b19", + "block_sequence": 19, + "block_sha256": "4ee948bc21fb43ea34f310934d484db7ee2cb47e756b9571a9349a1ae8faea97", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 19, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "665045b7823d86627e2b63395cc44f0b4b89b918e22a9407b0407924b2f16840", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "q22022formxex992sharehol008.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b20", + "block_sequence": 20, + "block_sha256": "1d03e197e2f987cbe1503515a1bc28d52b192166fda18ba164b571e8b73badd4", + "block_type": "paragraph", + "char_count": 2190, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 20, + "char_end": 2190, + "char_start": 0, + "fragment_sha256": "cf339414909117cbd226fb047639f141105e0dceb9cf6687c687cf210c65758a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "($ in millions) 2Q22 was another outstanding quarter for Opendoor. Growth continued to be robust, while Contribution Profit and Adjusted EBITDA reached all-time highs and exceeded expectations. As we look ahead, the housing market is evolving rapidly. We are focused on dynamically managing inventory health, risk, and resale performance in the second half of the year, while remaining steadfast in pursuit of our long-term mission and goal of building a profitable, generational company. GROWTH In the second quarter, we delivered $4.2 billion of revenue, representing 254% growth year-over-year. We sold 10,482 homes in 2Q, which is over three times the number of units sold in 2Q21. Alongside unit growth, revenue per home sold was also up 18% versus the prior year. During the quarter, we saw a marked change in momentum in the overall housing market with increases in mortgage rates and slowing sell-through of homes. We saw sequential declines in our resale volumes in May and June as rising rates impacted housing affordability. On the acquisition side, we purchased 14,135 homes in the second quarter, up 66% versus 2Q21 and up 57% versus the prior quarter. UNIT ECONOMICS We opportunistically leaned into market strength early in the quarter and delivered unit margins that exceeded our expectations. GAAP gross profit was $486 million and 11.6% of revenue in 2Q22, versus $159 million and 13.4% of revenue in 2Q21. Adjusted gross profit was $556 million and 13.2% of revenue in 2Q22, versus $160 million and 13.5% of revenue in 2Q21. Contribution Profit reached an all-time high at $422 million in the quarter, up 230% versus 2Q21. Contribution Margin was 10.1% versus 10.8% in 2Q21. As expected, our Contribution Margin grew over 1Q22, reflecting the increased conservatism that we have been embedding into our offers via higher spreads since the fall of last year and a decision to prioritize the capture of additional margin in the first half of the year in response to increasing market volatility. 8 2Q21 3Q21 4Q21 1Q22 2Q22 Financial Highlights 2Q22 Revenue $4.2 billion $1,186 $2,266 $3,822 $4,198 2Q22 Gross Profit $486 million 2Q22 Contribution Profit $422 million $5,151" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b21", + "block_sequence": 21, + "block_sha256": "21bd97c248589cbaa9109b65786874022525ba90cf8cff75031fc68f5f052eb2", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 21, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "56b186f9d108b01b38cc30b952998a58d5ffc865b3a4c354da773f59f7ca2f4e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "q22022formxex992sharehol009.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b22", + "block_sequence": 22, + "block_sha256": "35359020b05acc3344942f6499a843c38955d0d45f4b9c43cf4a6026cd226252", + "block_type": "paragraph", + "char_count": 2232, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 22, + "char_end": 2232, + "char_start": 0, + "fragment_sha256": "cbcc03e42ee6c3b67b1013210a7c6255f25789744bc79f37ff6ad456756509eb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "NET INCOME AND ADJUSTED EBITDA GAAP net loss was ($54) million in 2Q22 versus ($144) million in 2Q21. As a percent of revenue, GAAP net loss was (1.3%) in 2Q22 versus (12.1%) in 2Q21. Adjusted Net Income reached an all-time high of $122 million or 2.9% of revenue in 2Q22, versus $3 million or 0.2% of revenue in 2Q21. This is a good proxy for operating free cash flow as it isolates the operating performance of our business from changes in home inventory that are primarily funded through our non-recourse, asset-backed debt facilities. Adjusted EBITDA was $218 million in 2Q22 compared to $25 million in 2Q21. As a percentage of revenue, Adjusted EBITDA was 5.2% in 2Q22 versus 2.2% in 2Q21. Adjusted EBITDA came in above our expectations due to outperformance on unit margins, which provided incremental leverage against our operating expense base. INVENTORY We ended 2Q with 17,013 homes in inventory on our balance sheet, representing $6.6 billion in value. As of June 30, 2022, 5% of our homes were listed on the market for more than 120 days, compared to 14% of the homes in the overall market, adjusted for our buy-box. This compares to 7% of our homes at more than 120 days on market at the end of 1Q22. CASH AND FINANCING AVAILABILITY We ended the second quarter with $2.5 billion in cash, cash equivalents, and marketable securities (equivalent to ~$4 per share). Additionally, we have $11.3 billion of financing availability across our non-recourse, asset-backed facilities. We believe that our financing structure, combined with our strong cash balance, provides us with significant financial flexibility and liquidity to support our inventory levels and navigate this period of macro uncertainty. HOUSING MACRO The second quarter marked a rapid change in the overall macro outlook. In response to a spike in inflation expectations, the Fed raised rates aggressively. This resulted in the largest quarter-on-quarter increase in 30-year fixed mortgage rates since Financial Highlights 2Q22 Adjusted EBITDA Margin 5.2% 2.2% 1.5% 0.0% 5.2% 2Q21 3Q21 4Q21 1Q22 2Q22 2Q22 Adjusted Net Income 2.9% 2Q21 3Q21 4Q21 2Q22 2Q22 1.9% 0.2% (0.8%) (2.1%) 2.9% 3.4% 2Q22 Cash, Cash Equivalents, and Marketable Securities $2.5 billion" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b23", + "block_sequence": 23, + "block_sha256": "ca4f7394a2da68a96d43fdde2c657a84f1e95d2dd8dff0617899f69c8ee5b7ab", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 23, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "a9833f73e9293ba6c6d164a0a67d4ab71a337881b34a574ada629460c96719dd", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "q22022formxex992sharehol010.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b24", + "block_sequence": 24, + "block_sha256": "fb16f7195609ba0cc5d418835280f15dede452ac6de4c8f18fa4ad9d02a72307", + "block_type": "paragraph", + "char_count": 2199, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 24, + "char_end": 2199, + "char_start": 0, + "fragment_sha256": "b5f7f3124d5a990793885fada80c139c85bc5de4a2a85f39721bd3beca891b60", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "1980, as it moved from an average of 3.8% during Q1 to an average of 5.3% in Q2. In response to these macro shifts, we saw a significant pullback in home buyer demand, which translated through to a slowdown in both home price appreciation (HPA) and transaction velocity. While we had anticipated a slowdown in the housing market from peak levels, the rate of deceleration in HPA was steeper than expected. We typically observe month-over-month HPA to be zero or slightly negative in the back half of the year given housing seasonality. In contrast, the speed with which it got there this year from peak levels early in Q2 was faster than our expectation and sharper than typical seasonal home price declines. For example, we saw one-month HPA (non-seasonally adjusted, weighted by Opendoor\u2019s markets) move from approximately 300 basis points per month in early May to negative 100 basis points in mid July. We are beginning to observe a flattening out of the month-over-month change in HPA and may continue to see HPA trend in line with normal seasonal patterns for the remainder of the year. With respect to home sales and purchases, while the absolute level of transactions has reverted back to 2018 and 2019 levels, the rate of change was equally swift. That being said, there is still velocity of transactions and homes are still selling, but less quickly than in early Q2. GUIDANCE Given the annual seasonality pattern to home prices, we historically have realized higher margins in the first half of the year and lower margins in the second half of the year. However, due to broad market movements from softening demand, our 2H22 performance will also reflect the transition in housing to lower transaction velocity, lower HPA, and longer holding times beyond typical seasonal trends. Against this backdrop, we have moved decisively to prioritize inventory health and risk management, focusing on pricing adjustments to sell homes expeditiously and to position new acquisition cohorts to deliver margins in line with our expectations. To that end, we made three key pricing decisions over the second quarter: 10 Financial Highlights Key Objectives for 2H22 Risk management and inventory health" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b25", + "block_sequence": 25, + "block_sha256": "0c003dff23d043f4e6e135e2c7734ef9116cb32d0fe30754e2d85a9e57c45cc2", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 25, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "a94a429dc4db884ac8ba006d456b274c0c125ad37af777eedf7bc567b783e5d0", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "q22022formxex992sharehol011.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b26", + "block_sequence": 26, + "block_sha256": "132179fe98510f4c2c5946c12002740b026dc40f56bb195245362c2562c11a9d", + "block_type": "paragraph", + "char_count": 2251, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 26, + "char_end": 2251, + "char_start": 0, + "fragment_sha256": "c4b95bb193430c48163acf64279066d5e6910c875e829e097080b5f03a7accb2", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "First, we substantially increased the spreads we charged on acquisition offers starting in May. However, given how quickly our spreads increased, and the time lag between original offer and acquisition close, we saw a gap between the spreads we were charging at these two time periods on specific cohorts of homes. We made the strategic decision to close on those homes and to not re-price or cancel contracts in the quarter. We believe this is a critical brand investment that will pay dividends for years to come. Second, we adjusted down listed prices on our inventory to stay in line with the market, leveraging real-time market signals paired with our home-level pricing optimization. It is worth noting that we are selling into a market where there is still persistent buyer demand with absolute transaction levels consistent with 2018 and 2019. Notwithstanding, these price reductions will impact our contribution margins beyond the typical impact of seasonality - our decision to prioritize the capture of additional margin in the first half of the year gives us additional flexibility to take such actions in the second half. Finally, as a matter of prudent risk management, we have persisted with substantially higher spreads for new acquisition cohorts, which, combined with lower marketing spend, will reduce our acquisition volumes as the market shifts. We expect these newer acquisition cohorts to perform well and deliver attractive margins, in line with our underwriting targets. One of the structural advantages of our business model is its responsiveness and adaptability to changing market conditions - as the housing market stabilizes, we plan to resume a higher pace of acquisitions. In the meantime, the inflow of fewer newly acquired homes will shift our resale mix to longer-dated homes that are typically lower margin. In addition to these actions, we are aggressively managing down our operating expenses through the balance of the year. This will primarily be driven by flexing down third-party capacity that we have built into our operations and focusing marketing spend on our most efficient channels. We retain the ability to quickly re-ramp this capacity once we resume higher acquisition growth. 11 Financial Highlights" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b27", + "block_sequence": 27, + "block_sha256": "b28f578b269f1a1ee8cd76eb98462e78ec922122b79ce8e5376165a7c830c5c1", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 27, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "d96b761d3d32189c40458535dea26c71e9245651980cae7a4b5af3ac87b9a900", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "q22022formxex992sharehol012.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b28", + "block_sequence": 28, + "block_sha256": "b92ec9cbae76340c5963a307d38d69852a4e1b8dea69559e5ea2ed855e099e13", + "block_type": "paragraph", + "char_count": 1379, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 28, + "char_end": 1379, + "char_start": 0, + "fragment_sha256": "b4f4ae6b7b87da976ee5efefd6508980e2034a73bc3dfd41d0c45074ec92ea82", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "Our third quarter guidance reflects the impact of these actions, as well as the wider range of outcomes that could arise given uncertain market conditions: \u25cf Revenue is expected to be between $2.2 and $2.6 billion \u25cf Adjusted EBITDA1 is expected to be between ($175) and ($125) million \u25cf Stock-based compensation is expected to be in the range of $60 to $65 million As the housing market transitions from historic highs, we are acting quickly and decisively to manage risk and the overall health of our inventory, while continuing to stand by our customers and build the platform that will transform how homes are transacted for decades to come. 12 Financial Highlights 1. Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company\u2019s control. 3Q22 Adjusted EBITDA1 Guidance ($175) to ($125) million 3Q22 Revenue Guidance $2.2 to $2.6 billion" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b29", + "block_sequence": 29, + "block_sha256": "2d0965dc9a112e8b1e9108da79c6120c31b2a363b6647c50a372b894306b5010", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 29, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "0d7afc77c20c86c53ff38d1ee660af1ab221f10460319e4e39586c928ce6b3b6", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "q22022formxex992sharehol013.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b30", + "block_sequence": 30, + "block_sha256": "23191d79a20150ebf16749aab8a4df749e7e48fecbc7b59a71de36bfcb4902e2", + "block_type": "paragraph", + "char_count": 483, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 30, + "char_end": 483, + "char_start": 0, + "fragment_sha256": "92fee9fa5b35552bc302b656d49382818545351a827872c0317294bac6ca88ba", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "13Raleigh-Durham, NC Eric Wu, Co-Founder & CEO Carrie Wheeler, CFO CONFERENCE CALL INFORMATION Opendoor will host a conference call to discuss its financial results on August 4, 2022 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. August 4, 2022 at 2 p.m. PT investor.opendoor.com LIVE WEBCAST" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b31", + "block_sequence": 31, + "block_sha256": "56fa9e90aa8ec4cf73b9af8205815c12532cf7a9e4f043ffd3af3be3b9f27b8f", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 31, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "d5ce252b311109fa1aef3caa60757acca49b4346ae2e00b8b83d8ef1ebb20e25", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "q22022formxex992sharehol014.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b32", + "block_sequence": 32, + "block_sha256": "725c44b5db09fea1cf5a9919c0ee7602ba243a6bd2f4236e58f75160215f4820", + "block_type": "paragraph", + "char_count": 68, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 32, + "char_end": 68, + "char_start": 0, + "fragment_sha256": "0d282019ef61000a7027912ef8d266468d6f6037dac282ae0f5b619033dcffbb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "/ OpendoorHQ / Opendoor Company / Opendoor-com investor.opendoor.com" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b33", + "block_sequence": 33, + "block_sha256": "66f455953d92d927c25e0ee7e0134f86910d6e0d8b951021b3f78eb8f9e08046", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 33, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "f0aeb329625df2ef7dad9b0e8f33539c48485c635f9fa187338136b89d3fb231", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "q22022formxex992sharehol015.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b34", + "block_sequence": 34, + "block_sha256": "e36d5c7cc06437a0ff543d7a06001731d3d5a914ffd455f43cb99b43e57ad984", + "block_type": "paragraph", + "char_count": 33, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 34, + "char_end": 33, + "char_start": 0, + "fragment_sha256": "0f9787309522bb82cc14cb43961debc1c3d6b803387d7514e82cb2d983fcd910", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "15 Definitions & Financial Tables" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b35", + "block_sequence": 35, + "block_sha256": "b2232b3d0a0ae818a1e3ea92eb1f0406ddc1bdd8b7d6d1e085c05bea4ae62158", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 35, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "a04089ebb11b2c5bd1944b71390255f59c0936bb12acf0cbf99511e1c100d387", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "q22022formxex992sharehol016.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b36", + "block_sequence": 36, + "block_sha256": "c410ad15db61a95a5bc504a1f5ef872c99fb87905660ef8e68c046a6fc731971", + "block_type": "paragraph", + "char_count": 2919, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 36, + "char_end": 2919, + "char_start": 0, + "fragment_sha256": "215f7ca7669a6e5d16ade5539d9052e63692859ecdd5e7c1e246463871f9b9c3", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "This shareholder letter contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our financial condition, anticipated financial performance, business strategy and plans, market opportunity and expansion and objectives of management for future operations. These forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cwill\u201d, or \u201cwould\u201d, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward- looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this shareholder letter, including but not limited to our public securities\u2019 potential liquidity and trading; our ability to raise financing in the future; our success in retaining or recruiting, or changes required in, our officers, key employees or directors; the impact of the regulatory environment and complexities with compliance related to such environment; various factors relating to our business, operations and financial performance, including, but not limited to, the impact of the COVID-19 pandemic on our ability to grow market share; our ability to respond to general economic conditions, and the health of the U.S. residential real estate industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \"Risk Factors\" in our annual report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 24, 2022, and our other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 16 Forward-Looking Statements" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b37", + "block_sequence": 37, + "block_sha256": "ae90bdc895c049b1cebbf20b5b1322daa30eaf01f67e7f4a58c14bdd144db5a4", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 37, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "d69ee860b89d7bc2149daf565dd1db2acec3c23d7f91e3284012b3cc796122a7", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "q22022formxex992sharehol017.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b38", + "block_sequence": 38, + "block_sha256": "30cdca82084950953649306504a23101067f800df3b00ec250d2e8930f1635e2", + "block_type": "paragraph", + "char_count": 3633, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 38, + "char_end": 3633, + "char_start": 0, + "fragment_sha256": "e19bac760b315b5e75b59ef7f0fac52b54a6d5ddeb30c4bdc00ae5bc5e0d9e44", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company\u2019s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit, Contribution Profit After Interest, Adjusted Net (Loss) Income, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non- GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest, which are non-GAAP financial measures. We believe that Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Contribution Profit After Interest further impacts gross profit by including senior interest costs attributable to homes sold during a reporting period. We believe these measures facilitate meaningful period over period comparisons and illustrate our ability to generate returns on assets sold after considering the costs directly related to the assets sold in a given period. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit. 17 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b39", + "block_sequence": 39, + "block_sha256": "e6170c2d3bead315ded5b80fe40e906c7cc02ac351c225d1c343da011a3e2f8e", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 39, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "97dc0c30825aa2809e3b3447bf096740f9fa7fa82f686a834c73b1da77dbbf19", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "q22022formxex992sharehol018.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b40", + "block_sequence": 40, + "block_sha256": "0b8c6af4594a50275e01a3fe32cbbe7bab367dba844697315c08a1cf6eeda60a", + "block_type": "paragraph", + "char_count": 3096, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 40, + "char_end": 3096, + "char_start": 0, + "fragment_sha256": "8b97e5ceba4719f993407f6f5784d7912a60d46374f6924b677af28fbbf4f80c", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "Adjusted Gross Profit / Margin We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution Profit / Margin We calculate Contribution Profit as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflows directly associated with a specific resale cohort. Contribution Profit / Margin After Interest We define Contribution Profit After Interest as Contribution Profit, minus interest expense under our non-recourse asset- backed senior debt facilities incurred on the homes sold during the period. This may include interest expense recorded in periods prior to the period in which the sale occurred. Our asset-backed senior debt facilities are secured by our real estate inventory and cash. In addition to our senior debt facilities, we use a mix of debt and equity capital to finance our inventory and that mix will vary over time. We expect to continue to evolve our cost of financing as we include other debt sources beyond mezzanine capital. As such, in order to allow more meaningful period over period comparisons that more accurately reflect our asset performance rather than our evolving financing choices, we do not include interest expense associated with our mezzanine term debt facilities in this calculation. Contribution Margin After Interest is Contribution Profit After Interest as a percentage of revenue. We view this metric as an important measure of business performance. Contribution Profit After Interest helps management assess Contribution Margin performance, per above, when burdened with the cost of senior financing. 18 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b41", + "block_sequence": 41, + "block_sha256": "c797cf510134b5d7963d8e6ca904dead034f70ea6eb125b4e3da402871147070", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 41, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "abfde1dcb7bf5954fffe9e7a20b7a5cf816d422762b92bfe557e4d4c8b00071a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "q22022formxex992sharehol019.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b42", + "block_sequence": 42, + "block_sha256": "ff91f708bd99480222e3628963cfaa02a9c3c9cf0f31a8830b7ad42e9dd928a6", + "block_type": "paragraph", + "char_count": 2770, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 42, + "char_end": 2770, + "char_start": 0, + "fragment_sha256": "802ddf1496c0aea69e3669eb3ca28ab4610fdfe06ef024ce7fdd447341a8f532", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "19 Adjusted Net Income (Loss) and Adjusted EBITDA We also present Adjusted Net Income (Loss) and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non- recurring, non-cash, not directly related to our revenue-generating operations or not aligned to related revenue. Adjusted Net Income (Loss) and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss. We calculate Adjusted Net Income (Loss) as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, warrant fair value adjustment, and intangibles amortization expense. It also excludes non-recurring gain on lease termination, payroll tax on initial RSU release, and legal contingency accrual and related expenses. Adjusted Net Income (Loss) also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Income (Loss) does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net Income (Loss) adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b43", + "block_sequence": 43, + "block_sha256": "ba8e7ed69598dbe102a544c91a19d9d8b7d9f6d8bab2c05e5fe3bb7594a4f26a", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 43, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "389d6a4889e9fbde8d603a96801b833f84830b10454d58a9ebcfadbd5107185e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "q22022formxex992sharehol020.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b44", + "block_sequence": 44, + "block_sha256": "e7cdc916107ffe0ce4c4d72c7186b5ece9cd8d537dc4380f27158960c286454f", + "block_type": "paragraph", + "char_count": 1093, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 44, + "char_end": 1093, + "char_start": 0, + "fragment_sha256": "fad0953f73efb9e0dd4e72a1dc41e2c08061ae1b33c2a5ac4b36831f0d04e4ec", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "20 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 REVENUE $ 4,198 $ 1,186 $ 9,349 $ 1,933 COST OF REVENUE 3,712 1,027 8,328 1,677 GROSS PROFIT 486 159 1,021 256 OPERATING EXPENSES: Sales, marketing and operations 276 97 552 166 General and administrative 137 190 238 412 Technology and development 41 24 81 75 Total operating expenses 454 311 871 653 INCOME (LOSS) FROM OPERATIONS 32 (152) 150 (397) WARRANT FAIR VALUE ADJUSTMENT \u2014 24 \u2014 9 INTEREST EXPENSE (89) (16) (157) (27) OTHER INCOME (LOSS) \u2013 Net 4 \u2014 (18) 1 LOSS BEFORE INCOME TAXES (53) (144) (25) (414) INCOME TAX EXPENSE (1) \u2014 (1) \u2014 NET LOSS $ (54) $ (144) $ (26) $ (414) Net loss per share attributable to common shareholders: Basic $ (0.09) $ (0.24) $ (0.04) $ (0.72) Diluted $ (0.09) $ (0.24) $ (0.04) $ (0.72) Weighted-average shares outstanding: Basic 624,958 588,374 622,064 576,941 Diluted 624,958 588,374 622,064 576,941 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited)" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b45", + "block_sequence": 45, + "block_sha256": "370a492cf5e53948231944d3712ba4948c61cc44d1b1229ee6da8fa16ba82875", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 45, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "8afad61c44ebf72d0ffc865a71bf1158b61d699fe5bdc14ff99b59765414e04c", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "q22022formxex992sharehol021.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b46", + "block_sequence": 46, + "block_sha256": "0542d059434a1fc72509152824b20d38762b5a2b99100b532057a81770d1c81b", + "block_type": "paragraph", + "char_count": 1546, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 46, + "char_end": 1546, + "char_start": 0, + "fragment_sha256": "18a3dbbed7392b450f30e267f8dff45a499aa94cf112736548ead9f12c227d4d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "21 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) June 30, 2022 December 31, 2021 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 2,239 $ 1,731 Restricted cash 615 847 Marketable securities 233 484 Escrow receivable 56 84 Mortgage loans held for sale pledged under agreements to repurchase 12 7 Real estate inventory, net 6,628 6,096 Other current assets ($2 and $4 carried at fair value) 162 91 Total current assets 9,945 9,340 PROPERTY AND EQUIPMENT \u2013 Net 54 45 RIGHT OF USE ASSETS 43 42 GOODWILL 60 60 INTANGIBLES \u2013 Net 7 12 OTHER ASSETS 27 7 TOTAL ASSETS $ 10,136 $ 9,506 LIABILITIES AND SHAREHOLDERS\u2019 EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 215 $ 137 Non-recourse asset-backed debt - current portion 3,362 4,240 Other secured borrowings 12 7 Interest payable 10 12 Lease liabilities - current portion 7 4 Total current liabilities 3,606 4,400 NON-RECOURSE ASSET-BACKED DEBT \u2013 Net of current portion 3,176 1,862 CONVERTIBLE SENIOR NOTES 956 954 LEASE LIABILITIES \u2013 Net of current portion 42 42 Total liabilities 7,780 7,258 SHAREHOLDERS\u2019 EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 627,033,133 and 616,026,565 shares issued, respectively; 627,033,133 and 616,026,565 shares \u2014 \u2014 Additional paid-in capital 4,092 3,955 Accumulated deficit (1,731) (1,705) Accumulated other comprehensive (loss) income (5) (2) Total shareholders\u2019 equity 2,356 2,248 TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY $ 10,136 $ 9,506" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b47", + "block_sequence": 47, + "block_sha256": "2cb6a2a8f0e7140c69efe1cf1322ce238a874a68240def56288eeb01d6d98694", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 47, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "10bbc1746d14e3283a9e41905e4df7456ced3a35b5ce3f1e76c17cb9f4776556", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "q22022formxex992sharehol022.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b48", + "block_sequence": 48, + "block_sha256": "ab7bec675a19ca2df2038f728b6d3f968bc32f44d7de74d06783b671aba39baf", + "block_type": "paragraph", + "char_count": 2706, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 48, + "char_end": 2706, + "char_start": 0, + "fragment_sha256": "66fcf839925613adcc0bf94ac7d6e0f055688503e3986cda86b292c2d194d02d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "22 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Six Months Ended June 30, 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (26) $ (414) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash used in operating activities: Depreciation and amortization 38 20 Amortization of right of use asset 4 4 Stock-based compensation 126 403 Warrant fair value adjustment \u2014 (9) Gain on settlement of lease liabilities \u2014 (5) Inventory valuation adjustment 90 1 Change in fair value of equity securities 25 \u2014 Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale (1) (2) Origination of mortgage loans held for sale (108) (83) Proceeds from sale and principal collections of mortgage loans held for sale 106 68 Changes in operating assets and liabilities: Escrow receivable 28 (32) Real estate inventory (622) (2,249) Other assets (80) (38) Accounts payable and other accrued liabilities 79 34 Lease liabilities (2) (10) Net cash used in operating activities (343) (2,312) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (20) (11) Purchase of marketable securities (28) (239) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 250 86 Purchase of non-marketable equity securities (25) (10) Proceeds from sale of non-marketable equity securities 3 \u2014 Capital returns of non-marketable equity securities 3 \u2014 Net cash provided by (used in) investing activities 183 (174) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise of stock options 3 7 Proceeds from warrant exercise \u2014 5 Proceeds from the February 2021 Offering \u2014 886 Issuance cost of common stock \u2014 (29) Proceeds from non-recourse asset-backed debt 6,608 3,160 Principal payments on non-recourse asset-backed debt (6,162) (1,374) Proceeds from other secured borrowings 105 82 Principal payments on other secured borrowings (100) (65) Payment of loan origination fees and debt issuance costs (18) (2) Net cash provided by financing activities 436 2,670 NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 276 184 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 Beginning of period 2,578 1,506 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 End of period $ 2,854 $ 1,690 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION \u2013 Cash paid during the period for interest $ 145 $ 21 DISCLOSURES OF NONCASH ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 8 $ 6 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 2,239 $ 1,558 Restricted cash 615 132 Cash, cash equivalents, and restricted cash $ 2,854 $ 1,690" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b49", + "block_sequence": 49, + "block_sha256": "6865f0067ac9b40e16d14baae02b1ad0f2778db5a1c6c6f45dad80f4c24abfa9", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 49, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "55bed9ab434b8146c87871bc6a162ca3b519792dfac0fd6d29dc319dd7c13fe8", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "q22022formxex992sharehol023.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b50", + "block_sequence": 50, + "block_sha256": "85453be916042a1c9740cefc4575d6eae3ad63f973e85cf2d72c0fa8713a8b5b", + "block_type": "paragraph", + "char_count": 3174, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", + "block_sequence": 50, + "char_end": 3174, + "char_start": 0, + "fragment_sha256": "78e989b821d033a8c433cbeb049d73952676b5f0786ccc32f2e7cd29bad0b345", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", + "table": null, + "text": "23 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT, CONTRIBUTION PROFIT AND CONTRIBUTION PROFIT AFTER INTEREST TO OUR GROSS PROFIT (Unaudited) Three Months Ended Six Months Ended June 30, (in millions, except percentages and homes sold, or as noted) June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 2022 2021 Gross profit (GAAP) $ 486 $ 535 $ 272 $ 202 $ 159 $ 1,021 $ 256 Gross Margin 11.6 % 10.4 % 7.1 % 8.9 % 13.4 % 10.9 % 13.2 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f(1)(2) 82 8 24 31 1 85 1 Inventory valuation adjustment \u2013 Prior Periods\u034f(1)(3) (12) (31) (17) \u2014 \u2014 (38) \u2014 Adjusted Gross Profit $ 556 $ 512 $ 279 $ 233 $ 160 $ 1,068 $ 257 Adjusted Gross Margin 13.2 % 9.9 % 7.3 % 10.3 % 13.5 % 11.4 % 13.3 % Adjustments: Direct selling costs(4) (100) (136) (99) (52) (26) (236) (44) Holding costs on sales \u2013 Current Period\u034f(5)(6) (11) (16) (12) (7) (3) (42) (7) Holding costs on sales \u2013 Prior Periods\u034f(5)(7) (23) (28) (16) (5) (3) (36) (2) Contribution Profit $ 422 $ 332 $ 152 $ 169 $ 128 $ 754 $ 204 Homes sold in period 10,482 12,669 9,794 5,988 3,481 23,151 5,943 Contribution Profit per Home Sold (in thousands) $ 40 $ 26 $ 16 $ 28 $ 37 $ 33 $ 34 Contribution Margin 10.1 % 6.4 % 4.0 % 7.5 % 10.8 % 8.1 % 10.5 % Adjustments: Interest on homes sold \u2013 Current Period\u034f(8)(9) (12) (16) (12) (6) (3) (42) (7) Interest on homes sold \u2013 Prior Periods\u034f(8)(10) (21) (26) (13) (4) (2) (33) (1) Contribution Profit After Interest $ 389 $ 290 $ 127 $ 159 $ 123 $ 679 $ 196 Contribution Margin After Interest 9.3 % 5.6 % 3.3 % 7.0 % 10.4 % 7.3 % 10.1 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented. (8) This does not include interest on mezzanine term debt facilities or other indebtedness. (9) Represents the interest expense under our asset-backed senior debt facilities incurred during the period presented on homes sold in the period presented. 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RECONCILIATION OF OUR ADJUSTED NET INCOME (LOSS) AND ADJUSTED EBITDA TO OUR NET LOSS (Unaudited) Three Months Ended Six Months Ended June 30, (in millions, except percentages) June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 2022 2021 Net (loss) income (GAAP) $ (54) $ 28 $ (191) $ (57) $ (144) $ (26) $ (414) Adjustments: Stock-based compensation 59 67 71 62 164 126 403 Equity securities fair value adjustment(1) 3 22 16 (51) \u2014 25 \u2014 Warrant fair value adjustment\u034f(1) \u2014 \u2014 \u2014 (3) (24) \u2014 (9) Intangibles amortization expense(2) 3 2 2 1 1 5 1 Inventory valuation adjustment \u2013 Current Period\u034f(3)(4) 82 8 24 31 1 85 1 Inventory valuation adjustment \u2014 Prior Periods\u034f(3)(5) (12) (31) (17) \u2014 \u2014 (38) \u2014 Gain on lease termination \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (5) Payroll tax on initial RSU release \u2014 \u2014 \u2014 \u2014 5 \u2014 5 Legal contingency accrual and related expenses 42 3 14 \u2014 \u2014 45 \u2014 Other(6) (1) \u2014 1 (1) \u2014 (1) \u2014 Adjusted Net Income (Loss) $ 122 $ 99 $ (80) $ (18) $ 3 $ 221 $ (18) Adjustments: Depreciation and amortization, excluding amortization of intangibles and right of use assets 12 9 9 8 7 21 16 Property financing(7) 76 58 62 38 12 134 19 Other interest expense(8) 13 10 10 6 4 23 8 Interest income(9) (6) \u2014 (1) \u2014 (1) (6) (2) Income tax expense 1 \u2014 \u2014 1 \u2014 1 \u2014 Adjusted EBITDA $ 218 $ 176 $ 0.4 $ 35 $ 25 $ 394 $ 23 Adjusted EBITDA Margin 5.2 % 3.4 % \u2014 % 1.5 % 2.2 % 4.2 % 1.2 % (1) Represents the gains and losses on our financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Includes primarily gain or loss on interest rate lock commitments, gain or loss on the sale of available for sale securities, sublease income, and income from equity method investments. 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["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#p1", "passage_kind": "narrative", "passage_sequence": 1, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex992sharehol.htm", "table_id": null, "text": "Document generated by Workiva Inc q22022formxex992sharehol\n\nLetter to Shareholders 2Q22 The Gooden Family St. Augustine, Florida Exhibit 99.2\n\nDear Shareholders, At Opendoor, we are building a digital experience that enables consumers to buy, sell, and move at the tap of a button. Against a backdrop of heightened uncertainty in the current macro environment, this mission matters more than ever. In Q2, we were proud of how we served our customers and of our financial results. We helped over 14,000 sellers move with peace of mind and delivered revenue of $4.2 billion, growing over 250% year-over-year, with gross profit of $486 million and record Contribution Profit of $422 million. In pursuit of our mission, we continue to make strides towards serving home sellers nationwide and building a digital home buying experience. For home sellers, we expanded our footprint by six new markets, surpassing a milestone of over 50 markets in total. We have also entered into a multi-year exclusive partnership with Zillow so that home sellers on the Zillow platform can request an offer directly from Opendoor, combining two category leaders to transform how people start their move. For home buyers, we launched our financing app, which provides mortgage pre-approval in as little as 60-seconds and is being seamlessly integrated with the rest of our product suite. Most recently, we announced Opendoor Exclusives, an exclusive marketplace for our homes. A recent customer described Exclusives as, “I felt like I was shopping for a home on Amazon. The process was seamless and uncomplicated.” To that end, we have built a new e-commerce-like experience enabling home buyers to buy directly from Opendoor with simplicity, certainty, and speed. We are pleased with these results, and our long-term vision remains clear. As we look ahead, current volatility in the housing market is requiring a highly dynamic and rigorous approach to managing risk and overall inventory health. As most are aware, the housing market has moved rapidly in response to the Fed's aggressive rate hikes in an effort to curb inflation. This resulted in a steep increase in mortgage rates, which in turn catalyzed a slowdown in the rate of home transactions and lower levels of home price appreciation from all-time highs early in the year. To navigate this market movement, our game plan is to move quickly and with discipline. First, starting in May, we substantially increased our spreads to incorporate the market shifts and to position future resale cohorts to meet or exceed our margin expectations. Second, we are prioritizing inventory health by reducing the price of our existing inventory in line with the market. While we expect to realize 2 A Note from Eric Our Mission Powering life’s progress, one move at a time"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b10", "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b12"], "char_count": 1880, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7a435258c8a655dcb2b2cd490e571e06817f17a5d253c69c97ab7d05f5cdddf1", "derivation_id": "3cc955c2c9ef06ce9f729cc3698320fcf0dcf826daddf2e4a1622edaddc8d3d8", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "block_sequence": 10, "char_end": 985, "char_start": 0, "fragment_sha256": "b3254f1e470d0cd297737e75f773c4c09eaa065655fadd3daeb50973f7cdddca", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "block_sequence": 12, "char_end": 893, "char_start": 0, "fragment_sha256": "6445f35756f6af67584fbc7ba7bc46ce90532d01415d2ab1417ce8c5d2147058", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#p2", "passage_kind": "narrative", "passage_sequence": 2, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex992sharehol.htm", "table_id": null, "text": "sequentially lower contribution margins in the second half of the year, these actions will enable strong financial performance beyond this period of market transition. And, for the homes we are acquiring today, we expect those to perform well and in line with expectations. We will continue to leverage what we have built over the past eight years – our responsive pricing and operations platform, our low cost structure, and our strong balance sheet and capital position – all of which gives us the flexibility to operate from a position of strength. Importantly, we will be balancing short-term risk management with long-term transformative initiatives such as Opendoor Exclusives. With our superior customer experience, platform capabilities, and operational excellence, we know this is an opportunity to strengthen our position and solidify our leadership as the category winner. Eric Wu, Co-Founder & CEO 3 A Note from Eric Our Mission Powering life’s progress, one move at a time\n\n2Q22 ● Revenue of $4.2 billion, up 254% versus 2Q21; with 10,482 total homes sold, up 201% versus 2Q21 ● Gross profit of $486 million, versus $159 million in 2Q21, up 206% versus prior year; gross margin of 11.6%, versus 13.4% in 2Q21 ● Net loss of ($54) million, versus ($144) million in 2Q21 ● Adjusted Net Income of $122 million, versus $3 million in 2Q21 ● Contribution Profit of $422 million, versus $128 million in 2Q21; Contribution Margin of 10.1%, versus 10.8% in 2Q21 ● Adjusted EBITDA of $218 million, versus $25 million in 2Q21; Adjusted EBITDA Margin of 5.2%, versus 2.2% in 2Q21 ● Inventory balance of 17,013 homes, representing $6.6 billion in value, up 143% versus 2Q21 ● Purchased 14,135 homes, up 66% versus 2Q21 ● Launched New York and New Jersey, Detroit, Southwest Florida, Boston, Albuquerque, and Cincinnati; bringing us to 51 markets at the end of 2Q22 Key Highlights 4"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b14"], "char_count": 1966, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c761dc08bf6a71471e400b79322d780b85cb3203d82171ea9701fddd61366a7c", "derivation_id": "3cc955c2c9ef06ce9f729cc3698320fcf0dcf826daddf2e4a1622edaddc8d3d8", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "block_sequence": 14, "char_end": 1966, "char_start": 0, "fragment_sha256": "d0f37098f1cd3e745fb825bb4b48727a551d26efa86fe43973e98b42b80c0bf4", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex992sharehol.htm", "table_id": null, "text": "5 Julie Damavandi Las Vegas, Nevada After 41 years in her home in Las Vegas, Julie Damavandi was ready for a fresh start. She had raised her children there, mostly as a single parent, as it was where she had lived after her husband passed away. Despite years of happy memories, there were corners of the house that reminded her of more challenging times. Julie’s lifelong dream was to own a brand new home, so she set her sights on a new-build community in Henderson, NV, away from the hustle and bustle of the city. She quickly found a home with her ideal floor plan, including two key items on her wish list: a large kitchen with an island and an oversized soaking tub. Julie completely fell in love with every detail of the house, but was then faced with the daunting task of selling her current house. At the recommendation of a salesperson in the new-build community, Julie reached out to Opendoor. Within three days of requesting an offer, Julie was under contract to sell her home to Opendoor. She was in awe of the simplicity of the process and the ability to select her own closing date. Selling to Opendoor also meant that she didn’t have to deal with the typical stressors associated with the traditional way of selling a home, like scheduling open houses, making repairs, and paying for an appraisal. In less than 30 days, she had the proceeds from her home sale in her bank account, and she was finally empowered with the freedom to move. At home in Henderson, with the glow of the city lights in the distance, Julie found a quiet solace and a new sense of peace after leaving the emotional baggage of her previous home behind her. In her words, “Opendoor made it possible for me to unload all of that burden and be able to look forward and to feel the freedom that I needed to go into a new house.” Opendoor made this whole fresh start possible. There's no doubt in my mind that without Opendoor, this very well may not have happened. - Julie Damavandi"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b16"], "char_count": 2301, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ede96e9eabdb280f1c950128b446963a193a820e4dcdb2ac037c83c0b205e6e1", "derivation_id": "3cc955c2c9ef06ce9f729cc3698320fcf0dcf826daddf2e4a1622edaddc8d3d8", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "block_sequence": 16, "char_end": 2301, "char_start": 0, "fragment_sha256": "52110c3c368fbfc7a86851e183544a5a429a49d8c5e2c6d8b62bbcd9fd663775", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex992sharehol.htm", "table_id": null, "text": "Address Entry Coverage Growth YoY 50% 6 HOMEOWNERS AND SELLERS In a rapidly changing market, more sellers are seeking an Opendoor offer than ever. We further deepened our market penetration with total registered address entry coverage up 50% versus last year, giving us a broader pool of prospective customers to re-engage and convert in future quarters. Offer requests also reached another record high, up 69% compared to the prior year. More importantly, we will be accelerating our future seller growth with an exclusive partnership with Zillow, which will empower the millions of homeowners who visit Zillow with the ability to receive an Opendoor offer. It is rare that two leading innovators come together and align on a vision that can fundamentally change how people start their move. In addition to record offers, we are seeing conversion exceed our expectations at our current spreads. While we have increased spreads significantly to incorporate the rapidly shifting market conditions, we are demonstrating that conversion is stickier than previously expected. In addition to the convenience we offer sellers — the ability to skip showings and repairs, and to close faster — the certainty we provide is much desired and needed in this moment. BUYERS AND SERVICES We have been building an end-to-end home buying experience on par with the e-commerce experiences that consumers have come to expect. In June, we went live with our financing app, which gives customers the ability to obtain a pre-approval in as little as 60 seconds and integrates home financing seamlessly with the rest of Opendoor’s services. While just launched in California, we are seeing a high level of engagement in the app, with leading indicators suggesting that this will become our highest attaching state within months of launch. We are planning to launch this app in additional markets over the course of 2022. We are also thrilled to have launched Opendoor Exclusives, a first-of-its-kind marketplace that enables homebuyers to purchase our homes via an e-commerce checkout experience. Customers can purchase homes directly from Opendoor, with a buy-it-now price, eliminating stressful negotiations, weeks of uncertainty, and multiple Total Offer Request Growth YoY 69% Business Highlights Opendoor Financing App"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b18"], "char_count": 2428, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0511f4ddecd50b61ad2a614a445437ec0a85fe89fa1bcc6e60a38588e3f475da", "derivation_id": "3cc955c2c9ef06ce9f729cc3698320fcf0dcf826daddf2e4a1622edaddc8d3d8", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "block_sequence": 18, "char_end": 2428, "char_start": 0, "fragment_sha256": "244a31b2cb3759a97361f77cdb4e23c760b7f46746339dcba9820b8d3534fc60", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex992sharehol.htm", "table_id": null, "text": "counterparties. Importantly, this experience is a win-win, providing homebuyers more control, greater peace of mind, and a better experience while eliminating the need for a broker. We have already seen tremendous momentum and positive feedback in our first pilot market of Austin with an NPS north of 75. We know that being vertically integrated gives us control of the consumer experience in differentiated ways, and we are excited to see consumers embrace this new experience. Finally, this initiative represents an important step towards our long-term vision of building a two-sided marketplace with Opendoor homes and services at the center of the transaction. MARKET EXPANSION AND SCALABILITY Serving every homeseller and homebuyer in the US remains one of our long-term goals. We surpassed the milestone of 50 markets in Q2 with the addition of six new markets, including New York, New Jersey, Boston, and Detroit, giving us the ability to underwrite nearly 30% of single family home transactions in the US. Our investments in our platform have enabled an agile and low cost operating system that allows us to scale up and down gracefully across seasons and cycles. In the first half of the year, approximately 40% of our home operations tasks were carried out by third-party operators, which gives us the flexibility to adapt to macro conditions and adjust our costs commensurate with volume expectations over the balance of the year. Furthermore, our centralization of tasks previously handled by local operators, such as home assessment review and vendor sourcing, has enabled us to shift an increasing amount of back-office work to our offshore teams. This not only drives structural cost improvements, but also accelerates our turnaround times while maintaining our high quality standards. In summary, the second quarter completed an exciting first half of the year for Opendoor. We have made significant progress against our strategic goals and are encouraged by the early success of our new initiatives. We also recognize that the months ahead will require us to take decisive action and continuously adjust as market conditions evolve. We are ready and well-positioned with our responsive pricing strategies, flexible operating model, low cost structure, and strong balance sheet to navigate near-term volatility and invest in the future of our platform. 7 Opendoor Exclusives Total Markets 51 Business Highlights"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b20"], "char_count": 2190, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1d03e197e2f987cbe1503515a1bc28d52b192166fda18ba164b571e8b73badd4", "derivation_id": "3cc955c2c9ef06ce9f729cc3698320fcf0dcf826daddf2e4a1622edaddc8d3d8", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "block_sequence": 20, "char_end": 2190, "char_start": 0, "fragment_sha256": "cf339414909117cbd226fb047639f141105e0dceb9cf6687c687cf210c65758a", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex992sharehol.htm", "table_id": null, "text": "($ in millions) 2Q22 was another outstanding quarter for Opendoor. Growth continued to be robust, while Contribution Profit and Adjusted EBITDA reached all-time highs and exceeded expectations. As we look ahead, the housing market is evolving rapidly. We are focused on dynamically managing inventory health, risk, and resale performance in the second half of the year, while remaining steadfast in pursuit of our long-term mission and goal of building a profitable, generational company. GROWTH In the second quarter, we delivered $4.2 billion of revenue, representing 254% growth year-over-year. We sold 10,482 homes in 2Q, which is over three times the number of units sold in 2Q21. Alongside unit growth, revenue per home sold was also up 18% versus the prior year. During the quarter, we saw a marked change in momentum in the overall housing market with increases in mortgage rates and slowing sell-through of homes. We saw sequential declines in our resale volumes in May and June as rising rates impacted housing affordability. On the acquisition side, we purchased 14,135 homes in the second quarter, up 66% versus 2Q21 and up 57% versus the prior quarter. UNIT ECONOMICS We opportunistically leaned into market strength early in the quarter and delivered unit margins that exceeded our expectations. GAAP gross profit was $486 million and 11.6% of revenue in 2Q22, versus $159 million and 13.4% of revenue in 2Q21. Adjusted gross profit was $556 million and 13.2% of revenue in 2Q22, versus $160 million and 13.5% of revenue in 2Q21. Contribution Profit reached an all-time high at $422 million in the quarter, up 230% versus 2Q21. Contribution Margin was 10.1% versus 10.8% in 2Q21. As expected, our Contribution Margin grew over 1Q22, reflecting the increased conservatism that we have been embedding into our offers via higher spreads since the fall of last year and a decision to prioritize the capture of additional margin in the first half of the year in response to increasing market volatility. 8 2Q21 3Q21 4Q21 1Q22 2Q22 Financial Highlights 2Q22 Revenue $4.2 billion $1,186 $2,266 $3,822 $4,198 2Q22 Gross Profit $486 million 2Q22 Contribution Profit $422 million $5,151"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b22"], "char_count": 2232, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "35359020b05acc3344942f6499a843c38955d0d45f4b9c43cf4a6026cd226252", "derivation_id": "3cc955c2c9ef06ce9f729cc3698320fcf0dcf826daddf2e4a1622edaddc8d3d8", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "block_sequence": 22, "char_end": 2232, "char_start": 0, "fragment_sha256": "cbcc03e42ee6c3b67b1013210a7c6255f25789744bc79f37ff6ad456756509eb", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex992sharehol.htm", "table_id": null, "text": "NET INCOME AND ADJUSTED EBITDA GAAP net loss was ($54) million in 2Q22 versus ($144) million in 2Q21. As a percent of revenue, GAAP net loss was (1.3%) in 2Q22 versus (12.1%) in 2Q21. Adjusted Net Income reached an all-time high of $122 million or 2.9% of revenue in 2Q22, versus $3 million or 0.2% of revenue in 2Q21. This is a good proxy for operating free cash flow as it isolates the operating performance of our business from changes in home inventory that are primarily funded through our non-recourse, asset-backed debt facilities. Adjusted EBITDA was $218 million in 2Q22 compared to $25 million in 2Q21. As a percentage of revenue, Adjusted EBITDA was 5.2% in 2Q22 versus 2.2% in 2Q21. Adjusted EBITDA came in above our expectations due to outperformance on unit margins, which provided incremental leverage against our operating expense base. INVENTORY We ended 2Q with 17,013 homes in inventory on our balance sheet, representing $6.6 billion in value. As of June 30, 2022, 5% of our homes were listed on the market for more than 120 days, compared to 14% of the homes in the overall market, adjusted for our buy-box. This compares to 7% of our homes at more than 120 days on market at the end of 1Q22. CASH AND FINANCING AVAILABILITY We ended the second quarter with $2.5 billion in cash, cash equivalents, and marketable securities (equivalent to ~$4 per share). Additionally, we have $11.3 billion of financing availability across our non-recourse, asset-backed facilities. We believe that our financing structure, combined with our strong cash balance, provides us with significant financial flexibility and liquidity to support our inventory levels and navigate this period of macro uncertainty. HOUSING MACRO The second quarter marked a rapid change in the overall macro outlook. In response to a spike in inflation expectations, the Fed raised rates aggressively. This resulted in the largest quarter-on-quarter increase in 30-year fixed mortgage rates since Financial Highlights 2Q22 Adjusted EBITDA Margin 5.2% 2.2% 1.5% 0.0% 5.2% 2Q21 3Q21 4Q21 1Q22 2Q22 2Q22 Adjusted Net Income 2.9% 2Q21 3Q21 4Q21 2Q22 2Q22 1.9% 0.2% (0.8%) (2.1%) 2.9% 3.4% 2Q22 Cash, Cash Equivalents, and Marketable Securities $2.5 billion"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b24"], "char_count": 2199, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "fb16f7195609ba0cc5d418835280f15dede452ac6de4c8f18fa4ad9d02a72307", "derivation_id": "3cc955c2c9ef06ce9f729cc3698320fcf0dcf826daddf2e4a1622edaddc8d3d8", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "block_sequence": 24, "char_end": 2199, "char_start": 0, "fragment_sha256": "b5f7f3124d5a990793885fada80c139c85bc5de4a2a85f39721bd3beca891b60", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex992sharehol.htm", "table_id": null, "text": "1980, as it moved from an average of 3.8% during Q1 to an average of 5.3% in Q2. In response to these macro shifts, we saw a significant pullback in home buyer demand, which translated through to a slowdown in both home price appreciation (HPA) and transaction velocity. While we had anticipated a slowdown in the housing market from peak levels, the rate of deceleration in HPA was steeper than expected. We typically observe month-over-month HPA to be zero or slightly negative in the back half of the year given housing seasonality. In contrast, the speed with which it got there this year from peak levels early in Q2 was faster than our expectation and sharper than typical seasonal home price declines. For example, we saw one-month HPA (non-seasonally adjusted, weighted by Opendoor’s markets) move from approximately 300 basis points per month in early May to negative 100 basis points in mid July. We are beginning to observe a flattening out of the month-over-month change in HPA and may continue to see HPA trend in line with normal seasonal patterns for the remainder of the year. With respect to home sales and purchases, while the absolute level of transactions has reverted back to 2018 and 2019 levels, the rate of change was equally swift. That being said, there is still velocity of transactions and homes are still selling, but less quickly than in early Q2. GUIDANCE Given the annual seasonality pattern to home prices, we historically have realized higher margins in the first half of the year and lower margins in the second half of the year. However, due to broad market movements from softening demand, our 2H22 performance will also reflect the transition in housing to lower transaction velocity, lower HPA, and longer holding times beyond typical seasonal trends. Against this backdrop, we have moved decisively to prioritize inventory health and risk management, focusing on pricing adjustments to sell homes expeditiously and to position new acquisition cohorts to deliver margins in line with our expectations. To that end, we made three key pricing decisions over the second quarter: 10 Financial Highlights Key Objectives for 2H22 Risk management and inventory health"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b26"], "char_count": 2251, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "132179fe98510f4c2c5946c12002740b026dc40f56bb195245362c2562c11a9d", "derivation_id": "3cc955c2c9ef06ce9f729cc3698320fcf0dcf826daddf2e4a1622edaddc8d3d8", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "block_sequence": 26, "char_end": 2251, "char_start": 0, "fragment_sha256": "c4b95bb193430c48163acf64279066d5e6910c875e829e097080b5f03a7accb2", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex992sharehol.htm", "table_id": null, "text": "First, we substantially increased the spreads we charged on acquisition offers starting in May. However, given how quickly our spreads increased, and the time lag between original offer and acquisition close, we saw a gap between the spreads we were charging at these two time periods on specific cohorts of homes. We made the strategic decision to close on those homes and to not re-price or cancel contracts in the quarter. We believe this is a critical brand investment that will pay dividends for years to come. Second, we adjusted down listed prices on our inventory to stay in line with the market, leveraging real-time market signals paired with our home-level pricing optimization. It is worth noting that we are selling into a market where there is still persistent buyer demand with absolute transaction levels consistent with 2018 and 2019. Notwithstanding, these price reductions will impact our contribution margins beyond the typical impact of seasonality - our decision to prioritize the capture of additional margin in the first half of the year gives us additional flexibility to take such actions in the second half. Finally, as a matter of prudent risk management, we have persisted with substantially higher spreads for new acquisition cohorts, which, combined with lower marketing spend, will reduce our acquisition volumes as the market shifts. We expect these newer acquisition cohorts to perform well and deliver attractive margins, in line with our underwriting targets. One of the structural advantages of our business model is its responsiveness and adaptability to changing market conditions - as the housing market stabilizes, we plan to resume a higher pace of acquisitions. In the meantime, the inflow of fewer newly acquired homes will shift our resale mix to longer-dated homes that are typically lower margin. In addition to these actions, we are aggressively managing down our operating expenses through the balance of the year. This will primarily be driven by flexing down third-party capacity that we have built into our operations and focusing marketing spend on our most efficient channels. We retain the ability to quickly re-ramp this capacity once we resume higher acquisition growth. 11 Financial Highlights"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b28", "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b30"], "char_count": 1864, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "176705566d6c410f359fe8d857b5c27d3e3ca125e0dba1051b7db0531f2dadda", "derivation_id": "3cc955c2c9ef06ce9f729cc3698320fcf0dcf826daddf2e4a1622edaddc8d3d8", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "block_sequence": 28, "char_end": 1379, "char_start": 0, "fragment_sha256": "b4f4ae6b7b87da976ee5efefd6508980e2034a73bc3dfd41d0c45074ec92ea82", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "block_sequence": 30, "char_end": 483, "char_start": 0, "fragment_sha256": "92fee9fa5b35552bc302b656d49382818545351a827872c0317294bac6ca88ba", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex992sharehol.htm", "table_id": null, "text": "Our third quarter guidance reflects the impact of these actions, as well as the wider range of outcomes that could arise given uncertain market conditions: ● Revenue is expected to be between $2.2 and $2.6 billion ● Adjusted EBITDA1 is expected to be between ($175) and ($125) million ● Stock-based compensation is expected to be in the range of $60 to $65 million As the housing market transitions from historic highs, we are acting quickly and decisively to manage risk and the overall health of our inventory, while continuing to stand by our customers and build the platform that will transform how homes are transacted for decades to come. 12 Financial Highlights 1. Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. 3Q22 Adjusted EBITDA1 Guidance ($175) to ($125) million 3Q22 Revenue Guidance $2.2 to $2.6 billion\n\n13Raleigh-Durham, NC Eric Wu, Co-Founder & CEO Carrie Wheeler, CFO CONFERENCE CALL INFORMATION Opendoor will host a conference call to discuss its financial results on August 4, 2022 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. August 4, 2022 at 2 p.m. PT investor.opendoor.com LIVE WEBCAST"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b32", "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b34", "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b36"], "char_count": 3024, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f979b339609efbb0bb60c0fc7ec3a0afe344bcf55e82c9c20b3435a248de1923", "derivation_id": "3cc955c2c9ef06ce9f729cc3698320fcf0dcf826daddf2e4a1622edaddc8d3d8", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "block_sequence": 32, "char_end": 68, "char_start": 0, "fragment_sha256": "0d282019ef61000a7027912ef8d266468d6f6037dac282ae0f5b619033dcffbb", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "block_sequence": 34, "char_end": 33, "char_start": 0, "fragment_sha256": "0f9787309522bb82cc14cb43961debc1c3d6b803387d7514e82cb2d983fcd910", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "block_sequence": 36, "char_end": 2919, "char_start": 0, "fragment_sha256": "215f7ca7669a6e5d16ade5539d9052e63692859ecdd5e7c1e246463871f9b9c3", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#p11", "passage_kind": "narrative", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex992sharehol.htm", "table_id": null, "text": "/ OpendoorHQ / Opendoor Company / Opendoor-com investor.opendoor.com\n\n15 Definitions & Financial Tables\n\nThis shareholder letter contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our financial condition, anticipated financial performance, business strategy and plans, market opportunity and expansion and objectives of management for future operations. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “intend”, “may”, “might”, “opportunity”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “will”, or “would”, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward- looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this shareholder letter, including but not limited to our public securities’ potential liquidity and trading; our ability to raise financing in the future; our success in retaining or recruiting, or changes required in, our officers, key employees or directors; the impact of the regulatory environment and complexities with compliance related to such environment; various factors relating to our business, operations and financial performance, including, but not limited to, the impact of the COVID-19 pandemic on our ability to grow market share; our ability to respond to general economic conditions, and the health of the U.S. residential real estate industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \"Risk Factors\" in our annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2022, and our other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 16 Forward-Looking Statements"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b38"], "char_count": 3633, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "30cdca82084950953649306504a23101067f800df3b00ec250d2e8930f1635e2", "derivation_id": "3cc955c2c9ef06ce9f729cc3698320fcf0dcf826daddf2e4a1622edaddc8d3d8", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "block_sequence": 38, "char_end": 3633, "char_start": 0, "fragment_sha256": "e19bac760b315b5e75b59ef7f0fac52b54a6d5ddeb30c4bdc00ae5bc5e0d9e44", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex992sharehol.htm", "table_id": null, "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company’s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit, Contribution Profit After Interest, Adjusted Net (Loss) Income, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non- GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest, which are non-GAAP financial measures. We believe that Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Contribution Profit After Interest further impacts gross profit by including senior interest costs attributable to homes sold during a reporting period. We believe these measures facilitate meaningful period over period comparisons and illustrate our ability to generate returns on assets sold after considering the costs directly related to the assets sold in a given period. Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit. 17 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b40"], "char_count": 3096, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0b8c6af4594a50275e01a3fe32cbbe7bab367dba844697315c08a1cf6eeda60a", "derivation_id": "3cc955c2c9ef06ce9f729cc3698320fcf0dcf826daddf2e4a1622edaddc8d3d8", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "block_sequence": 40, "char_end": 3096, "char_start": 0, "fragment_sha256": "8b97e5ceba4719f993407f6f5784d7912a60d46374f6924b677af28fbbf4f80c", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#p13", "passage_kind": "narrative", "passage_sequence": 13, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex992sharehol.htm", "table_id": null, "text": "Adjusted Gross Profit / Margin We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution Profit / Margin We calculate Contribution Profit as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflows directly associated with a specific resale cohort. Contribution Profit / Margin After Interest We define Contribution Profit After Interest as Contribution Profit, minus interest expense under our non-recourse asset- backed senior debt facilities incurred on the homes sold during the period. This may include interest expense recorded in periods prior to the period in which the sale occurred. Our asset-backed senior debt facilities are secured by our real estate inventory and cash. In addition to our senior debt facilities, we use a mix of debt and equity capital to finance our inventory and that mix will vary over time. We expect to continue to evolve our cost of financing as we include other debt sources beyond mezzanine capital. As such, in order to allow more meaningful period over period comparisons that more accurately reflect our asset performance rather than our evolving financing choices, we do not include interest expense associated with our mezzanine term debt facilities in this calculation. Contribution Margin After Interest is Contribution Profit After Interest as a percentage of revenue. We view this metric as an important measure of business performance. Contribution Profit After Interest helps management assess Contribution Margin performance, per above, when burdened with the cost of senior financing. 18 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b42"], "char_count": 2770, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ff91f708bd99480222e3628963cfaa02a9c3c9cf0f31a8830b7ad42e9dd928a6", "derivation_id": "3cc955c2c9ef06ce9f729cc3698320fcf0dcf826daddf2e4a1622edaddc8d3d8", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "block_sequence": 42, "char_end": 2770, "char_start": 0, "fragment_sha256": "802ddf1496c0aea69e3669eb3ca28ab4610fdfe06ef024ce7fdd447341a8f532", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#p14", "passage_kind": "narrative", "passage_sequence": 14, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex992sharehol.htm", "table_id": null, "text": "19 Adjusted Net Income (Loss) and Adjusted EBITDA We also present Adjusted Net Income (Loss) and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non- recurring, non-cash, not directly related to our revenue-generating operations or not aligned to related revenue. Adjusted Net Income (Loss) and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss. We calculate Adjusted Net Income (Loss) as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, warrant fair value adjustment, and intangibles amortization expense. It also excludes non-recurring gain on lease termination, payroll tax on initial RSU release, and legal contingency accrual and related expenses. Adjusted Net Income (Loss) also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Income (Loss) does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net Income (Loss) adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b44", "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b46"], "char_count": 2641, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8f65441887d8ed1420747937b79caa67e5abe4bd333e6c7e7cd07a813be4a0cc", "derivation_id": "3cc955c2c9ef06ce9f729cc3698320fcf0dcf826daddf2e4a1622edaddc8d3d8", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "block_sequence": 44, "char_end": 1093, "char_start": 0, "fragment_sha256": "fad0953f73efb9e0dd4e72a1dc41e2c08061ae1b33c2a5ac4b36831f0d04e4ec", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "block_sequence": 46, "char_end": 1546, "char_start": 0, "fragment_sha256": "18a3dbbed7392b450f30e267f8dff45a499aa94cf112736548ead9f12c227d4d", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#p15", "passage_kind": "narrative", "passage_sequence": 15, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex992sharehol.htm", "table_id": null, "text": "20 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 REVENUE $ 4,198 $ 1,186 $ 9,349 $ 1,933 COST OF REVENUE 3,712 1,027 8,328 1,677 GROSS PROFIT 486 159 1,021 256 OPERATING EXPENSES: Sales, marketing and operations 276 97 552 166 General and administrative 137 190 238 412 Technology and development 41 24 81 75 Total operating expenses 454 311 871 653 INCOME (LOSS) FROM OPERATIONS 32 (152) 150 (397) WARRANT FAIR VALUE ADJUSTMENT — 24 — 9 INTEREST EXPENSE (89) (16) (157) (27) OTHER INCOME (LOSS) – Net 4 — (18) 1 LOSS BEFORE INCOME TAXES (53) (144) (25) (414) INCOME TAX EXPENSE (1) — (1) — NET LOSS $ (54) $ (144) $ (26) $ (414) Net loss per share attributable to common shareholders: Basic $ (0.09) $ (0.24) $ (0.04) $ (0.72) Diluted $ (0.09) $ (0.24) $ (0.04) $ (0.72) Weighted-average shares outstanding: Basic 624,958 588,374 622,064 576,941 Diluted 624,958 588,374 622,064 576,941 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited)\n\n21 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) June 30, 2022 December 31, 2021 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 2,239 $ 1,731 Restricted cash 615 847 Marketable securities 233 484 Escrow receivable 56 84 Mortgage loans held for sale pledged under agreements to repurchase 12 7 Real estate inventory, net 6,628 6,096 Other current assets ($2 and $4 carried at fair value) 162 91 Total current assets 9,945 9,340 PROPERTY AND EQUIPMENT – Net 54 45 RIGHT OF USE ASSETS 43 42 GOODWILL 60 60 INTANGIBLES – Net 7 12 OTHER ASSETS 27 7 TOTAL ASSETS $ 10,136 $ 9,506 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 215 $ 137 Non-recourse asset-backed debt - current portion 3,362 4,240 Other secured borrowings 12 7 Interest payable 10 12 Lease liabilities - current portion 7 4 Total current liabilities 3,606 4,400 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 3,176 1,862 CONVERTIBLE SENIOR NOTES 956 954 LEASE LIABILITIES – Net of current portion 42 42 Total liabilities 7,780 7,258 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 627,033,133 and 616,026,565 shares issued, respectively; 627,033,133 and 616,026,565 shares — — Additional paid-in capital 4,092 3,955 Accumulated deficit (1,731) (1,705) Accumulated other comprehensive (loss) income (5) (2) Total shareholders’ equity 2,356 2,248 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 10,136 $ 9,506"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b48"], "char_count": 2706, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ab7bec675a19ca2df2038f728b6d3f968bc32f44d7de74d06783b671aba39baf", "derivation_id": "3cc955c2c9ef06ce9f729cc3698320fcf0dcf826daddf2e4a1622edaddc8d3d8", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "block_sequence": 48, "char_end": 2706, "char_start": 0, "fragment_sha256": "66fcf839925613adcc0bf94ac7d6e0f055688503e3986cda86b292c2d194d02d", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#p16", "passage_kind": "narrative", "passage_sequence": 16, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex992sharehol.htm", "table_id": null, "text": "22 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Six Months Ended June 30, 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (26) $ (414) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash used in operating activities: Depreciation and amortization 38 20 Amortization of right of use asset 4 4 Stock-based compensation 126 403 Warrant fair value adjustment — (9) Gain on settlement of lease liabilities — (5) Inventory valuation adjustment 90 1 Change in fair value of equity securities 25 — Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale (1) (2) Origination of mortgage loans held for sale (108) (83) Proceeds from sale and principal collections of mortgage loans held for sale 106 68 Changes in operating assets and liabilities: Escrow receivable 28 (32) Real estate inventory (622) (2,249) Other assets (80) (38) Accounts payable and other accrued liabilities 79 34 Lease liabilities (2) (10) Net cash used in operating activities (343) (2,312) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (20) (11) Purchase of marketable securities (28) (239) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 250 86 Purchase of non-marketable equity securities (25) (10) Proceeds from sale of non-marketable equity securities 3 — Capital returns of non-marketable equity securities 3 — Net cash provided by (used in) investing activities 183 (174) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise of stock options 3 7 Proceeds from warrant exercise — 5 Proceeds from the February 2021 Offering — 886 Issuance cost of common stock — (29) Proceeds from non-recourse asset-backed debt 6,608 3,160 Principal payments on non-recourse asset-backed debt (6,162) (1,374) Proceeds from other secured borrowings 105 82 Principal payments on other secured borrowings (100) (65) Payment of loan origination fees and debt issuance costs (18) (2) Net cash provided by financing activities 436 2,670 NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 276 184 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 2,578 1,506 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $ 2,854 $ 1,690 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $ 145 $ 21 DISCLOSURES OF NONCASH ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 8 $ 6 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 2,239 $ 1,558 Restricted cash 615 132 Cash, cash equivalents, and restricted cash $ 2,854 $ 1,690"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b50"], "char_count": 3174, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "85453be916042a1c9740cefc4575d6eae3ad63f973e85cf2d72c0fa8713a8b5b", "derivation_id": "3cc955c2c9ef06ce9f729cc3698320fcf0dcf826daddf2e4a1622edaddc8d3d8", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "block_sequence": 50, "char_end": 3174, "char_start": 0, "fragment_sha256": "78e989b821d033a8c433cbeb049d73952676b5f0786ccc32f2e7cd29bad0b345", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#p17", "passage_kind": "narrative", "passage_sequence": 17, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex992sharehol.htm", "table_id": null, "text": "23 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT, CONTRIBUTION PROFIT AND CONTRIBUTION PROFIT AFTER INTEREST TO OUR GROSS PROFIT (Unaudited) Three Months Ended Six Months Ended June 30, (in millions, except percentages and homes sold, or as noted) June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 2022 2021 Gross profit (GAAP) $ 486 $ 535 $ 272 $ 202 $ 159 $ 1,021 $ 256 Gross Margin 11.6 % 10.4 % 7.1 % 8.9 % 13.4 % 10.9 % 13.2 % Adjustments: Inventory valuation adjustment – Current Period͏(1)(2) 82 8 24 31 1 85 1 Inventory valuation adjustment – Prior Periods͏(1)(3) (12) (31) (17) — — (38) — Adjusted Gross Profit $ 556 $ 512 $ 279 $ 233 $ 160 $ 1,068 $ 257 Adjusted Gross Margin 13.2 % 9.9 % 7.3 % 10.3 % 13.5 % 11.4 % 13.3 % Adjustments: Direct selling costs(4) (100) (136) (99) (52) (26) (236) (44) Holding costs on sales – Current Period͏(5)(6) (11) (16) (12) (7) (3) (42) (7) Holding costs on sales – Prior Periods͏(5)(7) (23) (28) (16) (5) (3) (36) (2) Contribution Profit $ 422 $ 332 $ 152 $ 169 $ 128 $ 754 $ 204 Homes sold in period 10,482 12,669 9,794 5,988 3,481 23,151 5,943 Contribution Profit per Home Sold (in thousands) $ 40 $ 26 $ 16 $ 28 $ 37 $ 33 $ 34 Contribution Margin 10.1 % 6.4 % 4.0 % 7.5 % 10.8 % 8.1 % 10.5 % Adjustments: Interest on homes sold – Current Period͏(8)(9) (12) (16) (12) (6) (3) (42) (7) Interest on homes sold – Prior Periods͏(8)(10) (21) (26) (13) (4) (2) (33) (1) Contribution Profit After Interest $ 389 $ 290 $ 127 $ 159 $ 123 $ 679 $ 196 Contribution Margin After Interest 9.3 % 5.6 % 3.3 % 7.0 % 10.4 % 7.3 % 10.1 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented. (8) This does not include interest on mezzanine term debt facilities or other indebtedness. (9) Represents the interest expense under our asset-backed senior debt facilities incurred during the period presented on homes sold in the period presented. (10) Represents the interest expense under our asset-backed senior debt facilities incurred during prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#b52"], "char_count": 2934, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "43dce4e376c47bb057ef37fad659d656d25efa296df0358c859ff659f4b983d5", "derivation_id": "3cc955c2c9ef06ce9f729cc3698320fcf0dcf826daddf2e4a1622edaddc8d3d8", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "block_sequence": 52, "char_end": 2934, "char_start": 0, "fragment_sha256": "3af8328bd436ac8513ddef987bc14fdf9b3269c3cba478e4eef4a8695756523b", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#p18", "passage_kind": "narrative", "passage_sequence": 18, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex992sharehol.htm", "table_id": null, "text": "24 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED NET INCOME (LOSS) AND ADJUSTED EBITDA TO OUR NET LOSS (Unaudited) Three Months Ended Six Months Ended June 30, (in millions, except percentages) June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 2022 2021 Net (loss) income (GAAP) $ (54) $ 28 $ (191) $ (57) $ (144) $ (26) $ (414) Adjustments: Stock-based compensation 59 67 71 62 164 126 403 Equity securities fair value adjustment(1) 3 22 16 (51) — 25 — Warrant fair value adjustment͏(1) — — — (3) (24) — (9) Intangibles amortization expense(2) 3 2 2 1 1 5 1 Inventory valuation adjustment – Current Period͏(3)(4) 82 8 24 31 1 85 1 Inventory valuation adjustment — Prior Periods͏(3)(5) (12) (31) (17) — — (38) — Gain on lease termination — — — — — — (5) Payroll tax on initial RSU release — — — — 5 — 5 Legal contingency accrual and related expenses 42 3 14 — — 45 — Other(6) (1) — 1 (1) — (1) — Adjusted Net Income (Loss) $ 122 $ 99 $ (80) $ (18) $ 3 $ 221 $ (18) Adjustments: Depreciation and amortization, excluding amortization of intangibles and right of use assets 12 9 9 8 7 21 16 Property financing(7) 76 58 62 38 12 134 19 Other interest expense(8) 13 10 10 6 4 23 8 Interest income(9) (6) — (1) — (1) (6) (2) Income tax expense 1 — — 1 — 1 — Adjusted EBITDA $ 218 $ 176 $ 0.4 $ 35 $ 25 $ 394 $ 23 Adjusted EBITDA Margin 5.2 % 3.4 % — % 1.5 % 2.2 % 4.2 % 1.2 % (1) Represents the gains and losses on our financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Includes primarily gain or loss on interest rate lock commitments, gain or loss on the sale of available for sale securities, sublease income, and income from equity method investments. (7) Includes interest expense on our non-recourse asset-backed debt facilities. (8) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset- backed debt facilities, interest expense related to the 2026 convertible senior notes outstanding, and interest expense on other secured borrowings. 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NON-GAAP MEASURES & KEY METRICS (Unaudited) Period Ended ($ in millions, except markets, homes purchased, homes sold, homes in inventory, and margins) Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Key Metrics Total Markets (at period end) 51 45 44 44 39 Total Revenue $ 4,198 $ 5,151 $ 3,822 $ 2,266 $ 1,186 Homes Purchased 14,135 9,020 9,639 15,181 8,494 Homes Sold 10,482 12,669 9,794 5,988 3,481 Homes in Inventory (at period end) 17,013 13,360 17,009 17,164 7,971 Inventory (at period end) $ 6,628 $ 4,664 $ 6,096 $ 6,268 $ 2,724 Non-GAAP Financial Measures Adjusted Gross Profit $ 556 $ 512 $ 279 $ 233 $ 160 Selling Costs (100) (136) (99) (52) (26) Holding Costs (34) (44) (28) (12) (6) Contribution Profit $ 422 $ 332 $ 152 $ 169 $ 128 Contribution Profit After Interest $ 389 $ 290 $ 127 $ 159 $ 123 Adjusted EBITDA $ 218 $ 176 $ 0.4 $ 35 $ 25 Adjusted Net Income (Loss) $ 122 $ 99 $ (80) $ (18) $ 3 Margins Total Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Adjusted Gross Profit 13.2 % 9.9 % 7.3 % 10.3 % 13.5 % Contribution Margin 10.1 % 6.4 % 4.0 % 7.5 % 10.8 % Contribution Margin After Interest 9.3 % 5.6 % 3.3 % 7.0 % 10.4 % Adjusted EBITDA 5.2 % 3.4 % \u2014 % 1.5 % 2.2 % Adjusted Net Income (Loss) 2.9 % 1.9 % (2.1) % (0.8) % 0.2 % Exhibit 99.3" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm#b7", + "block_sequence": 7, + "block_sha256": "22c3cdf32d2d3d58e7bf1f28f7bc89716c7b736d49f34f9788b73ded68e3a788", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm", + "block_sequence": 7, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "82735e443a77e54e8f7353cf175079477940a5fae12e0b2276f2152b6654a789", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm#s2", + "table": null, + "text": "q22022formxex993suppleme002.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm#b8", + "block_sequence": 8, + "block_sha256": "045c7173efa87af429c037b19fe890d8e0d775df76f592e1aacc11f2a713c292", + "block_type": "paragraph", + "char_count": 1090, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm", + "block_sequence": 8, + "char_end": 1090, + "char_start": 0, + "fragment_sha256": "9df20f70b2c3c2b1f314a0c3249a3f44582e2be3f5e7344511baeefc106516fe", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. 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CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) June 30, 2022 December 31, 2021 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 2,239 $ 1,731 Restricted cash 615 847 Marketable securities 233 484 Escrow receivable 56 84 Mortgage loans held for sale pledged under agreements to repurchase 12 7 Real estate inventory, net 6,628 6,096 Other current assets ($2 and $4 carried at fair value) 162 91 Total current assets 9,945 9,340 PROPERTY AND EQUIPMENT \u2013 Net 54 45 RIGHT OF USE ASSETS 43 42 GOODWILL 60 60 INTANGIBLES \u2013 Net 7 12 OTHER ASSETS 27 7 TOTAL ASSETS $ 10,136 $ 9,506 LIABILITIES AND SHAREHOLDERS\u2019 EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 215 $ 137 Non-recourse asset-backed debt - current portion 3,362 4,240 Other secured borrowings 12 7 Interest payable 10 12 Lease liabilities - current portion 7 4 Total current liabilities 3,606 4,400 NON-RECOURSE ASSET-BACKED DEBT \u2013 Net of current portion 3,176 1,862 CONVERTIBLE SENIOR NOTES 956 954 LEASE LIABILITIES \u2013 Net of current portion 42 42 Total liabilities 7,780 7,258 SHAREHOLDERS\u2019 EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 627,033,133 and 616,026,565 shares issued, respectively; 627,033,133 and 616,026,565 shares outstanding, respectively \u2014 \u2014 Additional paid-in capital 4,092 3,955 Accumulated deficit (1,731) (1,705) Accumulated other comprehensive (loss) income (5) (2) Total shareholders\u2019 equity 2,356 2,248 TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY $ 10,136 $ 9,506" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm#b11", + "block_sequence": 11, + "block_sha256": "83510bd62ada28fb8090f62e0189e28e4962619858e894201ffa4c1cd2ab8809", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm", + "block_sequence": 11, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "2aaf6007cea4a1c2ff7359019fe9ef82ff01cc0ba1f345fd9c74756cb1a060fe", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm#s2", + "table": null, + "text": "q22022formxex993suppleme004.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm#b12", + "block_sequence": 12, + "block_sha256": "52d746a616e47eb24729bb75b9db539c4c16a23083c1f4838857c9de4dd34bea", + "block_type": "paragraph", + "char_count": 1955, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm", + "block_sequence": 12, + "char_end": 1955, + "char_start": 0, + "fragment_sha256": "e3b35acdeb1b097408e19001441baf087919816f63e37b13b01b54ceab302a9a", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Six Months Ended June 30, 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (26) $ (414) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash used in operating activities: Depreciation and amortization 38 20 Amortization of right of use asset 4 4 Stock-based compensation 126 403 Warrant fair value adjustment \u2014 (9) Gain on settlement of lease liabilities \u2014 (5) Inventory valuation adjustment 90 1 Change in fair value of equity securities 25 \u2014 Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale (1) (2) Origination of mortgage loans held for sale (108) (83) Proceeds from sale and principal collections of mortgage loans held for sale 106 68 Changes in operating assets and liabilities: Escrow receivable 28 (32) Real estate inventory (622) (2,249) Other assets (80) (38) Accounts payable and other accrued liabilities 79 34 Lease liabilities (2) (10) Net cash used in operating activities (343) (2,312) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (20) (11) Purchase of marketable securities (28) (239) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 250 86 Purchase of non-marketable equity securities (25) (10) Proceeds from sale of non-marketable equity securities 3 \u2014 Capital returns of non-marketable equity securities 3 \u2014 Net cash provided by (used in) investing activities 183 (174) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise of stock options 3 7 Proceeds from warrant exercise \u2014 5 Proceeds from the February 2021 Offering \u2014 886 Issuance cost of common stock \u2014 (29) Proceeds from non-recourse asset-backed debt 6,608 3,160 Principal payments on non-recourse asset-backed debt (6,162) (1,374) Proceeds from other secured borrowings 105 82 Principal payments on other secured borrowings (100) (65)" + }, + { + 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capitalized for internally developed software $ 8 $ 6 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 2,239 $ 1,558 Restricted cash 615 132 Cash, cash equivalents, and restricted cash $ 2,854 $ 1,690" + }, + { + "block_id": "norm:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm#b15", + "block_sequence": 15, + "block_sha256": "069ff557f33baa37197b2edc8eb89ba374fc276f7087102ecc7ceee8a4e5ba3f", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm", + "block_sequence": 15, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "b5949755100b065165275379d49b94b472ee8001253bb40087d21337510a4103", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm#s2", + "table": null, + "text": "q22022formxex993suppleme006.jpg" + 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NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest to our Gross Profit Three Months Ended (in millions, except percentages and homes sold, or as noted) June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 Gross profit (GAAP) $ 486 $ 535 $ 272 $ 202 $ 159 Gross Margin 11.6 % 10.4 % 7.1 % 8.9 % 13.4 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f (1)(2) 82 8 24 31 1 Inventory valuation adjustment \u2013 Prior Periods\u034f (1)(3) (12) (31) (17) \u2014 \u2014 Adjusted Gross Profit $ 556 $ 512 $ 279 $ 233 $ 160 Adjusted Gross Margin 13.2 % 9.9 % 7.3 % 10.3 % 13.5 % Adjustments: Direct selling costs (4) (100) (136) (99) (52) (26) Holding costs on sales \u2013 Current Period\u034f (5)(6) (11) (16) (12) (7) (3) Holding costs on sales \u2013 Prior Periods\u034f (5)(7) (23) (28) (16) (5) (3) Contribution Profit $ 422 $ 332 $ 152 $ 169 $ 128 Homes sold in period 10,482 12,669 9,794 5,988 3,481 Contribution Profit per Home Sold (in thousands) $ 40 $ 26 $ 16 $ 28 $ 37 Contribution Margin 10.1 % 6.4 % 4.0 % 7.5 % 10.8 % Adjustments: Interest on homes sold \u2013 Current Period\u034f (8)(9) (12) (16) (12) (6) (3) Interest on homes sold \u2013 Prior Periods\u034f (8)(10) (21) (26) (13) (4) (2) Contribution Profit After Interest $ 389 $ 290 $ 127 $ 159 $ 123 Contribution Margin After Interest 9.3 % 5.6 % 3.3 % 7.0 % 10.4 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow- related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented. (8) This does not include interest on mezzanine term debt facilities or other indebtedness. (9) Represents the interest expense under our asset-backed senior debt facilities incurred during the period presented on homes sold in the period presented. 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NON-GAAP MEASURES & KEY METRICS (Unaudited) Period Ended ($ in millions, except markets, homes purchased, homes sold, homes in inventory, and margins) Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Key Metrics Total Markets (at period end) 51 45 44 44 39 Total Revenue $ 4,198 $ 5,151 $ 3,822 $ 2,266 $ 1,186 Homes Purchased 14,135 9,020 9,639 15,181 8,494 Homes Sold 10,482 12,669 9,794 5,988 3,481 Homes in Inventory (at period end) 17,013 13,360 17,009 17,164 7,971 Inventory (at period end) $ 6,628 $ 4,664 $ 6,096 $ 6,268 $ 2,724 Non-GAAP Financial Measures Adjusted Gross Profit $ 556 $ 512 $ 279 $ 233 $ 160 Selling Costs (100) (136) (99) (52) (26) Holding Costs (34) (44) (28) (12) (6) Contribution Profit $ 422 $ 332 $ 152 $ 169 $ 128 Contribution Profit After Interest $ 389 $ 290 $ 127 $ 159 $ 123 Adjusted EBITDA $ 218 $ 176 $ 0.4 $ 35 $ 25 Adjusted Net Income (Loss) $ 122 $ 99 $ (80) $ (18) $ 3 Margins Total Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Adjusted Gross Profit 13.2 % 9.9 % 7.3 % 10.3 % 13.5 % Contribution Margin 10.1 % 6.4 % 4.0 % 7.5 % 10.8 % Contribution Margin After Interest 9.3 % 5.6 % 3.3 % 7.0 % 10.4 % Adjusted EBITDA 5.2 % 3.4 % — % 1.5 % 2.2 % Adjusted Net Income (Loss) 2.9 % 1.9 % (2.1) % (0.8) % 0.2 % Exhibit 99.3\n\nOPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 REVENUE $ 4,198 $ 1,186 $ 9,349 $ 1,933 COST OF REVENUE 3,712 1,027 8,328 1,677 GROSS PROFIT 486 159 1,021 256 OPERATING EXPENSES: Sales, marketing and operations 276 97 552 166 General and administrative 137 190 238 412 Technology and development 41 24 81 75 Total operating expenses 454 311 871 653 INCOME (LOSS) FROM OPERATIONS 32 (152) 150 (397) WARRANT FAIR VALUE ADJUSTMENT — 24 — 9 INTEREST EXPENSE (89) (16) (157) (27) OTHER INCOME (LOSS) – Net 4 — (18) 1 LOSS BEFORE INCOME TAXES (53) (144) (25) (414) INCOME TAX EXPENSE (1) — (1) — NET LOSS $ (54) $ (144) $ (26) $ (414) Net loss per share attributable to common shareholders: Basic $ (0.09) $ (0.24) $ (0.04) $ (0.72) Diluted $ (0.09) $ (0.24) $ (0.04) $ (0.72) Weighted-average shares outstanding: Basic 624,958 588,374 622,064 576,941 Diluted 624,958 588,374 622,064 576,941"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm#b10"], "char_count": 1565, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d87310591f40b1a83c6468b0a555909b4518126a0a67fed357bc8403cbe14558", "derivation_id": "2f4f73e7f286af467cbb0f39238772f673440201f6ed17cd96c9c653c58d36b5", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm", "block_sequence": 10, "char_end": 1565, "char_start": 0, "fragment_sha256": "30bbed9106c0b0da111f8c552ba930790b6c605caf99e610fc6f691f0e48c83c", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm#p2", "passage_kind": "narrative", "passage_sequence": 2, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex993suppleme.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) June 30, 2022 December 31, 2021 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 2,239 $ 1,731 Restricted cash 615 847 Marketable securities 233 484 Escrow receivable 56 84 Mortgage loans held for sale pledged under agreements to repurchase 12 7 Real estate inventory, net 6,628 6,096 Other current assets ($2 and $4 carried at fair value) 162 91 Total current assets 9,945 9,340 PROPERTY AND EQUIPMENT – Net 54 45 RIGHT OF USE ASSETS 43 42 GOODWILL 60 60 INTANGIBLES – Net 7 12 OTHER ASSETS 27 7 TOTAL ASSETS $ 10,136 $ 9,506 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 215 $ 137 Non-recourse asset-backed debt - current portion 3,362 4,240 Other secured borrowings 12 7 Interest payable 10 12 Lease liabilities - current portion 7 4 Total current liabilities 3,606 4,400 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 3,176 1,862 CONVERTIBLE SENIOR NOTES 956 954 LEASE LIABILITIES – Net of current portion 42 42 Total liabilities 7,780 7,258 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 627,033,133 and 616,026,565 shares issued, respectively; 627,033,133 and 616,026,565 shares outstanding, respectively — — Additional paid-in capital 4,092 3,955 Accumulated deficit (1,731) (1,705) Accumulated other comprehensive (loss) income (5) (2) Total shareholders’ equity 2,356 2,248 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 10,136 $ 9,506"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm#b12"], "char_count": 1955, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "52d746a616e47eb24729bb75b9db539c4c16a23083c1f4838857c9de4dd34bea", "derivation_id": "2f4f73e7f286af467cbb0f39238772f673440201f6ed17cd96c9c653c58d36b5", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm", "block_sequence": 12, "char_end": 1955, "char_start": 0, "fragment_sha256": "e3b35acdeb1b097408e19001441baf087919816f63e37b13b01b54ceab302a9a", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex993suppleme.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Six Months Ended June 30, 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (26) $ (414) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash used in operating activities: Depreciation and amortization 38 20 Amortization of right of use asset 4 4 Stock-based compensation 126 403 Warrant fair value adjustment — (9) Gain on settlement of lease liabilities — (5) Inventory valuation adjustment 90 1 Change in fair value of equity securities 25 — Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale (1) (2) Origination of mortgage loans held for sale (108) (83) Proceeds from sale and principal collections of mortgage loans held for sale 106 68 Changes in operating assets and liabilities: Escrow receivable 28 (32) Real estate inventory (622) (2,249) Other assets (80) (38) Accounts payable and other accrued liabilities 79 34 Lease liabilities (2) (10) Net cash used in operating activities (343) (2,312) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (20) (11) Purchase of marketable securities (28) (239) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 250 86 Purchase of non-marketable equity securities (25) (10) Proceeds from sale of non-marketable equity securities 3 — Capital returns of non-marketable equity securities 3 — Net cash provided by (used in) investing activities 183 (174) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise of stock options 3 7 Proceeds from warrant exercise — 5 Proceeds from the February 2021 Offering — 886 Issuance cost of common stock — (29) Proceeds from non-recourse asset-backed debt 6,608 3,160 Principal payments on non-recourse asset-backed debt (6,162) (1,374) Proceeds from other secured borrowings 105 82 Principal payments on other secured borrowings (100) (65)"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm#b14", "norm:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm#b16"], "char_count": 3732, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "cb4cfc1e3cc07344cd81d214cc01a8c307774c7c4d78788778a76aad4474ee2f", "derivation_id": "2f4f73e7f286af467cbb0f39238772f673440201f6ed17cd96c9c653c58d36b5", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm", "block_sequence": 14, "char_end": 747, "char_start": 0, "fragment_sha256": "67884c4a5e6607601d5f67ac664cb67d37dfb6fb3d3a5b2263dc3c42730744c5", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm", "block_sequence": 16, "char_end": 2983, "char_start": 0, "fragment_sha256": "4699f56dc6a92a4274f918aec802ef694b5c2af9c3abefb71958db1b2133c18a", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex993suppleme.htm", "table_id": null, "text": "Payment of loan origination fees and debt issuance costs (18) (2) Net cash provided by financing activities 436 2,670 NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 276 184 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 2,578 1,506 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $ 2,854 $ 1,690 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $ 145 $ 21 DISCLOSURES OF NONCASH ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 8 $ 6 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 2,239 $ 1,558 Restricted cash 615 132 Cash, cash equivalents, and restricted cash $ 2,854 $ 1,690\n\nOPENDOOR TECHNOLOGIES INC. NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest to our Gross Profit Three Months Ended (in millions, except percentages and homes sold, or as noted) June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 Gross profit (GAAP) $ 486 $ 535 $ 272 $ 202 $ 159 Gross Margin 11.6 % 10.4 % 7.1 % 8.9 % 13.4 % Adjustments: Inventory valuation adjustment – Current Period͏ (1)(2) 82 8 24 31 1 Inventory valuation adjustment – Prior Periods͏ (1)(3) (12) (31) (17) — — Adjusted Gross Profit $ 556 $ 512 $ 279 $ 233 $ 160 Adjusted Gross Margin 13.2 % 9.9 % 7.3 % 10.3 % 13.5 % Adjustments: Direct selling costs (4) (100) (136) (99) (52) (26) Holding costs on sales – Current Period͏ (5)(6) (11) (16) (12) (7) (3) Holding costs on sales – Prior Periods͏ (5)(7) (23) (28) (16) (5) (3) Contribution Profit $ 422 $ 332 $ 152 $ 169 $ 128 Homes sold in period 10,482 12,669 9,794 5,988 3,481 Contribution Profit per Home Sold (in thousands) $ 40 $ 26 $ 16 $ 28 $ 37 Contribution Margin 10.1 % 6.4 % 4.0 % 7.5 % 10.8 % Adjustments: Interest on homes sold – Current Period͏ (8)(9) (12) (16) (12) (6) (3) Interest on homes sold – Prior Periods͏ (8)(10) (21) (26) (13) (4) (2) Contribution Profit After Interest $ 389 $ 290 $ 127 $ 159 $ 123 Contribution Margin After Interest 9.3 % 5.6 % 3.3 % 7.0 % 10.4 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow- related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented. (8) This does not include interest on mezzanine term debt facilities or other indebtedness. (9) Represents the interest expense under our asset-backed senior debt facilities incurred during the period presented on homes sold in the period presented. (10) Represents the interest expense under our asset-backed senior debt facilities incurred during prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm#b18"], "char_count": 2691, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e359f75201235fa3534857dcddcb36be0e148158f7556f98729fd43af5aa0007", "derivation_id": "2f4f73e7f286af467cbb0f39238772f673440201f6ed17cd96c9c653c58d36b5", "document_id": "norm:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2022-08-04", "filing_id": "sec:0001801169:0001801169-22-000075", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm", "block_sequence": 18, "char_end": 2691, "char_start": 0, "fragment_sha256": "b411cfc0a9bdf051dc26d57f54b37346652edde87a18a77e705aab1803c5ab48", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-04", "section_id": "norm:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000075:q22022formxex993suppleme.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000075/q22022formxex993suppleme.htm", "table_id": null, "text": "Reconciliation of our Adjusted Net Income (Loss) and Adjusted EBITDA to our Net (Loss) Income Three Months Ended (in millions, except percentages) June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 Net (loss) income (GAAP) $ (54) $ 28 $ (191) $ (57) $ (144) Adjustments: Stock-based compensation 59 67 71 62 164 Equity securities fair value adjustment(1) 3 22 16 (51) — Warrant fair value adjustment͏(1) — — — (3) (24) Intangibles amortization expense(2) 3 2 2 1 1 Inventory valuation adjustment – Current Period͏(3)(4) 82 8 24 31 1 Inventory valuation adjustment — Prior Periods͏(3)(5) (12) (31) (17) — — Payroll tax on initial RSU release — — — — 5 Legal contingency accrual and related expenses 42 3 14 — — Other(6) (1) — 1 (1) — Adjusted Net Income (Loss) $ 122 $ 99 $ (80) $ (18) $ 3 Adjustments: Depreciation and amortization, excluding amortization of intangibles and right of use assets 12 9 9 8 7 Property financing(7) 76 58 62 38 12 Other interest expense(8) 13 10 10 6 4 Interest income(9) (6) — (1) — (1) Income tax expense 1 — — 1 — Adjusted EBITDA $ 218 $ 176 $ 0.4 $ 35 $ 25 Adjusted EBITDA Margin 5.2 % 3.4 % — % 1.5 % 2.2 % (1) Represents the gains and losses on our financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Includes primarily gain or loss on interest rate lock commitments, gain or loss on the sale of available for sale securities, sublease income, and income from equity method investments. (7) Includes interest expense on our non-recourse asset-backed debt facilities. (8) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, interest expense related to the 2026 convertible senior notes outstanding, and interest expense on other secured borrowings. (9) Consists mainly of interest earned on cash, cash equivalents and marketable securities."} diff --git a/data/normalized/sec/0001801169/8-K/2022-08-05_0001801169-22-000079/norm_0001801169_0001801169-22-000079_exhibit991-pressreleasedat.htm.json b/data/normalized/sec/0001801169/8-K/2022-08-05_0001801169-22-000079/norm_0001801169_0001801169-22-000079_exhibit991-pressreleasedat.htm.json new file mode 100644 index 0000000000000000000000000000000000000000..8186347a983378813a885aef618513d1d02bcd27 --- /dev/null +++ b/data/normalized/sec/0001801169/8-K/2022-08-05_0001801169-22-000079/norm_0001801169_0001801169-22-000079_exhibit991-pressreleasedat.htm.json @@ -0,0 +1,104 @@ +{ + "acceptance_datetime": "2022-08-05T08:46:15.000Z", + "amends_accession": null, + "artifact_role": "ex99-01", + "blocks": [ + { + "block_id": "norm:0001801169:0001801169-22-000079:exhibit991-pressreleasedat.htm#b0", + "block_sequence": 0, + "block_sha256": "4040ff3f7478db9e5309713484dec0c544fce18878bef9a3b10004e5958ce191", + "block_type": "paragraph", + "char_count": 6551, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000079:exhibit991-pressreleasedat.htm", + "block_sequence": 0, + "char_end": 6551, + "char_start": 0, + "fragment_sha256": "195b41a0c30c6e0685114acbc51f23bbbbd729b8491bce607750a3bbbbfcd9d6", + "heading_path": [], + "table_index": null, + "tag_name": "document" + }, + "section_id": "norm:0001801169:0001801169-22-000079:exhibit991-pressreleasedat.htm#s0", + "table": null, + "text": "EX-99.1 2 exhibit991-pressreleasedat.htm EX-99.1 Document created using Wdesk Copyright 2022 Workiva Document Exhibit 99.1 Zillow, Opendoor announce multi-year partnership Home sellers visiting Zillow will be able to request an Opendoor offer SEATTLE and SAN FRANCISCO, August 4, 2022 - Zillow, Inc. (Nasdaq: Z and ZG) and Opendoor Technologies Inc. (Nasdaq: OPEN) have announced a multi-year partnership that combines two category leaders to transform how people start their move. The partnership will allow home sellers on the Zillow platform to seamlessly request an Opendoor offer to sell their home. Selling a home can be full of uncertainty for many consumers who would rather focus on their next chapter than on the stresses of moving. Potential sellers on Zillow apps and sites may request and view an offer directly from Opendoor and easily compare it to an open-market sale using a real estate agent. Opendoor offers will be available on Zillow, and customers will be able to use the service as a standalone offering or package it with other Zillow home shopping services such as financing, closing and agent selection. Additionally, Zillow customers will be able to work with a licensed Zillow advisor who will serve as a helpful guide in understanding these options. \u201cZillow is the most visited brand in online real estate. As we bring the housing super app to life, we're empowering our millions of visitors to understand all their options and transact in the way that best meets their housing needs,\u201d said Zillow Chief Operating Officer, Jeremy Wacksman. \u201cWe know choice is important for customers and they can make the best decision when they see all of their selling options up front \u2014 including selling on the open market with a Zillow Premier Agent partner and getting a cash offer from Opendoor. This exclusive partnership will pair Zillow\u2019s audience and brand power with Opendoor\u2019s selling solution in one easy place, so customers can evaluate their selling options and easily package it with other Zillow services to buy and finance their next home.\u201d \u201cAt Opendoor, we\u2019re working to turn what is often viewed as one of life\u2019s most stressful moments \u2014 the home move \u2014 into an e-commerce experience that\u2019s simple, certain and fast. By bringing together Zillow\u2019s market-leading audience and Opendoor\u2019s e-commerce platform, more consumers will have the option to sell to Opendoor and save themselves the stress and uncertainty of a traditional sale process,\u201d said Opendoor President Andrew Low Ah Kee. \u201cFor parents looking to upsize, a young professional moving for a new job, and millions of others who regularly use Zillow to explore their home selling options, we will provide them with the ability to move with a tap of a button.\u201d Zillow and Opendoor are working together to launch this new product experience with the goal of serving shared customers nationwide in the coming months and years. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life\u2019s next chapter. As the most visited real estate website in the United States, Zillow\u00ae and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. Zillow Group\u2019s affiliates and subsidiaries include Zillow\u00ae, Zillow Premier Agent\u00ae, Zillow Home Loans\u2122, Zillow Closing Services\u2122, Trulia\u00ae, Out East\u00ae, ShowingTime\u00ae, Bridge Interactive\u00ae, dotloop\u00ae, StreetEasy\u00ae and HotPads\u00ae. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). About Opendoor Opendoor\u2019s mission is to power life\u2019s progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple way to buy and sell a home. Opendoor currently operates in a growing number of markets nationwide. For more information, please visit www.opendoor.com. Forward Looking Statements This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding Zillow\u2019s and Opendoor\u2019s respective business strategy and plans, market opportunity and expansion and objectives of management for future operations. These forward-looking statements generally are identified by the words \u201ccan\u201d, \u201cgoal\u201d, \u201cmay\u201d, \u201cpotential\u201d, \u201cwill\u201d, or \u201cwould\u201d, the negative of these words, or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to each of Zillow\u2019s and Opendoor\u2019s success in retaining or recruiting, or changes required in, its officers, key employees or directors; the impact of the regulatory environment and complexities with compliance related to such environment; various factors relating to Zillow\u2019s and Opendoor\u2019s respective business, operations and financial performance, including, but not limited to, the impact and duration of the COVID-19 pandemic; the ability to respond to general economic conditions and the health of the U.S. residential real estate industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \u201cRisk Factors\u201d in each of Zillow\u2019s and Opendoor\u2019s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d), as updated by other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and neither Zillow nor Opendoor assume any obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. 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"https://www.sec.gov/Archives/edgar/data/1801169/000180116922000079/exhibit991-pressreleasedat.htm", "table_id": null, "text": "EX-99.1 2 exhibit991-pressreleasedat.htm EX-99.1 Document created using Wdesk Copyright 2022 Workiva Document Exhibit 99.1 Zillow, Opendoor announce multi-year partnership Home sellers visiting Zillow will be able to request an Opendoor offer SEATTLE and SAN FRANCISCO, August 4, 2022 - Zillow, Inc. (Nasdaq: Z and ZG) and Opendoor Technologies Inc. (Nasdaq: OPEN) have announced a multi-year partnership that combines two category leaders to transform how people start their move. The partnership will allow home sellers on the Zillow platform to seamlessly request an Opendoor offer to sell their home. Selling a home can be full of uncertainty for many consumers who would rather focus on their next chapter than on the stresses of moving. Potential sellers on Zillow apps and sites may request and view an offer directly from Opendoor and easily compare it to an open-market sale using a real estate agent. Opendoor offers will be available on Zillow, and customers will be able to use the service as a standalone offering or package it with other Zillow home shopping services such as financing, closing and agent selection. Additionally, Zillow customers will be able to work with a licensed Zillow advisor who will serve as a helpful guide in understanding these options. “Zillow is the most visited brand in online real estate. As we bring the housing super app to life, we're empowering our millions of visitors to understand all their options and transact in the way that best meets their housing needs,” said Zillow Chief Operating Officer, Jeremy Wacksman. “We know choice is important for customers and they can make the best decision when they see all of their selling options up front — including selling on the open market with a Zillow Premier Agent partner and getting a cash offer from Opendoor. This exclusive partnership will pair Zillow’s audience and brand power with Opendoor’s selling solution in one easy place, so customers can evaluate their selling options and easily package it with other Zillow services to buy and finance their next home.” “At Opendoor, we’re working to turn what is often viewed as one of life’s most stressful moments — the home move — into an e-commerce experience that’s simple, certain and fast. By bringing together Zillow’s market-leading audience and Opendoor’s e-commerce platform, more consumers will have the option to sell to Opendoor and save themselves the stress and uncertainty of a traditional sale process,” said Opendoor President Andrew Low Ah Kee. “For parents looking to upsize, a young professional moving for a new job, and millions of others who regularly use Zillow to explore their home selling options, we will provide them with the ability to move with a tap of a button.” Zillow and Opendoor are working together to launch this new product experience with the goal of serving shared customers nationwide in the coming months and years. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life’s next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. Zillow Group’s affiliates and subsidiaries include Zillow®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). About Opendoor Opendoor’s mission is to power life’s progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple way to buy and sell a home. Opendoor currently operates in a growing number of markets nationwide. 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"div" + }, + "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s4", + "table": null, + "text": "THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE \u201cACT\u201d), AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION THEREUNDER." + }, + { + "block_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b8", + "block_sequence": 8, + "block_sha256": "672329659490582313c344fd288f400ef2303ec9dc6a366dd8667583a0956f9f", + "block_type": "heading", + "char_count": 72, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", + "block_sequence": 8, + "char_end": 72, + "char_start": 0, + "fragment_sha256": "6b05eda98a728e64c9fb013bb3e4441c8b812d62530cb09a4b6b0c4ae1095cf1", + "heading_path": [ + "EX-99.2", + "Exhibit 99.2 Execution Version", + "WARRANT", + "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s5", + "table": null, + "text": "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC." + }, + { + "block_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b9", + "block_sequence": 9, + "block_sha256": "3b0355dba10e923d04328c0730e3b8f809403323ade494d1e26d3939b05a61a3", + "block_type": "paragraph", + "char_count": 649, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", + "block_sequence": 9, + "char_end": 649, + "char_start": 0, + "fragment_sha256": "685041c9ef0de9204c1cea6824265d36c82191f3ee63896102f63b4ac7b269ce", + "heading_path": [ + "EX-99.2", + "Exhibit 99.2 Execution Version", + "WARRANT", + "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s5", + "table": null, + "text": "No. W-1 Issue Date: July 28, 2022 FOR VALUE RECEIVED, the undersigned, Opendoor Technologies Inc., a Delaware corporation (together with its successors and assigns, the \u201cCompany\u201d), hereby certifies that the Holder or its registered assign is entitled to subscribe for and purchase, at the applicable Warrant Exercise Price per share, up to a maximum of 6,000,000 shares (subject to adjustment as provided in this Warrant) of duly authorized, validly issued, fully paid and non-assessable shares of Common Stock. Capitalized terms used in this Warrant and not otherwise defined herein shall have the respective meanings specified in Section 7 hereof." + }, + { + "block_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b10", + "block_sequence": 10, + "block_sha256": "516bda2d8f1df085d247f52073f82f7e96c212b8286f2975e714adf025c082dd", + "block_type": "heading", + "char_count": 27, + "level": 6, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", + "block_sequence": 10, + "char_end": 27, + "char_start": 0, + "fragment_sha256": "36bc5100673c00f6509e48931f26715b80175faf57c7f0db96a9b6e244afc3a0", + "heading_path": [ + "EX-99.2", + "Exhibit 99.2 Execution Version", + "WARRANT", + "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", + "1.Vesting; Exercise Period." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s6", + "table": null, + "text": "1.Vesting; Exercise Period." + }, + { + "block_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b11", + "block_sequence": 11, + "block_sha256": "2168f06c6d1afbb6147794b9cfb5725b259d447052548a10fa6864aca0e0ff23", + "block_type": "paragraph", + "char_count": 2105, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", + "block_sequence": 11, + "char_end": 2105, + "char_start": 0, + "fragment_sha256": "13b68436467886483a015de5a8af63ea92e00ac05306548ea7a5cf0d69eccc0c", + "heading_path": [ + "EX-99.2", + "Exhibit 99.2 Execution Version", + "WARRANT", + "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", + "1.Vesting; Exercise Period." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s6", + "table": null, + "text": "(a)Promptly (and in any event within five (5) Business Days), following the occurrence of a Vesting Event, the Company shall deliver to the Holder a Notice of Vesting Event in the form attached as Exhibit A hereto specifying the information set forth on Exhibit A with respect to such Vesting Event, including, with respect to the Tranche associated with such Vesting Event, the date of the Vesting Event, the number of vested Warrant Shares and the Warrant Exercise Price. The Company shall include with the Notice of Vesting Event supporting documentation showing in reasonable detail how the number of vested Warrant Shares and the Warrant Exercise Price were calculated. (b)This Warrant shall be exercisable by the Holder (in whole or in part and, in each case, only for vested Warrant Shares) during the term commencing on the date of the applicable Vesting Event and ending on the later of (i) the Expiration Date and (ii) ten (10) Business Days following the Holder\u2019s receipt of the applicable Notice of Vesting Event (the \u201cExercise Period\u201d). Notwithstanding the foregoing, if at the Expiration Date the Holder has not exercised this Warrant in full as a result of there being insufficient Warrant Shares available for issuance or the lack of any required regulatory, corporate or other approval (including, for the avoidance of doubt, any approval required under any antitrust laws, if so applicable) (collectively, the \u201cExercise Conditions\u201d), the Holder may deliver to the Company on the Expiration Date a Notice of Deferred Exercise in the form attached as Exhibit B hereto indicating that the Holder elects to defer the exercise of the Warrant and the reasons therefore, and the Exercise Period shall be extended until five (5) Business Days after such date as (i) the Holder is able to acquire all of the vested Warrant Shares without violating any Exercise Conditions or (ii) the Company provides written notice to the Holder that the Company Exercise Condition (as defined in Exhibit B) has been satisfied and no other Exercise Conditions exist (as applicable, the \u201cDeferred Exercise Date\u201d)." + }, + { + "block_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b12", + "block_sequence": 12, + "block_sha256": "0aae0fd7464e5189d35ec2acc8cf6485412d5d4a7fbe46aade57a7105c1280f1", + "block_type": "heading", + "char_count": 66, + "level": 6, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", + "block_sequence": 12, + "char_end": 66, + "char_start": 0, + "fragment_sha256": "e67be59952e54121f61b05b592218a3cc6f92135a2ab0a1d57a3e3fd873e0b4e", + "heading_path": [ + "EX-99.2", + "Exhibit 99.2 Execution Version", + "WARRANT", + "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", + "1.Vesting; Exercise Period.", + "2.Method of Exercise; Issuance of Warrant Shares; Cash Settlement." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s7", + "table": null, + "text": "2.Method of Exercise; Issuance of Warrant Shares; Cash Settlement." + }, + { + "block_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b13", + "block_sequence": 13, + "block_sha256": "fe09e892fc2c067101107294e1b8e3410e2e0fb6be474636bf2ffce76459c5fd", + "block_type": "paragraph", + "char_count": 1691, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", + "block_sequence": 13, + "char_end": 1691, + "char_start": 0, + "fragment_sha256": "60908cbac211e199f005d4703f43f44ac476bb2f2d2e2fd076b4e3db22288cac", + "heading_path": [ + "EX-99.2", + "Exhibit 99.2 Execution Version", + "WARRANT", + "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", + "1.Vesting; Exercise Period.", + "2.Method of Exercise; Issuance of Warrant Shares; Cash Settlement." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s7", + "table": null, + "text": "(a)Exercise. The Holder may exercise this Warrant, on one or more occasions, on any Business Day, in whole or in part, by (i) delivery to the Company of a Notice of Exercise in the form attached as Exhibit C hereto, which shall elect a method of exercise under either Section 2(b) or 2(c) below, subject to the Company\u2019s right to require Net Exercise or cash settlement, as described below, and (ii) after notice from the Company regarding its election to settle such exercise pursuant to Sections 2(b), 2(c) or 2(e) (the \u201cCompany Election Notice\u201d), which shall be delivered by the Company within five (5) Business Days after such Notice of Exercise is received, payment to the Company equal to the Aggregate Exercise Price if the Company elects Cash Exercise pursuant to Section 2(b) (it being understood that the Holder shall not be required to make a cash payment if the Company elects Net Exercise pursuant to Section 2(c) or cash settlement pursuant to Section 2(e)). (b)Cash Exercise. Subject to Section 2(a)(ii), if the Holder so elects, the Aggregate Exercise Price shall be payable by a cash payment to the Company by wire transfer of immediately available funds to an account designated in writing by the Company in its applicable Company Election Notice (\u201cCash Exercise\u201d). (c)Net Exercise. Subject to Section 2(e), if in lieu of a Cash Exercise the Holder elects to receive, or the Company elects in its applicable Company Election Notice to cause the Holder to receive, upon any exercise Warrant Shares equal to the value of this Warrant being exercised (\u201cNet Exercise\u201d), then the Company shall issue to the Holder a number of Warrant Shares computed using the following formula:" + }, + { + "block_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b14", + "block_sequence": 14, + "block_sha256": "9488b5dc271922b5cfd5d5807ea6f292bec57b44b727f4a4029b443358f1e7d9", + "block_type": "table", + "char_count": 17, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", + "block_sequence": 14, + "char_end": 17, + "char_start": 0, + "fragment_sha256": "eb8838dbcc09000065e43f653ee82432b8a6d1358c3386cd4d841c305c10a837", + "heading_path": [ + "EX-99.2", + "Exhibit 99.2 Execution Version", + "WARRANT", + "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", + "1.Vesting; Exercise Period.", + "2.Method of Exercise; Issuance of Warrant Shares; Cash Settlement." + ], + "table_index": 0, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s7", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.3, + "markdown": "| | |\n| --- | --- |\n| X= | Y (A-B) |\n| A | |", + "n_cols": 2, + "n_rows": 2, + "plain_text": "X= | Y (A-B)\nA | ", + "rows": [ + [ + "X=", + "Y (A-B)" + ], + [ + "A", + "" + ] + ], + "table_index": 0, + "table_kind": "unknown" + }, + "text": "X= | Y (A-B)\nA | " + }, + { + "block_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b15", + "block_sequence": 15, + "block_sha256": "b5bf13fb4b1e193e1f7906d60751e45372d2053ce1d2d20b9b7e93ca3a1669a8", + "block_type": "paragraph", + "char_count": 3410, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", + "block_sequence": 15, + "char_end": 3410, + "char_start": 0, + "fragment_sha256": "cb2ffd53d4cfe81d6aeb938e1e2a3248a2ed085a98aaa992522ac107001abe78", + "heading_path": [ + "EX-99.2", + "Exhibit 99.2 Execution Version", + "WARRANT", + "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", + "1.Vesting; Exercise Period.", + "2.Method of Exercise; Issuance of Warrant Shares; Cash Settlement." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s7", + "table": null, + "text": "Where: X = the number of the Warrant Shares to be issued to the Holder. Y = the number of the Warrant Shares with respect to which the Warrant is exercised. A = the 30-Day VWAP on the date of the Notice of Exercise. B = the applicable Warrant Exercise Price (as adjusted to the date of such calculation). (d)Issuance of Warrant Shares. Subject to Section 1(b) and 2(e), in the event of any valid exercise of the rights represented by this Warrant in accordance with and subject to the terms and conditions hereof, the Warrant Shares so purchased shall be delivered by the Company as soon as practicable, not exceeding seven (7) Business Days after receipt by the Company of the applicable Notice of Exercise or, if later, the date on which the Holder makes a cash payment pursuant to Section 2(b), either (A) via book-entry transfer crediting the account of the Holder through the Company\u2019s transfer agent and registrar for the Common Stock (which as at the issuance of this Warrant is American Stock Transfer and Trust Company, LLC) or (B) to the extent book-entry transfer is not available, in certificated form by physical delivery to the address specified by the Holder in the applicable Notice of Exercise. The Company shall not require the delivery of the original Warrant or any copy thereof in connection with the transfer or exercise thereof. If the Holder does not exercise this Warrant in its entirety, the Holder shall be entitled to receive from the Company, upon request, a new warrant of like tenor in substantially identical form for the purchase of that number of Warrant Shares equal to the difference between the number of Warrant Shares and the number of Warrant Shares as to which this Warrant is so exercised. (e)Cash Settlement. In the event of any exercise of the rights represented by this Warrant in accordance with and subject to the terms and conditions hereof, the Company, in its sole discretion, may choose to satisfy its obligation to deliver all or any of the Warrant Shares deliverable upon such exercise by paying to the Holder cash for such Warrant Shares in an amount equal to (A) the aggregate number of Warrant Shares to be received by the Holder as determined in accordance with Sections 2(a), 2(b) or 2(c), as applicable, multiplied by (B) the 30-Day VWAP on the date of the Notice of Exercise. Payment of any such cash shall be made within seven (7) Business Days after receipt by the Company of the applicable Notice of Exercise and by wire transfer of immediately available funds to an account designated in writing by the Holder. (f)No Fractional Shares or Scrip. No fractional shares or scrip representing fractional Warrant Shares shall be issued upon the exercise of this Warrant. In lieu of any fractional Warrant Share to which the Holder would otherwise be entitled, the fractional Warrant Share shall be rounded up to the next whole Warrant Share and the Holder shall be entitled to receive such rounded up number of Warrant Shares. (g)Records. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated in the preamble hereof due to the vesting and exercise provisions of this Warrant." + }, + { + "block_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b16", + "block_sequence": 16, + "block_sha256": "d4735e3a265e16eee03f59718b9b5d03019c07d8b6c51f90da3a666eec13ab35", + "block_type": "page_number", + "char_count": 1, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", + "block_sequence": 16, + "char_end": 1, + "char_start": 0, + "fragment_sha256": "a4baa53b70dec7a7fccdfeafc58536cb06ea368d5943f8244d49c8e82b81e149", + "heading_path": [ + "EX-99.2", + "Exhibit 99.2 Execution Version", + "WARRANT", + "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", + "1.Vesting; Exercise Period.", + "2.Method of Exercise; Issuance of Warrant Shares; Cash Settlement." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s7", + "table": null, + "text": "2" + }, + { + "block_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b17", + "block_sequence": 17, + "block_sha256": "7c7aa4e3c0244523328dce293c70672f7723d7f0864ece3accea92c519306114", + "block_type": "heading", + "char_count": 54, + "level": 6, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", + "block_sequence": 17, + "char_end": 54, + "char_start": 0, + "fragment_sha256": "abbc359732f3d6d422e2547c5d4844d59b5bdee242fb774b1a2c634c36b07e2c", + "heading_path": [ + "EX-99.2", + "Exhibit 99.2 Execution Version", + "WARRANT", + "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", + "1.Vesting; Exercise Period.", + "3.Transfer and Replacement; No Rights of Stockholders." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s8", + "table": null, + "text": "3.Transfer and Replacement; No Rights of Stockholders." + }, + { + "block_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b18", + "block_sequence": 18, + "block_sha256": "5ab994a1728326d2417f2a391bc916ecffeba127f681ec245848587e1d1ef788", + "block_type": "paragraph", + "char_count": 358, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", + "block_sequence": 18, + "char_end": 358, + "char_start": 0, + "fragment_sha256": "53e2e27a0b245b29dd3e1c957b30869088fece1e19207ce4f357f3dbdac36b28", + "heading_path": [ + "EX-99.2", + "Exhibit 99.2 Execution Version", + "WARRANT", + "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", + "1.Vesting; Exercise Period.", + "3.Transfer and Replacement; No Rights of Stockholders." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s8", + "table": null, + "text": "(a)Transferability of Warrant. The Holder may not Transfer this Warrant without the prior written approval of the Company, which shall be in the sole and absolute discretion of the Company, unless such Transfer is to a Controlled Affiliate of the Holder. Any attempt to Transfer by the Holder without such prior written approval of the Company shall be void." + }, + { + "block_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b19", + "block_sequence": 19, + "block_sha256": "4e07408562bedb8b60ce05c1decfe3ad16b72230967de01f640b7e4729b49fce", + "block_type": "page_number", + "char_count": 1, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", + "block_sequence": 19, + "char_end": 1, + "char_start": 0, + "fragment_sha256": "9ea0017b33e12e8ce893bd332a41d0d80ccfd89d4208a50b5c26d2aca84a7b0d", + "heading_path": [ + "EX-99.2", + "Exhibit 99.2 Execution Version", + "WARRANT", + "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", + "1.Vesting; Exercise Period.", + "3.Transfer and Replacement; No Rights of Stockholders." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s8", + "table": null, + "text": "3" + }, + { + "block_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b20", + "block_sequence": 20, + "block_sha256": "7c50ad5356b4573c52d7b4713d1ec75fb77d572224aa213ccf5f37bc08db5153", + "block_type": "heading", + "char_count": 35, + "level": 6, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", + "block_sequence": 20, + "char_end": 35, + "char_start": 0, + "fragment_sha256": "ce8640e67811c195a07531d44c95751c7874c7f21bf00908e3e6bc41b3dfba93", + "heading_path": [ + "EX-99.2", + "Exhibit 99.2 Execution Version", + "WARRANT", + "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", + "1.Vesting; Exercise Period.", + "(b)Compliance with Securities Laws." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s9", + "table": null, + "text": "(b)Compliance with Securities Laws." + }, + { + "block_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b21", + "block_sequence": 21, + "block_sha256": "f67b14c34ef476ed2e5d61eacd4f0fd67c267503cd004380b0f85896ae21e00e", + "block_type": "paragraph", + "char_count": 534, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", + "block_sequence": 21, + "char_end": 534, + "char_start": 0, + "fragment_sha256": "dd671365f596b9e48c8fe626d60894874d2de6c16e89c5d3a022364aba500e36", + "heading_path": [ + "EX-99.2", + "Exhibit 99.2 Execution Version", + "WARRANT", + "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", + "1.Vesting; Exercise Period.", + "(b)Compliance with Securities Laws." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s9", + "table": null, + "text": "(i)The Holder, by acceptance hereof, acknowledges that it will not offer, sell or otherwise dispose of this Warrant or any Warrant Shares to be issued upon exercise hereof except pursuant to an effective registration statement, or an exemption from registration, under the Act and any applicable state securities laws. (ii)Except as provided in Section 3(b)(iii), this Warrant and all certificates representing Warrant Shares issued upon exercise hereof shall be stamped or imprinted with a legend in substantially the following form:" + }, + { + "block_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b22", + "block_sequence": 22, + "block_sha256": "b5700d08ae168dc3011f514509edb64fd4b1ab29ee62e7b613fab959684de92e", + "block_type": "paragraph", + "char_count": 265, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", + "block_sequence": 22, + "char_end": 265, + "char_start": 0, + "fragment_sha256": "b3fe09f0236d75d6e90c4cc62391f73367457d11efe7cf1f7e7992c788e64550", + "heading_path": [ + "EX-99.2", + "Exhibit 99.2 Execution Version", + "WARRANT", + "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", + "1.Vesting; Exercise Period.", + "(b)Compliance with Securities Laws." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s9", + "table": null, + "text": "THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE \u201cACT\u201d), AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION THEREUNDER." + }, + { + "block_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b23", + "block_sequence": 23, + "block_sha256": "20fccd911fb865937d5658335869f0415377824f6de9ea86e3767f4d114101c9", + "block_type": "paragraph", + "char_count": 2543, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", + "block_sequence": 23, + "char_end": 2543, + "char_start": 0, + "fragment_sha256": "7925ea6895256ab0b9ae923cad52a6a90c7ebdb1bf0a6b9fdb05d5a316650494", + "heading_path": [ + "EX-99.2", + "Exhibit 99.2 Execution Version", + "WARRANT", + "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", + "1.Vesting; Exercise Period.", + "(b)Compliance with Securities Laws." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s9", + "table": null, + "text": "(iii)The restrictions imposed by Section 3(b)(ii) shall terminate (A) when such securities shall have been (1) effectively registered under the Act and sold by the holder thereof in accordance with such registration or (2) sold under and pursuant to Rule 144 or (B) upon the Company\u2019s receipt of an opinion of counsel, in form and substance reasonably satisfactory to the Company, addressed to the Company to the effect that such restrictions are no longer required to ensure compliance with the Act. Whenever such restrictions shall cease and terminate as to any such securities, the holder thereof shall be entitled to receive from the Company (or its transfer agent and registrar), without expense (other than applicable transfer taxes, if any), a new Warrant (or, in the case of Warrant Shares already represented by stock certificates, new stock certificates) of like tenor not bearing the applicable legend required by Section 3(b)(ii) relating to the Act and applicable state securities laws. (iv)Subject to the terms and conditions of this Warrant, Warrant Shares issued upon any exercise hereof may be sold or transferred in compliance with Rule 144 promulgated under the Act. (c)Replacement of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of a customary indemnity agreement reasonably satisfactory in form and substance to the Company or, in the case of mutilation, on surrender and cancellation of this Warrant, the Company at its expense shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor and amount. (d)No Rights of Stockholders. Nothing contained herein shall entitle the Holder to vote or receive dividends or be deemed the holder of Common Stock or any other securities of the Company that may at any time be issuable on the exercise hereof for any purpose, nor shall anything contained herein be construed to confer upon the Holder, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any recapitalization, issuance of stock, reclassification of stock, change of par value, or change of stock to no par value, consolidation, merger, conveyance, or otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or otherwise." + }, + { + "block_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b24", + "block_sequence": 24, + "block_sha256": "4b227777d4dd1fc61c6f884f48641d02b4d121d3fd328cb08b5531fcacdabf8a", + "block_type": "page_number", + "char_count": 1, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", + "block_sequence": 24, + "char_end": 1, + "char_start": 0, + "fragment_sha256": "5a80937b9f406d030da4dcd68765e4de69ec4cb3824cda410e7a823c7376882c", + "heading_path": [ + "EX-99.2", + "Exhibit 99.2 Execution Version", + "WARRANT", + "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", + "1.Vesting; Exercise Period.", + "(b)Compliance with Securities Laws." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s9", + "table": null, + "text": "4" + }, + { + "block_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b25", + "block_sequence": 25, + "block_sha256": "40964d9e6ce7385223be8a3df130b65ef553c846ec80a8b1e1aa40c886b45876", + "block_type": "heading", + "char_count": 48, + "level": 6, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", + "block_sequence": 25, + "char_end": 48, + "char_start": 0, + "fragment_sha256": "123a94e209e4bc65969bb3bb5bea3721a8df3b59dd0ec075bdc259c2689403a0", + "heading_path": [ + "EX-99.2", + "Exhibit 99.2 Execution Version", + "WARRANT", + "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", + "1.Vesting; Exercise Period.", + "4.Covenants, and Representations and Warranties." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s10", + "table": null, + "text": "4.Covenants, and Representations and Warranties." + }, + { + "block_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b26", + "block_sequence": 26, + "block_sha256": "23ad62753a577f3bc8244eb96fc374d3c682c56e773d55de6ab46d283efb02e8", + "block_type": "paragraph", + "char_count": 5257, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", + "block_sequence": 26, + "char_end": 5257, + "char_start": 0, + "fragment_sha256": "9211054b8dd68e4f3fbd0216dc285d64e97a57cdbfdf151762dd5afa2e77b247", + "heading_path": [ + "EX-99.2", + "Exhibit 99.2 Execution Version", + "WARRANT", + "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", + "1.Vesting; Exercise Period.", + "4.Covenants, and Representations and Warranties." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s10", + "table": null, + "text": "(a)The Company represents and warrants that (i) it is a corporation duly organized, validly existing, and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority necessary to carry on its business as now conducted and for the execution, delivery and performance by the Company of this Warrant, and (ii) this Warrant has been duly executed and delivered by the Company and is a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except to the extent enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting generally the enforcement of creditors\u2019 rights and remedies and by general principles of equity. (b)The Company represents, warrants, covenants and agrees that all Warrant Shares which may be issued upon the exercise of this Warrant will, upon issuance, be duly authorized, validly issued, fully paid and non-assessable and free and clear from all taxes, claims, liens, charges, encumbrances, pre-emptive rights or other restrictions (other than as provided herein and restrictions under federal and applicable state securities laws). The Company further covenants and agrees that during the period within which this Warrant may be exercised, the Company will at all times have authorized and reserved (as unissued or held in treasury) a sufficient number of shares of Common Stock to provide for the exercise of this Warrant. (c)The Company shall not by any action (including, without limitation, amending the certificate of incorporation or bylaws of the Company or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other action) avoid or seek to avoid (directly or indirectly) the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms. The Company will (i) not permit the par value of its Common Stock to exceed the Warrant Exercise Price, (ii) not amend or modify any provision of the certificate of incorporation or bylaws of the Company in any manner that would adversely affect in any way the powers, preferences or relative participating, optional or other special rights of the Common Stock in a manner which would disproportionately and adversely affect the rights of the Holder, (iii) take all such action as may be reasonably necessary in order that the Company may validly issue fully paid and non-assessable shares of Common Stock, free and clear from all taxes, claims, liens, charges, encumbrances, pre-emptive rights or other restrictions (other than as provided herein and restrictions under federal and applicable state securities laws), and (iv) use its reasonable best efforts to obtain all such authorizations, exemptions or consents from, and make such filings with, any public regulatory body having jurisdiction thereof as may be necessary to enable the Company to perform its obligations under this Warrant. (d)If any shares of the Common Stock required to be reserved for issuance in accordance with Section 4(b) require registration or qualification with any governmental authority or other governmental approval or filing under any federal or state law before such shares may be so issued, the Company will in good faith use its best efforts as expeditiously as possible at its expense to cause such shares to be duly registered or qualified or such approval to be obtained or filing made. The Company shall, at its sole expense, procure, subject to issuance or notice of issuance, the listing of any Warrant Shares issuable upon exercise of this Warrant on the Trading Market. 5.Representations of the Holder. The Holder represents and warrants to, and agrees with, the Company as of the date hereof as follows: (a)This Warrant and the Warrant Shares are being acquired for investment for Holder\u2019s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act. (b)Holder has substantial experience in evaluating and investing in private placement transactions of securities, is aware of the Company\u2019s business affairs and financial condition and has such knowledge and experience in financial or business matters so that it is capable of evaluating the merits and risks of its investment in the Company and protecting its own interests. (c)Holder is an \u201caccredited investor\u201d within the meaning of Regulation D promulgated under the Act. (d)Holder understands that this Warrant and the Warrant Shares issuable upon exercise hereof have not been registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder\u2019s investment intent as expressed herein. Holder understands that this Warrant and the Warrant Shares issued upon any exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless an exemption from such registration and qualification are otherwise available. Holder is aware of the provisions of Rule 144 promulgated under the Act." + }, + { + "block_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b27", + "block_sequence": 27, + "block_sha256": "ef2d127de37b942baad06145e54b0c619a1f22327b2ebbcfbec78f5564afe39d", + "block_type": "page_number", + "char_count": 1, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", + "block_sequence": 27, + "char_end": 1, + "char_start": 0, + "fragment_sha256": "9516dadf96e43bcb7c23de58103199c6a66c4830793f66b517423d6001133270", + "heading_path": [ + "EX-99.2", + "Exhibit 99.2 Execution Version", + "WARRANT", + "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", + "1.Vesting; Exercise Period.", + "4.Covenants, and Representations and Warranties." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s10", + "table": null, + "text": "5" + }, + { + "block_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b28", + "block_sequence": 28, + "block_sha256": "2e228baf9b246c2dcf99fe9fafb466cc71ffffdef9517efc426a99e55f5c9754", + "block_type": "heading", + "char_count": 68, + "level": 6, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", + "block_sequence": 28, + "char_end": 68, + "char_start": 0, + "fragment_sha256": "89583fdcbbfed2da35f01ed809d974e8ed51393ca69320552f8a5523d31d5f30", + "heading_path": [ + "EX-99.2", + "Exhibit 99.2 Execution Version", + "WARRANT", + "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", + "1.Vesting; Exercise Period.", + "6.Adjustment of Warrant Exercise Price and Number of Warrant Shares." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s11", + "table": null, + "text": "6.Adjustment of Warrant Exercise Price and Number of Warrant Shares." + }, + { + "block_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b29", + "block_sequence": 29, + "block_sha256": "b7a596b048bca2aa80dfbfecc69f415a947b4e4cc42be1d1a5b7f35814ecd18e", + "block_type": "paragraph", + "char_count": 16484, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", + "block_sequence": 29, + "char_end": 16484, + "char_start": 0, + "fragment_sha256": "30447c231ed780a94a5c3f896fc7b2613c05c98ec6888fd80d825a0119a1d791", + "heading_path": [ + "EX-99.2", + "Exhibit 99.2 Execution Version", + "WARRANT", + "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", + "1.Vesting; Exercise Period.", + "6.Adjustment of Warrant Exercise Price and Number of Warrant Shares." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s11", + "table": null, + "text": "(a)In case the Company shall (i) pay a dividend on its Common Stock in Common Stock, (ii) subdivide its outstanding shares of Common Stock or (iii) combine its outstanding shares of Common Stock into a smaller number of shares, then, in such an event, the applicable Warrant Exercise Price, and the Floor Price and Cap Price for any Warrant Shares for which a Warrant Exercise Price has not been determined, each in effect immediately prior thereto shall be adjusted proportionately so that the adjusted Warrant Exercise Price, and the Floor Price and Cap Price, as applicable, will bear the same relation to the applicable Warrant Exercise Price, or the Floor Price and Cap Price, as applicable, each in effect immediately prior to any such event as the total number of shares of Common Stock outstanding immediately prior to any such event shall bear to the total number of shares of Common Stock outstanding immediately after such event. An adjustment made pursuant to this Section 6(a), (A) shall become effective retroactively immediately after the record date in the case of a dividend or (B) shall become effective immediately after the effective date in the case of a subdivision or combination. The applicable Warrant Exercise Price, and the Floor Price and Cap Price for any Warrant Shares for which a Warrant Exercise Price has not been determined, each as so adjusted, shall be readjusted in the same manner upon the happening of any successive event or events described herein. No adjustment of the applicable Warrant Exercise Price, or the Floor Price and Cap Price, as applicable, shall be made if the amount of such adjustment shall be less than $0.005 per share, but in such case any adjustment that would otherwise be required then to be made shall be carried forward and shall be made at the time of and together with the next subsequent adjustment, which, together with any adjustment so carried forward, shall amount to not less than $0.005 per share. In case the Company shall at any time issue Common Stock by way of dividend on its Common Stock or subdivide or combine the outstanding shares of the Common Stock, said amount of $0.005 per share (as theretofore increased or decreased, if the same amount shall have been adjusted in accordance with the provisions of this paragraph) shall forthwith be proportionately increased in the case of a combination or decreased in the case of such a subdivision or stock dividend so as appropriately to reflect the same. In addition, upon each such adjustment made pursuant to this Section 6(a), the number of Warrant Shares shall be adjusted to the number of shares of Common Stock, calculated to the nearest one hundredth of a share, obtained by multiplying the number of Warrant Shares immediately prior to such adjustment upon the exercise in full of this Warrant (disregarding whether or not this Warrant had been exercisable by its terms at such date) by a fraction of which the numerator shall be the total number of shares of Common Stock outstanding immediately after such event and the denominator shall be the total number of shares of Common Stock outstanding immediately prior to such event. (b)In case of any capital reorganization of the Company, or of any reclassification of the Common Stock, this Warrant shall be exercisable after such capital reorganization or reclassification upon the terms and conditions specified in this Warrant, for the number of shares of stock or other securities which the Common Stock issuable at the time of such capital reorganization or reclassification upon exercise of this Warrant would have been entitled to receive upon such capital reorganization or reclassification if such exercise had taken place immediately prior to such action. The subdivision or combination of shares of Common Stock at any time outstanding into a greater or lesser number of shares of Common Stock shall not be deemed to be a reclassification of the Common Stock of the Company for the purposes of this Section 6(b). (c)Upon the consummation of a Business Combination pursuant to which the Common Stock will be converted into shares of stock or other securities or property (including cash), the Holder\u2019s right to receive Warrant Shares upon exercise of this Warrant shall be converted, effective upon the occurrence of such Business Combination, into the right to exercise this Warrant to acquire the number of shares of stock or other securities or property (including cash) that the shares of Common Stock issuable (at the time of such Business Combination) upon exercise of this Warrant immediately prior to such Business Combination would have been entitled to receive upon consummation of such Business Combination. In determining the kind and amount of stock, securities or the property receivable upon exercise of this Warrant upon and following adjustment pursuant to this paragraph, if the holders of Common Stock have the right to elect the kind or amount of consideration receivable upon consummation of such Business Combination, then the Holder shall have the right to make the same election, at the time of the consummation of such Business Combination, regarding the consideration received upon the exercise of this Warrant. The Company shall make lawful provisions to establish such rights and to provide for such adjustments that, for events from and after such Business Combination, shall be as nearly equivalent as possible to the rights and adjustments provided for herein. (d)Whenever the applicable Warrant Exercise Price, Floor Price, Cap Price and number of Warrant Shares are adjusted as herein provided, the Company shall compute the adjustments in accordance with Section 6(a) and shall prepare a certificate signed by its principal financial officer or principal accounting officer setting forth the adjustments and showing in reasonable detail the method of such adjustments and the fact requiring the adjustments and upon which such calculation is based, and such certificate shall forthwith be promptly (and in any event within ten (10) Business Days following effectiveness of the applicable adjustments) forwarded to the Holder. (e)In case at any time after the date of this Warrant: (i)the Company shall declare a dividend (or any other distribution) on its shares of Common Stock; (ii)the Company shall authorize the granting to the holders of its shares of Common Stock of rights to subscribe for or purchase any shares of capital stock of any class or of any other rights; (iii)the Company shall authorize any reclassification of the shares of its Common Stock (other than a subdivision or combination of its outstanding shares of Common Stock), or any Business Combination or any transaction or series of related transactions in which the stockholders of the Company immediately prior to such transaction or series of related transactions cease to beneficially own, directly or indirectly, at least 50% of the outstanding equity interests (measured by either voting power or economic interests) of the Company; or (iv)events shall have occurred resulting in the voluntary or involuntary dissolution, liquidation or winding up of the Company; then the Company shall cause notice to be sent to the Holder at least ten days prior to the applicable record date (or the date of the event, if no record date is established), a notice, which the Holder shall keep confidential, stating (A) the date on which a record is to be taken for the purpose of such dividend, distribution or rights, or, if a record is not to be taken, the date as of which the holders of shares of Common Stock of record to be entitled to such dividend, distribution or rights are to be determined or (B) the date on which such reclassification, Business Combination, dissolution, liquidation or winding up is expected to become effective, and the date as of which it is expected that holders of shares of Common Stock of record shall be entitled to exchange their shares for securities or other property deliverable upon such reclassification, Business Combination, dissolution, liquidation or winding up. Failure to give any such notice of any defect therein shall not affect the validity of the proceedings referred to in paragraphs (i), (ii), (iii) and (iv) above. (f)The form of this Warrant need not be changed because of any adjustments made pursuant to this Section 6 and any Warrant issued after such change may state the same Warrant Exercise Price, Floor Price and Cap Price and the same number of Warrant Shares as are stated in this Warrant as initially issued. Any Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed. 7.Definitions. For the purposes of this Warrant, the following terms have the following meanings: \u201c30-Day VWAP\u201d means, as of any date, the daily average volume weighted average price per share of the Common Stock (rounded to the nearest second decimal place) on the Trading Market as reported by Bloomberg L.P. (or its successor, or, if not available, by another authoritative source mutually agreed by the Company and the Holder) from 9:30 a.m. (New York City time) to 4:00 p.m. (New York City time) for the thirty consecutive Trading Days ending on the last Trading Day immediately preceding such date. The foregoing, to the extent not already adjusted, shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction by the Company. \u201cAct\u201d has the meaning specified in the legend hereto. \u201cAggregate Exercise Price\u201d means the applicable Warrant Exercise Price multiplied by the number of vested Warrant Shares with respect to which this Warrant is then being exercised. \u201cAffiliate\u201d means, with respect to any Person, any other Person that, at the time of determination, directly or indirectly through one or more intermediaries, Controls, is Controlled by or is under common Control with such Person; provided that for the avoidance of doubt, the Company and the Holder shall not be deemed to be Affiliates of each other. \u201cBusiness Combination\u201d means a merger, consolidation, statutory share exchange, reorganization, sale or transfer of all or substantially all of the property and assets of the Company or similar extraordinary transaction involving the Company. \u201cBusiness Day\u201d means any day other than a day which is a Saturday, a Sunday or a day on which banks in New York, New York are authorized or required by law to be closed. \u201cCash Exercise\u201d has the meaning set forth in Section 2(b). \u201cCommercial Agreement\u201d means the Commercial Agreement, dated as of July 28, 2022, between the Company and Zillow, Inc. (\u201cZillow\u201d). \u201cCommon Stock\u201d means the common stock, $0.0001 par value, of the Company. \u201cCompany\u201d has the meaning specified in the preamble hereof. \u201cCompany Election Notice\u201d has the meaning set forth in Section 2(a). \u201cCompany Exercise Condition\u201d has the meaning set forth on Exhibit B. \u201cContract\u201d means any contract, agreement, instrument, undertaking, indenture, commitment, loan, license, settlement, consent, note or other legally binding obligation (whether or not in writing). \u201cControl,\u201d \u201cControlled\u201d and \u201cControlling\u201d means, with respect to any Person, the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise, and the terms \u201cControlled by\u201d and \u201cunder common Control with\u201d shall be construed accordingly. \u201cControlled Affiliate\u201d means any Affiliate of the specified Person that is, directly or indirectly, Controlled or under common Control with the specified Person (including, for the avoidance of doubt with respect to Zillow, Zillow Group, Inc. and any direct or indirect wholly owned subsidiary of Zillow Group, Inc.). \u201cDeferred Exercise Date\u201d has the meaning set forth in Section 1(b). \u201cDerivative Instruments\u201d means any and all derivative securities (as defined under Rule 16a-1 under the Exchange Act) that increase in value as the value of the reference security increases, including a long convertible security, a long call option and a short put option position, in each case, regardless of whether (i) such derivative security conveys any voting rights in any underlying security, (ii) such derivative security is required to be, or is capable of being, settled through delivery of any underlying security or (iii) other transactions that hedge the value of such derivative security. \u201cEncumbrance\u201d means any mortgage, commitment, transfer restriction, deed of trust, pledge, option, power of sale, retention of title, right of pre-emption, right of first refusal, executorial attachment, hypothecation, security interest, encumbrance, claim, lien or charge of any kind, or an agreement, arrangement or obligation to create any of the foregoing. \u201cExchange Act\u201d means the Securities Exchange Act of 1934, as amended, or any similar federal statute at the time in effect. \u201cExercise Conditions\u201d has the meaning set forth in Section 1(b). \u201cExercise Period\u201d has the meaning set forth in Section 1(b). \u201cExpiration Date\u201d means the earliest of (i) 5:00 p.m. (Pacific time) on July 28, 2027, as the same may be extended as set forth in Exhibit D, (ii) ten (10) Business Days after the date that the Commercial Agreement terminates in accordance with its terms, as the same may be extended as set forth in Exhibit D; provided, that this clause (ii) shall not apply if the Commercial Agreement is terminated by Zillow pursuant to Section 4.2 of the Commercial Agreement, and (iii) immediately upon the consummation of the transaction contemplated by Section 4.6(b) of the Commercial Agreement if Zillow provided written notice of termination pursuant to such section 4.6(b) and such notice was delivered after the nine (9) month anniversary of the Effective Date (as defined in the Commercial Agreement). \u201cHolder\u201d means the Person who shall from time to time own this Warrant. The Holder shall initially be Zillow. \u201cNet Exercise\u201d has the meaning set forth in Section 2(c). \u201cPerson\u201d means an individual, a corporation, a partnership, a trust, a limited liability company, an unincorporated organization or a government organization or an agency or political subdivision thereof. \u201cQualified Home\u201d has the meaning set forth on Exhibit D. \u201cTrading Day\u201d means a day on which the Trading Market is open for trading. \u201cTrading Market\u201d means the Nasdaq Stock Market LLC or the primary market or exchange on which the Common Stock is listed or quoted for trading on the date in question. \u201cTranche\u201d has the meaning set forth on Exhibit D. \u201cTransfer\u201d means (i) any direct or indirect sale, lease, assignment, Encumbrance, disposition or other transfer (by operation of law or otherwise), either voluntary or involuntary, or entry into any Contract, option or other arrangement or understanding with respect to any sale, lease, assignment, Encumbrance, disposition or other transfer (by operation of law or otherwise), of this Warrant or (ii) to enter into any Derivative Instrument, swap or any other Contract, agreement, transaction or series of transactions that hedges or transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of this Warrant, whether any such Derivative Instrument, swap, Contract, agreement, transaction or series of transactions is to be settled by delivery of securities, in cash or otherwise. \u201cVesting Event\u201d has the meaning set forth on Exhibit D. \u201cWarrant\u201d means this Warrant and any other warrants of like tenor issued in substitution or exchange for any thereof. \u201cWarrant Exercise Price\u201d means, for each Tranche, the 30-Day VWAP for such Tranche as of the date of the Vesting Event of the Qualified Homes included in such Tranche, subject to a floor of $15.00 USD per share (the \u201cFloor Price\u201d) and a cap of $30.00 USD per share (the \u201cCap Price\u201d) (with the Floor Price and the Cap Price subject to adjustment as provided in this Warrant). \u201cWarrant Shares\u201d means Common Stock issuable upon exercise of this Warrant or otherwise issuable pursuant to this Warrant. 8.Amendment and Waiver. 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All notices, requests, claims, demands and other communications under this Agreement shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by email with receipt confirmed, by facsimile with receipt confirmed or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties hereto at the following respective addresses (or at such other address for a party hereto as shall be specified in a notice given in accordance with this Section 10): (a) If to the Holder: Zillow, Inc. 1301 Second Avenue, Floor 31 Seattle, WA 98101 Attn: General Counsel Email: corporatelegal@zillowgroup.com with a copy to (which copy alone shall not constitute notice): Perkins Coie LLP 1201 Third Avenue, Suite 4900 Seattle, WA 98101 Attn: Andrew Moore Email: Amoore@perkinscoie.com (b) If to the Company: Opendoor Technologies Inc. 410 N. Scottsdale Road, Suite 1600 Tempe, Arizona 85281 Attn: Chief Legal Officer Email: Stock@opendoor.com with a copy to (which copy alone shall not constitute notice): Mayer Brown LLP Two Palo Alto Square, Suite 300 3000 El Camino Real Palo Alto, California 94306 Attn: Jennifer J. Carlson Email: Jennifer.Carlson@mayerbrown.com 11.Successors and Assigns. This Warrant and the rights evidenced hereby shall inure to the benefit of and be binding upon the Company and the Holder and their respective successors and assigns (subject to Section 3(a) with respect to the Holder). 12.Modification and Severability. The provisions of this Warrant will be deemed severable and the invalidity or unenforceability of any provision will not affect the validity or enforceability of any other provision hereof. To the fullest extent permitted by law, if any provision of this Warrant, or the application thereof to any Person or circumstance, is invalid or unenforceable (a) a suitable and equitable provision will be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Warrant and the application of such provision to other Persons, entities or circumstances will not be affected by such invalidity or unenforceability. 13.Disclosure. Nothing in this Warrant or the Commercial Agreement shall prohibit the Holder or the Company from disclosing the terms of this Warrant in any filings with the Securities and Exchange Commission as required by the applicable rules and regulations or U.S. generally accepted accounting principles, or as may be otherwise required by applicable law. 14.Headings. The headings of the Sections of this Warrant are for convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant. 15.Non-Business Day Extension. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding day that is a Business Day. 16.Limitation of Liability. No provision hereof, in the absence of affirmative action by the Holder to purchase Warrant Shares, and no mere enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the Warrant Exercise Price for any such shares or as a shareholder of the Company, whether such liability is asserted by the Company, by any creditor of the Company or any other Person. IN WITNESS WHEREOF, the Company has duly executed this Warrant. 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"1.0.0", "report_date": "2022-08-05", "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s5", "source_artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000079/exhibit992opendoor-warrant.htm", "table_id": null, "text": "No. W-1 Issue Date: July 28, 2022 FOR VALUE RECEIVED, the undersigned, Opendoor Technologies Inc., a Delaware corporation (together with its successors and assigns, the “Company”), hereby certifies that the Holder or its registered assign is entitled to subscribe for and purchase, at the applicable Warrant Exercise Price per share, up to a maximum of 6,000,000 shares (subject to adjustment as provided in this Warrant) of duly authorized, validly issued, fully paid and non-assessable shares of Common Stock. Capitalized terms used in this Warrant and not otherwise defined herein shall have the respective meanings specified in Section 7 hereof."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b11"], "char_count": 2105, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "2168f06c6d1afbb6147794b9cfb5725b259d447052548a10fa6864aca0e0ff23", "derivation_id": "c49e2d86892d4ebda51d7a01fe9efb4cd672b34ba31778f4ad0dba33324577eb", "document_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-08-05", "filing_id": "sec:0001801169:0001801169-22-000079", "flags": [], "form": "8-K", "heading_path": ["EX-99.2", "Exhibit 99.2 Execution Version", "WARRANT", "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", "1.Vesting; Exercise Period."], "items": ["7.01", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "block_sequence": 11, "char_end": 2105, "char_start": 0, "fragment_sha256": "13b68436467886483a015de5a8af63ea92e00ac05306548ea7a5cf0d69eccc0c", "heading_path": ["EX-99.2", "Exhibit 99.2 Execution Version", "WARRANT", "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", "1.Vesting; Exercise Period."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-05", "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s6", "source_artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000079/exhibit992opendoor-warrant.htm", "table_id": null, "text": "(a)Promptly (and in any event within five (5) Business Days), following the occurrence of a Vesting Event, the Company shall deliver to the Holder a Notice of Vesting Event in the form attached as Exhibit A hereto specifying the information set forth on Exhibit A with respect to such Vesting Event, including, with respect to the Tranche associated with such Vesting Event, the date of the Vesting Event, the number of vested Warrant Shares and the Warrant Exercise Price. The Company shall include with the Notice of Vesting Event supporting documentation showing in reasonable detail how the number of vested Warrant Shares and the Warrant Exercise Price were calculated. (b)This Warrant shall be exercisable by the Holder (in whole or in part and, in each case, only for vested Warrant Shares) during the term commencing on the date of the applicable Vesting Event and ending on the later of (i) the Expiration Date and (ii) ten (10) Business Days following the Holder’s receipt of the applicable Notice of Vesting Event (the “Exercise Period”). Notwithstanding the foregoing, if at the Expiration Date the Holder has not exercised this Warrant in full as a result of there being insufficient Warrant Shares available for issuance or the lack of any required regulatory, corporate or other approval (including, for the avoidance of doubt, any approval required under any antitrust laws, if so applicable) (collectively, the “Exercise Conditions”), the Holder may deliver to the Company on the Expiration Date a Notice of Deferred Exercise in the form attached as Exhibit B hereto indicating that the Holder elects to defer the exercise of the Warrant and the reasons therefore, and the Exercise Period shall be extended until five (5) Business Days after such date as (i) the Holder is able to acquire all of the vested Warrant Shares without violating any Exercise Conditions or (ii) the Company provides written notice to the Holder that the Company Exercise Condition (as defined in Exhibit B) has been satisfied and no other Exercise Conditions exist (as applicable, the “Deferred Exercise Date”)."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b13"], "char_count": 1691, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "fe09e892fc2c067101107294e1b8e3410e2e0fb6be474636bf2ffce76459c5fd", "derivation_id": "c49e2d86892d4ebda51d7a01fe9efb4cd672b34ba31778f4ad0dba33324577eb", "document_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-08-05", "filing_id": "sec:0001801169:0001801169-22-000079", "flags": [], "form": "8-K", "heading_path": ["EX-99.2", "Exhibit 99.2 Execution Version", "WARRANT", "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", "1.Vesting; Exercise Period.", "2.Method of Exercise; Issuance of Warrant Shares; Cash Settlement."], "items": ["7.01", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "block_sequence": 13, "char_end": 1691, "char_start": 0, "fragment_sha256": "60908cbac211e199f005d4703f43f44ac476bb2f2d2e2fd076b4e3db22288cac", "heading_path": ["EX-99.2", "Exhibit 99.2 Execution Version", "WARRANT", "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", "1.Vesting; Exercise Period.", "2.Method of Exercise; Issuance of Warrant Shares; Cash Settlement."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-05", "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s7", "source_artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000079/exhibit992opendoor-warrant.htm", "table_id": null, "text": "(a)Exercise. The Holder may exercise this Warrant, on one or more occasions, on any Business Day, in whole or in part, by (i) delivery to the Company of a Notice of Exercise in the form attached as Exhibit C hereto, which shall elect a method of exercise under either Section 2(b) or 2(c) below, subject to the Company’s right to require Net Exercise or cash settlement, as described below, and (ii) after notice from the Company regarding its election to settle such exercise pursuant to Sections 2(b), 2(c) or 2(e) (the “Company Election Notice”), which shall be delivered by the Company within five (5) Business Days after such Notice of Exercise is received, payment to the Company equal to the Aggregate Exercise Price if the Company elects Cash Exercise pursuant to Section 2(b) (it being understood that the Holder shall not be required to make a cash payment if the Company elects Net Exercise pursuant to Section 2(c) or cash settlement pursuant to Section 2(e)). (b)Cash Exercise. Subject to Section 2(a)(ii), if the Holder so elects, the Aggregate Exercise Price shall be payable by a cash payment to the Company by wire transfer of immediately available funds to an account designated in writing by the Company in its applicable Company Election Notice (“Cash Exercise”). (c)Net Exercise. Subject to Section 2(e), if in lieu of a Cash Exercise the Holder elects to receive, or the Company elects in its applicable Company Election Notice to cause the Holder to receive, upon any exercise Warrant Shares equal to the value of this Warrant being exercised (“Net Exercise”), then the Company shall issue to the Holder a number of Warrant Shares computed using the following formula:"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b14"], "char_count": 47, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "82a9bd4f3ad4d31e60b7645c60981365708d0cecf6c583b9aa03b9e430c8def1", "derivation_id": "c49e2d86892d4ebda51d7a01fe9efb4cd672b34ba31778f4ad0dba33324577eb", "document_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-08-05", "filing_id": "sec:0001801169:0001801169-22-000079", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EX-99.2", "Exhibit 99.2 Execution Version", "WARRANT", "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", "1.Vesting; Exercise Period.", "2.Method of Exercise; Issuance of Warrant Shares; Cash Settlement."], "items": ["7.01", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "block_sequence": 14, "char_end": 17, "char_start": 0, "fragment_sha256": "eb8838dbcc09000065e43f653ee82432b8a6d1358c3386cd4d841c305c10a837", "heading_path": ["EX-99.2", "Exhibit 99.2 Execution Version", "WARRANT", "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", "1.Vesting; Exercise Period.", "2.Method of Exercise; Issuance of Warrant Shares; Cash Settlement."], "table_index": 0, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#p6", "passage_kind": "table", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-05", "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s7", "source_artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000079/exhibit992opendoor-warrant.htm", "table_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b14", "text": "| | |\n| --- | --- |\n| X= | Y (A-B) |\n| A | |"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b15"], "char_count": 3410, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b5bf13fb4b1e193e1f7906d60751e45372d2053ce1d2d20b9b7e93ca3a1669a8", "derivation_id": "c49e2d86892d4ebda51d7a01fe9efb4cd672b34ba31778f4ad0dba33324577eb", "document_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-08-05", "filing_id": "sec:0001801169:0001801169-22-000079", "flags": [], "form": "8-K", "heading_path": ["EX-99.2", "Exhibit 99.2 Execution Version", "WARRANT", "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", "1.Vesting; Exercise Period.", "2.Method of Exercise; Issuance of Warrant Shares; Cash Settlement."], "items": ["7.01", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "block_sequence": 15, "char_end": 3410, "char_start": 0, "fragment_sha256": "cb2ffd53d4cfe81d6aeb938e1e2a3248a2ed085a98aaa992522ac107001abe78", "heading_path": ["EX-99.2", "Exhibit 99.2 Execution Version", "WARRANT", "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", "1.Vesting; Exercise Period.", "2.Method of Exercise; Issuance of Warrant Shares; Cash Settlement."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-05", "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s7", "source_artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000079/exhibit992opendoor-warrant.htm", "table_id": null, "text": "Where: X = the number of the Warrant Shares to be issued to the Holder. Y = the number of the Warrant Shares with respect to which the Warrant is exercised. A = the 30-Day VWAP on the date of the Notice of Exercise. B = the applicable Warrant Exercise Price (as adjusted to the date of such calculation). (d)Issuance of Warrant Shares. Subject to Section 1(b) and 2(e), in the event of any valid exercise of the rights represented by this Warrant in accordance with and subject to the terms and conditions hereof, the Warrant Shares so purchased shall be delivered by the Company as soon as practicable, not exceeding seven (7) Business Days after receipt by the Company of the applicable Notice of Exercise or, if later, the date on which the Holder makes a cash payment pursuant to Section 2(b), either (A) via book-entry transfer crediting the account of the Holder through the Company’s transfer agent and registrar for the Common Stock (which as at the issuance of this Warrant is American Stock Transfer and Trust Company, LLC) or (B) to the extent book-entry transfer is not available, in certificated form by physical delivery to the address specified by the Holder in the applicable Notice of Exercise. The Company shall not require the delivery of the original Warrant or any copy thereof in connection with the transfer or exercise thereof. If the Holder does not exercise this Warrant in its entirety, the Holder shall be entitled to receive from the Company, upon request, a new warrant of like tenor in substantially identical form for the purchase of that number of Warrant Shares equal to the difference between the number of Warrant Shares and the number of Warrant Shares as to which this Warrant is so exercised. (e)Cash Settlement. In the event of any exercise of the rights represented by this Warrant in accordance with and subject to the terms and conditions hereof, the Company, in its sole discretion, may choose to satisfy its obligation to deliver all or any of the Warrant Shares deliverable upon such exercise by paying to the Holder cash for such Warrant Shares in an amount equal to (A) the aggregate number of Warrant Shares to be received by the Holder as determined in accordance with Sections 2(a), 2(b) or 2(c), as applicable, multiplied by (B) the 30-Day VWAP on the date of the Notice of Exercise. Payment of any such cash shall be made within seven (7) Business Days after receipt by the Company of the applicable Notice of Exercise and by wire transfer of immediately available funds to an account designated in writing by the Holder. (f)No Fractional Shares or Scrip. No fractional shares or scrip representing fractional Warrant Shares shall be issued upon the exercise of this Warrant. In lieu of any fractional Warrant Share to which the Holder would otherwise be entitled, the fractional Warrant Share shall be rounded up to the next whole Warrant Share and the Holder shall be entitled to receive such rounded up number of Warrant Shares. (g)Records. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated in the preamble hereof due to the vesting and exercise provisions of this Warrant."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b18"], "char_count": 358, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5ab994a1728326d2417f2a391bc916ecffeba127f681ec245848587e1d1ef788", "derivation_id": "c49e2d86892d4ebda51d7a01fe9efb4cd672b34ba31778f4ad0dba33324577eb", "document_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-08-05", "filing_id": "sec:0001801169:0001801169-22-000079", "flags": [], "form": "8-K", "heading_path": ["EX-99.2", "Exhibit 99.2 Execution Version", "WARRANT", "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", "1.Vesting; Exercise Period.", "3.Transfer and Replacement; No Rights of Stockholders."], "items": ["7.01", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "block_sequence": 18, "char_end": 358, "char_start": 0, "fragment_sha256": "53e2e27a0b245b29dd3e1c957b30869088fece1e19207ce4f357f3dbdac36b28", "heading_path": ["EX-99.2", "Exhibit 99.2 Execution Version", "WARRANT", "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", "1.Vesting; Exercise Period.", "3.Transfer and Replacement; No Rights of Stockholders."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-05", "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s8", "source_artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000079/exhibit992opendoor-warrant.htm", "table_id": null, "text": "(a)Transferability of Warrant. The Holder may not Transfer this Warrant without the prior written approval of the Company, which shall be in the sole and absolute discretion of the Company, unless such Transfer is to a Controlled Affiliate of the Holder. Any attempt to Transfer by the Holder without such prior written approval of the Company shall be void."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b21", "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b22", "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b23"], "char_count": 3346, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "2f5c9b3a363d510ead05c280e62ba73841e429d2794ac8d23681bdfca4c2eb84", "derivation_id": "c49e2d86892d4ebda51d7a01fe9efb4cd672b34ba31778f4ad0dba33324577eb", "document_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-08-05", "filing_id": "sec:0001801169:0001801169-22-000079", "flags": [], "form": "8-K", "heading_path": ["EX-99.2", "Exhibit 99.2 Execution Version", "WARRANT", "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", "1.Vesting; Exercise Period.", "(b)Compliance with Securities Laws."], "items": ["7.01", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "block_sequence": 21, "char_end": 534, "char_start": 0, "fragment_sha256": "dd671365f596b9e48c8fe626d60894874d2de6c16e89c5d3a022364aba500e36", "heading_path": ["EX-99.2", "Exhibit 99.2 Execution Version", "WARRANT", "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", "1.Vesting; Exercise Period.", "(b)Compliance with Securities Laws."], "table_index": null, "tag_name": "sec-parser-merged-text"}, {"artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "block_sequence": 22, "char_end": 265, "char_start": 0, "fragment_sha256": "b3fe09f0236d75d6e90c4cc62391f73367457d11efe7cf1f7e7992c788e64550", "heading_path": ["EX-99.2", "Exhibit 99.2 Execution Version", "WARRANT", "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", "1.Vesting; Exercise Period.", "(b)Compliance with Securities Laws."], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "block_sequence": 23, "char_end": 2543, "char_start": 0, "fragment_sha256": "7925ea6895256ab0b9ae923cad52a6a90c7ebdb1bf0a6b9fdb05d5a316650494", "heading_path": ["EX-99.2", "Exhibit 99.2 Execution Version", "WARRANT", "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", "1.Vesting; Exercise Period.", "(b)Compliance with Securities Laws."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-05", "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s9", "source_artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000079/exhibit992opendoor-warrant.htm", "table_id": null, "text": "(i)The Holder, by acceptance hereof, acknowledges that it will not offer, sell or otherwise dispose of this Warrant or any Warrant Shares to be issued upon exercise hereof except pursuant to an effective registration statement, or an exemption from registration, under the Act and any applicable state securities laws. (ii)Except as provided in Section 3(b)(iii), this Warrant and all certificates representing Warrant Shares issued upon exercise hereof shall be stamped or imprinted with a legend in substantially the following form:\n\nTHE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION THEREUNDER.\n\n(iii)The restrictions imposed by Section 3(b)(ii) shall terminate (A) when such securities shall have been (1) effectively registered under the Act and sold by the holder thereof in accordance with such registration or (2) sold under and pursuant to Rule 144 or (B) upon the Company’s receipt of an opinion of counsel, in form and substance reasonably satisfactory to the Company, addressed to the Company to the effect that such restrictions are no longer required to ensure compliance with the Act. Whenever such restrictions shall cease and terminate as to any such securities, the holder thereof shall be entitled to receive from the Company (or its transfer agent and registrar), without expense (other than applicable transfer taxes, if any), a new Warrant (or, in the case of Warrant Shares already represented by stock certificates, new stock certificates) of like tenor not bearing the applicable legend required by Section 3(b)(ii) relating to the Act and applicable state securities laws. (iv)Subject to the terms and conditions of this Warrant, Warrant Shares issued upon any exercise hereof may be sold or transferred in compliance with Rule 144 promulgated under the Act. (c)Replacement of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of a customary indemnity agreement reasonably satisfactory in form and substance to the Company or, in the case of mutilation, on surrender and cancellation of this Warrant, the Company at its expense shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor and amount. (d)No Rights of Stockholders. Nothing contained herein shall entitle the Holder to vote or receive dividends or be deemed the holder of Common Stock or any other securities of the Company that may at any time be issuable on the exercise hereof for any purpose, nor shall anything contained herein be construed to confer upon the Holder, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any recapitalization, issuance of stock, reclassification of stock, change of par value, or change of stock to no par value, consolidation, merger, conveyance, or otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or otherwise."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b26"], "char_count": 3783, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "42aa530b382097d8eb6b2bce113d6ef920fa058537187cccdf7dcea1917baa4a", "derivation_id": "c49e2d86892d4ebda51d7a01fe9efb4cd672b34ba31778f4ad0dba33324577eb", "document_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-08-05", "filing_id": "sec:0001801169:0001801169-22-000079", "flags": [], "form": "8-K", "heading_path": ["EX-99.2", "Exhibit 99.2 Execution Version", "WARRANT", "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", "1.Vesting; Exercise Period.", "4.Covenants, and Representations and Warranties."], "items": ["7.01", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "block_sequence": 26, "char_end": 3783, "char_start": 0, "fragment_sha256": "9211054b8dd68e4f3fbd0216dc285d64e97a57cdbfdf151762dd5afa2e77b247", "heading_path": ["EX-99.2", "Exhibit 99.2 Execution Version", "WARRANT", "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", "1.Vesting; Exercise Period.", "4.Covenants, and Representations and Warranties."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-05", "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s10", "source_artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000079/exhibit992opendoor-warrant.htm", "table_id": null, "text": "(a)The Company represents and warrants that (i) it is a corporation duly organized, validly existing, and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority necessary to carry on its business as now conducted and for the execution, delivery and performance by the Company of this Warrant, and (ii) this Warrant has been duly executed and delivered by the Company and is a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except to the extent enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting generally the enforcement of creditors’ rights and remedies and by general principles of equity. (b)The Company represents, warrants, covenants and agrees that all Warrant Shares which may be issued upon the exercise of this Warrant will, upon issuance, be duly authorized, validly issued, fully paid and non-assessable and free and clear from all taxes, claims, liens, charges, encumbrances, pre-emptive rights or other restrictions (other than as provided herein and restrictions under federal and applicable state securities laws). The Company further covenants and agrees that during the period within which this Warrant may be exercised, the Company will at all times have authorized and reserved (as unissued or held in treasury) a sufficient number of shares of Common Stock to provide for the exercise of this Warrant. (c)The Company shall not by any action (including, without limitation, amending the certificate of incorporation or bylaws of the Company or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other action) avoid or seek to avoid (directly or indirectly) the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms. The Company will (i) not permit the par value of its Common Stock to exceed the Warrant Exercise Price, (ii) not amend or modify any provision of the certificate of incorporation or bylaws of the Company in any manner that would adversely affect in any way the powers, preferences or relative participating, optional or other special rights of the Common Stock in a manner which would disproportionately and adversely affect the rights of the Holder, (iii) take all such action as may be reasonably necessary in order that the Company may validly issue fully paid and non-assessable shares of Common Stock, free and clear from all taxes, claims, liens, charges, encumbrances, pre-emptive rights or other restrictions (other than as provided herein and restrictions under federal and applicable state securities laws), and (iv) use its reasonable best efforts to obtain all such authorizations, exemptions or consents from, and make such filings with, any public regulatory body having jurisdiction thereof as may be necessary to enable the Company to perform its obligations under this Warrant. (d)If any shares of the Common Stock required to be reserved for issuance in accordance with Section 4(b) require registration or qualification with any governmental authority or other governmental approval or filing under any federal or state law before such shares may be so issued, the Company will in good faith use its best efforts as expeditiously as possible at its expense to cause such shares to be duly registered or qualified or such approval to be obtained or filing made. The Company shall, at its sole expense, procure, subject to issuance or notice of issuance, the listing of any Warrant Shares issuable upon exercise of this Warrant on the Trading Market. 5.Representations of the Holder."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b26"], "char_count": 1473, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "52f984c31f47ca786022748a2b05334a045f2db338a0a67777c890e629c67463", "derivation_id": "c49e2d86892d4ebda51d7a01fe9efb4cd672b34ba31778f4ad0dba33324577eb", "document_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-08-05", "filing_id": "sec:0001801169:0001801169-22-000079", "flags": [], "form": "8-K", "heading_path": ["EX-99.2", "Exhibit 99.2 Execution Version", "WARRANT", "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", "1.Vesting; Exercise Period.", "4.Covenants, and Representations and Warranties."], "items": ["7.01", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "block_sequence": 26, "char_end": 5256, "char_start": 3783, "fragment_sha256": "9211054b8dd68e4f3fbd0216dc285d64e97a57cdbfdf151762dd5afa2e77b247", "heading_path": ["EX-99.2", "Exhibit 99.2 Execution Version", "WARRANT", "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", "1.Vesting; Exercise Period.", "4.Covenants, and Representations and Warranties."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#p11", "passage_kind": "narrative", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-05", "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s10", "source_artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000079/exhibit992opendoor-warrant.htm", "table_id": null, "text": "The Holder represents and warrants to, and agrees with, the Company as of the date hereof as follows: (a)This Warrant and the Warrant Shares are being acquired for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act. (b)Holder has substantial experience in evaluating and investing in private placement transactions of securities, is aware of the Company’s business affairs and financial condition and has such knowledge and experience in financial or business matters so that it is capable of evaluating the merits and risks of its investment in the Company and protecting its own interests. (c)Holder is an “accredited investor” within the meaning of Regulation D promulgated under the Act. (d)Holder understands that this Warrant and the Warrant Shares issuable upon exercise hereof have not been registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein. Holder understands that this Warrant and the Warrant Shares issued upon any exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless an exemption from such registration and qualification are otherwise available. Holder is aware of the provisions of Rule 144 promulgated under the Act."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b29"], "char_count": 3754, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "750c2a514cb3f38b2c3b10a85b10ba0723ac07f11e19c578caf37f6ad743f937", "derivation_id": "c49e2d86892d4ebda51d7a01fe9efb4cd672b34ba31778f4ad0dba33324577eb", "document_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-08-05", "filing_id": "sec:0001801169:0001801169-22-000079", "flags": [], "form": "8-K", "heading_path": ["EX-99.2", "Exhibit 99.2 Execution Version", "WARRANT", "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", "1.Vesting; Exercise Period.", "6.Adjustment of Warrant Exercise Price and Number of Warrant Shares."], "items": ["7.01", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "block_sequence": 29, "char_end": 3754, "char_start": 0, "fragment_sha256": "30447c231ed780a94a5c3f896fc7b2613c05c98ec6888fd80d825a0119a1d791", "heading_path": ["EX-99.2", "Exhibit 99.2 Execution Version", "WARRANT", "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", "1.Vesting; Exercise Period.", "6.Adjustment of Warrant Exercise Price and Number of Warrant Shares."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-05", "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s11", "source_artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000079/exhibit992opendoor-warrant.htm", "table_id": null, "text": "(a)In case the Company shall (i) pay a dividend on its Common Stock in Common Stock, (ii) subdivide its outstanding shares of Common Stock or (iii) combine its outstanding shares of Common Stock into a smaller number of shares, then, in such an event, the applicable Warrant Exercise Price, and the Floor Price and Cap Price for any Warrant Shares for which a Warrant Exercise Price has not been determined, each in effect immediately prior thereto shall be adjusted proportionately so that the adjusted Warrant Exercise Price, and the Floor Price and Cap Price, as applicable, will bear the same relation to the applicable Warrant Exercise Price, or the Floor Price and Cap Price, as applicable, each in effect immediately prior to any such event as the total number of shares of Common Stock outstanding immediately prior to any such event shall bear to the total number of shares of Common Stock outstanding immediately after such event. An adjustment made pursuant to this Section 6(a), (A) shall become effective retroactively immediately after the record date in the case of a dividend or (B) shall become effective immediately after the effective date in the case of a subdivision or combination. The applicable Warrant Exercise Price, and the Floor Price and Cap Price for any Warrant Shares for which a Warrant Exercise Price has not been determined, each as so adjusted, shall be readjusted in the same manner upon the happening of any successive event or events described herein. No adjustment of the applicable Warrant Exercise Price, or the Floor Price and Cap Price, as applicable, shall be made if the amount of such adjustment shall be less than $0.005 per share, but in such case any adjustment that would otherwise be required then to be made shall be carried forward and shall be made at the time of and together with the next subsequent adjustment, which, together with any adjustment so carried forward, shall amount to not less than $0.005 per share. In case the Company shall at any time issue Common Stock by way of dividend on its Common Stock or subdivide or combine the outstanding shares of the Common Stock, said amount of $0.005 per share (as theretofore increased or decreased, if the same amount shall have been adjusted in accordance with the provisions of this paragraph) shall forthwith be proportionately increased in the case of a combination or decreased in the case of such a subdivision or stock dividend so as appropriately to reflect the same. In addition, upon each such adjustment made pursuant to this Section 6(a), the number of Warrant Shares shall be adjusted to the number of shares of Common Stock, calculated to the nearest one hundredth of a share, obtained by multiplying the number of Warrant Shares immediately prior to such adjustment upon the exercise in full of this Warrant (disregarding whether or not this Warrant had been exercisable by its terms at such date) by a fraction of which the numerator shall be the total number of shares of Common Stock outstanding immediately after such event and the denominator shall be the total number of shares of Common Stock outstanding immediately prior to such event. (b)In case of any capital reorganization of the Company, or of any reclassification of the Common Stock, this Warrant shall be exercisable after such capital reorganization or reclassification upon the terms and conditions specified in this Warrant, for the number of shares of stock or other securities which the Common Stock issuable at the time of such capital reorganization or reclassification upon exercise of this Warrant would have been entitled to receive upon such capital reorganization or reclassification if such exercise had taken place immediately prior to such action."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b29"], "char_count": 1481, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e490b2598ff0254fcc1624686d5f55548ab123a72c92a4391a10317ac5deed1c", "derivation_id": "c49e2d86892d4ebda51d7a01fe9efb4cd672b34ba31778f4ad0dba33324577eb", "document_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-08-05", "filing_id": "sec:0001801169:0001801169-22-000079", "flags": [], "form": "8-K", "heading_path": ["EX-99.2", "Exhibit 99.2 Execution Version", "WARRANT", "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", "1.Vesting; Exercise Period.", "6.Adjustment of Warrant Exercise Price and Number of Warrant Shares."], "items": ["7.01", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "block_sequence": 29, "char_end": 5235, "char_start": 3754, "fragment_sha256": "30447c231ed780a94a5c3f896fc7b2613c05c98ec6888fd80d825a0119a1d791", "heading_path": ["EX-99.2", "Exhibit 99.2 Execution Version", "WARRANT", "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", "1.Vesting; Exercise Period.", "6.Adjustment of Warrant Exercise Price and Number of Warrant Shares."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#p13", "passage_kind": "narrative", "passage_sequence": 13, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-05", "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s11", "source_artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000079/exhibit992opendoor-warrant.htm", "table_id": null, "text": "The subdivision or combination of shares of Common Stock at any time outstanding into a greater or lesser number of shares of Common Stock shall not be deemed to be a reclassification of the Common Stock of the Company for the purposes of this Section 6(b). (c)Upon the consummation of a Business Combination pursuant to which the Common Stock will be converted into shares of stock or other securities or property (including cash), the Holder’s right to receive Warrant Shares upon exercise of this Warrant shall be converted, effective upon the occurrence of such Business Combination, into the right to exercise this Warrant to acquire the number of shares of stock or other securities or property (including cash) that the shares of Common Stock issuable (at the time of such Business Combination) upon exercise of this Warrant immediately prior to such Business Combination would have been entitled to receive upon consummation of such Business Combination. In determining the kind and amount of stock, securities or the property receivable upon exercise of this Warrant upon and following adjustment pursuant to this paragraph, if the holders of Common Stock have the right to elect the kind or amount of consideration receivable upon consummation of such Business Combination, then the Holder shall have the right to make the same election, at the time of the consummation of such Business Combination, regarding the consideration received upon the exercise of this Warrant."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b29"], "char_count": 3978, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c0e194e3bcef38b7521195d5e0aa47a4fe6a312365436cbf9a9d8f9b0535d57c", "derivation_id": "c49e2d86892d4ebda51d7a01fe9efb4cd672b34ba31778f4ad0dba33324577eb", "document_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-08-05", "filing_id": "sec:0001801169:0001801169-22-000079", "flags": [], "form": "8-K", "heading_path": ["EX-99.2", "Exhibit 99.2 Execution Version", "WARRANT", "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", "1.Vesting; Exercise Period.", "6.Adjustment of Warrant Exercise Price and Number of Warrant Shares."], "items": ["7.01", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "block_sequence": 29, "char_end": 9213, "char_start": 5235, "fragment_sha256": "30447c231ed780a94a5c3f896fc7b2613c05c98ec6888fd80d825a0119a1d791", "heading_path": ["EX-99.2", "Exhibit 99.2 Execution Version", "WARRANT", "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", "1.Vesting; Exercise Period.", "6.Adjustment of Warrant Exercise Price and Number of Warrant Shares."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#p14", "passage_kind": "narrative", "passage_sequence": 14, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-05", "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s11", "source_artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000079/exhibit992opendoor-warrant.htm", "table_id": null, "text": "The Company shall make lawful provisions to establish such rights and to provide for such adjustments that, for events from and after such Business Combination, shall be as nearly equivalent as possible to the rights and adjustments provided for herein. (d)Whenever the applicable Warrant Exercise Price, Floor Price, Cap Price and number of Warrant Shares are adjusted as herein provided, the Company shall compute the adjustments in accordance with Section 6(a) and shall prepare a certificate signed by its principal financial officer or principal accounting officer setting forth the adjustments and showing in reasonable detail the method of such adjustments and the fact requiring the adjustments and upon which such calculation is based, and such certificate shall forthwith be promptly (and in any event within ten (10) Business Days following effectiveness of the applicable adjustments) forwarded to the Holder. (e)In case at any time after the date of this Warrant: (i)the Company shall declare a dividend (or any other distribution) on its shares of Common Stock; (ii)the Company shall authorize the granting to the holders of its shares of Common Stock of rights to subscribe for or purchase any shares of capital stock of any class or of any other rights; (iii)the Company shall authorize any reclassification of the shares of its Common Stock (other than a subdivision or combination of its outstanding shares of Common Stock), or any Business Combination or any transaction or series of related transactions in which the stockholders of the Company immediately prior to such transaction or series of related transactions cease to beneficially own, directly or indirectly, at least 50% of the outstanding equity interests (measured by either voting power or economic interests) of the Company; or (iv)events shall have occurred resulting in the voluntary or involuntary dissolution, liquidation or winding up of the Company; then the Company shall cause notice to be sent to the Holder at least ten days prior to the applicable record date (or the date of the event, if no record date is established), a notice, which the Holder shall keep confidential, stating (A) the date on which a record is to be taken for the purpose of such dividend, distribution or rights, or, if a record is not to be taken, the date as of which the holders of shares of Common Stock of record to be entitled to such dividend, distribution or rights are to be determined or (B) the date on which such reclassification, Business Combination, dissolution, liquidation or winding up is expected to become effective, and the date as of which it is expected that holders of shares of Common Stock of record shall be entitled to exchange their shares for securities or other property deliverable upon such reclassification, Business Combination, dissolution, liquidation or winding up. Failure to give any such notice of any defect therein shall not affect the validity of the proceedings referred to in paragraphs (i), (ii), (iii) and (iv) above. (f)The form of this Warrant need not be changed because of any adjustments made pursuant to this Section 6 and any Warrant issued after such change may state the same Warrant Exercise Price, Floor Price and Cap Price and the same number of Warrant Shares as are stated in this Warrant as initially issued. Any Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed. 7.Definitions. For the purposes of this Warrant, the following terms have the following meanings: “30-Day VWAP” means, as of any date, the daily average volume weighted average price per share of the Common Stock (rounded to the nearest second decimal place) on the Trading Market as reported by Bloomberg L.P. (or its successor, or, if not available, by another authoritative source mutually agreed by the Company and the Holder) from 9:30 a.m. (New York City time) to 4:00 p.m."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b29"], "char_count": 3998, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0e16582756448ace08434a85abc97248884bfa92633e220ca2efb552a93da3cf", "derivation_id": "c49e2d86892d4ebda51d7a01fe9efb4cd672b34ba31778f4ad0dba33324577eb", "document_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-08-05", "filing_id": "sec:0001801169:0001801169-22-000079", "flags": [], "form": "8-K", "heading_path": ["EX-99.2", "Exhibit 99.2 Execution Version", "WARRANT", "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", "1.Vesting; Exercise Period.", "6.Adjustment of Warrant Exercise Price and Number of Warrant Shares."], "items": ["7.01", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "block_sequence": 29, "char_end": 13211, "char_start": 9213, "fragment_sha256": "30447c231ed780a94a5c3f896fc7b2613c05c98ec6888fd80d825a0119a1d791", "heading_path": ["EX-99.2", "Exhibit 99.2 Execution Version", "WARRANT", "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", "1.Vesting; Exercise Period.", "6.Adjustment of Warrant Exercise Price and Number of Warrant Shares."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#p15", "passage_kind": "narrative", "passage_sequence": 15, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-05", "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s11", "source_artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000079/exhibit992opendoor-warrant.htm", "table_id": null, "text": "(New York City time) for the thirty consecutive Trading Days ending on the last Trading Day immediately preceding such date. The foregoing, to the extent not already adjusted, shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction by the Company. “Act” has the meaning specified in the legend hereto. “Aggregate Exercise Price” means the applicable Warrant Exercise Price multiplied by the number of vested Warrant Shares with respect to which this Warrant is then being exercised. “Affiliate” means, with respect to any Person, any other Person that, at the time of determination, directly or indirectly through one or more intermediaries, Controls, is Controlled by or is under common Control with such Person; provided that for the avoidance of doubt, the Company and the Holder shall not be deemed to be Affiliates of each other. “Business Combination” means a merger, consolidation, statutory share exchange, reorganization, sale or transfer of all or substantially all of the property and assets of the Company or similar extraordinary transaction involving the Company. “Business Day” means any day other than a day which is a Saturday, a Sunday or a day on which banks in New York, New York are authorized or required by law to be closed. “Cash Exercise” has the meaning set forth in Section 2(b). “Commercial Agreement” means the Commercial Agreement, dated as of July 28, 2022, between the Company and Zillow, Inc. (“Zillow”). “Common Stock” means the common stock, $0.0001 par value, of the Company. “Company” has the meaning specified in the preamble hereof. “Company Election Notice” has the meaning set forth in Section 2(a). “Company Exercise Condition” has the meaning set forth on Exhibit B. “Contract” means any contract, agreement, instrument, undertaking, indenture, commitment, loan, license, settlement, consent, note or other legally binding obligation (whether or not in writing). “Control,” “Controlled” and “Controlling” means, with respect to any Person, the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise, and the terms “Controlled by” and “under common Control with” shall be construed accordingly. “Controlled Affiliate” means any Affiliate of the specified Person that is, directly or indirectly, Controlled or under common Control with the specified Person (including, for the avoidance of doubt with respect to Zillow, Zillow Group, Inc. and any direct or indirect wholly owned subsidiary of Zillow Group, Inc.). “Deferred Exercise Date” has the meaning set forth in Section 1(b). “Derivative Instruments” means any and all derivative securities (as defined under Rule 16a-1 under the Exchange Act) that increase in value as the value of the reference security increases, including a long convertible security, a long call option and a short put option position, in each case, regardless of whether (i) such derivative security conveys any voting rights in any underlying security, (ii) such derivative security is required to be, or is capable of being, settled through delivery of any underlying security or (iii) other transactions that hedge the value of such derivative security. “Encumbrance” means any mortgage, commitment, transfer restriction, deed of trust, pledge, option, power of sale, retention of title, right of pre-emption, right of first refusal, executorial attachment, hypothecation, security interest, encumbrance, claim, lien or charge of any kind, or an agreement, arrangement or obligation to create any of the foregoing. “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any similar federal statute at the time in effect. “Exercise Conditions” has the meaning set forth in Section 1(b). “Exercise Period” has the meaning set forth in Section 1(b). “Expiration Date” means the earliest of (i) 5:00 p.m."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b29"], "char_count": 3269, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "44811a94d22569aa83c94491a7a2db4051aa326db15deb1f78fc290527ab26fd", "derivation_id": "c49e2d86892d4ebda51d7a01fe9efb4cd672b34ba31778f4ad0dba33324577eb", "document_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-08-05", "filing_id": "sec:0001801169:0001801169-22-000079", "flags": [], "form": "8-K", "heading_path": ["EX-99.2", "Exhibit 99.2 Execution Version", "WARRANT", "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", "1.Vesting; Exercise Period.", "6.Adjustment of Warrant Exercise Price and Number of Warrant Shares."], "items": ["7.01", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "block_sequence": 29, "char_end": 16480, "char_start": 13211, "fragment_sha256": "30447c231ed780a94a5c3f896fc7b2613c05c98ec6888fd80d825a0119a1d791", "heading_path": ["EX-99.2", "Exhibit 99.2 Execution Version", "WARRANT", "WARRANT TO PURCHASE SHARES OF COMMON STOCK OF OPENDOOR TECHNOLOGIES INC.", "1.Vesting; Exercise Period.", "6.Adjustment of Warrant Exercise Price and Number of Warrant Shares."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#p16", "passage_kind": "narrative", "passage_sequence": 16, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-05", "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s11", "source_artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000079/exhibit992opendoor-warrant.htm", "table_id": null, "text": "(Pacific time) on July 28, 2027, as the same may be extended as set forth in Exhibit D, (ii) ten (10) Business Days after the date that the Commercial Agreement terminates in accordance with its terms, as the same may be extended as set forth in Exhibit D; provided, that this clause (ii) shall not apply if the Commercial Agreement is terminated by Zillow pursuant to Section 4.2 of the Commercial Agreement, and (iii) immediately upon the consummation of the transaction contemplated by Section 4.6(b) of the Commercial Agreement if Zillow provided written notice of termination pursuant to such section 4.6(b) and such notice was delivered after the nine (9) month anniversary of the Effective Date (as defined in the Commercial Agreement). “Holder” means the Person who shall from time to time own this Warrant. The Holder shall initially be Zillow. “Net Exercise” has the meaning set forth in Section 2(c). “Person” means an individual, a corporation, a partnership, a trust, a limited liability company, an unincorporated organization or a government organization or an agency or political subdivision thereof. “Qualified Home” has the meaning set forth on Exhibit D. “Trading Day” means a day on which the Trading Market is open for trading. “Trading Market” means the Nasdaq Stock Market LLC or the primary market or exchange on which the Common Stock is listed or quoted for trading on the date in question. “Tranche” has the meaning set forth on Exhibit D. “Transfer” means (i) any direct or indirect sale, lease, assignment, Encumbrance, disposition or other transfer (by operation of law or otherwise), either voluntary or involuntary, or entry into any Contract, option or other arrangement or understanding with respect to any sale, lease, assignment, Encumbrance, disposition or other transfer (by operation of law or otherwise), of this Warrant or (ii) to enter into any Derivative Instrument, swap or any other Contract, agreement, transaction or series of transactions that hedges or transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of this Warrant, whether any such Derivative Instrument, swap, Contract, agreement, transaction or series of transactions is to be settled by delivery of securities, in cash or otherwise. “Vesting Event” has the meaning set forth on Exhibit D. “Warrant” means this Warrant and any other warrants of like tenor issued in substitution or exchange for any thereof. “Warrant Exercise Price” means, for each Tranche, the 30-Day VWAP for such Tranche as of the date of the Vesting Event of the Qualified Homes included in such Tranche, subject to a floor of $15.00 USD per share (the “Floor Price”) and a cap of $30.00 USD per share (the “Cap Price”) (with the Floor Price and the Cap Price subject to adjustment as provided in this Warrant). “Warrant Shares” means Common Stock issuable upon exercise of this Warrant or otherwise issuable pursuant to this Warrant. 8.Amendment and Waiver. Any term, covenant, agreement or condition in this Warrant may be amended, or compliance therewith may be waived (either generally or in a particular instance and either retroactively or prospectively), by a written instrument or written instruments executed by the Company and the Holder."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#b36"], "char_count": 3650, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "14389c761bb43453590128a347199b8fc3439beaa5fea9a612e046a691c00f2a", "derivation_id": "c49e2d86892d4ebda51d7a01fe9efb4cd672b34ba31778f4ad0dba33324577eb", "document_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-08-05", "filing_id": "sec:0001801169:0001801169-22-000079", "flags": [], "form": "8-K", "heading_path": ["9.Governing Law. THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK."], "items": ["7.01", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "block_sequence": 36, "char_end": 3650, "char_start": 0, "fragment_sha256": "3194fd66ab7190c91ada6dea6759a76080c1030e03b495ed45614ac1ce4e1da9", "heading_path": ["9.Governing Law. THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#p17", "passage_kind": "narrative", "passage_sequence": 17, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-08-05", "section_id": "norm:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm#s12", "source_artifact_id": "sec:0001801169:0001801169-22-000079:exhibit992opendoor-warrant.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000079/exhibit992opendoor-warrant.htm", "table_id": null, "text": "10.Notices. All notices, requests, claims, demands and other communications under this Agreement shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by email with receipt confirmed, by facsimile with receipt confirmed or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties hereto at the following respective addresses (or at such other address for a party hereto as shall be specified in a notice given in accordance with this Section 10): (a) If to the Holder: Zillow, Inc. 1301 Second Avenue, Floor 31 Seattle, WA 98101 Attn: General Counsel Email: corporatelegal@zillowgroup.com with a copy to (which copy alone shall not constitute notice): Perkins Coie LLP 1201 Third Avenue, Suite 4900 Seattle, WA 98101 Attn: Andrew Moore Email: Amoore@perkinscoie.com (b) If to the Company: Opendoor Technologies Inc. 410 N. Scottsdale Road, Suite 1600 Tempe, Arizona 85281 Attn: Chief Legal Officer Email: Stock@opendoor.com with a copy to (which copy alone shall not constitute notice): Mayer Brown LLP Two Palo Alto Square, Suite 300 3000 El Camino Real Palo Alto, California 94306 Attn: Jennifer J. Carlson Email: Jennifer.Carlson@mayerbrown.com 11.Successors and Assigns. This Warrant and the rights evidenced hereby shall inure to the benefit of and be binding upon the Company and the Holder and their respective successors and assigns (subject to Section 3(a) with respect to the Holder). 12.Modification and Severability. The provisions of this Warrant will be deemed severable and the invalidity or unenforceability of any provision will not affect the validity or enforceability of any other provision hereof. To the fullest extent permitted by law, if any provision of this Warrant, or the application thereof to any Person or circumstance, is invalid or unenforceable (a) a suitable and equitable provision will be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Warrant and the application of such provision to other Persons, entities or circumstances will not be affected by such invalidity or unenforceability. 13.Disclosure. Nothing in this Warrant or the Commercial Agreement shall prohibit the Holder or the Company from disclosing the terms of this Warrant in any filings with the Securities and Exchange Commission as required by the applicable rules and regulations or U.S. generally accepted accounting principles, or as may be otherwise required by applicable law. 14.Headings. The headings of the Sections of this Warrant are for convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant. 15.Non-Business Day Extension. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding day that is a Business Day. 16.Limitation of Liability. No provision hereof, in the absence of affirmative action by the Holder to purchase Warrant Shares, and no mere enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the Warrant Exercise Price for any such shares or as a shareholder of the Company, whether such liability is asserted by the Company, by any creditor of the Company or any other Person. IN WITNESS WHEREOF, the Company has duly executed this Warrant. 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Opendoor Technologies Inc. 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Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-22-000079:open-20220805.htm#b21"], "char_count": 867, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d4e313a889dbb89ec29cfc022c31fa2dbfdbb32cff0d0029c877c8d476048163", "derivation_id": "2e3a7f590710efbf37f774135d8828202cce102bc67b5d00bda830c6f8164af0", "document_id": "norm:0001801169:0001801169-22-000079:open-20220805.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2022-08-05", "filing_id": "sec:0001801169:0001801169-22-000079", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 7.01. 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The exercise price per tranche of warrant shares will equal the 30-day trailing volume weighted average price prior to the vesting date, subject to a floor of $15.00 per share and a cap of $30.00 per share. The warrant is attached hereto as Exhibit 99.2 and is incorporated herein by reference to such exhibit. 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(Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported financial results for its quarter ended September 30, 2022. Opendoor\u2019s third quarter of 2022 financial results and management commentary can be accessed through the Company\u2019s shareholder letter on the quarterly results page of Opendoor\u2019s investor relations website at https://investor.opendoor.com. \u201cNavigating a once-in-forty-years market transition has required us to operate with urgency and discipline to manage risk and overall inventory health. In the third quarter, we accelerated the resale velocity of our existing inventory and have significantly increased spreads on new acquisitions. These actions ensure we are prioritizing sell-through to improve the health of our inventory on a resale basis, and that our post Q2 acquisition cohorts are positioned to perform inline with our contribution margin targets. Importantly, we are well-capitalized with the balance sheet to weather this rapid market transition and emerge even stronger,\u201d said Eric Wu, Co-founder and CEO of Opendoor. Wu continued, \u201cThis moment has also enabled us to move aggressively towards our vision for the entire market, which is a trusted marketplace leveraging our platform to connect buyers and sellers. Today, we are launching that vision via Exclusives. Our belief is that by building a better, more efficient, and more transparent marketplace, we can improve the experience and outcomes for both buyers and sellers.\u201d" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b8", + "block_sequence": 8, + "block_sha256": "c274432329fa9955818201181bc5266029b1e7e806106a1e1e5db804e4e53134", + "block_type": "heading", + "char_count": 33, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", + "block_sequence": 8, + "char_end": 33, + "char_start": 0, + "fragment_sha256": "da92f95fbe52f36925174c26aa6e0f7c01be4bab3739f9e7da58289079d89a20", + "heading_path": [ + "EX-99.1", + "Third Quarter 2022 Key Highlights" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s5", + "table": null, + "text": "Third Quarter 2022 Key Highlights" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b9", + "block_sequence": 9, + "block_sha256": "7b44ea08c4829b1aea86f5a3850f482d6da4f042d78e792fca8d9a0358de3c77", + "block_type": "paragraph", + "char_count": 871, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", + "block_sequence": 9, + "char_end": 871, + "char_start": 0, + "fragment_sha256": "dcc6664968495db2dcbf361d891c49f3749d91a50721cc72deb46e57c4ed24e1", + "heading_path": [ + "EX-99.1", + "Third Quarter 2022 Key Highlights" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s5", + "table": null, + "text": "\u2022Revenue of $3.4 billion, up 48% versus 3Q21; 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A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. 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All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our financial condition, anticipated financial performance, business strategy and plans, market opportunity and expansion and objectives of management for future operations. These forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject,\u201d \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cwill\u201d, or \u201cwould\u201d, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to our public securities\u2019 potential liquidity and trading; our ability to raise financing in the future; our success in retaining or recruiting, or changes required in, our officers, key employees or directors; the impact of the regulatory environment and complexities with compliance related to such environment; various factors relating to our business, operations and financial performance, including, but not limited to, the impact of the COVID-19 pandemic on our ability to grow market share; our ability to respond to general economic conditions and the health of the U.S. residential real estate industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \"Risk Factors\" in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 24, 2022, as updated by our other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 1 Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company\u2019s control. For more information regarding the non-GAAP financial measures discussed in this press release, please see \u201cUse of Non-GAAP Financial Measures\u201d below." + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b16", + "block_sequence": 16, + "block_sha256": "bee3b0c71ab4d6d3fe30831f8a6898f49de6dcbb44cd92a09d86856b2468a886", + "block_type": "heading", + "char_count": 14, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", + "block_sequence": 16, + "char_end": 14, + "char_start": 0, + "fragment_sha256": "3d07b6b22079852bb7e3061832cbd4e1b50684ab4fc951fe2188bff33bd5f1be", + "heading_path": [ + "EX-99.1", + "About Opendoor" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s9", + "table": null, + "text": "About Opendoor" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b17", + "block_sequence": 17, + "block_sha256": "623668265a7841242a2cb6a5fbfe03f84c015d16f6625f8dde6f6ff152a9d25a", + "block_type": "paragraph", + "char_count": 289, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", + "block_sequence": 17, + "char_end": 289, + "char_start": 0, + "fragment_sha256": "0b9647840dadcf470f9ed8d0e0ff781af6be2c93e8f0daa9cd8c60b53c11bcfc", + "heading_path": [ + "EX-99.1", + "About Opendoor" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s9", + "table": null, + "text": "Opendoor\u2019s mission is to power life\u2019s progress, one move at a time. 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The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution (Loss) Profit, Contribution (Loss) Profit After Interest, Adjusted Net Loss, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results." + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b41", + "block_sequence": 41, + "block_sha256": "a7ea8ce0a210dae1788af49c74b375ab770398cc17264f087ef8c5e367bda69f", + "block_type": "heading", + "char_count": 95, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", + "block_sequence": 41, + "char_end": 95, + "char_start": 0, + "fragment_sha256": "ca71df533f323acd87d2e5d94401b72d6412445d37ad704b488f0300167ab941", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Gross Profit, Contribution (Loss) Profit and Contribution (Loss) Profit After Interest" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s20", + "table": null, + "text": "Adjusted Gross Profit, Contribution (Loss) Profit and Contribution (Loss) Profit After Interest" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b42", + "block_sequence": 42, + "block_sha256": "da2966e56179bb37ee589af87f199a8b2513947065d8e6ca99ef05a095744068", + "block_type": "paragraph", + "char_count": 2285, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", + "block_sequence": 42, + "char_end": 2285, + "char_start": 0, + "fragment_sha256": "e68134035f9b44ee58e4db2e6377a74da7df3540beffaa399226254259765f8a", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Gross Profit, Contribution (Loss) Profit and Contribution (Loss) Profit After Interest" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s20", + "table": null, + "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit, Contribution (Loss) Profit and Contribution (Loss) Profit After Interest, which are non-GAAP financial measures. We believe that Adjusted Gross Profit, Contribution (Loss) Profit and Contribution (Loss) Profit After Interest are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution (Loss) Profit provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Contribution (Loss) Profit After Interest further impacts gross (loss) profit by including senior interest costs attributable to homes sold during a reporting period. We believe these measures facilitate meaningful period over period comparisons and illustrate our ability to generate returns on assets sold after considering the costs directly related to the assets sold in a given period. Adjusted Gross Profit, Contribution (Loss) Profit and Contribution (Loss) Profit After Interest are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross (loss) profit." + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b43", + "block_sequence": 43, + "block_sha256": "3a0f4b517b2973d0284f077238ba89bbd42b072b4d09fc22bba1dad3687e0f87", + "block_type": "heading", + "char_count": 30, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", + "block_sequence": 43, + "char_end": 30, + "char_start": 0, + "fragment_sha256": "ad3435f9016ffd33bd846c44952e5af35add4d543073bbf72f364b3671a517b9", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Gross Profit / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s21", + "table": null, + "text": "Adjusted Gross Profit / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b44", + "block_sequence": 44, + "block_sha256": "d2702e372a9b7fa0d81109653e71036a2b603b42c3de17dc5258f2b09ddb5acb", + "block_type": "paragraph", + "char_count": 983, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", + "block_sequence": 44, + "char_end": 983, + "char_start": 0, + "fragment_sha256": "d431a351fa3a6155cceda3014b6ebc6adab87483f388f9ccdbb6090f84116070", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Gross Profit / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s21", + "table": null, + "text": "We calculate Adjusted Gross Profit as gross (loss) profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b45", + "block_sequence": 45, + "block_sha256": "d151a889dc0f0b61b94c02247fb85af7c9ba19c18277017a5a93a75f8623d2b5", + "block_type": "heading", + "char_count": 35, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", + "block_sequence": 45, + "char_end": 35, + "char_start": 0, + "fragment_sha256": "7d5e24d8aacb8b46e739e0937e0722ae5c5e64c945e169033148c009dff2ce21", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution (Loss) Profit / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s22", + "table": null, + "text": "Contribution (Loss) Profit / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b46", + "block_sequence": 46, + "block_sha256": "828611a534266b2fa53933fce34f85369e2e1e6e2f603c35a6805dfc5987485b", + "block_type": "paragraph", + "char_count": 777, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", + "block_sequence": 46, + "char_end": 777, + "char_start": 0, + "fragment_sha256": "ee618392d8980bfd742628326e993bf49d6187705d7c997d89aa932ae1f9d714", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution (Loss) Profit / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s22", + "table": null, + "text": "We calculate Contribution (Loss) Profit as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution (Loss) Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution (Loss) Profit helps management assess inflows and outflows directly associated with a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b47", + "block_sequence": 47, + "block_sha256": "aded38aa734e85846bac97343a579044d7217e983debbaceec4d68dcaa41df33", + "block_type": "heading", + "char_count": 50, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", + "block_sequence": 47, + "char_end": 50, + "char_start": 0, + "fragment_sha256": "7b57dd5bf7ce0ccc65a065d1262e825c4e9499dda50757129b313dc6076de057", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution (Loss) Profit / Margin After Interest" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s23", + "table": null, + "text": "Contribution (Loss) Profit / Margin After Interest" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b48", + "block_sequence": 48, + "block_sha256": "0570fa8d01b875f9d863ea65e39834a9b30c8b5f01d02e2979fea9de62ab96cc", + "block_type": "paragraph", + "char_count": 1270, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", + "block_sequence": 48, + "char_end": 1270, + "char_start": 0, + "fragment_sha256": "5fb2685cab86dff661a057f0c12fe2153faf12b4b1a51cbba0e171e2606bdd9e", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution (Loss) Profit / Margin After Interest" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s23", + "table": null, + "text": "We define Contribution (Loss) Profit After Interest as Contribution (Loss) Profit, minus interest expense under our non-recourse asset-backed senior debt facilities incurred on the homes sold during the period. This may include interest expense recorded in periods prior to the period in which the sale occurred. Our asset-backed senior debt facilities are secured by our real estate inventory and cash. In addition to our senior debt facilities, we use a mix of debt and equity capital to finance our inventory and that mix will vary over time. We expect to continue to evolve our cost of financing as we include other debt sources beyond mezzanine capital. As such, in order to allow more meaningful period over period comparisons that more accurately reflect our asset performance rather than our evolving financing choices, we do not include interest expense associated with our mezzanine term debt facilities in this calculation. Contribution Margin After Interest is Contribution (Loss) Profit After Interest as a percentage of revenue. We view this metric as an important measure of business performance. Contribution (Loss) Profit After Interest helps management assess Contribution Margin performance, per above, when burdened with the cost of senior financing." + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b49", + "block_sequence": 49, + "block_sha256": "7460ff5afa74595bed1ed49c4ec349f88984782302cbab9cee3bae99ec2b46cd", + "block_type": "heading", + "char_count": 26, + "level": 6, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", + "block_sequence": 49, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "b8b8062826f34c01775f668e5b2cc75d457b8d2c8832287c6f571c29eac5c67b", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution (Loss) Profit / Margin After Interest", + "OPENDOOR TECHNOLOGIES INC." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s24", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC." + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b50", + "block_sequence": 50, + "block_sha256": "b45fca062928c1cb7a7bd0ce5614493735536c7c2e0ce6f1b705c21b79953fe2", + "block_type": "heading", + "char_count": 43, + "level": 6, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", + "block_sequence": 50, + "char_end": 43, + "char_start": 0, + "fragment_sha256": "624f45f319e6a58f1b913dc28eeefe1aabeb8b4f220964125c47963129d78d78", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution (Loss) Profit / Margin After Interest", + "OPENDOOR TECHNOLOGIES INC.", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s25", + "table": null, + "text": "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + }, + { + "block_id": 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"norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b52", + "block_sequence": 52, + "block_sha256": "f9aa17ccb15e3a675fca6f8c1e57bf3db93b3cf876860608fe8d12b3aa8a8174", + "block_type": "paragraph", + "char_count": 11, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", + "block_sequence": 52, + "char_end": 11, + "char_start": 0, + "fragment_sha256": "2a7680d26ab0fd2298dd52fd36b9d301e5103004cef230dbf5fbd1eabb314fa8", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution (Loss) Profit / Margin After Interest", + "OPENDOOR TECHNOLOGIES INC.", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s25", + "table": null, + "text": "(Unaudited)" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b53", + "block_sequence": 53, + "block_sha256": "0d76c9808f0afa28a13fe598756b3245d2afae1c0f614130697a86e044e4650b", + "block_type": "paragraph", + "char_count": 255, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", + "block_sequence": 53, + "char_end": 255, + "char_start": 0, + "fragment_sha256": "a75decd35b56a9b8743babfd1e64c3584c040a9ff5709558994fd3fe0eb1ac03", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution (Loss) Profit / Margin After Interest", + "OPENDOOR TECHNOLOGIES INC.", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s25", + "table": null, + "text": "The following table presents a reconciliation of our Adjusted Gross Profit, Contribution (Loss) Profit and Contribution (Loss) Profit After Interest to our gross (loss) profit, which is the most directly comparable GAAP measure, for the periods indicated:" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b54", + "block_sequence": 54, + "block_sha256": "aea90d37f4c480285cc78596bddd6cf6c9633f8737594790fb974d99d560ff4a", + "block_type": "table", + "char_count": 2297, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", + "block_sequence": 54, + "char_end": 2297, + "char_start": 0, + "fragment_sha256": "c4d42ff321e1707820fd2199922824655e0bcb6e5fecadf21c33210126a88562", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Contribution (Loss) Profit / Margin After Interest", + "OPENDOOR TECHNOLOGIES INC.", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": 4, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s25", + "table": { + "caption": null, + "flags": [ + "wide_table" + ], + 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(2)Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3)Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5)Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented. (8)This does not include interest on mezzanine term debt facilities or other indebtedness. (9)Represents the interest expense under our asset-backed senior debt facilities incurred during the period presented on homes sold in the period presented. (10)Represents the interest expense under our asset-backed senior debt facilities incurred during prior periods on homes sold in the period presented." + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b57", + "block_sequence": 57, + "block_sha256": "37935488b247cdf343c0c8144ff521e96ad9f18f66bbb30d6e7419e323a258dd", + "block_type": "heading", + "char_count": 37, + "level": 8, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", + "block_sequence": 57, + "char_end": 37, + "char_start": 0, + "fragment_sha256": "a34f0fa36b4a64dc2e88e4f29b646c75e81b6238c2f3a7ba70bd93dfd5171121", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s26", + "table": null, + "text": "Adjusted Net Loss and Adjusted EBITDA" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b58", + "block_sequence": 58, + "block_sha256": "1327729e5dd12db94b7402ad2322780abfe4c25a1d527607af32b96a6a8db594", + "block_type": "paragraph", + "char_count": 1482, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", + "block_sequence": 58, + "char_end": 1482, + "char_start": 0, + "fragment_sha256": "d4e938c5ebf2f221feb70b9c3f9502a8f0e6a350d6ae55fe5bcb2af3c94673a5", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s26", + "table": null, + "text": "We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations or not aligned to related revenue. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss." + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b59", + "block_sequence": 59, + "block_sha256": "236a9f2403017a5277b663ccb31ec43d8c2bfa477b0ef7a6739ae4ae9f4de383", + "block_type": "heading", + "char_count": 17, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", + "block_sequence": 59, + "char_end": 17, + "char_start": 0, + "fragment_sha256": "b8fea0efbc2ee5e70631f015f99f4bc0284f100f8a60109c90d8e6632c07df6a", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Net Loss" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s27", + "table": null, + "text": "Adjusted Net Loss" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b60", + "block_sequence": 60, + "block_sha256": "10fb627e82932b2bf76432b08363c87dcd8b0c36ec04256fa4bba8378a27b663", + "block_type": "paragraph", + "char_count": 828, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", + "block_sequence": 60, + "char_end": 828, + "char_start": 0, + "fragment_sha256": "c38de1b2f79163b2a10ef7354db09c16cb3a286926c5cf217bfd1e26de8f2c52", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted Net Loss" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s27", + "table": null, + "text": "We calculate Adjusted Net Loss as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, warrant fair value adjustment, and intangibles amortization expense. It also excludes non-recurring gain on lease termination, payroll tax on initial RSU release, and legal contingency accrual and related expenses. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date." + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b61", + "block_sequence": 61, + "block_sha256": "773660f28ede02e28c7f61ddeb64a36beccffd99caee7e409b39dd9eb04f06b9", + "block_type": "heading", + "char_count": 15, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", + "block_sequence": 61, + "char_end": 15, + "char_start": 0, + "fragment_sha256": "9fb6e786e171bef58f47377e0b4f8eaa5be01cdfc8cecba9c6c1035fd236de44", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s28", + "table": null, + "text": "Adjusted EBITDA" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b62", + "block_sequence": 62, + "block_sha256": "aa1584da39f3e4fe7e96c93ff478333f0097cd6374638b401df21eaacc889a25", + "block_type": "paragraph", + "char_count": 528, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", + "block_sequence": 62, + "char_end": 528, + "char_start": 0, + "fragment_sha256": "69c37c7a7f7278450ffd4ae61631646c065d100ed49471b301dce267369b4329", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s28", + "table": null, + "text": "We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. The following table presents a reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our net loss, which is the most directly comparable GAAP measure, for the periods indicated:" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b63", + "block_sequence": 63, + "block_sha256": "19a568d93d4197465bb7eec83753ca8a2db3bbeedf875814f29bf40fb6dc2b49", + "block_type": "table", + "char_count": 2356, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", + "block_sequence": 63, + "char_end": 2356, + "char_start": 0, + "fragment_sha256": "f23b17a76b2f86c51c476360402f7490fc260ba7fbdb3b25ba7bb1c36b177944", + "heading_path": [ + "EX-99.1", + "Non-GAAP Financial Measures", + "Adjusted EBITDA" + ], + "table_index": 5, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s28", + "table": { + "caption": null, + "flags": [ + 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adjustment \u2013 Current Period(3)(4) | | 573 | | | | | 31 | | | 620 | | | 32 | | | | | |\n| Inventory valuation adjustment \u2014 Prior Periods(3)(5) | | (38) | | | | | \u2014 | | | (38) | | | \u2014 | | | | | |\n| | | | | | | | | | | | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | |\n| Gain on lease termination | | \u2014 | | | | | \u2014 | | | \u2014 | | | (5) | | | | | |\n| Payroll tax on initial RSU release | | \u2014 | | | | | \u2014 | | | \u2014 | | | 5 | | | | | |\n| Legal contingency accrual and related expenses | | \u2014 | | | | | \u2014 | | | 45 | | | \u2014 | | | | | |\n| Other(6) | | \u2014 | | | | | (1) | | | (1) | | | (1) | | | | | |\n| Adjusted Net Loss | | $ | (328) | | | | | $ | (18) | | | $ | (107) | | | $ | (36) | |\n| Adjustments: | | | | | | | | | | | | | | | | | | |\n| Depreciation and amortization, excluding amortization of intangibles and right of use assets | | 8 | | | | | 8 | | | 29 | | | 24 | | | | | |\n| 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"source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex991earningsre.htm", "table_id": null, "text": "SAN FRANCISCO, California - November 3, 2022 - Opendoor Technologies Inc. (Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported financial results for its quarter ended September 30, 2022. Opendoor’s third quarter of 2022 financial results and management commentary can be accessed through the Company’s shareholder letter on the quarterly results page of Opendoor’s investor relations website at https://investor.opendoor.com. “Navigating a once-in-forty-years market transition has required us to operate with urgency and discipline to manage risk and overall inventory health. In the third quarter, we accelerated the resale velocity of our existing inventory and have significantly increased spreads on new acquisitions. These actions ensure we are prioritizing sell-through to improve the health of our inventory on a resale basis, and that our post Q2 acquisition cohorts are positioned to perform inline with our contribution margin targets. Importantly, we are well-capitalized with the balance sheet to weather this rapid market transition and emerge even stronger,” said Eric Wu, Co-founder and CEO of Opendoor. Wu continued, “This moment has also enabled us to move aggressively towards our vision for the entire market, which is a trusted marketplace leveraging our platform to connect buyers and sellers. Today, we are launching that vision via Exclusives. Our belief is that by building a better, more efficient, and more transparent marketplace, we can improve the experience and outcomes for both buyers and sellers.”"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b9"], "char_count": 871, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7b44ea08c4829b1aea86f5a3850f482d6da4f042d78e792fca8d9a0358de3c77", "derivation_id": "b9fac31bf768bfe58a9459ff7089b3784af4c23f1cab3658ee8dfc673fce2634", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Third Quarter 2022 Key Highlights"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "block_sequence": 9, "char_end": 871, "char_start": 0, "fragment_sha256": "dcc6664968495db2dcbf361d891c49f3749d91a50721cc72deb46e57c4ed24e1", "heading_path": ["EX-99.1", "Third Quarter 2022 Key Highlights"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s5", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex991earningsre.htm", "table_id": null, "text": "•Revenue of $3.4 billion, up 48% versus 3Q21; with 8,520 total homes sold, up 42% versus 3Q21 •Gross (loss) profit of $(425) million, which reflects an inventory valuation adjustment of $573 million, versus $202 million in 3Q21; gross margin of (12.6)%, versus 8.9% in 3Q21 •Net loss of $(928) million, versus $(57) million in 3Q21 •Adjusted Net Loss of $(328) million, versus $(18) million in 3Q21 •Contribution (Loss) Profit of $(22) million, versus $169 million in 3Q21; Contribution Margin of (0.7)%, versus 7.5% in 3Q21 •Adjusted EBITDA of $(211) million, versus $35 million in 3Q21; Adjusted EBITDA Margin of (6.3)%, versus 1.5% in 3Q21 •Inventory balance of 16,873 homes, representing $6.1 billion in value, down (3)% versus 3Q21 •Purchased 8,380 homes, down (45)% versus 3Q21 •Ended the quarter with 2,259 homes under contract for purchase, down (64)% versus 3Q21"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b11"], "char_count": 122, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "79dd9ebb273dc2ab4e5fe1de85eff2016b41e589194f7f8f074a54fc1432c6f2", "derivation_id": "b9fac31bf768bfe58a9459ff7089b3784af4c23f1cab3658ee8dfc673fce2634", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EX-99.1", "Outlook"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "block_sequence": 11, "char_end": 122, "char_start": 0, "fragment_sha256": "447ca5c6b59d2de40548773af9e9dbb6c336f16a77b4a25f92e1238ab82b05e2", "heading_path": ["EX-99.1", "Outlook"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s6", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex991earningsre.htm", "table_id": null, "text": "•4Q22 revenue guidance of $2.3 billion to $2.5 billion •4Q22 Adjusted EBITDA1 guidance of $(355) million to $(335) million"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b13"], "char_count": 328, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "2f58139ed6c9fe5ab04ba72f8934bf311e2ccf9bf48c9fdb5c84cefc0c79030c", "derivation_id": "b9fac31bf768bfe58a9459ff7089b3784af4c23f1cab3658ee8dfc673fce2634", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Outlook", "Conference Call and Webcast Details"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "block_sequence": 13, "char_end": 328, "char_start": 0, "fragment_sha256": "cdb4a318985c0b342d349fcb1512ababec85505fd845466afa281705231b8019", "heading_path": ["EX-99.1", "Outlook", "Conference Call and Webcast Details"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s7", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex991earningsre.htm", "table_id": null, "text": "Opendoor will host a conference call to discuss its financial results on November 3, 2022, at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b15"], "char_count": 3651, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "06930b5aecec20b6a6387d7f09601ce20bfa8e35a6417d646ef4f3e1f40d1dfa", "derivation_id": "b9fac31bf768bfe58a9459ff7089b3784af4c23f1cab3658ee8dfc673fce2634", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Outlook", "Conference Call and Webcast Details", "Forward Looking Statements"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "block_sequence": 15, "char_end": 3651, "char_start": 0, "fragment_sha256": "f752cf12f4f43d4fa0ebcbdd370312855c15246d773dc42ba9f84ea79c8278cc", "heading_path": ["EX-99.1", "Outlook", "Conference Call and Webcast Details", "Forward Looking Statements"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s8", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex991earningsre.htm", "table_id": null, "text": "This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our financial condition, anticipated financial performance, business strategy and plans, market opportunity and expansion and objectives of management for future operations. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “intend”, “may”, “might”, “opportunity”, “plan”, “possible”, “potential”, “predict”, “project,” “should”, “strategy”, “strive”, “target”, “will”, or “would”, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to our public securities’ potential liquidity and trading; our ability to raise financing in the future; our success in retaining or recruiting, or changes required in, our officers, key employees or directors; the impact of the regulatory environment and complexities with compliance related to such environment; various factors relating to our business, operations and financial performance, including, but not limited to, the impact of the COVID-19 pandemic on our ability to grow market share; our ability to respond to general economic conditions and the health of the U.S. residential real estate industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \"Risk Factors\" in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2022, as updated by our other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 1 Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. For more information regarding the non-GAAP financial measures discussed in this press release, please see “Use of Non-GAAP Financial Measures” below."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b17"], "char_count": 289, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "623668265a7841242a2cb6a5fbfe03f84c015d16f6625f8dde6f6ff152a9d25a", "derivation_id": "b9fac31bf768bfe58a9459ff7089b3784af4c23f1cab3658ee8dfc673fce2634", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "About Opendoor"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "block_sequence": 17, "char_end": 289, "char_start": 0, "fragment_sha256": "0b9647840dadcf470f9ed8d0e0ff781af6be2c93e8f0daa9cd8c60b53c11bcfc", "heading_path": ["EX-99.1", "About Opendoor"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s9", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex991earningsre.htm", "table_id": null, "text": "Opendoor’s mission is to power life’s progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple way to buy and sell a home. Opendoor currently operates in a growing number of markets nationwide. 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Sales, marketing and operations | 260 | | | 153 | | | 812 | | | 319 | | | | | |\n| General and administrative | 85 | | | 91 | | | 323 | | | 503 | | | | | |\n| Technology and development | 40 | | | 27 | | | 121 | | | 102 | | | | | |\n| Total operating expenses | 385 | | | 271 | | | 1,256 | | | 924 | | | | | |\n| LOSS FROM OPERATIONS | (810) | | | (69) | | | (660) | | | (466) | | | | | |\n| WARRANT FAIR VALUE ADJUSTMENT | — | | | 3 | | | — | | | 12 | | | | | |\n| | | | | | | | | | | | | | | | |\n| INTEREST EXPENSE | (115) | | | (43) | | | (272) | | | (70) | | | | | |\n| OTHER (LOSS) INCOME – Net | (2) | | | 53 | | | (20) | | | 54 | | | | | |\n| LOSS BEFORE INCOME TAXES | (927) | | | (56) | | | (952) | | | (470) | | | | | |\n| INCOME TAX EXPENSE | (1) | | | (1) | | | (2) | | | (1) | | | | | |\n| NET LOSS | $ | (928) | | | $ | (57) | | | $ | (954) | | | $ | (471) | |\n| | | | | | | | | | | | | | | | |\n| | | | | | | | | | | | | | | | |\n| Net loss per share attributable to common 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| | |\n| Cash and cash equivalents | | $ | 1,327 | | | $ | 1,731 | |\n| Restricted cash | | 1,752 | | | 847 | | | |\n| Marketable securities | | 178 | | | 484 | | | |\n| Escrow receivable | | 154 | | | 84 | | | |\n| Mortgage loans held for sale pledged under agreements to repurchase | | — | | | 7 | | | |\n| Real estate inventory, net | | 6,093 | | | 6,096 | | | |\n| Other current assets ($1 and $4 carried at fair value) | | 80 | | | 91 | | | |\n| Total current assets | | 9,584 | | | 9,340 | | | |\n| PROPERTY AND EQUIPMENT – Net | | 62 | | | 45 | | | |\n| RIGHT OF USE ASSETS | | 43 | | | 42 | | | |\n| GOODWILL | | 62 | | | 60 | | | |\n| INTANGIBLES – Net | | 7 | | | 12 | | | |\n| OTHER ASSETS | | 26 | | | 7 | | | |\n| TOTAL ASSETS | | $ | 9,784 | | | $ | 9,506 | |\n| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | |\n| CURRENT LIABILITIES: | | | | | | | | |\n| Accounts payable and other accrued liabilities | | $ | 209 | | | $ | 137 | |\n| Non-recourse asset-backed debt - current portion | | 3,372 | | | 4,240 | | | |\n| Other secured borrowings | | — | | | 7 | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| Interest payable | | 14 | | | 12 | | | |\n| Lease liabilities - current portion | | 6 | | | 4 | | | |\n| Total current liabilities | | 3,601 | | | 4,400 | | | |\n| NON-RECOURSE ASSET-BACKED DEBT – Net of current portion | | 3,699 | | | 1,862 | | | |\n| CONVERTIBLE SENIOR NOTES | | 957 | | | 954 | | | |\n| | | | | | | | | |\n| LEASE LIABILITIES – Net of current portion | | 39 | | | 42 | | | |\n| | | | | | | | | |\n| Total liabilities | | 8,296 | | | 7,258 | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| SHAREHOLDERS’ EQUITY: | | | | | | | | |\n| Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 632,513,135 and 616,026,565 shares issued, respectively; 632,513,135 and 616,026,565 shares outstanding, respectively | 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Inc.", "content_sha256": "a56c70873a0d452c6efbc3920837a7a5f04133ac14cf68af7e21bd9de87e34da", "derivation_id": "b9fac31bf768bfe58a9459ff7089b3784af4c23f1cab3658ee8dfc673fce2634", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": ["oversize_table_passage"], "form": "8-K", "heading_path": ["EX-99.1", "About Opendoor", "Contact Information", "Investors:", "Media:", "CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "block_sequence": 37, "char_end": 3940, "char_start": 0, "fragment_sha256": "1e4a0a2d8c3c4389ded3cdeb5a7941ace07cd2682c021617b98c56fdd28abe07", "heading_path": ["EX-99.1", "About Opendoor", "Contact Information", "Investors:", "Media:", "CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS"], "table_index": 2, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#p15", "passage_kind": "table", "passage_sequence": 15, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s18", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex991earningsre.htm", "table_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b37", "text": "| | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| | Nine Months Ended September 30, | | | | | | |\n| | 2022 | | 2021 | | | | |\n| CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | |\n| Net loss | $ | (954) | | | $ | (471) | |\n| Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash used in operating activities: | | | | | | | |\n| Depreciation and amortization | 59 | | | 30 | | | |\n| Amortization of right of use asset | 6 | | | 6 | | | |\n| | | | | | | | |\n| Stock-based compensation | 178 | | | 465 | | | |\n| Warrant fair value adjustment | — | | | (12) | | | |\n| Gain on settlement of lease liabilities | — | | | (5) | | | |\n| Inventory valuation adjustment | 663 | | | 32 | | | |\n| | | | | | | | |\n| Change in fair value of equity securities | 36 | | | (51) | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Net fair value adjustments and loss on sale of mortgage loans held for sale | (1) | | | (3) | | | |\n| Origination of mortgage loans held for sale | (118) | | | (154) | | | |\n| Proceeds from sale and principal collections of mortgage loans held for sale | 128 | | | 142 | | | |\n| Changes in operating assets and liabilities: | | | | | | | |\n| Escrow receivable | (70) | | | (120) | | | |\n| Real estate inventory | (663) | | | (5,806) | | | |\n| Other assets | — | | | (50) | | | |\n| Accounts payable and other accrued liabilities | 73 | | | 102 | | | |\n| Interest payable | 4 | | | 3 | | | |\n| Lease liabilities | (6) | | | (12) | | | |\n| Net cash used in operating activities | (665) | | | (5,904) | | | |\n| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | |\n| Purchase of property and equipment | (33) | | | (23) | | | |\n| Purchase of intangible assets | — | | | (1) | | | |\n| Purchase of marketable securities | (28) | | | (459) | | | |\n| Proceeds from sales, maturities, redemptions and paydowns of marketable securities | 293 | | | 86 | | | |\n| Purchase of non-marketable equity securities | (25) | | | (15) | | | |\n| Proceeds from sale of non-marketable equity securities | 3 | | | — | | | |\n| Capital returns of non-marketable equity securities | 3 | | | — | | | |\n| Acquisitions, net of cash acquired | (3) | | | (20) | | | |\n| Net cash provided by (used in) investing activities | 210 | | | (432) | | | |\n| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from issuance of convertible senior notes, net of issuance costs | — | | | 953 | | | |\n| Purchase of capped calls related to convertible senior notes | — | | | (119) | | | |\n| Proceeds from exercise of stock options | 4 | | | 11 | | | |\n| Proceeds from issuance of common stock for ESPP | 2 | | | — | | | |\n| Proceeds from warrant exercise | — | | | 22 | | | |\n| | | | | | | | |\n| Proceeds from the February 2021 Offering | — | | | 886 | | | |\n| Issuance cost of common stock | — | | | (29) | | | |\n| | | | | | | | |\n| Proceeds from non-recourse asset-backed debt | 9,160 | | | 7,782 | | | |\n| Principal payments on non-recourse asset-backed debt | (8,179) | | | (2,837) | | | |\n| Proceeds from other secured borrowings | 114 | | | 151 | | | |\n| Principal payments on other secured borrowings | (121) | | | (138) | | | |\n| Payment of loan origination fees and debt issuance costs | (24) | | | (9) | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Net cash provided by financing activities | 956 | | | 6,673 | | | |\n| NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 501 | | | 337 | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period | 2,578 | | | 1,506 | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period | $ | 3,079 | | | $ | 1,843 | |\n| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest | $ | 248 | | | $ | 57 | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b38"], "char_count": 773, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ec3aab5922a048da895f2cdeed9e424c44b3c8d26c947058d270ae9fe91b7122", "derivation_id": "b9fac31bf768bfe58a9459ff7089b3784af4c23f1cab3658ee8dfc673fce2634", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "About Opendoor", "Contact Information", "Investors:", "Media:", "CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "block_sequence": 38, "char_end": 645, "char_start": 0, "fragment_sha256": "00e911deba3d5571c733df1e3b0db0fc7a65cb8e65f94824b9162a6f1a117dca", "heading_path": ["EX-99.1", "About Opendoor", "Contact Information", "Investors:", "Media:", "CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS"], "table_index": 3, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#p16", "passage_kind": "table", "passage_sequence": 16, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s18", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex991earningsre.htm", "table_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b38", "text": "| | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| DISCLOSURES OF NONCASH ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Stock-based compensation expense capitalized for internally developed software | $ | 13 | | | $ | 9 | |\n| Issuance of common stock in extinguishment of warrant liabilities | $ | — | | | $ | (35) | |\n| RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: | | | | | | | |\n| Cash and cash equivalents | $ | 1,327 | | | $ | 1,359 | |\n| Restricted cash | 1,752 | | | 484 | | | |\n| Cash, cash equivalents, and restricted cash | $ | 3,079 | | | $ | 1,843 | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b40"], "char_count": 1284, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "124d84c9484dc8a194c6e712103e1dc3a25f6330eeace9ac1edc470a5317eda5", "derivation_id": "b9fac31bf768bfe58a9459ff7089b3784af4c23f1cab3658ee8dfc673fce2634", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "block_sequence": 40, "char_end": 1284, "char_start": 0, "fragment_sha256": "aa95a694fbd4d26a2069549db6dae621e93e4794717ac50376fe91fc5e1aebd5", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#p17", "passage_kind": "narrative", "passage_sequence": 17, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s19", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex991earningsre.htm", "table_id": null, "text": "To provide investors with additional information regarding the Company’s financial results, this press release includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution (Loss) Profit, Contribution (Loss) Profit After Interest, Adjusted Net Loss, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b42"], "char_count": 2285, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "da2966e56179bb37ee589af87f199a8b2513947065d8e6ca99ef05a095744068", "derivation_id": "b9fac31bf768bfe58a9459ff7089b3784af4c23f1cab3658ee8dfc673fce2634", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Gross Profit, Contribution (Loss) Profit and Contribution (Loss) Profit After Interest"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "block_sequence": 42, "char_end": 2285, "char_start": 0, "fragment_sha256": "e68134035f9b44ee58e4db2e6377a74da7df3540beffaa399226254259765f8a", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Gross Profit, Contribution (Loss) Profit and Contribution (Loss) Profit After Interest"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#p18", "passage_kind": "narrative", "passage_sequence": 18, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s20", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex991earningsre.htm", "table_id": null, "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit, Contribution (Loss) Profit and Contribution (Loss) Profit After Interest, which are non-GAAP financial measures. We believe that Adjusted Gross Profit, Contribution (Loss) Profit and Contribution (Loss) Profit After Interest are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution (Loss) Profit provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Contribution (Loss) Profit After Interest further impacts gross (loss) profit by including senior interest costs attributable to homes sold during a reporting period. We believe these measures facilitate meaningful period over period comparisons and illustrate our ability to generate returns on assets sold after considering the costs directly related to the assets sold in a given period. Adjusted Gross Profit, Contribution (Loss) Profit and Contribution (Loss) Profit After Interest are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross (loss) profit."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b44"], "char_count": 983, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d2702e372a9b7fa0d81109653e71036a2b603b42c3de17dc5258f2b09ddb5acb", "derivation_id": "b9fac31bf768bfe58a9459ff7089b3784af4c23f1cab3658ee8dfc673fce2634", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Gross Profit / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "block_sequence": 44, "char_end": 983, "char_start": 0, "fragment_sha256": "d431a351fa3a6155cceda3014b6ebc6adab87483f388f9ccdbb6090f84116070", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Gross Profit / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#p19", "passage_kind": "narrative", "passage_sequence": 19, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s21", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex991earningsre.htm", "table_id": null, "text": "We calculate Adjusted Gross Profit as gross (loss) profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b46"], "char_count": 777, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "828611a534266b2fa53933fce34f85369e2e1e6e2f603c35a6805dfc5987485b", "derivation_id": "b9fac31bf768bfe58a9459ff7089b3784af4c23f1cab3658ee8dfc673fce2634", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "block_sequence": 46, "char_end": 777, "char_start": 0, "fragment_sha256": "ee618392d8980bfd742628326e993bf49d6187705d7c997d89aa932ae1f9d714", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#p20", "passage_kind": "narrative", "passage_sequence": 20, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s22", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex991earningsre.htm", "table_id": null, "text": "We calculate Contribution (Loss) Profit as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution (Loss) Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution (Loss) Profit helps management assess inflows and outflows directly associated with a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b48"], "char_count": 1270, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0570fa8d01b875f9d863ea65e39834a9b30c8b5f01d02e2979fea9de62ab96cc", "derivation_id": "b9fac31bf768bfe58a9459ff7089b3784af4c23f1cab3658ee8dfc673fce2634", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin After Interest"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "block_sequence": 48, "char_end": 1270, "char_start": 0, "fragment_sha256": "5fb2685cab86dff661a057f0c12fe2153faf12b4b1a51cbba0e171e2606bdd9e", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin After Interest"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#p21", "passage_kind": "narrative", "passage_sequence": 21, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s23", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex991earningsre.htm", "table_id": null, "text": "We define Contribution (Loss) Profit After Interest as Contribution (Loss) Profit, minus interest expense under our non-recourse asset-backed senior debt facilities incurred on the homes sold during the period. This may include interest expense recorded in periods prior to the period in which the sale occurred. Our asset-backed senior debt facilities are secured by our real estate inventory and cash. In addition to our senior debt facilities, we use a mix of debt and equity capital to finance our inventory and that mix will vary over time. We expect to continue to evolve our cost of financing as we include other debt sources beyond mezzanine capital. As such, in order to allow more meaningful period over period comparisons that more accurately reflect our asset performance rather than our evolving financing choices, we do not include interest expense associated with our mezzanine term debt facilities in this calculation. Contribution Margin After Interest is Contribution (Loss) Profit After Interest as a percentage of revenue. We view this metric as an important measure of business performance. Contribution (Loss) Profit After Interest helps management assess Contribution Margin performance, per above, when burdened with the cost of senior financing."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b51", "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b52", "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b53"], "char_count": 319, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b3f0b7b457ad0e4393076f81240216deb04fb254056468d6602c11f16921bdfe", "derivation_id": "b9fac31bf768bfe58a9459ff7089b3784af4c23f1cab3658ee8dfc673fce2634", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "block_sequence": 51, "char_end": 49, "char_start": 0, "fragment_sha256": "3c79d34b912ccd5810676229fdb23c57e7c959da948f20c2113ffe85c0e18da8", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "block_sequence": 52, "char_end": 11, "char_start": 0, "fragment_sha256": "2a7680d26ab0fd2298dd52fd36b9d301e5103004cef230dbf5fbd1eabb314fa8", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "block_sequence": 53, "char_end": 255, "char_start": 0, "fragment_sha256": "a75decd35b56a9b8743babfd1e64c3584c040a9ff5709558994fd3fe0eb1ac03", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#p22", "passage_kind": "narrative", "passage_sequence": 22, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex991earningsre.htm", "table_id": null, "text": "(In millions, except percentages, and homes sold)\n\n(Unaudited)\n\nThe following table presents a reconciliation of our Adjusted Gross Profit, Contribution (Loss) Profit and Contribution (Loss) Profit After Interest to our gross (loss) profit, which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b54"], "char_count": 2564, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "274693ddaaba297ae8e042fe86f6a83c81ff1e0511f4de8b4f8a183cafcf874f", "derivation_id": "b9fac31bf768bfe58a9459ff7089b3784af4c23f1cab3658ee8dfc673fce2634", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "block_sequence": 54, "char_end": 2297, "char_start": 0, "fragment_sha256": "c4d42ff321e1707820fd2199922824655e0bcb6e5fecadf21c33210126a88562", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": 4, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#p23", "passage_kind": "table", "passage_sequence": 23, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex991earningsre.htm", "table_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b54", "text": "| | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | | | | | | | | | | | | |\n| (in millions, except percentages and homes sold, or as noted) | | 2022 | | | | 2021 | | 2022 | | 2021 | | | | | | | | |\n| Gross (loss) profit (GAAP) | | $ | (425) | | | | | $ | 202 | | | $ | 596 | | | $ | 458 | |\n| Gross Margin | | (12.6) | % | | | | 8.9 | % | | 4.7 | % | | 10.9 | % | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | |\n| Inventory valuation adjustment – Current Period(1)(2) | | 573 | | | | | 31 | | | 620 | | | 32 | | | | | |\n| Inventory valuation adjustment – Prior Periods(1)(3) | | (38) | | | | | — | | | (38) | | | — | | | | | |\n| | | | | | | | | | | | | | | | | | | |\n| Adjusted Gross Profit | | $ | 110 | | | | | $ | 233 | | | $ | 1,178 | | | $ | 490 | |\n| Adjusted Gross Margin | | 3.3 | % | | | | 10.3 | % | | 9.3 | % | | 11.7 | % | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | |\n| Direct selling costs(4) | | (100) | | | | | (52) | | | (336) | | | (96) | | | | | |\n| Holding costs on sales – Current Period(5)(6) | | (14) | | | | | (7) | | | (73) | | | (19) | | | | | |\n| Holding costs on sales – Prior Periods(5)(7) | | (18) | | | | | (5) | | | (37) | | | (2) | | | | | |\n| Contribution (Loss) Profit | | $ | (22) | | | | | $ | 169 | | | $ | 732 | | | $ | 373 | |\n| Homes sold in period | | 8,520 | | | | | 5,988 | | | 31,671 | | | 11,931 | | | | | |\n| Contribution (Loss) Profit per Home Sold (in thousands) | | $ | (3) | | | | | $ | 28 | | | $ | 23 | | | $ | 31 | |\n| Contribution Margin | | (0.7) | % | | | | 7.5 | % | | 5.8 | % | | 8.9 | % | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | |\n| Interest on homes sold – Current Period(8)(9) | | (16) | | | | | (6) | | | (74) | | | (17) | | | | | |\n| Interest on homes sold – Prior Periods(8)(10) | | (18) | | | | | (4) | | | (35) | | | (1) | | | | | |\n| Contribution (Loss) Profit After Interest | | $ | (56) | | | | | $ | 159 | | | $ | 623 | | | $ | 355 | |\n| Contribution Margin After Interest | | (1.7) | % | | | | 7.0 | % | | 4.9 | % | | 8.5 | % | | | | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b55", "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b56"], "char_count": 1558, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "68c196b921884edfcac4b11762777414cd0913f4acc28397b4108aea5b5ee603", "derivation_id": "b9fac31bf768bfe58a9459ff7089b3784af4c23f1cab3658ee8dfc673fce2634", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "block_sequence": 55, "char_end": 16, "char_start": 0, "fragment_sha256": "7fdbb5bd0c91a386038a54dafc306bd55a27c3242e1540451c2885fb5da9076a", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "block_sequence": 56, "char_end": 1540, "char_start": 0, "fragment_sha256": "8cdce61960caebcc50639a6217cd08a6edf6d8079d98051c6ea1cbab5800c096", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin After Interest", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#p24", "passage_kind": "narrative", "passage_sequence": 24, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex991earningsre.htm", "table_id": null, "text": "________________\n\n(1)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2)Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3)Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5)Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented. (8)This does not include interest on mezzanine term debt facilities or other indebtedness. (9)Represents the interest expense under our asset-backed senior debt facilities incurred during the period presented on homes sold in the period presented. (10)Represents the interest expense under our asset-backed senior debt facilities incurred during prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b58"], "char_count": 1482, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1327729e5dd12db94b7402ad2322780abfe4c25a1d527607af32b96a6a8db594", "derivation_id": "b9fac31bf768bfe58a9459ff7089b3784af4c23f1cab3658ee8dfc673fce2634", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "block_sequence": 58, "char_end": 1482, "char_start": 0, "fragment_sha256": "d4e938c5ebf2f221feb70b9c3f9502a8f0e6a350d6ae55fe5bcb2af3c94673a5", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#p25", "passage_kind": "narrative", "passage_sequence": 25, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s26", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex991earningsre.htm", "table_id": null, "text": "We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations or not aligned to related revenue. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b60"], "char_count": 828, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "10fb627e82932b2bf76432b08363c87dcd8b0c36ec04256fa4bba8378a27b663", "derivation_id": "b9fac31bf768bfe58a9459ff7089b3784af4c23f1cab3658ee8dfc673fce2634", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Net Loss"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "block_sequence": 60, "char_end": 828, "char_start": 0, "fragment_sha256": "c38de1b2f79163b2a10ef7354db09c16cb3a286926c5cf217bfd1e26de8f2c52", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted Net Loss"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#p26", "passage_kind": "narrative", "passage_sequence": 26, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s27", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex991earningsre.htm", "table_id": null, "text": "We calculate Adjusted Net Loss as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, warrant fair value adjustment, and intangibles amortization expense. It also excludes non-recurring gain on lease termination, payroll tax on initial RSU release, and legal contingency accrual and related expenses. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b62"], "char_count": 528, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "aa1584da39f3e4fe7e96c93ff478333f0097cd6374638b401df21eaacc889a25", "derivation_id": "b9fac31bf768bfe58a9459ff7089b3784af4c23f1cab3658ee8dfc673fce2634", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "block_sequence": 62, "char_end": 528, "char_start": 0, "fragment_sha256": "69c37c7a7f7278450ffd4ae61631646c065d100ed49471b301dce267369b4329", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted EBITDA"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#p27", "passage_kind": "narrative", "passage_sequence": 27, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#s28", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex991earningsre.htm", "table_id": null, "text": "We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. The following table presents a reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our net loss, which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b63"], "char_count": 2635, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "31c139fefb599cc20134afde570478c2782b4679b7934c86e2fb124b0f2b86b3", "derivation_id": "b9fac31bf768bfe58a9459ff7089b3784af4c23f1cab3658ee8dfc673fce2634", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Non-GAAP Financial Measures", "Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": 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"norm:0001801169:0001801169-22-000106:q32022formxex991earningsre.htm#b63", "text": "| | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | | | | | | | | | | | | |\n| (in millions, except percentages) | | 2022 | | | | 2021 | | 2022 | | 2021 | | | | | | | | |\n| Net loss (GAAP) | | $ | (928) | | | | | $ | (57) | | | $ | (954) | | | $ | (471) | |\n| Adjustments: | | | | | | | | | | | | | | | | | | |\n| Stock-based compensation | | 52 | | | | | 62 | | | 178 | | | 465 | | | | | |\n| Equity securities fair value adjustment(1) | | 11 | | | | | (51) | | | 36 | | | (51) | | | | | |\n| Warrant fair value adjustment(1) | | — | | | | | (3) | | | — | | | (12) | | | | | |\n| Intangibles amortization expense(2) | | 2 | | | | | 1 | | | 7 | | | 2 | | | | | |\n| Inventory valuation adjustment – Current Period(3)(4) | | 573 | | | | | 31 | | | 620 | | | 32 | | | | | |\n| Inventory valuation adjustment — Prior Periods(3)(5) | | (38) | | | | | — | | | (38) | | | — | | | | | |\n| | | | | | | | | | | | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | |\n| Gain on lease termination | | — | | | | | — | | | — | | | (5) | | | | | |\n| Payroll tax on initial RSU release | | — | | | | | — | | | — | | | 5 | | | | | |\n| Legal contingency accrual and related expenses | | — | | | | | — | | | 45 | | | — | | | | | |\n| Other(6) | | — | | | | | (1) | | | (1) | | | (1) | | | | | |\n| Adjusted Net Loss | | $ | (328) | | | | | $ | (18) | | | $ | (107) | | | $ | (36) | |\n| Adjustments: | | | | | | | | | | | | | | | | | | |\n| Depreciation and amortization, excluding amortization of intangibles and right of use assets | | 8 | | | | | 8 | | | 29 | | | 24 | | | | | |\n| Property financing(7) | | 102 | | | | | 38 | | | 236 | | | 57 | | | | | |\n| Other interest expense(8) | | 13 | | 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(2)Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4)Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5)Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6)Includes primarily gain or loss on interest rate lock commitments, gain or loss on the sale of available for sale securities, sublease income, and income from equity method investments. (7)Includes interest expense on our non-recourse asset-backed debt facilities. (8)Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, interest expense related to the 2026 convertible senior notes outstanding, and interest expense on other secured borrowings. 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"norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "Letter to Shareholders 3Q22 The Abernathy Family Valdosta, Georgia Exhibit 99.2" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b7", + "block_sequence": 7, + "block_sha256": "939876f2c3c17bb991c289c91c268b7ce3e29d5571c84724add617b47593c9c1", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 7, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "860543b6965f2dac134d5b92acbcfdd0a5cdefe9253d70b79663e7b9adcca4a2", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "q32022formxex992sharehol002.jpg" + }, + { + "block_id": 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What hasn\u2019t changed through this storm is our conviction that the current process of buying and selling real estate is broken, and that we will be the category winner by enabling a seamless way to buy, sell, and move with just a mobile device. Navigating a once-in-forty-years market transition has been anything but easy. It has required us to operate with urgency and discipline to manage risk and overall inventory health at the expense of margins. Despite the challenges, we\u2019ve been able to increase the resale velocity of our existing inventory and have significantly increased spreads on new acquisitions. These actions ensure we are prioritizing sell-through to improve the health of our inventory on a resale basis, and that our post-Q2 acquisition cohorts are positioned to perform inline with our contribution margin targets. Most importantly, we believe we are well-capitalized with the balance sheet to navigate this rapid market transition. Against this backdrop, we are pulling forward our roadmap with the launch of our marketplace, Exclusives, which connects buyers and sellers of a home. Since our first funding round, we have envisioned Opendoor as the central transaction layer, built first by owning and transacting inventory ourselves, with a plan to launch a marketplace once we\u2019ve built a supply and demand network of customers transacting directly with Opendoor. A few quarters ago, we began building those pathways with Exclusives Listings, an e-commerce-like experience to buy an Opendoor home directly from us, pre-market and completely streamlined. Today, more than 20% of our homes listed on Exclusives go into contract within 14 days, demonstrating the strong momentum we\u2019re driving with our direct buyer base. Furthermore, for the past four years, we\u2019ve been onboarding many of the largest real estate investors to our platform. This year, this direct institutional buyer pool has purchased more than 10% of our homes, including over 1,800 homes where we had a contract to resell before we closed with our sellers. This gives us the unique opportunity to instantly match hundreds of thousands of our sellers with our growing buyer network 2 A Note from Eric Our Mission Powering life\u2019s progress, one move at a time" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b9", + "block_sequence": 9, + "block_sha256": "fca8f351f3bc2ff9a04aa68b2b89cdd6d5fbde3d7aa538cceaa6d71d484aa2bd", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 9, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "35f7daa5019d7f96c60da5ff2c1f6b439b885571a7a643b67ba23c52812d1c67", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "q32022formxex992sharehol003.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b10", + "block_sequence": 10, + "block_sha256": "aff00db259ce299fb66c4822aaaf99f39f31454e66d84aba39661be80564b11c", + "block_type": "paragraph", + "char_count": 696, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 10, + "char_end": 696, + "char_start": 0, + "fragment_sha256": "9462854cfe5d656cae3724b746eca4195aef105e618a5bfe022847f13b52f416", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "and robust real estate investor base, leveraging our platform to seamlessly transact. While no one wishes for a housing downturn, this moment has us moving aggressively towards our vision for the future, which is a trusted marketplace enabling transactions directly between buyers and sellers. This is a crucible moment. Companies without the conviction, perseverance, and capital will not be able to weather the storm. Those that can navigate this moment successfully will emerge as generational companies, gaining market share and building and inventing the future platforms on which we will operate. We intend on building that generational company. Eric Wu, Co-Founder & CEO 3 A Note from Eric" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b11", + "block_sequence": 11, + "block_sha256": "9bc2cb965e44a240fac26758f59b41eea090258fa2badf59b2a0460c94b79b88", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 11, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "23cc8eb54883bdbe3e86a9599f3b1450d2fc4afa77d65fe83954b2a9c07298cc", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "q32022formxex992sharehol004.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b12", + "block_sequence": 12, + "block_sha256": "3ea0e010cb9d32cbbe2cf362005cdd9fb1df8efc369b8698387b80fb05efebf5", + "block_type": "paragraph", + "char_count": 896, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 12, + "char_end": 896, + "char_start": 0, + "fragment_sha256": "1c29150ea6f41a2cd4271d7be737c7b665597a61cd83ed3d4f2f59ce1755217e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "3Q22 \u25cf Revenue of $3.4 billion, up 48% versus 3Q21; with 8,520 total homes sold, up 42% versus 3Q21 \u25cf Gross (loss) profit of $(425) million, which reflects an inventory valuation adjustment of $573 million, versus $202 million in 3Q21; gross margin of (12.6)%, versus 8.9% in 3Q21 \u25cf Net loss of $(928) million, versus $(57) million in 3Q21 \u25cf Adjusted Net Loss of $(328) million, versus $(18) million in 3Q21 \u25cf Contribution (Loss) Profit of $(22) million, versus $169 million in 3Q21; Contribution Margin of (0.7)%, versus 7.5% in 3Q21 \u25cf Adjusted EBITDA of $(211) million, versus $35 million in 3Q21; Adjusted EBITDA Margin of (6.3)%, versus 1.5% in 3Q21 \u25cf Inventory balance of 16,873 homes, representing $6.1 billion in value, down 3% versus 3Q21 \u25cf Purchased 8,380 homes, down 45% versus 3Q21 \u25cf Ended the quarter with 2,259 homes under contract for purchase, down 64% versus 3Q21 Key Highlights 4" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b13", + "block_sequence": 13, + "block_sha256": "279b8d1c87878472ca4d11994cf0de6bdae1222d56a913dfa862389d971fb422", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 13, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "881eacab39c85c6adf7fcb53792408e2f4ab247ef533997c438bee03df2530d3", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "q32022formxex992sharehol005.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b14", + "block_sequence": 14, + "block_sha256": "5864d5818350b34e48772732ca2555a2ef2ebe534a9df50663061976baa498df", + "block_type": "paragraph", + "char_count": 2004, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 14, + "char_end": 2004, + "char_start": 0, + "fragment_sha256": "fc865ce6e2f7063d61a5a3f06bb60221e9c40579acccba26f7bc1c8b1800153b", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "5 Courtney Dent Pflugerville, Texas When Courtney Dent started looking for a new home outside of Austin, Texas, she quickly realized that this search was going to be a daunting task. In Pflugerville, there were many obstacles in her way: low inventory, tough competition from cash bidders, and a dramatic increase in home prices since her last purchase a few years prior. Having sold her home previously to Opendoor while going through a divorce, Courtney decided to try her luck with Opendoor again, and that\u2019s when she discovered Opendoor Exclusives. Courtney's main priority was staying in the neighborhood that they loved so much in order to maintain a sense of familiarity for her daughter, Dayla, who was about to start middle school. As luck would have it, Courtney\u2019s friend spotted a home for sale right by their walking trail with an Opendoor Exclusives sign in the yard, and she texted Courtney immediately. Courtney was under contract that very same day. She still remembers the joy of picking up Dayla from school that afternoon and taking her to the new house. In her words, \u201cit was great to be able to say, \u2018Mom\u2019s still got you. We're going to make this work.\u2019 It meant a lot that I was able to secure the house.\u201d Courtney couldn\u2019t believe how quick and simple it was to go under contract on the home. She was able to avoid the stress of seller negotiations as all homes listed on Exclusives have a fixed, buy-it-now price. Furthermore, Courtney felt assured knowing that if the appraisal came back under the asking price, Opendoor would meet the price. At home in their new house in Pflugerville, Courtney expressed gratitude that she was able to stay in the community she loves so much, thanks to Opendoor Exclusives. She tells family and friends \u201cwhat an amazing way it is to buy a home.\u201d \u201cWithout Opendoor, I would have never been able to get this home. I'm so incredibly grateful and just overjoyed that I get to live in this house and in the neighborhood that I love.\u201d - Courtney Dent" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b15", + "block_sequence": 15, + "block_sha256": "4f9ec63ac1689ea79db42fae01cb699b9221347fe268b516f6ca2b2a124c70d4", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 15, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "cbbe68b7e7b4f961cbc313daddde7d0da1460cef2c8522f454c9803ee4ac5ee6", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "q32022formxex992sharehol006.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b16", + "block_sequence": 16, + "block_sha256": "045023617f40348a45cf4c983919112ff4a7e70918e6ce8d5d147f9d7b3c586e", + "block_type": "paragraph", + "char_count": 2356, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 16, + "char_end": 2356, + "char_start": 0, + "fragment_sha256": "9eecb4231f439c223a5f560cec14630ae3fdc97d46bf9f16c9300d74ef122043", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "Two Core Product Offerings 1P product & 3P product 6 With heightened market uncertainty comes the opportunity to rethink and evolve the status quo. To that end, we are aligning the business around two core product offerings that we believe will drive our growth and profitability in this next chapter. We are aiming towards a future where both first-party (1P) and third-party (3P) sales take place exclusively on our platform, centering around our vision to enable a simple, certain, and fast transaction without the traditional process. Specifically, a first-party transaction is where we purchase the home directly from the seller and resell the home to a buyer, a third-party transaction is where we connect the seller with one of our buyers and facilitate the transaction without acting as a principal, and together, these two product offerings will leverage our centralized platform capabilities. 1P PRODUCT Given the highly volatile macro conditions, we are focused on four key areas for our 1P business: 1. Selling through existing inventory in a disciplined and expeditious way 2. Ensuring healthy new acquisition cohorts 3. Executing on operational changes to improve unit economics 4. Reducing our cost structure First, our top priority is to accelerate the resale of homes we made offers on before the housing market reset, also referred to as our \u201cQ2 Offer Cohort\u201d. As of the end of Q3, we had sold through or were in resale contract on over 40% of the Q2 Offer Cohort and expect to be at approximately 65% by year-end. While this will come at the expense of margin losses in the short-term, it will enable us to put these losses behind us as expeditiously as possible and proceed with what we believe will be a fresh, lower risk, and better-performing book of inventory. As such, we have accelerated our clearance rate (defined as the percentage of listed homes that go into contract per day) versus the market to more than double that of a quarter ago. We have also improved our buyer cancellation rate between contract and close of escrow by 20% versus Q2, while the market cancellation rate expanded by 13%. Second, we are focused on growing new acquisitions at spreads that enable positive contribution margins. For example, our projected Business Highlights % of Q2 Offer Cohort Expected to be Sold or in Resale Contract by Year-End ~65%" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b17", + "block_sequence": 17, + "block_sha256": "91ee74626eeda371a51c1a2146199af4a00302901a4e6dc9f33ab3163bc46332", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 17, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "853f12581030989238d575becd5d45fbfcf188915e362be731359d67c46236d6", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "q32022formxex992sharehol007.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b18", + "block_sequence": 18, + "block_sha256": "c7c73201f8fc0e77143fb594876d1cac111a95041bfcf8f93ae3e59c9d807b00", + "block_type": "paragraph", + "char_count": 2368, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 18, + "char_end": 2368, + "char_start": 0, + "fragment_sha256": "60ead503f268c0ea204a83509f4a97ba96076cbe135c9e557fbd1603ef938a69", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "contribution margin for homes offered on in July, August, and September is within our annual target range of 4 to 6%. We are confident in the health of our new acquisition cohorts and expect to deliver contribution margins commensurate with our targets on homes that we made offers on post the market reset. Third, we are executing on operational and platform changes designed to increase our resale volumes and reduce inventory hold times longer term. An example of this is that we have reduced the time needed to repair and prepare the home for listing from an average of 23 days in Q1 to 15 days in Q3. This was enabled in part by the 70% year-over-year increase in our renovation productivity (as measured by renovation spend per day, per home project manager), which also gives us the added flexibility to tailor repairs and renovations to market conditions. This, alongside dozens of operational improvements, is designed to enable us to increase our transaction velocity against macro headwinds. Last, we are significantly reducing our costs. In light of ongoing market uncertainty and our risk-off stance, we have scaled back our operational capacity on a run-rate basis by approximately 25% versus Q2, and have reduced marketing spend by over 40%. Furthermore, we announced yesterday that we are reducing our workforce by approximately 18% across all business functions. Ultimately, the combination of a product that customers love and need, the ability to increase spreads to ensure sustainable margins, and our strong balance sheet positions us to not only weather this market transition but thrive as the market recovers. 3P PRODUCT When we look forward ten years, we envision that buying and selling a home will almost certainly be similar to or the same as booking a flight, buying a car, or hailing a ride. Consumers will be able to transact directly with each other on a managed marketplace powered by a company that ensures trust, certainty, ease, and quality. There will be no unnecessary costs, delays, or multiple counterparties to manage, and there will be transparency, speed, and control over the entire process. Today, we are officially launching that marketplace in Dallas-Fort Worth and Austin, under the brand umbrella of Opendoor Exclusives. 7 YoY Renovation Productivity Improvement 3P Product - Opendoor Exclusives Business Highlights 70%" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b19", + "block_sequence": 19, + "block_sha256": "4fc2959a061e69375c3d0ecb77ba17aa8bd31073975296003efe15ff9b94a8c7", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 19, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "9486866f4825754dcd7453bd54fe439a58c9524694382d94e9d2db7e64f608ba", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "q32022formxex992sharehol008.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b20", + "block_sequence": 20, + "block_sha256": "1d8d157066bf1419f93e0cd0d58e5183c254b68c26ff4f86b930a69123600b65", + "block_type": "paragraph", + "char_count": 2589, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 20, + "char_end": 2589, + "char_start": 0, + "fragment_sha256": "5ec22b007a2c20f4445ba8c1efbbdbf6dae01e90f7ce76d32af62718427feb39", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "Now our sellers can connect directly with our buyers to transact without the hassle and complexity of a traditional listing. Earlier this year, we announced the launch of the buy side of the marketplace, our e-commerce experience to directly buy an Opendoor-owned home - and we are now opening up this platform to our home sellers. What underpins our conviction is years of being one of the largest buyers and sellers of homes and the capabilities that we\u2019ve built, which enable us to bring together hundreds of thousands of our home sellers with unique homes and our growing base of home buyers. For home buyers, we are building the experience they deserve, and what we believe as a far better way to help future homeowners accomplish their goals. Each of our homes comes with transparent, buy-it-now pricing and an Appraisal Price Match Guarantee, meaning if the home appraises for less, we\u2019ll bridge the gap for buyers up to $50,000. On top of that, we are able to provide significant savings on every home. We believe these features dramatically simplify the process, give buyers more confidence around paying the right price, and make purchasing more affordable. For home sellers, we\u2019re aiming to make the sales experience just as easy as selling to Opendoor. Homeowners can request an offer from our network of buyers, on top of an Opendoor offer, and sell in minutes without the need for repairs, extensive home prep, or months of open houses or listings. The experience end-to-end is designed to put home sellers in control, with no upfront commitment, flexibility to close early, and certainty of close. Outside of significantly improving the consumer experience over a traditional listing, we believe this marketplace will reduce our inventory exposure, capital intensity, and macro risk. It will also expand our target audience from sellers within our buybox that will accept our price to all sellers who are looking for a better alternative than what exists today. Furthermore, it will give buyers and investors a differentiated reason to shop with Opendoor, which is our access to thousands of unique homes that can be easily purchased directly. In terms of business goals, we are charging a 5% service fee for each third-party transaction, in addition to monetizing services, such as our captive title and escrow. Given the early traction we\u2019ve seen with both buyers and investors, we aim to have over 30% of total transactions via our Exclusives marketplace by the end of 2023. We believe this will 8 % of Exclusives Homes in Contract Within 14 days Business Highlights >20%" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b21", + "block_sequence": 21, + "block_sha256": "1353afd170b056c5b15ba45119930ee7c2f2f621fea465c901b092eaaf162528", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 21, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "9cb3aa063fb9dee6763a26c408e5c1252a9f262b8c8d5a527f78521c6cfddd2b", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "q32022formxex992sharehol009.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b22", + "block_sequence": 22, + "block_sha256": "72e918b8c10a1b63a23f988c692081ed116e930a6ef6ee3796059258b4d7f781", + "block_type": "paragraph", + "char_count": 641, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 22, + "char_end": 641, + "char_start": 0, + "fragment_sha256": "126c82bfaf96fbdf0b0fe37751e9bd49f2e61a03a30f2aa69b33d9d83bf524a3", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "not only contribute meaningful unit margins and flow through to the bottom line but enable us to grow rapidly and capital-efficiently for years to come. In summary, we have built a 1P transaction platform that can process significant volume and deliver a level of experience unmatched by others. We will continue to drive scale through our 1P product and position the new book of inventory we\u2019re building to perform in line with our target margins. We will also accelerate the trajectory of our 3P marketplace business, leveraging the capabilities and advantages that we have built and refined over the past nine years. 9 Business Highlights" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b23", + "block_sequence": 23, + "block_sha256": "d98ce576bd4d846e7adc622218bb34386714a890e3452dfcdee05409d1ae5ba3", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 23, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "8cca84e7cce68381282ae9e00aaa7fcb2d3cbffbd90d1f978f71c51637fbc0b7", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "q32022formxex992sharehol010.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b24", + "block_sequence": 24, + "block_sha256": "239a586dd39d1d6c17cefcda3f2ee6d57e886ad301a16ab26678f997a4050dd8", + "block_type": "paragraph", + "char_count": 2576, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 24, + "char_end": 2576, + "char_start": 0, + "fragment_sha256": "01ca13bb93917d22bf84aa58487c6e08165660a6e6e368e1692b03af4571fb00", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "Our financial results reflect our actions to navigate the impact of the once-in-forty-years rate move on US housing. We took a series of actions in the second quarter to manage risk and overall inventory health, including driving expedient inventory sell-through, reducing acquisition pace, and widening acquisition spreads, which we continued to execute against in the third quarter. In addition, we are actively reducing our overall cost structure in this environment. The decisions that we made in Q2 are resulting in lower contribution margins in the second half. We think it is important to keep in mind that we have guided to a 4 to 6% annual contribution margin target since we went public. For fiscal 2022, based on our Q4 guidance, we expect to generate over $530 million in Contribution Profit1, or 3.5% Contribution Margin, despite the uncertain macro environment. Based on the actions we\u2019re taking, we expect to emerge from the current market transition as an even more agile and resilient business. GROWTH In the third quarter, we exceeded the high end of our revenue guidance by nearly 30% and delivered $3.4 billion of revenue, representing 48% growth year-over-year. In light of the seasonal slowdown that typically occurs at year-end, we made the decision to accelerate the pace of sell-through in Q3 and further manage our balance sheet risk via price reductions across our existing inventory. We sold 8,520 homes in the quarter, while resale contracts were essentially flat in Q2 and Q3 at approximately 13,000 per quarter, reflecting our focus on selling inventory before the annual seasonal slowdown in Q4. Revenue per home sold was up 4% as compared to the same period last year. As a reminder, spreads charged at the time of offers made from March to June 2022 were lower than where spreads were by the 10 Financial Highlights 3Q22 Revenue $3.4 billion Key Objectives for 2H22 Risk management and inventory health 3Q22 Homes Sold 8,520 3Q21 4Q21 1Q22 2Q22 3Q22 9,020 5,988 9,794 12,669 8,520 10,482 1.Opendoor has not provided a quantitative reconciliation of forecasted Contribution Profit to forecasted GAAP gross profit within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment, which could materially affect the computation of forward-looking GAAP gross profit (loss), is inherently uncertain and depends on various factors, some of which are outside of the Company\u2019s control." + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b25", + "block_sequence": 25, + "block_sha256": "b05158334fc41b46dc1c549ca3bc78493f0f181c98f422069e019676ed928f94", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 25, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "d34ac04bafa5cd6cf4343a6ac1a922ef7263c618f2d07bec74d571016c591972", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "q32022formxex992sharehol011.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b26", + "block_sequence": 26, + "block_sha256": "1f61f2a985ddd7ddb85869fe8a4c4dea934a35129d649f15d30221891c566228", + "block_type": "paragraph", + "char_count": 2371, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 26, + "char_end": 2371, + "char_start": 0, + "fragment_sha256": "6970af09ca769294f2b692b378ac54d9f3a796a03a894a36bd5f06d12ecd65e6", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "time we closed on those homes in Q2 and Q3 given the sharp change in forecasted home prices. We refer to those homes priced before the housing market reset as the \u201cQ2 Offer Cohort\u201d. Notwithstanding the change in spreads, we made the decision to stand by our customer commitments. This was not a decision that we made lightly but one enabled by our strong capital position that we believe will benefit our brand long-term. Given our risk management priorities amidst market uncertainty, we intentionally slowed our pace of acquisitions via higher spreads embedded in our acquisition offers and significantly lower marketing spend. As a result, we closed on 8,380 homes, down 45% year-over-year and 41% from the previous quarter. More significantly, we reduced our acquisition contract pace in Q3 by 73% quarter-on-quarter. While we are managing inventory risk during a period of uncertainty, one of the structural advantages of our business is that we can adjust spreads rapidly based on changing market conditions to deliver on margin targets. In the current environment, we are being disciplined and continuing to operate with high spreads to account for expected home price depreciation and market uncertainty. UNIT ECONOMICS GAAP gross profit was $(425) million and (12.6)% of revenue in 3Q22, versus $202 million and 8.9% of revenue in 3Q21. Adjusted gross profit was $110 million and 3.3% of revenue in 3Q22, versus $233 million and 10.3% of revenue in 3Q21. Contribution Profit was $(22) million in the quarter, versus $169 million in 3Q21. Contribution Margin was (0.7)% versus 7.5% in 3Q21. Our unit margins reflected the impact of pricing actions taken in Q2 and Q3, much of which will persist into Q4. We implemented price drops across our inventory to be in line with the market, which drove higher sell-through and lower margins on our resales. In addition to the flow-through from lower gross profit margins, selling costs as a percentage of revenue increased sequentially this quarter primarily as a result of agent commission bonuses for homes that closed in the quarter. These incentives enabled us to pull forward additional clearance of homes that would have otherwise been realized in Q4 and further reduce our inventory balance. 11 Financial Highlights ($ in millions) 3Q21 4Q21 1Q22 2Q22 3Q22 3Q22 Homes Acquired 8,380 15,181 9,639 9,020 8,380 14,135" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b27", + "block_sequence": 27, + "block_sha256": "fb1aeeaa10f37c539779f3e6c9952033fde08a646a1ed32ecd2c87f88eed11b9", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 27, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "cd66796332f9f3d5f9caf7ba68995974596a7e74ab20fbcff7cb2e80d2b94a73", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "q32022formxex992sharehol012.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b28", + "block_sequence": 28, + "block_sha256": "c18037199d5ea3ee36bbecaa79a1a203389d25f952d906ec490d47e5cbc906d7", + "block_type": "paragraph", + "char_count": 2092, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 28, + "char_end": 2092, + "char_start": 0, + "fragment_sha256": "544fd28f44cebf2b25be6d60a40f139e275f28248f89cee40ad5e7a73d089e26", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "NET INCOME AND ADJUSTED EBITDA GAAP Net Loss was $(928) million in 3Q22 versus $(57) million in 3Q21. Adjusted Net Loss was $(328) million in 3Q22, versus $(18) million in 3Q21. The primary difference between this metric and GAAP Net Loss this quarter was driven by inventory valuation adjustments of $573 million on homes in inventory as of the end of Q3. This adjustment is based on forward projections that embed assumptions about future market conditions including additional downside to continued home price depreciation, transaction volume declines and lower clearance rates. We believe that we have taken a conservative forward view to reset expectations on our existing book. As homes with losses are sold, this valuation adjustment will unwind in future quarters alongside homes that we expect will generate realized gains. We manage a large, diversified portfolio business, not dissimilar to an equity portfolio, where we realize gains and losses on homes each quarter. Adjusted Net Income or Loss reflects the earnings from realized gains and losses on the homes sold in a particular period. The inventory valuation adjustment reflects the expected losses (inclusive of $142 million of expected selling costs) on the homes in inventory as of the end of Q3, without taking into account the offset of any gains expected to be realized. This is akin to looking at equity portfolio performance based only on unrealized losses, exclusive of any unrealized gains. Hence, Adjusted Net Loss is the most appropriate metric to judge realized portfolio results as it isolates the operating performance of our business from changes in home inventory and represents earnings on the homes sold in a particular quarter including both realized gains and losses. Adjusted EBITDA was $(211) million in 3Q22 compared to $35 million in 3Q21. As a percentage of revenue, Adjusted EBITDA was (6.3)% in 3Q22 versus 1.5% in 3Q21. Adjusted EBITDA came in below our guidance of $(175) million because we decided to accelerate inventory sell-through which resulted in lower unit margins. Financial Highlights" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b29", + "block_sequence": 29, + "block_sha256": "a248fb995025acaf6a2b9bf996d4d8a9e68867d0670492155c75d1882cd14a16", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 29, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "919eafe5f559671f68b2082bca09e34d76bb7a69e2e1c5ed258ee528a70c83ad", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "q32022formxex992sharehol013.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b30", + "block_sequence": 30, + "block_sha256": "a37d42a7c498b894fdda50286a083ef7c5538b6fcabb87b6272d5ad59f10f975", + "block_type": "paragraph", + "char_count": 2668, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 30, + "char_end": 2668, + "char_start": 0, + "fragment_sha256": "8c7178a4a9ce5b9ad9b779261ad38e02fb1fb21e70a47e7edfd574cab4803e53", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "INVENTORY We ended Q3 with 16,873 homes in inventory on our balance sheet, representing $6.1 billion in value. As of September 30, 2022, 21% of our homes were listed on the market for more than 120 days, compared to 15% of the homes in the overall market, adjusted for our buybox. The sequential increase versus Q2 reflects the current mix of our inventory portfolio, which is skewed to longer-dated homes given the substantial reduction in our acquisition pace. This inventory mix will in turn shift our resale mix near-term to longer-owned homes that generally yield lower margins. OTHER BALANCE SHEET ITEMS We believe our balance sheet and substantial capital position provide us the flexibility to manage for near-term inventory health and to make prudent, long-term oriented decisions. As of the end of the third quarter, we had $11.8 billion of borrowing capacity, of which $8.6 billion or over 70% was committed, meaning lenders are contractually obligated to fund subject to applicable terms and conditions. We have built our capital structure on having committed lending capacity from a diversified lender base with staggered rolling maturities, and we continue to extend our existing lending facilities. As an example, in October 2022, we closed an amendment to an existing facility and increased capacity from $750 million to $1 billion and extended the final maturity by 17 months with only a modest change in the cost of funds. Given that we knew that the Q2 Offer Cohort was going to have lower margins, we recently negotiated and closed two new dedicated financing facilities for lower margin, longer-duration homes with two of our existing lenders with borrowing capacity of over $700 million. These facilities will give us the flexibility to optimize how and when we sell the Q2 Offer Cohort homes, while allowing us to maintain more consistent performance in our other financing facilities. We ended the third quarter with $1.5 billion in unrestricted cash, cash equivalents, and marketable securities. In addition, we have approximately $1.5 billion of equity invested in our homes, comprised of $349 million in unlevered homes and $1.1 billion in homes financed in our property facilities. We are currently in the process of financing the unlevered homes that were temporarily funded with 100% equity under our new Q2 Offer Cohort lending facilities which will release additional unrestricted cash. Financial Highlights 3Q22 Borrowing Capacity $11.8 billion 3Q22 Cash, Cash Equivalents, and Marketable Securities $1.5 billion 3Q22 Equity Invested in Homes $1.5 billion 3Q22 Resale Revenue Mix Based on Days of Ownership 43% 3Q21 3Q22 57% 17% 83% 13" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b31", + "block_sequence": 31, + "block_sha256": "64c825b43e6ee8603cac195761fbd4b035006320d5ff7a24b8d9a969a63b49f4", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 31, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "18cd0b2c3e4b82aff0cca1c7f96f1be02c0cbf469173c5db329669dbc9c67bce", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "q32022formxex992sharehol014.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b32", + "block_sequence": 32, + "block_sha256": "4c6e67c7e8d8ea880a0ce051d1f945ca0272c97c6ba64431f0860b5bcfe4427d", + "block_type": "paragraph", + "char_count": 2461, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 32, + "char_end": 2461, + "char_start": 0, + "fragment_sha256": "f74cfef889e0b1c73b41a2cf6af505741e4c5a62123dffdedb8dd34aff96f4f2", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "Amidst the current operating environment, it\u2019s worth highlighting not only the size of our capital position but the mechanics of our asset-based financing facilities, which provide resilience during market downturns. Our facilities do not have mark-to-market provisions or margin call features, and we generally do not bear refinancing risk on our current portfolio as the expected liquidation timeline tends to be significantly shorter than the duration of our financing. Availability of financing and cost are known at the time we enter into an acquisition contract on a home. At the parent level, we have limited financial maintenance covenants, such as minimum liquidity and tangible net worth. We have substantial cushion relative to where these covenant levels are set today. Advance rates are set on the initial funding date for a given property based on the lower of our cost basis and a third-party valuation (typically a broker price opinion). Advance rates range from 70% to 90% against our cost basis on our senior facilities and 95% to 100% on our mezzanine facilities. There is typically a step-down in advance rates for properties held greater than six months of about 5% for each additional month. We believe that our financing structure, combined with our strong cash balance, provides us with the financial flexibility to support our inventory and navigate this period of macro transition. HOUSING MACRO The residential real estate market continues to be dominated by concerns of elevated inflation, rising rates, and increasing probability of recession. In response to persistent inflationary pressures, the Fed has implemented four 75-basis point hikes in target rates since June 2022, marking the most aggressive response by the Fed since the early 1980s. These actions have pushed long-term rates higher with mortgage rates following suit. Thirty-year fixed mortgage rates reached a decade-high average level of 5.6% in the third quarter, relative to an average rate of 3.8% as of Q1 of this year. Mortgage rates have continued their rise since then, reaching over 7% in late October - a level last seen in the early 2000s. The ensuing decline in housing affordability has driven a significant pullback in home buyer demand, which precipitated a slowdown in both transaction velocity and home price appreciation (HPA) from Financial Highlights 3Q21 4Q21 1Q22 2Q22 3Q22 3Q22 Avg. 30-Year Fixed Mortgage Rate 5.6% 2.9% 3.1% 3.8% 5.6% 5.3% 14" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b33", + "block_sequence": 33, + "block_sha256": "b9d3ab7f2b38b11c57b267ff6d62607d288fb74776ed57b456a0467dbfbdde99", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 33, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "1e163893385e2aff2fa586bf7f1ef95a867be36a3431ee5c58c292a9a68f8f55", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "q32022formxex992sharehol015.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b34", + "block_sequence": 34, + "block_sha256": "6f12e2100621d2e5fb866a993fdc9bc907d4693afa9197edc1eef51e3c1b9a0f", + "block_type": "paragraph", + "char_count": 2693, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 34, + "char_end": 2693, + "char_start": 0, + "fragment_sha256": "05bd0baeee682cedb93c464db58b6fac11788371a41080c8e8b93df28d82735f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "close-to-record highs observed as recently as May of this year. While we had long anticipated a slowdown in the housing market from peak levels, the speed of adjustment realized earlier this year was much faster than expected and sharper than typical seasonal trends. Transaction volumes as of the end of Q3 were down 23% versus the year prior2 with most of the decline taking place since April of this year3. That said, transaction volumes as of the end of Q3 are consistent with 2014 levels, with 2021, in particular, being an outlier compared to recent history. While housing inventories remain at close to all-time lows4, declining volumes have reduced the rate of market clearance, defined as the percentage of listed homes that go into contract per day. Within the markets where Opendoor operates, clearance rates were pacing at near all-time highs in April of this year but have since declined to 2019 levels into what is normally a slower clearance period given housing market seasonality (see chart in the Appendix). These volume declines have resulted in weaker price dynamics. As we mentioned in our 2Q22 shareholder letter, we typically observe a gradual decline in month-over-month HPA to zero or slightly negative in the back half of the year given housing seasonality. In contrast, the speed with which it got there this year from peak levels early in Q2 was faster than our expectation and sharper than typical seasonal home price declines. For example, we saw one-month HPA (non-seasonally adjusted, weighted by Opendoor\u2019s markets) move from approximately 300 basis points per month in early May to negative 100 basis points in mid July. We have continued to observe a flattening of the month-over-month change in HPA at negative 100 to 150 bps per month since July (see chart in the Appendix). Looking ahead, the housing market will continue to be impacted by the path of inflation and whether the Fed decides to enact rate increases that are larger or longer than what is currently priced into future rate curves. In light of this ongoing macro uncertainty, we will continue to operate the 1P business with a \u201crisk-off\u201d bias. 15 Financial Highlights 2. Monthly SAAR numbers for single-family existing home transactions are from NAR. September 2021 SAAR volumes were 5.48 million homes compared to 4.22 homes for September 2022. 3. The reading for April 2022 was 4.98 million homes, for a decline of approximately 15% from April to September 2022. 4. Inventory for single-family existing homes per NAR data for September 2022 was reported at 1.11 million homes, lower than any September of any other year since 1982, except for 2021, where the reading was 1.09 million homes." + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b35", + "block_sequence": 35, + "block_sha256": "b4740e8712d59b190e317abd126fd76050d3f0951f92c1ae4e8b10a104dccbcd", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 35, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "b9a09ef26b497b01021686987455375ebf92f9fa8eeda6be35c7ce49640edb1e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "q32022formxex992sharehol016.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b36", + "block_sequence": 36, + "block_sha256": "d759c8c14c4662df866e2774d847ac778b0152afd408c88e14b934333e1d4a11", + "block_type": "paragraph", + "char_count": 2601, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 36, + "char_end": 2601, + "char_start": 0, + "fragment_sha256": "65f86111abdaa1b6f8af8d8c0b5b79d2a7d440dd3e9c47bdfcce96e464ecc070", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "GUIDANCE We expect the following results for the fourth quarter of 2022: \u25cf Revenue is expected to be between $2.3 and $2.5 billion. \u25cf Adjusted EBITDA5 is expected to be between $(355) and $(335) million. \u25cf Stock-based compensation is expected to be in the range of $55 to $60 million. We expect to have sold or have under resale contract approximately 65% of the Q2 Offer Cohort by year-end. Contribution margins will reflect our resale mix of longer-dated, lower margin homes. While newly acquired homes are performing in line with target expectations, our new book of inventory will be of insufficient scale to offset the negative margin profile of the Q2 Offer Cohort given our current acquisition volume pacing. In addition to this resale mix profile, we expect to see typical seasonal softness in the fourth quarter as we do every year, which marks annual lows for resale activity and margins as buyer demand wanes in November and December. In addition to our unit margin outlook, our Adjusted EBITDA guide reflects our current cost structure relative to the scale we\u2019re currently operating at. Given reduced volume pacing, we have taken various actions to drive down our costs, including the workforce reduction we announced yesterday. We expect to incur a one-time charge of approximately $15 million in Q4 related to post-employment benefits to support the teammates who are impacted by the reduction. In summary, while we\u2019re fortunate to be in a strong financial position, the current macro environment remains volatile and will require us to be highly responsive to market dynamics and to operate with tremendous discipline. The actions we\u2019re taking are reflective of our commitment to returning the business to operating free cash flow positive and building a profitable, generational company. 16 Financial Highlights 5. Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company\u2019s control. 4Q22 Adjusted EBITDA5 Guidance ($355) to ($335) million 4Q22 Revenue Guidance $2.3 to $2.5 billion FY22 Contribution Profit Based on 4Q22 Guidance $530+ million" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b37", + "block_sequence": 37, + "block_sha256": "0b9e5cb5b9bb6f8153331b03670214f3fe30e2a68c07b06f04b7ca61177ca5d4", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 37, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "61ae74f7d73de09b94a029f4f028afe1fa38a398d5c57048e5c8a9e7a33fdc6e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "q32022formxex992sharehol017.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b38", + "block_sequence": 38, + "block_sha256": "0f862a49ba1c0cf69eb4744432febaee9b282dd6ce5eed073e80678883d884a1", + "block_type": "paragraph", + "char_count": 487, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 38, + "char_end": 487, + "char_start": 0, + "fragment_sha256": "60c6365e1a8b4b4104afcc525068d14727940e7683c7739544d4430673b9f702", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "17Raleigh-Durham, NC Eric Wu, Co-Founder & CEO Carrie Wheeler, CFO CONFERENCE CALL INFORMATION Opendoor will host a conference call to discuss its financial results on November 3, 2022 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. November 4, 2022 at 2 p.m. PT investor.opendoor.com LIVE WEBCAST" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b39", + "block_sequence": 39, + "block_sha256": "e26a0d52ee5a1b207967d37e3b69683d4c157e5edb5cd1aaf348669918922e0f", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 39, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "cfed5227f3535a2d72b0bc267d38595326f94df1bfce368980dfa8c9bee1bc18", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "q32022formxex992sharehol018.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b40", + "block_sequence": 40, + "block_sha256": "725c44b5db09fea1cf5a9919c0ee7602ba243a6bd2f4236e58f75160215f4820", + "block_type": "paragraph", + "char_count": 68, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 40, + "char_end": 68, + "char_start": 0, + "fragment_sha256": "0d282019ef61000a7027912ef8d266468d6f6037dac282ae0f5b619033dcffbb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "/ OpendoorHQ / Opendoor Company / Opendoor-com investor.opendoor.com" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b41", + "block_sequence": 41, + "block_sha256": "32a01c6acb57b5fbe2dc1a3a6a27439cbf3ec19b678f006413ce15e31f9e23dd", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 41, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "925f6ef92cc5013b6c62a051a279890eee5ddd7f6c40fb036248d85ec80a4891", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "q32022formxex992sharehol019.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b42", + "block_sequence": 42, + "block_sha256": "7a8efa60d19676b0c921232e44c7ff69470e12a6d3cb64e89066894df1b4b02d", + "block_type": "paragraph", + "char_count": 33, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 42, + "char_end": 33, + "char_start": 0, + "fragment_sha256": "c1e7c881ca6ca0cef5d7ede78dbc5dae7dc024ef1a738796f6ff5d3fcab4ec48", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "19 Definitions & Financial Tables" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b43", + "block_sequence": 43, + "block_sha256": "cc87190c34a11f157658fce0cbf757dec510aa90f408ceadd35635beb955809e", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 43, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "1b5985848c72ba274e3474370c0e5339723d2822469c7fa1ddd53fba8944fde0", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "q32022formxex992sharehol020.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b44", + "block_sequence": 44, + "block_sha256": "82cf0eaf604ed490333a6df6483c86255e628bfbedc56a6b19a7acc0e88b4d7b", + "block_type": "paragraph", + "char_count": 2919, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 44, + "char_end": 2919, + "char_start": 0, + "fragment_sha256": "18a00ca035baf39f93e87bcf0dbf370f76ccb60576acb46fb9d08e37c2f1792f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "This shareholder letter contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our financial condition, anticipated financial performance, business strategy and plans, market opportunity and expansion and objectives of management for future operations. These forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cwill\u201d, or \u201cwould\u201d, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward- looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this shareholder letter, including but not limited to our public securities\u2019 potential liquidity and trading; our ability to raise financing in the future; our success in retaining or recruiting, or changes required in, our officers, key employees or directors; the impact of the regulatory environment and complexities with compliance related to such environment; various factors relating to our business, operations and financial performance, including, but not limited to, the impact of the COVID-19 pandemic on our ability to grow market share; our ability to respond to general economic conditions, and the health of the U.S. residential real estate industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \"Risk Factors\" in our annual report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 24, 2022, and our other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 20 Forward-Looking Statements" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b45", + "block_sequence": 45, + "block_sha256": "cb40c6f24211cdfe468b8ea0ddc3c68a0692f92ec31238568b7f3dc83b83199e", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 45, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "154b86824eab8ab6a745b06ee4b44708c902f3e2cbb15582547e443fa7d17708", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "q32022formxex992sharehol021.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b46", + "block_sequence": 46, + "block_sha256": "590ea745db096733b843a1d1caaf6f2bab31b738192dc0c69a64d1379ff2d018", + "block_type": "paragraph", + "char_count": 3730, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 46, + "char_end": 3730, + "char_start": 0, + "fragment_sha256": "c28573a9271d50a3862831ab2ee0666b196f08197476e8a6c1f14677cfe38f2d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company\u2019s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution (Loss) Profit, Contribution (Loss) Profit After Interest, Adjusted Net (Loss) Income, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non- GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results. Adjusted Gross Profit, Contribution (Loss) Profit and Contribution (Loss) Profit After Interest To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit, Contribution (Loss) Profit and Contribution (Loss) Profit After Interest, which are non-GAAP financial measures. We believe that Adjusted Gross Profit, Contribution (Loss) Profit and Contribution (Loss) Profit After Interest are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution (Loss) Profit provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Contribution (Loss) Profit After Interest further impacts gross (loss) profit by including senior interest costs attributable to homes sold during a reporting period. We believe these measures facilitate meaningful period over period comparisons and illustrate our ability to generate returns on assets sold after considering the costs directly related to the assets sold in a given period. Adjusted Gross Profit, Contribution (Loss) Profit and Contribution (Loss)Profit After Interest are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross (loss) profit. 21 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b47", + "block_sequence": 47, + "block_sha256": "7aa97cf8fdb33cd02a391487484bcaa0e79edf02b884d58d13d34bface8ef470", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 47, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "8f1defd669082d1bf2b80b630bbd938e6dc80dd37757e8521b38937da0107d70", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "q32022formxex992sharehol022.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b48", + "block_sequence": 48, + "block_sha256": "181c67bf46ae67dde48fdc5ca71d898009cc847ba19664b1947e9f9f2bf1c136", + "block_type": "paragraph", + "char_count": 3166, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 48, + "char_end": 3166, + "char_start": 0, + "fragment_sha256": "8349b1d422b580b14a608d08f0bddc101dd1bc832adc5329efaea245209eed66", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "Adjusted Gross Profit / Margin We calculate Adjusted Gross Profit as gross (loss) profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution (Loss) Profit / Margin We calculate Contribution (Loss) Profit as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution (Loss) Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution (Loss) Profit helps management assess inflows and outflows directly associated with a specific resale cohort. Contribution (Loss) Profit / Margin After Interest We define Contribution (Loss) Profit After Interest as Contribution (Loss) Profit, minus interest expense under our non- recourse asset-backed senior debt facilities incurred on the homes sold during the period. This may include interest expense recorded in periods prior to the period in which the sale occurred. Our asset-backed senior debt facilities are secured by our real estate inventory and cash. In addition to our senior debt facilities, we use a mix of debt and equity capital to finance our inventory and that mix will vary over time. We expect to continue to evolve our cost of financing as we include other debt sources beyond mezzanine capital. As such, in order to allow more meaningful period over period comparisons that more accurately reflect our asset performance rather than our evolving financing choices, we do not include interest expense associated with our mezzanine term debt facilities in this calculation. Contribution Margin After Interest is Contribution (Loss) Profit After Interest as a percentage of revenue. We view this metric as an important measure of business performance. Contribution (Loss) Profit After Interest helps management assess Contribution Margin performance, per above, when burdened with the cost of senior financing. 22 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b49", + "block_sequence": 49, + "block_sha256": "7313023f9265ab0985d4c446f03b4d5e0a0cacc816e828448a67358995852dfe", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 49, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "4b1eadda1ca576fdcb1179d3c2b90387e11db8e2f83d8fe72fe61549d5fe514b", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "q32022formxex992sharehol023.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b50", + "block_sequence": 50, + "block_sha256": "c71247151fc86fc4b41ee69e04445504ca2de3c80917e4d0c6872b5177a3faf2", + "block_type": "paragraph", + "char_count": 2770, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 50, + "char_end": 2770, + "char_start": 0, + "fragment_sha256": "de186a2805adc15380957c4e796b87ae090301862e3e5b73a9447604a9c059e7", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "23 Adjusted Net (Loss) Income and Adjusted EBITDA We also present Adjusted Net (Loss) Income and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non- recurring, non-cash, not directly related to our revenue-generating operations or not aligned to related revenue. Adjusted Net (Loss) Income and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss. We calculate Adjusted Net (Loss) Income as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, warrant fair value adjustment, and intangibles amortization expense. It also excludes non-recurring gain on lease termination, payroll tax on initial RSU release, and legal contingency accrual and related expenses. Adjusted Net (Loss) Income also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net (Loss) Income does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net (Loss) Income adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b51", + "block_sequence": 51, + "block_sha256": "05c940e93c2cd6402f5e68b573916d011a9179e6319532dc9fd3ab2df1774c6c", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 51, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "bfca3f356c955679f73411353e894df9de81fc59c7ede9556edb7a216e614b03", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "q32022formxex992sharehol024.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b52", + "block_sequence": 52, + "block_sha256": "69dc92a82aa8edf00a15a07ddf3a17f778944974ccbf1a8a2aa579954ac37067", + "block_type": "paragraph", + "char_count": 1122, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 52, + "char_end": 1122, + "char_start": 0, + "fragment_sha256": "a39cc68c008398e7a6e990832452c7e0c2489040a3d06b50fffe0394201d5875", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "24 Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 REVENUE $ 3,361 $ 2,266 $ 12,710 $ 4,199 COST OF REVENUE 3,786 2,064 12,114 3,741 GROSS (LOSS) PROFIT (425) 202 596 458 OPERATING EXPENSES: Sales, marketing and operations 260 153 812 319 General and administrative 85 91 323 503 Technology and development 40 27 121 102 Total operating expenses 385 271 1,256 924 LOSS FROM OPERATIONS (810) (69) (660) (466) WARRANT FAIR VALUE ADJUSTMENT \u2014 3 \u2014 12 INTEREST EXPENSE (115) (43) (272) (70) OTHER (LOSS) INCOME \u2013 Net (2) 53 (20) 54 LOSS BEFORE INCOME TAXES (927) (56) (952) (470) INCOME TAX EXPENSE (1) (1) (2) (1) NET LOSS $ (928) $ (57) $ (954) $ (471) Net loss per share attributable to common shareholders: Basic $ (1.47) $ (0.09) $ (1.53) $ (0.80) Diluted $ (1.47) $ (0.09) $ (1.53) $ (0.80) Weighted-average shares outstanding: Basic 629,535 603,389 624,581 585,854 Diluted 629,535 603,389 624,581 585,854 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited)" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b53", + "block_sequence": 53, + "block_sha256": "c726a90ef5dabeeb4a1f0fffa53c0dde6f9d4fa384f61d7210a7a8597a63b66c", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 53, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "00a5dfed7607af03d0c5d69a01b02c59cd2a74eda8c5148fc8f844ef34d7442c", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "q32022formxex992sharehol025.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b54", + "block_sequence": 54, + "block_sha256": "94fa6d4e444bafeed887f8065cb54805a6dcbeab267bae5733d42f05b2189d63", + "block_type": "paragraph", + "char_count": 1540, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 54, + "char_end": 1540, + "char_start": 0, + "fragment_sha256": "810f7906b6505fbdc83e49cd51ad0207329699664ec60c8b49292be8191d01e6", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "25 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) September 30, 2022 December 31, 2021 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,327 $ 1,731 Restricted cash 1,752 847 Marketable securities 178 484 Escrow receivable 154 84 Mortgage loans held for sale pledged under agreements to repurchase \u2014 7 Real estate inventory, net 6,093 6,096 Other current assets ($1 and $4 carried at fair value) 80 91 Total current assets 9,584 9,340 PROPERTY AND EQUIPMENT \u2013 Net 62 45 RIGHT OF USE ASSETS 43 42 GOODWILL 62 60 INTANGIBLES \u2013 Net 7 12 OTHER ASSETS 26 7 TOTAL ASSETS $ 9,784 $ 9,506 LIABILITIES AND SHAREHOLDERS\u2019 EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 209 $ 137 Non-recourse asset-backed debt - current portion 3,372 4,240 Other secured borrowings \u2014 7 Interest payable 14 12 Lease liabilities - current portion 6 4 Total current liabilities 3,601 4,400 NON-RECOURSE ASSET-BACKED DEBT \u2013 Net of current portion 3,699 1,862 CONVERTIBLE SENIOR NOTES 957 954 LEASE LIABILITIES \u2013 Net of current portion 39 42 Total liabilities 8,296 7,258 SHAREHOLDERS\u2019 EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 632,513,135 and 616,026,565 shares issued, respectively; 632,513,135 and 616,026,565 shares \u2014 \u2014 Additional paid-in capital 4,152 3,955 Accumulated deficit (2,659) (1,705) Accumulated other comprehensive loss (5) (2) Total shareholders\u2019 equity 1,488 2,248 TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY $ 9,784 $ 9,506" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b55", + "block_sequence": 55, + "block_sha256": "b85819e351da23dc477d86ebe3674ea8dee8a2aa7fc0187c5b58f815ee20c785", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 55, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "ceb2483b19cf7e037ab13401e21ba7137dca23f95fb7a1dd8ac8c12bb1ca81f4", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "q32022formxex992sharehol026.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b56", + "block_sequence": 56, + "block_sha256": "8f41a54d6559952839bca95c84ffcd945a0c11b4f635760085cf1866ab7d8420", + "block_type": "paragraph", + "char_count": 3101, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 56, + "char_end": 3101, + "char_start": 0, + "fragment_sha256": "653f7d9ddef8bc88462822e0f9ab80c43c9cb71a4cc50d7159bfd59a035b7ce6", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "26 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Nine Months Ended September 30, 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (954) $ (471) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash used in operating activities: Depreciation and amortization 59 30 Amortization of right of use asset 6 6 Stock-based compensation 178 465 Warrant fair value adjustment \u2014 (12) Gain on settlement of lease liabilities \u2014 (5) Inventory valuation adjustment 663 32 Change in fair value of equity securities 36 (51) Net fair value adjustments and loss on sale of mortgage loans held for sale (1) (3) Origination of mortgage loans held for sale (118) (154) Proceeds from sale and principal collections of mortgage loans held for sale 128 142 Changes in operating assets and liabilities: Escrow receivable (70) (120) Real estate inventory (663) (5,806) Other assets \u2014 (50) Accounts payable and other accrued liabilities 73 102 Interest payable 4 3 Lease liabilities (6) (12) Net cash used in operating activities (665) (5,904) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (33) (23) Purchase of intangible assets \u2014 (1) Purchase of marketable securities (28) (459) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 293 86 Purchase of non-marketable equity securities (25) (15) Proceeds from sale of non-marketable equity securities 3 \u2014 Capital returns of non-marketable equity securities 3 \u2014 Acquisitions, net of cash acquired (3) (20) Net cash provided by (used in) investing activities 210 (432) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of convertible senior notes, net of issuance costs \u2014 953 Purchase of capped calls related to convertible senior notes \u2014 (119) Proceeds from exercise of stock options 4 11 Proceeds from issuance of common stock for ESPP 2 \u2014 Proceeds from warrant exercise \u2014 22 Proceeds from the February 2021 Offering \u2014 886 Issuance cost of common stock \u2014 (29) Proceeds from non-recourse asset-backed debt 9,160 7,782 Principal payments on non-recourse asset-backed debt (8,179) (2,837) Proceeds from other secured borrowings 114 151 Principal payments on other secured borrowings (121) (138) Payment of loan origination fees and debt issuance costs (24) (9) Net cash provided by financing activities 956 6,673 NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 501 337 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 Beginning of period 2,578 1,506 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 End of period $ 3,079 $ 1,843 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION \u2013 Cash paid during the period for interest $ 248 $ 57 DISCLOSURES OF NONCASH ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 13 $ 9 Issuance of common stock in extinguishment of warrant liabilities $ \u2014 $ (35) RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 1,327 $ 1,359 Restricted cash 1,752 484 Cash, cash equivalents, and restricted cash $ 3,079 $ 1,843" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b57", + "block_sequence": 57, + "block_sha256": "953c55516416549b0e9a6b492e29218d9b88cc89c04a6d1681e1de96c48d6d35", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 57, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "914fa2a5540ae5d9514a2a6883ebbf58e0489da9c3389b67a19280e54743cc6f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "q32022formxex992sharehol027.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b58", + "block_sequence": 58, + "block_sha256": "12064c8010f291fcb9991c63406ef0d75e65e6817f65e179a6447b7af20787ba", + "block_type": "paragraph", + "char_count": 3251, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 58, + "char_end": 3251, + "char_start": 0, + "fragment_sha256": "07f28e0d9abffc030f68fef9ed7384782cc874c8813e7a5200153f5987745a04", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "27 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT, CONTRIBUTION (LOSS) PROFIT AND CONTRIBUTION (LOSS) PROFIT AFTER INTEREST TO OUR GROSS (LOSS) PROFIT (Unaudited) Three Months Ended Nine Months Ended September 30, (in millions, except percentages and homes sold, or as noted) September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 2022 2021 Gross (loss) profit (GAAP) $ (425) $ 486 $ 535 $ 272 $ 202 $ 596 $ 458 Gross Margin (12.6) % 11.6 % 10.4 % 7.1 % 8.9 % 4.7 % 10.9 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f(1)(2) 573 82 8 24 31 620 32 Inventory valuation adjustment \u2013 Prior Periods\u034f(1)(3) (38) (12) (31) (17) \u2014 (38) \u2014 Adjusted Gross Profit $ 110 $ 556 $ 512 $ 279 $ 233 $ 1,178 $ 490 Adjusted Gross Margin 3.3 % 13.2 % 9.9 % 7.3 % 10.3 % 9.3 % 11.7 % Adjustments: Direct selling costs(4) (100) (100) (136) (99) (52) (336) (96) Holding costs on sales \u2013 Current Period\u034f(5)(6) (14) (11) (16) (12) (7) (73) (19) Holding costs on sales \u2013 Prior Periods\u034f(5)(7) (18) (23) (28) (16) (5) (37) (2) Contribution (Loss) Profit $ (22) $ 422 $ 332 $ 152 $ 169 $ 732 $ 373 Homes sold in period 8,520 10,482 12,669 9,794 5,988 31,671 11,931 Contribution (Loss) Profit per Home Sold (in thousands) $ (3) $ 40 $ 26 $ 16 $ 28 $ 23 $ 31 Contribution Margin (0.7) % 10.1 % 6.4 % 4.0 % 7.5 % 5.8 % 8.9 % Adjustments: Interest on homes sold \u2013 Current Period\u034f(8)(9) (16) (12) (16) (12) (6) (74) (17) Interest on homes sold \u2013 Prior Periods\u034f(8)(10) (18) (21) (26) (13) (4) (35) (1) Contribution (Loss) Profit After Interest $ (56) $ 389 $ 290 $ 127 $ 159 $ 623 $ 355 Contribution Margin After Interest (1.7) % 9.3 % 5.6 % 3.3 % 7.0 % 4.9 % 8.5 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented. (8) This does not include interest on mezzanine term debt facilities or other indebtedness. (9) Represents the interest expense under our asset-backed senior debt facilities incurred during the period presented on homes sold in the period presented. (10) Represents the interest expense under our asset-backed senior debt facilities incurred during prior periods on homes sold in the period presented." + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b59", + "block_sequence": 59, + "block_sha256": "20618b6a2a88d77aaf4bc7d407c732b3f45bcf062bd294d9d962b52288d828e8", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 59, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "abeeab3a3317643065e4e1dfb3082dc086c5cb05af67fdfcabff6f29810db67b", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "q32022formxex992sharehol028.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b60", + "block_sequence": 60, + "block_sha256": "31ab5b46f081307917241806b03ae68390754d008f595312ebef59aeb0618c00", + "block_type": "paragraph", + "char_count": 2980, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 60, + "char_end": 2980, + "char_start": 0, + "fragment_sha256": "85b2528a57de28b88479c161ab270bac2b1b9381c988564b6062710cfd090ad9", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": "28 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED NET (LOSS) INCOME AND ADJUSTED EBITDA TO OUR NET (LOSS) INCOME (Unaudited) Three Months Ended Nine Months Ended September 30, (in millions, except percentages) September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 2022 2021 Net (loss) income (GAAP) $ (928) $ (54) $ 28 $ (191) $ (57) $ (954) $ (471) Adjustments: Stock-based compensation 52 59 67 71 62 178 465 Equity securities fair value adjustment(1) 11 3 22 16 (51) 36 (51) Warrant fair value adjustment\u034f(1) \u2014 \u2014 \u2014 \u2014 (3) \u2014 (12) Intangibles amortization expense(2) 2 3 2 2 1 7 2 Inventory valuation adjustment \u2013 Current Period\u034f(3)(4) 573 82 8 24 31 620 32 Inventory valuation adjustment \u2014 Prior Periods\u034f(3)(5) (38) (12) (31) (17) \u2014 (38) \u2014 Gain on lease termination \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (5) Payroll tax on initial RSU release \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 5 Legal contingency accrual and related expenses \u2014 42 3 14 \u2014 45 \u2014 Other(6) \u2014 (1) \u2014 1 (1) (1) (1) Adjusted Net (Loss) Income $ (328) $ 122 $ 99 $ (80) $ (18) $ (107) $ (36) Adjustments: Depreciation and amortization, excluding amortization of intangibles and right of use assets 8 12 9 9 8 29 24 Property financing(7) 102 76 58 62 38 236 57 Other interest expense(8) 13 13 10 10 6 36 14 Interest income(9) (7) (6) \u2014 (1) \u2014 (13) (2) Income tax expense 1 1 \u2014 \u2014 1 2 1 Adjusted EBITDA $ (211) $ 218 $ 176 $ 0.4 $ 35 $ 183 $ 58 Adjusted EBITDA Margin (6.3) % 5.2 % 3.4 % \u2014 % 1.5 % 1.4 % 1.4 % (1) Represents the gains and losses on our financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Includes primarily gain or loss on interest rate lock commitments, gain or loss on the sale of available for sale securities, sublease income, and income from equity method investments. (7) Includes interest expense on our non-recourse asset-backed debt facilities. (8) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset- backed debt facilities, interest expense related to the 2026 convertible senior notes outstanding, and interest expense on other secured borrowings. 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MLS Clearance Rate is defined as the number of daily contracts that enter pending status on the Multiple Listing Service (i.e. market listings), filtered for Opendoor\u2019s markets and buybox, divided by the number of active listings on the Multiple Listing Service, filtered for the same markets and buybox. Trailing 7-Day MLS Clearance Rate1 MLS Data Filtered to Opendoor Markets and Buybox Trailing 7-Day MLS Contracts MLS Data Filtered to Opendoor Markets and Buybox Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2130" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b65", + "block_sequence": 65, + "block_sha256": "77422c2f7384cd72187ee215571e9f1395e3ee3daab1120387151c3e0618c1bb", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", + "block_sequence": 65, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "be87fd781d792a8b7bdf943edd449e1373fed27c0f585657412b6cde0f9de7b6", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", + "table": null, + "text": 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["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#p1", "passage_kind": "narrative", "passage_sequence": 1, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex992sharehol.htm", "table_id": null, "text": "Document generated by Workiva Inc q32022formxex992sharehol\n\nLetter to Shareholders 3Q22 The Abernathy Family Valdosta, Georgia Exhibit 99.2\n\nDear Shareholders, Much has changed around us, including an interest rate change not seen in forty years, sharply declining home prices and transaction velocity, and a backdrop of macro volatility across many sectors. What hasn’t changed through this storm is our conviction that the current process of buying and selling real estate is broken, and that we will be the category winner by enabling a seamless way to buy, sell, and move with just a mobile device. Navigating a once-in-forty-years market transition has been anything but easy. It has required us to operate with urgency and discipline to manage risk and overall inventory health at the expense of margins. Despite the challenges, we’ve been able to increase the resale velocity of our existing inventory and have significantly increased spreads on new acquisitions. These actions ensure we are prioritizing sell-through to improve the health of our inventory on a resale basis, and that our post-Q2 acquisition cohorts are positioned to perform inline with our contribution margin targets. Most importantly, we believe we are well-capitalized with the balance sheet to navigate this rapid market transition. Against this backdrop, we are pulling forward our roadmap with the launch of our marketplace, Exclusives, which connects buyers and sellers of a home. Since our first funding round, we have envisioned Opendoor as the central transaction layer, built first by owning and transacting inventory ourselves, with a plan to launch a marketplace once we’ve built a supply and demand network of customers transacting directly with Opendoor. A few quarters ago, we began building those pathways with Exclusives Listings, an e-commerce-like experience to buy an Opendoor home directly from us, pre-market and completely streamlined. Today, more than 20% of our homes listed on Exclusives go into contract within 14 days, demonstrating the strong momentum we’re driving with our direct buyer base. Furthermore, for the past four years, we’ve been onboarding many of the largest real estate investors to our platform. This year, this direct institutional buyer pool has purchased more than 10% of our homes, including over 1,800 homes where we had a contract to resell before we closed with our sellers. This gives us the unique opportunity to instantly match hundreds of thousands of our sellers with our growing buyer network 2 A Note from Eric Our Mission Powering life’s progress, one move at a time"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b10", "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b12"], "char_count": 1594, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "97b3a2f7dca2a65bdf089f3694940311aa693c2f61cc794294fcfe20230fddca", "derivation_id": "9da8ee889c55b55bc0615aedc3c13a7c3496207b3850068345c8586f382ec2a2", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "block_sequence": 10, "char_end": 696, "char_start": 0, "fragment_sha256": "9462854cfe5d656cae3724b746eca4195aef105e618a5bfe022847f13b52f416", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "block_sequence": 12, "char_end": 896, "char_start": 0, "fragment_sha256": "1c29150ea6f41a2cd4271d7be737c7b665597a61cd83ed3d4f2f59ce1755217e", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#p2", "passage_kind": "narrative", "passage_sequence": 2, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex992sharehol.htm", "table_id": null, "text": "and robust real estate investor base, leveraging our platform to seamlessly transact. While no one wishes for a housing downturn, this moment has us moving aggressively towards our vision for the future, which is a trusted marketplace enabling transactions directly between buyers and sellers. This is a crucible moment. Companies without the conviction, perseverance, and capital will not be able to weather the storm. Those that can navigate this moment successfully will emerge as generational companies, gaining market share and building and inventing the future platforms on which we will operate. We intend on building that generational company. Eric Wu, Co-Founder & CEO 3 A Note from Eric\n\n3Q22 ● Revenue of $3.4 billion, up 48% versus 3Q21; with 8,520 total homes sold, up 42% versus 3Q21 ● Gross (loss) profit of $(425) million, which reflects an inventory valuation adjustment of $573 million, versus $202 million in 3Q21; gross margin of (12.6)%, versus 8.9% in 3Q21 ● Net loss of $(928) million, versus $(57) million in 3Q21 ● Adjusted Net Loss of $(328) million, versus $(18) million in 3Q21 ● Contribution (Loss) Profit of $(22) million, versus $169 million in 3Q21; Contribution Margin of (0.7)%, versus 7.5% in 3Q21 ● Adjusted EBITDA of $(211) million, versus $35 million in 3Q21; Adjusted EBITDA Margin of (6.3)%, versus 1.5% in 3Q21 ● Inventory balance of 16,873 homes, representing $6.1 billion in value, down 3% versus 3Q21 ● Purchased 8,380 homes, down 45% versus 3Q21 ● Ended the quarter with 2,259 homes under contract for purchase, down 64% versus 3Q21 Key Highlights 4"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b14"], "char_count": 2004, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5864d5818350b34e48772732ca2555a2ef2ebe534a9df50663061976baa498df", "derivation_id": "9da8ee889c55b55bc0615aedc3c13a7c3496207b3850068345c8586f382ec2a2", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "block_sequence": 14, "char_end": 2004, "char_start": 0, "fragment_sha256": "fc865ce6e2f7063d61a5a3f06bb60221e9c40579acccba26f7bc1c8b1800153b", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex992sharehol.htm", "table_id": null, "text": "5 Courtney Dent Pflugerville, Texas When Courtney Dent started looking for a new home outside of Austin, Texas, she quickly realized that this search was going to be a daunting task. In Pflugerville, there were many obstacles in her way: low inventory, tough competition from cash bidders, and a dramatic increase in home prices since her last purchase a few years prior. Having sold her home previously to Opendoor while going through a divorce, Courtney decided to try her luck with Opendoor again, and that’s when she discovered Opendoor Exclusives. Courtney's main priority was staying in the neighborhood that they loved so much in order to maintain a sense of familiarity for her daughter, Dayla, who was about to start middle school. As luck would have it, Courtney’s friend spotted a home for sale right by their walking trail with an Opendoor Exclusives sign in the yard, and she texted Courtney immediately. Courtney was under contract that very same day. She still remembers the joy of picking up Dayla from school that afternoon and taking her to the new house. In her words, “it was great to be able to say, ‘Mom’s still got you. We're going to make this work.’ It meant a lot that I was able to secure the house.” Courtney couldn’t believe how quick and simple it was to go under contract on the home. She was able to avoid the stress of seller negotiations as all homes listed on Exclusives have a fixed, buy-it-now price. Furthermore, Courtney felt assured knowing that if the appraisal came back under the asking price, Opendoor would meet the price. At home in their new house in Pflugerville, Courtney expressed gratitude that she was able to stay in the community she loves so much, thanks to Opendoor Exclusives. She tells family and friends “what an amazing way it is to buy a home.” “Without Opendoor, I would have never been able to get this home. I'm so incredibly grateful and just overjoyed that I get to live in this house and in the neighborhood that I love.” - Courtney Dent"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b16"], "char_count": 2356, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "045023617f40348a45cf4c983919112ff4a7e70918e6ce8d5d147f9d7b3c586e", "derivation_id": "9da8ee889c55b55bc0615aedc3c13a7c3496207b3850068345c8586f382ec2a2", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "block_sequence": 16, "char_end": 2356, "char_start": 0, "fragment_sha256": "9eecb4231f439c223a5f560cec14630ae3fdc97d46bf9f16c9300d74ef122043", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex992sharehol.htm", "table_id": null, "text": "Two Core Product Offerings 1P product & 3P product 6 With heightened market uncertainty comes the opportunity to rethink and evolve the status quo. To that end, we are aligning the business around two core product offerings that we believe will drive our growth and profitability in this next chapter. We are aiming towards a future where both first-party (1P) and third-party (3P) sales take place exclusively on our platform, centering around our vision to enable a simple, certain, and fast transaction without the traditional process. Specifically, a first-party transaction is where we purchase the home directly from the seller and resell the home to a buyer, a third-party transaction is where we connect the seller with one of our buyers and facilitate the transaction without acting as a principal, and together, these two product offerings will leverage our centralized platform capabilities. 1P PRODUCT Given the highly volatile macro conditions, we are focused on four key areas for our 1P business: 1. Selling through existing inventory in a disciplined and expeditious way 2. Ensuring healthy new acquisition cohorts 3. Executing on operational changes to improve unit economics 4. Reducing our cost structure First, our top priority is to accelerate the resale of homes we made offers on before the housing market reset, also referred to as our “Q2 Offer Cohort”. As of the end of Q3, we had sold through or were in resale contract on over 40% of the Q2 Offer Cohort and expect to be at approximately 65% by year-end. While this will come at the expense of margin losses in the short-term, it will enable us to put these losses behind us as expeditiously as possible and proceed with what we believe will be a fresh, lower risk, and better-performing book of inventory. As such, we have accelerated our clearance rate (defined as the percentage of listed homes that go into contract per day) versus the market to more than double that of a quarter ago. We have also improved our buyer cancellation rate between contract and close of escrow by 20% versus Q2, while the market cancellation rate expanded by 13%. Second, we are focused on growing new acquisitions at spreads that enable positive contribution margins. For example, our projected Business Highlights % of Q2 Offer Cohort Expected to be Sold or in Resale Contract by Year-End ~65%"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b18"], "char_count": 2368, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c7c73201f8fc0e77143fb594876d1cac111a95041bfcf8f93ae3e59c9d807b00", "derivation_id": "9da8ee889c55b55bc0615aedc3c13a7c3496207b3850068345c8586f382ec2a2", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "block_sequence": 18, "char_end": 2368, "char_start": 0, "fragment_sha256": "60ead503f268c0ea204a83509f4a97ba96076cbe135c9e557fbd1603ef938a69", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex992sharehol.htm", "table_id": null, "text": "contribution margin for homes offered on in July, August, and September is within our annual target range of 4 to 6%. We are confident in the health of our new acquisition cohorts and expect to deliver contribution margins commensurate with our targets on homes that we made offers on post the market reset. Third, we are executing on operational and platform changes designed to increase our resale volumes and reduce inventory hold times longer term. An example of this is that we have reduced the time needed to repair and prepare the home for listing from an average of 23 days in Q1 to 15 days in Q3. This was enabled in part by the 70% year-over-year increase in our renovation productivity (as measured by renovation spend per day, per home project manager), which also gives us the added flexibility to tailor repairs and renovations to market conditions. This, alongside dozens of operational improvements, is designed to enable us to increase our transaction velocity against macro headwinds. Last, we are significantly reducing our costs. In light of ongoing market uncertainty and our risk-off stance, we have scaled back our operational capacity on a run-rate basis by approximately 25% versus Q2, and have reduced marketing spend by over 40%. Furthermore, we announced yesterday that we are reducing our workforce by approximately 18% across all business functions. Ultimately, the combination of a product that customers love and need, the ability to increase spreads to ensure sustainable margins, and our strong balance sheet positions us to not only weather this market transition but thrive as the market recovers. 3P PRODUCT When we look forward ten years, we envision that buying and selling a home will almost certainly be similar to or the same as booking a flight, buying a car, or hailing a ride. Consumers will be able to transact directly with each other on a managed marketplace powered by a company that ensures trust, certainty, ease, and quality. There will be no unnecessary costs, delays, or multiple counterparties to manage, and there will be transparency, speed, and control over the entire process. Today, we are officially launching that marketplace in Dallas-Fort Worth and Austin, under the brand umbrella of Opendoor Exclusives. 7 YoY Renovation Productivity Improvement 3P Product - Opendoor Exclusives Business Highlights 70%"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b20"], "char_count": 2589, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1d8d157066bf1419f93e0cd0d58e5183c254b68c26ff4f86b930a69123600b65", "derivation_id": "9da8ee889c55b55bc0615aedc3c13a7c3496207b3850068345c8586f382ec2a2", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "block_sequence": 20, "char_end": 2589, "char_start": 0, "fragment_sha256": "5ec22b007a2c20f4445ba8c1efbbdbf6dae01e90f7ce76d32af62718427feb39", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex992sharehol.htm", "table_id": null, "text": "Now our sellers can connect directly with our buyers to transact without the hassle and complexity of a traditional listing. Earlier this year, we announced the launch of the buy side of the marketplace, our e-commerce experience to directly buy an Opendoor-owned home - and we are now opening up this platform to our home sellers. What underpins our conviction is years of being one of the largest buyers and sellers of homes and the capabilities that we’ve built, which enable us to bring together hundreds of thousands of our home sellers with unique homes and our growing base of home buyers. For home buyers, we are building the experience they deserve, and what we believe as a far better way to help future homeowners accomplish their goals. Each of our homes comes with transparent, buy-it-now pricing and an Appraisal Price Match Guarantee, meaning if the home appraises for less, we’ll bridge the gap for buyers up to $50,000. On top of that, we are able to provide significant savings on every home. We believe these features dramatically simplify the process, give buyers more confidence around paying the right price, and make purchasing more affordable. For home sellers, we’re aiming to make the sales experience just as easy as selling to Opendoor. Homeowners can request an offer from our network of buyers, on top of an Opendoor offer, and sell in minutes without the need for repairs, extensive home prep, or months of open houses or listings. The experience end-to-end is designed to put home sellers in control, with no upfront commitment, flexibility to close early, and certainty of close. Outside of significantly improving the consumer experience over a traditional listing, we believe this marketplace will reduce our inventory exposure, capital intensity, and macro risk. It will also expand our target audience from sellers within our buybox that will accept our price to all sellers who are looking for a better alternative than what exists today. Furthermore, it will give buyers and investors a differentiated reason to shop with Opendoor, which is our access to thousands of unique homes that can be easily purchased directly. In terms of business goals, we are charging a 5% service fee for each third-party transaction, in addition to monetizing services, such as our captive title and escrow. Given the early traction we’ve seen with both buyers and investors, we aim to have over 30% of total transactions via our Exclusives marketplace by the end of 2023. We believe this will 8 % of Exclusives Homes in Contract Within 14 days Business Highlights >20%"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b22", "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b24"], "char_count": 3219, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "3337bc2b9b1bf4984f24b883cd247023070784073b9d8c8eb1956d3659626823", "derivation_id": "9da8ee889c55b55bc0615aedc3c13a7c3496207b3850068345c8586f382ec2a2", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "block_sequence": 22, "char_end": 641, "char_start": 0, "fragment_sha256": "126c82bfaf96fbdf0b0fe37751e9bd49f2e61a03a30f2aa69b33d9d83bf524a3", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "block_sequence": 24, "char_end": 2576, "char_start": 0, "fragment_sha256": "01ca13bb93917d22bf84aa58487c6e08165660a6e6e368e1692b03af4571fb00", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex992sharehol.htm", "table_id": null, "text": "not only contribute meaningful unit margins and flow through to the bottom line but enable us to grow rapidly and capital-efficiently for years to come. In summary, we have built a 1P transaction platform that can process significant volume and deliver a level of experience unmatched by others. We will continue to drive scale through our 1P product and position the new book of inventory we’re building to perform in line with our target margins. We will also accelerate the trajectory of our 3P marketplace business, leveraging the capabilities and advantages that we have built and refined over the past nine years. 9 Business Highlights\n\nOur financial results reflect our actions to navigate the impact of the once-in-forty-years rate move on US housing. We took a series of actions in the second quarter to manage risk and overall inventory health, including driving expedient inventory sell-through, reducing acquisition pace, and widening acquisition spreads, which we continued to execute against in the third quarter. In addition, we are actively reducing our overall cost structure in this environment. The decisions that we made in Q2 are resulting in lower contribution margins in the second half. We think it is important to keep in mind that we have guided to a 4 to 6% annual contribution margin target since we went public. For fiscal 2022, based on our Q4 guidance, we expect to generate over $530 million in Contribution Profit1, or 3.5% Contribution Margin, despite the uncertain macro environment. Based on the actions we’re taking, we expect to emerge from the current market transition as an even more agile and resilient business. GROWTH In the third quarter, we exceeded the high end of our revenue guidance by nearly 30% and delivered $3.4 billion of revenue, representing 48% growth year-over-year. In light of the seasonal slowdown that typically occurs at year-end, we made the decision to accelerate the pace of sell-through in Q3 and further manage our balance sheet risk via price reductions across our existing inventory. We sold 8,520 homes in the quarter, while resale contracts were essentially flat in Q2 and Q3 at approximately 13,000 per quarter, reflecting our focus on selling inventory before the annual seasonal slowdown in Q4. Revenue per home sold was up 4% as compared to the same period last year. As a reminder, spreads charged at the time of offers made from March to June 2022 were lower than where spreads were by the 10 Financial Highlights 3Q22 Revenue $3.4 billion Key Objectives for 2H22 Risk management and inventory health 3Q22 Homes Sold 8,520 3Q21 4Q21 1Q22 2Q22 3Q22 9,020 5,988 9,794 12,669 8,520 10,482 1.Opendoor has not provided a quantitative reconciliation of forecasted Contribution Profit to forecasted GAAP gross profit within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment, which could materially affect the computation of forward-looking GAAP gross profit (loss), is inherently uncertain and depends on various factors, some of which are outside of the Company’s control."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b26"], "char_count": 2371, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1f61f2a985ddd7ddb85869fe8a4c4dea934a35129d649f15d30221891c566228", "derivation_id": "9da8ee889c55b55bc0615aedc3c13a7c3496207b3850068345c8586f382ec2a2", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "block_sequence": 26, "char_end": 2371, "char_start": 0, "fragment_sha256": "6970af09ca769294f2b692b378ac54d9f3a796a03a894a36bd5f06d12ecd65e6", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex992sharehol.htm", "table_id": null, "text": "time we closed on those homes in Q2 and Q3 given the sharp change in forecasted home prices. We refer to those homes priced before the housing market reset as the “Q2 Offer Cohort”. Notwithstanding the change in spreads, we made the decision to stand by our customer commitments. This was not a decision that we made lightly but one enabled by our strong capital position that we believe will benefit our brand long-term. Given our risk management priorities amidst market uncertainty, we intentionally slowed our pace of acquisitions via higher spreads embedded in our acquisition offers and significantly lower marketing spend. As a result, we closed on 8,380 homes, down 45% year-over-year and 41% from the previous quarter. More significantly, we reduced our acquisition contract pace in Q3 by 73% quarter-on-quarter. While we are managing inventory risk during a period of uncertainty, one of the structural advantages of our business is that we can adjust spreads rapidly based on changing market conditions to deliver on margin targets. In the current environment, we are being disciplined and continuing to operate with high spreads to account for expected home price depreciation and market uncertainty. UNIT ECONOMICS GAAP gross profit was $(425) million and (12.6)% of revenue in 3Q22, versus $202 million and 8.9% of revenue in 3Q21. Adjusted gross profit was $110 million and 3.3% of revenue in 3Q22, versus $233 million and 10.3% of revenue in 3Q21. Contribution Profit was $(22) million in the quarter, versus $169 million in 3Q21. Contribution Margin was (0.7)% versus 7.5% in 3Q21. Our unit margins reflected the impact of pricing actions taken in Q2 and Q3, much of which will persist into Q4. We implemented price drops across our inventory to be in line with the market, which drove higher sell-through and lower margins on our resales. In addition to the flow-through from lower gross profit margins, selling costs as a percentage of revenue increased sequentially this quarter primarily as a result of agent commission bonuses for homes that closed in the quarter. These incentives enabled us to pull forward additional clearance of homes that would have otherwise been realized in Q4 and further reduce our inventory balance. 11 Financial Highlights ($ in millions) 3Q21 4Q21 1Q22 2Q22 3Q22 3Q22 Homes Acquired 8,380 15,181 9,639 9,020 8,380 14,135"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b28"], "char_count": 2092, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c18037199d5ea3ee36bbecaa79a1a203389d25f952d906ec490d47e5cbc906d7", "derivation_id": "9da8ee889c55b55bc0615aedc3c13a7c3496207b3850068345c8586f382ec2a2", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "block_sequence": 28, "char_end": 2092, "char_start": 0, "fragment_sha256": "544fd28f44cebf2b25be6d60a40f139e275f28248f89cee40ad5e7a73d089e26", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex992sharehol.htm", "table_id": null, "text": "NET INCOME AND ADJUSTED EBITDA GAAP Net Loss was $(928) million in 3Q22 versus $(57) million in 3Q21. Adjusted Net Loss was $(328) million in 3Q22, versus $(18) million in 3Q21. The primary difference between this metric and GAAP Net Loss this quarter was driven by inventory valuation adjustments of $573 million on homes in inventory as of the end of Q3. This adjustment is based on forward projections that embed assumptions about future market conditions including additional downside to continued home price depreciation, transaction volume declines and lower clearance rates. We believe that we have taken a conservative forward view to reset expectations on our existing book. As homes with losses are sold, this valuation adjustment will unwind in future quarters alongside homes that we expect will generate realized gains. We manage a large, diversified portfolio business, not dissimilar to an equity portfolio, where we realize gains and losses on homes each quarter. Adjusted Net Income or Loss reflects the earnings from realized gains and losses on the homes sold in a particular period. The inventory valuation adjustment reflects the expected losses (inclusive of $142 million of expected selling costs) on the homes in inventory as of the end of Q3, without taking into account the offset of any gains expected to be realized. This is akin to looking at equity portfolio performance based only on unrealized losses, exclusive of any unrealized gains. Hence, Adjusted Net Loss is the most appropriate metric to judge realized portfolio results as it isolates the operating performance of our business from changes in home inventory and represents earnings on the homes sold in a particular quarter including both realized gains and losses. Adjusted EBITDA was $(211) million in 3Q22 compared to $35 million in 3Q21. As a percentage of revenue, Adjusted EBITDA was (6.3)% in 3Q22 versus 1.5% in 3Q21. Adjusted EBITDA came in below our guidance of $(175) million because we decided to accelerate inventory sell-through which resulted in lower unit margins. Financial Highlights"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b30"], "char_count": 2668, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a37d42a7c498b894fdda50286a083ef7c5538b6fcabb87b6272d5ad59f10f975", "derivation_id": "9da8ee889c55b55bc0615aedc3c13a7c3496207b3850068345c8586f382ec2a2", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "block_sequence": 30, "char_end": 2668, "char_start": 0, "fragment_sha256": "8c7178a4a9ce5b9ad9b779261ad38e02fb1fb21e70a47e7edfd574cab4803e53", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex992sharehol.htm", "table_id": null, "text": "INVENTORY We ended Q3 with 16,873 homes in inventory on our balance sheet, representing $6.1 billion in value. As of September 30, 2022, 21% of our homes were listed on the market for more than 120 days, compared to 15% of the homes in the overall market, adjusted for our buybox. The sequential increase versus Q2 reflects the current mix of our inventory portfolio, which is skewed to longer-dated homes given the substantial reduction in our acquisition pace. This inventory mix will in turn shift our resale mix near-term to longer-owned homes that generally yield lower margins. OTHER BALANCE SHEET ITEMS We believe our balance sheet and substantial capital position provide us the flexibility to manage for near-term inventory health and to make prudent, long-term oriented decisions. As of the end of the third quarter, we had $11.8 billion of borrowing capacity, of which $8.6 billion or over 70% was committed, meaning lenders are contractually obligated to fund subject to applicable terms and conditions. We have built our capital structure on having committed lending capacity from a diversified lender base with staggered rolling maturities, and we continue to extend our existing lending facilities. As an example, in October 2022, we closed an amendment to an existing facility and increased capacity from $750 million to $1 billion and extended the final maturity by 17 months with only a modest change in the cost of funds. Given that we knew that the Q2 Offer Cohort was going to have lower margins, we recently negotiated and closed two new dedicated financing facilities for lower margin, longer-duration homes with two of our existing lenders with borrowing capacity of over $700 million. These facilities will give us the flexibility to optimize how and when we sell the Q2 Offer Cohort homes, while allowing us to maintain more consistent performance in our other financing facilities. We ended the third quarter with $1.5 billion in unrestricted cash, cash equivalents, and marketable securities. In addition, we have approximately $1.5 billion of equity invested in our homes, comprised of $349 million in unlevered homes and $1.1 billion in homes financed in our property facilities. We are currently in the process of financing the unlevered homes that were temporarily funded with 100% equity under our new Q2 Offer Cohort lending facilities which will release additional unrestricted cash. Financial Highlights 3Q22 Borrowing Capacity $11.8 billion 3Q22 Cash, Cash Equivalents, and Marketable Securities $1.5 billion 3Q22 Equity Invested in Homes $1.5 billion 3Q22 Resale Revenue Mix Based on Days of Ownership 43% 3Q21 3Q22 57% 17% 83% 13"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b32"], "char_count": 2461, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "4c6e67c7e8d8ea880a0ce051d1f945ca0272c97c6ba64431f0860b5bcfe4427d", "derivation_id": "9da8ee889c55b55bc0615aedc3c13a7c3496207b3850068345c8586f382ec2a2", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "block_sequence": 32, "char_end": 2461, "char_start": 0, "fragment_sha256": "f74cfef889e0b1c73b41a2cf6af505741e4c5a62123dffdedb8dd34aff96f4f2", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#p11", "passage_kind": "narrative", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex992sharehol.htm", "table_id": null, "text": "Amidst the current operating environment, it’s worth highlighting not only the size of our capital position but the mechanics of our asset-based financing facilities, which provide resilience during market downturns. Our facilities do not have mark-to-market provisions or margin call features, and we generally do not bear refinancing risk on our current portfolio as the expected liquidation timeline tends to be significantly shorter than the duration of our financing. Availability of financing and cost are known at the time we enter into an acquisition contract on a home. At the parent level, we have limited financial maintenance covenants, such as minimum liquidity and tangible net worth. We have substantial cushion relative to where these covenant levels are set today. Advance rates are set on the initial funding date for a given property based on the lower of our cost basis and a third-party valuation (typically a broker price opinion). Advance rates range from 70% to 90% against our cost basis on our senior facilities and 95% to 100% on our mezzanine facilities. There is typically a step-down in advance rates for properties held greater than six months of about 5% for each additional month. We believe that our financing structure, combined with our strong cash balance, provides us with the financial flexibility to support our inventory and navigate this period of macro transition. HOUSING MACRO The residential real estate market continues to be dominated by concerns of elevated inflation, rising rates, and increasing probability of recession. In response to persistent inflationary pressures, the Fed has implemented four 75-basis point hikes in target rates since June 2022, marking the most aggressive response by the Fed since the early 1980s. These actions have pushed long-term rates higher with mortgage rates following suit. Thirty-year fixed mortgage rates reached a decade-high average level of 5.6% in the third quarter, relative to an average rate of 3.8% as of Q1 of this year. Mortgage rates have continued their rise since then, reaching over 7% in late October - a level last seen in the early 2000s. The ensuing decline in housing affordability has driven a significant pullback in home buyer demand, which precipitated a slowdown in both transaction velocity and home price appreciation (HPA) from Financial Highlights 3Q21 4Q21 1Q22 2Q22 3Q22 3Q22 Avg. 30-Year Fixed Mortgage Rate 5.6% 2.9% 3.1% 3.8% 5.6% 5.3% 14"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b34"], "char_count": 2693, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6f12e2100621d2e5fb866a993fdc9bc907d4693afa9197edc1eef51e3c1b9a0f", "derivation_id": "9da8ee889c55b55bc0615aedc3c13a7c3496207b3850068345c8586f382ec2a2", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "block_sequence": 34, "char_end": 2693, "char_start": 0, "fragment_sha256": "05bd0baeee682cedb93c464db58b6fac11788371a41080c8e8b93df28d82735f", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex992sharehol.htm", "table_id": null, "text": "close-to-record highs observed as recently as May of this year. While we had long anticipated a slowdown in the housing market from peak levels, the speed of adjustment realized earlier this year was much faster than expected and sharper than typical seasonal trends. Transaction volumes as of the end of Q3 were down 23% versus the year prior2 with most of the decline taking place since April of this year3. That said, transaction volumes as of the end of Q3 are consistent with 2014 levels, with 2021, in particular, being an outlier compared to recent history. While housing inventories remain at close to all-time lows4, declining volumes have reduced the rate of market clearance, defined as the percentage of listed homes that go into contract per day. Within the markets where Opendoor operates, clearance rates were pacing at near all-time highs in April of this year but have since declined to 2019 levels into what is normally a slower clearance period given housing market seasonality (see chart in the Appendix). These volume declines have resulted in weaker price dynamics. As we mentioned in our 2Q22 shareholder letter, we typically observe a gradual decline in month-over-month HPA to zero or slightly negative in the back half of the year given housing seasonality. In contrast, the speed with which it got there this year from peak levels early in Q2 was faster than our expectation and sharper than typical seasonal home price declines. For example, we saw one-month HPA (non-seasonally adjusted, weighted by Opendoor’s markets) move from approximately 300 basis points per month in early May to negative 100 basis points in mid July. We have continued to observe a flattening of the month-over-month change in HPA at negative 100 to 150 bps per month since July (see chart in the Appendix). Looking ahead, the housing market will continue to be impacted by the path of inflation and whether the Fed decides to enact rate increases that are larger or longer than what is currently priced into future rate curves. In light of this ongoing macro uncertainty, we will continue to operate the 1P business with a “risk-off” bias. 15 Financial Highlights 2. Monthly SAAR numbers for single-family existing home transactions are from NAR. September 2021 SAAR volumes were 5.48 million homes compared to 4.22 homes for September 2022. 3. The reading for April 2022 was 4.98 million homes, for a decline of approximately 15% from April to September 2022. 4. Inventory for single-family existing homes per NAR data for September 2022 was reported at 1.11 million homes, lower than any September of any other year since 1982, except for 2021, where the reading was 1.09 million homes."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b36"], "char_count": 2601, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d759c8c14c4662df866e2774d847ac778b0152afd408c88e14b934333e1d4a11", "derivation_id": "9da8ee889c55b55bc0615aedc3c13a7c3496207b3850068345c8586f382ec2a2", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "block_sequence": 36, "char_end": 2601, "char_start": 0, "fragment_sha256": "65f86111abdaa1b6f8af8d8c0b5b79d2a7d440dd3e9c47bdfcce96e464ecc070", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#p13", "passage_kind": "narrative", "passage_sequence": 13, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex992sharehol.htm", "table_id": null, "text": "GUIDANCE We expect the following results for the fourth quarter of 2022: ● Revenue is expected to be between $2.3 and $2.5 billion. ● Adjusted EBITDA5 is expected to be between $(355) and $(335) million. ● Stock-based compensation is expected to be in the range of $55 to $60 million. We expect to have sold or have under resale contract approximately 65% of the Q2 Offer Cohort by year-end. Contribution margins will reflect our resale mix of longer-dated, lower margin homes. While newly acquired homes are performing in line with target expectations, our new book of inventory will be of insufficient scale to offset the negative margin profile of the Q2 Offer Cohort given our current acquisition volume pacing. In addition to this resale mix profile, we expect to see typical seasonal softness in the fourth quarter as we do every year, which marks annual lows for resale activity and margins as buyer demand wanes in November and December. In addition to our unit margin outlook, our Adjusted EBITDA guide reflects our current cost structure relative to the scale we’re currently operating at. Given reduced volume pacing, we have taken various actions to drive down our costs, including the workforce reduction we announced yesterday. We expect to incur a one-time charge of approximately $15 million in Q4 related to post-employment benefits to support the teammates who are impacted by the reduction. In summary, while we’re fortunate to be in a strong financial position, the current macro environment remains volatile and will require us to be highly responsive to market dynamics and to operate with tremendous discipline. The actions we’re taking are reflective of our commitment to returning the business to operating free cash flow positive and building a profitable, generational company. 16 Financial Highlights 5. Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. 4Q22 Adjusted EBITDA5 Guidance ($355) to ($335) million 4Q22 Revenue Guidance $2.3 to $2.5 billion FY22 Contribution Profit Based on 4Q22 Guidance $530+ million"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b38", "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b40", "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b42", "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b44"], "char_count": 3513, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8546966abbe15a554d4f938dce2ab865d1badf482f59132916a64233377c58c9", "derivation_id": "9da8ee889c55b55bc0615aedc3c13a7c3496207b3850068345c8586f382ec2a2", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "block_sequence": 38, "char_end": 487, "char_start": 0, "fragment_sha256": "60c6365e1a8b4b4104afcc525068d14727940e7683c7739544d4430673b9f702", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "block_sequence": 40, "char_end": 68, "char_start": 0, "fragment_sha256": "0d282019ef61000a7027912ef8d266468d6f6037dac282ae0f5b619033dcffbb", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "block_sequence": 42, "char_end": 33, "char_start": 0, "fragment_sha256": "c1e7c881ca6ca0cef5d7ede78dbc5dae7dc024ef1a738796f6ff5d3fcab4ec48", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "block_sequence": 44, "char_end": 2919, "char_start": 0, "fragment_sha256": "18a00ca035baf39f93e87bcf0dbf370f76ccb60576acb46fb9d08e37c2f1792f", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#p14", "passage_kind": "narrative", "passage_sequence": 14, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex992sharehol.htm", "table_id": null, "text": "17Raleigh-Durham, NC Eric Wu, Co-Founder & CEO Carrie Wheeler, CFO CONFERENCE CALL INFORMATION Opendoor will host a conference call to discuss its financial results on November 3, 2022 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. November 4, 2022 at 2 p.m. PT investor.opendoor.com LIVE WEBCAST\n\n/ OpendoorHQ / Opendoor Company / Opendoor-com investor.opendoor.com\n\n19 Definitions & Financial Tables\n\nThis shareholder letter contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our financial condition, anticipated financial performance, business strategy and plans, market opportunity and expansion and objectives of management for future operations. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “intend”, “may”, “might”, “opportunity”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “will”, or “would”, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward- looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this shareholder letter, including but not limited to our public securities’ potential liquidity and trading; our ability to raise financing in the future; our success in retaining or recruiting, or changes required in, our officers, key employees or directors; the impact of the regulatory environment and complexities with compliance related to such environment; various factors relating to our business, operations and financial performance, including, but not limited to, the impact of the COVID-19 pandemic on our ability to grow market share; our ability to respond to general economic conditions, and the health of the U.S. residential real estate industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \"Risk Factors\" in our annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2022, and our other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 20 Forward-Looking Statements"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b46"], "char_count": 3730, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "590ea745db096733b843a1d1caaf6f2bab31b738192dc0c69a64d1379ff2d018", "derivation_id": "9da8ee889c55b55bc0615aedc3c13a7c3496207b3850068345c8586f382ec2a2", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "block_sequence": 46, "char_end": 3730, "char_start": 0, "fragment_sha256": "c28573a9271d50a3862831ab2ee0666b196f08197476e8a6c1f14677cfe38f2d", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#p15", "passage_kind": "narrative", "passage_sequence": 15, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex992sharehol.htm", "table_id": null, "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company’s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution (Loss) Profit, Contribution (Loss) Profit After Interest, Adjusted Net (Loss) Income, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non- GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results. Adjusted Gross Profit, Contribution (Loss) Profit and Contribution (Loss) Profit After Interest To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit, Contribution (Loss) Profit and Contribution (Loss) Profit After Interest, which are non-GAAP financial measures. We believe that Adjusted Gross Profit, Contribution (Loss) Profit and Contribution (Loss) Profit After Interest are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution (Loss) Profit provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Contribution (Loss) Profit After Interest further impacts gross (loss) profit by including senior interest costs attributable to homes sold during a reporting period. We believe these measures facilitate meaningful period over period comparisons and illustrate our ability to generate returns on assets sold after considering the costs directly related to the assets sold in a given period. Adjusted Gross Profit, Contribution (Loss) Profit and Contribution (Loss)Profit After Interest are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross (loss) profit. 21 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b48"], "char_count": 3166, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "181c67bf46ae67dde48fdc5ca71d898009cc847ba19664b1947e9f9f2bf1c136", "derivation_id": "9da8ee889c55b55bc0615aedc3c13a7c3496207b3850068345c8586f382ec2a2", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "block_sequence": 48, "char_end": 3166, "char_start": 0, "fragment_sha256": "8349b1d422b580b14a608d08f0bddc101dd1bc832adc5329efaea245209eed66", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#p16", "passage_kind": "narrative", "passage_sequence": 16, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex992sharehol.htm", "table_id": null, "text": "Adjusted Gross Profit / Margin We calculate Adjusted Gross Profit as gross (loss) profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution (Loss) Profit / Margin We calculate Contribution (Loss) Profit as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution (Loss) Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution (Loss) Profit helps management assess inflows and outflows directly associated with a specific resale cohort. Contribution (Loss) Profit / Margin After Interest We define Contribution (Loss) Profit After Interest as Contribution (Loss) Profit, minus interest expense under our non- recourse asset-backed senior debt facilities incurred on the homes sold during the period. This may include interest expense recorded in periods prior to the period in which the sale occurred. Our asset-backed senior debt facilities are secured by our real estate inventory and cash. In addition to our senior debt facilities, we use a mix of debt and equity capital to finance our inventory and that mix will vary over time. We expect to continue to evolve our cost of financing as we include other debt sources beyond mezzanine capital. As such, in order to allow more meaningful period over period comparisons that more accurately reflect our asset performance rather than our evolving financing choices, we do not include interest expense associated with our mezzanine term debt facilities in this calculation. Contribution Margin After Interest is Contribution (Loss) Profit After Interest as a percentage of revenue. We view this metric as an important measure of business performance. Contribution (Loss) Profit After Interest helps management assess Contribution Margin performance, per above, when burdened with the cost of senior financing. 22 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b50"], "char_count": 2770, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c71247151fc86fc4b41ee69e04445504ca2de3c80917e4d0c6872b5177a3faf2", "derivation_id": "9da8ee889c55b55bc0615aedc3c13a7c3496207b3850068345c8586f382ec2a2", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "block_sequence": 50, "char_end": 2770, "char_start": 0, "fragment_sha256": "de186a2805adc15380957c4e796b87ae090301862e3e5b73a9447604a9c059e7", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#p17", "passage_kind": "narrative", "passage_sequence": 17, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex992sharehol.htm", "table_id": null, "text": "23 Adjusted Net (Loss) Income and Adjusted EBITDA We also present Adjusted Net (Loss) Income and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non- recurring, non-cash, not directly related to our revenue-generating operations or not aligned to related revenue. Adjusted Net (Loss) Income and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss. We calculate Adjusted Net (Loss) Income as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, warrant fair value adjustment, and intangibles amortization expense. It also excludes non-recurring gain on lease termination, payroll tax on initial RSU release, and legal contingency accrual and related expenses. Adjusted Net (Loss) Income also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net (Loss) Income does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net (Loss) Income adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b52", "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b54"], "char_count": 2664, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1ca6b2763b6f9f068713a584e5b95a5e4e8854a5913a8c253e2510a107aacabc", "derivation_id": "9da8ee889c55b55bc0615aedc3c13a7c3496207b3850068345c8586f382ec2a2", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "block_sequence": 52, "char_end": 1122, "char_start": 0, "fragment_sha256": "a39cc68c008398e7a6e990832452c7e0c2489040a3d06b50fffe0394201d5875", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "block_sequence": 54, "char_end": 1540, "char_start": 0, "fragment_sha256": "810f7906b6505fbdc83e49cd51ad0207329699664ec60c8b49292be8191d01e6", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#p18", "passage_kind": "narrative", "passage_sequence": 18, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex992sharehol.htm", "table_id": null, "text": "24 Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 REVENUE $ 3,361 $ 2,266 $ 12,710 $ 4,199 COST OF REVENUE 3,786 2,064 12,114 3,741 GROSS (LOSS) PROFIT (425) 202 596 458 OPERATING EXPENSES: Sales, marketing and operations 260 153 812 319 General and administrative 85 91 323 503 Technology and development 40 27 121 102 Total operating expenses 385 271 1,256 924 LOSS FROM OPERATIONS (810) (69) (660) (466) WARRANT FAIR VALUE ADJUSTMENT — 3 — 12 INTEREST EXPENSE (115) (43) (272) (70) OTHER (LOSS) INCOME – Net (2) 53 (20) 54 LOSS BEFORE INCOME TAXES (927) (56) (952) (470) INCOME TAX EXPENSE (1) (1) (2) (1) NET LOSS $ (928) $ (57) $ (954) $ (471) Net loss per share attributable to common shareholders: Basic $ (1.47) $ (0.09) $ (1.53) $ (0.80) Diluted $ (1.47) $ (0.09) $ (1.53) $ (0.80) Weighted-average shares outstanding: Basic 629,535 603,389 624,581 585,854 Diluted 629,535 603,389 624,581 585,854 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited)\n\n25 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) September 30, 2022 December 31, 2021 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,327 $ 1,731 Restricted cash 1,752 847 Marketable securities 178 484 Escrow receivable 154 84 Mortgage loans held for sale pledged under agreements to repurchase — 7 Real estate inventory, net 6,093 6,096 Other current assets ($1 and $4 carried at fair value) 80 91 Total current assets 9,584 9,340 PROPERTY AND EQUIPMENT – Net 62 45 RIGHT OF USE ASSETS 43 42 GOODWILL 62 60 INTANGIBLES – Net 7 12 OTHER ASSETS 26 7 TOTAL ASSETS $ 9,784 $ 9,506 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 209 $ 137 Non-recourse asset-backed debt - current portion 3,372 4,240 Other secured borrowings — 7 Interest payable 14 12 Lease liabilities - current portion 6 4 Total current liabilities 3,601 4,400 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 3,699 1,862 CONVERTIBLE SENIOR NOTES 957 954 LEASE LIABILITIES – Net of current portion 39 42 Total liabilities 8,296 7,258 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 632,513,135 and 616,026,565 shares issued, respectively; 632,513,135 and 616,026,565 shares — — Additional paid-in capital 4,152 3,955 Accumulated deficit (2,659) (1,705) Accumulated other comprehensive loss (5) (2) Total shareholders’ equity 1,488 2,248 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 9,784 $ 9,506"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b56"], "char_count": 3101, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8f41a54d6559952839bca95c84ffcd945a0c11b4f635760085cf1866ab7d8420", "derivation_id": "9da8ee889c55b55bc0615aedc3c13a7c3496207b3850068345c8586f382ec2a2", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "block_sequence": 56, "char_end": 3101, "char_start": 0, "fragment_sha256": "653f7d9ddef8bc88462822e0f9ab80c43c9cb71a4cc50d7159bfd59a035b7ce6", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#p19", "passage_kind": "narrative", "passage_sequence": 19, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex992sharehol.htm", "table_id": null, "text": "26 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Nine Months Ended September 30, 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (954) $ (471) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash used in operating activities: Depreciation and amortization 59 30 Amortization of right of use asset 6 6 Stock-based compensation 178 465 Warrant fair value adjustment — (12) Gain on settlement of lease liabilities — (5) Inventory valuation adjustment 663 32 Change in fair value of equity securities 36 (51) Net fair value adjustments and loss on sale of mortgage loans held for sale (1) (3) Origination of mortgage loans held for sale (118) (154) Proceeds from sale and principal collections of mortgage loans held for sale 128 142 Changes in operating assets and liabilities: Escrow receivable (70) (120) Real estate inventory (663) (5,806) Other assets — (50) Accounts payable and other accrued liabilities 73 102 Interest payable 4 3 Lease liabilities (6) (12) Net cash used in operating activities (665) (5,904) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (33) (23) Purchase of intangible assets — (1) Purchase of marketable securities (28) (459) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 293 86 Purchase of non-marketable equity securities (25) (15) Proceeds from sale of non-marketable equity securities 3 — Capital returns of non-marketable equity securities 3 — Acquisitions, net of cash acquired (3) (20) Net cash provided by (used in) investing activities 210 (432) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of convertible senior notes, net of issuance costs — 953 Purchase of capped calls related to convertible senior notes — (119) Proceeds from exercise of stock options 4 11 Proceeds from issuance of common stock for ESPP 2 — Proceeds from warrant exercise — 22 Proceeds from the February 2021 Offering — 886 Issuance cost of common stock — (29) Proceeds from non-recourse asset-backed debt 9,160 7,782 Principal payments on non-recourse asset-backed debt (8,179) (2,837) Proceeds from other secured borrowings 114 151 Principal payments on other secured borrowings (121) (138) Payment of loan origination fees and debt issuance costs (24) (9) Net cash provided by financing activities 956 6,673 NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 501 337 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 2,578 1,506 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $ 3,079 $ 1,843 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $ 248 $ 57 DISCLOSURES OF NONCASH ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 13 $ 9 Issuance of common stock in extinguishment of warrant liabilities $ — $ (35) RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 1,327 $ 1,359 Restricted cash 1,752 484 Cash, cash equivalents, and restricted cash $ 3,079 $ 1,843"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b58"], "char_count": 3251, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "12064c8010f291fcb9991c63406ef0d75e65e6817f65e179a6447b7af20787ba", "derivation_id": "9da8ee889c55b55bc0615aedc3c13a7c3496207b3850068345c8586f382ec2a2", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "block_sequence": 58, "char_end": 3251, "char_start": 0, "fragment_sha256": "07f28e0d9abffc030f68fef9ed7384782cc874c8813e7a5200153f5987745a04", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#p20", "passage_kind": "narrative", "passage_sequence": 20, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex992sharehol.htm", "table_id": null, "text": "27 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT, CONTRIBUTION (LOSS) PROFIT AND CONTRIBUTION (LOSS) PROFIT AFTER INTEREST TO OUR GROSS (LOSS) PROFIT (Unaudited) Three Months Ended Nine Months Ended September 30, (in millions, except percentages and homes sold, or as noted) September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 2022 2021 Gross (loss) profit (GAAP) $ (425) $ 486 $ 535 $ 272 $ 202 $ 596 $ 458 Gross Margin (12.6) % 11.6 % 10.4 % 7.1 % 8.9 % 4.7 % 10.9 % Adjustments: Inventory valuation adjustment – Current Period͏(1)(2) 573 82 8 24 31 620 32 Inventory valuation adjustment – Prior Periods͏(1)(3) (38) (12) (31) (17) — (38) — Adjusted Gross Profit $ 110 $ 556 $ 512 $ 279 $ 233 $ 1,178 $ 490 Adjusted Gross Margin 3.3 % 13.2 % 9.9 % 7.3 % 10.3 % 9.3 % 11.7 % Adjustments: Direct selling costs(4) (100) (100) (136) (99) (52) (336) (96) Holding costs on sales – Current Period͏(5)(6) (14) (11) (16) (12) (7) (73) (19) Holding costs on sales – Prior Periods͏(5)(7) (18) (23) (28) (16) (5) (37) (2) Contribution (Loss) Profit $ (22) $ 422 $ 332 $ 152 $ 169 $ 732 $ 373 Homes sold in period 8,520 10,482 12,669 9,794 5,988 31,671 11,931 Contribution (Loss) Profit per Home Sold (in thousands) $ (3) $ 40 $ 26 $ 16 $ 28 $ 23 $ 31 Contribution Margin (0.7) % 10.1 % 6.4 % 4.0 % 7.5 % 5.8 % 8.9 % Adjustments: Interest on homes sold – Current Period͏(8)(9) (16) (12) (16) (12) (6) (74) (17) Interest on homes sold – Prior Periods͏(8)(10) (18) (21) (26) (13) (4) (35) (1) Contribution (Loss) Profit After Interest $ (56) $ 389 $ 290 $ 127 $ 159 $ 623 $ 355 Contribution Margin After Interest (1.7) % 9.3 % 5.6 % 3.3 % 7.0 % 4.9 % 8.5 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented. (8) This does not include interest on mezzanine term debt facilities or other indebtedness. (9) Represents the interest expense under our asset-backed senior debt facilities incurred during the period presented on homes sold in the period presented. (10) Represents the interest expense under our asset-backed senior debt facilities incurred during prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b60"], "char_count": 2980, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "31ab5b46f081307917241806b03ae68390754d008f595312ebef59aeb0618c00", "derivation_id": "9da8ee889c55b55bc0615aedc3c13a7c3496207b3850068345c8586f382ec2a2", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "block_sequence": 60, "char_end": 2980, "char_start": 0, "fragment_sha256": "85b2528a57de28b88479c161ab270bac2b1b9381c988564b6062710cfd090ad9", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#p21", "passage_kind": "narrative", "passage_sequence": 21, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex992sharehol.htm", "table_id": null, "text": "28 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED NET (LOSS) INCOME AND ADJUSTED EBITDA TO OUR NET (LOSS) INCOME (Unaudited) Three Months Ended Nine Months Ended September 30, (in millions, except percentages) September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 2022 2021 Net (loss) income (GAAP) $ (928) $ (54) $ 28 $ (191) $ (57) $ (954) $ (471) Adjustments: Stock-based compensation 52 59 67 71 62 178 465 Equity securities fair value adjustment(1) 11 3 22 16 (51) 36 (51) Warrant fair value adjustment͏(1) — — — — (3) — (12) Intangibles amortization expense(2) 2 3 2 2 1 7 2 Inventory valuation adjustment – Current Period͏(3)(4) 573 82 8 24 31 620 32 Inventory valuation adjustment — Prior Periods͏(3)(5) (38) (12) (31) (17) — (38) — Gain on lease termination — — — — — — (5) Payroll tax on initial RSU release — — — — — — 5 Legal contingency accrual and related expenses — 42 3 14 — 45 — Other(6) — (1) — 1 (1) (1) (1) Adjusted Net (Loss) Income $ (328) $ 122 $ 99 $ (80) $ (18) $ (107) $ (36) Adjustments: Depreciation and amortization, excluding amortization of intangibles and right of use assets 8 12 9 9 8 29 24 Property financing(7) 102 76 58 62 38 236 57 Other interest expense(8) 13 13 10 10 6 36 14 Interest income(9) (7) (6) — (1) — (13) (2) Income tax expense 1 1 — — 1 2 1 Adjusted EBITDA $ (211) $ 218 $ 176 $ 0.4 $ 35 $ 183 $ 58 Adjusted EBITDA Margin (6.3) % 5.2 % 3.4 % — % 1.5 % 1.4 % 1.4 % (1) Represents the gains and losses on our financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Includes primarily gain or loss on interest rate lock commitments, gain or loss on the sale of available for sale securities, sublease income, and income from equity method investments. (7) Includes interest expense on our non-recourse asset-backed debt facilities. (8) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset- backed debt facilities, interest expense related to the 2026 convertible senior notes outstanding, and interest expense on other secured borrowings. (9) Consists mainly of interest earned on cash, cash equivalents and marketable securities."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b62", "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b64", "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#b66"], "char_count": 878, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b4c784cc35520bf2e50d01fdc5902124263edec420713de04f0b32c45af5a6a2", "derivation_id": "9da8ee889c55b55bc0615aedc3c13a7c3496207b3850068345c8586f382ec2a2", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "block_sequence": 62, "char_end": 11, "char_start": 0, "fragment_sha256": "7faec2ba895af101dc28c1f6c264409178c7b87090db38ef5b09ce2de2a61330", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "block_sequence": 64, "char_end": 579, "char_start": 0, "fragment_sha256": "01290617e73a47b8c41fd8b23dba982fe9eb9d4e0d054965dd5050ea96b08e62", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "block_sequence": 66, "char_end": 284, "char_start": 0, "fragment_sha256": "666031e5a4507fde529a136e955ea4bd5177168a86922b1c952721516ad6c286", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#p22", "passage_kind": "narrative", "passage_sequence": 22, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex992sharehol.htm", "table_id": null, "text": "29 Appendix\n\nAppendix 1. MLS Clearance Rate is defined as the number of daily contracts that enter pending status on the Multiple Listing Service (i.e. market listings), filtered for Opendoor’s markets and buybox, divided by the number of active listings on the Multiple Listing Service, filtered for the same markets and buybox. Trailing 7-Day MLS Clearance Rate1 MLS Data Filtered to Opendoor Markets and Buybox Trailing 7-Day MLS Contracts MLS Data Filtered to Opendoor Markets and Buybox Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2130\n\nAppendix 30-Day Rolling Home Price Appreciation (HPA) Weighted to Opendoor Markets; Non-Seasonally Adjusted Trailing 7-Day MLS Active Listings MLS Data Filtered to OD Markets and Buybox 31 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec"} diff --git a/data/normalized/sec/0001801169/8-K/2022-11-03_0001801169-22-000106/norm_0001801169_0001801169-22-000106_q32022formxex993suppleme.htm.json b/data/normalized/sec/0001801169/8-K/2022-11-03_0001801169-22-000106/norm_0001801169_0001801169-22-000106_q32022formxex993suppleme.htm.json new file mode 100644 index 0000000000000000000000000000000000000000..43db4a1ce147d8803c5ac1844c01206260798dc0 --- /dev/null +++ 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CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) September 30, 2022 December 31, 2021 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,327 $ 1,731 Restricted cash 1,752 847 Marketable securities 178 484 Escrow receivable 154 84 Mortgage loans held for sale pledged under agreements to repurchase \u2014 7 Real estate inventory, net 6,093 6,096 Other current assets ($1 and $4 carried at fair value) 80 91 Total current assets 9,584 9,340 PROPERTY AND EQUIPMENT \u2013 Net 62 45 RIGHT OF USE ASSETS 43 42 GOODWILL 62 60 INTANGIBLES \u2013 Net 7 12 OTHER ASSETS 26 7 TOTAL ASSETS $ 9,784 $ 9,506 LIABILITIES AND SHAREHOLDERS\u2019 EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 209 $ 137 Non-recourse asset-backed debt - current portion 3,372 4,240 Other secured borrowings \u2014 7 Interest payable 14 12 Lease liabilities - current portion 6 4 Total current liabilities 3,601 4,400 NON-RECOURSE ASSET-BACKED DEBT \u2013 Net of current portion 3,699 1,862 CONVERTIBLE SENIOR NOTES 957 954 LEASE LIABILITIES \u2013 Net of current portion 39 42 Total liabilities 8,296 7,258 SHAREHOLDERS\u2019 EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 632,513,135 and 616,026,565 shares issued, respectively; 632,513,135 and 616,026,565 shares outstanding, respectively \u2014 \u2014 Additional paid-in capital 4,152 3,955 Accumulated deficit (2,659) (1,705) Accumulated other comprehensive loss (5) (2) Total shareholders\u2019 equity 1,488 2,248 TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY $ 9,784 $ 9,506" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex993suppleme.htm#b11", + "block_sequence": 11, + "block_sha256": "4b86871077c1be3d07329ce3e3905523087db5e9f9c0fec1fd83bd92f17cf379", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex993suppleme.htm", + "block_sequence": 11, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "a97ac72c6c7d3731bf215c96c7831509daeecb8875b32d9bca0b1ea2737491eb", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex993suppleme.htm#s2", + "table": null, + "text": "q32022formxex993suppleme004.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-22-000106:q32022formxex993suppleme.htm#b12", + "block_sequence": 12, + "block_sha256": "eb650e89c1ee3a41b60cbbc0109b64a4f784243e65cd20e331bc2f7fd6d26a6e", + "block_type": "paragraph", + "char_count": 1954, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex993suppleme.htm", + "block_sequence": 12, + "char_end": 1954, + "char_start": 0, + "fragment_sha256": "351db68c6212091acdda1b8b6918dcf9fac6a76562e9ceefffeee9e690eb8c87", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex993suppleme.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Nine Months Ended September 30, 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (954) $ (471) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash used in operating activities: Depreciation and amortization 59 30 Amortization of right of use asset 6 6 Stock-based compensation 178 465 Warrant fair value adjustment \u2014 (12) Gain on settlement of lease liabilities \u2014 (5) Inventory valuation adjustment 663 32 Change in fair value of equity securities 36 (51) Net fair value adjustments and loss on sale of mortgage loans held for sale (1) (3) Origination of mortgage loans held for sale (118) (154) Proceeds from sale and principal collections of mortgage loans held for sale 128 142 Changes in operating assets and liabilities: Escrow receivable (70) (120) Real estate inventory (663) (5,806) Other assets \u2014 (50) Accounts payable and other accrued liabilities 73 102 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NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Gross Profit, Contribution (Loss) Profit and Contribution (Loss) Profit After Interest to our Gross (Loss) Profit Three Months Ended (in millions, except percentages and homes sold, or as noted) September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 Gross (loss) profit (GAAP) $ (425) $ 486 $ 535 $ 272 $ 202 Gross Margin (12.6) % 11.6 % 10.4 % 7.1 % 8.9 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f (1)(2) 573 82 8 24 31 Inventory valuation adjustment \u2013 Prior Periods\u034f (1)(3) (38) (12) (31) (17) \u2014 Adjusted Gross Profit $ 110 $ 556 $ 512 $ 279 $ 233 Adjusted Gross Margin 3.3 % 13.2 % 9.9 % 7.3 % 10.3 % Adjustments: Direct selling costs (4) (100) (100) (136) (99) (52) Holding costs on sales \u2013 Current Period\u034f (5)(6) (14) (11) (16) (12) (7) Holding costs on sales \u2013 Prior Periods\u034f (5)(7) (18) (23) (28) (16) (5) Contribution (Loss) Profit $ (22) $ 422 $ 332 $ 152 $ 169 Homes sold in period 8,520 10,482 12,669 9,794 5,988 Contribution (Loss) Profit per Home Sold (in thousands) $ (3) $ 40 $ 26 $ 16 $ 28 Contribution Margin (0.7) % 10.1 % 6.4 % 4.0 % 7.5 % Adjustments: Interest on homes sold \u2013 Current Period\u034f (8)(9) (16) (12) (16) (12) (6) Interest on homes sold \u2013 Prior Periods\u034f (8)(10) (18) (21) (26) (13) (4) Contribution (Loss) Profit After Interest $ (56) $ 389 $ 290 $ 127 $ 159 Contribution Margin After Interest (1.7) % 9.3 % 5.6 % 3.3 % 7.0 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow- related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. 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(2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Includes primarily gain or loss on interest rate lock commitments, gain or loss on the sale of available for sale securities, sublease income, and income from equity method investments. 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NON-GAAP MEASURES & KEY METRICS (Unaudited) Period Ended ($ in millions, except markets, homes purchased, homes sold, homes in inventory, and margins) Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Key Metrics Total Markets (at period end) 51 51 45 44 44 Total Revenue $ 3,361 $ 4,198 $ 5,151 $ 3,822 $ 2,266 Homes Purchased 8,380 14,135 9,020 9,639 15,181 Homes Sold 8,520 10,482 12,669 9,794 5,988 Homes in Inventory (at period end) 16,873 17,013 13,360 17,009 17,164 Inventory (at period end) $ 6,093 $ 6,628 $ 4,664 $ 6,096 $ 6,268 Non-GAAP Financial Measures Adjusted Gross Profit $ 110 $ 556 $ 512 $ 279 $ 233 Selling Costs (100) (100) (136) (99) (52) Holding Costs (32) (34) (44) (28) (12) Contribution (Loss) Profit $ (22) $ 422 $ 332 $ 152 $ 169 Contribution (Loss) Profit After Interest $ (56) $ 389 $ 290 $ 127 $ 159 Adjusted EBITDA $ (211) $ 218 $ 176 $ 0.4 $ 35 Adjusted Net (Loss) Income $ (328) $ 122 $ 99 $ (80) $ (18) Margins Total Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Adjusted Gross Profit 3.3 % 13.2 % 9.9 % 7.3 % 10.3 % Contribution Margin (0.7) % 10.1 % 6.4 % 4.0 % 7.5 % Contribution Margin After Interest (1.7) % 9.3 % 5.6 % 3.3 % 7.0 % Adjusted EBITDA (6.3) % 5.2 % 3.4 % — % 1.5 % Adjusted Net (Loss) Income (9.8) % 2.9 % 1.9 % (2.1) % (0.8) % Exhibit 99.3\n\nOPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 REVENUE $ 3,361 $ 2,266 $ 12,710 $ 4,199 COST OF REVENUE 3,786 2,064 12,114 3,741 GROSS (LOSS) PROFIT (425) 202 596 458 OPERATING EXPENSES: Sales, marketing and operations 260 153 812 319 General and administrative 85 91 323 503 Technology and development 40 27 121 102 Total operating expenses 385 271 1,256 924 LOSS FROM OPERATIONS (810) (69) (660) (466) WARRANT FAIR VALUE ADJUSTMENT — 3 — 12 INTEREST EXPENSE (115) (43) (272) (70) OTHER (LOSS) INCOME – Net (2) 53 (20) 54 LOSS BEFORE INCOME TAXES (927) (56) (952) (470) INCOME TAX EXPENSE (1) (1) (2) (1) NET LOSS $ (928) $ (57) $ (954) $ (471) Net loss per share attributable to common shareholders: Basic $ (1.47) $ (0.09) $ (1.53) $ (0.80) Diluted $ (1.47) $ (0.09) $ (1.53) $ (0.80) Weighted-average shares outstanding: Basic 629,535 603,389 624,581 585,854 Diluted 629,535 603,389 624,581 585,854"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex993suppleme.htm#b10"], "char_count": 1559, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "feb08492b5d89227fdf430318dc46438a305759f96905db63ffa425a9040b650", "derivation_id": "be0b523a0c4c61ec2c204947560f5051f5303b06a72e2e6e10cc6225cd6f1039", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex993suppleme.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex993suppleme.htm", "block_sequence": 10, "char_end": 1559, "char_start": 0, "fragment_sha256": "d8fb2115ea6ca27e97faee0afa29da860dba7e3b698c5128db3cce1d3ef5948b", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex993suppleme.htm#p2", "passage_kind": "narrative", "passage_sequence": 2, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex993suppleme.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex993suppleme.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex993suppleme.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) September 30, 2022 December 31, 2021 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,327 $ 1,731 Restricted cash 1,752 847 Marketable securities 178 484 Escrow receivable 154 84 Mortgage loans held for sale pledged under agreements to repurchase — 7 Real estate inventory, net 6,093 6,096 Other current assets ($1 and $4 carried at fair value) 80 91 Total current assets 9,584 9,340 PROPERTY AND EQUIPMENT – Net 62 45 RIGHT OF USE ASSETS 43 42 GOODWILL 62 60 INTANGIBLES – Net 7 12 OTHER ASSETS 26 7 TOTAL ASSETS $ 9,784 $ 9,506 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 209 $ 137 Non-recourse asset-backed debt - current portion 3,372 4,240 Other secured borrowings — 7 Interest payable 14 12 Lease liabilities - current portion 6 4 Total current liabilities 3,601 4,400 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 3,699 1,862 CONVERTIBLE SENIOR NOTES 957 954 LEASE LIABILITIES – Net of current portion 39 42 Total liabilities 8,296 7,258 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 632,513,135 and 616,026,565 shares issued, respectively; 632,513,135 and 616,026,565 shares outstanding, respectively — — Additional paid-in capital 4,152 3,955 Accumulated deficit (2,659) (1,705) Accumulated other comprehensive loss (5) (2) Total shareholders’ equity 1,488 2,248 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 9,784 $ 9,506"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex993suppleme.htm#b12"], "char_count": 1954, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "eb650e89c1ee3a41b60cbbc0109b64a4f784243e65cd20e331bc2f7fd6d26a6e", "derivation_id": "be0b523a0c4c61ec2c204947560f5051f5303b06a72e2e6e10cc6225cd6f1039", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex993suppleme.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex993suppleme.htm", "block_sequence": 12, "char_end": 1954, "char_start": 0, "fragment_sha256": "351db68c6212091acdda1b8b6918dcf9fac6a76562e9ceefffeee9e690eb8c87", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex993suppleme.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex993suppleme.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex993suppleme.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex993suppleme.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Nine Months Ended September 30, 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (954) $ (471) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash used in operating activities: Depreciation and amortization 59 30 Amortization of right of use asset 6 6 Stock-based compensation 178 465 Warrant fair value adjustment — (12) Gain on settlement of lease liabilities — (5) Inventory valuation adjustment 663 32 Change in fair value of equity securities 36 (51) Net fair value adjustments and loss on sale of mortgage loans held for sale (1) (3) Origination of mortgage loans held for sale (118) (154) Proceeds from sale and principal collections of mortgage loans held for sale 128 142 Changes in operating assets and liabilities: Escrow receivable (70) (120) Real estate inventory (663) (5,806) Other assets — (50) Accounts payable and other accrued liabilities 73 102 Interest payable 4 3 Lease liabilities (6) (12) Net cash used in operating activities (665) (5,904) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (33) (23) Purchase of intangible assets — (1) Purchase of marketable securities (28) (459) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 293 86 Purchase of non-marketable equity securities (25) (15) Proceeds from sale of non-marketable equity securities 3 — Capital returns of non-marketable equity securities 3 — Acquisitions, net of cash acquired (3) (20) Net cash provided by (used in) investing activities 210 (432) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of convertible senior notes, net of issuance costs — 953 Purchase of capped calls related to convertible senior notes — (119) Proceeds from exercise of stock options 4 11 Proceeds from issuance of common stock for ESPP 2 — Proceeds from warrant exercise — 22"} +{"artifact_role": "ex99-03", "block_ids": 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"parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex993suppleme.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex993suppleme.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex993suppleme.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex993suppleme.htm", "table_id": null, "text": "Proceeds from the February 2021 Offering — 886 Issuance cost of common stock — (29) Proceeds from non-recourse asset-backed debt 9,160 7,782 Principal payments on non-recourse asset-backed debt (8,179) (2,837) Proceeds from other secured borrowings 114 151 Principal payments on other secured borrowings (121) (138) Payment of loan origination fees and debt issuance costs (24) (9) Net cash provided by financing activities 956 6,673 NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 501 337 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 2,578 1,506 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $ 3,079 $ 1,843 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $ 248 $ 57 DISCLOSURES OF NONCASH ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 13 $ 9 Issuance of common stock in extinguishment of warrant liabilities $ — $ (35) RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 1,327 $ 1,359 Restricted cash 1,752 484 Cash, cash equivalents, and restricted cash $ 3,079 $ 1,843"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex993suppleme.htm#b16"], "char_count": 3055, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": 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"passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex993suppleme.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex993suppleme.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex993suppleme.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Gross Profit, Contribution (Loss) Profit and Contribution (Loss) Profit After Interest to our Gross (Loss) Profit Three Months Ended (in millions, except percentages and homes sold, or as noted) September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 Gross (loss) profit (GAAP) $ (425) $ 486 $ 535 $ 272 $ 202 Gross Margin (12.6) % 11.6 % 10.4 % 7.1 % 8.9 % Adjustments: Inventory valuation adjustment – Current Period͏ (1)(2) 573 82 8 24 31 Inventory valuation adjustment – Prior Periods͏ (1)(3) (38) (12) (31) (17) — Adjusted Gross Profit $ 110 $ 556 $ 512 $ 279 $ 233 Adjusted Gross Margin 3.3 % 13.2 % 9.9 % 7.3 % 10.3 % Adjustments: Direct selling costs (4) (100) (100) (136) (99) (52) Holding costs on sales – Current Period͏ (5)(6) (14) (11) (16) (12) (7) Holding costs on sales – Prior Periods͏ (5)(7) (18) (23) (28) (16) (5) Contribution (Loss) Profit $ (22) $ 422 $ 332 $ 152 $ 169 Homes sold in period 8,520 10,482 12,669 9,794 5,988 Contribution (Loss) Profit per Home Sold (in thousands) $ (3) $ 40 $ 26 $ 16 $ 28 Contribution Margin (0.7) % 10.1 % 6.4 % 4.0 % 7.5 % Adjustments: Interest on homes sold – Current Period͏ (8)(9) (16) (12) (16) (12) (6) Interest on homes sold – Prior Periods͏ (8)(10) (18) (21) (26) (13) (4) Contribution (Loss) Profit After Interest $ (56) $ 389 $ 290 $ 127 $ 159 Contribution Margin After Interest (1.7) % 9.3 % 5.6 % 3.3 % 7.0 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow- related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented. (8) This does not include interest on mezzanine term debt facilities or other indebtedness. (9) Represents the interest expense under our asset-backed senior debt facilities incurred during the period presented on homes sold in the period presented. (10) Represents the interest expense under our asset-backed senior debt facilities incurred during prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-22-000106:q32022formxex993suppleme.htm#b18"], "char_count": 2664, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b755e8a436f17f2fab88710dfd87ac723dcdd06e58026ee8ef8f295e7f3cf52d", "derivation_id": "be0b523a0c4c61ec2c204947560f5051f5303b06a72e2e6e10cc6225cd6f1039", "document_id": "norm:0001801169:0001801169-22-000106:q32022formxex993suppleme.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2022-11-03", "filing_id": "sec:0001801169:0001801169-22-000106", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex993suppleme.htm", "block_sequence": 18, "char_end": 2664, "char_start": 0, "fragment_sha256": "a7046261b638072d9dcbeb59a5cbaa8a0c4755f62531c5bd05d142401c718aba", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-22-000106:q32022formxex993suppleme.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2022-11-03", "section_id": "norm:0001801169:0001801169-22-000106:q32022formxex993suppleme.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-22-000106:q32022formxex993suppleme.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116922000106/q32022formxex993suppleme.htm", "table_id": null, "text": "Reconciliation of our Adjusted Net (Loss) Income and Adjusted EBITDA to our Net (Loss) Income Three Months Ended (in millions, except percentages) September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 Net (loss) income (GAAP) $ (928) $ (54) $ 28 $ (191) $ (57) Adjustments: Stock-based compensation 52 59 67 71 62 Equity securities fair value adjustment(1) 11 3 22 16 (51) Warrant fair value adjustment͏(1) — — — — (3) Intangibles amortization expense(2) 2 3 2 2 1 Inventory valuation adjustment – Current Period͏(3)(4) 573 82 8 24 31 Inventory valuation adjustment — Prior Periods͏(3)(5) (38) (12) (31) (17) — Legal contingency accrual and related expenses — 42 3 14 — Other(6) — (1) — 1 (1) Adjusted Net (Loss) Income $ (328) $ 122 $ 99 $ (80) $ (18) Adjustments: Depreciation and amortization, excluding amortization of intangibles and right of use assets 8 12 9 9 8 Property financing(7) 102 76 58 62 38 Other interest expense(8) 13 13 10 10 6 Interest income(9) (7) (6) — (1) — Income tax expense 1 1 — — 1 Adjusted EBITDA $ (211) $ 218 $ 176 $ 0.4 $ 35 Adjusted EBITDA Margin (6.3) % 5.2 % 3.4 % — % 1.5 % (1) Represents the gains and losses on our financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Includes primarily gain or loss on interest rate lock commitments, gain or loss on the sale of available for sale securities, sublease income, and income from equity method investments. (7) Includes interest expense on our non-recourse asset-backed debt facilities. (8) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, interest expense related to the 2026 convertible senior notes outstanding, and interest expense on other secured borrowings. 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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-22-296662:d429358d8k.htm#s12", + "table": null, + "text": "Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers" + }, + { + "block_id": "norm:0001801169:0001193125-22-296662:d429358d8k.htm#b20", + "block_sequence": 20, + "block_sha256": "8c69be4e2c8759e24596c90f9247bb725551d88d16eecbe53295d523064390ef", + "block_type": "paragraph", + "char_count": 5057, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-22-296662:d429358d8k.htm", + "block_sequence": 20, + "char_end": 5057, + "char_start": 0, + "fragment_sha256": "8d161166cad53924d3290378175716f6a9f868b74c4e245922da26018459b132", + "heading_path": [ + "N/A", + "Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001193125-22-296662:d429358d8k.htm#s12", + "table": null, + "text": "On December 1, 2022, Opendoor Technologies Inc. (the \u201cCompany\u201d) appointed Carrie Wheeler as the Chief Executive Officer of the Company effective as of December 1, 2022 replacing Eric Wu who resigned from his position as the Chief Executive Officer to be appointed as the Company\u2019s President, Marketplace effective as of December 1, 2022. In addition, on December 1, 2022, Ms. Wheeler was also appointed to the Board of Directors of the Company (the \u201cBoard\u201d), effective December 1, 2022, as a Class III director standing for election at the 2023 annual meeting of the Company\u2019s stockholders. Ms. Wheeler, age 51, has served as the Company\u2019s Chief Financial Officer since December 2020. Ms. Wheeler also served as Opendoor Labs Inc.\u2019s Chief Financial Officer since September 2020 and previously served as a member of Opendoor Labs Inc.\u2019s board of directors from October 2019 to September 2020. From 1996 to 2017, Ms. Wheeler was with TPG Global, a global private equity firm, including as a Partner and Head of Consumer / Retail Investing. Ms. Wheeler currently serves on the board of directors and on the audit and compensation committees of APi Group Corporation. She has previously served on a number of other corporate boards, including Dollar Tree, Neiman Marcus Group, Inc. and Petco Animal Supplies, Inc. Ms. Wheeler holds a Bachelor of Commerce from Queen\u2019s University. In connection with her appointment as Chief Executive Officer, Ms. Wheeler and the Company entered into an amendment, dated December 1, 2022, to Ms. Wheeler\u2019s existing offer letter agreement (the \u201cWheeler Amendment\u201d). Pursuant to the Wheeler Amendment, Ms. Wheeler is entitled to an annual base salary of $750,000 and is eligible to participate in an annual cash incentive program established by the Compensation Committee of the Board, with a target bonus amount of $250,000 and a guaranteed bonus of $250,000 for 2023. In addition, the Wheeler Amendment provides that Ms. Wheeler will be granted an award of restricted stock units (\u201cRSUs\u201d) covering a number of shares of the Company\u2019s common stock, par value $0.0001 (\u201cCommon Stock\u201d) equal to $25,000,000 divided by (i) the average closing price per share of the Common Stock over the 20 trading day period commencing with the trading day that is ten days preceding December 1, 2022 or (ii) $1.65, if greater than the amount in clause (i) or (iii) $2.00, if less than the amount in clause (i). The RSUs will vest quarterly over a four-year period commencing on December 1, 2022 subject to Ms. Wheeler\u2019s continued employment with the Company on each such vesting date. The Wheeler Amendment further provides that, if the Company terminates Ms. Wheeler\u2019s employment without Cause or if Ms. Wheeler resigns for Good Reason (as each term is defined in her offer letter agreement), subject to her execution of a release of claims, she will be entitled to cash severance equal to one times her annual base salary plus target bonus, 12 months of health benefits continuation, and 12 months accelerated vesting of her outstanding time-based equity awards. Finally, the Wheeler Amendment provides that Ms. Wheeler will no longer serve on the Board if she is no longer Chief Executive Officer of the Company. In connection with his resignation as Chief Executive Officer and appointment as President, Marketplace, Mr. Wu and the Company entered into an amendment, dated December 1, 2022, to Mr. Wu\u2019s continued employment letter agreement (the \u201cWu Amendment\u201d). Pursuant to the Wu Amendment, Mr. Wu agreed to forfeit the remaining unvested portion of: (i) his outstanding restricted stock units granted on December 17, 2020 that were subject to performance-based vesting (based upon the achievement of predetermined share price milestones) and (ii) his outstanding restricted stock units granted on March 30, 2021 that were subject to time-based vesting. The Wu Amendment also provides that Mr. Wu shall be eligible for any severance program adopted by the Company for its employees and executive officers, and, should he experience a qualifying termination of employment under such program, any severance payments and benefits payable to him under such program will be at a level consistent with (and no less favorable than) the severance payments and benefits provided to executive officers at the same level in the organization. Finally, the Wu Amendment provides that Mr. Wu will no longer serve on the Board if he is no longer President, Marketplace of the Company. On December 1, 2022, in connection with Ms. Wheeler\u2019s appointment as Chief Executive Officer, the Board appointed Christy Schwartz, age 44, as the Company\u2019s interim Chief Financial Officer. Ms. Schwartz has served as the Company\u2019s Chief Accounting Officer since March 2021. Prior to that, she served as the Company\u2019s Vice President, Corporate Controller from August 2016 to March 2021. Ms. Schwartz holds a Masters of Science in Accounting from the University of Virginia and a Bachelors of Science in Business Administration from the University of California, Berkeley." + }, + { + "block_id": "norm:0001801169:0001193125-22-296662:d429358d8k.htm#b21", + "block_sequence": 21, + "block_sha256": "56e13e238c37253cbd94b6f9992b3dae81264659c4cba86bbad80d721e090908", + "block_type": "paragraph", + "char_count": 873, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-22-296662:d429358d8k.htm", + "block_sequence": 21, + "char_end": 873, + "char_start": 0, + "fragment_sha256": "118d6861e380c072ed13f75266b39108279f81d830c09facc129de99d35949cb", + "heading_path": [ + "N/A", + "Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001193125-22-296662:d429358d8k.htm#s12", + "table": null, + "text": "Neither Ms. Wheeler nor Ms. Schwartz have any family relationships with any of the Company\u2019s directors or executive officers. Ms. Schwartz is not party to any transactions of the type listed in Item 404(a) of Regulation S-K and has not entered into any agreements with the Company in connection with her appointment as interim Chief Financial Officer. On December 1, 2022, Andrew Low Ah Kee, the Company\u2019s President, informed the Company he was resigning from his position as President effective immediately, but that he would remain as an advisor to the Company through the first quarter of 2023. The foregoing description of the material terms of the Wheeler Amendment and Wu Amendment are qualified in their entirety by reference to the full text of such agreements, which will be filed as exhibits to our Annual Report on Form 10-K for the year ended December 31, 2022." + }, + { + "block_id": "norm:0001801169:0001193125-22-296662:d429358d8k.htm#b22", + "block_sequence": 22, + "block_sha256": "642e510766e16f8a11cf440c0658d263396e5791ed944157344e27a66c50fddf", + "block_type": "heading", + "char_count": 10, + "level": 1, + "locator": { + "artifact_id": "sec:0001801169:0001193125-22-296662:d429358d8k.htm", + "block_sequence": 22, + "char_end": 10, + "char_start": 0, + "fragment_sha256": "cdceb6a3679f46006b837367273a8b1aa415dbc1754bce5e7cb0569a09914727", + "heading_path": [ + "N/A", + "SIGNATURES" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-22-296662:d429358d8k.htm#s13", + "table": null, + "text": "SIGNATURES" + }, + { + "block_id": "norm:0001801169:0001193125-22-296662:d429358d8k.htm#b23", + "block_sequence": 23, + "block_sha256": "88c354bd84c4130a5ef03620495913459af2e347315e751356c4848596f86801", + "block_type": "paragraph", + "char_count": 295, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-22-296662:d429358d8k.htm", + "block_sequence": 23, + "char_end": 295, + "char_start": 0, + "fragment_sha256": "3126d0f0b401c84a8fe030e9d8ee3316cb2d840a62df91dd3f8a5533b74b890d", + "heading_path": [ + "N/A", + "SIGNATURES" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001193125-22-296662:d429358d8k.htm#s13", + "table": null, + "text": "Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. 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1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001193125-22-296662:d429358d8k.htm#b20"], "char_count": 3910, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ce16eb27dce43024e93aff9d7de49e181f201cfc43166bc295f69219a56b4795", "derivation_id": "01de42901962d1251755807f14637713d4f37e06d9d6ce1220b54193e068ee06", "document_id": "norm:0001801169:0001193125-22-296662:d429358d8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2022-12-01", "filing_id": "sec:0001801169:0001193125-22-296662", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 5.02. 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(the “Company”) appointed Carrie Wheeler as the Chief Executive Officer of the Company effective as of December 1, 2022 replacing Eric Wu who resigned from his position as the Chief Executive Officer to be appointed as the Company’s President, Marketplace effective as of December 1, 2022. In addition, on December 1, 2022, Ms. Wheeler was also appointed to the Board of Directors of the Company (the “Board”), effective December 1, 2022, as a Class III director standing for election at the 2023 annual meeting of the Company’s stockholders. Ms. Wheeler, age 51, has served as the Company’s Chief Financial Officer since December 2020. Ms. Wheeler also served as Opendoor Labs Inc.’s Chief Financial Officer since September 2020 and previously served as a member of Opendoor Labs Inc.’s board of directors from October 2019 to September 2020. From 1996 to 2017, Ms. Wheeler was with TPG Global, a global private equity firm, including as a Partner and Head of Consumer / Retail Investing. Ms. Wheeler currently serves on the board of directors and on the audit and compensation committees of APi Group Corporation. She has previously served on a number of other corporate boards, including Dollar Tree, Neiman Marcus Group, Inc. and Petco Animal Supplies, Inc. Ms. Wheeler holds a Bachelor of Commerce from Queen’s University. In connection with her appointment as Chief Executive Officer, Ms. Wheeler and the Company entered into an amendment, dated December 1, 2022, to Ms. Wheeler’s existing offer letter agreement (the “Wheeler Amendment”). Pursuant to the Wheeler Amendment, Ms. Wheeler is entitled to an annual base salary of $750,000 and is eligible to participate in an annual cash incentive program established by the Compensation Committee of the Board, with a target bonus amount of $250,000 and a guaranteed bonus of $250,000 for 2023. In addition, the Wheeler Amendment provides that Ms. Wheeler will be granted an award of restricted stock units (“RSUs”) covering a number of shares of the Company’s common stock, par value $0.0001 (“Common Stock”) equal to $25,000,000 divided by (i) the average closing price per share of the Common Stock over the 20 trading day period commencing with the trading day that is ten days preceding December 1, 2022 or (ii) $1.65, if greater than the amount in clause (i) or (iii) $2.00, if less than the amount in clause (i). The RSUs will vest quarterly over a four-year period commencing on December 1, 2022 subject to Ms. Wheeler’s continued employment with the Company on each such vesting date. The Wheeler Amendment further provides that, if the Company terminates Ms. Wheeler’s employment without Cause or if Ms. Wheeler resigns for Good Reason (as each term is defined in her offer letter agreement), subject to her execution of a release of claims, she will be entitled to cash severance equal to one times her annual base salary plus target bonus, 12 months of health benefits continuation, and 12 months accelerated vesting of her outstanding time-based equity awards. Finally, the Wheeler Amendment provides that Ms. Wheeler will no longer serve on the Board if she is no longer Chief Executive Officer of the Company. In connection with his resignation as Chief Executive Officer and appointment as President, Marketplace, Mr. Wu and the Company entered into an amendment, dated December 1, 2022, to Mr. Wu’s continued employment letter agreement (the “Wu Amendment”). Pursuant to the Wu Amendment, Mr. Wu agreed to forfeit the remaining unvested portion of: (i) his outstanding restricted stock units granted on December 17, 2020 that were subject to performance-based vesting (based upon the achievement of predetermined share price milestones) and (ii) his outstanding restricted stock units granted on March 30, 2021 that were subject to time-based vesting. 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Emerging growth company \u2610 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. \u2610" + }, + { + "block_id": "norm:0001801169:0001193125-22-314744:d432996d8k.htm#b19", + "block_sequence": 19, + "block_sha256": "588fe38fd20b82d3b74bea9ce31a5c0782fd9b1b08d079a4c0a09723578091b0", + "block_type": "heading", + "char_count": 156, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001193125-22-314744:d432996d8k.htm", + "block_sequence": 19, + "char_end": 156, + "char_start": 0, + "fragment_sha256": "643746320ea8da8a874d8705b8410fbac676d6060547b160beebbb23ebc53a4d", + "heading_path": [ + "N/A", + "Item 5.02. 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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers" + }, + { + "block_id": "norm:0001801169:0001193125-22-314744:d432996d8k.htm#b20", + "block_sequence": 20, + "block_sha256": "70e903c6a77d23a47f09899d41dfd18aae21bdf9d625d763e14332e92c0a86a1", + "block_type": "paragraph", + "char_count": 4417, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-22-314744:d432996d8k.htm", + "block_sequence": 20, + "char_end": 4417, + "char_start": 0, + "fragment_sha256": "f84aa7cf2caf50e55e945647a187275627a5505ec0eb9062e6433833369967c3", + "heading_path": [ + "N/A", + "Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001193125-22-314744:d432996d8k.htm#s12", + "table": null, + "text": "On December 22, 2022, the board of directors (the \u201cBoard\u201d) of Opendoor Technologies Inc. (the \u201cCompany\u201d), upon recommendation of the Compensation Committee of the Board, adopted the Opendoor Technologies Inc. Executive Severance Plan (the \u201cSeverance Plan\u201d), effective as of the same date, under which the Company\u2019s executive officers (including the Company\u2019s Chief Executive Officer and Chief Financial Officer) and certain additional key employees will be eligible to receive severance payments and benefits in connection with certain qualifying terminations of their employment with the Company and its subsidiaries, subject to the conditions set forth in the Severance Plan. Under the Severance Plan, each participant is assigned a \u201ctier\u201d upon which the participant\u2019s level of severance payments and benefits will be based. The Company\u2019s Chief Executive Officer has been designated a \u201cTier 1 Executive.\u201d The Severance Plan provides, among other things, that upon the termination of a participant\u2019s employment by the Company without \u201ccause\u201d (as defined in the Severance Plan), or upon a resignation by the participant for \u201cgood reason\u201d (as defined in the Severance Plan), in either case within the period beginning three months before and ending 12 months following a \u201cchange in control\u201d (as defined in the Severance Plan), the participant shall receive (i) a cash severance payment equal to the participant\u2019s then-current base salary multiplied by 1.5 for a Tier 1 Executive or 1.0 for a Tier 2 Executive, paid in installments over an 18- or 12-month period, respectively, (ii) a pro rata portion of the participant\u2019s target annual cash bonus for the year of termination, paid in installments over 18 or 12 months for a Tier 1 Executive or Tier 2 Executive, respectively, (iii) payment or reimbursement of the cost of COBRA premiums for the participant and the participant\u2019s dependents for up to 18 or 12 months for a Tier 1 Executive or Tier 2 Executive, respectively, and (iv) 100% acceleration of the vesting of the participant\u2019s then-outstanding unvested equity awards that are subject solely to time-based vesting requirements. Upon any other termination by the Company without cause or upon a resignation by an eligible participant for good reason, the participant will receive, (i) a cash severance payment equal to the sum of the participant\u2019s then-current base salary plus target bonus, in the case of a Tier 1 Executive, and a cash severance payment equal to the participant\u2019s then-current base salary multiplied by 0.5, in the case of a Tier 2 Executive, paid in installments over 12 months for the Tier 1 Executive and six months for a Tier 2 Executive, (ii) payment or reimbursement of the cost of the COBRA premiums for the participant and the participant\u2019s dependents for up to 12 months, and (iii) acceleration of the vesting of the portion of the participant\u2019s then-outstanding unvested equity awards that are subject solely to time-based vesting requirements and that would otherwise vest within the 12- or six-month period after termination for a Tier 1 Executive and a Tier 2 Executive, respectively (or, 12 months if the Tier 2 Executive has been employed for less than 12 months). To receive the severance, the participant must execute and deliver a release of claims in favor of the Company and continue to comply with restrictive covenants applicable to the participant. The payments and benefits provided under the Severance Plan in connection with a change in control may not be eligible for a federal income tax deduction by the Company pursuant to Section 280G of the Internal Revenue Code. These payments and benefits may also subject an eligible participant to an excise tax under Section 4999 of the Internal Revenue Code. If the payments or benefits payable to an eligible participant in connection with a change in control, under the Severance Plan or otherwise, would be subject to the excise tax imposed under Section 4999 of the Internal Revenue Code, then those payments or benefits will be reduced if such reduction would result in a greater net after-tax benefit to the applicable participant. The foregoing description of the Severance Plan does not purport to be complete, and is qualified in its entirety by reference to the full text of the Severance Plan, a copy of which will be filed with the Company\u2019s Annual Report on Form 10-K for the year ending December 31, 2022." + }, + { + "block_id": "norm:0001801169:0001193125-22-314744:d432996d8k.htm#b21", + "block_sequence": 21, + "block_sha256": "642e510766e16f8a11cf440c0658d263396e5791ed944157344e27a66c50fddf", + "block_type": "heading", + "char_count": 10, + "level": 1, + "locator": { + "artifact_id": "sec:0001801169:0001193125-22-314744:d432996d8k.htm", + "block_sequence": 21, + "char_end": 10, + "char_start": 0, + "fragment_sha256": "cdceb6a3679f46006b837367273a8b1aa415dbc1754bce5e7cb0569a09914727", + "heading_path": [ + "N/A", + "SIGNATURES" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-22-314744:d432996d8k.htm#s13", + "table": null, + "text": "SIGNATURES" + }, + { + "block_id": "norm:0001801169:0001193125-22-314744:d432996d8k.htm#b22", + "block_sequence": 22, + "block_sha256": "7d7d32135160115764f7967a9da4b87e339d8e1f7ce1e6332e28436593d0210a", + "block_type": "paragraph", + "char_count": 296, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-22-314744:d432996d8k.htm", + "block_sequence": 22, + "char_end": 296, + "char_start": 0, + "fragment_sha256": "8548735cc693ffe8d84b9eaf0b16058ad0ed16533905a259a5979a36fb05174d", + "heading_path": [ + "N/A", + "SIGNATURES" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001193125-22-314744:d432996d8k.htm#s13", + "table": null, + "text": "Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Opendoor Technologies Inc. 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Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001193125-22-314744:d432996d8k.htm#b20"], "char_count": 3756, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "3357f1c63553ef5371bd5717a4cba0fd523841fff8cc3afbc0f7a893fa3f950e", "derivation_id": "d4108991b19d4ec76524b217d2d8d4ef7f788d23b8679e75494fe67c273dfa47", "document_id": "norm:0001801169:0001193125-22-314744:d432996d8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2022-12-29", "filing_id": "sec:0001801169:0001193125-22-314744", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 5.02. 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Upon any other termination by the Company without cause or upon a resignation by an eligible participant for good reason, the participant will receive, (i) a cash severance payment equal to the sum of the participant’s then-current base salary plus target bonus, in the case of a Tier 1 Executive, and a cash severance payment equal to the participant’s then-current base salary multiplied by 0.5, in the case of a Tier 2 Executive, paid in installments over 12 months for the Tier 1 Executive and six months for a Tier 2 Executive, (ii) payment or reimbursement of the cost of the COBRA premiums for the participant and the participant’s dependents for up to 12 months, and (iii) acceleration of the vesting of the portion of the participant’s then-outstanding unvested equity awards that are subject solely to time-based vesting requirements and that would otherwise vest within the 12- or six-month period after termination for a Tier 1 Executive and a Tier 2 Executive, respectively (or, 12 months if the Tier 2 Executive has been employed for less than 12 months). 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communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001193125-23-013575:d386352d8k.htm#b16"], "char_count": 231, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7f770df015e87a5427cb3323f13397856e9a6381456493195bd1d678a91d78bd", "derivation_id": "89170dabcf70bb62c6c217cc44686ceb66033552c14505564463b4b03b223853", "document_id": "norm:0001801169:0001193125-23-013575:d386352d8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2023-01-24", "filing_id": 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1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001193125-23-013575:d386352d8k.htm#b19"], "char_count": 1201, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6ca4566098439818b2c23637937208ea0d3b8261e119baf13e25cd13bd1325d8", "derivation_id": "89170dabcf70bb62c6c217cc44686ceb66033552c14505564463b4b03b223853", "document_id": "norm:0001801169:0001193125-23-013575:d386352d8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2023-01-24", "filing_id": "sec:0001801169:0001193125-23-013575", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 5.03. 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Opendoor Technologies Inc. Date: January 24, 2023 By: /s/ Carrie Wheeler Carrie Wheeler Chief Executive Officer"} diff --git a/data/normalized/sec/0001801169/8-K/2023-01-24_0001193125-23-013575/norm_0001801169_0001193125-23-013575_d386352dex31.htm.json b/data/normalized/sec/0001801169/8-K/2023-01-24_0001193125-23-013575/norm_0001801169_0001193125-23-013575_d386352dex31.htm.json new file mode 100644 index 0000000000000000000000000000000000000000..2b1ec4fbac68cb473b41d0835e7ccab951ffe11a --- /dev/null +++ b/data/normalized/sec/0001801169/8-K/2023-01-24_0001193125-23-013575/norm_0001801169_0001193125-23-013575_d386352dex31.htm.json @@ -0,0 +1,486 @@ +{ + "acceptance_datetime": "2023-01-24T06:06:55.000Z", + "amends_accession": null, + "artifact_role": "ex3-01", + "blocks": [ + { + "block_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#b0", + "block_sequence": 0, + "block_sha256": "ad87d692fe4d3fe032c3572c52f6e63fedb1e10523e2482565947bee07668826", + "block_type": "heading", + "char_count": 6, + "level": 1, + "locator": { + "artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", + "block_sequence": 0, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "6588ced84b2337848e0e505a7f121e72aa65a3d14277744952c744864cd342ed", + "heading_path": [ + "EX-3.1" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s1", + "table": null, + "text": "EX-3.1" + }, + { + "block_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#b1", + "block_sequence": 1, + "block_sha256": "d4735e3a265e16eee03f59718b9b5d03019c07d8b6c51f90da3a666eec13ab35", + "block_type": "paragraph", + "char_count": 1, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", + "block_sequence": 1, + "char_end": 1, + "char_start": 0, + "fragment_sha256": "84911916640f560985406481f2ec95bb825863a9cb3050504ea19683f5fb96ce", + "heading_path": [ + "EX-3.1" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s1", + "table": null, + "text": "2" + }, + { + "block_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#b2", + "block_sequence": 2, + "block_sha256": "fcba75b8d079b182bf91cb10ac33981eeb918b804042cff93e9acd65c172e783", + "block_type": "paragraph", + "char_count": 16, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", + "block_sequence": 2, + "char_end": 16, + "char_start": 0, + "fragment_sha256": "1aa0505aadfffb7ecd7a14f7c332f601fd10d11f810d59f8cd8c02de2e9d6fb0", + "heading_path": [ + "EX-3.1" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s1", + "table": null, + "text": "d386352dex31.htm" + }, + { + "block_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#b3", + "block_sequence": 3, + "block_sha256": "ad87d692fe4d3fe032c3572c52f6e63fedb1e10523e2482565947bee07668826", + "block_type": "heading", + "char_count": 6, + "level": 1, + "locator": { + "artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", + "block_sequence": 3, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "6588ced84b2337848e0e505a7f121e72aa65a3d14277744952c744864cd342ed", + "heading_path": [ + "EX-3.1" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s2", + "table": null, + "text": "EX-3.1" + }, + { + "block_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#b4", + "block_sequence": 4, + "block_sha256": "f4143e8dfc2d891bc015fba753fe65c812156c4032a1ec82bb9f3412edafda32", + "block_type": "paragraph", + "char_count": 94, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", + "block_sequence": 4, + "char_end": 94, + "char_start": 0, + "fragment_sha256": "7810dac5a06d41bd5346fb8567119762a2addcd162068debe856285c6881a112", + "heading_path": [ + "EX-3.1" + ], + "table_index": null, + "tag_name": "center" + }, + "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s2", + "table": null, + "text": "Exhibit 3.1 Amended and Restated Bylaws of Opendoor Technologies Inc. (a Delaware corporation)" + }, + { + "block_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#b5", + "block_sequence": 5, + "block_sha256": "a9360e0212a4d173581c91da68494d022ee55871188be00acf863d2ed0cf7a6a", + "block_type": "paragraph", + "char_count": 17, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", + "block_sequence": 5, + "char_end": 17, + "char_start": 0, + "fragment_sha256": "8cad74b527c85f2855e62d63dc5f6f35d2f0f05d29c93c0eb4e2a2505788af6f", + "heading_path": [ + "EX-3.1" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s2", + "table": null, + "text": "Table of Contents" + }, + { + "block_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#b6", + "block_sequence": 6, + "block_sha256": "fbadf17b666b09302ca80811d0dcff20dddc8c8f55b3d8dbbe1ded245aeedb13", + "block_type": "other", + "char_count": 1370, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", + "block_sequence": 6, + "char_end": 1370, + "char_start": 0, + "fragment_sha256": "3d3bf78bc28a1756c49fdc88b9bd2c9fa7346ccc358b3b52b43c83075fe9f204", + "heading_path": [ + "EX-3.1" + ], + "table_index": null, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s2", + "table": null, + "text": "Page Article I - Corporate Offices 1 1.1 Registered Office 1 1.2 Other Offices 1 Article II - Meetings of Stockholders 1 2.1 Place of Meetings 1 2.2 Annual Meeting 1 2.3 Special Meeting 1 2.4 Notice of Business to be Brought Before a Meeting 2 2.5 Notice of Nominations for Election to the Board of Directors 5 2.6 Additional Requirements for Valid Nomination of Candidates to Serve as Director and, if Elected, to be Seated as Directors 8 2.7 Notice of Stockholders\u0092 Meetings 9 2.8 Quorum 9 2.9 Adjourned Meeting; Notice 10 2.10 Conduct of Business 10 2.11 Voting 11 2.12 Record Date for Stockholder Meetings and Other Purposes 11 2.13 Proxies 11 2.14 List of Stockholders Entitled to Vote 12 2.15 Inspectors of Election 12 2.16 Delivery to the Corporation. 13 Article III - Directors 13 3.1 Powers 13 3.2 Number of Directors 13 3.3 Election, Qualification and Term of Office of Directors 13 3.4 Resignation and Vacancies 13 3.5 Place of Meetings; Meetings by Telephone 14 3.6 Regular Meetings 14 3.7 Special Meetings; Notice 14 3.8 Quorum 15 3.9 Board Action without a Meeting 15 3.10 Fees and Compensation of Directors 15 Article IV - Committees 15 4.1 Committees of Directors 15 4.2 Committee Minutes 16 4.3 Meetings and Actions of Committees 16 4.4 Subcommittees. 16 Article V - Officers 16 5.1 Officers 16 5.2 Appointment of Officers 17 5.3 Subordinate Officers 17" + }, + { + "block_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#b7", + "block_sequence": 7, + "block_sha256": "de7d1b721a1e0632b7cf04edf5032c8ecffa9f9a08492152b926f1a5a7e765d7", + "block_type": "paragraph", + "char_count": 1, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", + "block_sequence": 7, + "char_end": 1, + "char_start": 0, + "fragment_sha256": "fa769cbc4f60159fcc22bd5d854d95bde8f11bcefe52c213fc338e8ee9e2acbe", + "heading_path": [ + "EX-3.1" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s2", + "table": null, + "text": "i" + }, + { + "block_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#b8", + "block_sequence": 8, + "block_sha256": "dee18caa47ed61ec83d207ff2dbfdbb1ecb6ea215dd82aa0f146e8528f7c734d", + "block_type": "heading", + "char_count": 17, + "level": 1, + "locator": { + "artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", + "block_sequence": 8, + "char_end": 17, + "char_start": 0, + "fragment_sha256": "8c403494524b2e7eb7dbe31d3ab70526ed4ddce30350eac64ea4cc9371b58ca4", + "heading_path": [ + "TABLE OF CONTENTS" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", + "table": null, + "text": "TABLE OF CONTENTS" + }, + { + "block_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#b9", + "block_sequence": 9, + "block_sha256": "4455fc44438c7bb51846ff9ba74efe528076536c739bd64a271673f3a60e3145", + "block_type": "paragraph", + "char_count": 11, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", + "block_sequence": 9, + "char_end": 11, + "char_start": 0, + "fragment_sha256": "74bf2f2f95c85ad1142fd4f11c8b6a4ef64fc8d64a1749d19d4e1012c71c8f59", + "heading_path": [ + "TABLE OF CONTENTS" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", + "table": null, + "text": "(continued)" + }, + { + "block_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#b10", + "block_sequence": 10, + "block_sha256": "847b25ce62580b8b6fa726eab03cdd4596dc7e283b8d0f3360371d5ed2cbc9fd", + "block_type": "other", + "char_count": 1445, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", + "block_sequence": 10, + "char_end": 1445, + "char_start": 0, + "fragment_sha256": "1fcd5fd00eeb3928210b943a4f54aabd684240c9c1d750e2d29bc507256ee8bd", + "heading_path": [ + "TABLE OF CONTENTS" + ], + "table_index": null, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", + "table": null, + "text": "Page 5.4 Removal and Resignation of Officers 17 5.5 Vacancies in Offices 17 5.6 Representation of Shares of Other Corporations 17 5.7 Authority and Duties of Officers 17 5.8 Compensation 18 Article VI - Records 18 Article VII - General Matters 18 7.1 Execution of Corporate Contracts and Instruments 18 7.2 Stock Certificates 18 7.3 Special Designation of Certificates 19 7.4 Lost Certificates 19 7.5 Shares Without Certificates 19 7.6 Construction; Definitions 19 7.7 Dividends 19 7.8 Fiscal Year 20 7.9 Seal 20 7.10 Transfer of Stock 20 7.11 Stock Transfer Agreements 20 7.13 Registered Stockholders 20 7.14 Waiver of Notice 21 Article VIII - Notice 21 8.1 Delivery of Notice; Notice by Electronic Transmission 21 Article IX - Indemnification 22 9.1 Power to Indemnify in Actions, Suits or Proceedings other than Those by or in the Right of the Corporation 22 9.2 Power to Indemnify in Actions, Suits or Proceedings by or in the Right of the Corporation 22 9.3 Authorization of Indemnification 23 9.4 Good Faith Defined 23 9.5 Indemnification by a Court 23 9.6 Expenses Payable in Advance 24 9.7 Nonexclusivity of Indemnification and Advancement of Expenses 24 9.8 Insurance 24 9.9 Certain Definitions 24 9.10 Survival of Indemnification and Advancement of Expenses 25 9.11 Limitation on Indemnification 25 9.12 Indemnification of Employees and Agents 25 9.13 Primacy of Indemnification 25 Article X - Amendments 25 Article XI - Definitions 26" + }, + { + "block_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#b11", + "block_sequence": 11, + "block_sha256": "5d7f49449ab22deac22d767b89549c554134c8e47de4d38e748049875c83503b", + "block_type": "paragraph", + "char_count": 2, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", + "block_sequence": 11, + "char_end": 2, + "char_start": 0, + "fragment_sha256": "01eca95260462f460d865644d16ed73419eef355379fadb5e3acd2fd14a0bce7", + "heading_path": [ + "TABLE OF CONTENTS" + ], + "table_index": null, + "tag_name": "p" + }, + "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", + "table": null, + "text": "ii" + }, + { + "block_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#b12", + "block_sequence": 12, + "block_sha256": "b864808c79e79ea7bcb5cdc1ba9c01acb82c4c874469b5223a84a1c986bbc125", + "block_type": "paragraph", + "char_count": 71949, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", + "block_sequence": 12, + "char_end": 71949, + "char_start": 0, + "fragment_sha256": "0b94cc21753dce87891416a51a8d61d77e53127e33e3d3fa3778f50d141ff1a3", + "heading_path": [ + "TABLE OF CONTENTS" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", + "table": null, + "text": "Amended and Restated Bylaws of Opendoor Technologies Inc. Article I - Corporate Offices 1.1 Registered Office. The address of the registered office of Opendoor Technologies Inc. (the \u0093Corporation\u0094) in the State of Delaware, and the name of its registered agent at such address, shall be as set forth in the Corporation\u0092s certificate of incorporation, as the same may be amended and/or restated from time to time (the \u0093Certificate of Incorporation\u0094). 1.2 Other Offices. The Corporation may have additional offices at any place or places, within or outside the State of Delaware, as the Corporation\u0092s board of directors (the \u0093Board\u0094) may from time to time establish or as the business of the Corporation may require. Article II - Meetings of Stockholders 2.1 Place of Meetings. Meetings of stockholders shall be held at any place within or outside the State of Delaware, designated by the Board. The Board may, in its sole discretion, determine that a meeting of stockholders shall not be held at any place, but may instead be held solely by means of remote communication as authorized by Section 211(a)(2) of the General Corporation Law of the State of Delaware (the \u0093DGCL\u0094). In the absence of any such designation or determination, stockholders\u0092 meetings shall be held at the Corporation\u0092s principal executive office. 2.2 Annual Meeting. The Board shall designate the date and time of the annual meeting. At the annual meeting, directors shall be elected and other proper business properly brought before the meeting in accordance with Section 2.4 of these bylaws may be transacted. The Board may postpone, reschedule or cancel any previously scheduled annual meeting of stockholders. 2.3 Special Meeting. Special meetings of the stockholders may be called, postponed, rescheduled or cancelled only by such persons and only in such manner as set forth in the Certificate of Incorporation. No business may be transacted at any special meeting of stockholders other than the business specified in the notice of such meeting. 2.4 Notice of Business to be Brought Before a Meeting. (i) At an annual meeting of the stockholders, only such business shall be conducted as shall have been properly brought before the meeting. To be properly brought before an annual meeting, business must be (i) specified in a notice of meeting given by or at the direction of the Board of Directors, (ii) if not specified in a notice of meeting, otherwise brought before the meeting by the Board of Directors or the Chairperson of the Board or (iii) otherwise properly brought before the meeting by a stockholder present in person who (A) (1) was a record owner of shares of the Corporation both at the time of giving the notice provided for in this Section 2.4 and at the time of the meeting, (2) is entitled to vote at the meeting, and (3) has complied with this Section 2.4 in all applicable respects or (B) properly made such proposal in accordance with Rule 14a-8 under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (as so amended and inclusive of such rules and regulations, the \u0093Exchange Act\u0094). The foregoing clause (iii) shall be the exclusive means for a stockholder to propose business to be brought before an annual meeting of the stockholders. For purposes of this Section 2.4, \u0093present in person\u0094 shall mean that the stockholder proposing that the business be brought before the annual meeting of the Corporation, or a qualified representative of such proposing stockholder, appear at such annual meeting. A \u0093qualified representative\u0094 of such proposing stockholder shall be a duly authorized officer, manager or partner of such stockholder or any other person authorized by a writing executed by such stockholder or an electronic transmission delivered by such stockholder to act for such stockholder as proxy at the meeting of stockholders and such person must produce such writing or electronic transmission, or a reliable reproduction of the writing or electronic transmission, at the meeting of stockholders. Stockholders seeking to nominate persons for election to the Board of Directors must comply with Section 2.5 and Section 2.6 and this Section 2.4 shall not be applicable to nominations except as expressly provided in Section 2.5 and Section 2.6. (ii) Without qualification, for business to be properly brought before an annual meeting by a stockholder, the stockholder must (i) provide Timely Notice (as defined below) thereof in writing and in proper form to the Secretary of the Corporation and (ii) provide any updates or supplements to such notice at the times and in the forms required by this Section 2.4. To be timely, a stockholder\u0092s notice must be delivered to, or mailed and received at, the principal executive offices of the Corporation not less than 90 days nor more than 120 days prior to the one-year anniversary of the preceding year\u0092s annual meeting (which, in the case of the first annual meeting of stockholders following the Effective Time (as defined in the Certification of Incorporation), the date of the preceding year\u0092s annual meeting shall be deemed to be May 13, 2020); provided, however, that if the date of the annual meeting is more than 30 days before or more than 60 days after such anniversary date, notice by the stockholder to be timely must be so delivered, or mailed and received, not more than the 120th day prior to such annual meeting and not later than (i) the 90th day prior to such annual meeting or, (ii) if later, the 10th day following the day on which public disclosure of the date of such annual meeting was first made by the Corporation (such notice within such time periods, \u0093Timely Notice\u0094). In no event shall any adjournment or postponement of an annual meeting or the announcement thereof commence a new time period for the giving of Timely Notice as described above. (iii) To be in proper form for purposes of this Section 2.4, a stockholder\u0092s notice to the Secretary shall set forth: (a) As to each Proposing Person (as defined below), (1) the name and address of such Proposing Person (including, if applicable, the name and address that appear on the Corporation\u0092s books and records); and (2) the class or series and number of shares of the Corporation that are, directly or indirectly, owned of record or beneficially owned (within the meaning of Rule 13d-3 under the Exchange Act) by such Proposing Person, except that such Proposing Person shall in all events be deemed to beneficially own any shares of any class or series of the Corporation as to which such Proposing Person has a right to acquire beneficial ownership at any time in the future (the disclosures to be made pursuant to the foregoing clauses (1) and (2) are referred to as \u0093Stockholder Information\u0094); 2 (b) As to each Proposing Person, (1) the full notional amount of any securities that, directly or indirectly, underlie any \u0093derivative security\u0094 (as such term is defined in Rule 16a-1(c) under the Exchange Act) that constitutes a \u0093call equivalent position\u0094 (as such term is defined in Rule 16a-1(b) under the Exchange Act) (\u0093Synthetic Equity Position\u0094) and that is, directly or indirectly, held or maintained by such Proposing Person with respect to any shares of any class or series of shares of the Corporation; provided that, for the purposes of the definition of \u0093Synthetic Equity Position,\u0094 the term \u0093derivative security\u0094 shall also include any security or instrument that would not otherwise constitute a \u0093derivative security\u0094 as a result of any feature that would make any conversion, exercise or similar right or privilege of such security or instrument becoming determinable only at some future date or upon the happening of a future occurrence, in which case the determination of the amount of securities into which such security or instrument would be convertible or exercisable shall be made assuming that such security or instrument is immediately convertible or exercisable at the time of such determination; and, provided, further, that any Proposing Person satisfying the requirements of Rule 13d-1(b)(1) under the Exchange Act (other than a Proposing Person that so satisfies Rule 13d-1(b)(1) under the Exchange Act solely by reason of Rule 13d-1(b)(1)(ii)(E)) shall not be deemed to hold or maintain the notional amount of any securities that underlie a Synthetic Equity Position held by such Proposing Person as a hedge with respect to a bona fide derivatives trade or position of such Proposing Person arising in the ordinary course of such Proposing Person\u0092s business as a derivatives dealer, (2) any rights to dividends on the shares of any class or series of shares of the Corporation owned beneficially by such Proposing Person that are separated or separable from the underlying shares of the Corporation, (3) any material pending or threatened legal proceeding in which such Proposing Person is a party or material participant involving the Corporation or any of its officers or directors, or any affiliate of the Corporation, (4) any other material relationship between such Proposing Person, on the one hand, and the Corporation, any affiliate of the Corporation, on the other hand, (5) any direct or indirect material interest in any material contract or agreement of such Proposing Person with the Corporation or any affiliate of the Corporation (including, in any such case, any employment agreement, collective bargaining agreement or consulting agreement), (6) a representation that such Proposing Person intends or is part of a group which intends to deliver a proxy statement or form of proxy to holders of at least the percentage of the Corporation\u0092s outstanding capital stock required to approve or adopt the proposal or otherwise solicit proxies from stockholders in support of such proposal and (7) any other information relating to such Proposing Person that would be required to be disclosed in a proxy statement or other filing required to be made in connection with solicitations of proxies or consents by such Proposing Person in support of the business proposed to be brought before the meeting pursuant to Section 14(a) of the Exchange Act (the disclosures to be made pursuant to the foregoing clauses (1) through (7) are referred to as \u0093Disclosable Interests\u0094); provided, however, that Disclosable Interests shall not include any such disclosures with respect to the ordinary course business activities of any broker, dealer, commercial bank, trust company or other nominee who is a Proposing Person solely as a result of being the stockholder directed to prepare and submit the notice required by these Bylaws on behalf of a beneficial owner; and 3 (c) As to each item of business that the stockholder proposes to bring before the annual meeting, (1) a brief description of the business desired to be brought before the annual meeting, the reasons for conducting such business at the annual meeting and any material interest in such business of each Proposing Person, (2) the text of the proposal or business (including the text of any resolutions proposed for consideration and in the event that such business includes a proposal to amend the bylaws of the Corporation, the language of the proposed amendment), (3) a reasonably detailed description of all agreements, arrangements and understandings (x) between or among any of the Proposing Persons or (y) between or among any Proposing Person and any other record or beneficial holder(s) or persons(s) who have a right to acquire beneficial ownership at any time in the future of the shares of any class or series of the Corporation or any other person or entity (including their names) in connection with the proposal of such business by such stockholder and (4) any other information relating to such item of business that would be required to be disclosed in a proxy statement or other filing required to be made in connection with solicitations of proxies in support of the business proposed to be brought before the meeting pursuant to Section 14(a) of the Exchange Act; provided, however, that the disclosures required by this paragraph (iii) shall not include any disclosures with respect to any broker, dealer, commercial bank, trust company or other nominee who is a Proposing Person solely as a result of being the stockholder directed to prepare and submit the notice required by these Bylaws on behalf of a beneficial owner. For purposes of this Section 2.4, the term \u0093Proposing Person\u0094 shall mean (i) the stockholder providing the notice of business proposed to be brought before an annual meeting, (ii) the beneficial owner or beneficial owners, if different, on whose behalf the notice of the business proposed to be brought before the annual meeting is made, and (iii) any participant (as defined in paragraphs (a)(ii)-(vi) of Instruction 3 to Item 4 of Schedule 14A) with such stockholder in such solicitation. (iv) A Proposing Person shall update and supplement its notice to the Corporation of its intent to propose business at an annual meeting, if necessary, so that the information provided or required to be provided in such notice pursuant to this Section 2.4 shall be true and correct as of the record date for stockholders entitled to vote at the meeting and as of the date that is 10 business days prior to the meeting or any adjournment or postponement thereof, and such update and supplement shall be delivered to, or mailed and received by, the Secretary at the principal executive offices of the Corporation not later than five business days after the record date for stockholders entitled to vote at the meeting (in the case of the update and supplement required to be made as of such record date), and not later than eight business days prior to the date for the meeting or, if practicable, any adjournment or postponement thereof (and, if not practicable, on the first practicable date prior to the date to which the meeting has been adjourned or postponed) (in the case of the update and supplement required to be made as of 10 business days prior to the meeting or any adjournment or postponement thereof). For the avoidance of doubt, the obligation to update and supplement as set forth in this paragraph or any other Section of these Bylaws shall not limit the Corporation\u0092s rights with respect to any deficiencies in any notice provided by a stockholder, extend any applicable deadlines hereunder or enable or be deemed to permit a stockholder who has previously submitted notice hereunder to amend or update any proposal or to submit any new proposal, including by changing or adding matters, business or resolutions proposed to be brought before a meeting of the stockholders. (v) Notwithstanding anything in these Bylaws to the contrary, no business shall be conducted at an annual meeting that is not properly brought before the meeting in accordance with this Section 2.4. The presiding officer of the meeting shall, if the facts warrant, determine that the business was not properly brought before the meeting in accordance with this Section 2.4, and if he or she should so determine, he or she shall so declare to the meeting and any such business not properly brought before the meeting shall not be transacted. 4 (vi) This Section 2.4 is expressly intended to apply to any business proposed to be brought before an annual meeting of stockholders other than any proposal made in accordance with Rule 14a-8 under the Exchange Act and included in the Corporation\u0092s proxy statement. In addition to the requirements of this Section 2.4 with respect to any business proposed to be brought before an annual meeting, each Proposing Person shall comply with all applicable requirements of the Exchange Act with respect to any such business. Nothing in this Section 2.4 shall be deemed to affect the rights of stockholders to request inclusion of proposals in the Corporation\u0092s proxy statement pursuant to Rule 14a-8 under the Exchange Act. (vii) For purposes of these Bylaws, \u0093public disclosure\u0094 shall mean disclosure in a press release reported by a national news service, in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Sections 13, 14 or 15(d) of the Exchange Act or by such other means as is reasonably designed to inform the public or securityholders of the Corporation in general of such information including, without limitation, posting on the Corporation\u0092s investor relations website. 2.5 Notice of Nominations for Election to the Board of Directors. (i) Subject in all respects to the provisions of the Certificate of Incorporation, nominations of any person for election to the Board of Directors at an annual meeting or at a special meeting (but only if the election of directors is a matter specified in the notice of meeting given by or at the direction of the person calling such special meeting) may be made at such meeting only (x) by or at the direction of the Board of Directors, including by any committee or persons authorized to do so by the Board of Directors or these bylaws, or (y) by a stockholder present in person who (A) was a record owner of shares of the Corporation both at the time of giving the notice provided for in this Section 2.5 and at the time of the meeting, (B) is entitled to vote at the meeting and (C) has complied with this Section 2.5 and Section 2.6 as to such notice and nomination. For purposes of this Section 2.5, \u0093present in person\u0094 shall mean that the stockholder nominating any person for election to the Board of Directors at the meeting of the Corporation, or a qualified representative of such stockholder, appear at such meeting. A \u0093qualified representative\u0094 of such proposing stockholder shall be a duly authorized officer, manager or partner of such stockholder or any other person authorized by a writing executed by such stockholder or an electronic transmission delivered by such stockholder to act for such stockholder as proxy at the meeting of stockholders and such person must produce such writing or electronic transmission, or a reliable reproduction of the writing or electronic transmission, at the meeting of stockholders. The foregoing clause (y) shall be the exclusive means for a stockholder to make any nomination of a person or persons for election to the Board of Directors at an annual meeting or special meeting. (ii) Without qualification, for a stockholder to make any nomination of a person or persons for election to the Board of Directors at an annual meeting, the stockholder must (1) provide Timely Notice (as defined in Section 2.4) thereof in writing and in proper form to the Secretary of the Corporation, (2) provide the information, agreements and questionnaires with respect to such stockholder and its candidate for nomination as required to be set forth by this Section 2.5 and Section 2.6 and (3) provide any updates or supplements to such notice at the times and in the forms required by this Section 2.5 and Section 2.6. 5 (a) Without qualification, if the election of directors is a matter specified in the notice of meeting given by or at the direction of the person calling a special meeting in accordance with the Certificate of Incorporation, then for a stockholder to make any nomination of a person or persons for election to the Board of Directors at a special meeting, the stockholder must (i) provide timely notice thereof in writing and in proper form to the Secretary of the Corporation at the principal executive offices of the Corporation, (ii) provide the information with respect to such stockholder and its candidate for nomination as required by this Section 2.5 and Section 2.6 and (iii) provide any updates or supplements to such notice at the times and in the forms required by this Section 2.5. To be timely, a stockholder\u0092s notice for nominations to be made at a special meeting must be delivered to, or mailed and received at, the principal executive offices of the Corporation not earlier than the 120th day prior to such special meeting and not later than the 90th day prior to such special meeting or, if later, the 10th day following the day on which public disclosure (as defined in Section 2.4) of the date of such special meeting was first made. (b) In no event shall any adjournment or postponement of an annual meeting or special meeting or the announcement thereof commence a new time period for the giving of a stockholder\u0092s notice as described above. (c) In no event may a Nominating Person provide Timely Notice with respect to a greater number of director candidates than are subject to election by shareholders at the applicable meeting. If the Corporation shall, subsequent to such notice, increase the number of directors subject to election at the meeting, such notice as to any additional nominees shall be due on the later of (i) the conclusion of the time period for Timely Notice, (ii) the date set forth in Section 2.5(ii)(b), or (iii) the 10th day following the date of public disclosure (as defined in Section 2.4) of such increase. (iii) To be in proper form for purposes of this Section 2.5, a stockholder\u0092s notice to the Secretary shall set forth: (a) As to each Nominating Person (as defined below), the Stockholder Information (as defined in Section 2.4(iii)(a), except that for purposes of this Section 2.5 the term \u0093Nominating Person\u0094 shall be substituted for the term \u0093Proposing Person\u0094 in all places it appears in Section 2.4(iii)(a)); (b) As to each Nominating Person, any Disclosable Interests (as defined in Section 2.4(iii)(b), except that for purposes of this Section 2.5 the term \u0093Nominating Person\u0094 shall be substituted for the term \u0093Proposing Person\u0094 in all places it appears in Section 2.4(iii)(b) and the disclosure with respect to the business to be brought before the meeting in Section 2.4(iii)(b) shall be made with respect to the election of directors at the meeting); and provided that, in lieu of including the information set forth in Section 2.4(iii)(b), the Nominating Person\u0092s notice for purposes of this Section 2.5 shall include a representation as to whether the Nominating Person intends or is part of a group which intends to (i) deliver a proxy statement and/or form of proxy to holders of at least the percentage of the Corporation\u0092s outstanding capital stock required to elect any nominee and (ii) solicit the holders of shares representing at least 67% of the voting power of shares entitled to vote on the election of directors in support of director nominees other than the Corporation\u0092s nominees in accordance with Rule 14a-19 promulgated under the Exchange Act; and 6 (c) As to each candidate whom a Nominating Person proposes to nominate for election as a director, (A) all information with respect to such candidate for nomination that would be required to be set forth in a stockholder\u0092s notice pursuant to this Section 2.5 and Section 2.6 if such candidate for nomination were a Nominating Person, (B) all information relating to such candidate for nomination that is required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for election of directors in a contested election pursuant to Section 14(a) under the Exchange Act (including such candidate\u0092s written consent to being named in the proxy statement and accompanying proxy card relating to the Corporation\u0092s next meeting of shareholders at which directors are to be elected as a nominee and to serving as a director for a full term if elected), (C) a description of any direct or indirect material interest in any material contract or agreement between or among any Nominating Person, on the one hand, and each candidate for nomination or his or her respective associates or any other participants in such solicitation, on the other hand, including, without limitation, all information that would be required to be disclosed pursuant to Item 404 under Regulation S-K if such Nominating Person were the \u0093registrant\u0094 for purposes of such rule and the candidate for nomination were a director or executive officer of such registrant (the disclosures to be made pursuant to the foregoing clauses (A) through (C) are referred to as \u0093Nominee Information\u0094), and (D) a completed and signed questionnaire, representation and agreement as provided in Section 2.6(i). For purposes of this Section 2.5, the term \u0093Nominating Person\u0094 shall mean (i) the stockholder providing the notice of the nomination proposed to be made at the meeting, (ii) the beneficial owner or beneficial owners, if different, on whose behalf the notice of the nomination proposed to be made at the meeting is made, and (iii) any other participant in such solicitation. (iv) A stockholder providing notice of any nomination proposed to be made at a meeting shall further update and supplement such notice, if necessary, so that the information provided or required to be provided in such notice pursuant to this Section 2.5 shall be true and correct as of the record date for stockholders entitled to vote at the meeting and as of the date that is 10 business days prior to the meeting or any adjournment or postponement thereof, and such update and supplement shall be delivered to, or mailed and received by, the Secretary at the principal executive offices of the Corporation not later than five business days after the record date for stockholders entitled to vote at the meeting (in the case of the update and supplement required to be made as of such record date), and not later than eight business days prior to the date for the meeting or, if practicable, any adjournment or postponement thereof (and, if not practicable, on the first practicable date prior to the date to which the meeting has been adjourned or postponed) (in the case of the update and supplement required to be made as of 10 business days prior to the meeting or any adjournment or postponement thereof). For the avoidance of doubt, the obligation to update and supplement as set forth in this paragraph or any other Section of these Bylaws shall not limit the Corporation\u0092s rights with respect to any deficiencies in any notice provided by a stockholder, extend any applicable deadlines hereunder or enable or be deemed to permit a stockholder who has previously submitted notice hereunder to amend or update any nomination or to submit any new nomination. (v) In addition to the requirements of this Section 2.5 with respect to any nomination proposed to be made at a meeting, each Nominating Person shall comply with all applicable requirements of the Exchange Act with respect to any such nominations. Notwithstanding the foregoing provisions of this Section 2, unless otherwise required by law, (i) no Nominating Person shall solicit proxies in support of director nominees other than the Corporation\u0092s nominees unless such Nominating Person has complied with Rule 14a-19 promulgated under the Exchange Act in connection with the solicitation of such proxies, including the provision to the Corporation of notices required thereunder in a timely manner and (ii) if any Nominating Person (1) provides notice pursuant to Rule 14a-19(b) promulgated under the Exchange Act and (2) subsequently fails to comply with the requirements of Rule 14a-19(a)(2) and Rule 14a-19(a)(3) promulgated under the Exchange Act, including the provision to the Corporation of notices required 7 thereunder in a timely manner, or fails to timely provide reasonable evidence sufficient to satisfy the Corporation that such Nominating Person has met the requirements of Rule 14a-19(a)(3) promulgated under the Exchange Act in accordance with the following sentence, then the Corporation shall disregard any proxies or votes solicited for the Nominating Person\u0092s candidates. If any Nominating Person provides notice pursuant to Rule 14a-19(b) promulgated under the Exchange Act, such Nominating Person shall deliver to the Corporation, no later than seven business days prior to the applicable meeting, reasonable evidence that it has met the requirements of Rule 14a-19(a)(3) promulgated under the Exchange Act. 2.6 Additional Requirements for Valid Nomination of Candidates to Serve as Director and, if Elected, to be Seated as Directors. (i) To be eligible to be a candidate for election as a director of the Corporation at an annual or special meeting, a candidate must be nominated in the manner prescribed in Section 2.5 and the candidate for nomination, whether nominated by the Board of Directors or by a stockholder of record, must have previously delivered (in accordance with the time period prescribed for delivery in a notice to such candidate given by or on behalf of the Board of Directors), to the Secretary at the principal executive offices of the Corporation, (i) a completed written questionnaire (in a form provided by the Corporation upon written request of any stockholder of record therefor) with respect to the background, qualifications, stock ownership and independence of such proposed nominee, and such additional information with respect to such proposed nominee as would be required to be provided by the Corporation pursuant to Schedule 14A if such proposed nominee were a participant in the solicitation of proxies by the Corporation in connection with such annual or special meeting and (ii) a written representation and agreement (in a form provided by the Corporation upon written request of any stockholder of record therefor) that such candidate for nomination (A) is not and, if elected as a director during his or her term of office, will not become a party to (1) any agreement, arrangement or understanding with, and has not given and will not give any commitment or assurance to, any person or entity as to how such proposed nominee, if elected as a director of the Corporation, will act or vote on any issue or question (a \u0093Voting Commitment\u0094) or (2) any Voting Commitment that could limit or interfere with such proposed nominee\u0092s ability to comply, if elected as a director of the Corporation, with such proposed nominee\u0092s fiduciary duties under applicable law, (B) is not, and will not become a party to, any agreement, arrangement or understanding with any person or entity other than the Corporation with respect to any direct or indirect compensation or reimbursement for service as a director that has not been disclosed therein or to the Corporation, (C) if elected as a director of the Corporation, will comply with all applicable corporate governance, conflict of interest, confidentiality, stock ownership and trading and other policies and guidelines of the Corporation applicable to directors and in effect during such person\u0092s term in office as a director (and, if requested by any candidate for nomination, the Secretary of the Corporation shall provide to such candidate for nomination all such policies and guidelines then in effect), and (D) if elected as director of the Corporation, intends to serve the full term until the next meeting at which such candidate would face re-election. (ii) The Board of Directors may also require any proposed candidate for nomination as a Director to furnish such other information as may reasonably be requested by the Board of Directors in writing prior to the meeting of stockholders at which such candidate\u0092s nomination is to be acted upon. Without limiting the generality of the foregoing, the Board of Directors may request such other information in order for the Board of Directors to determine the eligibility of such candidate for nomination to be an independent director of the Corporation or to comply with the director qualification standards and additional selection criteria in accordance with the Corporation\u0092s Corporate Governance Guidelines. Such other information shall be delivered to, or mailed and received by, the Secretary at the principal executive offices of the Corporation (or any other office specified by the Corporation in any public announcement) not later than five business days after the request by the Board of Directors has been delivered to, or mailed and received by, the Nominating Person. 8 (iii) A candidate for nomination as a director shall further update and supplement the materials delivered pursuant to this Section 2.6, if necessary, so that the information provided or required to be provided pursuant to this Section 2.6 shall be true and correct as of the record date for stockholders entitled to vote at the meeting and as of the date that is 10 business days prior to the meeting or any adjournment or postponement thereof, and such update and supplement shall be delivered to, or mailed and received by, the Secretary at the principal executive offices of the Corporation (or any other office specified by the Corporation in any public announcement) not later than five business days after the record date for stockholders entitled to vote at the meeting (in the case of the update and supplement required to be made as of such record date), and not later than eight business days prior to the date for the meeting or, if practicable, any adjournment or postponement thereof (and, if not practicable, on the first practicable date prior to the date to which the meeting has been adjourned or postponed) (in the case of the update and supplement required to be made as of 10 business days prior to the meeting or any adjournment or postponement thereof). For the avoidance of doubt, the obligation to update and supplement as set forth in this paragraph or any other Section of these Bylaws shall not limit the Corporation\u0092s rights with respect to any deficiencies in any notice provided by a stockholder, extend any applicable deadlines hereunder or enable or be deemed to permit a stockholder who has previously submitted notice hereunder to amend or update any proposal or to submit any new proposal, including by changing or adding nominees, matters, business or resolutions proposed to be brought before a meeting of the stockholders. (iv) No candidate shall be eligible for nomination as a director of the Corporation unless such candidate for nomination and the Nominating Person seeking to place such candidate\u0092s name in nomination has complied with Section 2.5 and this Section 2.6, as applicable. The presiding officer at the meeting shall, if the facts warrant, determine that a nomination was not properly made in accordance with Section 2.5 and this Section 2.6, and if he or she should so determine, he or she shall so declare such determination to the meeting, the defective nomination shall be disregarded and any ballots cast for the candidate in question (but in the case of any form of ballot listing other qualified nominees, only the ballots cast for the nominee in question) shall be void and of no force or effect. (v) Notwithstanding anything in these Bylaws to the contrary, no candidate for nomination shall be eligible to be seated as a director of the Corporation unless nominated and elected in accordance with Section 2.5 and this Section 2.6. 2.7 Notice of Stockholders\u0092 Meetings. Unless otherwise provided by law, the Certificate of Incorporation or these bylaws, the notice of any meeting of stockholders shall be sent or otherwise given in accordance with Section 8.1 of these bylaws not less than 10 nor more than 60 days before the date of the meeting to each stockholder entitled to vote at such meeting. The notice shall specify the place, if any, date and time of the meeting, the means of remote communication, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called. 2.8 Quorum. Unless otherwise provided by law, the Certificate of Incorporation or these bylaws, the holders of a majority in voting power of the stock issued and outstanding and entitled to vote, present in person, or by remote communication, if applicable, or represented by proxy, shall constitute a quorum for the transaction of business at all meetings of the stockholders. A quorum, once established at a meeting, shall not be broken by the withdrawal of enough votes to leave less than a quorum. If, however, a quorum is not present or represented at any meeting of the stockholders, then either (i) the person presiding over the meeting or 9 (ii) a majority in voting power of the stockholders entitled to vote at the meeting, present in person, or by remote communication, if applicable, or represented by proxy, shall have power to recess the meeting or adjourn the meeting from time to time in the manner provided in Section 2.9 of these bylaws until a quorum is present or represented. At any recessed or adjourned meeting at which a quorum is present or represented, any business may be transacted that might have been transacted at the meeting as originally noticed. 2.9 Adjourned Meeting; Notice. When a meeting is adjourned to another time or place, unless these bylaws otherwise require, notice need not be given of the adjourned meeting if the time, place, if any, thereof, and the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such adjourned meeting are announced at the meeting at which the adjournment is taken or are provided in any other manner permitted by the DGCL. At any adjourned meeting, the Corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for more than 30 days, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting. If after the adjournment a new record date for determination of stockholders entitled to vote is fixed for the adjourned meeting, the Board shall fix as the record date for determining stockholders entitled to notice of such adjourned meeting the same or an earlier date as that fixed for determination of stockholders entitled to vote at the adjourned meeting, and shall give notice of the adjourned meeting to each stockholder of record entitled to vote at such meeting as of the record date so fixed for notice of such adjourned meeting. 2.10 Conduct of Business. The date and time of the opening and the closing of the polls for each matter upon which the stockholders will vote at a meeting shall be announced at the meeting by the person presiding over the meeting. The Board may adopt by resolution such rules and regulations for the conduct of the meeting of stockholders as it shall deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Board, the person presiding over any meeting of stockholders shall have the right and authority to convene and (for any or no reason) to recess and/or adjourn the meeting, to prescribe such rules, regulations and procedures (which need not be in writing) and to do all such acts as, in the judgment of such presiding person, are appropriate for the proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board or prescribed by the person presiding over the meeting, may include, without limitation, the following: (i) the establishment of an agenda or order of business for the meeting; (ii) rules and procedures for maintaining order at the meeting and the safety of those present (including, without limitation, rules and procedures for removal of disruptive persons from the meeting); (iii) limitations on attendance at or participation in the meeting to stockholders entitled to vote at the meeting, their duly authorized and constituted proxies or such other persons as the person presiding over the meeting shall determine; (iv) restrictions on entry to the meeting after the time fixed for the commencement thereof; and (v) limitations on the time allotted to questions or comments by participants. The presiding person at any meeting of stockholders, in addition to making any other determinations that may be appropriate to the conduct of the meeting (including, without limitation, determinations with respect to the administration and/or interpretation of any of the rules, regulations or procedures of the meeting, whether adopted by the Board or prescribed by the person presiding over the meeting), shall, if the facts warrant, determine and declare to the meeting that a matter of business was not properly brought before the meeting and if such presiding person should so determine, such presiding person shall so declare to the meeting and any such matter or business not properly brought before the meeting shall not be transacted or considered. Unless and to the extent determined by the Board or the person presiding over the meeting, meetings of stockholders shall not be required to be held in accordance with the rules of parliamentary procedure. 10 2.11 Voting. Except as may be otherwise provided in the Certificate of Incorporation, these bylaws or the DGCL, each stockholder shall be entitled to one vote for each share of capital stock held by such stockholder. Except as otherwise provided by the Certificate of Incorporation, at all duly called or convened meetings of stockholders at which a quorum is present, for the election of directors, a plurality of the votes cast shall be sufficient to elect a director. Except as otherwise provided by the Certificate of Incorporation, these bylaws, the rules or regulations of any stock exchange applicable to the Corporation, or applicable law or pursuant to any regulation applicable to the Corporation or its securities, each other matter presented to the stockholders at a duly called or convened meeting at which a quorum is present shall be decided by the affirmative vote of the holders of a majority in voting power of the votes cast (excluding abstentions and broker non-votes) on such matter. 2.12 Record Date for Stockholder Meetings and Other Purposes. In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board, and which record date shall, unless otherwise required by law, not be more than 60 days nor less than 10 days before the date of such meeting. If the Board so fixes a date, such date shall also be the record date for determining the stockholders entitled to vote at such meeting unless the Board determines, at the time it fixes such record date, that a later date on or before the date of the meeting shall be the date for making such determination. If no record date is fixed by the Board, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be the close of business on the next day preceding the day on which notice is first given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board may fix a new record date for determination of stockholders entitled to vote at the adjourned meeting; and in such case shall also fix as the record date for stockholders entitled to notice of such adjourned meeting the same or an earlier date as that fixed for determination of stockholders entitled to vote in accordance herewith at the adjourned meeting. In order that the Corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment or any rights or the stockholders entitled to exercise any rights in respect of any change, conversion or exchange of capital stock, or for the purposes of any other lawful action, the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than 60 days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the Board adopts the resolution relating thereto. 2.13 Proxies. Each stockholder entitled to vote at a meeting of stockholders may authorize another person or persons to act for such stockholder by proxy authorized by an instrument in writing or by a transmission permitted by law, including Rule 14a-19 promulgated under the Exchange Act, filed in accordance with the procedure established for the meeting, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. The revocability of a proxy that states on its face that it is irrevocable shall be governed by the provisions of Section 212 of the DGCL. A proxy may be in the form of an electronic transmission that sets forth or is submitted with information from which it can be determined that the transmission was authorized by the stockholder. 11 Any stockholder directly or indirectly soliciting proxies from other stockholders must use a proxy card color other than white, which shall be reserved for the exclusive use by the Board. 2.14 List of Stockholders Entitled to Vote. The Corporation shall prepare, at least 10 days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting (provided, however, that if the record date for determining the stockholders entitled to vote is less than 10 days before the date of the meeting, the list shall reflect the stockholders entitled to vote as of the 10th day before the meeting date), arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. The Corporation shall not be required to include electronic mail addresses or other electronic contact information on such list. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting for a period of at least 10 days prior to the meeting: (i) on a reasonably accessible electronic network, provided that the information required to gain access to such list is provided with the notice of the meeting, or (ii) during ordinary business hours, at the Corporation\u0092s principal executive office. In the event that the Corporation determines to make the list available on an electronic network, the Corporation may take reasonable steps to ensure that such information is available only to stockholders of the Corporation. Such list shall presumptively determine the identity of the stockholders entitled to vote at the meeting and the number of shares held by each of them. Except as otherwise provided by law, the stock ledger shall be the only evidence as to who are the stockholders entitled to examine the list of stockholders required by this Section 2.14 or to vote in person or by proxy at any meeting of stockholders. 2.15 Inspectors of Election. Before any meeting of stockholders, the Corporation shall appoint an inspector or inspectors of election to act at the meeting or its adjournment and make a written report thereof. The Corporation may designate one or more persons as alternate inspectors to replace any inspector who fails to act. If any person appointed as inspector or any alternate fails to appear or fails or refuses to act, then the person presiding over the meeting shall appoint a person to fill that vacancy. Such inspectors shall: (i) determine the number of shares outstanding and the voting power of each, the number of shares represented at the meeting and the validity of any proxies and ballots; (ii) count all votes or ballots; (iii) count and tabulate all votes; (iv) determine and retain for a reasonable period a record of the disposition of any challenges made to any determination by the inspector(s); and (v) certify its or their determination of the number of shares represented at the meeting and its or their count of all votes and ballots. 12 Each inspector, before entering upon the discharge of the duties of inspector, shall take and sign an oath faithfully to execute the duties of inspection with strict impartiality and according to the best of such inspector\u0092s ability. Any report or certificate made by the inspectors of election is prima facie evidence of the facts stated therein. The inspectors of election may appoint such persons to assist them in performing their duties as they determine. 2.16 Delivery to the Corporation. Whenever this Article II requires one or more persons (including a record or beneficial owner of stock) to deliver a document or information to the Corporation or any officer, employee or agent thereof (including any notice, request, questionnaire, revocation, representation or other document or agreement), such document or information shall be in writing exclusively (and not in an electronic transmission) and shall be delivered exclusively by hand (including, without limitation, overnight courier service) or by certified or registered mail, return receipt requested, and the Corporation shall not be required to accept delivery of any document not in such written form or so delivered. For the avoidance of doubt, the Corporation expressly opts out of Section 116 of the DGCL with respect to the delivery of information and documents to the Corporation required by this Article II. Article III - Directors 3.1 Powers. Except as otherwise provided by the Certificate of Incorporation or the DGCL, the business and affairs of the Corporation shall be managed by or under the direction of the Board. 3.2 Number of Directors. Subject to the Certificate of Incorporation, the total number of directors constituting the Board shall be determined from time to time by resolution of the Board. No reduction of the authorized number of directors shall have the effect of removing any director before that director\u0092s term of office expires. 3.3 Election, Qualification and Term of Office of Directors. Except as provided in Section 3.4 of these bylaws, and subject to the Certificate of Incorporation, each director, including a director elected to fill a vacancy or newly created directorship, shall hold office until the expiration of the term of the class, if any, for which elected and until such director\u0092s successor is elected and qualified or until such director\u0092s earlier death, resignation, disqualification or removal in accordance with the Certificate of Incorporation. Directors need not be stockholders. The Certificate of Incorporation or these bylaws may prescribe qualifications for directors. 3.4 Resignation and Vacancies. Any director may resign at any time upon notice given in writing or by electronic transmission to the Corporation. The resignation shall take effect at the time specified therein or upon the happening of an event specified therein, and if no time or event is specified, at the time of its receipt. When one or more directors so resigns and the resignation is effective at a future date or upon the happening of an event to occur on a future date, a majority of the directors then in office, including those who have so resigned, shall have power to fill such vacancy or vacancies, the vote thereon to take effect when such resignation or resignations shall become effective, and each director so chosen shall hold office as provided in Section 3.3. 13 Unless otherwise provided in the Certificate of Incorporation or these bylaws, vacancies resulting from the death, resignation, disqualification or removal of any director, and newly created directorships resulting from any increase in the authorized number of directors shall be filled only by a majority of the directors then in office, although less than a quorum, or by a sole remaining director. 3.5 Place of Meetings; Meetings by Telephone. The Board may hold meetings, both regular and special, either within or outside the State of Delaware. Unless otherwise restricted by the Certificate of Incorporation or these bylaws, members of the Board, or any committee designated by the Board, may participate in a meeting of the Board, or any committee, by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting pursuant to this bylaw shall constitute presence in person at the meeting. 3.6 Regular Meetings. Regular meetings of the Board may be held within or outside the State of Delaware and at such time and at such place as which has been designated by the Board and publicized among all directors, either orally or in writing, by telephone, including a voice-messaging system or other system designed to record and communicate messages, facsimile, telegraph or telex, or by electronic mail or other means of electronic transmission. No further notice shall be required for regular meetings of the Board. 3.7 Special Meetings; Notice. Special meetings of the Board for any purpose or purposes may be called at any time by the Chairperson of the Board, the Chief Executive Officer, the President, the Secretary or a majority of the total number of directors constituting the Board. Notice of the time and place of special meetings shall be: (i) delivered personally by hand, by courier or by telephone; (ii) sent by United States first-class mail, postage prepaid; (iii) sent by facsimile or electronic mail; or (iv) sent by other means of electronic transmission, directed to each director at that director\u0092s address, telephone number, facsimile number or electronic mail address, or other address for electronic transmission, as the case may be, as shown on the Corporation\u0092s records. 14 If the notice is (i) delivered personally by hand, by courier or by telephone, (ii) sent by facsimile or electronic mail, or (iii) sent by other means of electronic transmission, it shall be delivered or sent at least 24 hours before the time of the holding of the meeting. If the notice is sent by U.S. mail, it shall be deposited in the U.S. mail at least four days before the time of the holding of the meeting. The notice need not specify the place of the meeting (if the meeting is to be held at the Corporation\u0092s principal executive office) nor the purpose of the meeting. 3.8 Quorum. At all meetings of the Board, unless otherwise provided by the Certificate of Incorporation, a majority of the total number of directors shall constitute a quorum for the transaction of business. The vote of a majority of the directors present at any meeting at which a quorum is present shall be the act of the Board, except as may be otherwise specifically provided by statute, the Certificate of Incorporation or these bylaws. If a quorum is not present at any meeting of the Board, then the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum is present. 3.9 Board Action without a Meeting. Unless otherwise restricted by the Certificate of Incorporation or these bylaws, any action required or permitted to be taken at any meeting of the Board, or of any committee thereof, may be taken without a meeting if all members of the Board or committee, as the case may be, consent thereto in writing or by electronic transmission. After an action is taken, the consent or consents relating thereto shall be filed with the minutes of the proceedings of the Board, or the committee thereof, in the same paper or electronic form as the minutes are maintained. Such action by written consent or consent by electronic transmission shall have the same force and effect as a unanimous vote of the Board. 3.10 Fees and Compensation of Directors. Unless otherwise restricted by the Certificate of Incorporation or these bylaws, the Board shall have the authority to fix the compensation, including fees and reimbursement of expenses, of directors for services to the Corporation in any capacity. Article IV - Committees 4.1 Committees of Directors. The Board may designate one or more committees, each committee to consist, of one or more of the directors of the Corporation. The Board may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the Board to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board or in these bylaws, shall have and may exercise all the powers and authority of the Board in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers that may require it; but no such committee shall have the power or authority to (i) approve or adopt, or recommend to the stockholders, any action or matter expressly required by the DGCL to be submitted to stockholders for approval, or (ii) adopt, amend or repeal any bylaw of the Corporation. 15 4.2 Committee Minutes. Each committee shall keep regular minutes of its meetings and report the same to the Board when required. 4.3 Meetings and Actions of Committees. Meetings and actions of committees shall be governed by, and held and taken in accordance with, the provisions of: (i) Section 3.5 (place of meetings; meetings by telephone); (ii) Section 3.6 (regular meetings); (iii) Section 3.7 (special meetings; notice); (iv) Section 3.9 (board action without a meeting); and (v) Section 7.14 (waiver of notice), with such changes in the context of those bylaws as are necessary to substitute the committee and its members for the Board and its members. However: (i) the time of regular meetings of committees may be determined either by resolution of the Board or by resolution of the committee; (ii) special meetings of committees may also be called by resolution of the Board or the chairperson of the applicable committee; and (iii) the Board may adopt rules for the governance of any committee to override the provisions that would otherwise apply to the committee pursuant to this Section 4.3, provided that such rules do not violate the provisions of the Certificate of Incorporation or applicable law. 4.4 Subcommittees. Unless otherwise provided in the Certificate of Incorporation, these bylaws, the resolutions of the Board designating the committee or the charter of such committee adopted by the Board, a committee may create one or more subcommittees, each subcommittee to consist of one or more members of the committee, and delegate to a subcommittee any or all of the powers and authority of the committee. Article V - Officers 5.1 Officers. The officers of the Corporation shall include a Chief Executive Officer, a President and a Secretary. The Corporation may also have, at the discretion of the Board, a Chairperson of the Board, a Vice Chairperson of the Board, a Chief Financial Officer, a Treasurer, one or more Vice Presidents, one or more Assistant Vice Presidents, one or more Assistant Treasurers, one or more Assistant Secretaries, and any such other officers as may be appointed in accordance with the provisions of these bylaws. Any number of offices may be held by the same person. No officer need be a stockholder or director of the Corporation. 16 5.2 Appointment of Officers. The Board shall appoint the officers of the Corporation, except such officers as may be appointed in accordance with the provisions of Section 5.3 of these bylaws. 5.3 Subordinate Officers. The Board may appoint, or empower the Chief Executive Officer or, in the absence of a Chief Executive Officer, the President, to appoint, such other officers and agents as the business of the Corporation may require. Each of such officers and agents shall hold office for such period, have such authority, and perform such duties as are provided in these bylaws or as the Board may from time to time determine. 5.4 Removal and Resignation of Officers. Subject to the rights, if any, of an officer under any contract of employment, any officer may be removed, either with or without cause, by the Board or, except in the case of an officer chosen by the Board, by any officer upon whom such power of removal may be conferred by the Board. Any officer may resign at any time by giving written notice to the Corporation. Any resignation shall take effect at the date of the receipt of that notice or at any later time specified in that notice. Unless otherwise specified in the notice of resignation, the acceptance of the resignation shall not be necessary to make it effective. Any resignation is without prejudice to the rights, if any, of the Corporation under any contract to which the officer is a party. 5.5 Vacancies in Offices. Any vacancy occurring in any office of the Corporation shall be filled as provided in Section 5.2 or Section 5.3, as applicable. 5.6 Representation of Shares of Other Corporations. The Chairperson of the Board, the Chief Executive Officer or the President of this Corporation, or any other person authorized by the Board, the Chief Executive Officer or the President, is authorized to vote, represent and exercise on behalf of this Corporation all rights incident to any and all shares or voting securities of any other corporation or other person standing in the name of this Corporation. The authority granted herein may be exercised either by such person directly or by any other person authorized to do so by proxy or power of attorney duly executed by such person having the authority. 5.7 Authority and Duties of Officers. All officers of the Corporation shall respectively have such authority and perform such duties in the management of the business of the Corporation as may be provided herein or designated from time to time by the Board and, to the extent not so provided, as generally pertain to their respective offices, subject to the control of the Board. 17 5.8 Compensation. The compensation of the officers of the Corporation for their services as such shall be fixed from time to time by or at the direction of the Board. An officer of the Corporation shall not be prevented from receiving compensation by reason of the fact that he or she is also a director of the Corporation. Article VI - Records A stock ledger consisting of one or more records in which the names of all of the Corporation\u0092s stockholders of record, the address and number of shares registered in the name of each such stockholder, and all issuances and transfers of stock of the corporation are recorded in accordance with Section 224 of the DGCL shall be administered by or on behalf of the Corporation. Any records administered by or on behalf of the Corporation in the regular course of its business, including its stock ledger, books of account, and minute books, may be kept on, or by means of, or be in the form of, any information storage device, or method, or one or more electronic networks or databases (including one or more distributed electronic networks or databases), provided that the records so kept can be converted into clearly legible paper form within a reasonable time and, with respect to the stock ledger, that the records so kept (i) can be used to prepare the list of stockholders specified in Sections 219 and 220 of the DGCL, (ii) record the information specified in Sections 156, 159, 217(a) and 218 of the DGCL, and (iii) record transfers of stock as governed by Article 8 of the Uniform Commercial Code as adopted in the State of Delaware. Article VII - General Matters 7.1 Execution of Corporate Contracts and Instruments. The Board, except as otherwise provided in these bylaws, may authorize any officer or officers, or agent or agents, to enter into any contract or execute any instrument in the name of and on behalf of the Corporation; such authority may be general or confined to specific instances. 7.2 Stock Certificates. The shares of the Corporation shall be represented by certificates, provided that the Board by resolution may provide that some or all of the shares of any class or series of stock of the Corporation shall be uncertificated. Certificates for the shares of stock, if any, shall be in such form as is consistent with the Certificate of Incorporation and applicable law. Every holder of stock represented by a certificate shall be entitled to have a certificate signed by, or in the name of the Corporation by, any two officers authorized to sign stock certificates representing the number of shares registered in certificate form. The Chairperson or Vice Chairperson of the Board, Chief Executive Officer, the President, the Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary of the Corporation shall be specifically authorized to sign stock certificates. Any or all of the signatures on the certificate may be a facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate has ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if he or she were such officer, transfer agent or registrar at the date of issue. 18 The Corporation may issue the whole or any part of its shares as partly paid and subject to call for the remainder of the consideration to be paid therefor. Upon the face or back of each stock certificate issued to represent any such partly paid shares, or upon the books and records of the Corporation in the case of uncertificated partly paid shares, the total amount of the consideration to be paid therefor and the amount paid thereon shall be stated. Upon the declaration of any dividend on fully paid shares, the Corporation shall declare a dividend upon partly paid shares of the same class, but only upon the basis of the percentage of the consideration actually paid thereon. 7.3 Special Designation of Certificates. If the Corporation is authorized to issue more than one class of stock or more than one series of any class, then the powers, the designations, the preferences and the relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights shall be set forth in full or summarized on the face or on the back of the certificate that the Corporation shall issue to represent such class or series of stock (or, in the case of uncertificated shares, set forth in a notice provided pursuant to Section 151 of the DGCL); provided, however, that except as otherwise provided in Section 202 of the DGCL, in lieu of the foregoing requirements, there may be set forth on the face of back of the certificate that the Corporation shall issue to represent such class or series of stock (or, in the case of any uncertificated shares, included in the aforementioned notice) a statement that the Corporation will furnish without charge to each stockholder who so requests the powers, the designations, the preferences and the relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights. 7.4 Lost Certificates. Except as provided in this Section 7.4, no new certificates for shares shall be issued to replace a previously issued certificate unless the latter is surrendered to the Corporation and cancelled at the same time. The Corporation may issue a new certificate of stock or uncertificated shares in the place of any certificate theretofore issued by it, alleged to have been lost, stolen or destroyed, and the Corporation may require the owner of the lost, stolen or destroyed certificate, or such owner\u0092s legal representative, to give the Corporation a bond sufficient to indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate or uncertificated shares. 7.5 Shares Without Certificates The Corporation may adopt a system of issuance, recordation and transfer of its shares of stock by electronic or other means not involving the issuance of certificates, provided the use of such system by the Corporation is permitted in accordance with applicable law. 7.6 Construction; Definitions. Unless the context requires otherwise, the general provisions, rules of construction and definitions in the DGCL shall govern the construction of these bylaws. Without limiting the generality of this provision, the singular number includes the plural and the plural number includes the singular. 7.7 Dividends. The Board, subject to any restrictions contained in either (i) the DGCL or (ii) the Certificate of Incorporation, may declare and pay dividends upon the shares of its capital stock. Dividends may be paid in cash, in property or in shares of the Corporation\u0092s capital stock. 19 The Board may set apart out of any of the funds of the Corporation available for dividends a reserve or reserves for any proper purpose and may abolish any such reserve. Such purposes shall include but not be limited to equalizing dividends, repairing or maintaining any property of the Corporation, and meeting contingencies. 7.8 Fiscal Year. The fiscal year of the Corporation shall be fixed by resolution of the Board and may be changed by the Board. 7.9 Seal. The Corporation may adopt a corporate seal, which shall be adopted and which may be altered by the Board. The Corporation may use the corporate seal by causing it or a facsimile thereof to be impressed or affixed or in any other manner reproduced. 7.10 Transfer of Stock. Shares of the Corporation shall be transferable in the manner prescribed by law and in these bylaws. Shares of stock of the Corporation shall be transferred on the books of the Corporation only by the holder of record thereof or by such holder\u0092s attorney duly authorized in writing, upon surrender to the Corporation of the certificate or certificates representing such shares endorsed by the appropriate person or persons (or by delivery of duly executed instructions with respect to uncertificated shares), with such evidence of the authenticity of such endorsement or execution, transfer, authorization and other matters as the Corporation may reasonably require, and accompanied by all necessary stock transfer stamps. No transfer of stock shall be valid as against the Corporation for any purpose until it shall have been entered in the stock records of the Corporation by an entry showing the names of the persons from and to whom it was transferred. 7.11 Stock Transfer Agreements. The Corporation shall have power to enter into and perform any agreement with any number of stockholders of any one or more classes or series of stock of the Corporation to restrict the transfer of shares of stock of the Corporation of any one or more classes owned by such stockholders in any manner not prohibited by the DGCL or other applicable law. 7.12 Registered Stockholders. The Corporation: (i) shall be entitled to recognize the exclusive right of a person registered on its books as the owner of shares to receive dividends and to vote as such owner; and (ii) shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of another person, whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of the State of Delaware. 20" + }, + { + "block_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#b13", + "block_sequence": 13, + "block_sha256": "0a3f891c081227a1fc2d0276734b57f4969154c561098968936f97583333e166", + "block_type": "paragraph", + "char_count": 3274, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", + "block_sequence": 13, + "char_end": 3274, + "char_start": 0, + "fragment_sha256": "876f6e06af08f192a9227851b18d9a339375c58749b4100e79cac8756c549107", + "heading_path": [ + "TABLE OF CONTENTS" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", + "table": null, + "text": "7.13 Waiver of Notice. Whenever notice is required to be given under any provision of the DGCL, the Certificate of Incorporation or these bylaws, a written waiver, signed by the person entitled to notice, or a waiver by electronic transmission by the person entitled to notice, whether before or after the time of the event for which notice is to be given, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the stockholders need be specified in any written waiver of notice or any waiver by electronic transmission unless so required by the Certificate of Incorporation or these bylaws. Article VIII - Notice 8.1 Delivery of Notice; Notice by Electronic Transmission. Without limiting the manner by which notice otherwise may be given effectively to stockholders, any notice to stockholders given by the Corporation under any provisions of the DGCL, the Certificate of Incorporation, or these bylaws may be given in writing directed to the stockholder\u0092s mailing address (or by electronic transmission directed to the stockholder\u0092s electronic mail address, as applicable) as it appears on the records of the Corporation and shall be given (1) if mailed, when the notice is deposited in the U.S. mail, postage prepaid, (2) if delivered by courier service, the earlier of when the notice is received or left at such stockholder\u0092s address or (3) if given by electronic mail, when directed to such stockholder\u0092s electronic mail address unless the stockholder has notified the Corporation in writing or by electronic transmission of an objection to receiving notice by electronic mail. A notice by electronic mail must include a prominent legend that the communication is an important notice regarding the Corporation. Without limiting the manner by which notice otherwise may be given effectively to stockholders, any notice to stockholders given by the Corporation under any provision of the DGCL, the Certificate of Incorporation or these bylaws shall be effective if given by a form of electronic transmission consented to by the stockholder to whom the notice is given. Any such consent shall be revocable by the stockholder by written notice or electronic transmission to the Corporation. Notwithstanding the provisions of this paragraph, the Corporation may give a notice by electronic mail in accordance with the first paragraph of this section without obtaining the consent required by this paragraph. Any notice given pursuant to the preceding paragraph shall be deemed given: (i) if by facsimile telecommunication, when directed to a number at which the stockholder has consented to receive notice; (ii) if by a posting on an electronic network together with separate notice to the stockholder of such specific posting, upon the later of (A) such posting and (B) the giving of such separate notice; and (iii) if by any other form of electronic transmission, when directed to the stockholder. 21" + }, + { + "block_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#b14", + "block_sequence": 14, + "block_sha256": "006df119eecfb45fb4d58b292f226af3fd00638036f7f8ae268bc37bd3569ce3", + "block_type": "paragraph", + "char_count": 17807, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", + "block_sequence": 14, + "char_end": 17807, + "char_start": 0, + "fragment_sha256": "d75bc62b4e865bd6b955c7c64f477442a0b6ea4b0c00c5eefc9e146b7d584287", + "heading_path": [ + "TABLE OF CONTENTS" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", + "table": null, + "text": "Notwithstanding the foregoing, a notice may not be given by an electronic transmission from and after the time that (1) the Corporation is unable to deliver by such electronic transmission two consecutive notices given by the Corporation and (2) such inability becomes known to the Secretary or an Assistant Secretary of the Corporation or to the transfer agent, or other person responsible for the giving of notice, provided, however, the inadvertent failure to discover such inability shall not invalidate any meeting or other action. An affidavit of the Secretary or an Assistant Secretary or of the transfer agent or other agent of the Corporation that the notice has been given shall, in the absence of fraud, be prima facie evidence of the facts stated therein. Article IX - Indemnification 9.1 Power to Indemnify in Actions, Suits or Proceedings other than Those by or in the Right of the Corporation. Subject to Section 9.3, the Corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the Corporation), by reason of the fact that such person is or was a director or officer of the Corporation, or is or was a director or officer of the Corporation serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys\u0092 fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe such person\u0092s conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which such person reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that such person\u0092s conduct was unlawful. 9.2 Power to Indemnify in Actions, Suits or Proceedings by or in the Right of the Corporation. Subject to Section 9.3, the Corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the Corporation to procure a judgment in its favor by reason of the fact that such person is or was a director or officer of the Corporation, or is or was a director or officer of the Corporation serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys\u0092 fees) actually and reasonably incurred by such person in connection with the defense or settlement of such action or suit if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Corporation; except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the Corporation unless and only to the extent that the Court of Chancery of the State of Delaware or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper. 22 9.3 Authorization of Indemnification. Any indemnification under this Article IX (unless ordered by a court) shall be made by the Corporation only as authorized in the specific case upon a determination that indemnification of the present or former director or officer is proper in the circumstances because such person has met the applicable standard of conduct set forth in Section 9.1 or Section 9.2, as the case may be. Such determination shall be made, with respect to a person who is a director or officer at the time of such determination, (i) by a majority vote of the directors who are not parties to such action, suit or proceeding, even though less than a quorum, or (ii) by a committee of such directors designated by a majority vote of such directors, even though less than a quorum, or (iii) if there are no such directors, or if such directors so direct, by independent legal counsel in a written opinion or (iv) by the stockholders. Such determination shall be made, with respect to former directors and officers, by any person or persons having the authority to act on the matter on behalf of the Corporation. To the extent, however, that a present or former director or officer of the Corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding described above, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys\u0092 fees) actually and reasonably incurred by such person in connection therewith, without the necessity of authorization in the specific case. 9.4 Good Faith Defined. For purposes of any determination under Section 9.3, a person shall be deemed to have acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Corporation, or, with respect to any criminal action or proceeding, to have had no reasonable cause to believe such person\u0092s conduct was unlawful, if such person\u0092s action is based on the records or books of account of the Corporation or another enterprise, or on information supplied to such person by the officers of the Corporation or another enterprise in the course of their duties, or on the advice of legal counsel for the Corporation or another enterprise or on information or records given or reports made to the Corporation or another enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Corporation or another enterprise. The provisions of this Section 9.4 shall not be deemed to be exclusive or to limit in any way the circumstances in which a person may be deemed to have met the applicable standard of conduct set forth in Section 9.1 or 9.2, as the case may be. 9.5 Indemnification by a Court. Notwithstanding any contrary determination in the specific case under Section 9.3, and notwithstanding the absence of any determination thereunder, any director or officer may apply to the Court of Chancery of the State of Delaware or any other court of competent jurisdiction in the State of Delaware for indemnification to the extent otherwise permissible under Section 9.1 or 9.2. The basis of such indemnification by a court shall be a determination by such court that indemnification of the director or officer is proper in the circumstances because such person has met the applicable standard of conduct set forth in Section 9.1 or Section 9.2, as the case may be. Neither a contrary determination in the specific case under Section 9.3 nor the absence of any determination thereunder shall be a defense to such application or create a presumption that the director or officer seeking indemnification has not met any applicable standard of conduct. Notice of any application for indemnification pursuant to this Article IX shall be given to the Corporation promptly upon the filing of such application. If successful, in whole or in part, the director or officer seeking indemnification shall also be entitled to be paid the expense of prosecuting such application. 23 9.6 Expenses Payable in Advance. Expenses (including attorneys\u0092 fees) incurred by a director or officer in defending any civil, criminal, administrative or investigative action, suit or proceeding shall be paid by the Corporation in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall ultimately be determined that such person is not entitled to be indemnified by the Corporation as authorized in this Article IX. Such expenses (including attorneys\u0092 fees) incurred by former directors and officers or other employees and agents may be so paid upon such terms and conditions, if any, as the Corporation deems appropriate. 9.7 Nonexclusivity of Indemnification and Advancement of Expenses. The indemnification and advancement of expenses provided by, or granted pursuant to, this Article IX shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under the Certificate of Incorporation, these By-Laws, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person\u0092s official capacity and as to action in another capacity while holding such office, it being the policy of the Corporation that indemnification of the persons specified in Section 9.1 or 9.2 shall be made to the fullest extent permitted by law. The provisions of this Article IX shall not be deemed to preclude the indemnification of any person who is not specified in Section 9.1 or Section 9.2 but whom the Corporation has the power or obligation to indemnify under the provisions of the DGCL, or otherwise. 9.8 Insurance. The Corporation may purchase and maintain insurance on behalf of any person who is or was a director or officer of the Corporation, or is or was a director or officer of the Corporation serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity, or arising out of such person\u0092s status as such, whether or not the Corporation would have the power or the obligation to indemnify such person against such liability under the provisions of this Article IX. 9.9 Certain Definitions. For purposes of this Article IX, references to \u0093the Corporation\u0094 shall include, in addition to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors or officers, so that any person who is or was a director or officer of such constituent corporation, or is or was a director or officer of such constituent corporation serving at the request of such constituent corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, shall stand in the same position under the provisions of this Article IX with respect to the resulting or surviving corporation as such person would have with respect to such constituent corporation if its separate existence had continued. The term \u0093another enterprise\u0094 as used in this Article IX shall mean any other corporation or any partnership, joint venture, trust, employee benefit plan or other enterprise of which such person is or was serving at the request of the Corporation as a director, officer, employee or agent. For purposes of this Article IX, references to \u0093fines\u0094 shall include any excise taxes assessed on a person with respect to an employee benefit plan; and references to \u0093serving at the request of the Corporation\u0094 shall include any service as a director, officer, employee or agent of the Corporation which imposes duties on, or involves services by, such director or officer with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner such person reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner \u0093not opposed to the best interests of the Corporation\u0094 as referred to in this Article IX. 24 9.10 Survival of Indemnification and Advancement of Expenses. The indemnification and advancement of expenses provided by, or granted pursuant to, this Article IX shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director or officer of the Corporation and shall inure to the benefit of the estate, heirs, executors, administrators, legatees and distributees of such a person. 9.11 Limitation on Indemnification. Notwithstanding anything contained in this Article IX to the contrary, except for proceedings to enforce rights to indemnification (which shall be governed by Section 9.5), the Corporation shall not be obligated to indemnify any director or officer (or his or her heirs, executors or personal or legal representatives) or advance expenses in connection with a proceeding (or part thereof) initiated by such person unless such proceeding (or part thereof) was authorized or consented to by the Board of Directors of the Corporation. 9.12 Indemnification of Employees and Agents. The Corporation may, to the extent authorized from time to time by the Board of Directors, provide rights to indemnification and to the advancement of expenses to employees and agents of the Corporation similar to those conferred in this Article IX to directors and officers of the Corporation. 9.13 Primacy of Indemnification. Notwithstanding that a director, officer, employee or agent of the Corporation (collectively, the \u0093Covered Persons\u0094) may have certain rights to indemnification, advancement of expenses and/or insurance provided by other persons (collectively, the \u0093Other Indemnitors\u0094), with respect to the rights to indemnification, advancement of expenses and/or insurance set forth herein, the Corporation: (i) shall be the indemnitor of first resort (i.e., its obligations to Covered Persons are primary and any obligation of the Other Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Covered Persons are secondary); and (ii) shall be required to advance the full amount of expenses incurred by Covered Persons and shall be liable for the full amount of all liabilities, without regard to any rights Covered Persons may have against any of the Other Indemnitors. No advancement or payment by the Other Indemnitors on behalf of Covered Persons with respect to any claim for which Covered Persons have sought indemnification from the Corporation shall affect the immediately preceding sentence, and the Other Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of Covered Persons against the Corporation. Notwithstanding anything to the contrary herein, the obligations of the Corporation under this Section 9.13 shall only apply to Covered Persons in their capacity as Covered Persons. Article X - Amendments The Board is expressly empowered to adopt, amend or repeal the bylaws of the Corporation. The stockholders also shall have power to adopt, amend or repeal the bylaws of the Corporation; provided, however, that such action by stockholders shall require, in addition to any other vote required by the Certificate of Incorporation or applicable law, the affirmative vote of the holders of at least two-thirds of the voting power of all the then-outstanding shares of voting stock of the Corporation with the power to vote generally in an election of directors, voting together as a single class. 25 Article XI - Definitions As used in these bylaws, unless the context otherwise requires, the following terms shall have the following meanings: An \u0093electronic transmission\u0094 means any form of communication, not directly involving the physical transmission of paper, including the use of, or participation in, one or more electronic networks or databases (including one or more distributed electronic networks or databases), that creates a record that may be retained, retrieved and reviewed by a recipient thereof, and that may be directly reproduced in paper form by such a recipient through an automated process. An \u0093electronic mail\u0094 means an electronic transmission directed to a unique electronic mail address (which electronic mail shall be deemed to include any files attached thereto and any information hyperlinked to a website if such electronic mail includes the contact information of an officer or agent of the Corporation who is available to assist with accessing such files and information). An \u0093electronic mail address\u0094 means a destination, commonly expressed as a string of characters, consisting of a unique user name or mailbox (commonly referred to as the \u0093local part\u0094 of the address) and a reference to an internet domain (commonly referred to as the \u0093domain part\u0094 of the address), whether or not displayed, to which electronic mail can be sent or delivered. The term \u0093person\u0094 means any individual, general partnership, limited partnership, limited liability company, corporation, trust, business trust, joint stock company, joint venture, unincorporated association, cooperative or association or any other legal entity or organization of whatever nature, and shall include any successor (by merger or otherwise) of such entity. 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(a Delaware corporation)\n\nTable of Contents\n\nPage Article I - Corporate Offices 1 1.1 Registered Office 1 1.2 Other Offices 1 Article II - Meetings of Stockholders 1 2.1 Place of Meetings 1 2.2 Annual Meeting 1 2.3 Special Meeting 1 2.4 Notice of Business to be Brought Before a Meeting 2 2.5 Notice of Nominations for Election to the Board of Directors 5 2.6 Additional Requirements for Valid Nomination of Candidates to Serve as Director and, if Elected, to be Seated as Directors 8 2.7 Notice of Stockholders’ Meetings 9 2.8 Quorum 9 2.9 Adjourned Meeting; Notice 10 2.10 Conduct of Business 10 2.11 Voting 11 2.12 Record Date for Stockholder Meetings and Other Purposes 11 2.13 Proxies 11 2.14 List of Stockholders Entitled to Vote 12 2.15 Inspectors of Election 12 2.16 Delivery to the Corporation. 13 Article III - Directors 13 3.1 Powers 13 3.2 Number of Directors 13 3.3 Election, Qualification and Term of Office of Directors 13 3.4 Resignation and Vacancies 13 3.5 Place of Meetings; Meetings by Telephone 14 3.6 Regular Meetings 14 3.7 Special Meetings; Notice 14 3.8 Quorum 15 3.9 Board Action without a Meeting 15 3.10 Fees and Compensation of Directors 15 Article IV - Committees 15 4.1 Committees of Directors 15 4.2 Committee Minutes 16 4.3 Meetings and Actions of Committees 16 4.4 Subcommittees. 16 Article V - Officers 16 5.1 Officers 16 5.2 Appointment of Officers 17 5.3 Subordinate Officers 17\n\ni"} +{"artifact_role": "ex3-01", "block_ids": ["norm:0001801169:0001193125-23-013575:d386352dex31.htm#b9", "norm:0001801169:0001193125-23-013575:d386352dex31.htm#b10", "norm:0001801169:0001193125-23-013575:d386352dex31.htm#b11"], "char_count": 1462, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e963129b768a8bc8932842eb52796d925adf7259825c26758564773a81835247", "derivation_id": "462aeeed9f587cb28303384734347122f580c1ffa590646d39902b4202751c9b", "document_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm", "document_type": "governance", "exhibit_type": "EX-3.1", "filing_date": "2023-01-24", "filing_id": "sec:0001801169:0001193125-23-013575", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["5.03", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "block_sequence": 9, "char_end": 11, "char_start": 0, "fragment_sha256": "74bf2f2f95c85ad1142fd4f11c8b6a4ef64fc8d64a1749d19d4e1012c71c8f59", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "p"}, {"artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "block_sequence": 10, "char_end": 1445, "char_start": 0, "fragment_sha256": "1fcd5fd00eeb3928210b943a4f54aabd684240c9c1d750e2d29bc507256ee8bd", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "table"}, {"artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "block_sequence": 11, "char_end": 2, "char_start": 0, "fragment_sha256": "01eca95260462f460d865644d16ed73419eef355379fadb5e3acd2fd14a0bce7", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "p"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#p2", "passage_kind": "narrative", "passage_sequence": 2, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-01-23", "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312523013575/d386352dex31.htm", "table_id": null, "text": "(continued)\n\nPage 5.4 Removal and Resignation of Officers 17 5.5 Vacancies in Offices 17 5.6 Representation of Shares of Other Corporations 17 5.7 Authority and Duties of Officers 17 5.8 Compensation 18 Article VI - Records 18 Article VII - General Matters 18 7.1 Execution of Corporate Contracts and Instruments 18 7.2 Stock Certificates 18 7.3 Special Designation of Certificates 19 7.4 Lost Certificates 19 7.5 Shares Without Certificates 19 7.6 Construction; Definitions 19 7.7 Dividends 19 7.8 Fiscal Year 20 7.9 Seal 20 7.10 Transfer of Stock 20 7.11 Stock Transfer Agreements 20 7.13 Registered Stockholders 20 7.14 Waiver of Notice 21 Article VIII - Notice 21 8.1 Delivery of Notice; Notice by Electronic Transmission 21 Article IX - Indemnification 22 9.1 Power to Indemnify in Actions, Suits or Proceedings other than Those by or in the Right of the Corporation 22 9.2 Power to Indemnify in Actions, Suits or Proceedings by or in the Right of the Corporation 22 9.3 Authorization of Indemnification 23 9.4 Good Faith Defined 23 9.5 Indemnification by a Court 23 9.6 Expenses Payable in Advance 24 9.7 Nonexclusivity of Indemnification and Advancement of Expenses 24 9.8 Insurance 24 9.9 Certain Definitions 24 9.10 Survival of Indemnification and Advancement of Expenses 25 9.11 Limitation on Indemnification 25 9.12 Indemnification of Employees and Agents 25 9.13 Primacy of Indemnification 25 Article X - Amendments 25 Article XI - Definitions 26\n\nii"} +{"artifact_role": "ex3-01", "block_ids": ["norm:0001801169:0001193125-23-013575:d386352dex31.htm#b12"], "char_count": 3539, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "2a7b03e472adfc3aa3d13f02ae41f7786e0a8e177e84f3695f5fe47eb153a305", "derivation_id": "462aeeed9f587cb28303384734347122f580c1ffa590646d39902b4202751c9b", "document_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm", "document_type": "governance", "exhibit_type": "EX-3.1", "filing_date": "2023-01-24", "filing_id": "sec:0001801169:0001193125-23-013575", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["5.03", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "block_sequence": 12, "char_end": 3539, "char_start": 0, "fragment_sha256": "0b94cc21753dce87891416a51a8d61d77e53127e33e3d3fa3778f50d141ff1a3", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-01-23", "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312523013575/d386352dex31.htm", "table_id": null, "text": "Amended and Restated Bylaws of Opendoor Technologies Inc. Article I - Corporate Offices 1.1 Registered Office. The address of the registered office of Opendoor Technologies Inc. (the “Corporation”) in the State of Delaware, and the name of its registered agent at such address, shall be as set forth in the Corporation’s certificate of incorporation, as the same may be amended and/or restated from time to time (the “Certificate of Incorporation”). 1.2 Other Offices. The Corporation may have additional offices at any place or places, within or outside the State of Delaware, as the Corporation’s board of directors (the “Board”) may from time to time establish or as the business of the Corporation may require. Article II - Meetings of Stockholders 2.1 Place of Meetings. Meetings of stockholders shall be held at any place within or outside the State of Delaware, designated by the Board. The Board may, in its sole discretion, determine that a meeting of stockholders shall not be held at any place, but may instead be held solely by means of remote communication as authorized by Section 211(a)(2) of the General Corporation Law of the State of Delaware (the “DGCL”). In the absence of any such designation or determination, stockholders’ meetings shall be held at the Corporation’s principal executive office. 2.2 Annual Meeting. The Board shall designate the date and time of the annual meeting. At the annual meeting, directors shall be elected and other proper business properly brought before the meeting in accordance with Section 2.4 of these bylaws may be transacted. The Board may postpone, reschedule or cancel any previously scheduled annual meeting of stockholders. 2.3 Special Meeting. Special meetings of the stockholders may be called, postponed, rescheduled or cancelled only by such persons and only in such manner as set forth in the Certificate of Incorporation. No business may be transacted at any special meeting of stockholders other than the business specified in the notice of such meeting. 2.4 Notice of Business to be Brought Before a Meeting. (i) At an annual meeting of the stockholders, only such business shall be conducted as shall have been properly brought before the meeting. To be properly brought before an annual meeting, business must be (i) specified in a notice of meeting given by or at the direction of the Board of Directors, (ii) if not specified in a notice of meeting, otherwise brought before the meeting by the Board of Directors or the Chairperson of the Board or (iii) otherwise properly brought before the meeting by a stockholder present in person who (A) (1) was a record owner of shares of the Corporation both at the time of giving the notice provided for in this Section 2.4 and at the time of the meeting, (2) is entitled to vote at the meeting, and (3) has complied with this Section 2.4 in all applicable respects or (B) properly made such proposal in accordance with Rule 14a-8 under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (as so amended and inclusive of such rules and regulations, the “Exchange Act”). The foregoing clause (iii) shall be the exclusive means for a stockholder to propose business to be brought before an annual meeting of the stockholders. For purposes of this Section 2.4, “present in person” shall mean that the stockholder proposing that the business be brought before the annual meeting of the Corporation, or a qualified representative of such proposing stockholder, appear at such annual meeting."} +{"artifact_role": "ex3-01", "block_ids": ["norm:0001801169:0001193125-23-013575:d386352dex31.htm#b12"], "char_count": 2149, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "19935b43f675bfd8f1bcef71598e734798b31a715e168fe38e00ed0721bbb91c", "derivation_id": "462aeeed9f587cb28303384734347122f580c1ffa590646d39902b4202751c9b", "document_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm", "document_type": "governance", "exhibit_type": "EX-3.1", "filing_date": "2023-01-24", "filing_id": "sec:0001801169:0001193125-23-013575", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["5.03", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "block_sequence": 12, "char_end": 5688, "char_start": 3539, "fragment_sha256": "0b94cc21753dce87891416a51a8d61d77e53127e33e3d3fa3778f50d141ff1a3", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-01-23", "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312523013575/d386352dex31.htm", "table_id": null, "text": "A “qualified representative” of such proposing stockholder shall be a duly authorized officer, manager or partner of such stockholder or any other person authorized by a writing executed by such stockholder or an electronic transmission delivered by such stockholder to act for such stockholder as proxy at the meeting of stockholders and such person must produce such writing or electronic transmission, or a reliable reproduction of the writing or electronic transmission, at the meeting of stockholders. Stockholders seeking to nominate persons for election to the Board of Directors must comply with Section 2.5 and Section 2.6 and this Section 2.4 shall not be applicable to nominations except as expressly provided in Section 2.5 and Section 2.6. (ii) Without qualification, for business to be properly brought before an annual meeting by a stockholder, the stockholder must (i) provide Timely Notice (as defined below) thereof in writing and in proper form to the Secretary of the Corporation and (ii) provide any updates or supplements to such notice at the times and in the forms required by this Section 2.4. To be timely, a stockholder’s notice must be delivered to, or mailed and received at, the principal executive offices of the Corporation not less than 90 days nor more than 120 days prior to the one-year anniversary of the preceding year’s annual meeting (which, in the case of the first annual meeting of stockholders following the Effective Time (as defined in the Certification of Incorporation), the date of the preceding year’s annual meeting shall be deemed to be May 13, 2020); provided, however, that if the date of the annual meeting is more than 30 days before or more than 60 days after such anniversary date, notice by the stockholder to be timely must be so delivered, or mailed and received, not more than the 120th day prior to such annual meeting and not later than (i) the 90th day prior to such annual meeting or, (ii) if later, the 10th day following the day on which public disclosure of the date of such annual meeting was first made by the Corporation (such notice within such time periods, “Timely Notice”)."} +{"artifact_role": "ex3-01", "block_ids": ["norm:0001801169:0001193125-23-013575:d386352dex31.htm#b12"], "char_count": 6724, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "33c04fcf69c485af56a608ac3ff7fbfb7b08978e478e717829d829ee9177f5d8", "derivation_id": "462aeeed9f587cb28303384734347122f580c1ffa590646d39902b4202751c9b", "document_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm", "document_type": "governance", "exhibit_type": "EX-3.1", "filing_date": "2023-01-24", "filing_id": "sec:0001801169:0001193125-23-013575", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["5.03", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "block_sequence": 12, "char_end": 12412, "char_start": 5688, "fragment_sha256": "0b94cc21753dce87891416a51a8d61d77e53127e33e3d3fa3778f50d141ff1a3", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-01-23", "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312523013575/d386352dex31.htm", "table_id": null, "text": "In no event shall any adjournment or postponement of an annual meeting or the announcement thereof commence a new time period for the giving of Timely Notice as described above. (iii) To be in proper form for purposes of this Section 2.4, a stockholder’s notice to the Secretary shall set forth: (a) As to each Proposing Person (as defined below), (1) the name and address of such Proposing Person (including, if applicable, the name and address that appear on the Corporation’s books and records); and (2) the class or series and number of shares of the Corporation that are, directly or indirectly, owned of record or beneficially owned (within the meaning of Rule 13d-3 under the Exchange Act) by such Proposing Person, except that such Proposing Person shall in all events be deemed to beneficially own any shares of any class or series of the Corporation as to which such Proposing Person has a right to acquire beneficial ownership at any time in the future (the disclosures to be made pursuant to the foregoing clauses (1) and (2) are referred to as “Stockholder Information”); 2 (b) As to each Proposing Person, (1) the full notional amount of any securities that, directly or indirectly, underlie any “derivative security” (as such term is defined in Rule 16a-1(c) under the Exchange Act) that constitutes a “call equivalent position” (as such term is defined in Rule 16a-1(b) under the Exchange Act) (“Synthetic Equity Position”) and that is, directly or indirectly, held or maintained by such Proposing Person with respect to any shares of any class or series of shares of the Corporation; provided that, for the purposes of the definition of “Synthetic Equity Position,” the term “derivative security” shall also include any security or instrument that would not otherwise constitute a “derivative security” as a result of any feature that would make any conversion, exercise or similar right or privilege of such security or instrument becoming determinable only at some future date or upon the happening of a future occurrence, in which case the determination of the amount of securities into which such security or instrument would be convertible or exercisable shall be made assuming that such security or instrument is immediately convertible or exercisable at the time of such determination; and, provided, further, that any Proposing Person satisfying the requirements of Rule 13d-1(b)(1) under the Exchange Act (other than a Proposing Person that so satisfies Rule 13d-1(b)(1) under the Exchange Act solely by reason of Rule 13d-1(b)(1)(ii)(E)) shall not be deemed to hold or maintain the notional amount of any securities that underlie a Synthetic Equity Position held by such Proposing Person as a hedge with respect to a bona fide derivatives trade or position of such Proposing Person arising in the ordinary course of such Proposing Person’s business as a derivatives dealer, (2) any rights to dividends on the shares of any class or series of shares of the Corporation owned beneficially by such Proposing Person that are separated or separable from the underlying shares of the Corporation, (3) any material pending or threatened legal proceeding in which such Proposing Person is a party or material participant involving the Corporation or any of its officers or directors, or any affiliate of the Corporation, (4) any other material relationship between such Proposing Person, on the one hand, and the Corporation, any affiliate of the Corporation, on the other hand, (5) any direct or indirect material interest in any material contract or agreement of such Proposing Person with the Corporation or any affiliate of the Corporation (including, in any such case, any employment agreement, collective bargaining agreement or consulting agreement), (6) a representation that such Proposing Person intends or is part of a group which intends to deliver a proxy statement or form of proxy to holders of at least the percentage of the Corporation’s outstanding capital stock required to approve or adopt the proposal or otherwise solicit proxies from stockholders in support of such proposal and (7) any other information relating to such Proposing Person that would be required to be disclosed in a proxy statement or other filing required to be made in connection with solicitations of proxies or consents by such Proposing Person in support of the business proposed to be brought before the meeting pursuant to Section 14(a) of the Exchange Act (the disclosures to be made pursuant to the foregoing clauses (1) through (7) are referred to as “Disclosable Interests”); provided, however, that Disclosable Interests shall not include any such disclosures with respect to the ordinary course business activities of any broker, dealer, commercial bank, trust company or other nominee who is a Proposing Person solely as a result of being the stockholder directed to prepare and submit the notice required by these Bylaws on behalf of a beneficial owner; and 3 (c) As to each item of business that the stockholder proposes to bring before the annual meeting, (1) a brief description of the business desired to be brought before the annual meeting, the reasons for conducting such business at the annual meeting and any material interest in such business of each Proposing Person, (2) the text of the proposal or business (including the text of any resolutions proposed for consideration and in the event that such business includes a proposal to amend the bylaws of the Corporation, the language of the proposed amendment), (3) a reasonably detailed description of all agreements, arrangements and understandings (x) between or among any of the Proposing Persons or (y) between or among any Proposing Person and any other record or beneficial holder(s) or persons(s) who have a right to acquire beneficial ownership at any time in the future of the shares of any class or series of the Corporation or any other person or entity (including their names) in connection with the proposal of such business by such stockholder and (4) any other information relating to such item of business that would be required to be disclosed in a proxy statement or other filing required to be made in connection with solicitations of proxies in support of the business proposed to be brought before the meeting pursuant to Section 14(a) of the Exchange Act; provided, however, that the disclosures required by this paragraph (iii) shall not include any disclosures with respect to any broker, dealer, commercial bank, trust company or other nominee who is a Proposing Person solely as a result of being the stockholder directed to prepare and submit the notice required by these Bylaws on behalf of a beneficial owner."} +{"artifact_role": "ex3-01", "block_ids": ["norm:0001801169:0001193125-23-013575:d386352dex31.htm#b12"], "char_count": 3342, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f88028dacce1ab713a2b02c62572d7d706a56e368979c16cc968ef6c05009ea9", "derivation_id": "462aeeed9f587cb28303384734347122f580c1ffa590646d39902b4202751c9b", "document_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm", "document_type": "governance", "exhibit_type": "EX-3.1", "filing_date": "2023-01-24", "filing_id": "sec:0001801169:0001193125-23-013575", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["5.03", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "block_sequence": 12, "char_end": 15754, "char_start": 12412, "fragment_sha256": "0b94cc21753dce87891416a51a8d61d77e53127e33e3d3fa3778f50d141ff1a3", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-01-23", "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312523013575/d386352dex31.htm", "table_id": null, "text": "For purposes of this Section 2.4, the term “Proposing Person” shall mean (i) the stockholder providing the notice of business proposed to be brought before an annual meeting, (ii) the beneficial owner or beneficial owners, if different, on whose behalf the notice of the business proposed to be brought before the annual meeting is made, and (iii) any participant (as defined in paragraphs (a)(ii)-(vi) of Instruction 3 to Item 4 of Schedule 14A) with such stockholder in such solicitation. (iv) A Proposing Person shall update and supplement its notice to the Corporation of its intent to propose business at an annual meeting, if necessary, so that the information provided or required to be provided in such notice pursuant to this Section 2.4 shall be true and correct as of the record date for stockholders entitled to vote at the meeting and as of the date that is 10 business days prior to the meeting or any adjournment or postponement thereof, and such update and supplement shall be delivered to, or mailed and received by, the Secretary at the principal executive offices of the Corporation not later than five business days after the record date for stockholders entitled to vote at the meeting (in the case of the update and supplement required to be made as of such record date), and not later than eight business days prior to the date for the meeting or, if practicable, any adjournment or postponement thereof (and, if not practicable, on the first practicable date prior to the date to which the meeting has been adjourned or postponed) (in the case of the update and supplement required to be made as of 10 business days prior to the meeting or any adjournment or postponement thereof). For the avoidance of doubt, the obligation to update and supplement as set forth in this paragraph or any other Section of these Bylaws shall not limit the Corporation’s rights with respect to any deficiencies in any notice provided by a stockholder, extend any applicable deadlines hereunder or enable or be deemed to permit a stockholder who has previously submitted notice hereunder to amend or update any proposal or to submit any new proposal, including by changing or adding matters, business or resolutions proposed to be brought before a meeting of the stockholders. (v) Notwithstanding anything in these Bylaws to the contrary, no business shall be conducted at an annual meeting that is not properly brought before the meeting in accordance with this Section 2.4. The presiding officer of the meeting shall, if the facts warrant, determine that the business was not properly brought before the meeting in accordance with this Section 2.4, and if he or she should so determine, he or she shall so declare to the meeting and any such business not properly brought before the meeting shall not be transacted. 4 (vi) This Section 2.4 is expressly intended to apply to any business proposed to be brought before an annual meeting of stockholders other than any proposal made in accordance with Rule 14a-8 under the Exchange Act and included in the Corporation’s proxy statement. In addition to the requirements of this Section 2.4 with respect to any business proposed to be brought before an annual meeting, each Proposing Person shall comply with all applicable requirements of the Exchange Act with respect to any such business."} +{"artifact_role": "ex3-01", "block_ids": ["norm:0001801169:0001193125-23-013575:d386352dex31.htm#b12"], "char_count": 3235, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "70610bb687f88adef861aeca5a309fce5eee440cafe69907ec7a15efcaddab39", "derivation_id": "462aeeed9f587cb28303384734347122f580c1ffa590646d39902b4202751c9b", "document_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm", "document_type": "governance", "exhibit_type": "EX-3.1", "filing_date": "2023-01-24", "filing_id": "sec:0001801169:0001193125-23-013575", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["5.03", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "block_sequence": 12, "char_end": 18989, "char_start": 15754, "fragment_sha256": "0b94cc21753dce87891416a51a8d61d77e53127e33e3d3fa3778f50d141ff1a3", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-01-23", "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312523013575/d386352dex31.htm", "table_id": null, "text": "Nothing in this Section 2.4 shall be deemed to affect the rights of stockholders to request inclusion of proposals in the Corporation’s proxy statement pursuant to Rule 14a-8 under the Exchange Act. (vii) For purposes of these Bylaws, “public disclosure” shall mean disclosure in a press release reported by a national news service, in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Sections 13, 14 or 15(d) of the Exchange Act or by such other means as is reasonably designed to inform the public or securityholders of the Corporation in general of such information including, without limitation, posting on the Corporation’s investor relations website. 2.5 Notice of Nominations for Election to the Board of Directors. (i) Subject in all respects to the provisions of the Certificate of Incorporation, nominations of any person for election to the Board of Directors at an annual meeting or at a special meeting (but only if the election of directors is a matter specified in the notice of meeting given by or at the direction of the person calling such special meeting) may be made at such meeting only (x) by or at the direction of the Board of Directors, including by any committee or persons authorized to do so by the Board of Directors or these bylaws, or (y) by a stockholder present in person who (A) was a record owner of shares of the Corporation both at the time of giving the notice provided for in this Section 2.5 and at the time of the meeting, (B) is entitled to vote at the meeting and (C) has complied with this Section 2.5 and Section 2.6 as to such notice and nomination. For purposes of this Section 2.5, “present in person” shall mean that the stockholder nominating any person for election to the Board of Directors at the meeting of the Corporation, or a qualified representative of such stockholder, appear at such meeting. A “qualified representative” of such proposing stockholder shall be a duly authorized officer, manager or partner of such stockholder or any other person authorized by a writing executed by such stockholder or an electronic transmission delivered by such stockholder to act for such stockholder as proxy at the meeting of stockholders and such person must produce such writing or electronic transmission, or a reliable reproduction of the writing or electronic transmission, at the meeting of stockholders. The foregoing clause (y) shall be the exclusive means for a stockholder to make any nomination of a person or persons for election to the Board of Directors at an annual meeting or special meeting. (ii) Without qualification, for a stockholder to make any nomination of a person or persons for election to the Board of Directors at an annual meeting, the stockholder must (1) provide Timely Notice (as defined in Section 2.4) thereof in writing and in proper form to the Secretary of the Corporation, (2) provide the information, agreements and questionnaires with respect to such stockholder and its candidate for nomination as required to be set forth by this Section 2.5 and Section 2.6 and (3) provide any updates or supplements to such notice at the times and in the forms required by this Section 2.5 and Section 2.6."} +{"artifact_role": "ex3-01", "block_ids": ["norm:0001801169:0001193125-23-013575:d386352dex31.htm#b12"], "char_count": 1655, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "4d657defcba389b1abffb3d4d1abca7f27a3432e55b8c606c03c1d90ff92e383", "derivation_id": "462aeeed9f587cb28303384734347122f580c1ffa590646d39902b4202751c9b", "document_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm", "document_type": "governance", "exhibit_type": "EX-3.1", "filing_date": "2023-01-24", "filing_id": "sec:0001801169:0001193125-23-013575", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["5.03", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "block_sequence": 12, "char_end": 20644, "char_start": 18989, "fragment_sha256": "0b94cc21753dce87891416a51a8d61d77e53127e33e3d3fa3778f50d141ff1a3", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-01-23", "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312523013575/d386352dex31.htm", "table_id": null, "text": "5 (a) Without qualification, if the election of directors is a matter specified in the notice of meeting given by or at the direction of the person calling a special meeting in accordance with the Certificate of Incorporation, then for a stockholder to make any nomination of a person or persons for election to the Board of Directors at a special meeting, the stockholder must (i) provide timely notice thereof in writing and in proper form to the Secretary of the Corporation at the principal executive offices of the Corporation, (ii) provide the information with respect to such stockholder and its candidate for nomination as required by this Section 2.5 and Section 2.6 and (iii) provide any updates or supplements to such notice at the times and in the forms required by this Section 2.5. To be timely, a stockholder’s notice for nominations to be made at a special meeting must be delivered to, or mailed and received at, the principal executive offices of the Corporation not earlier than the 120th day prior to such special meeting and not later than the 90th day prior to such special meeting or, if later, the 10th day following the day on which public disclosure (as defined in Section 2.4) of the date of such special meeting was first made. (b) In no event shall any adjournment or postponement of an annual meeting or special meeting or the announcement thereof commence a new time period for the giving of a stockholder’s notice as described above. (c) In no event may a Nominating Person provide Timely Notice with respect to a greater number of director candidates than are subject to election by shareholders at the applicable meeting."} +{"artifact_role": "ex3-01", "block_ids": ["norm:0001801169:0001193125-23-013575:d386352dex31.htm#b12"], "char_count": 3701, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7a2d8122f99f51862947d11c5593ddf65364d095c8a845b31ea35e7a4abf84db", "derivation_id": "462aeeed9f587cb28303384734347122f580c1ffa590646d39902b4202751c9b", "document_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm", "document_type": "governance", "exhibit_type": "EX-3.1", "filing_date": "2023-01-24", "filing_id": "sec:0001801169:0001193125-23-013575", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["5.03", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "block_sequence": 12, "char_end": 24345, "char_start": 20644, "fragment_sha256": "0b94cc21753dce87891416a51a8d61d77e53127e33e3d3fa3778f50d141ff1a3", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-01-23", "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312523013575/d386352dex31.htm", "table_id": null, "text": "If the Corporation shall, subsequent to such notice, increase the number of directors subject to election at the meeting, such notice as to any additional nominees shall be due on the later of (i) the conclusion of the time period for Timely Notice, (ii) the date set forth in Section 2.5(ii)(b), or (iii) the 10th day following the date of public disclosure (as defined in Section 2.4) of such increase. (iii) To be in proper form for purposes of this Section 2.5, a stockholder’s notice to the Secretary shall set forth: (a) As to each Nominating Person (as defined below), the Stockholder Information (as defined in Section 2.4(iii)(a), except that for purposes of this Section 2.5 the term “Nominating Person” shall be substituted for the term “Proposing Person” in all places it appears in Section 2.4(iii)(a)); (b) As to each Nominating Person, any Disclosable Interests (as defined in Section 2.4(iii)(b), except that for purposes of this Section 2.5 the term “Nominating Person” shall be substituted for the term “Proposing Person” in all places it appears in Section 2.4(iii)(b) and the disclosure with respect to the business to be brought before the meeting in Section 2.4(iii)(b) shall be made with respect to the election of directors at the meeting); and provided that, in lieu of including the information set forth in Section 2.4(iii)(b), the Nominating Person’s notice for purposes of this Section 2.5 shall include a representation as to whether the Nominating Person intends or is part of a group which intends to (i) deliver a proxy statement and/or form of proxy to holders of at least the percentage of the Corporation’s outstanding capital stock required to elect any nominee and (ii) solicit the holders of shares representing at least 67% of the voting power of shares entitled to vote on the election of directors in support of director nominees other than the Corporation’s nominees in accordance with Rule 14a-19 promulgated under the Exchange Act; and 6 (c) As to each candidate whom a Nominating Person proposes to nominate for election as a director, (A) all information with respect to such candidate for nomination that would be required to be set forth in a stockholder’s notice pursuant to this Section 2.5 and Section 2.6 if such candidate for nomination were a Nominating Person, (B) all information relating to such candidate for nomination that is required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for election of directors in a contested election pursuant to Section 14(a) under the Exchange Act (including such candidate’s written consent to being named in the proxy statement and accompanying proxy card relating to the Corporation’s next meeting of shareholders at which directors are to be elected as a nominee and to serving as a director for a full term if elected), (C) a description of any direct or indirect material interest in any material contract or agreement between or among any Nominating Person, on the one hand, and each candidate for nomination or his or her respective associates or any other participants in such solicitation, on the other hand, including, without limitation, all information that would be required to be disclosed pursuant to Item 404 under Regulation S-K if such Nominating Person were the “registrant” for purposes of such rule and the candidate for nomination were a director or executive officer of such registrant (the disclosures to be made pursuant to the foregoing clauses (A) through (C) are referred to as “Nominee Information”), and (D) a completed and signed questionnaire, representation and agreement as provided in Section 2.6(i)."} +{"artifact_role": "ex3-01", "block_ids": ["norm:0001801169:0001193125-23-013575:d386352dex31.htm#b12"], "char_count": 3772, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "23c0cc2ab059f7d19cc0c2b74848e1e0d985fa91f3bdde2c37b355d49b7d38f1", "derivation_id": "462aeeed9f587cb28303384734347122f580c1ffa590646d39902b4202751c9b", "document_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm", "document_type": "governance", "exhibit_type": "EX-3.1", "filing_date": "2023-01-24", "filing_id": "sec:0001801169:0001193125-23-013575", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["5.03", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "block_sequence": 12, "char_end": 28117, "char_start": 24345, "fragment_sha256": "0b94cc21753dce87891416a51a8d61d77e53127e33e3d3fa3778f50d141ff1a3", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-01-23", "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312523013575/d386352dex31.htm", "table_id": null, "text": "For purposes of this Section 2.5, the term “Nominating Person” shall mean (i) the stockholder providing the notice of the nomination proposed to be made at the meeting, (ii) the beneficial owner or beneficial owners, if different, on whose behalf the notice of the nomination proposed to be made at the meeting is made, and (iii) any other participant in such solicitation. (iv) A stockholder providing notice of any nomination proposed to be made at a meeting shall further update and supplement such notice, if necessary, so that the information provided or required to be provided in such notice pursuant to this Section 2.5 shall be true and correct as of the record date for stockholders entitled to vote at the meeting and as of the date that is 10 business days prior to the meeting or any adjournment or postponement thereof, and such update and supplement shall be delivered to, or mailed and received by, the Secretary at the principal executive offices of the Corporation not later than five business days after the record date for stockholders entitled to vote at the meeting (in the case of the update and supplement required to be made as of such record date), and not later than eight business days prior to the date for the meeting or, if practicable, any adjournment or postponement thereof (and, if not practicable, on the first practicable date prior to the date to which the meeting has been adjourned or postponed) (in the case of the update and supplement required to be made as of 10 business days prior to the meeting or any adjournment or postponement thereof). For the avoidance of doubt, the obligation to update and supplement as set forth in this paragraph or any other Section of these Bylaws shall not limit the Corporation’s rights with respect to any deficiencies in any notice provided by a stockholder, extend any applicable deadlines hereunder or enable or be deemed to permit a stockholder who has previously submitted notice hereunder to amend or update any nomination or to submit any new nomination. (v) In addition to the requirements of this Section 2.5 with respect to any nomination proposed to be made at a meeting, each Nominating Person shall comply with all applicable requirements of the Exchange Act with respect to any such nominations. Notwithstanding the foregoing provisions of this Section 2, unless otherwise required by law, (i) no Nominating Person shall solicit proxies in support of director nominees other than the Corporation’s nominees unless such Nominating Person has complied with Rule 14a-19 promulgated under the Exchange Act in connection with the solicitation of such proxies, including the provision to the Corporation of notices required thereunder in a timely manner and (ii) if any Nominating Person (1) provides notice pursuant to Rule 14a-19(b) promulgated under the Exchange Act and (2) subsequently fails to comply with the requirements of Rule 14a-19(a)(2) and Rule 14a-19(a)(3) promulgated under the Exchange Act, including the provision to the Corporation of notices required 7 thereunder in a timely manner, or fails to timely provide reasonable evidence sufficient to satisfy the Corporation that such Nominating Person has met the requirements of Rule 14a-19(a)(3) promulgated under the Exchange Act in accordance with the following sentence, then the Corporation shall disregard any proxies or votes solicited for the Nominating Person’s candidates. If any Nominating Person provides notice pursuant to Rule 14a-19(b) promulgated under the Exchange Act, such Nominating Person shall deliver to the Corporation, no later than seven business days prior to the applicable meeting, reasonable evidence that it has met the requirements of Rule 14a-19(a)(3) promulgated under the Exchange Act."} +{"artifact_role": "ex3-01", "block_ids": ["norm:0001801169:0001193125-23-013575:d386352dex31.htm#b12"], "char_count": 3643, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "916b78e16f0f4392d27fe8ded9d2dac5c6247d7ef8532559a75a6037d891aca9", "derivation_id": "462aeeed9f587cb28303384734347122f580c1ffa590646d39902b4202751c9b", "document_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm", "document_type": "governance", "exhibit_type": "EX-3.1", "filing_date": "2023-01-24", "filing_id": "sec:0001801169:0001193125-23-013575", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["5.03", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "block_sequence": 12, "char_end": 31760, "char_start": 28117, "fragment_sha256": "0b94cc21753dce87891416a51a8d61d77e53127e33e3d3fa3778f50d141ff1a3", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#p11", "passage_kind": "narrative", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-01-23", "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312523013575/d386352dex31.htm", "table_id": null, "text": "2.6 Additional Requirements for Valid Nomination of Candidates to Serve as Director and, if Elected, to be Seated as Directors. (i) To be eligible to be a candidate for election as a director of the Corporation at an annual or special meeting, a candidate must be nominated in the manner prescribed in Section 2.5 and the candidate for nomination, whether nominated by the Board of Directors or by a stockholder of record, must have previously delivered (in accordance with the time period prescribed for delivery in a notice to such candidate given by or on behalf of the Board of Directors), to the Secretary at the principal executive offices of the Corporation, (i) a completed written questionnaire (in a form provided by the Corporation upon written request of any stockholder of record therefor) with respect to the background, qualifications, stock ownership and independence of such proposed nominee, and such additional information with respect to such proposed nominee as would be required to be provided by the Corporation pursuant to Schedule 14A if such proposed nominee were a participant in the solicitation of proxies by the Corporation in connection with such annual or special meeting and (ii) a written representation and agreement (in a form provided by the Corporation upon written request of any stockholder of record therefor) that such candidate for nomination (A) is not and, if elected as a director during his or her term of office, will not become a party to (1) any agreement, arrangement or understanding with, and has not given and will not give any commitment or assurance to, any person or entity as to how such proposed nominee, if elected as a director of the Corporation, will act or vote on any issue or question (a “Voting Commitment”) or (2) any Voting Commitment that could limit or interfere with such proposed nominee’s ability to comply, if elected as a director of the Corporation, with such proposed nominee’s fiduciary duties under applicable law, (B) is not, and will not become a party to, any agreement, arrangement or understanding with any person or entity other than the Corporation with respect to any direct or indirect compensation or reimbursement for service as a director that has not been disclosed therein or to the Corporation, (C) if elected as a director of the Corporation, will comply with all applicable corporate governance, conflict of interest, confidentiality, stock ownership and trading and other policies and guidelines of the Corporation applicable to directors and in effect during such person’s term in office as a director (and, if requested by any candidate for nomination, the Secretary of the Corporation shall provide to such candidate for nomination all such policies and guidelines then in effect), and (D) if elected as director of the Corporation, intends to serve the full term until the next meeting at which such candidate would face re-election. (ii) The Board of Directors may also require any proposed candidate for nomination as a Director to furnish such other information as may reasonably be requested by the Board of Directors in writing prior to the meeting of stockholders at which such candidate’s nomination is to be acted upon. Without limiting the generality of the foregoing, the Board of Directors may request such other information in order for the Board of Directors to determine the eligibility of such candidate for nomination to be an independent director of the Corporation or to comply with the director qualification standards and additional selection criteria in accordance with the Corporation’s Corporate Governance Guidelines."} +{"artifact_role": "ex3-01", "block_ids": ["norm:0001801169:0001193125-23-013575:d386352dex31.htm#b12"], "char_count": 3964, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "53990d342d095a8fa7621173b6bd10e22311ad399af94a97790204bbcaf18d35", "derivation_id": "462aeeed9f587cb28303384734347122f580c1ffa590646d39902b4202751c9b", "document_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm", "document_type": "governance", "exhibit_type": "EX-3.1", "filing_date": "2023-01-24", "filing_id": "sec:0001801169:0001193125-23-013575", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["5.03", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "block_sequence": 12, "char_end": 35724, "char_start": 31760, "fragment_sha256": "0b94cc21753dce87891416a51a8d61d77e53127e33e3d3fa3778f50d141ff1a3", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-01-23", "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312523013575/d386352dex31.htm", "table_id": null, "text": "Such other information shall be delivered to, or mailed and received by, the Secretary at the principal executive offices of the Corporation (or any other office specified by the Corporation in any public announcement) not later than five business days after the request by the Board of Directors has been delivered to, or mailed and received by, the Nominating Person. 8 (iii) A candidate for nomination as a director shall further update and supplement the materials delivered pursuant to this Section 2.6, if necessary, so that the information provided or required to be provided pursuant to this Section 2.6 shall be true and correct as of the record date for stockholders entitled to vote at the meeting and as of the date that is 10 business days prior to the meeting or any adjournment or postponement thereof, and such update and supplement shall be delivered to, or mailed and received by, the Secretary at the principal executive offices of the Corporation (or any other office specified by the Corporation in any public announcement) not later than five business days after the record date for stockholders entitled to vote at the meeting (in the case of the update and supplement required to be made as of such record date), and not later than eight business days prior to the date for the meeting or, if practicable, any adjournment or postponement thereof (and, if not practicable, on the first practicable date prior to the date to which the meeting has been adjourned or postponed) (in the case of the update and supplement required to be made as of 10 business days prior to the meeting or any adjournment or postponement thereof). For the avoidance of doubt, the obligation to update and supplement as set forth in this paragraph or any other Section of these Bylaws shall not limit the Corporation’s rights with respect to any deficiencies in any notice provided by a stockholder, extend any applicable deadlines hereunder or enable or be deemed to permit a stockholder who has previously submitted notice hereunder to amend or update any proposal or to submit any new proposal, including by changing or adding nominees, matters, business or resolutions proposed to be brought before a meeting of the stockholders. (iv) No candidate shall be eligible for nomination as a director of the Corporation unless such candidate for nomination and the Nominating Person seeking to place such candidate’s name in nomination has complied with Section 2.5 and this Section 2.6, as applicable. The presiding officer at the meeting shall, if the facts warrant, determine that a nomination was not properly made in accordance with Section 2.5 and this Section 2.6, and if he or she should so determine, he or she shall so declare such determination to the meeting, the defective nomination shall be disregarded and any ballots cast for the candidate in question (but in the case of any form of ballot listing other qualified nominees, only the ballots cast for the nominee in question) shall be void and of no force or effect. (v) Notwithstanding anything in these Bylaws to the contrary, no candidate for nomination shall be eligible to be seated as a director of the Corporation unless nominated and elected in accordance with Section 2.5 and this Section 2.6. 2.7 Notice of Stockholders’ Meetings. Unless otherwise provided by law, the Certificate of Incorporation or these bylaws, the notice of any meeting of stockholders shall be sent or otherwise given in accordance with Section 8.1 of these bylaws not less than 10 nor more than 60 days before the date of the meeting to each stockholder entitled to vote at such meeting. The notice shall specify the place, if any, date and time of the meeting, the means of remote communication, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called. 2.8 Quorum."} +{"artifact_role": "ex3-01", "block_ids": ["norm:0001801169:0001193125-23-013575:d386352dex31.htm#b12"], "char_count": 3318, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6c9e67a9940a591d9100393d056f7f99388665188830c67c23e46971882dd7ee", "derivation_id": "462aeeed9f587cb28303384734347122f580c1ffa590646d39902b4202751c9b", "document_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm", "document_type": "governance", "exhibit_type": "EX-3.1", "filing_date": "2023-01-24", "filing_id": "sec:0001801169:0001193125-23-013575", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["5.03", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "block_sequence": 12, "char_end": 39042, "char_start": 35724, "fragment_sha256": "0b94cc21753dce87891416a51a8d61d77e53127e33e3d3fa3778f50d141ff1a3", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#p13", "passage_kind": "narrative", "passage_sequence": 13, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-01-23", "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312523013575/d386352dex31.htm", "table_id": null, "text": "Unless otherwise provided by law, the Certificate of Incorporation or these bylaws, the holders of a majority in voting power of the stock issued and outstanding and entitled to vote, present in person, or by remote communication, if applicable, or represented by proxy, shall constitute a quorum for the transaction of business at all meetings of the stockholders. A quorum, once established at a meeting, shall not be broken by the withdrawal of enough votes to leave less than a quorum. If, however, a quorum is not present or represented at any meeting of the stockholders, then either (i) the person presiding over the meeting or 9 (ii) a majority in voting power of the stockholders entitled to vote at the meeting, present in person, or by remote communication, if applicable, or represented by proxy, shall have power to recess the meeting or adjourn the meeting from time to time in the manner provided in Section 2.9 of these bylaws until a quorum is present or represented. At any recessed or adjourned meeting at which a quorum is present or represented, any business may be transacted that might have been transacted at the meeting as originally noticed. 2.9 Adjourned Meeting; Notice. When a meeting is adjourned to another time or place, unless these bylaws otherwise require, notice need not be given of the adjourned meeting if the time, place, if any, thereof, and the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such adjourned meeting are announced at the meeting at which the adjournment is taken or are provided in any other manner permitted by the DGCL. At any adjourned meeting, the Corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for more than 30 days, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting. If after the adjournment a new record date for determination of stockholders entitled to vote is fixed for the adjourned meeting, the Board shall fix as the record date for determining stockholders entitled to notice of such adjourned meeting the same or an earlier date as that fixed for determination of stockholders entitled to vote at the adjourned meeting, and shall give notice of the adjourned meeting to each stockholder of record entitled to vote at such meeting as of the record date so fixed for notice of such adjourned meeting. 2.10 Conduct of Business. The date and time of the opening and the closing of the polls for each matter upon which the stockholders will vote at a meeting shall be announced at the meeting by the person presiding over the meeting. The Board may adopt by resolution such rules and regulations for the conduct of the meeting of stockholders as it shall deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Board, the person presiding over any meeting of stockholders shall have the right and authority to convene and (for any or no reason) to recess and/or adjourn the meeting, to prescribe such rules, regulations and procedures (which need not be in writing) and to do all such acts as, in the judgment of such presiding person, are appropriate for the proper conduct of the meeting."} +{"artifact_role": "ex3-01", "block_ids": ["norm:0001801169:0001193125-23-013575:d386352dex31.htm#b12"], "char_count": 3653, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "aa0e2646e249eaa90b341f575d29671f51300d60d5992a6ba5504537edf278ac", "derivation_id": "462aeeed9f587cb28303384734347122f580c1ffa590646d39902b4202751c9b", "document_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm", "document_type": "governance", "exhibit_type": "EX-3.1", "filing_date": "2023-01-24", "filing_id": "sec:0001801169:0001193125-23-013575", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["5.03", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "block_sequence": 12, "char_end": 42695, "char_start": 39042, "fragment_sha256": "0b94cc21753dce87891416a51a8d61d77e53127e33e3d3fa3778f50d141ff1a3", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#p14", "passage_kind": "narrative", "passage_sequence": 14, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-01-23", "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312523013575/d386352dex31.htm", "table_id": null, "text": "Such rules, regulations or procedures, whether adopted by the Board or prescribed by the person presiding over the meeting, may include, without limitation, the following: (i) the establishment of an agenda or order of business for the meeting; (ii) rules and procedures for maintaining order at the meeting and the safety of those present (including, without limitation, rules and procedures for removal of disruptive persons from the meeting); (iii) limitations on attendance at or participation in the meeting to stockholders entitled to vote at the meeting, their duly authorized and constituted proxies or such other persons as the person presiding over the meeting shall determine; (iv) restrictions on entry to the meeting after the time fixed for the commencement thereof; and (v) limitations on the time allotted to questions or comments by participants. The presiding person at any meeting of stockholders, in addition to making any other determinations that may be appropriate to the conduct of the meeting (including, without limitation, determinations with respect to the administration and/or interpretation of any of the rules, regulations or procedures of the meeting, whether adopted by the Board or prescribed by the person presiding over the meeting), shall, if the facts warrant, determine and declare to the meeting that a matter of business was not properly brought before the meeting and if such presiding person should so determine, such presiding person shall so declare to the meeting and any such matter or business not properly brought before the meeting shall not be transacted or considered. Unless and to the extent determined by the Board or the person presiding over the meeting, meetings of stockholders shall not be required to be held in accordance with the rules of parliamentary procedure. 10 2.11 Voting. Except as may be otherwise provided in the Certificate of Incorporation, these bylaws or the DGCL, each stockholder shall be entitled to one vote for each share of capital stock held by such stockholder. Except as otherwise provided by the Certificate of Incorporation, at all duly called or convened meetings of stockholders at which a quorum is present, for the election of directors, a plurality of the votes cast shall be sufficient to elect a director. Except as otherwise provided by the Certificate of Incorporation, these bylaws, the rules or regulations of any stock exchange applicable to the Corporation, or applicable law or pursuant to any regulation applicable to the Corporation or its securities, each other matter presented to the stockholders at a duly called or convened meeting at which a quorum is present shall be decided by the affirmative vote of the holders of a majority in voting power of the votes cast (excluding abstentions and broker non-votes) on such matter. 2.12 Record Date for Stockholder Meetings and Other Purposes. In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board, and which record date shall, unless otherwise required by law, not be more than 60 days nor less than 10 days before the date of such meeting. If the Board so fixes a date, such date shall also be the record date for determining the stockholders entitled to vote at such meeting unless the Board determines, at the time it fixes such record date, that a later date on or before the date of the meeting shall be the date for making such determination."} +{"artifact_role": "ex3-01", "block_ids": ["norm:0001801169:0001193125-23-013575:d386352dex31.htm#b12"], "char_count": 3999, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d2a0817c6894cdb38fdff0d54d00aa554b10d66d8f45b74ed29168dfba647034", "derivation_id": "462aeeed9f587cb28303384734347122f580c1ffa590646d39902b4202751c9b", "document_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm", "document_type": "governance", "exhibit_type": "EX-3.1", "filing_date": "2023-01-24", "filing_id": "sec:0001801169:0001193125-23-013575", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["5.03", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "block_sequence": 12, "char_end": 46694, "char_start": 42695, "fragment_sha256": "0b94cc21753dce87891416a51a8d61d77e53127e33e3d3fa3778f50d141ff1a3", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#p15", "passage_kind": "narrative", "passage_sequence": 15, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-01-23", "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312523013575/d386352dex31.htm", "table_id": null, "text": "If no record date is fixed by the Board, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be the close of business on the next day preceding the day on which notice is first given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board may fix a new record date for determination of stockholders entitled to vote at the adjourned meeting; and in such case shall also fix as the record date for stockholders entitled to notice of such adjourned meeting the same or an earlier date as that fixed for determination of stockholders entitled to vote in accordance herewith at the adjourned meeting. In order that the Corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment or any rights or the stockholders entitled to exercise any rights in respect of any change, conversion or exchange of capital stock, or for the purposes of any other lawful action, the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than 60 days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the Board adopts the resolution relating thereto. 2.13 Proxies. Each stockholder entitled to vote at a meeting of stockholders may authorize another person or persons to act for such stockholder by proxy authorized by an instrument in writing or by a transmission permitted by law, including Rule 14a-19 promulgated under the Exchange Act, filed in accordance with the procedure established for the meeting, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. The revocability of a proxy that states on its face that it is irrevocable shall be governed by the provisions of Section 212 of the DGCL. A proxy may be in the form of an electronic transmission that sets forth or is submitted with information from which it can be determined that the transmission was authorized by the stockholder. 11 Any stockholder directly or indirectly soliciting proxies from other stockholders must use a proxy card color other than white, which shall be reserved for the exclusive use by the Board. 2.14 List of Stockholders Entitled to Vote. The Corporation shall prepare, at least 10 days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting (provided, however, that if the record date for determining the stockholders entitled to vote is less than 10 days before the date of the meeting, the list shall reflect the stockholders entitled to vote as of the 10th day before the meeting date), arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. The Corporation shall not be required to include electronic mail addresses or other electronic contact information on such list. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting for a period of at least 10 days prior to the meeting: (i) on a reasonably accessible electronic network, provided that the information required to gain access to such list is provided with the notice of the meeting, or (ii) during ordinary business hours, at the Corporation’s principal executive office. In the event that the Corporation determines to make the list available on an electronic network, the Corporation may take reasonable steps to ensure that such information is available only to stockholders of the Corporation."} +{"artifact_role": "ex3-01", "block_ids": ["norm:0001801169:0001193125-23-013575:d386352dex31.htm#b12"], "char_count": 3976, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "156ee9f5f03101e36fd8ebae5615648940b752b4a61e65eba4de7723a1968d5c", "derivation_id": "462aeeed9f587cb28303384734347122f580c1ffa590646d39902b4202751c9b", "document_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm", "document_type": "governance", "exhibit_type": "EX-3.1", "filing_date": "2023-01-24", "filing_id": "sec:0001801169:0001193125-23-013575", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["5.03", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "block_sequence": 12, "char_end": 50670, "char_start": 46694, "fragment_sha256": "0b94cc21753dce87891416a51a8d61d77e53127e33e3d3fa3778f50d141ff1a3", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#p16", "passage_kind": "narrative", "passage_sequence": 16, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-01-23", "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312523013575/d386352dex31.htm", "table_id": null, "text": "Such list shall presumptively determine the identity of the stockholders entitled to vote at the meeting and the number of shares held by each of them. Except as otherwise provided by law, the stock ledger shall be the only evidence as to who are the stockholders entitled to examine the list of stockholders required by this Section 2.14 or to vote in person or by proxy at any meeting of stockholders. 2.15 Inspectors of Election. Before any meeting of stockholders, the Corporation shall appoint an inspector or inspectors of election to act at the meeting or its adjournment and make a written report thereof. The Corporation may designate one or more persons as alternate inspectors to replace any inspector who fails to act. If any person appointed as inspector or any alternate fails to appear or fails or refuses to act, then the person presiding over the meeting shall appoint a person to fill that vacancy. Such inspectors shall: (i) determine the number of shares outstanding and the voting power of each, the number of shares represented at the meeting and the validity of any proxies and ballots; (ii) count all votes or ballots; (iii) count and tabulate all votes; (iv) determine and retain for a reasonable period a record of the disposition of any challenges made to any determination by the inspector(s); and (v) certify its or their determination of the number of shares represented at the meeting and its or their count of all votes and ballots. 12 Each inspector, before entering upon the discharge of the duties of inspector, shall take and sign an oath faithfully to execute the duties of inspection with strict impartiality and according to the best of such inspector’s ability. Any report or certificate made by the inspectors of election is prima facie evidence of the facts stated therein. The inspectors of election may appoint such persons to assist them in performing their duties as they determine. 2.16 Delivery to the Corporation. Whenever this Article II requires one or more persons (including a record or beneficial owner of stock) to deliver a document or information to the Corporation or any officer, employee or agent thereof (including any notice, request, questionnaire, revocation, representation or other document or agreement), such document or information shall be in writing exclusively (and not in an electronic transmission) and shall be delivered exclusively by hand (including, without limitation, overnight courier service) or by certified or registered mail, return receipt requested, and the Corporation shall not be required to accept delivery of any document not in such written form or so delivered. For the avoidance of doubt, the Corporation expressly opts out of Section 116 of the DGCL with respect to the delivery of information and documents to the Corporation required by this Article II. Article III - Directors 3.1 Powers. Except as otherwise provided by the Certificate of Incorporation or the DGCL, the business and affairs of the Corporation shall be managed by or under the direction of the Board. 3.2 Number of Directors. Subject to the Certificate of Incorporation, the total number of directors constituting the Board shall be determined from time to time by resolution of the Board. No reduction of the authorized number of directors shall have the effect of removing any director before that director’s term of office expires. 3.3 Election, Qualification and Term of Office of Directors. Except as provided in Section 3.4 of these bylaws, and subject to the Certificate of Incorporation, each director, including a director elected to fill a vacancy or newly created directorship, shall hold office until the expiration of the term of the class, if any, for which elected and until such director’s successor is elected and qualified or until such director’s earlier death, resignation, disqualification or removal in accordance with the Certificate of Incorporation. Directors need not be stockholders."} +{"artifact_role": "ex3-01", "block_ids": ["norm:0001801169:0001193125-23-013575:d386352dex31.htm#b12"], "char_count": 3983, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7f4927545cee925fb911b5e5c04a652aefdc98771e41f7619bc345e1c6a6a195", "derivation_id": "462aeeed9f587cb28303384734347122f580c1ffa590646d39902b4202751c9b", "document_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm", "document_type": "governance", "exhibit_type": "EX-3.1", "filing_date": "2023-01-24", "filing_id": "sec:0001801169:0001193125-23-013575", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["5.03", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "block_sequence": 12, "char_end": 54653, "char_start": 50670, "fragment_sha256": "0b94cc21753dce87891416a51a8d61d77e53127e33e3d3fa3778f50d141ff1a3", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#p17", "passage_kind": "narrative", "passage_sequence": 17, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-01-23", "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312523013575/d386352dex31.htm", "table_id": null, "text": "The Certificate of Incorporation or these bylaws may prescribe qualifications for directors. 3.4 Resignation and Vacancies. Any director may resign at any time upon notice given in writing or by electronic transmission to the Corporation. The resignation shall take effect at the time specified therein or upon the happening of an event specified therein, and if no time or event is specified, at the time of its receipt. When one or more directors so resigns and the resignation is effective at a future date or upon the happening of an event to occur on a future date, a majority of the directors then in office, including those who have so resigned, shall have power to fill such vacancy or vacancies, the vote thereon to take effect when such resignation or resignations shall become effective, and each director so chosen shall hold office as provided in Section 3.3. 13 Unless otherwise provided in the Certificate of Incorporation or these bylaws, vacancies resulting from the death, resignation, disqualification or removal of any director, and newly created directorships resulting from any increase in the authorized number of directors shall be filled only by a majority of the directors then in office, although less than a quorum, or by a sole remaining director. 3.5 Place of Meetings; Meetings by Telephone. The Board may hold meetings, both regular and special, either within or outside the State of Delaware. Unless otherwise restricted by the Certificate of Incorporation or these bylaws, members of the Board, or any committee designated by the Board, may participate in a meeting of the Board, or any committee, by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting pursuant to this bylaw shall constitute presence in person at the meeting. 3.6 Regular Meetings. Regular meetings of the Board may be held within or outside the State of Delaware and at such time and at such place as which has been designated by the Board and publicized among all directors, either orally or in writing, by telephone, including a voice-messaging system or other system designed to record and communicate messages, facsimile, telegraph or telex, or by electronic mail or other means of electronic transmission. No further notice shall be required for regular meetings of the Board. 3.7 Special Meetings; Notice. Special meetings of the Board for any purpose or purposes may be called at any time by the Chairperson of the Board, the Chief Executive Officer, the President, the Secretary or a majority of the total number of directors constituting the Board. Notice of the time and place of special meetings shall be: (i) delivered personally by hand, by courier or by telephone; (ii) sent by United States first-class mail, postage prepaid; (iii) sent by facsimile or electronic mail; or (iv) sent by other means of electronic transmission, directed to each director at that director’s address, telephone number, facsimile number or electronic mail address, or other address for electronic transmission, as the case may be, as shown on the Corporation’s records. 14 If the notice is (i) delivered personally by hand, by courier or by telephone, (ii) sent by facsimile or electronic mail, or (iii) sent by other means of electronic transmission, it shall be delivered or sent at least 24 hours before the time of the holding of the meeting. If the notice is sent by U.S. mail, it shall be deposited in the U.S. mail at least four days before the time of the holding of the meeting. The notice need not specify the place of the meeting (if the meeting is to be held at the Corporation’s principal executive office) nor the purpose of the meeting. 3.8 Quorum. At all meetings of the Board, unless otherwise provided by the Certificate of Incorporation, a majority of the total number of directors shall constitute a quorum for the transaction of business."} +{"artifact_role": "ex3-01", "block_ids": ["norm:0001801169:0001193125-23-013575:d386352dex31.htm#b12"], "char_count": 4000, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ae93ff247ba41ff2490f1ba81f4a3ab91e6779083ef4d7604ae09f480fe21e6a", "derivation_id": "462aeeed9f587cb28303384734347122f580c1ffa590646d39902b4202751c9b", "document_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm", "document_type": "governance", "exhibit_type": "EX-3.1", "filing_date": "2023-01-24", "filing_id": "sec:0001801169:0001193125-23-013575", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["5.03", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "block_sequence": 12, "char_end": 58653, "char_start": 54653, "fragment_sha256": "0b94cc21753dce87891416a51a8d61d77e53127e33e3d3fa3778f50d141ff1a3", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#p18", "passage_kind": "narrative", "passage_sequence": 18, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-01-23", "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312523013575/d386352dex31.htm", "table_id": null, "text": "The vote of a majority of the directors present at any meeting at which a quorum is present shall be the act of the Board, except as may be otherwise specifically provided by statute, the Certificate of Incorporation or these bylaws. If a quorum is not present at any meeting of the Board, then the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum is present. 3.9 Board Action without a Meeting. Unless otherwise restricted by the Certificate of Incorporation or these bylaws, any action required or permitted to be taken at any meeting of the Board, or of any committee thereof, may be taken without a meeting if all members of the Board or committee, as the case may be, consent thereto in writing or by electronic transmission. After an action is taken, the consent or consents relating thereto shall be filed with the minutes of the proceedings of the Board, or the committee thereof, in the same paper or electronic form as the minutes are maintained. Such action by written consent or consent by electronic transmission shall have the same force and effect as a unanimous vote of the Board. 3.10 Fees and Compensation of Directors. Unless otherwise restricted by the Certificate of Incorporation or these bylaws, the Board shall have the authority to fix the compensation, including fees and reimbursement of expenses, of directors for services to the Corporation in any capacity. Article IV - Committees 4.1 Committees of Directors. The Board may designate one or more committees, each committee to consist, of one or more of the directors of the Corporation. The Board may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the Board to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board or in these bylaws, shall have and may exercise all the powers and authority of the Board in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers that may require it; but no such committee shall have the power or authority to (i) approve or adopt, or recommend to the stockholders, any action or matter expressly required by the DGCL to be submitted to stockholders for approval, or (ii) adopt, amend or repeal any bylaw of the Corporation. 15 4.2 Committee Minutes. Each committee shall keep regular minutes of its meetings and report the same to the Board when required. 4.3 Meetings and Actions of Committees. Meetings and actions of committees shall be governed by, and held and taken in accordance with, the provisions of: (i) Section 3.5 (place of meetings; meetings by telephone); (ii) Section 3.6 (regular meetings); (iii) Section 3.7 (special meetings; notice); (iv) Section 3.9 (board action without a meeting); and (v) Section 7.14 (waiver of notice), with such changes in the context of those bylaws as are necessary to substitute the committee and its members for the Board and its members. However: (i) the time of regular meetings of committees may be determined either by resolution of the Board or by resolution of the committee; (ii) special meetings of committees may also be called by resolution of the Board or the chairperson of the applicable committee; and (iii) the Board may adopt rules for the governance of any committee to override the provisions that would otherwise apply to the committee pursuant to this Section 4.3, provided that such rules do not violate the provisions of the Certificate of Incorporation or applicable law. 4.4 Subcommittees."} +{"artifact_role": "ex3-01", "block_ids": ["norm:0001801169:0001193125-23-013575:d386352dex31.htm#b12"], "char_count": 3847, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "53fcd019df1104190647b6d3dfd2531d79ba6676c503ad074654d82c6e25fe7f", "derivation_id": "462aeeed9f587cb28303384734347122f580c1ffa590646d39902b4202751c9b", "document_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm", "document_type": "governance", "exhibit_type": "EX-3.1", "filing_date": "2023-01-24", "filing_id": "sec:0001801169:0001193125-23-013575", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["5.03", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "block_sequence": 12, "char_end": 62500, "char_start": 58653, "fragment_sha256": "0b94cc21753dce87891416a51a8d61d77e53127e33e3d3fa3778f50d141ff1a3", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#p19", "passage_kind": "narrative", "passage_sequence": 19, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-01-23", "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312523013575/d386352dex31.htm", "table_id": null, "text": "Unless otherwise provided in the Certificate of Incorporation, these bylaws, the resolutions of the Board designating the committee or the charter of such committee adopted by the Board, a committee may create one or more subcommittees, each subcommittee to consist of one or more members of the committee, and delegate to a subcommittee any or all of the powers and authority of the committee. Article V - Officers 5.1 Officers. The officers of the Corporation shall include a Chief Executive Officer, a President and a Secretary. The Corporation may also have, at the discretion of the Board, a Chairperson of the Board, a Vice Chairperson of the Board, a Chief Financial Officer, a Treasurer, one or more Vice Presidents, one or more Assistant Vice Presidents, one or more Assistant Treasurers, one or more Assistant Secretaries, and any such other officers as may be appointed in accordance with the provisions of these bylaws. Any number of offices may be held by the same person. No officer need be a stockholder or director of the Corporation. 16 5.2 Appointment of Officers. The Board shall appoint the officers of the Corporation, except such officers as may be appointed in accordance with the provisions of Section 5.3 of these bylaws. 5.3 Subordinate Officers. The Board may appoint, or empower the Chief Executive Officer or, in the absence of a Chief Executive Officer, the President, to appoint, such other officers and agents as the business of the Corporation may require. Each of such officers and agents shall hold office for such period, have such authority, and perform such duties as are provided in these bylaws or as the Board may from time to time determine. 5.4 Removal and Resignation of Officers. Subject to the rights, if any, of an officer under any contract of employment, any officer may be removed, either with or without cause, by the Board or, except in the case of an officer chosen by the Board, by any officer upon whom such power of removal may be conferred by the Board. Any officer may resign at any time by giving written notice to the Corporation. Any resignation shall take effect at the date of the receipt of that notice or at any later time specified in that notice. Unless otherwise specified in the notice of resignation, the acceptance of the resignation shall not be necessary to make it effective. Any resignation is without prejudice to the rights, if any, of the Corporation under any contract to which the officer is a party. 5.5 Vacancies in Offices. Any vacancy occurring in any office of the Corporation shall be filled as provided in Section 5.2 or Section 5.3, as applicable. 5.6 Representation of Shares of Other Corporations. The Chairperson of the Board, the Chief Executive Officer or the President of this Corporation, or any other person authorized by the Board, the Chief Executive Officer or the President, is authorized to vote, represent and exercise on behalf of this Corporation all rights incident to any and all shares or voting securities of any other corporation or other person standing in the name of this Corporation. The authority granted herein may be exercised either by such person directly or by any other person authorized to do so by proxy or power of attorney duly executed by such person having the authority. 5.7 Authority and Duties of Officers. All officers of the Corporation shall respectively have such authority and perform such duties in the management of the business of the Corporation as may be provided herein or designated from time to time by the Board and, to the extent not so provided, as generally pertain to their respective offices, subject to the control of the Board. 17 5.8 Compensation. The compensation of the officers of the Corporation for their services as such shall be fixed from time to time by or at the direction of the Board."} +{"artifact_role": "ex3-01", "block_ids": ["norm:0001801169:0001193125-23-013575:d386352dex31.htm#b12"], "char_count": 3851, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c40f0fb0c32eb99c6f66bdab99d2ccb30ff3f3c1b7742067ffd67bc3503c50b0", "derivation_id": "462aeeed9f587cb28303384734347122f580c1ffa590646d39902b4202751c9b", "document_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm", "document_type": "governance", "exhibit_type": "EX-3.1", "filing_date": "2023-01-24", "filing_id": "sec:0001801169:0001193125-23-013575", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["5.03", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "block_sequence": 12, "char_end": 66351, "char_start": 62500, "fragment_sha256": "0b94cc21753dce87891416a51a8d61d77e53127e33e3d3fa3778f50d141ff1a3", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#p20", "passage_kind": "narrative", "passage_sequence": 20, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-01-23", "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312523013575/d386352dex31.htm", "table_id": null, "text": "An officer of the Corporation shall not be prevented from receiving compensation by reason of the fact that he or she is also a director of the Corporation. Article VI - Records A stock ledger consisting of one or more records in which the names of all of the Corporation’s stockholders of record, the address and number of shares registered in the name of each such stockholder, and all issuances and transfers of stock of the corporation are recorded in accordance with Section 224 of the DGCL shall be administered by or on behalf of the Corporation. Any records administered by or on behalf of the Corporation in the regular course of its business, including its stock ledger, books of account, and minute books, may be kept on, or by means of, or be in the form of, any information storage device, or method, or one or more electronic networks or databases (including one or more distributed electronic networks or databases), provided that the records so kept can be converted into clearly legible paper form within a reasonable time and, with respect to the stock ledger, that the records so kept (i) can be used to prepare the list of stockholders specified in Sections 219 and 220 of the DGCL, (ii) record the information specified in Sections 156, 159, 217(a) and 218 of the DGCL, and (iii) record transfers of stock as governed by Article 8 of the Uniform Commercial Code as adopted in the State of Delaware. Article VII - General Matters 7.1 Execution of Corporate Contracts and Instruments. The Board, except as otherwise provided in these bylaws, may authorize any officer or officers, or agent or agents, to enter into any contract or execute any instrument in the name of and on behalf of the Corporation; such authority may be general or confined to specific instances. 7.2 Stock Certificates. The shares of the Corporation shall be represented by certificates, provided that the Board by resolution may provide that some or all of the shares of any class or series of stock of the Corporation shall be uncertificated. Certificates for the shares of stock, if any, shall be in such form as is consistent with the Certificate of Incorporation and applicable law. Every holder of stock represented by a certificate shall be entitled to have a certificate signed by, or in the name of the Corporation by, any two officers authorized to sign stock certificates representing the number of shares registered in certificate form. The Chairperson or Vice Chairperson of the Board, Chief Executive Officer, the President, the Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary of the Corporation shall be specifically authorized to sign stock certificates. Any or all of the signatures on the certificate may be a facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate has ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if he or she were such officer, transfer agent or registrar at the date of issue. 18 The Corporation may issue the whole or any part of its shares as partly paid and subject to call for the remainder of the consideration to be paid therefor. Upon the face or back of each stock certificate issued to represent any such partly paid shares, or upon the books and records of the Corporation in the case of uncertificated partly paid shares, the total amount of the consideration to be paid therefor and the amount paid thereon shall be stated. Upon the declaration of any dividend on fully paid shares, the Corporation shall declare a dividend upon partly paid shares of the same class, but only upon the basis of the percentage of the consideration actually paid thereon. 7.3 Special Designation of Certificates."} +{"artifact_role": "ex3-01", "block_ids": ["norm:0001801169:0001193125-23-013575:d386352dex31.htm#b12"], "char_count": 3858, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d1fa2d1987b3997a48ca8744e6662f8ee840b4011eb3d2d9cd596e13116e0a3d", "derivation_id": "462aeeed9f587cb28303384734347122f580c1ffa590646d39902b4202751c9b", "document_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm", "document_type": "governance", "exhibit_type": "EX-3.1", "filing_date": "2023-01-24", "filing_id": "sec:0001801169:0001193125-23-013575", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["5.03", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "block_sequence": 12, "char_end": 70209, "char_start": 66351, "fragment_sha256": "0b94cc21753dce87891416a51a8d61d77e53127e33e3d3fa3778f50d141ff1a3", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#p21", "passage_kind": "narrative", "passage_sequence": 21, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-01-23", "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312523013575/d386352dex31.htm", "table_id": null, "text": "If the Corporation is authorized to issue more than one class of stock or more than one series of any class, then the powers, the designations, the preferences and the relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights shall be set forth in full or summarized on the face or on the back of the certificate that the Corporation shall issue to represent such class or series of stock (or, in the case of uncertificated shares, set forth in a notice provided pursuant to Section 151 of the DGCL); provided, however, that except as otherwise provided in Section 202 of the DGCL, in lieu of the foregoing requirements, there may be set forth on the face of back of the certificate that the Corporation shall issue to represent such class or series of stock (or, in the case of any uncertificated shares, included in the aforementioned notice) a statement that the Corporation will furnish without charge to each stockholder who so requests the powers, the designations, the preferences and the relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights. 7.4 Lost Certificates. Except as provided in this Section 7.4, no new certificates for shares shall be issued to replace a previously issued certificate unless the latter is surrendered to the Corporation and cancelled at the same time. The Corporation may issue a new certificate of stock or uncertificated shares in the place of any certificate theretofore issued by it, alleged to have been lost, stolen or destroyed, and the Corporation may require the owner of the lost, stolen or destroyed certificate, or such owner’s legal representative, to give the Corporation a bond sufficient to indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate or uncertificated shares. 7.5 Shares Without Certificates The Corporation may adopt a system of issuance, recordation and transfer of its shares of stock by electronic or other means not involving the issuance of certificates, provided the use of such system by the Corporation is permitted in accordance with applicable law. 7.6 Construction; Definitions. Unless the context requires otherwise, the general provisions, rules of construction and definitions in the DGCL shall govern the construction of these bylaws. Without limiting the generality of this provision, the singular number includes the plural and the plural number includes the singular. 7.7 Dividends. The Board, subject to any restrictions contained in either (i) the DGCL or (ii) the Certificate of Incorporation, may declare and pay dividends upon the shares of its capital stock. Dividends may be paid in cash, in property or in shares of the Corporation’s capital stock. 19 The Board may set apart out of any of the funds of the Corporation available for dividends a reserve or reserves for any proper purpose and may abolish any such reserve. Such purposes shall include but not be limited to equalizing dividends, repairing or maintaining any property of the Corporation, and meeting contingencies. 7.8 Fiscal Year. The fiscal year of the Corporation shall be fixed by resolution of the Board and may be changed by the Board. 7.9 Seal. The Corporation may adopt a corporate seal, which shall be adopted and which may be altered by the Board. The Corporation may use the corporate seal by causing it or a facsimile thereof to be impressed or affixed or in any other manner reproduced. 7.10 Transfer of Stock. Shares of the Corporation shall be transferable in the manner prescribed by law and in these bylaws."} +{"artifact_role": "ex3-01", "block_ids": ["norm:0001801169:0001193125-23-013575:d386352dex31.htm#b12"], "char_count": 1721, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "01e7e9002bcce4a7831b6ab55b8eabc8b0087ec1f51ca5f04b2d6f4a0dc1f866", "derivation_id": "462aeeed9f587cb28303384734347122f580c1ffa590646d39902b4202751c9b", "document_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm", "document_type": "governance", "exhibit_type": "EX-3.1", "filing_date": "2023-01-24", "filing_id": "sec:0001801169:0001193125-23-013575", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["5.03", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "block_sequence": 12, "char_end": 71930, "char_start": 70209, "fragment_sha256": "0b94cc21753dce87891416a51a8d61d77e53127e33e3d3fa3778f50d141ff1a3", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#p22", "passage_kind": "narrative", "passage_sequence": 22, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-01-23", "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312523013575/d386352dex31.htm", "table_id": null, "text": "Shares of stock of the Corporation shall be transferred on the books of the Corporation only by the holder of record thereof or by such holder’s attorney duly authorized in writing, upon surrender to the Corporation of the certificate or certificates representing such shares endorsed by the appropriate person or persons (or by delivery of duly executed instructions with respect to uncertificated shares), with such evidence of the authenticity of such endorsement or execution, transfer, authorization and other matters as the Corporation may reasonably require, and accompanied by all necessary stock transfer stamps. No transfer of stock shall be valid as against the Corporation for any purpose until it shall have been entered in the stock records of the Corporation by an entry showing the names of the persons from and to whom it was transferred. 7.11 Stock Transfer Agreements. The Corporation shall have power to enter into and perform any agreement with any number of stockholders of any one or more classes or series of stock of the Corporation to restrict the transfer of shares of stock of the Corporation of any one or more classes owned by such stockholders in any manner not prohibited by the DGCL or other applicable law. 7.12 Registered Stockholders. The Corporation: (i) shall be entitled to recognize the exclusive right of a person registered on its books as the owner of shares to receive dividends and to vote as such owner; and (ii) shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of another person, whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of the State of Delaware. 20"} +{"artifact_role": "ex3-01", "block_ids": ["norm:0001801169:0001193125-23-013575:d386352dex31.htm#b13"], "char_count": 3274, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0a3f891c081227a1fc2d0276734b57f4969154c561098968936f97583333e166", "derivation_id": "462aeeed9f587cb28303384734347122f580c1ffa590646d39902b4202751c9b", "document_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm", "document_type": "governance", "exhibit_type": "EX-3.1", "filing_date": "2023-01-24", "filing_id": "sec:0001801169:0001193125-23-013575", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["5.03", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "block_sequence": 13, "char_end": 3274, "char_start": 0, "fragment_sha256": "876f6e06af08f192a9227851b18d9a339375c58749b4100e79cac8756c549107", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#p23", "passage_kind": "narrative", "passage_sequence": 23, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-01-23", "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312523013575/d386352dex31.htm", "table_id": null, "text": "7.13 Waiver of Notice. Whenever notice is required to be given under any provision of the DGCL, the Certificate of Incorporation or these bylaws, a written waiver, signed by the person entitled to notice, or a waiver by electronic transmission by the person entitled to notice, whether before or after the time of the event for which notice is to be given, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the stockholders need be specified in any written waiver of notice or any waiver by electronic transmission unless so required by the Certificate of Incorporation or these bylaws. Article VIII - Notice 8.1 Delivery of Notice; Notice by Electronic Transmission. Without limiting the manner by which notice otherwise may be given effectively to stockholders, any notice to stockholders given by the Corporation under any provisions of the DGCL, the Certificate of Incorporation, or these bylaws may be given in writing directed to the stockholder’s mailing address (or by electronic transmission directed to the stockholder’s electronic mail address, as applicable) as it appears on the records of the Corporation and shall be given (1) if mailed, when the notice is deposited in the U.S. mail, postage prepaid, (2) if delivered by courier service, the earlier of when the notice is received or left at such stockholder’s address or (3) if given by electronic mail, when directed to such stockholder’s electronic mail address unless the stockholder has notified the Corporation in writing or by electronic transmission of an objection to receiving notice by electronic mail. A notice by electronic mail must include a prominent legend that the communication is an important notice regarding the Corporation. Without limiting the manner by which notice otherwise may be given effectively to stockholders, any notice to stockholders given by the Corporation under any provision of the DGCL, the Certificate of Incorporation or these bylaws shall be effective if given by a form of electronic transmission consented to by the stockholder to whom the notice is given. Any such consent shall be revocable by the stockholder by written notice or electronic transmission to the Corporation. Notwithstanding the provisions of this paragraph, the Corporation may give a notice by electronic mail in accordance with the first paragraph of this section without obtaining the consent required by this paragraph. Any notice given pursuant to the preceding paragraph shall be deemed given: (i) if by facsimile telecommunication, when directed to a number at which the stockholder has consented to receive notice; (ii) if by a posting on an electronic network together with separate notice to the stockholder of such specific posting, upon the later of (A) such posting and (B) the giving of such separate notice; and (iii) if by any other form of electronic transmission, when directed to the stockholder. 21"} +{"artifact_role": "ex3-01", "block_ids": ["norm:0001801169:0001193125-23-013575:d386352dex31.htm#b14"], "char_count": 2573, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1d56ec89ae89539fd9904496e18fb9e9eeaef7cd22af929649110e0360ea3bbb", "derivation_id": "462aeeed9f587cb28303384734347122f580c1ffa590646d39902b4202751c9b", "document_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm", "document_type": "governance", "exhibit_type": "EX-3.1", "filing_date": "2023-01-24", "filing_id": "sec:0001801169:0001193125-23-013575", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["5.03", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "block_sequence": 14, "char_end": 2573, "char_start": 0, "fragment_sha256": "d75bc62b4e865bd6b955c7c64f477442a0b6ea4b0c00c5eefc9e146b7d584287", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#p24", "passage_kind": "narrative", "passage_sequence": 24, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-01-23", "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312523013575/d386352dex31.htm", "table_id": null, "text": "Notwithstanding the foregoing, a notice may not be given by an electronic transmission from and after the time that (1) the Corporation is unable to deliver by such electronic transmission two consecutive notices given by the Corporation and (2) such inability becomes known to the Secretary or an Assistant Secretary of the Corporation or to the transfer agent, or other person responsible for the giving of notice, provided, however, the inadvertent failure to discover such inability shall not invalidate any meeting or other action. An affidavit of the Secretary or an Assistant Secretary or of the transfer agent or other agent of the Corporation that the notice has been given shall, in the absence of fraud, be prima facie evidence of the facts stated therein. Article IX - Indemnification 9.1 Power to Indemnify in Actions, Suits or Proceedings other than Those by or in the Right of the Corporation. Subject to Section 9.3, the Corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the Corporation), by reason of the fact that such person is or was a director or officer of the Corporation, or is or was a director or officer of the Corporation serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe such person’s conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which such person reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that such person’s conduct was unlawful. 9.2 Power to Indemnify in Actions, Suits or Proceedings by or in the Right of the Corporation."} +{"artifact_role": "ex3-01", "block_ids": ["norm:0001801169:0001193125-23-013575:d386352dex31.htm#b14"], "char_count": 3974, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "69d4dbfa95f757854fbc07f5235170fa2f02634474f5776f86a053972dd66d99", "derivation_id": "462aeeed9f587cb28303384734347122f580c1ffa590646d39902b4202751c9b", "document_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm", "document_type": "governance", "exhibit_type": "EX-3.1", "filing_date": "2023-01-24", "filing_id": "sec:0001801169:0001193125-23-013575", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["5.03", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "block_sequence": 14, "char_end": 6547, "char_start": 2573, "fragment_sha256": "d75bc62b4e865bd6b955c7c64f477442a0b6ea4b0c00c5eefc9e146b7d584287", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#p25", "passage_kind": "narrative", "passage_sequence": 25, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-01-23", "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312523013575/d386352dex31.htm", "table_id": null, "text": "Subject to Section 9.3, the Corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the Corporation to procure a judgment in its favor by reason of the fact that such person is or was a director or officer of the Corporation, or is or was a director or officer of the Corporation serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees) actually and reasonably incurred by such person in connection with the defense or settlement of such action or suit if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Corporation; except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the Corporation unless and only to the extent that the Court of Chancery of the State of Delaware or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper. 22 9.3 Authorization of Indemnification. Any indemnification under this Article IX (unless ordered by a court) shall be made by the Corporation only as authorized in the specific case upon a determination that indemnification of the present or former director or officer is proper in the circumstances because such person has met the applicable standard of conduct set forth in Section 9.1 or Section 9.2, as the case may be. Such determination shall be made, with respect to a person who is a director or officer at the time of such determination, (i) by a majority vote of the directors who are not parties to such action, suit or proceeding, even though less than a quorum, or (ii) by a committee of such directors designated by a majority vote of such directors, even though less than a quorum, or (iii) if there are no such directors, or if such directors so direct, by independent legal counsel in a written opinion or (iv) by the stockholders. Such determination shall be made, with respect to former directors and officers, by any person or persons having the authority to act on the matter on behalf of the Corporation. To the extent, however, that a present or former director or officer of the Corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding described above, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys’ fees) actually and reasonably incurred by such person in connection therewith, without the necessity of authorization in the specific case. 9.4 Good Faith Defined. For purposes of any determination under Section 9.3, a person shall be deemed to have acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Corporation, or, with respect to any criminal action or proceeding, to have had no reasonable cause to believe such person’s conduct was unlawful, if such person’s action is based on the records or books of account of the Corporation or another enterprise, or on information supplied to such person by the officers of the Corporation or another enterprise in the course of their duties, or on the advice of legal counsel for the Corporation or another enterprise or on information or records given or reports made to the Corporation or another enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Corporation or another enterprise."} +{"artifact_role": "ex3-01", "block_ids": ["norm:0001801169:0001193125-23-013575:d386352dex31.htm#b14"], "char_count": 3962, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "eba88d2f6a0b52f2c9519a9d459420c41b9dadb64954c675af0e6bbecdd2ebfa", "derivation_id": "462aeeed9f587cb28303384734347122f580c1ffa590646d39902b4202751c9b", "document_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm", "document_type": "governance", "exhibit_type": "EX-3.1", "filing_date": "2023-01-24", "filing_id": "sec:0001801169:0001193125-23-013575", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["5.03", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "block_sequence": 14, "char_end": 10509, "char_start": 6547, "fragment_sha256": "d75bc62b4e865bd6b955c7c64f477442a0b6ea4b0c00c5eefc9e146b7d584287", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#p26", "passage_kind": "narrative", "passage_sequence": 26, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-01-23", "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312523013575/d386352dex31.htm", "table_id": null, "text": "The provisions of this Section 9.4 shall not be deemed to be exclusive or to limit in any way the circumstances in which a person may be deemed to have met the applicable standard of conduct set forth in Section 9.1 or 9.2, as the case may be. 9.5 Indemnification by a Court. Notwithstanding any contrary determination in the specific case under Section 9.3, and notwithstanding the absence of any determination thereunder, any director or officer may apply to the Court of Chancery of the State of Delaware or any other court of competent jurisdiction in the State of Delaware for indemnification to the extent otherwise permissible under Section 9.1 or 9.2. The basis of such indemnification by a court shall be a determination by such court that indemnification of the director or officer is proper in the circumstances because such person has met the applicable standard of conduct set forth in Section 9.1 or Section 9.2, as the case may be. Neither a contrary determination in the specific case under Section 9.3 nor the absence of any determination thereunder shall be a defense to such application or create a presumption that the director or officer seeking indemnification has not met any applicable standard of conduct. Notice of any application for indemnification pursuant to this Article IX shall be given to the Corporation promptly upon the filing of such application. If successful, in whole or in part, the director or officer seeking indemnification shall also be entitled to be paid the expense of prosecuting such application. 23 9.6 Expenses Payable in Advance. Expenses (including attorneys’ fees) incurred by a director or officer in defending any civil, criminal, administrative or investigative action, suit or proceeding shall be paid by the Corporation in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall ultimately be determined that such person is not entitled to be indemnified by the Corporation as authorized in this Article IX. Such expenses (including attorneys’ fees) incurred by former directors and officers or other employees and agents may be so paid upon such terms and conditions, if any, as the Corporation deems appropriate. 9.7 Nonexclusivity of Indemnification and Advancement of Expenses. The indemnification and advancement of expenses provided by, or granted pursuant to, this Article IX shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under the Certificate of Incorporation, these By-Laws, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person’s official capacity and as to action in another capacity while holding such office, it being the policy of the Corporation that indemnification of the persons specified in Section 9.1 or 9.2 shall be made to the fullest extent permitted by law. The provisions of this Article IX shall not be deemed to preclude the indemnification of any person who is not specified in Section 9.1 or Section 9.2 but whom the Corporation has the power or obligation to indemnify under the provisions of the DGCL, or otherwise. 9.8 Insurance. The Corporation may purchase and maintain insurance on behalf of any person who is or was a director or officer of the Corporation, or is or was a director or officer of the Corporation serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity, or arising out of such person’s status as such, whether or not the Corporation would have the power or the obligation to indemnify such person against such liability under the provisions of this Article IX. 9.9 Certain Definitions."} +{"artifact_role": "ex3-01", "block_ids": ["norm:0001801169:0001193125-23-013575:d386352dex31.htm#b14"], "char_count": 3351, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "08502f1efa5dc2679098868f7cd9e93e4590a6377af27aafd8491243dbfadf11", "derivation_id": "462aeeed9f587cb28303384734347122f580c1ffa590646d39902b4202751c9b", "document_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm", "document_type": "governance", "exhibit_type": "EX-3.1", "filing_date": "2023-01-24", "filing_id": "sec:0001801169:0001193125-23-013575", "flags": [], "form": "8-K", "heading_path": ["TABLE OF CONTENTS"], "items": ["5.03", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "block_sequence": 14, "char_end": 13860, "char_start": 10509, "fragment_sha256": "d75bc62b4e865bd6b955c7c64f477442a0b6ea4b0c00c5eefc9e146b7d584287", "heading_path": ["TABLE OF CONTENTS"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#p27", "passage_kind": "narrative", "passage_sequence": 27, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-01-23", "section_id": "norm:0001801169:0001193125-23-013575:d386352dex31.htm#s3", "source_artifact_id": "sec:0001801169:0001193125-23-013575:d386352dex31.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312523013575/d386352dex31.htm", "table_id": null, "text": "For purposes of this Article IX, references to “the Corporation” shall include, in addition to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors or officers, so that any person who is or was a director or officer of such constituent corporation, or is or was a director or officer of such constituent corporation serving at the request of such constituent corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, shall stand in the same position under the provisions of this Article IX with respect to the resulting or surviving corporation as such person would have with respect to such constituent corporation if its separate existence had continued. The term “another enterprise” as used in this Article IX shall mean any other corporation or any partnership, joint venture, trust, employee benefit plan or other enterprise of which such person is or was serving at the request of the Corporation as a director, officer, employee or agent. For purposes of this Article IX, references to “fines” shall include any excise taxes assessed on a person with respect to an employee benefit plan; and references to “serving at the request of the Corporation” shall include any service as a director, officer, employee or agent of the Corporation which imposes duties on, or involves services by, such director or officer with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner such person reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the Corporation” as referred to in this Article IX. 24 9.10 Survival of Indemnification and Advancement of Expenses. The indemnification and advancement of expenses provided by, or granted pursuant to, this Article IX shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director or officer of the Corporation and shall inure to the benefit of the estate, heirs, executors, administrators, legatees and distributees of such a person. 9.11 Limitation on Indemnification. Notwithstanding anything contained in this Article IX to the contrary, except for proceedings to enforce rights to indemnification (which shall be governed by Section 9.5), the Corporation shall not be obligated to indemnify any director or officer (or his or her heirs, executors or personal or legal representatives) or advance expenses in connection with a proceeding (or part thereof) initiated by such person unless such proceeding (or part thereof) was authorized or consented to by the Board of Directors of the Corporation. 9.12 Indemnification of Employees and Agents. 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The stockholders also shall have power to adopt, amend or repeal the bylaws of the Corporation; provided, however, that such action by stockholders shall require, in addition to any other vote required by the Certificate of Incorporation or applicable law, the affirmative vote of the holders of at least two-thirds of the voting power of all the then-outstanding shares of voting stock of the Corporation with the power to vote generally in an election of directors, voting together as a single class. 25 Article XI - Definitions As used in these bylaws, unless the context otherwise requires, the following terms shall have the following meanings: An “electronic transmission” means any form of communication, not directly involving the physical transmission of paper, including the use of, or participation in, one or more electronic networks or databases (including one or more distributed electronic networks or databases), that creates a record that may be retained, retrieved and reviewed by a recipient thereof, and that may be directly reproduced in paper form by such a recipient through an automated process. An “electronic mail” means an electronic transmission directed to a unique electronic mail address (which electronic mail shall be deemed to include any files attached thereto and any information hyperlinked to a website if such electronic mail includes the contact information of an officer or agent of the Corporation who is available to assist with accessing such files and information). An “electronic mail address” means a destination, commonly expressed as a string of characters, consisting of a unique user name or mailbox (commonly referred to as the “local part” of the address) and a reference to an internet domain (commonly referred to as the “domain part” of the address), whether or not displayed, to which electronic mail can be sent or delivered. 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A copy of the Supplement is attached to this Current Report on Form 8-K as Exhibit 99.3. 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Opendoor Technologies Inc. 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(Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported financial results for its fourth quarter and year ended December 31, 2022. Opendoor\u2019s fourth quarter and year-end 2022 financial results and management commentary can be accessed through the Company\u2019s shareholder letter on the \u201cQuarterly Reports\u201d page of Opendoor\u2019s investor relations website at https://investor.opendoor.com. \u201c2022 affirmed our conviction in what we are building \u2013 the most trusted e-commerce platform for residential real estate that will enable consumers to buy, sell, and move at the tap of a button. Customers come to Opendoor because they crave the certainty and convenience of our cash offer that they can\u2019t get anywhere else. Even in this moment of high spreads, we are able to convert over 10% of real sellers and earn an NPS of nearly 80,\u201d said Carrie Wheeler, CEO of Opendoor. 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We are focused on operating with excellence and leaning into our core strengths - the incredible power of our seller product, our unique pricing and operations capabilities, and our strong balance sheet - to emerge from this year stronger and more resilient than we\u2019ve ever been.\u201d" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b8", + "block_sequence": 8, + "block_sha256": "656ee53b3d428dd62bee7dc81c8caf8f3bb2e5d8255448d4f87f4051a2c8c6c2", + "block_type": "heading", + "char_count": 29, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", + "block_sequence": 8, + "char_end": 29, + "char_start": 0, + "fragment_sha256": "badce7190283cd7ed5222122a796650f9ef93f0e04ac532f355432453611446c", + "heading_path": [ + "EX-99.1", + "Full Year 2022 Key Highlights" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s5", + "table": null, + "text": "Full Year 2022 Key Highlights" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b9", + "block_sequence": 9, + "block_sha256": "0f052919f1c58485eea7664b4f959f74ae22102a97397bde77873036332eb614", + "block_type": "paragraph", + "char_count": 1053, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", + "block_sequence": 9, + "char_end": 1053, + "char_start": 0, + "fragment_sha256": "b9f44f379945ada55d9cd463363025ac7a50a99a976eaeb5e186428267d7203a", + "heading_path": [ + "EX-99.1", + "Full Year 2022 Key Highlights" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s5", + "table": null, + "text": "\u2022Total revenue of $15.6 billion, up 94% versus 2021; with 39,183 homes sold, up 80% versus 2021 \u2022Gross profit of $667 million, which reflects an inventory valuation adjustment on homes remaining in inventory at year end of $458 million; Gross Margin of 4.3% versus 9.1% in 2021 \u2022Net loss of $(1.4) billion, versus $(662) million in 2021 \u2022Adjusted Net Loss of $(574) million, versus $(116) million in 2021 \u2022Contribution Profit of $525 million, inline with 2021; Contribution Margin of 3.4%, versus 6.5% in 2021 \u2022Adjusted EBITDA of $(168) million, versus $58 million in 2021; Adjusted EBITDA Margin of (1.1)%, versus 0.7% in 2021 \u2022Purchased 34,962 homes, versus 36,908 homes in 2021 \u2022Entered into a multi-year partnership with Zillow, Inc. in July 2022 to enable home sellers on the Zillow platform to seamlessly request an Opendoor offer to sell their home \u2022In November, introduced our third-party (3P) product offering, which directly connects buyers and sellers of a home \u2022Launched 9 new markets in 2022, bringing our total footprint to over 50 markets" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b10", + "block_sequence": 10, + "block_sha256": "7046fdec19bbb7161d2784192a47f90808838138c14ec8175a523147e918b444", + "block_type": "heading", + "char_count": 34, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", + "block_sequence": 10, + "char_end": 34, + "char_start": 0, + "fragment_sha256": "357561e457a53ab73f093b8a9de3a4938188333376a64a5fcf02d74b04589e58", + "heading_path": [ + "EX-99.1", + "Fourth Quarter 2022 Key Highlights" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s6", + "table": null, + "text": "Fourth Quarter 2022 Key Highlights" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b11", + "block_sequence": 11, + "block_sha256": "777fdac37288e5c2a6b72ceeded9708a34deb9105ebb05c88698b95992be632f", + "block_type": "paragraph", + "char_count": 890, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", + "block_sequence": 11, + "char_end": 890, + "char_start": 0, + "fragment_sha256": "971855579eee9649b06e82127e3bb871ba59918ab6d5248dace7f3bd0f401568", + "heading_path": [ + "EX-99.1", + "Fourth Quarter 2022 Key Highlights" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s6", + "table": null, + "text": "\u2022Revenue of $2.9 billion, down (25)% versus 4Q21; with 7,512 total homes sold, down (23)% versus 4Q21 \u2022Gross profit of $71 million, which reflects an inventory valuation adjustment on homes remaining in inventory at year end of $73 million; Gross Margin of 2.5%, versus 7.1% in 4Q21 \u2022Net loss of $(399) million, versus $(191) million in 4Q21 \u2022Adjusted Net Loss of $(467) million, versus $(80) million in 4Q21 \u2022Contribution (Loss) Profit of $(207) million, versus $152 million in 4Q21; Contribution Margin of (7.2)%, versus 4.0% in 4Q21 \u2022Adjusted EBITDA of $(351) million, versus $0.4 million in 4Q21; Adjusted EBITDA Margin of (12.3)%, versus breakeven in 4Q21 \u2022Inventory balance of 12,788 homes, representing $4.5 billion in value, down (27)% versus 4Q21 \u2022Purchased 3,427 homes, down (64)% versus 4Q21 \u2022Ended the quarter with 1,011 homes under contract for purchase, down (81)% versus 4Q21" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b12", + "block_sequence": 12, + "block_sha256": "9d1df1403717a7d49f10d754f2131af757d344cfcb3151458c2fe1546b64b53a", + "block_type": "heading", + "char_count": 22, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", + "block_sequence": 12, + "char_end": 22, + "char_start": 0, + "fragment_sha256": "6adc6994a4c83c5ac8c52cf950f4579f1943553a4599fc9e5deb9c2068f8b7d6", + "heading_path": [ + "EX-99.1", + "2023 Financial Outlook" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s7", + "table": null, + "text": "2023 Financial Outlook" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b13", + "block_sequence": 13, + "block_sha256": "9376ba9669dcc554dffa86e55b173befaf63763d2c82fb512a57943ca4e1ce01", + "block_type": "paragraph", + "char_count": 124, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", + "block_sequence": 13, + "char_end": 124, + "char_start": 0, + "fragment_sha256": "27a2d04285eab29db875953c65483d49e9b7f121c883e1df8fee22641ddb2b9f", + "heading_path": [ + "EX-99.1", + "2023 Financial Outlook" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s7", + "table": null, + "text": "\u20221Q23 revenue guidance of $2.45 billion to $2.65 billion \u20221Q23 Adjusted EBITDA1 guidance of $(350) million to $(370) million" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b14", + "block_sequence": 14, + "block_sha256": "a6d5472b2970d188397362cbeb120c141dfa00ea685622341f4da2accca23ec9", + "block_type": "heading", + "char_count": 35, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", + "block_sequence": 14, + "char_end": 35, + "char_start": 0, + "fragment_sha256": "8f4803ade21027cea3732425b5d91aff522b9219c7b3a8bb471d178586335c09", + "heading_path": [ + "EX-99.1", + "2023 Financial Outlook", + "Conference Call and Webcast Details" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s8", + "table": null, + "text": "Conference Call and Webcast Details" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b15", + "block_sequence": 15, + "block_sha256": "a4902b506796d8faf1312ee73afb4d74d0cf89e5e74221b35978b3c6b9b2ca2f", + "block_type": "paragraph", + "char_count": 329, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", + "block_sequence": 15, + "char_end": 329, + "char_start": 0, + "fragment_sha256": "cef65eb3620a2b7960aa6faee95105ca5c04076fc9ec267a843af638b7d08a58", + "heading_path": [ + "EX-99.1", + "2023 Financial Outlook", + "Conference Call and Webcast Details" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s8", + "table": null, + "text": "Opendoor will host a conference call to discuss its financial results on February 23, 2023, at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call." + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b16", + "block_sequence": 16, + "block_sha256": "bee3b0c71ab4d6d3fe30831f8a6898f49de6dcbb44cd92a09d86856b2468a886", + "block_type": "heading", + "char_count": 14, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", + "block_sequence": 16, + "char_end": 14, + "char_start": 0, + "fragment_sha256": "920fab729a6a3043d5c186fc3b8f7fe487f8806437d22467636912f884c0f8cd", + "heading_path": [ + "EX-99.1", + "2023 Financial Outlook", + "Conference Call and Webcast Details", + "About Opendoor" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s9", + "table": null, + "text": "About Opendoor" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b17", + "block_sequence": 17, + "block_sha256": "623668265a7841242a2cb6a5fbfe03f84c015d16f6625f8dde6f6ff152a9d25a", + "block_type": "paragraph", + "char_count": 289, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", + "block_sequence": 17, + "char_end": 289, + "char_start": 0, + "fragment_sha256": "0b9647840dadcf470f9ed8d0e0ff781af6be2c93e8f0daa9cd8c60b53c11bcfc", + "heading_path": [ + "EX-99.1", + "2023 Financial Outlook", + "Conference Call and Webcast Details", + "About Opendoor" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s9", + "table": null, + "text": "Opendoor\u2019s mission is to power life\u2019s progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple way to buy and sell a home. Opendoor currently operates in a growing number of markets nationwide. For more information, please visit www.opendoor.com" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b18", + "block_sequence": 18, + "block_sha256": "1d8469bf9c663edb3c938b337e8eb7b6386c9f6dc8633427fe813d5f0ad02182", + "block_type": "heading", + "char_count": 26, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", + "block_sequence": 18, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "1c1b2c1ff491441a71c1994c5ace986494b37cd4881e2f3417345dd8ad104d6e", + "heading_path": [ + "EX-99.1", + "2023 Financial Outlook", + "Conference Call and Webcast Details", + "Forward Looking Statements" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s10", + "table": null, + "text": "Forward Looking Statements" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b19", + "block_sequence": 19, + "block_sha256": "eb8ed6c7bf41d087c1ea30ec65d68ce6afb79fda271a04b0083ff068036765cd", + "block_type": "paragraph", + "char_count": 6592, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", + "block_sequence": 19, + "char_end": 6592, + "char_start": 0, + "fragment_sha256": "aaa158379f415f7ed3adfa430ae9d8c3d480ee8a1d32e5d64aa8ffedaeb519e7", + "heading_path": [ + "EX-99.1", + "2023 Financial Outlook", + "Conference Call and Webcast Details", + "Forward Looking Statements" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s10", + "table": null, + "text": "This press release contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the health of our financial condition, anticipated future results of operations and financial performance, priorities of the Company to achieve future goals, Company\u2019s ability to continue to effectively navigate the markets in which it operates, anticipated future and ongoing impacts of our acquisitions and other business decisions, health of our balance sheet to weather ongoing market transitions, Company\u2019s ability to adopt an effective approach to manage economic and industry risk, as well as inventory health; business strategy and plans, including any plans to expand into additional markets, market opportunity and expansion and objectives of management for future operations, including 1 Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company\u2019s control. For more information regarding the non-GAAP financial measures discussed in this press release, please see \u201cUse of Non-GAAP Financial Measures\u201d following the financial tables below. our statements regarding the benefits and timing of the roll out of new markets, products or technology; and the expected diversification of funding sources. These forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cguidance\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201coutlook\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cvision\u201d, \u201cwill\u201d, or \u201cwould\u201d, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this press release include but are not limited to: the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturn or slowdown; changes in general economic and financial conditions (including federal monetary policy, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory) that may reduce demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; the duration and impact of the ongoing COVID-19 pandemic (including variants) or other public health crises on our ability to operate, demand for our products or services, or general economic conditions; addition or loss of a significant number of customers; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; ability to protect our brand and intellectual property; ability to obtain or maintain licenses and permits to support our current and future business operations; ability to operate and grow our 1P and 3P core business products, including the ability to obtain sufficient financing and resell purchased homes; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our technology platform, including our automated pricing and valuation technology; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; the impact of natural disasters and other catastrophic events; changes in laws or government regulation affecting our business; and the impact of pending or future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \u201cRisk Factors\u201d in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 23, 2023, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations." + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b20", + "block_sequence": 20, + "block_sha256": "7c01aec3b1d2f2fdb66a623063b725388e004a3a64d940279efe58ee27921384", + "block_type": "heading", + "char_count": 19, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", + "block_sequence": 20, + "char_end": 19, + "char_start": 0, + "fragment_sha256": "9ba52728f44301164611b7fb592f102c23975d9f32fe5ca4522dc1f57ee1d01a", + "heading_path": [ + "EX-99.1", + "2023 Financial Outlook", + "Conference Call and Webcast Details", + "Contact Information" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s11", + "table": null, + "text": "Contact Information" + }, + { + "block_id": 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"block_type": "paragraph", + "char_count": 1241, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", + "block_sequence": 42, + "char_end": 1241, + "char_start": 0, + "fragment_sha256": "5b13e90809ac4e171ee868f83f02625c3265e72df7205e4764b09ca07fa635fc", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s20", + "table": null, + "text": "To provide investors with additional information regarding the Company\u2019s financial results, this press release includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution (Loss) Profit, Adjusted Net Loss, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results." + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b43", + "block_sequence": 43, + "block_sha256": "1ff6be2e96bac0eda4aaee3d4d5cf54c170b74630a1711ef6f922d8a11536905", + "block_type": "heading", + "char_count": 52, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", + "block_sequence": 43, + "char_end": 52, + "char_start": 0, + "fragment_sha256": "1892d16be87b9c3870ab68acbcfe733910730af75bff5abc1bdd298dc8f01a71", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit and Contribution (Loss) Profit" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s21", + "table": null, + "text": "Adjusted Gross Profit and Contribution (Loss) Profit" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b44", + "block_sequence": 44, + "block_sha256": "4e4630e2cd75353bdb6f6c44b2e9f0e49824565276cf49677d8bacea44d575c3", + "block_type": "paragraph", + "char_count": 1758, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", + "block_sequence": 44, + "char_end": 1758, + "char_start": 0, + "fragment_sha256": "48565d1e802c5b52e95e3f1e8648a5ec6f2f5e7b49fbdde6d8f6a3055408fda2", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit and Contribution (Loss) Profit" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s21", + "table": null, + "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit and Contribution (Loss) Profit, which are non-GAAP financial measures. We believe that Adjusted Gross Profit and Contribution (Loss) Profit are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution (Loss) Profit provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit and Contribution (Loss) Profit are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit." + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b45", + "block_sequence": 45, + "block_sha256": "3a0f4b517b2973d0284f077238ba89bbd42b072b4d09fc22bba1dad3687e0f87", + "block_type": "heading", + "char_count": 30, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", + "block_sequence": 45, + "char_end": 30, + "char_start": 0, + "fragment_sha256": "ad3435f9016ffd33bd846c44952e5af35add4d543073bbf72f364b3671a517b9", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s22", + "table": null, + "text": "Adjusted Gross Profit / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b46", + "block_sequence": 46, + "block_sha256": "b3962a2db41409c54ab31066a622020ec2a193b770577cf1e6c972ca2271a5a3", + "block_type": "paragraph", + "char_count": 976, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", + "block_sequence": 46, + "char_end": 976, + "char_start": 0, + "fragment_sha256": "3e79e47b48cc88b924f08b2f941c62baa1fd2ea6fca465f0411c7b0cc237d82d", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s22", + "table": null, + "text": "We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b47", + "block_sequence": 47, + "block_sha256": "d151a889dc0f0b61b94c02247fb85af7c9ba19c18277017a5a93a75f8623d2b5", + "block_type": "heading", + "char_count": 35, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", + "block_sequence": 47, + "char_end": 35, + "char_start": 0, + "fragment_sha256": "7d5e24d8aacb8b46e739e0937e0722ae5c5e64c945e169033148c009dff2ce21", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Contribution (Loss) Profit / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s23", + "table": null, + "text": "Contribution (Loss) Profit / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b48", + "block_sequence": 48, + "block_sha256": "828611a534266b2fa53933fce34f85369e2e1e6e2f603c35a6805dfc5987485b", + "block_type": "paragraph", + "char_count": 777, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", + "block_sequence": 48, + "char_end": 777, + "char_start": 0, + "fragment_sha256": "ee618392d8980bfd742628326e993bf49d6187705d7c997d89aa932ae1f9d714", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Contribution (Loss) Profit / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s23", + "table": null, + "text": "We calculate Contribution (Loss) Profit as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution (Loss) Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution (Loss) Profit helps management assess inflows and outflows directly associated with a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b49", + "block_sequence": 49, + "block_sha256": "7460ff5afa74595bed1ed49c4ec349f88984782302cbab9cee3bae99ec2b46cd", + "block_type": "heading", + "char_count": 26, + "level": 6, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", + "block_sequence": 49, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "b8b8062826f34c01775f668e5b2cc75d457b8d2c8832287c6f571c29eac5c67b", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Contribution (Loss) Profit / Margin", + "OPENDOOR TECHNOLOGIES INC." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s24", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC." + }, + { + 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"norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b52", + "block_sequence": 52, + "block_sha256": "f9aa17ccb15e3a675fca6f8c1e57bf3db93b3cf876860608fe8d12b3aa8a8174", + "block_type": "paragraph", + "char_count": 11, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", + "block_sequence": 52, + "char_end": 11, + "char_start": 0, + "fragment_sha256": "2a7680d26ab0fd2298dd52fd36b9d301e5103004cef230dbf5fbd1eabb314fa8", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Contribution (Loss) Profit / Margin", + "OPENDOOR TECHNOLOGIES INC.", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s25", + "table": null, + "text": "(Unaudited)" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b53", + "block_sequence": 53, + "block_sha256": "672591260c024ec050ce86066bd62b052d74d63c973c100eb8e25bd9270132d9", + "block_type": "paragraph", + "char_count": 205, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", + "block_sequence": 53, + "char_end": 205, + "char_start": 0, + "fragment_sha256": "48265e3ade6cbcfef63139a32b75aeae656e380cf46bbd55f6aa810e9514692b", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Contribution (Loss) Profit / Margin", + "OPENDOOR TECHNOLOGIES INC.", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s25", + "table": null, + "text": "The following table presents a reconciliation of our Adjusted Gross Profit and Contribution (Loss) Profit to our gross profit, which is the most directly comparable GAAP measure, for the periods indicated:" + }, + { + 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"norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s25", + "table": null, + "text": "________________" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b56", + "block_sequence": 56, + "block_sha256": "211ba6f2660ac980adfb7cfda1a5cd3d738824ffb95c0fb434bb18fff2f3ecf1", + "block_type": "paragraph", + "char_count": 1141, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", + "block_sequence": 56, + "char_end": 1141, + "char_start": 0, + "fragment_sha256": "ce88b8aac746f34d55660daab329c6ba1c14a78be0074e39afe53bfa66f95905", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Contribution (Loss) Profit / Margin", + "OPENDOOR TECHNOLOGIES INC.", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s25", + "table": null, + "text": "(1)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2)Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3)Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5)Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented." + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b57", + "block_sequence": 57, + "block_sha256": "37935488b247cdf343c0c8144ff521e96ad9f18f66bbb30d6e7419e323a258dd", + "block_type": "heading", + "char_count": 37, + "level": 8, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", + "block_sequence": 57, + "char_end": 37, + "char_start": 0, + "fragment_sha256": "a34f0fa36b4a64dc2e88e4f29b646c75e81b6238c2f3a7ba70bd93dfd5171121", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s26", + "table": null, + "text": "Adjusted Net Loss and Adjusted EBITDA" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b58", + "block_sequence": 58, + "block_sha256": "d514869e941d8eadc515e093fa3f2d20cd2b99e81a5c36b81b8e656a66af7959", + "block_type": "paragraph", + "char_count": 1562, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", + "block_sequence": 58, + "char_end": 1562, + "char_start": 0, + "fragment_sha256": "deabe74f78ba1d171806cfe310ff7534182366f251879b1ae43d8f391edf1895", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s26", + "table": null, + "text": "We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss." + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b59", + "block_sequence": 59, + "block_sha256": "236a9f2403017a5277b663ccb31ec43d8c2bfa477b0ef7a6739ae4ae9f4de383", + "block_type": "heading", + "char_count": 17, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", + "block_sequence": 59, + "char_end": 17, + "char_start": 0, + "fragment_sha256": "b8fea0efbc2ee5e70631f015f99f4bc0284f100f8a60109c90d8e6632c07df6a", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s27", + "table": null, + "text": "Adjusted Net Loss" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b60", + "block_sequence": 60, + "block_sha256": "972b5b4933e26469710594e32a5a119e0105d48c2bbb5ad5db97683603528d87", + "block_type": "paragraph", + "char_count": 1229, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", + "block_sequence": 60, + "char_end": 1229, + "char_start": 0, + "fragment_sha256": "89e8658e1edaab29a9ed0a9f3c37a30045e1484873b4c7c16ed27a32a8af72a0", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s27", + "table": null, + "text": "We calculate Adjusted Net Loss as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, warrant fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring charges and legal contingency accruals. It excludes loss on extinguishment of debt as these expenses were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. It also excludes non-recurring payroll tax on initial RSU release, gain on lease termination, and goodwill impairment. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date." + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b61", + "block_sequence": 61, + "block_sha256": "773660f28ede02e28c7f61ddeb64a36beccffd99caee7e409b39dd9eb04f06b9", + "block_type": "heading", + "char_count": 15, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", + "block_sequence": 61, + "char_end": 15, + "char_start": 0, + "fragment_sha256": "9fb6e786e171bef58f47377e0b4f8eaa5be01cdfc8cecba9c6c1035fd236de44", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s28", + "table": null, + "text": "Adjusted EBITDA" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b62", + "block_sequence": 62, + "block_sha256": "aa1584da39f3e4fe7e96c93ff478333f0097cd6374638b401df21eaacc889a25", + "block_type": "paragraph", + "char_count": 528, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", + "block_sequence": 62, + "char_end": 528, + "char_start": 0, + "fragment_sha256": "69c37c7a7f7278450ffd4ae61631646c065d100ed49471b301dce267369b4329", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s28", + "table": null, + "text": "We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. The following table presents a reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our net loss, which is the most directly comparable GAAP measure, for the periods indicated:" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b63", + "block_sequence": 63, + "block_sha256": "7293dad156bddd79008f4bf8f07a0b1f507087de55898e12714de7629a31ee82", + "block_type": "table", + "char_count": 2499, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", + "block_sequence": 63, + "char_end": 2499, + "char_start": 0, + "fragment_sha256": "0536cc8ae38145007b313158e0fad630c3b1e085f8d2241214110f93bd93b187", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted EBITDA" + ], + "table_index": 5, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s28", + "table": { + "caption": null, + "flags": [ + 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(2)Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4)Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5)Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6)Restructuring costs consist mainly of employee termination benefits, relocation packages and bonuses as well as costs related to the exiting of certain non-cancelable leases (7)Includes primarily gain or loss on interest rate lock commitments, gain or loss on the sale of available for sale securities, sublease income, and income from equity method investments. (8)Includes interest expense on our non-recourse asset-backed debt facilities. (9)Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, interest expense related to the 2026 convertible senior notes outstanding, and interest expense on other secured borrowings. 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(Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported financial results for its fourth quarter and year ended December 31, 2022. Opendoor’s fourth quarter and year-end 2022 financial results and management commentary can be accessed through the Company’s shareholder letter on the “Quarterly Reports” page of Opendoor’s investor relations website at https://investor.opendoor.com. “2022 affirmed our conviction in what we are building – the most trusted e-commerce platform for residential real estate that will enable consumers to buy, sell, and move at the tap of a button. Customers come to Opendoor because they crave the certainty and convenience of our cash offer that they can’t get anywhere else. Even in this moment of high spreads, we are able to convert over 10% of real sellers and earn an NPS of nearly 80,” said Carrie Wheeler, CEO of Opendoor. 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with 39,183 homes sold, up 80% versus 2021 •Gross profit of $667 million, which reflects an inventory valuation adjustment on homes remaining in inventory at year end of $458 million; Gross Margin of 4.3% versus 9.1% in 2021 •Net loss of $(1.4) billion, versus $(662) million in 2021 •Adjusted Net Loss of $(574) million, versus $(116) million in 2021 •Contribution Profit of $525 million, inline with 2021; Contribution Margin of 3.4%, versus 6.5% in 2021 •Adjusted EBITDA of $(168) million, versus $58 million in 2021; Adjusted EBITDA Margin of (1.1)%, versus 0.7% in 2021 •Purchased 34,962 homes, versus 36,908 homes in 2021 •Entered into a multi-year partnership with Zillow, Inc. in July 2022 to enable home sellers on the Zillow platform to seamlessly request an Opendoor offer to sell their home •In November, introduced our third-party (3P) product offering, which directly connects buyers and sellers of a home •Launched 9 new markets in 2022, bringing our total footprint to over 50 markets"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b11"], "char_count": 890, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "777fdac37288e5c2a6b72ceeded9708a34deb9105ebb05c88698b95992be632f", "derivation_id": "823e47cc863b21c1879de3bd8606ef0ee186179d7a28a97cf149cee794a90aa2", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Fourth Quarter 2022 Key Highlights"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "block_sequence": 11, "char_end": 890, "char_start": 0, "fragment_sha256": "971855579eee9649b06e82127e3bb871ba59918ab6d5248dace7f3bd0f401568", "heading_path": ["EX-99.1", "Fourth Quarter 2022 Key Highlights"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s6", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex991earningsre.htm", "table_id": null, "text": "•Revenue of $2.9 billion, down (25)% versus 4Q21; 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A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b17"], "char_count": 289, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "623668265a7841242a2cb6a5fbfe03f84c015d16f6625f8dde6f6ff152a9d25a", "derivation_id": "823e47cc863b21c1879de3bd8606ef0ee186179d7a28a97cf149cee794a90aa2", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "2023 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "block_sequence": 17, "char_end": 289, "char_start": 0, "fragment_sha256": "0b9647840dadcf470f9ed8d0e0ff781af6be2c93e8f0daa9cd8c60b53c11bcfc", "heading_path": ["EX-99.1", "2023 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s9", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex991earningsre.htm", "table_id": null, "text": "Opendoor’s mission is to power life’s progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple way to buy and sell a home. Opendoor currently operates in a growing number of markets nationwide. For more information, please visit www.opendoor.com"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b19"], "char_count": 2793, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ba21fef0af7ac9612979274bb26930685ce092c49b0fd0e0861199dc2dae6733", "derivation_id": "823e47cc863b21c1879de3bd8606ef0ee186179d7a28a97cf149cee794a90aa2", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "2023 Financial Outlook", "Conference Call and Webcast Details", "Forward Looking Statements"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "block_sequence": 19, "char_end": 2793, "char_start": 0, "fragment_sha256": "aaa158379f415f7ed3adfa430ae9d8c3d480ee8a1d32e5d64aa8ffedaeb519e7", "heading_path": ["EX-99.1", "2023 Financial Outlook", "Conference Call and Webcast Details", "Forward Looking Statements"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s10", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex991earningsre.htm", "table_id": null, "text": "This press release contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the health of our financial condition, anticipated future results of operations and financial performance, priorities of the Company to achieve future goals, Company’s ability to continue to effectively navigate the markets in which it operates, anticipated future and ongoing impacts of our acquisitions and other business decisions, health of our balance sheet to weather ongoing market transitions, Company’s ability to adopt an effective approach to manage economic and industry risk, as well as inventory health; business strategy and plans, including any plans to expand into additional markets, market opportunity and expansion and objectives of management for future operations, including 1 Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. For more information regarding the non-GAAP financial measures discussed in this press release, please see “Use of Non-GAAP Financial Measures” following the financial tables below. our statements regarding the benefits and timing of the roll out of new markets, products or technology; and the expected diversification of funding sources. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “vision”, “will”, or “would”, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b19"], "char_count": 3798, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "84608681aeb073a5940addcbe331a10f116819fcea46b2cdd173f297c8ef32fd", "derivation_id": "823e47cc863b21c1879de3bd8606ef0ee186179d7a28a97cf149cee794a90aa2", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "2023 Financial Outlook", "Conference Call and Webcast Details", "Forward Looking Statements"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "block_sequence": 19, "char_end": 6591, "char_start": 2793, "fragment_sha256": "aaa158379f415f7ed3adfa430ae9d8c3d480ee8a1d32e5d64aa8ffedaeb519e7", "heading_path": ["EX-99.1", "2023 Financial Outlook", "Conference Call and Webcast Details", "Forward Looking Statements"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s10", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex991earningsre.htm", "table_id": null, "text": "The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this press release include but are not limited to: the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturn or slowdown; changes in general economic and financial conditions (including federal monetary policy, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory) that may reduce demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; the duration and impact of the ongoing COVID-19 pandemic (including variants) or other public health crises on our ability to operate, demand for our products or services, or general economic conditions; addition or loss of a significant number of customers; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; ability to protect our brand and intellectual property; ability to obtain or maintain licenses and permits to support our current and future business operations; ability to operate and grow our 1P and 3P core business products, including the ability to obtain sufficient financing and resell purchased homes; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our technology platform, including our automated pricing and valuation technology; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; the impact of natural disasters and other catastrophic events; changes in laws or government regulation affecting our business; and the impact of pending or future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 23, 2023, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b22"], "char_count": 42, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a56f00f676c3f750da24b565a443430a5db0fd21032f8e77032d91c8b8443d8f", "derivation_id": "823e47cc863b21c1879de3bd8606ef0ee186179d7a28a97cf149cee794a90aa2", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EX-99.1", "2023 Financial Outlook", "Conference Call and Webcast Details", "Contact Information", "Investors:"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", 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Wang Opendoor investors@opendoor.com"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b24"], "char_count": 57, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b939c5d6b5107d02c5b85cebe26d021a214c1c8d5abe1a560e3eef8889436377", "derivation_id": "823e47cc863b21c1879de3bd8606ef0ee186179d7a28a97cf149cee794a90aa2", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EX-99.1", "2023 Financial Outlook", "Conference Call and Webcast Details", "Contact Information", "Media:"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "block_sequence": 24, "char_end": 57, 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press@opendoor.com"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b27", "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b28"], "char_count": 104, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ced37a7e9a764f0df8fcff92f1b8e305dda7a8f3d168f01799885d2244dda486", "derivation_id": "823e47cc863b21c1879de3bd8606ef0ee186179d7a28a97cf149cee794a90aa2", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EX-99.1", "2023 Financial Outlook", "Conference Call and Webcast Details", "Contact Information", "Media:", "CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": 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6,096 | | | |\n| Other current assets ($1 and $4 carried at fair value) | | 41 | | | 91 | | | |\n| Total current assets | | 6,466 | | | 9,340 | | | |\n| PROPERTY AND EQUIPMENT – Net | | 58 | | | 45 | | | |\n| RIGHT OF USE ASSETS | | 41 | | | 42 | | | |\n| GOODWILL | | 4 | | | 60 | | | |\n| INTANGIBLES – Net | | 12 | | | 12 | | | |\n| OTHER ASSETS | | 27 | | | 7 | | | |\n| TOTAL ASSETS | | $ | 6,608 | | | $ | 9,506 | |\n| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | |\n| CURRENT LIABILITIES: | | | | | | | | |\n| Accounts payable and other accrued liabilities | | $ | 110 | | | $ | 137 | |\n| Non-recourse asset-backed debt - current portion | | 1,376 | | | 4,240 | | | |\n| Other secured borrowings | | — | | | 7 | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| Interest payable | | 12 | | | 12 | | | |\n| Lease liabilities - current portion | | 7 | | | 4 | | | |\n| Total current liabilities | | 1,505 | | | 4,400 | | | |\n| NON-RECOURSE ASSET-BACKED DEBT – Net of current portion | 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|\n| Escrow receivable | 54 | | | (83) | | | |\n| Real estate inventory | 896 | | | (5,656) | | | |\n| Other assets | 37 | | | (52) | | | |\n| Accounts payable and other accrued liabilities | (25) | | | 76 | | | |\n| Interest payable | 2 | | | 4 | | | |\n| Lease liabilities | (8) | | | (13) | | | |\n| Net cash provided by (used in) operating activities | 730 | | | (5,794) | | | |\n| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | |\n| Purchase of property and equipment | (37) | | | (33) | | | |\n| Purchase of intangible assets | — | | | (1) | | | |\n| Purchase of marketable securities | (28) | | | (486) | | | |\n| Proceeds from sales, maturities, redemptions and paydowns of marketable securities | 328 | | | 92 | | | |\n| Purchase of non-marketable equity securities | (25) | | | (15) | | | |\n| Proceeds from sale of non-marketable equity securities | 3 | | | — | | | |\n| Capital returns of non-marketable equity securities | 3 | | | — | | | |\n| Acquisitions, net of cash acquired | (10) | | | (33) | | | |\n| Net cash provided by (used in) investing activities | 234 | | | (476) | | | |\n| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from issuance of convertible senior notes, net of issuance costs | — | | | 953 | | | |\n| Purchase of capped calls related to convertible senior notes | — | | | (119) | | | |\n| Proceeds from exercise of stock options | 4 | | | 15 | | | |\n| Proceeds from issuance of common stock for ESPP | 2 | | | — | | | |\n| Proceeds from warrant exercise | — | | | 22 | | | |\n| | | | | | | | |\n| Proceeds from the February 2021 Offering | — | | | 886 | | | |\n| Issuance cost of common stock | — | | | (29) | | | |\n| | | | | | | | |\n| Proceeds from non-recourse asset-backed debt | 10,108 | | | 11,499 | | | |\n| Principal payments on non-recourse asset-backed debt | (11,822) | | | (5,838) | | | |\n| Proceeds from other secured borrowings | 114 | | | 192 | | | |\n| Principal payments on other secured borrowings | (121) | | | (192) | | | |\n| Payment of loan origination fees and debt issuance costs | (26) | | | (47) | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Payment for early extinguishment of debt | (10) | | | — | | | |\n| Net cash (used in) provided by financing activities | (1,751) | | | 7,342 | | | |\n| NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (787) | | | 1,072 | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period | 2,578 | | | 1,506 | | | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b40"], "char_count": 994, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e51962cacad5720cd55348db8fa832af4d2aee4547f81c92c3e5d05581ee3c2d", "derivation_id": "823e47cc863b21c1879de3bd8606ef0ee186179d7a28a97cf149cee794a90aa2", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "2023 Financial Outlook", "Conference Call and Webcast Details", "Contact Information", "Media:", "CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "block_sequence": 40, "char_end": 858, "char_start": 0, "fragment_sha256": "d556a646b705f5094d3a0b05fd7906754517d397bff7210c6853a84290da3503", "heading_path": ["EX-99.1", "2023 Financial Outlook", "Conference Call and Webcast Details", "Contact Information", "Media:", "CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS"], "table_index": 3, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#p18", "passage_kind": "table", "passage_sequence": 18, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s19", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex991earningsre.htm", "table_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b40", "text": "| | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period | $ | 1,791 | | | $ | 2,578 | |\n| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest | $ | 355 | | | $ | 122 | |\n| DISCLOSURES OF NONCASH ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Stock-based compensation expense capitalized for internally developed software | $ | 16 | | | $ | 12 | |\n| Issuance of common stock in extinguishment of warrant liabilities | $ | — | | | $ | (35) | |\n| RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: | | | | | | | |\n| Cash and cash equivalents | $ | 1,137 | | | $ | 1,731 | |\n| Restricted cash | 654 | | | 847 | | | |\n| Cash, cash equivalents, and restricted cash | $ | 1,791 | | | $ | 2,578 | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b42"], "char_count": 1241, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "32b767afb266b379f44cc07a9800a7061fc5819e8ae61dbbc4c000cadb963b0d", "derivation_id": "823e47cc863b21c1879de3bd8606ef0ee186179d7a28a97cf149cee794a90aa2", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "block_sequence": 42, "char_end": 1241, "char_start": 0, "fragment_sha256": "5b13e90809ac4e171ee868f83f02625c3265e72df7205e4764b09ca07fa635fc", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#p19", "passage_kind": "narrative", "passage_sequence": 19, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s20", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex991earningsre.htm", "table_id": null, "text": "To provide investors with additional information regarding the Company’s financial results, this press release includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution (Loss) Profit, Adjusted Net Loss, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b44"], "char_count": 1758, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "4e4630e2cd75353bdb6f6c44b2e9f0e49824565276cf49677d8bacea44d575c3", "derivation_id": "823e47cc863b21c1879de3bd8606ef0ee186179d7a28a97cf149cee794a90aa2", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit and Contribution (Loss) Profit"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "block_sequence": 44, "char_end": 1758, "char_start": 0, "fragment_sha256": "48565d1e802c5b52e95e3f1e8648a5ec6f2f5e7b49fbdde6d8f6a3055408fda2", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit and Contribution (Loss) Profit"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#p20", "passage_kind": "narrative", "passage_sequence": 20, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s21", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex991earningsre.htm", "table_id": null, "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit and Contribution (Loss) Profit, which are non-GAAP financial measures. We believe that Adjusted Gross Profit and Contribution (Loss) Profit are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution (Loss) Profit provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit and Contribution (Loss) Profit are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b46"], "char_count": 976, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b3962a2db41409c54ab31066a622020ec2a193b770577cf1e6c972ca2271a5a3", "derivation_id": "823e47cc863b21c1879de3bd8606ef0ee186179d7a28a97cf149cee794a90aa2", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "block_sequence": 46, "char_end": 976, "char_start": 0, "fragment_sha256": "3e79e47b48cc88b924f08b2f941c62baa1fd2ea6fca465f0411c7b0cc237d82d", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#p21", "passage_kind": "narrative", "passage_sequence": 21, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s22", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex991earningsre.htm", "table_id": null, "text": "We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b48"], "char_count": 777, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "828611a534266b2fa53933fce34f85369e2e1e6e2f603c35a6805dfc5987485b", "derivation_id": "823e47cc863b21c1879de3bd8606ef0ee186179d7a28a97cf149cee794a90aa2", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "block_sequence": 48, "char_end": 777, "char_start": 0, "fragment_sha256": "ee618392d8980bfd742628326e993bf49d6187705d7c997d89aa932ae1f9d714", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#p22", "passage_kind": "narrative", "passage_sequence": 22, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s23", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex991earningsre.htm", "table_id": null, "text": "We calculate Contribution (Loss) Profit as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution (Loss) Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution (Loss) Profit helps management assess inflows and outflows directly associated with a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b51", "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b52", "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b53"], "char_count": 269, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "aa6a44df023832e6cb33be540f0d28146d9f81a9055a7f90c3986485f0e22861", "derivation_id": "823e47cc863b21c1879de3bd8606ef0ee186179d7a28a97cf149cee794a90aa2", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution (Loss) 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MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "block_sequence": 53, "char_end": 205, "char_start": 0, "fragment_sha256": "48265e3ade6cbcfef63139a32b75aeae656e380cf46bbd55f6aa810e9514692b", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#p23", "passage_kind": "narrative", "passage_sequence": 23, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex991earningsre.htm", "table_id": null, "text": "(In millions, except percentages, and homes sold)\n\n(Unaudited)\n\nThe following table presents a reconciliation of our Adjusted Gross Profit and Contribution (Loss) Profit to our gross profit, which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b54"], "char_count": 2021, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "eb69a350a12e8540ef6160ad1bcaecf8770b64e931f5720415090a434d38f3eb", "derivation_id": "823e47cc863b21c1879de3bd8606ef0ee186179d7a28a97cf149cee794a90aa2", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "block_sequence": 54, "char_end": 1774, "char_start": 0, "fragment_sha256": "ccee46f3d74801952c6a44446aa8d9c5f2fb8c92457ff1f54ad4553cd1618c9d", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": 4, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#p24", "passage_kind": "table", "passage_sequence": 24, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex991earningsre.htm", "table_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b54", "text": "| | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended December 31, | | Year Ended December 31, | | | | | | | | | | | | | | |\n| (in millions, except percentages and homes sold, or as noted) | | 2022 | | | | 2021 | | 2022 | | 2021 | | | | | | | | |\n| Gross profit (GAAP) | | $ | 71 | | | | | $ | 272 | | | $ | 667 | | | $ | 730 | |\n| Gross Margin | | 2.5 | % | | | | 7.1 | % | | 4.3 | % | | 9.1 | % | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | |\n| Inventory valuation adjustment – Current Period(1)(2) | | 73 | | | | | 24 | | | 458 | | | 39 | | | | | |\n| Inventory valuation adjustment – Prior Periods(1)(3) | | (236) | | | | | (17) | | | (39) | | | — | | | | | |\n| | | | | | | | | | | | | | | | | | | |\n| Adjusted Gross (Loss) Profit | | $ | (92) | | | | | $ | 279 | | | $ | 1,086 | | | $ | 769 | |\n| Adjusted Gross Margin | | (3.2) | % | | | | 7.3 | % | | 7.0 | % | | 9.6 | % | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | |\n| Direct selling costs(4) | | (78) | | | | | (99) | | | (414) | | | (195) | | | | | |\n| Holding costs on sales – Current Period(5)(6) | | (10) | | | | | (12) | | | (109) | | | (47) | | | | | |\n| Holding costs on sales – Prior Periods(5)(7) | | (27) | | | | | (16) | | | (38) | | | (2) | | | | | |\n| Contribution (Loss) Profit | | $ | (207) | | | | | $ | 152 | | | $ | 525 | | | $ | 525 | |\n| Homes sold in period | | 7,512 | | | | | 9,794 | | | 39,183 | | | 21,725 | | | | | |\n| Contribution (Loss) Profit per Home Sold (in thousands) | | $ | (28) | | | | | $ | 16 | | | $ | 13 | | | $ | 24 | |\n| Contribution Margin | | (7.2) | % | | | | 4.0 | % | | 3.4 | % | | 6.5 | % | | | | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b55", "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b56"], "char_count": 1159, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8926b6f25d6c58e464e7fd95b8b8edd9a9baab2b62eb80402737cce1835fe8a4", "derivation_id": "823e47cc863b21c1879de3bd8606ef0ee186179d7a28a97cf149cee794a90aa2", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "block_sequence": 55, "char_end": 16, "char_start": 0, "fragment_sha256": "7fdbb5bd0c91a386038a54dafc306bd55a27c3242e1540451c2885fb5da9076a", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "block_sequence": 56, "char_end": 1141, "char_start": 0, "fragment_sha256": "ce88b8aac746f34d55660daab329c6ba1c14a78be0074e39afe53bfa66f95905", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#p25", "passage_kind": "narrative", "passage_sequence": 25, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex991earningsre.htm", "table_id": null, "text": "________________\n\n(1)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2)Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3)Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5)Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b58"], "char_count": 1562, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d514869e941d8eadc515e093fa3f2d20cd2b99e81a5c36b81b8e656a66af7959", "derivation_id": "823e47cc863b21c1879de3bd8606ef0ee186179d7a28a97cf149cee794a90aa2", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "block_sequence": 58, "char_end": 1562, "char_start": 0, "fragment_sha256": "deabe74f78ba1d171806cfe310ff7534182366f251879b1ae43d8f391edf1895", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#p26", "passage_kind": "narrative", "passage_sequence": 26, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s26", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex991earningsre.htm", "table_id": null, "text": "We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b60"], "char_count": 1229, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "972b5b4933e26469710594e32a5a119e0105d48c2bbb5ad5db97683603528d87", "derivation_id": "823e47cc863b21c1879de3bd8606ef0ee186179d7a28a97cf149cee794a90aa2", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "block_sequence": 60, "char_end": 1229, "char_start": 0, "fragment_sha256": "89e8658e1edaab29a9ed0a9f3c37a30045e1484873b4c7c16ed27a32a8af72a0", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#p27", "passage_kind": "narrative", "passage_sequence": 27, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s27", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex991earningsre.htm", "table_id": null, "text": "We calculate Adjusted Net Loss as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, warrant fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring charges and legal contingency accruals. It excludes loss on extinguishment of debt as these expenses were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. It also excludes non-recurring payroll tax on initial RSU release, gain on lease termination, and goodwill impairment. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b62"], "char_count": 528, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "aa1584da39f3e4fe7e96c93ff478333f0097cd6374638b401df21eaacc889a25", "derivation_id": "823e47cc863b21c1879de3bd8606ef0ee186179d7a28a97cf149cee794a90aa2", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "block_sequence": 62, "char_end": 528, "char_start": 0, "fragment_sha256": "69c37c7a7f7278450ffd4ae61631646c065d100ed49471b301dce267369b4329", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted EBITDA"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#p28", "passage_kind": "narrative", "passage_sequence": 28, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#s28", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex991earningsre.htm", "table_id": null, "text": "We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. The following table presents a reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our net loss, which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b63"], "char_count": 2782, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9749c5b3c55c213c0c51b184dde238b009e62d6008821f257359c7a7d3167155", "derivation_id": "823e47cc863b21c1879de3bd8606ef0ee186179d7a28a97cf149cee794a90aa2", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": 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"norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b63", "text": "| | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended December 31, | | Year Ended December 31, | | | | | | | | | | | | | | |\n| (in millions, except percentages) | | 2022 | | | | 2021 | | 2022 | | 2021 | | | | | | | | |\n| Net loss (GAAP) | | $ | (399) | | | | | $ | (191) | | | $ | (1,353) | | | $ | (662) | |\n| Adjustments: | | | | | | | | | | | | | | | | | | |\n| Stock-based compensation | | (7) | | | | | 71 | | | 171 | | | 536 | | | | | |\n| Equity securities fair value adjustment(1) | | (1) | | | | | 16 | | | 35 | | | (35) | | | | | |\n| Warrant fair value adjustment(1) | | — | | | | | — | | | — | | | (12) | | | | | |\n| Intangibles amortization expense(2) | | 2 | | | | | 2 | | | 9 | | | 4 | | | | | |\n| Inventory valuation adjustment – Current Period(3)(4) | | 73 | | | | | 24 | | | 458 | | | 39 | | | | | |\n| Inventory valuation adjustment — Prior Periods(3)(5) | | (236) | | | | | (17) | | | (39) | | | — | | | | | |\n| Restructuring(6) | | 17 | | | | | — | | | 17 | | | — | | | | | |\n| | | | | | | | | | | | | | | | | | | |\n| Loss on extinguishment of debt | | 25 | | | | | — | | | 25 | | | — | | | | | |\n| Gain on lease termination | | — | | | | | — | | | — | | | (5) | | | | | |\n| Goodwill impairment | | 60 | | | | | — | | | 60 | | | — | | | | | |\n| Payroll tax on initial RSU release | | — | | | | | — | | | — | | | 5 | | | | | |\n| Legal contingency accrual and related expenses | | 1 | | | | | 14 | | | 46 | | | 14 | | | | | |\n| Other(7) | | (2) | | | | | 1 | | | (3) | | | — | | | | | |\n| Adjusted Net Loss | | $ | (467) | | | | | $ | (80) | | | $ | (574) | | | $ | (116) | |\n| Adjustments: | | | | | | | | | | | | | | | | | | |\n| Depreciation and amortization, excluding amortization of intangibles and right of use assets | | 12 | | | | | 9 | | | 41 | | | 33 | | | | | |\n| Property financing(8) | | 93 | | | | | 62 | | | 329 | | | 119 | | | | | |\n| Other interest expense(9) | | 20 | | | | | 10 | | | 56 | | | 24 | | | | | |\n| Interest income(10) | | (9) | | | | | (1) | | | (22) | | | (3) | | | | | |\n| Income tax expense | | — | | | | | — | | | 2 | | | 1 | | | | | |\n| Adjusted EBITDA | | $ | (351) | | | | | $ | 0.4 | | | $ | (168) | | | $ | 58 | |\n| Adjusted EBITDA Margin | | (12.3) | % | | | | — | % | | (1.1) | % | | 0.7 | % | | | | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b64", "norm:0001801169:0001801169-23-000022:q42022formxex991earningsre.htm#b65"], "char_count": 1712, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "54a979d2384fd6e36c6bfb8eefa295a3373ef47ffc1759d9897cb71efa77b338", "derivation_id": "823e47cc863b21c1879de3bd8606ef0ee186179d7a28a97cf149cee794a90aa2", "document_id": 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"norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "Letter to Shareholders 4Q22 Katelyn & Carlos Romayor Austin, Texas Exhibit 99.2" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b7", + "block_sequence": 7, + "block_sha256": "3711ec70b06823840c5c926b1549585f4a2e188ba1f0f18ce44b07c9dd348f04", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 7, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "d1162e7eeb87c865c75c5ca1093765802162f4103d6416f46861383937b42980", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "q42022formxex992sharehol002.jpg" + }, + { + "block_id": 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Consumers want to be able to buy, sell, and move between homes with confidence and control. Yet, navigating a major housing cycle has certainly been challenging, to say the least. That\u2019s why I want to begin this shareholder letter, my first as CEO, with a thank you to all our Opendoor teammates who are working hard every day for our customers and to make this company more successful. Tough moments increase urgency, demand conviction, and put teamwork front and center \u2013 and that\u2019s energizing. That\u2019s part of why I decided to take the CEO role: it is clear to me what our value proposition means to customers and where we need to focus at this moment. I also believe deeply in what we\u2019re building towards. Let\u2019s start with our value proposition. The traditional real estate process today works for only a select few who have the money and time to endure all the uncertainty, friction, and frustration that come with it. Moving is considered a top stressor in life, right up there with divorce and job change. Customers come to Opendoor because they crave the certainty and convenience of our cash offer that they can\u2019t get anywhere else. Our product gives homeowners the control they deserve, over what is likely their most important financial asset. Even in this moment of high spreads, we continue to convert over 10% of real sellers. In order to do this, we\u2019ve built unique asset management and operations platforms that have allowed us to complete over 200,000 home transactions and earn an NPS of approximately 80 from home sellers. We still have work to do, but we stand alone in what we are able to offer consumers today. Our focus right now is to stabilize our core business and return to positive Adjusted Net Income. We believe we\u2019ve appropriately sized the losses related to homes acquired prior to the housing market reset and expect to put those behind us shortly. The homes we\u2019ve acquired since the reset are outperforming our expectations and prior years. And we\u2019re continuing to drive more margin in our business. Like a lot of fast-growing companies, we focused on scale and speed as we built our systems, and we have some tech debt to pay down. A core value of ours is \u201cbps (basis points) for breakfast\u201d \u2013 and it is clear that there are lots of bps for us to go after. We\u2019re driving to realize at least 100 bps from structural efficiencies and cost savings across the organization that we expect to show up in 2024. I\u2019ll be disappointed if we don\u2019t do better. 2 A Note from Carrie Our Mission Powering life\u2019s progress, one move at a time" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b9", + "block_sequence": 9, + "block_sha256": "3379f09e5da7edb3b5381052970f2238c23113fb69935b94b906b4cce00e93c2", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 9, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "d91012b2ec163c48834ac18bdda2784d92d54b36d082de51fa7e765f29b1cea4", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "q42022formxex992sharehol003.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b10", + "block_sequence": 10, + "block_sha256": "38a9439d73d653fd0ede894a8d0d1182264be77cb91d3d66ac8d2767b43e52e6", + "block_type": "paragraph", + "char_count": 841, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 10, + "char_end": 841, + "char_start": 0, + "fragment_sha256": "55a8368dc1b2c75f481fde002c0bd452bab4c9dd6509bce56e704eb029d91231", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "And finally, looking ahead ten years, we believe that the experience of buying and selling a home will almost certainly be similar to booking a flight or hailing a ride. Consumers will be able to transact directly with each other through a managed marketplace powered by Opendoor that ensures trust, certainty, ease, and quality. Building towards that managed marketplace is going to be a multi-year journey, but what underpins our conviction are the capabilities we\u2019ve built to become one of the largest buyers and sellers of homes in the country. We are investing in building our Exclusives marketplace and also in driving operational excellence across the business. We have the product, team, balance sheet, and discipline to weather this cycle and emerge with a more resilient, stronger business. Carrie Wheeler, CEO 3 A Note from Carrie" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b11", + "block_sequence": 11, + "block_sha256": "ea3e152ead13c64d50ebb1804344f51aa4dce6a441a0955e456db1cc302681d6", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 11, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "a8777ad8c15a7ab75f06bc7c74725f93e0faecf708985b9ab2dde81f59cec8a1", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "q42022formxex992sharehol004.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b12", + "block_sequence": 12, + "block_sha256": "d97d6caa315465cf4074ec3b2a6d0a93b31147cc020c7fe0afe43ea2df786804", + "block_type": "paragraph", + "char_count": 1858, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 12, + "char_end": 1858, + "char_start": 0, + "fragment_sha256": "15507e75f01a69543a57d01381e745e162ed275e296b8882b036ac37b6954632", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "4 James Jennings Raleigh, North Carolina With a baby boy on the way, James Jennings and his wife Cheyenne were eager to upgrade their home \u2013 they knew they were going to need a bit more space for their growing family. After spending some time with the couple, their homebuilder realized that they needed a flexible and simple solution for selling their existing home, and he immediately suggested that they reach out to Opendoor. After securing a competitive offer on their home, James and Cheyenne found the decision to sell to Opendoor an easy one: they would be able to obtain funds upfront to use towards the purchase of their new home, and they would be able to avoid many of the stressors typically associated with the home-selling process, including opening their home up to visitors for showings and making some necessary but time-consuming home repairs. To top it off, selling to Opendoor meant removing the uncertainty of lining up the timing of their home closing with the completion of their new build. When supply chain issues caused a delay with their dream home under construction, James and Cheyenne were able to take advantage of Opendoor\u2019s late checkout policy and stay in their current home until the new one was ready for move-in. In James\u2019s words, \u201cthe customer service was fantastic\u201d and \u201cthe late checkout and flexible closing really made the process stress-free\u201d compared to their previous experiences transacting the traditional way. After the arrival of their newborn son, James and Cheyenne were able to move into their new dream home with ease, without the complications of double mortgages, double moves, and uncertainty. Opendoor solved the problem of having to move twice\u2026(they) were able to adjust our closing and also offer us late checkout, which was very convenient, especially with having a newborn child. - James Jennings" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b13", + "block_sequence": 13, + "block_sha256": "76676214cfde62b1108da4bc2459f2f3c59dc58a34f2b6ecf46577430d25a850", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 13, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "d22617b6e2a333c71c47377c875221a6edf343d991b260e56ca0a2ec5aab53ec", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "q42022formxex992sharehol005.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b14", + "block_sequence": 14, + "block_sha256": "75546c61438bccec6f3fd64eb13a17b71ee481ca447fda0e478a5a5f520693bc", + "block_type": "paragraph", + "char_count": 2438, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 14, + "char_end": 2438, + "char_start": 0, + "fragment_sha256": "c189a850864fef07951d9cb963b5d502d1a73005a7288fd7cb8f8ce990631845", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "Two Core Product Offerings 1P product & 3P product 5 LOOKING BACK AT 2022 Last year was a tale of two halves. We saw our acquisition pace reach north of $20 billion in the first half of the year, during a time when conventional wisdom said it was \u201ceasy\u201d to sell your home on the market. Yet, customers chose Opendoor for the certainty and convenience we offered, as we leveraged the 4x expansion of our total addressable market since 2019. In the second half of the year, our results were materially impacted by a once-in-forty-year macro shift that started in the middle of the second quarter. As the year began, we saw housing transaction volume, velocity, and home price appreciation (HPA) at or near historical highs. However, Fed action to raise target rates by 300 bps in less than five months catalyzed the fastest shift in housing conditions in four decades. We constantly track macroeconomic and housing conditions and adjust our strategies accordingly, but we did not predict the speed of decline in HPA and transaction volumes. One-month HPA (non-seasonally adjusted, weighted by Opendoor\u2019s markets) moved from positive 300 bps per month in early May to negative 100 bps by mid-July. Annualized existing home transactions declined by nearly 35% year-over-year to 4.0 million in December. In response, in 2Q22, we moved to manage risk and inventory health. On the resale side, we reduced list prices to stay in line with the market. In hindsight, we did not do this quickly or aggressively enough, which led to a slowdown in our clearance rate. On the acquisition side, we materially widened our acquisition spreads and cut back on marketing spend. This allowed us to significantly pull back on new acquisition volumes, but it did not address the spreads on existing acquisition contracts. All these factors contributed to a large book of loss-making inventory. In the second half of 2022, our focus remained on risk management and overall inventory health, and we accelerated our resale velocity and realized lower acquisition volumes. \u25cf Sold down the Q2 Cohort: We have continued to prioritize selling those homes we made offers on between March and June of last year (which we\u2019re calling the Q2 Cohort) before the housing market reset. By year-end, we had sold through or were in contract on 66% of the Q2 Cohort, inline with Business Highlights % of Q2 Offer Cohort Expected to be Sold or in Resale Contract by Year-End ~65%" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b15", + "block_sequence": 15, + "block_sha256": "2ff45d717f67076fa56c7dc2d51d2771db0c4b0fd7a5fc784a2186e1784ad09d", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 15, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "c79021515109ee5856621e03b3b5c57af849afcbc09ef068c0bf4f42e9711a06", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "q42022formxex992sharehol006.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b16", + "block_sequence": 16, + "block_sha256": "8dea37609173c774dc30021d45558ffb78bd64536446feaba607621f9f84e477", + "block_type": "paragraph", + "char_count": 2115, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 16, + "char_end": 2115, + "char_start": 0, + "fragment_sha256": "1acfd7a61296f6a4ea2172123e141730b95a3f5b891640ef9ca0b178044d462b", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "guidance provided last quarter, at a cumulative contribution margin of approximately (3.8)%. We expect to have sold or be in contract on over 85% of the cohort by the end of 1Q23. Once the \u201cold book\u201d is behind us, we expect to return to positive unit margins by the second half of 2023. To sell these homes quickly while preserving as much margin as possible, we revisited and reset all our portfolio management processes to drive above-market clearance rates. Examples include resetting our offer negotiation process and adjusting agent closing incentives. We believe these actions, coupled with the hard work of our operations teams, will allow us to sell through the Q2 Cohort earlier in 2023 than we had anticipated. \u25cf Built into a new book of inventory: We have been acquiring new homes that can deliver healthy unit margins. We\u2019ve sold nearly 40% of the homes we made offers on from July through November of 2022 (our \u201cnew book\u201d). To date for the homes that have been sold, the cumulative contribution margin is over 250 bps higher than our July through November 2021 offer cohort at the same sold-through point. We believe our new book is on track to generate contribution margins at or in excess of our annual target of 4% to 6% once fully sold through. This underscores our ability to adjust spreads to realize attractive cohorts with positive unit economics across up, flat, and down home price markets. \u25cf Right-sized our cost structure: In light of our pullback on acquisition volumes, we took action to right-size our cost structure in 2H22. We scaled back our operational capacity on a run-rate basis by 40% and reduced marketing spend by approximately 65% versus 2Q22 peak levels. Together with headcount reductions announced last quarter, we reduced our run-rate expenses by approximately $110 million on an annualized basis relative to 2022 peak levels. 2023 FOCUS AREAS As we enter 2023, we are building towards a managed marketplace for real estate that provides customers with a certain and simple 6 % of Q2 Cohort Expected to be Sold or in Resale Contract by End of 1Q23 Business Highlights >85%" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b17", + "block_sequence": 17, + "block_sha256": "370dec65c06336c33b2f33461945ab27ca23c20a05e02b863ce0c3c192f71ee9", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 17, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "b1562cfc671c82941aef13adcb23b6d287ba022052ad64439a835806cee6d376", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "q42022formxex992sharehol007.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b18", + "block_sequence": 18, + "block_sha256": "6fa2abd5e0cbc141ea12d7869c3c7dbf55e2cdee36ca32358d1af67137a99977", + "block_type": "paragraph", + "char_count": 2401, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 18, + "char_end": 2401, + "char_start": 0, + "fragment_sha256": "6ec11aa0505c644c5349a843b18599dbabff6198be43bee21ddf2ed662e79b0a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "experience unlike the traditional process. Our focus this year is three-fold: \u25cf Reach more sellers in our core first-party business \u25cf Realize greater operational efficiency throughout the system \u25cf Invest in our third-party Exclusives offering Enable more sellers to choose Opendoor. Our cash offer delivers a vastly superior value proposition to homeowners, especially compared to the traditional process that nearly 99% of sellers endure today. We continue to convert over 10% of real sellers even with the high spreads currently embedded in our offers. Our focus in 2023 is to diversify our demand funnel so that more homesellers start their journey with Opendoor. This includes expanding partnership channels. We went live last week with our exclusive Zillow partnership via an initial launch in Atlanta and Raleigh, where home sellers visiting the Zillow platform are now able to request an all-cash offer directly from Opendoor. We plan to expand this partnership to additional markets over the course of the year, and we expect this to be an important lever to substantially increase our reach in a scalable and efficient way. We are increasing our investments in brand awareness which helped drive a 26% increase in aided awareness in 2022. As we\u2019ve expanded our market and buybox coverage to reach over 40% of zip codes nationwide, we benefit from national marketing campaigns which are more cost effective. We will also continue to drive re-engagement of our growing installed user base. Approximately 15% of all current homeowners in our buybox have come to Opendoor and entered their address \u2013 and we have detailed home-level information on over 60% of those \u2013 which represent future sellers we can target. In addition, we\u2019re diversifying our product offering to convert a broader segment of sellers in this current high spread environment. We are expanding our \u201cList with Certainty\u201d product, which gives sellers the option of MLS listings with Opendoor to maximize their price while retaining the certainty and convenience of our cash offer which they can accept any time. Drive operational excellence across our delivery platform. To date, we have built for scale and velocity by creating a purpose-built asset management and operations platform unmatched in the industry. Our focus for 2023 is to strengthen our foundational pricing, operations, 7 Business Highlights List with Certainty" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b19", + "block_sequence": 19, + "block_sha256": "85960a5d4ae81fd10fad53e177336ff503c9905a09eab6a45c1b5825719e8999", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 19, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "8ca710a7eaf9084c10d7d72ff113c76aa34ae2b2a4fe5dc195a62dd7465f5ec9", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "q42022formxex992sharehol008.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b20", + "block_sequence": 20, + "block_sha256": "6437aaec89431101512cdeb68a906872cda74aa2541e3a1440f8b4ce4ea1541c", + "block_type": "paragraph", + "char_count": 2781, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 20, + "char_end": 2781, + "char_start": 0, + "fragment_sha256": "af1379f6d84b476dba7e72a311dafb4eeef5424e1d55afcbf3f09ff89cb6b78d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "and customer platforms to drive greater efficiencies and durable cost structure improvements. This includes continued improvement in pricing capabilities to increase offer competitiveness and inventory turns. We also intend to drive further operator effectiveness by continuing to evolve our transaction platforms and tools. In addition, we are refactoring our tech platform and infrastructure to enhance productivity and reduce fixed expenses. Examples include process improvements aimed at reducing off-market days and the expansion of engineering capabilities to reduce system latency and costs. We are going after at least 100 basis points of margin improvement from these initiatives by year end, the full impact of which we expect to realize in 2024. Build the Exclusives marketplace. From day one, we have envisioned Opendoor as the central layer for residential real estate transactions, first by owning and transacting inventory ourselves, with plans to launch a marketplace once we\u2019ve built the supply and demand network of customers to transact directly with Opendoor. Exclusives, which connects a home with institutional and retail buyers directly and facilitates a transaction without Opendoor taking ownership of the home, is the critical component to building a managed marketplace. This will position Opendoor to have a mix of on and off-balance sheet transaction volumes to enable capital efficient market share gain for years to come. In late 2021, we seeded a buyer-seller marketplace with our own inventory to start aggregating buyer demand. That led to last fall\u2019s launch of Exclusives Listings \u2013 a streamlined e-commerce-like experience for buying an Opendoor home directly from us before it hits the MLS. We have sold over $115 million of Opendoor-owned homes through Exclusive Listings in Austin, Dallas, and Houston to date, and we have earned an NPS greater than 75. In 4Q22, having validated the demand side of the marketplace with our own inventory, we began offering Exclusives as an option to our home sellers. Looking ahead, we plan to scale our marketplace in three phases: first, we aim to perfect the customer experience in pairing sellers with buyers; second, we will build liquidity and network effects in an individual market; and third, we will refine our playbook and scale to all markets. Given our highly focused investment approach this year, we expect to realize phases one and two for 2023. We will go deep in selected markets to build the liquidity and selection required for a great user experience. By the end of 2023, our goal is to have 30% of our transactions going through Exclusives in those markets where we have launched marketplace. 8 Expected Margin Improvement in 2024 via Increased Efficiencies Business Highlights >100 bps" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b21", + "block_sequence": 21, + "block_sha256": "0599d9089e7df15551ed8546afe1a0165f5d726dacd869c74fe7639a5ab46aef", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 21, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "9288223100767d9e6f88202139b512f84d9aca7c14d9d6e6578942a541763805", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "q42022formxex992sharehol009.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b22", + "block_sequence": 22, + "block_sha256": "05627a91ddf10028ce334ddc3b12b7edc421e9221460a1eaa30bc466f9cbd0b6", + "block_type": "paragraph", + "char_count": 1974, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 22, + "char_end": 1974, + "char_start": 0, + "fragment_sha256": "d630b3e19b674aab5a5d3ad0aeb3c538a41fa739d7320ed5856e1648af81be9f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "Our fourth quarter results reflect actions taken since 2Q22 to navigate market volatility. As we enter 2023, we are focused on preserving capital and operating with strong cost discipline. GROWTH In the fourth quarter, we delivered $2.9 billion of revenue, representing 7,512 homes sold. Revenues were down 25% versus 4Q21 due to slower resale clearance rates and our pullback in acquisitions beginning mid-year, resulting in declining listed inventory levels throughout the quarter. Revenue was $15.6 billion for the full year, up 94% versus 2021, driven by strong performance in the first half of the year. Overall, we sold 39,183 homes, up 80% versus the prior year, with revenue per home sold up 8% versus 2021. On the acquisition side, we purchased 3,427 homes in the fourth quarter, down 64% versus 4Q21. This slowdown in acquisitions was driven by our decision beginning in 2Q22 to widen offer spreads and reduce marketing spend amidst market uncertainty. For the full year, we acquired 34,962 homes, down 5% versus 2021. UNIT ECONOMICS GAAP gross profit was $71 million in 4Q22, versus $272 million in 4Q21. Adjusted gross profit was $(92) million in 4Q22, versus $279 million in 4Q21. For the full year, GAAP gross profit was $667 million, versus $730 million in 2021. Adjusted gross profit was $1,086 million for the year, versus $769 million in 2021. 9 Financial Highlights 2022 Revenue $15.6 billion 2022 Homes Sold 39,183 2018 2019 2020 2021 2022 9,913 7,470 18,799 39,183 21,725 2018 2019 2020 2021 2022 $2.6$1.8 $4.7 $15.6 $8.0 4Q22 FY2022 (Dollars in millions) Old Book (Q2 Cohort and prior) New Book (Post-Q2 Cohort) Total Total Homes Sold in Period 6,699 813 7,512 39,183 Revenue $2,598 $259 $2,857 $15,567 Gross Profit / Margin $39 / 1.5% $32 / 12.4% $71 / 2.5% $667 / 4.3% Adj. Gross Profit (Loss) / Margin $(125) / (4.8)% $33 / 12.7% $(92) / (3.2)% $1,086 / 7.0% Contribution Profit (Loss) / Margin $(232) / (8.9)% $25 / 9.7% $(207) / (7.2)% $525 / 3.4%" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b23", + "block_sequence": 23, + "block_sha256": "6acfef46aa190ba01b2ba4682156caff3496d1600db2c3b84d71a11ba8806608", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 23, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "31111527374dfa049daf3ef1ba2798600d770b994824cf8497e24503c46d512a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "q42022formxex992sharehol010.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b24", + "block_sequence": 24, + "block_sha256": "d561a7127b73a947968a34d468544da534a6d42501deecb2ae0c9b48f171c1df", + "block_type": "paragraph", + "char_count": 1972, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 24, + "char_end": 1972, + "char_start": 0, + "fragment_sha256": "78620a83e14488b07a5b6b9f08d55f72aeaa2e2606e6c975e8df1dbc4d87d2e7", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "10 Financial Highlights Contribution Profit (Loss), which accounts for the direct selling and holding costs incurred on the homes sold during the quarter, was $(207) million in the fourth quarter, versus $152 million in 4Q21. Contribution Margin, which represents unit economics associated with a specific resale cohort, was (7.2)%, versus 4.0% in 4Q21. As discussed previously, our new book of homes is performing ahead of our expectations at underwriting, with that cohort generating a Contribution Margin of 9.7% in Q4. We would expect this group of homes to perform in line with our 4% to 6% annual contribution margin target once fully sold through. We will continue to provide detail on the relative performance of our inventory until we sunset the old book as we believe it illustrates the health of our business on a go-forward basis. Notwithstanding the challenges of 2022 and actions taken to navigate the macro shift, we ended the year with a Contribution Profit of $525 million and a Contribution Margin of 3.4%, compared to our annual contribution margin target of 4 to 6%. NET LOSS AND ADJUSTED EBITDA1 GAAP net loss was $(399) million in 4Q22, versus $(191) million in 4Q21. Adjusted Net Loss was $(467) million, versus $(80) million in 4Q21. For the full year, GAAP net loss was $(1,353) million, versus $(662) million in 2021. Adjusted Net Loss was $(574) million, (Dollars in millions) 4Q22 4Q21 FY2022 FY2021 GAAP Net Loss $(399) $(191) $(1,353) $(662) Adjusted Net Loss $(467) $(80) $(574) $(116) Adjusted EBITDA $(351) $0 $(168) $58 Adjusted EBITDA Margin (12.3)% 0% (1.1)% 0.7% 4Q22 Post-Q2 Cohort Contribution Margin 9.7% 2022 Contribution Margin 3.4% 2022 Contribution Profit $525 million 1. The table below provides an abridged reconciliation between GAAP Net Loss, Adjusted Net Loss, and Adjusted EBITDA. Please refer to the complete reconciliation and footnotes included in the Definitions and Financial Tables section of the shareholder letter." + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b25", + "block_sequence": 25, + "block_sha256": "4a96573e1555d88511ce61c8499ef688524133e143a007ea51d552677aaea2a9", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 25, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "00e49b7827eae94313436a7c9e8a4f4d4a60192c61797b97168fe8c8c283c814", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "q42022formxex992sharehol011.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b26", + "block_sequence": 26, + "block_sha256": "1a48e23d6161805f130b9d20abf4ceaa21651c606d6a617c83718b324cc28292", + "block_type": "paragraph", + "char_count": 2192, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 26, + "char_end": 2192, + "char_start": 0, + "fragment_sha256": "3051e533ca6339579bc72c3f55aed3ed48f8b478d27fc6cce94832e69baf6071", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "11 Financial Highlights versus $(116) million in 2021. Adjusted Net Loss aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded, and these adjustments are the primary difference between GAAP and Adjusted Net Loss in 2022. In 4Q22, we burdened Adjusted Net Loss and Adjusted EBITDA with $236 million in inventory valuation adjustments that were recorded in prior quarters on homes sold in 4Q22. This additional cost was offset by the removal of $73 million in valuation adjustments recorded in 4Q22 on homes remaining in inventory at year end. Adjusted EBITDA was $(351) million in 4Q22, compared to $0.4 million in 4Q21. As discussed above, inventory valuation adjustments represent $(163) million of the Adjusted EBITDA loss. Adjusted EBITDA came in slightly below the midpoint of our guidance of $(345) million due to the outpacing of our revenue guidance and the pull forward of homes selling at a contribution margin loss. For the full year, Adjusted EBITDA was $(168) million, compared to $58 million in 2021. Losses in 2022 were driven by contribution margin losses from the Q2 Cohort and the deliberate reduction in new acquisition volumes, which impacted contribution margin from a resale mix standpoint and reduced our total revenue. This reduction in revenue impacted our ability to cover our variable and fixed cost structure. We proactively reduced our operational capacity, marketing spend, and headcount in 2H22, reducing our run-rate expenses by approximately $110 million on an annualized basis relative to 2022 peak levels at mid-year. As discussed above, a core focus area for 2023 is driving operational excellence and savings across our delivery platform. INVENTORY 4Q22 Post-Q2 Offer Cohort Contribution Margin 9.7% 2022 Contribution Profit $525 million 2022 Contribution Margin 3.4% As in December 31, 2022 (Dollars in millions) Old Book (Q2 Cohort and prior) New Book (Post-Q2 Cohort) Total Real estate inventory $3,976 $943 $4,919 Inventory valuation adjustments $(454) $(5) $(459) Real estate inventory, net $3,522 $938 $4,460 Inventory valuation adjustments as a % of inventory 11.4% 0.5% 9.3%" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b27", + "block_sequence": 27, + "block_sha256": "f1bdf46a8455b8026f4023e99de12494a1901fd0e8351a77caa977bf6a098c60", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 27, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "ad9847b7afcbb6124cef33b6c6e577bdda31801acc2af86ba846328fe3db33ef", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "q42022formxex992sharehol012.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b28", + "block_sequence": 28, + "block_sha256": "71ddc3c74d9f0ce56aabf0db7df2a3ef442e8d8c9d7c29920d8fecf13658547c", + "block_type": "paragraph", + "char_count": 2420, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 28, + "char_end": 2420, + "char_start": 0, + "fragment_sha256": "3a0c0c164a7bc2a1186cd297b425058d2ebeb3effeb6c234398c64ae33294d70", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "Financial Highlights 4Q22 Resale Revenue Mix Based on Days of Ownership We ended the year with 12,788 homes in inventory, representing approximately $4.5 billion in value, which was down 27% versus 3Q22. The majority of this inventory consisted of our Q2 Cohort and prior, reflecting the deliberate slowdown in our acquisition pace beginning mid-year. As of the end of the year, we were in contract to purchase 1,011 homes, down 55% versus 3Q22 and down 81% versus 4Q21. In 4Q22, we sold $2.8 billion of 3Q22 inventory and released $236 million of inventory valuation adjustments. For the homes we had in inventory at the end of 3Q22, some homes realized gains relative to their carrying value while others received additional valuation adjustments, for a net $36 million increase in inventory valuation adjustments or just 0.5% of our inventory balance. Our new book incurred inventory valuation adjustments representing 0.5% of inventory, which is consistent with our historical experience. We ended the year with $459 million of inventory valuation adjustments against our inventory balance of $4.9 billion. We believe that this adjustment is an appropriate reflection of future losses we may realize on these homes. As homes with losses are sold, this adjustment will unwind in future quarters alongside homes that we expect will generate realized gains. As of December 31, 2022, 55% of our homes had been listed on the market for more than 120 days, versus 33% of homes on the market, adjusted for our buybox. Our slowdown in acquisitions has shifted our resale mix to longer-dated inventory. Combined with longer holding periods in the fourth quarter due to typical housing seasonality, this mix shift has led to longer than average days on market for our listed homes. We expect the percentage of homes listed on the market for more than 120 days to return to historical levels as we sell through our old book. OTHER BALANCE SHEET ITEMS We ended the year with $2.0 billion in capital, which includes $1.3 billion in unrestricted cash and marketable securities and $670 million of equity invested in homes and related assets. This compares to $2.4 billion in capital as of the end of 3Q22, which included $1.5 billion in unrestricted cash and marketable securities and $873 million of equity invested in homes and related assets. All figures are net of inventory valuation adjustments. 65% 4Q21 4Q22 35% 38% 62% 12" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b29", + "block_sequence": 29, + "block_sha256": "d4e93e12f37637811ac5644c1f249d08989ff389ddba22d77b8aa43d6452353b", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 29, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "29842d0f4dc7b491024fca046dc1135b0d30239cb86a607b5a3cddc219d4124d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "q42022formxex992sharehol013.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b30", + "block_sequence": 30, + "block_sha256": "9c2cbb13163f054d1a089f835f7e56d8107f6253b4244fcc1b0f0b1583e67c03", + "block_type": "paragraph", + "char_count": 2357, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 30, + "char_end": 2357, + "char_start": 0, + "fragment_sha256": "d50a26b3d0afbbc2ab4b80c5c262e4aef273f808b473e894b83915eeea3d8310", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "Financial Highlights 13 4Q22 Total Capital $2.0 billion 4Q22 Cash, Cash Equivalents, and Marketable Securities $1.3 billion We reduced our restricted cash balance from $1.8 billion as of the end of 3Q22 to $654 million at year end. The majority of our restricted cash is linked to our asset-backed debt facilities which are secured by inventory or restricted cash. The decrease in restricted cash was driven by repayments of our asset-backed debt facilities and the allocation of inventory to our term debt facilities. We ended the quarter with $12.0 billion in non-recourse, asset-backed borrowing capacity, comprised of $6.2 billion of senior revolving credit facilities and $5.8 billion of senior and mezzanine term debt facilities, of which total committed borrowing capacity was $6.5 billion. Given our current inventory projections, we expect to have excess borrowing capacity, and we may reduce our committed borrowing capacity in 2023 to minimize the amount of restricted cash and reduce interest costs. We anticipate that such a reduction would shift more of our inventory to our fixed-rate term debt facilities, which would reduce our exposure to interest rate volatility. HOUSING MACRO We have observed an increase in consumer housing demand in early 2023 that is above typical seasonal patterns, which has translated to stronger clearance rates for us and the housing market as a whole. We are also seeing significantly lower levels of new listings coming on the market \u2013 the lowest level in nearly two decades. Sellers are staying on the sidelines given housing affordability issues, and the vast majority of homeowners\u2019 mortgages are locked in at attractive rates under 5%. As a result, we have observed an outperformance in the leading indicators of home price appreciation that we track. We expect to see the typical annual seasonal pattern to month-over-month HPA, which may translate through to flat or negative monthly HPA in the second half of the year. That all being said, there continues to be significant uncertainty around future rate movements which, as we saw in 2022, can translate into significant moves in housing demand. As a result, we are entering 2023 appropriately conservative in our home pricing, which reflects our current expectation for negative year-over-year HPA for 2023. 4Q22 Equity Invested in Homes $670 million" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b31", + "block_sequence": 31, + "block_sha256": "2368452b28c652e47987f1ed78e22129f602628aaa0f9b3d77ab64b695418f57", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 31, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "1b5847eac9c4061186a908ccab485ab4661f0d7ea237fa14f258ae1ead4901b1", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "q42022formxex992sharehol014.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b32", + "block_sequence": 32, + "block_sha256": "5ad914931f4e7d49c23c7abb4574914262a44eb4c7f8eea40c997b26675a8bb6", + "block_type": "paragraph", + "char_count": 2532, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 32, + "char_end": 2532, + "char_start": 0, + "fragment_sha256": "c037aa5952e690ae6e321317ff2fe3aff28b5c31e2d73f520d35b78047e97e1e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "14 Financial Highlights 2. Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company\u2019s control. GUIDANCE We expect the following results for the first quarter of 2023: \u25cf Revenue is expected to be between $2.45 and $2.65 billion \u25cf Adjusted EBITDA2 is expected to be between $(350) and $(370) million, which includes the expected realization of inventory valuation adjustments related to losses on homes sold in the quarter \u25cf Stock-based compensation expense is expected to be in the range of $40 to $45 million As the housing market has shown signs of stabilization, we have reduced our spreads since December due to both seasonality and the leading indicators we track for housing demand and supply. A decrease in spreads typically results in higher conversion from acquisition offer to contract. We expect that the combination of higher offer volumes due to seasonal tailwinds and lower spreads should translate through to an acceleration of acquisition volumes. We will continue to monitor leading short-term indicators that we are uniquely positioned to observe, including HPA, acquisition offer-to-contract conversion, visitor traffic, resale clearance, and resale offer strength and will continue to adjust spreads accordingly. On the resale side, we will continue to focus on selling through the Q2 Cohort. To the extent we exceed sell-through goals by the end of 1Q23, it could result in lower Adjusted EBITDA given those homes are selling at a contribution margin loss. We will also continue to manage our cost structure in response to expected volumes this year and next year in order to minimize losses. Our goal is to return to positive Adjusted Net Income at $10 billion of annualized revenue. We expect to achieve this by mid-2024 based on current assumptions for a more normalized home price environment in 2024, similar to what we saw in 2019, coupled with the market share we 1Q23 Revenue Guidance $2.45 to $2.65 billion 1Q23 Adjusted EBITDA2 Guidance $(370) to $(350) million" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b33", + "block_sequence": 33, + "block_sha256": "1d5fa641845dc01a3d03dd4fd9e42df50060c1a6fb7101c1f56ddf65205d8874", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 33, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "75dca76b83c7b49919cc61173a39ecaa07a8ad321b2f2297806f49c757545041", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "q42022formxex992sharehol015.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b34", + "block_sequence": 34, + "block_sha256": "4dd616844438142c5aff3dc6163d7aa90b318dda175082ef0707254aeabc15fd", + "block_type": "paragraph", + "char_count": 1263, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 34, + "char_end": 1263, + "char_start": 0, + "fragment_sha256": "5dd53fa1f8b3549679dea17973b89c69c13407b8c60d70ca26371c08de75e0fd", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "had at that time. Since then, we have quadrupled our addressable market via buybox and new market expansion, strengthened our brand awareness, and expanded our partnership channels. Hence, we believe that returning to $10+ billion of run-rate revenue is well within our reach. CONCLUSION We are managing with discipline and energy to emerge from this cycle with a more resilient business. The fundamental drivers of our business remain intact: we have a product that customers love, we stand alone in not only what we offer but the scale at which we are able to do so, and we have a platform custom-built to disrupt a broken traditional process in the world\u2019s largest asset class. We will continue to build a new healthy book of inventory and drive scale via our platform that delivers certainty and convenience unmatched by others. And we will refine and then grow our marketplace business, leveraging the capabilities and advantages that we have built over the past nine years. We are committed to investing our capital wisely and are working hard to return the business to positive Adjusted Net Income as quickly as possible. Our goal remains to be a profitable market leader and the generational company that we have always envisioned. 15 Financial Highlights" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b35", + "block_sequence": 35, + "block_sha256": "cb975789384cac0d67b40e7877205cf5a4fe331214430f83081b58e92ae6d72d", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 35, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "38888d5e1098c990561f3328b1ead3c42f53cfb6b1b473a79382fe8d5ab4d799", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "q42022formxex992sharehol016.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b36", + "block_sequence": 36, + "block_sha256": "5e73f3f8fbd9a5f4fbf701db8558c1a78570b833552be6fe71edb664524e8d2a", + "block_type": "paragraph", + "char_count": 493, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 36, + "char_end": 493, + "char_start": 0, + "fragment_sha256": "14f6b5fa9cccdeadb444d2eda6d94878ba277df2ad6a21d923e1cf9c0d7c1e51", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "16Raleigh-Durham, NC Carrie Wheeler, CEO Christy Schwartz, Interim CFO CONFERENCE CALL INFORMATION Opendoor will host a conference call to discuss its financial results on February 23, 2023 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. February 23, 2023 at 2 p.m. PT investor.opendoor.com LIVE WEBCAST" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b37", + "block_sequence": 37, + "block_sha256": "25b9f506e8bdcbb16c99666381ff5d15b0f84768be07315341bc80cb7dabc88f", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 37, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "43b93a445ac3d6bda4a45421a5fa7511ec958e88adf2dfe5060dacaa9f927528", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "q42022formxex992sharehol017.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b38", + "block_sequence": 38, + "block_sha256": "725c44b5db09fea1cf5a9919c0ee7602ba243a6bd2f4236e58f75160215f4820", + "block_type": "paragraph", + "char_count": 68, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 38, + "char_end": 68, + "char_start": 0, + "fragment_sha256": "0d282019ef61000a7027912ef8d266468d6f6037dac282ae0f5b619033dcffbb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "/ OpendoorHQ / Opendoor Company / Opendoor-com investor.opendoor.com" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b39", + "block_sequence": 39, + "block_sha256": "7ac3deede24688cd8b07978be7c71522258854319e46e521eefac149d65a9ebb", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 39, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "f509b480c08444d04f5e2b36102cbf3ec465658a2ee59af5708054148ed3c9fb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "q42022formxex992sharehol018.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b40", + "block_sequence": 40, + "block_sha256": "3c7713efb1c5cc816d225ddcea41e8a125c907e5c239405c0cfdc6c057958b18", + "block_type": "paragraph", + "char_count": 33, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 40, + "char_end": 33, + "char_start": 0, + "fragment_sha256": "93f1b942913ba3e61902beebf17bd0a9e474023c9e3acce2b269edb43b73e153", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "18 Definitions & Financial Tables" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b41", + "block_sequence": 41, + "block_sha256": "6db6d6a255803c6be9f826420e8b6b922f51ab2b9c2f52ccc7c3fc549954b86c", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 41, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "135af301028b79621eca739c9e71ec12b5da529038ee52ef8dbc2ffad33137d6", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "q42022formxex992sharehol019.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b42", + "block_sequence": 42, + "block_sha256": "26d7524b1a1ae7d7e0a16beb805d5a3d345affa9bbcbb3869caadad3175aafa4", + "block_type": "paragraph", + "char_count": 5853, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 42, + "char_end": 5853, + "char_start": 0, + "fragment_sha256": "e759a0e5fed2c36bb828f5a382e1cf522beb5be20cb521c6bea5bc06d97de3a6", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "This shareholder letter contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the health of our financial condition, anticipated future results of operations and financial performance, priorities of the Company to achieve future goals, Company\u2019s ability to continue to effectively navigate the markets in which it operates, anticipated future and ongoing impacts of our acquisitions and other business decisions, health of our balance sheet to weather ongoing market transitions, the Company\u2019s ability to adopt an effective approach to manage economic and industry risk, as well as inventory health; business strategy and plans, including any plans to expand into additional markets, market opportunity and expansion and objectives of management for future operations, including our statements regarding the benefits and timing of the roll out of new markets, products or technology; and the expected diversification of funding sources. These forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cguidance\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201coutlook\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cvision\u201d, \u201cwill\u201d, or \u201cwould\u201d, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this shareholder letter include but are not limited to: the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturn or slowdown; changes in general economic and financial conditions (including federal monetary policy, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory) that may reduce demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; the duration and impact of the ongoing COVID-19 pandemic (including variants) or other public health crises on our ability to operate, demand for our products or services, or general economic conditions; addition or loss of a significant number of customers; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; ability to protect our brand and intellectual property; ability to obtain or maintain licenses and permits to support our current and future business operations; ability to operate and grow our 1P and 3P core business products, including the ability to obtain sufficient financing and resell purchased homes; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our technology platform, including our automated pricing and valuation technology; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; the impact of natural disasters and other catastrophic events; changes in laws or government regulation affecting our business; and the impact of pending or future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \u201cRisk Factors\u201d in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 23, 2023, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 19 Forward-Looking Statements" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b43", + "block_sequence": 43, + "block_sha256": "248123ceccaaccc52a3d144234b1f22953fcab29318aaa76ddf4adad1d71e0ba", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 43, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "3419ae4797c6f3298c8621eaa9f9e6216a807b5f743fc93caa66f9e6ac7bc3c9", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "q42022formxex992sharehol020.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b44", + "block_sequence": 44, + "block_sha256": "20f23b8365d2b91211f8f5e882dba061d465f7391ad5a5e52849f7cd5ac93167", + "block_type": "paragraph", + "char_count": 3153, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 44, + "char_end": 3153, + "char_start": 0, + "fragment_sha256": "d5cb7977057bc59381d6cec4546d18a279406d6e6c4036bf0fba82e9d93627d9", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company\u2019s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross (Loss) Profit, Contribution (Loss) Profit, Adjusted Net (Loss) Income, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non- GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results. Adjusted Gross (Loss) Profit and Contribution (Loss) Profit To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross (Loss) Profit and Contribution (Loss) Profit, which are non-GAAP financial measures. We believe that Adjusted Gross (Loss) Profit and Contribution (Loss) Profit are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution (Loss) Profit provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross (Loss) Profit and Contribution (Loss) Profit are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit. 20 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b45", + "block_sequence": 45, + "block_sha256": "1fcfbf6b3bfa8887c5f26728e94d43d337a3a3fe57c3bc6d2782829503e8b576", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 45, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "866279a6a3c0951912eb0bedf9ca92a35a4cc27ac6b5ce86fc96cfc4a9c3697c", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "q42022formxex992sharehol021.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b46", + "block_sequence": 46, + "block_sha256": "0749f70b443b47aa2bc985653c919cd7f1bf453e06188b9dd5eb3f0093840e76", + "block_type": "paragraph", + "char_count": 1878, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 46, + "char_end": 1878, + "char_start": 0, + "fragment_sha256": "2261dac63fef3d78260117f911f9c30c3fce45c4f2f47c58c4d798731dda004e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "Adjusted Gross (Loss) Profit / Margin We calculate Adjusted Gross (Loss) Profit as gross profit (loss) under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross (Loss) Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross (Loss) Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution (Loss) Profit / Margin We calculate Contribution (Loss) Profit as Adjusted Gross (Loss) Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution (Loss) Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution (Loss) Profit helps management assess inflows and outflows directly associated with a specific resale cohort. 21 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b47", + "block_sequence": 47, + "block_sha256": "bf101e431ca9b749e9cefa0f59d02519583db48ea1f01c26c0f673516cd82c3f", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 47, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "877c28ad0d1d210510cfbe766084983fb8fa0ddab84a1012268d611147c2e63b", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "q42022formxex992sharehol022.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b48", + "block_sequence": 48, + "block_sha256": "0c0245ce0d4611046e58358f5a181ef1d093ce60137f49354fb85481f5db6041", + "block_type": "paragraph", + "char_count": 3251, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 48, + "char_end": 3251, + "char_start": 0, + "fragment_sha256": "98c9e74fa3d9c06c7db2e1f68a22026cd0b4bba95b6b521669c33699a7166d6e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "22 Adjusted Net (Loss) Income and Adjusted EBITDA We also present Adjusted Net (Loss) Income and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non- recurring, non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net (Loss) Income and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss. We calculate Adjusted Net (Loss) Income as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, warrant fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring charges and legal contingency accruals. It excludes loss on extinguishment of debt as these expenses were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. It also excludes non-recurring payroll tax on initial RSU release, gain on lease termination, and goodwill impairment. Adjusted Net (Loss) Income also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net (Loss) Income does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net (Loss) Income adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. 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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited)" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b51", + "block_sequence": 51, + "block_sha256": "8208cad64a38f5871791752b06b0e13d3511eddba63a8845f1db5dce1aed39be", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 51, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "61585d18265f5d75d683724ec44b82e1ccf3201da486d6fc9b2c05aa10f6177d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "q42022formxex992sharehol024.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b52", + "block_sequence": 52, + "block_sha256": "f1d08fc762236b234e0d4c184ccdd1276bf82fb75ca447dc2155c27e045e192d", + "block_type": "paragraph", + "char_count": 1536, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 52, + "char_end": 1536, + "char_start": 0, + "fragment_sha256": "821f1f2b28bd3dfa568d2e91a293255327c139b00acab17d69178441667d3c10", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "24 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) December 31, 2022 December 31, 2021 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,137 $ 1,731 Restricted cash 654 847 Marketable securities 144 484 Escrow receivable 30 84 Mortgage loans held for sale pledged under agreements to repurchase \u2014 7 Real estate inventory, net 4,460 6,096 Other current assets ($1 and $4 carried at fair value) 41 91 Total current assets 6,466 9,340 PROPERTY AND EQUIPMENT \u2013 Net 58 45 RIGHT OF USE ASSETS 41 42 GOODWILL 4 60 INTANGIBLES \u2013 Net 12 12 OTHER ASSETS 27 7 TOTAL ASSETS $ 6,608 $ 9,506 LIABILITIES AND SHAREHOLDERS\u2019 EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 110 $ 137 Non-recourse asset-backed debt - current portion 1,376 4,240 Other secured borrowings \u2014 7 Interest payable 12 12 Lease liabilities - current portion 7 4 Total current liabilities 1,505 4,400 NON-RECOURSE ASSET-BACKED DEBT \u2013 Net of current portion 3,020 1,862 CONVERTIBLE SENIOR NOTES 959 954 LEASE LIABILITIES \u2013 Net of current portion 38 42 Total liabilities 5,522 7,258 SHAREHOLDERS\u2019 EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 637,387,025 and 616,026,565 shares issued, respectively; 637,387,025 and 616,026,565 shares \u2014 \u2014 Additional paid-in capital 4,148 3,955 Accumulated deficit (3,058) (1,705) Accumulated other comprehensive loss (4) (2) Total shareholders\u2019 equity 1,086 2,248 TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY $ 6,608 $ 9,506" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b53", + "block_sequence": 53, + "block_sha256": "cc7bd9ce12b884b899423cfd203017d4c2c2d1373fd0abf233af5430b377f203", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 53, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "06c41d5b1e7c9c6146b91ab1b0cfce42b3ac0fb5acb8503722e2515d501c357f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "q42022formxex992sharehol025.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b54", + "block_sequence": 54, + "block_sha256": "ef12b2a36b100ab04bc33a66c77e068243f26575e348cf923f7546461168993b", + "block_type": "paragraph", + "char_count": 3267, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 54, + "char_end": 3267, + "char_start": 0, + "fragment_sha256": "2d6d7ebbd0ee8066e12a42f041d3c3aeed2c81f1eb33bd031e84fadd773a1250", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "25 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Year Ended December 31, 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (1,353) $ (662) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash provided by (used in) operating activities: Depreciation and amortization 83 47 Amortization of right of use asset 7 8 Stock-based compensation 171 536 Warrant fair value adjustment \u2014 (12) Gain on settlement of lease liabilities \u2014 (5) Inventory valuation adjustment 737 56 Goodwill impairment 60 \u2014 Change in fair value of equity securities 35 (35) Net fair value adjustments and loss on sale of mortgage loans held for sale (1) (4) Origination of mortgage loans held for sale (118) (196) Proceeds from sale and principal collections of mortgage loans held for sale 128 197 Loss on early extinguishment of debt 25 \u2014 Changes in operating assets and liabilities: Escrow receivable 54 (83) Real estate inventory 896 (5,656) Other assets 37 (52) Accounts payable and other accrued liabilities (25) 76 Interest payable 2 4 Lease liabilities (8) (13) Net cash provided by (used in) operating activities 730 (5,794) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (37) (33) Purchase of intangible assets \u2014 (1) Purchase of marketable securities (28) (486) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 328 92 Purchase of non-marketable equity securities (25) (15) Proceeds from sale of non-marketable equity securities 3 \u2014 Capital returns of non-marketable equity securities 3 \u2014 Acquisitions, net of cash acquired (10) (33) Net cash provided by (used in) investing activities 234 (476) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of convertible senior notes, net of issuance costs \u2014 953 Purchase of capped calls related to convertible senior notes \u2014 (119) Proceeds from exercise of stock options 4 15 Proceeds from issuance of common stock for ESPP 2 \u2014 Proceeds from warrant exercise \u2014 22 Proceeds from the February 2021 Offering \u2014 886 Issuance cost of common stock \u2014 (29) Proceeds from non-recourse asset-backed debt 10,108 11,499 Principal payments on non-recourse asset-backed debt (11,822) (5,838) Proceeds from other secured borrowings 114 192 Principal payments on other secured borrowings (121) (192) Payment of loan origination fees and debt issuance costs (26) (47) Payment for early extinguishment of debt (10) \u2014 Net cash (used in) provided by financing activities (1,751) 7,342 NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (787) 1,072 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 Beginning of period 2,578 1,506 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 End of period $ 1,791 $ 2,578 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION \u2013 Cash paid during the period for interest $ 355 $ 122 DISCLOSURES OF NONCASH ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 16 $ 12 Issuance of common stock in extinguishment of warrant liabilities $ \u2014 $ (35) RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 1,137 $ 1,731 Restricted cash 654 847 Cash, cash equivalents, and restricted cash $ 1,791 $ 2,578" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b55", + "block_sequence": 55, + "block_sha256": "ff062bca1a0a918b7b4fb1586604cb3f418ac977aeab932c8d6e366d875ea3d5", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 55, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "9698265fe30f20b3878143b46114221289c036658f79fc859af4794f0a04c7e8", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "q42022formxex992sharehol026.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b56", + "block_sequence": 56, + "block_sha256": "58f50ce0d1597adcdd2fac0d251f0d7a840835e20bdecc636dddd0252e7f4ca8", + "block_type": "paragraph", + "char_count": 2486, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 56, + "char_end": 2486, + "char_start": 0, + "fragment_sha256": "0e25813a532b8fe4b694064e435d8117966af24c16e44ff0c3d5a8ff8a03cd05", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "26 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS (LOSS) PROFIT AND CONTRIBUTION (LOSS) PROFIT TO OUR GROSS PROFIT (LOSS) (Unaudited) Three Months Ended Year Ended December 31, (in millions, except percentages and homes sold, or as noted) December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 2022 2021 Gross profit (loss) (GAAP) $ 71 $ (425) $ 486 $ 535 $ 272 $ 667 $ 730 Gross Margin 2.5 % (12.6) % 11.6 % 10.4 % 7.1 % 4.3 % 9.1 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f(1)(2) 73 573 82 8 24 458 39 Inventory valuation adjustment \u2013 Prior Periods\u034f(1)(3) (236) (38) (12) (31) (17) (39) \u2014 Adjusted Gross (Loss) Profit $ (92) $ 110 $ 556 $ 512 $ 279 $ 1,086 $ 769 Adjusted Gross Margin (3.2) % 3.3 % 13.2 % 9.9 % 7.3 % 7.0 % 9.6 % Adjustments: Direct selling costs(4) (78) (100) (100) (136) (99) (414) (195) Holding costs on sales \u2013 Current Period\u034f(5)(6) (10) (14) (11) (16) (12) (109) (47) Holding costs on sales \u2013 Prior Periods\u034f(5)(7) (27) (18) (23) (28) (16) (38) (2) Contribution (Loss) Profit $ (207) $ (22) $ 422 $ 332 $ 152 $ 525 $ 525 Homes sold in period 7,512 8,520 10,482 12,669 9,794 39,183 21,725 Contribution (Loss) Profit per Home Sold (in thousands) $ (28) $ (3) $ 40 $ 26 $ 16 $ 13 $ 24 Contribution Margin (7.2) % (0.7) % 10.1 % 6.4 % 4.0 % 3.4 % 6.5 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented." + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b57", + "block_sequence": 57, + "block_sha256": "741d1dfccc829cd66b3f23ed23206fd3b6e225eedcb0ff5ee38cbbef6dd4ca0d", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 57, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "a8c183e47d70782c83f218eac0800a87c8fc60908b26a7fdf41bcbfe64e5653e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "q42022formxex992sharehol027.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b58", + "block_sequence": 58, + "block_sha256": "4ab98c8215eeea4b2b243a92e21662bd4a86505606c99701fab0bfc0eb58eb7d", + "block_type": "paragraph", + "char_count": 3293, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 58, + "char_end": 3293, + "char_start": 0, + "fragment_sha256": "a931f46af51cd45d27d59f402b6f5bdfae43b02848ebfdd5f32c8627aeec6ed4", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "27 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED NET (LOSS) INCOME AND ADJUSTED EBITDA TO OUR NET (LOSS) INCOME (Unaudited) Three Months Ended Year Ended December 31, (in millions, except percentages) December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 2022 2021 Net (loss) income (GAAP) $ (399) $ (928) $ (54) $ 28 $ (191) $ (1,353) $ (662) Adjustments: Stock-based compensation (7) 52 59 67 71 171 536 Equity securities fair value adjustment(1) (1) 11 3 22 16 35 (35) Warrant fair value adjustment\u034f(1) \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (12) Intangibles amortization expense(2) 2 2 3 2 2 9 4 Inventory valuation adjustment \u2013 Current Period\u034f(3)(4) 73 573 82 8 24 458 39 Inventory valuation adjustment \u2014 Prior Periods\u034f(3)(5) (236) (38) (12) (31) (17) (39) \u2014 Restructuring(6) 17 \u2014 \u2014 \u2014 \u2014 17 \u2014 Loss on extinguishment of debt 25 \u2014 \u2014 \u2014 \u2014 25 \u2014 Gain on lease termination \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 (5) Goodwill impairment 60 \u2014 \u2014 \u2014 \u2014 60 \u2014 Payroll tax on initial RSU release \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 5 Legal contingency accrual and related expenses 1 \u2014 42 3 14 46 14 Other(7) (2) \u2014 (1) \u2014 1 (3) \u2014 Adjusted Net (Loss) Income $ (467) $ (328) $ 122 $ 99 $ (80) $ (574) $ (116) Adjustments: Depreciation and amortization, excluding amortization of intangibles and right of use assets 12 8 12 9 9 41 33 Property financing(8) 93 102 76 58 62 329 119 Other interest expense(9) 20 13 13 10 10 56 24 Interest income(10) (9) (7) (6) \u2014 (1) (22) (3) Income tax expense \u2014 1 1 \u2014 \u2014 2 1 Adjusted EBITDA $ (351) $ (211) $ 218 $ 176 $ 0.4 $ (168) $ 58 Adjusted EBITDA Margin (12.3) % (6.3) % 5.2 % 3.4 % \u2014 % (1.1) % 0.7 % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuring costs consist mainly of employee termination benefits, relocation packages and bonuses as well as costs related to the exiting of certain non-cancelable leases. (7) Includes primarily gain or loss on interest rate lock commitments, gain or loss on the sale of available for sale securities, sublease income, and income from equity method investments. (8) Includes interest expense on our non-recourse asset-backed debt facilities. (9) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset- backed debt facilities, interest expense related to the 2026 convertible senior notes outstanding, and interest expense on other secured borrowings. 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RECONCILIATION OF OUR ADJUSTED GROSS PROFIT AND CONTRIBUTION PROFIT TO OUR NET (LOSS) INCOME BY COHORT (Unaudited) Three Months Ended December 31, 2022 (in millions, except percentages) Q2 Offer Cohort and Prior (8) Post-Q2 Offer Cohort (8) Total Revenue (GAAP) $ 2,598 $ 259 $ 2,857 Cost of Revenue 2,559 227 2,786 Gross profit (GAAP) $ 39 $ 32 $ 71 Gross Margin 1.5 % 12.4 % 2.5 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f(1)(2) 71 2 73 Inventory valuation adjustment \u2014 Prior Periods\u034f(1)(3) (235) (1) (236) Adjusted Gross Profit $ (125) $ 33 $ (92) Adjusted Gross Margin (4.8) % 12.7 % (3.2) % Adjustments: Direct selling costs(4) (72) (6) (78) Holding costs on sales \u2013 Current Period\u034f(5)(6) (9) (1) (10) Holding costs on sales \u2013 Prior Periods\u034f(5)(7) (26) (1) (27) Contribution Profit $ (232) $ 25 $ (207) Contribution Margin (8.9) % 9.7 % (7.2) % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented. (8) Q2 Offer Cohort and Prior refers to offers made in June 2022 and prior. 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RECONCILIATION OF OUR ADJUSTED GROSS PROFIT AND CONTRIBUTION PROFIT TO OUR NET (LOSS) INCOME BY COHORT (Unaudited) Twelve Months Ended December 31, 2022 (in millions, except percentages) Pre-Q2 Offer Cohort (8) Q2 Offer Cohort (8) Post-Q2 Offer Cohort (8) Consolidated Revenue (GAAP) $ 11,053 $ 4,225 $ 289 $ 15,567 Cost of Revenue 10,045 4,599 256 14,900 Gross profit (GAAP) $ 1,008 $ (374) $ 33 $ 667 Gross Margin 9.1 % (8.9) % 11.4 % 4.3 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f(1)(2) 90 364 4 458 Inventory valuation adjustment \u2014 Prior Periods\u034f(1)(3) (39) \u2014 \u2014 (39) Adjusted Gross Profit $ 1,059 $ (10) $ 37 $ 1,086 Adjusted Gross Margin 9.6 % (0.2) % 12.8 % 7.0 % Adjustments: Direct selling costs(4) (293) (114) (7) (414) Holding costs on sales \u2013 Current Period\u034f(5)(6) (71) (36) (2) (109) Holding costs on sales \u2013 Prior Periods\u034f(5)(7) (38) \u2014 \u2014 (38) Contribution Profit $ 657 $ (160) $ 28 $ 525 Contribution Margin 5.9 % (3.8) % 9.7 % 3.4 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. 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MLS Clearance Rate is defined as the number of daily contracts that enter pending status on the Multiple Listing Service (i.e. market listings), filtered for Opendoor\u2019s markets and buybox, divided by the number of active listings on the Multiple Listing Service, filtered for the same markets and buybox. Trailing 7-Day MLS Clearance Rate1 MLS Data Filtered to Opendoor Markets and Buybox Trailing 7-Day MLS Contracts MLS Data Filtered to Opendoor Markets and Buybox 2031 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b67", + "block_sequence": 67, + "block_sha256": "d8cbe3a43f97d93781b85b132be67b7ae5f5223dce102291626022a634b7509d", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 67, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "047c5cb9de71ca02fa968d9e3589a7f53cc0e64570954106fa77f6dd51239089", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "q42022formxex992sharehol032.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b68", + "block_sequence": 68, + "block_sha256": "9dbc0dfcd5fe4819f4e9c1b9981df9dfdadd2d6f133c57c6a59125cea4859278", + "block_type": "paragraph", + "char_count": 332, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "block_sequence": 68, + "char_end": 332, + "char_start": 0, + "fragment_sha256": "2307aa0ba35dbb75791d3889a9797b0902fb26bcf30f2c0b65a69024e46e366a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", + "table": null, + "text": "Appendix 30-Day Rolling Home Price Appreciation (HPA) Weighted to Opendoor Markets; Non-Seasonally Adjusted Trailing 7-Day MLS Active Listings MLS Data Filtered to OD Markets and Buybox 32 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec" + } + ], + "cik": 1801169, + "cik10": "0001801169", + "company_name": "Opendoor Technologies Inc.", + "config_hash": "a8e88d258eb39664414697e0926a7d29600e676d9810ec79743c3c9490c9d4a1", + "content_sha256": "cba16312538b9e1db7b11dc0f3d4548aa9e13d79563687bc265e8d80cb197bad", + "derivation_id": "f0639f6bf787c43606d0a0b80bd678dc58d7a8fdf2fe52872bb9a0909b482c7d", + "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", + "document_type": "shareholder_letter", + "exhibit_type": "EX-99.2", + "filing_date": "2023-02-23", + "filing_id": "sec:0001801169:0001801169-23-000022", + "flags": [], + "form": "8-K", + "form_sanitized": "8-K", + "is_amendment": false, + "items": [ + "2.02", + "7.01", + "9.01" + ], + "normalizer_version": "1.0.0", + "original_filename": "q42022formxex992sharehol.htm", + "parser_fallback_from": null, + "parser_fallback_reason": null, + "parser_name": 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"https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex992sharehol.htm", "table_id": null, "text": "Document generated by Workiva Inc q42022formxex992sharehol\n\nLetter to Shareholders 4Q22 Katelyn & Carlos Romayor Austin, Texas Exhibit 99.2\n\nDear Shareholders, 2022 affirmed that our vision – to build the most trusted e-commerce platform for residential real estate – is needed more than ever. Consumers want to be able to buy, sell, and move between homes with confidence and control. Yet, navigating a major housing cycle has certainly been challenging, to say the least. That’s why I want to begin this shareholder letter, my first as CEO, with a thank you to all our Opendoor teammates who are working hard every day for our customers and to make this company more successful. Tough moments increase urgency, demand conviction, and put teamwork front and center – and that’s energizing. That’s part of why I decided to take the CEO role: it is clear to me what our value proposition means to customers and where we need to focus at this moment. I also believe deeply in what we’re building towards. Let’s start with our value proposition. The traditional real estate process today works for only a select few who have the money and time to endure all the uncertainty, friction, and frustration that come with it. Moving is considered a top stressor in life, right up there with divorce and job change. Customers come to Opendoor because they crave the certainty and convenience of our cash offer that they can’t get anywhere else. Our product gives homeowners the control they deserve, over what is likely their most important financial asset. Even in this moment of high spreads, we continue to convert over 10% of real sellers. In order to do this, we’ve built unique asset management and operations platforms that have allowed us to complete over 200,000 home transactions and earn an NPS of approximately 80 from home sellers. We still have work to do, but we stand alone in what we are able to offer consumers today. Our focus right now is to stabilize our core business and return to positive Adjusted Net Income. We believe we’ve appropriately sized the losses related to homes acquired prior to the housing market reset and expect to put those behind us shortly. The homes we’ve acquired since the reset are outperforming our expectations and prior years. And we’re continuing to drive more margin in our business. Like a lot of fast-growing companies, we focused on scale and speed as we built our systems, and we have some tech debt to pay down. A core value of ours is “bps (basis points) for breakfast” – and it is clear that there are lots of bps for us to go after. We’re driving to realize at least 100 bps from structural efficiencies and cost savings across the organization that we expect to show up in 2024. I’ll be disappointed if we don’t do better. 2 A Note from Carrie Our Mission Powering life’s progress, one move at a time"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b10", "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b12"], "char_count": 2701, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e4db7cff0ba6e2694ce4d611beccc0347dcd0d437a6962c132123ed510de7ed1", "derivation_id": "f0639f6bf787c43606d0a0b80bd678dc58d7a8fdf2fe52872bb9a0909b482c7d", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "block_sequence": 10, "char_end": 841, "char_start": 0, "fragment_sha256": "55a8368dc1b2c75f481fde002c0bd452bab4c9dd6509bce56e704eb029d91231", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "block_sequence": 12, "char_end": 1858, "char_start": 0, "fragment_sha256": "15507e75f01a69543a57d01381e745e162ed275e296b8882b036ac37b6954632", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#p2", "passage_kind": "narrative", "passage_sequence": 2, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex992sharehol.htm", "table_id": null, "text": "And finally, looking ahead ten years, we believe that the experience of buying and selling a home will almost certainly be similar to booking a flight or hailing a ride. Consumers will be able to transact directly with each other through a managed marketplace powered by Opendoor that ensures trust, certainty, ease, and quality. Building towards that managed marketplace is going to be a multi-year journey, but what underpins our conviction are the capabilities we’ve built to become one of the largest buyers and sellers of homes in the country. We are investing in building our Exclusives marketplace and also in driving operational excellence across the business. We have the product, team, balance sheet, and discipline to weather this cycle and emerge with a more resilient, stronger business. Carrie Wheeler, CEO 3 A Note from Carrie\n\n4 James Jennings Raleigh, North Carolina With a baby boy on the way, James Jennings and his wife Cheyenne were eager to upgrade their home – they knew they were going to need a bit more space for their growing family. After spending some time with the couple, their homebuilder realized that they needed a flexible and simple solution for selling their existing home, and he immediately suggested that they reach out to Opendoor. After securing a competitive offer on their home, James and Cheyenne found the decision to sell to Opendoor an easy one: they would be able to obtain funds upfront to use towards the purchase of their new home, and they would be able to avoid many of the stressors typically associated with the home-selling process, including opening their home up to visitors for showings and making some necessary but time-consuming home repairs. To top it off, selling to Opendoor meant removing the uncertainty of lining up the timing of their home closing with the completion of their new build. When supply chain issues caused a delay with their dream home under construction, James and Cheyenne were able to take advantage of Opendoor’s late checkout policy and stay in their current home until the new one was ready for move-in. In James’s words, “the customer service was fantastic” and “the late checkout and flexible closing really made the process stress-free” compared to their previous experiences transacting the traditional way. After the arrival of their newborn son, James and Cheyenne were able to move into their new dream home with ease, without the complications of double mortgages, double moves, and uncertainty. Opendoor solved the problem of having to move twice…(they) were able to adjust our closing and also offer us late checkout, which was very convenient, especially with having a newborn child. - James Jennings"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b14"], "char_count": 2438, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "75546c61438bccec6f3fd64eb13a17b71ee481ca447fda0e478a5a5f520693bc", "derivation_id": "f0639f6bf787c43606d0a0b80bd678dc58d7a8fdf2fe52872bb9a0909b482c7d", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "block_sequence": 14, "char_end": 2438, "char_start": 0, "fragment_sha256": "c189a850864fef07951d9cb963b5d502d1a73005a7288fd7cb8f8ce990631845", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex992sharehol.htm", "table_id": null, "text": "Two Core Product Offerings 1P product & 3P product 5 LOOKING BACK AT 2022 Last year was a tale of two halves. We saw our acquisition pace reach north of $20 billion in the first half of the year, during a time when conventional wisdom said it was “easy” to sell your home on the market. Yet, customers chose Opendoor for the certainty and convenience we offered, as we leveraged the 4x expansion of our total addressable market since 2019. In the second half of the year, our results were materially impacted by a once-in-forty-year macro shift that started in the middle of the second quarter. As the year began, we saw housing transaction volume, velocity, and home price appreciation (HPA) at or near historical highs. However, Fed action to raise target rates by 300 bps in less than five months catalyzed the fastest shift in housing conditions in four decades. We constantly track macroeconomic and housing conditions and adjust our strategies accordingly, but we did not predict the speed of decline in HPA and transaction volumes. One-month HPA (non-seasonally adjusted, weighted by Opendoor’s markets) moved from positive 300 bps per month in early May to negative 100 bps by mid-July. Annualized existing home transactions declined by nearly 35% year-over-year to 4.0 million in December. In response, in 2Q22, we moved to manage risk and inventory health. On the resale side, we reduced list prices to stay in line with the market. In hindsight, we did not do this quickly or aggressively enough, which led to a slowdown in our clearance rate. On the acquisition side, we materially widened our acquisition spreads and cut back on marketing spend. This allowed us to significantly pull back on new acquisition volumes, but it did not address the spreads on existing acquisition contracts. All these factors contributed to a large book of loss-making inventory. In the second half of 2022, our focus remained on risk management and overall inventory health, and we accelerated our resale velocity and realized lower acquisition volumes. ● Sold down the Q2 Cohort: We have continued to prioritize selling those homes we made offers on between March and June of last year (which we’re calling the Q2 Cohort) before the housing market reset. 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We expect to have sold or be in contract on over 85% of the cohort by the end of 1Q23. Once the “old book” is behind us, we expect to return to positive unit margins by the second half of 2023. To sell these homes quickly while preserving as much margin as possible, we revisited and reset all our portfolio management processes to drive above-market clearance rates. Examples include resetting our offer negotiation process and adjusting agent closing incentives. We believe these actions, coupled with the hard work of our operations teams, will allow us to sell through the Q2 Cohort earlier in 2023 than we had anticipated. ● Built into a new book of inventory: We have been acquiring new homes that can deliver healthy unit margins. We’ve sold nearly 40% of the homes we made offers on from July through November of 2022 (our “new book”). To date for the homes that have been sold, the cumulative contribution margin is over 250 bps higher than our July through November 2021 offer cohort at the same sold-through point. We believe our new book is on track to generate contribution margins at or in excess of our annual target of 4% to 6% once fully sold through. This underscores our ability to adjust spreads to realize attractive cohorts with positive unit economics across up, flat, and down home price markets. ● Right-sized our cost structure: In light of our pullback on acquisition volumes, we took action to right-size our cost structure in 2H22. We scaled back our operational capacity on a run-rate basis by 40% and reduced marketing spend by approximately 65% versus 2Q22 peak levels. Together with headcount reductions announced last quarter, we reduced our run-rate expenses by approximately $110 million on an annualized basis relative to 2022 peak levels. 2023 FOCUS AREAS As we enter 2023, we are building towards a managed marketplace for real estate that provides customers with a certain and simple 6 % of Q2 Cohort Expected to be Sold or in Resale Contract by End of 1Q23 Business Highlights >85%"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b18"], "char_count": 2401, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6fa2abd5e0cbc141ea12d7869c3c7dbf55e2cdee36ca32358d1af67137a99977", "derivation_id": "f0639f6bf787c43606d0a0b80bd678dc58d7a8fdf2fe52872bb9a0909b482c7d", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "block_sequence": 18, "char_end": 2401, "char_start": 0, "fragment_sha256": "6ec11aa0505c644c5349a843b18599dbabff6198be43bee21ddf2ed662e79b0a", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex992sharehol.htm", "table_id": null, "text": "experience unlike the traditional process. Our focus this year is three-fold: ● Reach more sellers in our core first-party business ● Realize greater operational efficiency throughout the system ● Invest in our third-party Exclusives offering Enable more sellers to choose Opendoor. Our cash offer delivers a vastly superior value proposition to homeowners, especially compared to the traditional process that nearly 99% of sellers endure today. We continue to convert over 10% of real sellers even with the high spreads currently embedded in our offers. Our focus in 2023 is to diversify our demand funnel so that more homesellers start their journey with Opendoor. This includes expanding partnership channels. We went live last week with our exclusive Zillow partnership via an initial launch in Atlanta and Raleigh, where home sellers visiting the Zillow platform are now able to request an all-cash offer directly from Opendoor. We plan to expand this partnership to additional markets over the course of the year, and we expect this to be an important lever to substantially increase our reach in a scalable and efficient way. We are increasing our investments in brand awareness which helped drive a 26% increase in aided awareness in 2022. As we’ve expanded our market and buybox coverage to reach over 40% of zip codes nationwide, we benefit from national marketing campaigns which are more cost effective. We will also continue to drive re-engagement of our growing installed user base. Approximately 15% of all current homeowners in our buybox have come to Opendoor and entered their address – and we have detailed home-level information on over 60% of those – which represent future sellers we can target. In addition, we’re diversifying our product offering to convert a broader segment of sellers in this current high spread environment. We are expanding our “List with Certainty” product, which gives sellers the option of MLS listings with Opendoor to maximize their price while retaining the certainty and convenience of our cash offer which they can accept any time. Drive operational excellence across our delivery platform. To date, we have built for scale and velocity by creating a purpose-built asset management and operations platform unmatched in the industry. Our focus for 2023 is to strengthen our foundational pricing, operations, 7 Business Highlights List with Certainty"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b20"], "char_count": 2781, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6437aaec89431101512cdeb68a906872cda74aa2541e3a1440f8b4ce4ea1541c", "derivation_id": "f0639f6bf787c43606d0a0b80bd678dc58d7a8fdf2fe52872bb9a0909b482c7d", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "block_sequence": 20, "char_end": 2781, "char_start": 0, "fragment_sha256": "af1379f6d84b476dba7e72a311dafb4eeef5424e1d55afcbf3f09ff89cb6b78d", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex992sharehol.htm", "table_id": null, "text": "and customer platforms to drive greater efficiencies and durable cost structure improvements. This includes continued improvement in pricing capabilities to increase offer competitiveness and inventory turns. We also intend to drive further operator effectiveness by continuing to evolve our transaction platforms and tools. In addition, we are refactoring our tech platform and infrastructure to enhance productivity and reduce fixed expenses. Examples include process improvements aimed at reducing off-market days and the expansion of engineering capabilities to reduce system latency and costs. We are going after at least 100 basis points of margin improvement from these initiatives by year end, the full impact of which we expect to realize in 2024. Build the Exclusives marketplace. From day one, we have envisioned Opendoor as the central layer for residential real estate transactions, first by owning and transacting inventory ourselves, with plans to launch a marketplace once we’ve built the supply and demand network of customers to transact directly with Opendoor. Exclusives, which connects a home with institutional and retail buyers directly and facilitates a transaction without Opendoor taking ownership of the home, is the critical component to building a managed marketplace. This will position Opendoor to have a mix of on and off-balance sheet transaction volumes to enable capital efficient market share gain for years to come. In late 2021, we seeded a buyer-seller marketplace with our own inventory to start aggregating buyer demand. That led to last fall’s launch of Exclusives Listings – a streamlined e-commerce-like experience for buying an Opendoor home directly from us before it hits the MLS. We have sold over $115 million of Opendoor-owned homes through Exclusive Listings in Austin, Dallas, and Houston to date, and we have earned an NPS greater than 75. In 4Q22, having validated the demand side of the marketplace with our own inventory, we began offering Exclusives as an option to our home sellers. Looking ahead, we plan to scale our marketplace in three phases: first, we aim to perfect the customer experience in pairing sellers with buyers; second, we will build liquidity and network effects in an individual market; and third, we will refine our playbook and scale to all markets. Given our highly focused investment approach this year, we expect to realize phases one and two for 2023. We will go deep in selected markets to build the liquidity and selection required for a great user experience. By the end of 2023, our goal is to have 30% of our transactions going through Exclusives in those markets where we have launched marketplace. 8 Expected Margin Improvement in 2024 via Increased Efficiencies Business Highlights >100 bps"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b22"], "char_count": 1974, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "05627a91ddf10028ce334ddc3b12b7edc421e9221460a1eaa30bc466f9cbd0b6", "derivation_id": "f0639f6bf787c43606d0a0b80bd678dc58d7a8fdf2fe52872bb9a0909b482c7d", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "block_sequence": 22, "char_end": 1974, "char_start": 0, "fragment_sha256": "d630b3e19b674aab5a5d3ad0aeb3c538a41fa739d7320ed5856e1648af81be9f", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex992sharehol.htm", "table_id": null, "text": "Our fourth quarter results reflect actions taken since 2Q22 to navigate market volatility. As we enter 2023, we are focused on preserving capital and operating with strong cost discipline. GROWTH In the fourth quarter, we delivered $2.9 billion of revenue, representing 7,512 homes sold. Revenues were down 25% versus 4Q21 due to slower resale clearance rates and our pullback in acquisitions beginning mid-year, resulting in declining listed inventory levels throughout the quarter. Revenue was $15.6 billion for the full year, up 94% versus 2021, driven by strong performance in the first half of the year. Overall, we sold 39,183 homes, up 80% versus the prior year, with revenue per home sold up 8% versus 2021. On the acquisition side, we purchased 3,427 homes in the fourth quarter, down 64% versus 4Q21. This slowdown in acquisitions was driven by our decision beginning in 2Q22 to widen offer spreads and reduce marketing spend amidst market uncertainty. For the full year, we acquired 34,962 homes, down 5% versus 2021. UNIT ECONOMICS GAAP gross profit was $71 million in 4Q22, versus $272 million in 4Q21. Adjusted gross profit was $(92) million in 4Q22, versus $279 million in 4Q21. For the full year, GAAP gross profit was $667 million, versus $730 million in 2021. Adjusted gross profit was $1,086 million for the year, versus $769 million in 2021. 9 Financial Highlights 2022 Revenue $15.6 billion 2022 Homes Sold 39,183 2018 2019 2020 2021 2022 9,913 7,470 18,799 39,183 21,725 2018 2019 2020 2021 2022 $2.6$1.8 $4.7 $15.6 $8.0 4Q22 FY2022 (Dollars in millions) Old Book (Q2 Cohort and prior) New Book (Post-Q2 Cohort) Total Total Homes Sold in Period 6,699 813 7,512 39,183 Revenue $2,598 $259 $2,857 $15,567 Gross Profit / Margin $39 / 1.5% $32 / 12.4% $71 / 2.5% $667 / 4.3% Adj. Gross Profit (Loss) / Margin $(125) / (4.8)% $33 / 12.7% $(92) / (3.2)% $1,086 / 7.0% Contribution Profit (Loss) / Margin $(232) / (8.9)% $25 / 9.7% $(207) / (7.2)% $525 / 3.4%"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b24"], "char_count": 1972, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d561a7127b73a947968a34d468544da534a6d42501deecb2ae0c9b48f171c1df", "derivation_id": "f0639f6bf787c43606d0a0b80bd678dc58d7a8fdf2fe52872bb9a0909b482c7d", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "block_sequence": 24, "char_end": 1972, "char_start": 0, "fragment_sha256": "78620a83e14488b07a5b6b9f08d55f72aeaa2e2606e6c975e8df1dbc4d87d2e7", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex992sharehol.htm", "table_id": null, "text": "10 Financial Highlights Contribution Profit (Loss), which accounts for the direct selling and holding costs incurred on the homes sold during the quarter, was $(207) million in the fourth quarter, versus $152 million in 4Q21. Contribution Margin, which represents unit economics associated with a specific resale cohort, was (7.2)%, versus 4.0% in 4Q21. As discussed previously, our new book of homes is performing ahead of our expectations at underwriting, with that cohort generating a Contribution Margin of 9.7% in Q4. We would expect this group of homes to perform in line with our 4% to 6% annual contribution margin target once fully sold through. We will continue to provide detail on the relative performance of our inventory until we sunset the old book as we believe it illustrates the health of our business on a go-forward basis. Notwithstanding the challenges of 2022 and actions taken to navigate the macro shift, we ended the year with a Contribution Profit of $525 million and a Contribution Margin of 3.4%, compared to our annual contribution margin target of 4 to 6%. NET LOSS AND ADJUSTED EBITDA1 GAAP net loss was $(399) million in 4Q22, versus $(191) million in 4Q21. Adjusted Net Loss was $(467) million, versus $(80) million in 4Q21. For the full year, GAAP net loss was $(1,353) million, versus $(662) million in 2021. Adjusted Net Loss was $(574) million, (Dollars in millions) 4Q22 4Q21 FY2022 FY2021 GAAP Net Loss $(399) $(191) $(1,353) $(662) Adjusted Net Loss $(467) $(80) $(574) $(116) Adjusted EBITDA $(351) $0 $(168) $58 Adjusted EBITDA Margin (12.3)% 0% (1.1)% 0.7% 4Q22 Post-Q2 Cohort Contribution Margin 9.7% 2022 Contribution Margin 3.4% 2022 Contribution Profit $525 million 1. The table below provides an abridged reconciliation between GAAP Net Loss, Adjusted Net Loss, and Adjusted EBITDA. Please refer to the complete reconciliation and footnotes included in the Definitions and Financial Tables section of the shareholder letter."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b26"], "char_count": 2192, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1a48e23d6161805f130b9d20abf4ceaa21651c606d6a617c83718b324cc28292", "derivation_id": "f0639f6bf787c43606d0a0b80bd678dc58d7a8fdf2fe52872bb9a0909b482c7d", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "block_sequence": 26, "char_end": 2192, "char_start": 0, "fragment_sha256": "3051e533ca6339579bc72c3f55aed3ed48f8b478d27fc6cce94832e69baf6071", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex992sharehol.htm", "table_id": null, "text": "11 Financial Highlights versus $(116) million in 2021. Adjusted Net Loss aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded, and these adjustments are the primary difference between GAAP and Adjusted Net Loss in 2022. In 4Q22, we burdened Adjusted Net Loss and Adjusted EBITDA with $236 million in inventory valuation adjustments that were recorded in prior quarters on homes sold in 4Q22. This additional cost was offset by the removal of $73 million in valuation adjustments recorded in 4Q22 on homes remaining in inventory at year end. Adjusted EBITDA was $(351) million in 4Q22, compared to $0.4 million in 4Q21. As discussed above, inventory valuation adjustments represent $(163) million of the Adjusted EBITDA loss. Adjusted EBITDA came in slightly below the midpoint of our guidance of $(345) million due to the outpacing of our revenue guidance and the pull forward of homes selling at a contribution margin loss. For the full year, Adjusted EBITDA was $(168) million, compared to $58 million in 2021. Losses in 2022 were driven by contribution margin losses from the Q2 Cohort and the deliberate reduction in new acquisition volumes, which impacted contribution margin from a resale mix standpoint and reduced our total revenue. This reduction in revenue impacted our ability to cover our variable and fixed cost structure. We proactively reduced our operational capacity, marketing spend, and headcount in 2H22, reducing our run-rate expenses by approximately $110 million on an annualized basis relative to 2022 peak levels at mid-year. As discussed above, a core focus area for 2023 is driving operational excellence and savings across our delivery platform. INVENTORY 4Q22 Post-Q2 Offer Cohort Contribution Margin 9.7% 2022 Contribution Profit $525 million 2022 Contribution Margin 3.4% As in December 31, 2022 (Dollars in millions) Old Book (Q2 Cohort and prior) New Book (Post-Q2 Cohort) Total Real estate inventory $3,976 $943 $4,919 Inventory valuation adjustments $(454) $(5) $(459) Real estate inventory, net $3,522 $938 $4,460 Inventory valuation adjustments as a % of inventory 11.4% 0.5% 9.3%"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b28"], "char_count": 2420, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "71ddc3c74d9f0ce56aabf0db7df2a3ef442e8d8c9d7c29920d8fecf13658547c", "derivation_id": "f0639f6bf787c43606d0a0b80bd678dc58d7a8fdf2fe52872bb9a0909b482c7d", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "block_sequence": 28, "char_end": 2420, "char_start": 0, "fragment_sha256": "3a0c0c164a7bc2a1186cd297b425058d2ebeb3effeb6c234398c64ae33294d70", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex992sharehol.htm", "table_id": null, "text": "Financial Highlights 4Q22 Resale Revenue Mix Based on Days of Ownership We ended the year with 12,788 homes in inventory, representing approximately $4.5 billion in value, which was down 27% versus 3Q22. The majority of this inventory consisted of our Q2 Cohort and prior, reflecting the deliberate slowdown in our acquisition pace beginning mid-year. As of the end of the year, we were in contract to purchase 1,011 homes, down 55% versus 3Q22 and down 81% versus 4Q21. In 4Q22, we sold $2.8 billion of 3Q22 inventory and released $236 million of inventory valuation adjustments. For the homes we had in inventory at the end of 3Q22, some homes realized gains relative to their carrying value while others received additional valuation adjustments, for a net $36 million increase in inventory valuation adjustments or just 0.5% of our inventory balance. Our new book incurred inventory valuation adjustments representing 0.5% of inventory, which is consistent with our historical experience. We ended the year with $459 million of inventory valuation adjustments against our inventory balance of $4.9 billion. We believe that this adjustment is an appropriate reflection of future losses we may realize on these homes. As homes with losses are sold, this adjustment will unwind in future quarters alongside homes that we expect will generate realized gains. As of December 31, 2022, 55% of our homes had been listed on the market for more than 120 days, versus 33% of homes on the market, adjusted for our buybox. Our slowdown in acquisitions has shifted our resale mix to longer-dated inventory. Combined with longer holding periods in the fourth quarter due to typical housing seasonality, this mix shift has led to longer than average days on market for our listed homes. We expect the percentage of homes listed on the market for more than 120 days to return to historical levels as we sell through our old book. OTHER BALANCE SHEET ITEMS We ended the year with $2.0 billion in capital, which includes $1.3 billion in unrestricted cash and marketable securities and $670 million of equity invested in homes and related assets. This compares to $2.4 billion in capital as of the end of 3Q22, which included $1.5 billion in unrestricted cash and marketable securities and $873 million of equity invested in homes and related assets. All figures are net of inventory valuation adjustments. 65% 4Q21 4Q22 35% 38% 62% 12"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b30"], "char_count": 2357, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9c2cbb13163f054d1a089f835f7e56d8107f6253b4244fcc1b0f0b1583e67c03", "derivation_id": "f0639f6bf787c43606d0a0b80bd678dc58d7a8fdf2fe52872bb9a0909b482c7d", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "block_sequence": 30, "char_end": 2357, "char_start": 0, "fragment_sha256": "d50a26b3d0afbbc2ab4b80c5c262e4aef273f808b473e894b83915eeea3d8310", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#p11", "passage_kind": "narrative", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex992sharehol.htm", "table_id": null, "text": "Financial Highlights 13 4Q22 Total Capital $2.0 billion 4Q22 Cash, Cash Equivalents, and Marketable Securities $1.3 billion We reduced our restricted cash balance from $1.8 billion as of the end of 3Q22 to $654 million at year end. The majority of our restricted cash is linked to our asset-backed debt facilities which are secured by inventory or restricted cash. The decrease in restricted cash was driven by repayments of our asset-backed debt facilities and the allocation of inventory to our term debt facilities. We ended the quarter with $12.0 billion in non-recourse, asset-backed borrowing capacity, comprised of $6.2 billion of senior revolving credit facilities and $5.8 billion of senior and mezzanine term debt facilities, of which total committed borrowing capacity was $6.5 billion. Given our current inventory projections, we expect to have excess borrowing capacity, and we may reduce our committed borrowing capacity in 2023 to minimize the amount of restricted cash and reduce interest costs. We anticipate that such a reduction would shift more of our inventory to our fixed-rate term debt facilities, which would reduce our exposure to interest rate volatility. HOUSING MACRO We have observed an increase in consumer housing demand in early 2023 that is above typical seasonal patterns, which has translated to stronger clearance rates for us and the housing market as a whole. We are also seeing significantly lower levels of new listings coming on the market – the lowest level in nearly two decades. Sellers are staying on the sidelines given housing affordability issues, and the vast majority of homeowners’ mortgages are locked in at attractive rates under 5%. As a result, we have observed an outperformance in the leading indicators of home price appreciation that we track. We expect to see the typical annual seasonal pattern to month-over-month HPA, which may translate through to flat or negative monthly HPA in the second half of the year. That all being said, there continues to be significant uncertainty around future rate movements which, as we saw in 2022, can translate into significant moves in housing demand. As a result, we are entering 2023 appropriately conservative in our home pricing, which reflects our current expectation for negative year-over-year HPA for 2023. 4Q22 Equity Invested in Homes $670 million"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b32"], "char_count": 2532, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5ad914931f4e7d49c23c7abb4574914262a44eb4c7f8eea40c997b26675a8bb6", "derivation_id": "f0639f6bf787c43606d0a0b80bd678dc58d7a8fdf2fe52872bb9a0909b482c7d", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "block_sequence": 32, "char_end": 2532, "char_start": 0, "fragment_sha256": "c037aa5952e690ae6e321317ff2fe3aff28b5c31e2d73f520d35b78047e97e1e", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex992sharehol.htm", "table_id": null, "text": "14 Financial Highlights 2. Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. GUIDANCE We expect the following results for the first quarter of 2023: ● Revenue is expected to be between $2.45 and $2.65 billion ● Adjusted EBITDA2 is expected to be between $(350) and $(370) million, which includes the expected realization of inventory valuation adjustments related to losses on homes sold in the quarter ● Stock-based compensation expense is expected to be in the range of $40 to $45 million As the housing market has shown signs of stabilization, we have reduced our spreads since December due to both seasonality and the leading indicators we track for housing demand and supply. A decrease in spreads typically results in higher conversion from acquisition offer to contract. We expect that the combination of higher offer volumes due to seasonal tailwinds and lower spreads should translate through to an acceleration of acquisition volumes. We will continue to monitor leading short-term indicators that we are uniquely positioned to observe, including HPA, acquisition offer-to-contract conversion, visitor traffic, resale clearance, and resale offer strength and will continue to adjust spreads accordingly. On the resale side, we will continue to focus on selling through the Q2 Cohort. To the extent we exceed sell-through goals by the end of 1Q23, it could result in lower Adjusted EBITDA given those homes are selling at a contribution margin loss. We will also continue to manage our cost structure in response to expected volumes this year and next year in order to minimize losses. Our goal is to return to positive Adjusted Net Income at $10 billion of annualized revenue. We expect to achieve this by mid-2024 based on current assumptions for a more normalized home price environment in 2024, similar to what we saw in 2019, coupled with the market share we 1Q23 Revenue Guidance $2.45 to $2.65 billion 1Q23 Adjusted EBITDA2 Guidance $(370) to $(350) million"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b34", "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b36"], "char_count": 1758, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e312c894fcff6aa0ef7ab29681c64d540d1aac9812a904723a12fba5b1adbf25", "derivation_id": "f0639f6bf787c43606d0a0b80bd678dc58d7a8fdf2fe52872bb9a0909b482c7d", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "block_sequence": 34, "char_end": 1263, "char_start": 0, "fragment_sha256": "5dd53fa1f8b3549679dea17973b89c69c13407b8c60d70ca26371c08de75e0fd", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "block_sequence": 36, "char_end": 493, "char_start": 0, "fragment_sha256": "14f6b5fa9cccdeadb444d2eda6d94878ba277df2ad6a21d923e1cf9c0d7c1e51", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#p13", "passage_kind": "narrative", "passage_sequence": 13, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex992sharehol.htm", "table_id": null, "text": "had at that time. Since then, we have quadrupled our addressable market via buybox and new market expansion, strengthened our brand awareness, and expanded our partnership channels. Hence, we believe that returning to $10+ billion of run-rate revenue is well within our reach. CONCLUSION We are managing with discipline and energy to emerge from this cycle with a more resilient business. The fundamental drivers of our business remain intact: we have a product that customers love, we stand alone in not only what we offer but the scale at which we are able to do so, and we have a platform custom-built to disrupt a broken traditional process in the world’s largest asset class. We will continue to build a new healthy book of inventory and drive scale via our platform that delivers certainty and convenience unmatched by others. And we will refine and then grow our marketplace business, leveraging the capabilities and advantages that we have built over the past nine years. We are committed to investing our capital wisely and are working hard to return the business to positive Adjusted Net Income as quickly as possible. Our goal remains to be a profitable market leader and the generational company that we have always envisioned. 15 Financial Highlights\n\n16Raleigh-Durham, NC Carrie Wheeler, CEO Christy Schwartz, Interim CFO CONFERENCE CALL INFORMATION Opendoor will host a conference call to discuss its financial results on February 23, 2023 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. February 23, 2023 at 2 p.m. PT investor.opendoor.com LIVE WEBCAST"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b38", "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b40"], "char_count": 103, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "107c0cbb7b8c911ca77015d38fd0bee8d06b313fe239d339a72384df5d49beab", "derivation_id": "f0639f6bf787c43606d0a0b80bd678dc58d7a8fdf2fe52872bb9a0909b482c7d", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "block_sequence": 38, "char_end": 68, "char_start": 0, "fragment_sha256": "0d282019ef61000a7027912ef8d266468d6f6037dac282ae0f5b619033dcffbb", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "block_sequence": 40, "char_end": 33, "char_start": 0, "fragment_sha256": "93f1b942913ba3e61902beebf17bd0a9e474023c9e3acce2b269edb43b73e153", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#p14", "passage_kind": "narrative", "passage_sequence": 14, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex992sharehol.htm", "table_id": null, "text": "/ OpendoorHQ / Opendoor Company / Opendoor-com investor.opendoor.com\n\n18 Definitions & Financial Tables"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b42"], "char_count": 2019, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ef58224e29e67c6ce120d3f3aa45898957de331ee9a69e128f4699c5aeb1e427", "derivation_id": "f0639f6bf787c43606d0a0b80bd678dc58d7a8fdf2fe52872bb9a0909b482c7d", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "block_sequence": 42, "char_end": 2019, "char_start": 0, "fragment_sha256": "e759a0e5fed2c36bb828f5a382e1cf522beb5be20cb521c6bea5bc06d97de3a6", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#p15", "passage_kind": "narrative", "passage_sequence": 15, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex992sharehol.htm", "table_id": null, "text": "This shareholder letter contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the health of our financial condition, anticipated future results of operations and financial performance, priorities of the Company to achieve future goals, Company’s ability to continue to effectively navigate the markets in which it operates, anticipated future and ongoing impacts of our acquisitions and other business decisions, health of our balance sheet to weather ongoing market transitions, the Company’s ability to adopt an effective approach to manage economic and industry risk, as well as inventory health; business strategy and plans, including any plans to expand into additional markets, market opportunity and expansion and objectives of management for future operations, including our statements regarding the benefits and timing of the roll out of new markets, products or technology; and the expected diversification of funding sources. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “vision”, “will”, or “would”, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b42"], "char_count": 3833, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "83ea0c6632bbecf608a9940d9c656d11d46c2e766ec595aa5fb5a4776dccc1b0", "derivation_id": "f0639f6bf787c43606d0a0b80bd678dc58d7a8fdf2fe52872bb9a0909b482c7d", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "block_sequence": 42, "char_end": 5852, "char_start": 2019, "fragment_sha256": "e759a0e5fed2c36bb828f5a382e1cf522beb5be20cb521c6bea5bc06d97de3a6", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#p16", "passage_kind": "narrative", "passage_sequence": 16, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex992sharehol.htm", "table_id": null, "text": "The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this shareholder letter include but are not limited to: the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturn or slowdown; changes in general economic and financial conditions (including federal monetary policy, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory) that may reduce demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; the duration and impact of the ongoing COVID-19 pandemic (including variants) or other public health crises on our ability to operate, demand for our products or services, or general economic conditions; addition or loss of a significant number of customers; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; ability to protect our brand and intellectual property; ability to obtain or maintain licenses and permits to support our current and future business operations; ability to operate and grow our 1P and 3P core business products, including the ability to obtain sufficient financing and resell purchased homes; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our technology platform, including our automated pricing and valuation technology; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; the impact of natural disasters and other catastrophic events; changes in laws or government regulation affecting our business; and the impact of pending or future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 23, 2023, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 19 Forward-Looking Statements"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b44"], "char_count": 3153, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "20f23b8365d2b91211f8f5e882dba061d465f7391ad5a5e52849f7cd5ac93167", "derivation_id": "f0639f6bf787c43606d0a0b80bd678dc58d7a8fdf2fe52872bb9a0909b482c7d", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "block_sequence": 44, "char_end": 3153, "char_start": 0, "fragment_sha256": "d5cb7977057bc59381d6cec4546d18a279406d6e6c4036bf0fba82e9d93627d9", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#p17", "passage_kind": "narrative", "passage_sequence": 17, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex992sharehol.htm", "table_id": null, "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company’s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross (Loss) Profit, Contribution (Loss) Profit, Adjusted Net (Loss) Income, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non- GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results. Adjusted Gross (Loss) Profit and Contribution (Loss) Profit To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross (Loss) Profit and Contribution (Loss) Profit, which are non-GAAP financial measures. We believe that Adjusted Gross (Loss) Profit and Contribution (Loss) Profit are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution (Loss) Profit provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross (Loss) Profit and Contribution (Loss) Profit are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit. 20 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b46"], "char_count": 1878, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0749f70b443b47aa2bc985653c919cd7f1bf453e06188b9dd5eb3f0093840e76", "derivation_id": "f0639f6bf787c43606d0a0b80bd678dc58d7a8fdf2fe52872bb9a0909b482c7d", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "block_sequence": 46, "char_end": 1878, "char_start": 0, "fragment_sha256": "2261dac63fef3d78260117f911f9c30c3fce45c4f2f47c58c4d798731dda004e", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#p18", "passage_kind": "narrative", "passage_sequence": 18, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex992sharehol.htm", "table_id": null, "text": "Adjusted Gross (Loss) Profit / Margin We calculate Adjusted Gross (Loss) Profit as gross profit (loss) under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross (Loss) Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross (Loss) Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution (Loss) Profit / Margin We calculate Contribution (Loss) Profit as Adjusted Gross (Loss) Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution (Loss) Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution (Loss) Profit helps management assess inflows and outflows directly associated with a specific resale cohort. 21 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b48"], "char_count": 3251, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0c0245ce0d4611046e58358f5a181ef1d093ce60137f49354fb85481f5db6041", "derivation_id": "f0639f6bf787c43606d0a0b80bd678dc58d7a8fdf2fe52872bb9a0909b482c7d", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "block_sequence": 48, "char_end": 3251, "char_start": 0, "fragment_sha256": "98c9e74fa3d9c06c7db2e1f68a22026cd0b4bba95b6b521669c33699a7166d6e", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#p19", "passage_kind": "narrative", "passage_sequence": 19, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex992sharehol.htm", "table_id": null, "text": "22 Adjusted Net (Loss) Income and Adjusted EBITDA We also present Adjusted Net (Loss) Income and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non- recurring, non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net (Loss) Income and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss. We calculate Adjusted Net (Loss) Income as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, warrant fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring charges and legal contingency accruals. It excludes loss on extinguishment of debt as these expenses were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. It also excludes non-recurring payroll tax on initial RSU release, gain on lease termination, and goodwill impairment. Adjusted Net (Loss) Income also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net (Loss) Income does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net (Loss) Income adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b50", "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b52"], "char_count": 2750, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "93336009f2f99f6c8cc28a8568bda18590a70855d615ba7470f008fdb1468041", "derivation_id": "f0639f6bf787c43606d0a0b80bd678dc58d7a8fdf2fe52872bb9a0909b482c7d", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "block_sequence": 50, "char_end": 1212, "char_start": 0, "fragment_sha256": "58a1332a07248cd48974240e8d15e01cd5de74ac9ccd1044a99fb0e19d60ca93", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "block_sequence": 52, "char_end": 1536, "char_start": 0, "fragment_sha256": "821f1f2b28bd3dfa568d2e91a293255327c139b00acab17d69178441667d3c10", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#p20", "passage_kind": "narrative", "passage_sequence": 20, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex992sharehol.htm", "table_id": null, "text": "23 Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 REVENUE $ 2,857 $ 3,822 $ 15,567 $ 8,021 COST OF REVENUE 2,786 3,550 14,900 7,291 GROSS PROFIT 71 272 667 730 OPERATING EXPENSES: Sales, marketing and operations 194 225 1,006 544 General and administrative 23 117 346 620 Technology and development 48 32 169 134 Goodwill Impairment 60 — 60 — Restructuring 17 — 17 — Total operating expenses 342 374 1,598 1,298 LOSS FROM OPERATIONS (271) (102) (931) (568) WARRANT FAIR VALUE ADJUSTMENT — — — 12 LOSS ON EXTINGUISHMENT OF DEBT (25) — (25) — INTEREST EXPENSE (113) (73) (385) (143) OTHER (LOSS) INCOME – Net 10 (16) (10) 38 LOSS BEFORE INCOME TAXES (399) (191) (1,351) (661) INCOME TAX EXPENSE — — (2) (1) NET LOSS $ (399) $ (191) $ (1,353) $ (662) Net loss per share attributable to common shareholders: Basic $ (0.63) $ (0.31) $ (2.16) $ (1.12) Diluted $ (0.63) $ (0.31) $ (2.16) $ (1.12) Weighted-average shares outstanding: Basic 634,595 612,516 627,105 592,574 Diluted 634,595 612,516 627,105 592,574 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited)\n\n24 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) December 31, 2022 December 31, 2021 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,137 $ 1,731 Restricted cash 654 847 Marketable securities 144 484 Escrow receivable 30 84 Mortgage loans held for sale pledged under agreements to repurchase — 7 Real estate inventory, net 4,460 6,096 Other current assets ($1 and $4 carried at fair value) 41 91 Total current assets 6,466 9,340 PROPERTY AND EQUIPMENT – Net 58 45 RIGHT OF USE ASSETS 41 42 GOODWILL 4 60 INTANGIBLES – Net 12 12 OTHER ASSETS 27 7 TOTAL ASSETS $ 6,608 $ 9,506 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 110 $ 137 Non-recourse asset-backed debt - current portion 1,376 4,240 Other secured borrowings — 7 Interest payable 12 12 Lease liabilities - current portion 7 4 Total current liabilities 1,505 4,400 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 3,020 1,862 CONVERTIBLE SENIOR NOTES 959 954 LEASE LIABILITIES – Net of current portion 38 42 Total liabilities 5,522 7,258 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 637,387,025 and 616,026,565 shares issued, respectively; 637,387,025 and 616,026,565 shares — — Additional paid-in capital 4,148 3,955 Accumulated deficit (3,058) (1,705) Accumulated other comprehensive loss (4) (2) Total shareholders’ equity 1,086 2,248 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 6,608 $ 9,506"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b54"], "char_count": 3267, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ef12b2a36b100ab04bc33a66c77e068243f26575e348cf923f7546461168993b", "derivation_id": "f0639f6bf787c43606d0a0b80bd678dc58d7a8fdf2fe52872bb9a0909b482c7d", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "block_sequence": 54, "char_end": 3267, "char_start": 0, "fragment_sha256": "2d6d7ebbd0ee8066e12a42f041d3c3aeed2c81f1eb33bd031e84fadd773a1250", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#p21", "passage_kind": "narrative", "passage_sequence": 21, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex992sharehol.htm", "table_id": null, "text": "25 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Year Ended December 31, 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (1,353) $ (662) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash provided by (used in) operating activities: Depreciation and amortization 83 47 Amortization of right of use asset 7 8 Stock-based compensation 171 536 Warrant fair value adjustment — (12) Gain on settlement of lease liabilities — (5) Inventory valuation adjustment 737 56 Goodwill impairment 60 — Change in fair value of equity securities 35 (35) Net fair value adjustments and loss on sale of mortgage loans held for sale (1) (4) Origination of mortgage loans held for sale (118) (196) Proceeds from sale and principal collections of mortgage loans held for sale 128 197 Loss on early extinguishment of debt 25 — Changes in operating assets and liabilities: Escrow receivable 54 (83) Real estate inventory 896 (5,656) Other assets 37 (52) Accounts payable and other accrued liabilities (25) 76 Interest payable 2 4 Lease liabilities (8) (13) Net cash provided by (used in) operating activities 730 (5,794) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (37) (33) Purchase of intangible assets — (1) Purchase of marketable securities (28) (486) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 328 92 Purchase of non-marketable equity securities (25) (15) Proceeds from sale of non-marketable equity securities 3 — Capital returns of non-marketable equity securities 3 — Acquisitions, net of cash acquired (10) (33) Net cash provided by (used in) investing activities 234 (476) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of convertible senior notes, net of issuance costs — 953 Purchase of capped calls related to convertible senior notes — (119) Proceeds from exercise of stock options 4 15 Proceeds from issuance of common stock for ESPP 2 — Proceeds from warrant exercise — 22 Proceeds from the February 2021 Offering — 886 Issuance cost of common stock — (29) Proceeds from non-recourse asset-backed debt 10,108 11,499 Principal payments on non-recourse asset-backed debt (11,822) (5,838) Proceeds from other secured borrowings 114 192 Principal payments on other secured borrowings (121) (192) Payment of loan origination fees and debt issuance costs (26) (47) Payment for early extinguishment of debt (10) — Net cash (used in) provided by financing activities (1,751) 7,342 NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (787) 1,072 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 2,578 1,506 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $ 1,791 $ 2,578 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $ 355 $ 122 DISCLOSURES OF NONCASH ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 16 $ 12 Issuance of common stock in extinguishment of warrant liabilities $ — $ (35) RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 1,137 $ 1,731 Restricted cash 654 847 Cash, cash equivalents, and restricted cash $ 1,791 $ 2,578"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b56"], "char_count": 2486, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "58f50ce0d1597adcdd2fac0d251f0d7a840835e20bdecc636dddd0252e7f4ca8", "derivation_id": "f0639f6bf787c43606d0a0b80bd678dc58d7a8fdf2fe52872bb9a0909b482c7d", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "block_sequence": 56, "char_end": 2486, "char_start": 0, "fragment_sha256": "0e25813a532b8fe4b694064e435d8117966af24c16e44ff0c3d5a8ff8a03cd05", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#p22", "passage_kind": "narrative", "passage_sequence": 22, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex992sharehol.htm", "table_id": null, "text": "26 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS (LOSS) PROFIT AND CONTRIBUTION (LOSS) PROFIT TO OUR GROSS PROFIT (LOSS) (Unaudited) Three Months Ended Year Ended December 31, (in millions, except percentages and homes sold, or as noted) December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 2022 2021 Gross profit (loss) (GAAP) $ 71 $ (425) $ 486 $ 535 $ 272 $ 667 $ 730 Gross Margin 2.5 % (12.6) % 11.6 % 10.4 % 7.1 % 4.3 % 9.1 % Adjustments: Inventory valuation adjustment – Current Period͏(1)(2) 73 573 82 8 24 458 39 Inventory valuation adjustment – Prior Periods͏(1)(3) (236) (38) (12) (31) (17) (39) — Adjusted Gross (Loss) Profit $ (92) $ 110 $ 556 $ 512 $ 279 $ 1,086 $ 769 Adjusted Gross Margin (3.2) % 3.3 % 13.2 % 9.9 % 7.3 % 7.0 % 9.6 % Adjustments: Direct selling costs(4) (78) (100) (100) (136) (99) (414) (195) Holding costs on sales – Current Period͏(5)(6) (10) (14) (11) (16) (12) (109) (47) Holding costs on sales – Prior Periods͏(5)(7) (27) (18) (23) (28) (16) (38) (2) Contribution (Loss) Profit $ (207) $ (22) $ 422 $ 332 $ 152 $ 525 $ 525 Homes sold in period 7,512 8,520 10,482 12,669 9,794 39,183 21,725 Contribution (Loss) Profit per Home Sold (in thousands) $ (28) $ (3) $ 40 $ 26 $ 16 $ 13 $ 24 Contribution Margin (7.2) % (0.7) % 10.1 % 6.4 % 4.0 % 3.4 % 6.5 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b58"], "char_count": 3293, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "4ab98c8215eeea4b2b243a92e21662bd4a86505606c99701fab0bfc0eb58eb7d", "derivation_id": "f0639f6bf787c43606d0a0b80bd678dc58d7a8fdf2fe52872bb9a0909b482c7d", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "block_sequence": 58, "char_end": 3293, "char_start": 0, "fragment_sha256": "a931f46af51cd45d27d59f402b6f5bdfae43b02848ebfdd5f32c8627aeec6ed4", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#p23", "passage_kind": "narrative", "passage_sequence": 23, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex992sharehol.htm", "table_id": null, "text": "27 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED NET (LOSS) INCOME AND ADJUSTED EBITDA TO OUR NET (LOSS) INCOME (Unaudited) Three Months Ended Year Ended December 31, (in millions, except percentages) December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 2022 2021 Net (loss) income (GAAP) $ (399) $ (928) $ (54) $ 28 $ (191) $ (1,353) $ (662) Adjustments: Stock-based compensation (7) 52 59 67 71 171 536 Equity securities fair value adjustment(1) (1) 11 3 22 16 35 (35) Warrant fair value adjustment͏(1) — — — — — — (12) Intangibles amortization expense(2) 2 2 3 2 2 9 4 Inventory valuation adjustment – Current Period͏(3)(4) 73 573 82 8 24 458 39 Inventory valuation adjustment — Prior Periods͏(3)(5) (236) (38) (12) (31) (17) (39) — Restructuring(6) 17 — — — — 17 — Loss on extinguishment of debt 25 — — — — 25 — Gain on lease termination — — — — — — (5) Goodwill impairment 60 — — — — 60 — Payroll tax on initial RSU release — — — — — — 5 Legal contingency accrual and related expenses 1 — 42 3 14 46 14 Other(7) (2) — (1) — 1 (3) — Adjusted Net (Loss) Income $ (467) $ (328) $ 122 $ 99 $ (80) $ (574) $ (116) Adjustments: Depreciation and amortization, excluding amortization of intangibles and right of use assets 12 8 12 9 9 41 33 Property financing(8) 93 102 76 58 62 329 119 Other interest expense(9) 20 13 13 10 10 56 24 Interest income(10) (9) (7) (6) — (1) (22) (3) Income tax expense — 1 1 — — 2 1 Adjusted EBITDA $ (351) $ (211) $ 218 $ 176 $ 0.4 $ (168) $ 58 Adjusted EBITDA Margin (12.3) % (6.3) % 5.2 % 3.4 % — % (1.1) % 0.7 % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuring costs consist mainly of employee termination benefits, relocation packages and bonuses as well as costs related to the exiting of certain non-cancelable leases. (7) Includes primarily gain or loss on interest rate lock commitments, gain or loss on the sale of available for sale securities, sublease income, and income from equity method investments. (8) Includes interest expense on our non-recourse asset-backed debt facilities. (9) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset- backed debt facilities, interest expense related to the 2026 convertible senior notes outstanding, and interest expense on other secured borrowings. (10) Consists mainly of interest earned on cash, cash equivalents and marketable securities."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b60"], "char_count": 2190, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "27a6e9f4a55a8304eeb3dbfe689f538fc898463141379142fb4b56fd9d030f40", "derivation_id": "f0639f6bf787c43606d0a0b80bd678dc58d7a8fdf2fe52872bb9a0909b482c7d", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "block_sequence": 60, "char_end": 2190, "char_start": 0, "fragment_sha256": "3c907c0a316490527088638e2746cb6d401acef8427d79ed2fdb524cb0161ca2", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#p24", "passage_kind": "narrative", "passage_sequence": 24, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex992sharehol.htm", "table_id": null, "text": "28 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT AND CONTRIBUTION PROFIT TO OUR NET (LOSS) INCOME BY COHORT (Unaudited) Three Months Ended December 31, 2022 (in millions, except percentages) Q2 Offer Cohort and Prior (8) Post-Q2 Offer Cohort (8) Total Revenue (GAAP) $ 2,598 $ 259 $ 2,857 Cost of Revenue 2,559 227 2,786 Gross profit (GAAP) $ 39 $ 32 $ 71 Gross Margin 1.5 % 12.4 % 2.5 % Adjustments: Inventory valuation adjustment – Current Period͏(1)(2) 71 2 73 Inventory valuation adjustment — Prior Periods͏(1)(3) (235) (1) (236) Adjusted Gross Profit $ (125) $ 33 $ (92) Adjusted Gross Margin (4.8) % 12.7 % (3.2) % Adjustments: Direct selling costs(4) (72) (6) (78) Holding costs on sales – Current Period͏(5)(6) (9) (1) (10) Holding costs on sales – Prior Periods͏(5)(7) (26) (1) (27) Contribution Profit $ (232) $ 25 $ (207) Contribution Margin (8.9) % 9.7 % (7.2) % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented. (8) Q2 Offer Cohort and Prior refers to offers made in June 2022 and prior. Post-Q2 Offer Cohort includes offers made in July 2022 and after."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#b62"], "char_count": 2352, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "92e0acec2b5f89c0cd263755b9856855e79f6a6bd65de82364caf499f48e9f59", "derivation_id": "f0639f6bf787c43606d0a0b80bd678dc58d7a8fdf2fe52872bb9a0909b482c7d", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "block_sequence": 62, "char_end": 2352, "char_start": 0, "fragment_sha256": "2a520b0df527b303b812dc79c798431aeaf62c7a1222c41dd0b0d0f547a4748e", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#p25", "passage_kind": "narrative", "passage_sequence": 25, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex992sharehol.htm", "table_id": null, "text": "29 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT AND CONTRIBUTION PROFIT TO OUR NET (LOSS) INCOME BY COHORT (Unaudited) Twelve Months Ended December 31, 2022 (in millions, except percentages) Pre-Q2 Offer Cohort (8) Q2 Offer Cohort (8) Post-Q2 Offer Cohort (8) Consolidated Revenue (GAAP) $ 11,053 $ 4,225 $ 289 $ 15,567 Cost of Revenue 10,045 4,599 256 14,900 Gross profit (GAAP) $ 1,008 $ (374) $ 33 $ 667 Gross Margin 9.1 % (8.9) % 11.4 % 4.3 % Adjustments: Inventory valuation adjustment – Current Period͏(1)(2) 90 364 4 458 Inventory valuation adjustment — Prior Periods͏(1)(3) (39) — — (39) Adjusted Gross Profit $ 1,059 $ (10) $ 37 $ 1,086 Adjusted Gross Margin 9.6 % (0.2) % 12.8 % 7.0 % Adjustments: Direct selling costs(4) (293) (114) (7) (414) Holding costs on sales – Current Period͏(5)(6) (71) (36) (2) (109) Holding costs on sales – Prior Periods͏(5)(7) (38) — — (38) Contribution Profit $ 657 $ (160) $ 28 $ 525 Contribution Margin 5.9 % (3.8) % 9.7 % 3.4 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented. (8) Pre-Q2 Offer Cohort refers to offers made in February 2022 and prior. Q2 Offer Cohort refers to offers made in March through June 2022. 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MLS Clearance Rate is defined as the number of daily contracts that enter pending status on the Multiple Listing Service (i.e. market listings), filtered for Opendoor’s markets and buybox, divided by the number of active listings on the Multiple Listing Service, filtered for the same markets and buybox. Trailing 7-Day MLS Clearance Rate1 MLS Data Filtered to Opendoor Markets and Buybox Trailing 7-Day MLS Contracts MLS Data Filtered to Opendoor Markets and Buybox 2031 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec\n\nAppendix 30-Day Rolling Home Price Appreciation (HPA) Weighted to Opendoor Markets; Non-Seasonally Adjusted Trailing 7-Day MLS Active Listings MLS Data Filtered to OD Markets and Buybox 32 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec"} diff --git a/data/normalized/sec/0001801169/8-K/2023-02-23_0001801169-23-000022/norm_0001801169_0001801169-23-000022_q42022formxex993suppleme.htm.json b/data/normalized/sec/0001801169/8-K/2023-02-23_0001801169-23-000022/norm_0001801169_0001801169-23-000022_q42022formxex993suppleme.htm.json new file mode 100644 index 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NON-GAAP MEASURES & KEY METRICS (Unaudited) Period Ended ($ in millions, except markets, homes purchased, homes sold, homes in inventory, and margins) Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Key Metrics Total Markets (at period end) 53 51 51 45 44 Total Revenue $ 2,857 $ 3,361 $ 4,198 $ 5,151 $ 3,822 Homes Purchased 3,427 8,380 14,135 9,020 9,639 Homes Sold 7,512 8,520 10,482 12,669 9,794 Homes in Inventory (at period end) 12,788 16,873 17,013 13,360 17,009 Inventory (at period end) $ 4,460 $ 6,093 $ 6,628 $ 4,664 $ 6,096 Non-GAAP Financial Measures Adjusted Gross (Loss) Profit $ (92) $ 110 $ 556 $ 512 $ 279 Selling Costs (78) (100) (100) (136) (99) Holding Costs (37) (32) (34) (44) (28) Contribution (Loss) Profit $ (207) $ (22) $ 422 $ 332 $ 152 Adjusted EBITDA $ (351) $ (211) $ 218 $ 176 $ 0.4 Adjusted Net (Loss) Income $ (467) $ (328) $ 122 $ 99 $ (80) Margins Total Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Adjusted Gross (Loss) Profit (3.2) % 3.3 % 13.2 % 9.9 % 7.3 % Contribution Margin (7.2) % (0.7) % 10.1 % 6.4 % 4.0 % Adjusted EBITDA (12.3) % (6.3) % 5.2 % 3.4 % \u2014 % Adjusted Net (Loss) Income (16.3) % (9.8) % 2.9 % 1.9 % (2.1) % Exhibit 99.3" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm#b7", + "block_sequence": 7, + "block_sha256": "9cb184e6babe67a01afb53de41b79343100b45bac2b16fdd063882e542b6ebf0", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm", + "block_sequence": 7, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "b602343b49eeae27fea628cb54315963f38db5d9fc0b48b64ae0f9d07185c2fc", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm#s2", + "table": null, + "text": "q42022formxex993suppleme002.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm#b8", + "block_sequence": 8, + "block_sha256": "aa2a242b3e84419ce03f5d94fa8237bb3ec5706e4a2a0abf1df63718b6e70b1b", + "block_type": "paragraph", + "char_count": 1209, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm", + "block_sequence": 8, + "char_end": 1209, + "char_start": 0, + "fragment_sha256": "d0f527b0e6722859948795da6f1cc7002a5340ee0033bcac54890b59c233407a", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. 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CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) December 31, 2022 December 31, 2021 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,137 $ 1,731 Restricted cash 654 847 Marketable securities 144 484 Escrow receivable 30 84 Mortgage loans held for sale pledged under agreements to repurchase \u2014 7 Real estate inventory, net 4,460 6,096 Other current assets ($1 and $4 carried at fair value) 41 91 Total current assets 6,466 9,340 PROPERTY AND EQUIPMENT \u2013 Net 58 45 RIGHT OF USE ASSETS 41 42 GOODWILL 4 60 INTANGIBLES \u2013 Net 12 12 OTHER ASSETS 27 7 TOTAL ASSETS $ 6,608 $ 9,506 LIABILITIES AND SHAREHOLDERS\u2019 EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 110 $ 137 Non-recourse asset-backed debt - current portion 1,376 4,240 Other secured borrowings \u2014 7 Interest payable 12 12 Lease liabilities - current portion 7 4 Total current liabilities 1,505 4,400 NON-RECOURSE ASSET-BACKED DEBT \u2013 Net of current portion 3,020 1,862 CONVERTIBLE SENIOR NOTES 959 954 LEASE LIABILITIES \u2013 Net of current portion 38 42 Total liabilities 5,522 7,258 SHAREHOLDERS\u2019 EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 637,387,025 and 616,026,565 shares issued, respectively; 637,387,025 and 616,026,565 shares outstanding, respectively \u2014 \u2014 Additional paid-in capital 4,148 3,955 Accumulated deficit (3,058) (1,705) Accumulated other comprehensive loss (4) (2) Total shareholders\u2019 equity 1,086 2,248 TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY $ 6,608 $ 9,506" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm#b11", + "block_sequence": 11, + "block_sha256": "aa94ea82d046782df6d6a9cd4264addc724ddcfcdc3b8ec3b54210e5b7157434", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm", + "block_sequence": 11, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "679a00c55b8b70b0f49990270dbce4bf0cbbcdb781a9d77aab7e6606f3604adf", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm#s2", + "table": null, + "text": "q42022formxex993suppleme004.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm#b12", + "block_sequence": 12, + "block_sha256": "d304090fa43680d1283b74e0cb560c3724f83040e86850e9eef24848c6c06e1a", + "block_type": "paragraph", + "char_count": 1951, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm", + "block_sequence": 12, + "char_end": 1951, + "char_start": 0, + "fragment_sha256": "9e500f353721fa104d2ddef92fcaba3553fb81e8ceb12a714e363e2b39c60ba8", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. 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NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Gross (Loss) Profit and Contribution (Loss) Profit to our Gross Profit (Loss) Three Months Ended (in millions, except percentages and homes sold, or as noted) December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 Gross profit (loss) (GAAP) $ 71 $ (425) $ 486 $ 535 $ 272 Gross Margin 2.5 % (12.6) % 11.6 % 10.4 % 7.1 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f (1)(2) 73 573 82 8 24 Inventory valuation adjustment \u2013 Prior Periods\u034f (1)(3) (236) (38) (12) (31) (17) Adjusted Gross (Loss) Profit $ (92) $ 110 $ 556 $ 512 $ 279 Adjusted Gross Margin (3.2) % 3.3 % 13.2 % 9.9 % 7.3 % Adjustments: Direct selling costs (4) (78) (100) (100) (136) (99) Holding costs on sales \u2013 Current Period\u034f (5)(6) (10) (14) (11) (16) (12) Holding costs on sales \u2013 Prior Periods\u034f (5)(7) (27) (18) (23) (28) (16) Contribution (Loss) Profit $ (207) $ (22) $ 422 $ 332 $ 152 Homes sold in period 7,512 8,520 10,482 12,669 9,794 Contribution (Loss) Profit per Home Sold (in thousands) $ (28) $ (3) $ 40 $ 26 $ 16 Contribution Margin (7.2) % (0.7) % 10.1 % 6.4 % 4.0 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow- related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. 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(2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuring costs consist mainly of employee termination benefits, relocation packages and bonuses as well as costs related to the exiting of certain non-cancelable leases. (7) Includes primarily gain or loss on interest rate lock commitments, gain or loss on the sale of available for sale securities, sublease income, and income from equity method investments. (8) Includes interest expense on our non-recourse asset-backed debt facilities. (9) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, interest expense related to the 2026 convertible senior notes outstanding, and interest expense on other secured borrowings. 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"https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex993suppleme.htm", "table_id": null, "text": "Document generated by Workiva Inc q42022formxex993suppleme\n\nOPENDOOR TECHNOLOGIES INC. NON-GAAP MEASURES & KEY METRICS (Unaudited) Period Ended ($ in millions, except markets, homes purchased, homes sold, homes in inventory, and margins) Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Key Metrics Total Markets (at period end) 53 51 51 45 44 Total Revenue $ 2,857 $ 3,361 $ 4,198 $ 5,151 $ 3,822 Homes Purchased 3,427 8,380 14,135 9,020 9,639 Homes Sold 7,512 8,520 10,482 12,669 9,794 Homes in Inventory (at period end) 12,788 16,873 17,013 13,360 17,009 Inventory (at period end) $ 4,460 $ 6,093 $ 6,628 $ 4,664 $ 6,096 Non-GAAP Financial Measures Adjusted Gross (Loss) Profit $ (92) $ 110 $ 556 $ 512 $ 279 Selling Costs (78) (100) (100) (136) (99) Holding Costs (37) (32) (34) (44) (28) Contribution (Loss) Profit $ (207) $ (22) $ 422 $ 332 $ 152 Adjusted EBITDA $ (351) $ (211) $ 218 $ 176 $ 0.4 Adjusted Net (Loss) Income $ (467) $ (328) $ 122 $ 99 $ (80) Margins Total Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Adjusted Gross (Loss) Profit (3.2) % 3.3 % 13.2 % 9.9 % 7.3 % Contribution Margin (7.2) % (0.7) % 10.1 % 6.4 % 4.0 % Adjusted EBITDA (12.3) % (6.3) % 5.2 % 3.4 % — % Adjusted Net (Loss) Income (16.3) % (9.8) % 2.9 % 1.9 % (2.1) % Exhibit 99.3\n\nOPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited) Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 REVENUE $ 2,857 $ 3,822 $ 15,567 $ 8,021 COST OF REVENUE 2,786 3,550 14,900 7,291 GROSS PROFIT 71 272 667 730 OPERATING EXPENSES: Sales, marketing and operations 194 225 1,006 544 General and administrative 23 117 346 620 Technology and development 48 32 169 134 Goodwill Impairment 60 — 60 — Restructuring 17 — 17 — Total operating expenses 342 374 1,598 1,298 LOSS FROM OPERATIONS (271) (102) (931) (568) WARRANT FAIR VALUE ADJUSTMENT — — — 12 LOSS ON EXTINGUISHMENT OF DEBT (25) — (25) — INTEREST EXPENSE (113) (73) (385) (143) OTHER (LOSS) INCOME – Net 10 (16) (10) 38 LOSS BEFORE INCOME TAXES (399) (191) (1,351) (661) INCOME TAX EXPENSE — — (2) (1) NET LOSS $ (399) $ (191) $ (1,353) $ (662) Net loss per share attributable to common shareholders: Basic $ (0.63) $ (0.31) $ (2.16) $ (1.12) Diluted $ (0.63) $ (0.31) $ (2.16) $ (1.12) Weighted-average shares outstanding: Basic 634,595 612,516 627,105 592,574 Diluted 634,595 612,516 627,105 592,574"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm#b10"], "char_count": 1555, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ca95c0a7afed1e1f5930077dc45ad781e9700768fb026e225dd23c391b151205", "derivation_id": "a61b8562a3e844ca2135f976a2a7fade5a22985f117f623ae80d367429eb84d9", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm", "block_sequence": 10, "char_end": 1555, "char_start": 0, "fragment_sha256": "02ee7aa4de144e030186df25ac69d7d97e25529cc5d3ea33ad884cfc7ccc51ca", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm#p2", "passage_kind": "narrative", "passage_sequence": 2, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex993suppleme.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) December 31, 2022 December 31, 2021 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,137 $ 1,731 Restricted cash 654 847 Marketable securities 144 484 Escrow receivable 30 84 Mortgage loans held for sale pledged under agreements to repurchase — 7 Real estate inventory, net 4,460 6,096 Other current assets ($1 and $4 carried at fair value) 41 91 Total current assets 6,466 9,340 PROPERTY AND EQUIPMENT – Net 58 45 RIGHT OF USE ASSETS 41 42 GOODWILL 4 60 INTANGIBLES – Net 12 12 OTHER ASSETS 27 7 TOTAL ASSETS $ 6,608 $ 9,506 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 110 $ 137 Non-recourse asset-backed debt - current portion 1,376 4,240 Other secured borrowings — 7 Interest payable 12 12 Lease liabilities - current portion 7 4 Total current liabilities 1,505 4,400 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 3,020 1,862 CONVERTIBLE SENIOR NOTES 959 954 LEASE LIABILITIES – Net of current portion 38 42 Total liabilities 5,522 7,258 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 637,387,025 and 616,026,565 shares issued, respectively; 637,387,025 and 616,026,565 shares outstanding, respectively — — Additional paid-in capital 4,148 3,955 Accumulated deficit (3,058) (1,705) Accumulated other comprehensive loss (4) (2) Total shareholders’ equity 1,086 2,248 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 6,608 $ 9,506"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm#b12"], "char_count": 1951, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d304090fa43680d1283b74e0cb560c3724f83040e86850e9eef24848c6c06e1a", "derivation_id": "a61b8562a3e844ca2135f976a2a7fade5a22985f117f623ae80d367429eb84d9", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm", "block_sequence": 12, "char_end": 1951, "char_start": 0, "fragment_sha256": "9e500f353721fa104d2ddef92fcaba3553fb81e8ceb12a714e363e2b39c60ba8", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex993suppleme.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Year Ended December 31, 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (1,353) $ (662) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash provided by (used in) operating activities: Depreciation and amortization 83 47 Amortization of right of use asset 7 8 Stock-based compensation 171 536 Warrant fair value adjustment — (12) Gain on settlement of lease liabilities — (5) Inventory valuation adjustment 737 56 Goodwill impairment 60 — Change in fair value of equity securities 35 (35) Net fair value adjustments and loss on sale of mortgage loans held for sale (1) (4) Origination of mortgage loans held for sale (118) (196) Proceeds from sale and principal collections of mortgage loans held for sale 128 197 Loss on early extinguishment of debt 25 — Changes in operating assets and liabilities: Escrow receivable 54 (83) Real estate inventory 896 (5,656) Other assets 37 (52) Accounts payable and other accrued liabilities (25) 76 Interest payable 2 4 Lease liabilities (8) (13) Net cash provided by (used in) operating activities 730 (5,794) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (37) (33) Purchase of intangible assets — (1) Purchase of marketable securities (28) (486) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 328 92 Purchase of non-marketable equity securities (25) (15) Proceeds from sale of non-marketable equity securities 3 — Capital returns of non-marketable equity securities 3 — Acquisitions, net of cash acquired (10) (33) Net cash provided by (used in) investing activities 234 (476) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of convertible senior notes, net of issuance costs — 953 Purchase of capped calls related to convertible senior notes — (119) Proceeds from exercise of stock options 4 15"} +{"artifact_role": "ex99-03", "block_ids": 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"table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm", "block_sequence": 16, "char_end": 2339, "char_start": 0, "fragment_sha256": "bb89d7173de825fe2419e0328000aaed842a8f22fbab4da1a3fed26642cd3ebc", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex993suppleme.htm", "table_id": null, "text": "Proceeds from issuance of common stock for ESPP 2 — Proceeds from warrant exercise — 22 Proceeds from the February 2021 Offering — 886 Issuance cost of common stock — (29) Proceeds from non-recourse asset-backed debt 10,108 11,499 Principal payments on non-recourse asset-backed debt (11,822) (5,838) Proceeds from other secured borrowings 114 192 Principal payments on other secured borrowings (121) (192) Payment of loan origination fees and debt issuance costs (26) (47) Payment for early extinguishment of debt (10) — Net cash (used in) provided by financing activities (1,751) 7,342 NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (787) 1,072 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 2,578 1,506 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $ 1,791 $ 2,578 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $ 355 $ 122 DISCLOSURES OF NONCASH ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 16 $ 12 Issuance of common stock in extinguishment of warrant liabilities $ — $ (35) RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 1,137 $ 1,731 Restricted cash 654 847 Cash, cash equivalents, and restricted cash $ 1,791 $ 2,578\n\nOPENDOOR TECHNOLOGIES INC. NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Gross (Loss) Profit and Contribution (Loss) Profit to our Gross Profit (Loss) Three Months Ended (in millions, except percentages and homes sold, or as noted) December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 Gross profit (loss) (GAAP) $ 71 $ (425) $ 486 $ 535 $ 272 Gross Margin 2.5 % (12.6) % 11.6 % 10.4 % 7.1 % Adjustments: Inventory valuation adjustment – Current Period͏ (1)(2) 73 573 82 8 24 Inventory valuation adjustment – Prior Periods͏ (1)(3) (236) (38) (12) (31) (17) Adjusted Gross (Loss) Profit $ (92) $ 110 $ 556 $ 512 $ 279 Adjusted Gross Margin (3.2) % 3.3 % 13.2 % 9.9 % 7.3 % Adjustments: Direct selling costs (4) (78) (100) (100) (136) (99) Holding costs on sales – Current Period͏ (5)(6) (10) (14) (11) (16) (12) Holding costs on sales – Prior Periods͏ (5)(7) (27) (18) (23) (28) (16) Contribution (Loss) Profit $ (207) $ (22) $ 422 $ 332 $ 152 Homes sold in period 7,512 8,520 10,482 12,669 9,794 Contribution (Loss) Profit per Home Sold (in thousands) $ (28) $ (3) $ 40 $ 26 $ 16 Contribution Margin (7.2) % (0.7) % 10.1 % 6.4 % 4.0 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow- related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm#b18"], "char_count": 2919, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "99d7391a0bc124cdd7179acd4558073b189c18d021fed724618ef865ce1b8f84", "derivation_id": "a61b8562a3e844ca2135f976a2a7fade5a22985f117f623ae80d367429eb84d9", "document_id": "norm:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2023-02-23", "filing_id": "sec:0001801169:0001801169-23-000022", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm", "block_sequence": 18, "char_end": 2919, "char_start": 0, "fragment_sha256": "74db2372aa9ebfec1e2e3a8b2a17494506039a575d765d0034c1504b31f1e4ac", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-02-23", "section_id": "norm:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000022:q42022formxex993suppleme.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000022/q42022formxex993suppleme.htm", "table_id": null, "text": "Reconciliation of our Adjusted Net (Loss) Income and Adjusted EBITDA to our Net (Loss) Income Three Months Ended (in millions, except percentages) December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 Net (loss) income (GAAP) $ (399) $ (928) $ (54) $ 28 $ (191) Adjustments: Stock-based compensation (7) 52 59 67 71 Equity securities fair value adjustment(1) (1) 11 3 22 16 Intangibles amortization expense(2) 2 2 3 2 2 Inventory valuation adjustment – Current Period͏(3)(4) 73 573 82 8 24 Inventory valuation adjustment — Prior Periods͏(3)(5) (236) (38) (12) (31) (17) Restructuring(6) 17 — — — — Loss on extinguishment of debt 25 — — — — Goodwill impairment 60 — — — — Legal contingency accrual and related expenses 1 — 42 3 14 Other(7) (2) — (1) — 1 Adjusted Net (Loss) Income $ (467) $ (328) $ 122 $ 99 $ (80) Adjustments: Depreciation and amortization, excluding amortization of intangibles and right of use assets 12 8 12 9 9 Property financing(8) 93 102 76 58 62 Other interest expense(9) 20 13 13 10 10 Interest income(10) (9) (7) (6) — (1) Income tax expense — 1 1 — — Adjusted EBITDA $ (351) $ (211) $ 218 $ 176 $ 0.4 Adjusted EBITDA Margin (12.3) % (6.3) % 5.2 % 3.4 % — % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuring costs consist mainly of employee termination benefits, relocation packages and bonuses as well as costs related to the exiting of certain non-cancelable leases. (7) Includes primarily gain or loss on interest rate lock commitments, gain or loss on the sale of available for sale securities, sublease income, and income from equity method investments. (8) Includes interest expense on our non-recourse asset-backed debt facilities. (9) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, interest expense related to the 2026 convertible senior notes outstanding, and interest expense on other secured borrowings. 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Emerging growth company \u2610 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o" + }, + { + "block_id": "norm:0001801169:0001801169-23-000040:open-20230313.htm#b20", + "block_sequence": 20, + "block_sha256": "b89696dd562dc98e2d1749a869ddb9e170e8ec4b569de938d823dcf31e61ed4a", + "block_type": "heading", + "char_count": 34, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000040:open-20230313.htm", + "block_sequence": 20, + "char_end": 34, + "char_start": 0, + "fragment_sha256": "fcec0789832f49277de82434595e218c54afde9c84449c5911f7736e0ddd34bf", + "heading_path": [ + "UNITED STATES", + "Item 7.01 Regulation FD Disclosure" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000040:open-20230313.htm#s12", + "table": null, + "text": "Item 7.01 Regulation FD Disclosure" + }, + { + "block_id": "norm:0001801169:0001801169-23-000040:open-20230313.htm#b21", + "block_sequence": 21, + "block_sha256": "ad509ee37aff64f72aa12fbb8dadbfb7583014402ab914421161d507151467bc", + "block_type": "paragraph", + "char_count": 1282, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000040:open-20230313.htm", + "block_sequence": 21, + "char_end": 1282, + "char_start": 0, + "fragment_sha256": "3d77b0d96cf9bb2fbc37de7ec3b6ed37183fc445443fd34c74ec0c3ac090e921", + "heading_path": [ + "UNITED STATES", + "Item 7.01 Regulation FD Disclosure" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000040:open-20230313.htm#s12", + "table": null, + "text": "In light of recent Federal Deposit Insurance Corporation action and market volatility, we wanted to provide insight into our liquidity and capital resources. Opendoor Technologies Inc. held less than 1% of our total cash, cash equivalents and restricted cash at Silicon Valley Bank (\u201cSVB\u201d) and our critical business operations were not run from SVB accounts. As of March 13, 2023, approximately 98% of our total cash, cash equivalents and restricted cash is held at the nation's four largest banks. Our asset-backed credit facilities are provided by a diversified base of lenders and have staggered scheduled maturities. All of our asset-backed credit facilities continue to operate consistent with the terms of the facilities as detailed in our most recent Annual Report on Form 10-K. 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(the “Company”) announced that it has entered into separate, privately negotiated repurchase agreements with a limited number of holders of its 0.25% Convertible Senior Notes due 2026 (the “Notes”) to repurchase (the “Repurchases”) approximately $186 million aggregate principal amount of the Notes at approximately a 46.5% discount to par value, inclusive of accrued interest. The repurchase price payable by the Company will be paid in cash. The Company has previously entered into capped call transactions with certain financial institutions in connection with the Notes. All of these transactions are expected to remain in effect notwithstanding the Repurchases. The Repurchases are expected to close on March 20, 2023, subject to the satisfaction of customary closing conditions. 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A copy of the Supplement is attached to this Current Report on Form 8-K as Exhibit 99.3. 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Opendoor Technologies Inc. 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(Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported financial results for its quarter ended March 31, 2023. Opendoor\u2019s first quarter of 2023 financial results and management commentary can be accessed through the Company\u2019s shareholder letter on the \u201cQuarterly Reports\u201d page of Opendoor\u2019s investor relations website at https://investor.opendoor.com. \u201cAt Opendoor, our vision is to build the most trusted e-commerce platform for residential real estate. We have dedicated the last nine years to delivering on this vision and we stand alone in giving customers the ability to move with simplicity and certainty,\u201d said Carrie Wheeler, CEO of Opendoor. Wheeler continued, \u201cOur Q1 results demonstrate our progress in navigating the housing market transition against an uncertain macro backdrop. We exceeded our sell-through expectations for our longest-held homes and continued to build a new book of inventory with strong margin performance. We also took further actions to right-size our cost structure. As we look ahead, we are focused on attracting more sellers, including via the expansion of our partnership channels and product diversification, and driving operational excellence to improve our long-term profitability.\u201d" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b8", + "block_sequence": 8, + "block_sha256": "79c1e951382afaa1b28c2df00acba140d615f0bfa63058cf3cc684ccca273431", + "block_type": "heading", + "char_count": 33, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", + "block_sequence": 8, + "char_end": 33, + "char_start": 0, + "fragment_sha256": "0a580acd542068e6141e9519c56d9c9f2efa65aebd8ebbfb394a85f9f614ccd6", + "heading_path": [ + "EX-99.1", + "First Quarter 2023 Key Highlights" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s5", + "table": null, + "text": "First Quarter 2023 Key Highlights" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b9", + "block_sequence": 9, + "block_sha256": "fcb73bffbce3d3836265966ed4b6b9d4bc42bbeefeeba90ae2f1a100a71cf67f", + "block_type": "paragraph", + "char_count": 893, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", + "block_sequence": 9, + "char_end": 893, + "char_start": 0, + "fragment_sha256": "4a87e6ae220dad98317c572b575db39ef97d659e3ce30d3760c5df09ee7f40d7", + "heading_path": [ + "EX-99.1", + "First Quarter 2023 Key Highlights" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s5", + "table": null, + "text": "\u2022Revenue of $3.1 billion, down (39)% versus 1Q22; with 8,274 total homes sold, down (35)% versus 1Q22 \u2022Gross profit of $170 million, which reflects an inventory valuation adjustment on homes remaining in inventory at quarter end of $23 million; Gross Margin of 5.4%, versus 10.4% in 1Q22 \u2022Net (loss) income of $(101) million, versus $28 million in 1Q22 \u2022Adjusted Net (Loss) income of $(409) million, versus $99 million in 1Q22 \u2022Contribution (Loss) Profit of $(241) million, versus $332 million in 1Q22; Contribution Margin of (7.7)%, versus 6.4% in 1Q22 \u2022Adjusted EBITDA of $(341) million, versus $176 million in 1Q22; Adjusted EBITDA Margin of (10.9)%, versus 3.4% in 1Q22 \u2022Inventory balance of $2.1 billion, representing 6,261 homes, down (55)% versus 1Q22 \u2022Purchased 1,747 homes, down (81)% versus 1Q22 \u2022Ended the quarter with 1,137 homes under contract for purchase, down (86)% versus 1Q22" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b10", + "block_sequence": 10, + "block_sha256": "9d1df1403717a7d49f10d754f2131af757d344cfcb3151458c2fe1546b64b53a", + "block_type": "heading", + "char_count": 22, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", + "block_sequence": 10, + "char_end": 22, + "char_start": 0, + "fragment_sha256": "6adc6994a4c83c5ac8c52cf950f4579f1943553a4599fc9e5deb9c2068f8b7d6", + "heading_path": [ + "EX-99.1", + "2023 Financial Outlook" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s6", + "table": null, + "text": "2023 Financial Outlook" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b11", + "block_sequence": 11, + "block_sha256": "9302dc6d6e3d9ddfd5e2413edc5f06ce55e01cbf42c574bc20ef01658e45f06f", + "block_type": "paragraph", + "char_count": 912, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", + "block_sequence": 11, + "char_end": 912, + "char_start": 0, + "fragment_sha256": "f2f2cc04204dd27739797cf0f1b68f592ec5e189a6ee966a2554663732d1d3ec", + "heading_path": [ + "EX-99.1", + "2023 Financial Outlook" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s6", + "table": null, + "text": "\u20222Q23 revenue guidance of $1.75 billion to $1.85 billion \u20222Q23 Adjusted EBITDA1 guidance of $(180) million to $(200) million 1 Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company\u2019s control. For more information regarding the non-GAAP financial measures discussed in this press release, please see \u201cUse of Non-GAAP Financial Measures\u201d following the financial tables below." + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b12", + "block_sequence": 12, + "block_sha256": "a6d5472b2970d188397362cbeb120c141dfa00ea685622341f4da2accca23ec9", + "block_type": "heading", + "char_count": 35, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", + "block_sequence": 12, + "char_end": 35, + "char_start": 0, + "fragment_sha256": "8f4803ade21027cea3732425b5d91aff522b9219c7b3a8bb471d178586335c09", + "heading_path": [ + "EX-99.1", + "2023 Financial Outlook", + "Conference Call and Webcast Details" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s7", + "table": null, + "text": "Conference Call and Webcast Details" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b13", + "block_sequence": 13, + "block_sha256": "ac4ce803534c0840b7a56f83720c631ba47c79eba51f5f979cbca4d12e8c61ed", + "block_type": "paragraph", + "char_count": 323, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", + "block_sequence": 13, + "char_end": 323, + "char_start": 0, + "fragment_sha256": "68374330bfaf4a42fcb264e9b63190c7f09935d53eb1677dc424fa9311c1ab2a", + "heading_path": [ + "EX-99.1", + "2023 Financial Outlook", + "Conference Call and Webcast Details" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s7", + "table": null, + "text": "Opendoor will host a conference call to discuss its financial results on May 4, 2023, at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. 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Since 2014, Opendoor has provided people across the U.S. with a simple way to buy and sell a home. Opendoor currently operates in a growing number of markets nationwide. For more information, please visit www.opendoor.com" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b16", + "block_sequence": 16, + "block_sha256": "1d8469bf9c663edb3c938b337e8eb7b6386c9f6dc8633427fe813d5f0ad02182", + "block_type": "heading", + "char_count": 26, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", + "block_sequence": 16, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "1c1b2c1ff491441a71c1994c5ace986494b37cd4881e2f3417345dd8ad104d6e", + "heading_path": [ + "EX-99.1", + "2023 Financial Outlook", + "Conference Call and Webcast Details", + "Forward Looking Statements" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s9", + "table": null, + "text": "Forward Looking Statements" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b17", + "block_sequence": 17, + "block_sha256": "1b521219eeba146cd7607eaff68531b5a2ef873d64765bba341362943e090a8d", + "block_type": "paragraph", + "char_count": 5803, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", + "block_sequence": 17, + "char_end": 5803, + "char_start": 0, + "fragment_sha256": "c0b2fb8f6139eec76afc0b6959f9da64a85f44093537614d2d4987d6a83b52c9", + "heading_path": [ + "EX-99.1", + "2023 Financial Outlook", + "Conference Call and Webcast Details", + "Forward Looking Statements" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s9", + "table": null, + "text": "This press release contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the health of our financial condition; anticipated future results of operations and financial performance; priorities of the Company to achieve future goals; the Company\u2019s ability to continue to effectively navigate the markets in which it operates; anticipated future and ongoing impacts of our acquisitions and other business decisions; health of our balance sheet to weather ongoing market transitions; the Company\u2019s ability to adopt an effective approach to manage economic and industry risk, as well as inventory health; business strategy and plans, including any plans to expand into additional markets, market opportunity and expansion and objectives of management for future operations, including our statements regarding the benefits and timing of the roll out of new markets, products or technology; and the expected diversification of funding sources. These forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cguidance\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201coutlook\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cvision\u201d, \u201cwill\u201d, or \u201cwould\u201d, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this press release include but are not limited to: the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturn or slowdown; changes in general economic and financial conditions (including federal monetary policy, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory) that may reduce demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; any future impact of the ongoing COVID-19 pandemic (including future variants) or other public health crises on our ability to operate, demand for our products or services, or general economic conditions; addition or loss of a significant number of customers; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; ability to protect our brand and intellectual property; ability to obtain or maintain licenses and permits to support our current and future business operations; ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our technology platform, including our automated pricing and valuation technology; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; the impact of natural disasters and other catastrophic events; changes in laws or government regulation affecting our business; and the impact of pending or future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \u201cRisk Factors\u201d in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 23, 2023, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. 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"block_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b39", + "block_sequence": 39, + "block_sha256": "74acaae7c298302a10ad58e0b6ce42f26f76e6a51f04667d153bc746fe4e43b1", + "block_type": "paragraph", + "char_count": 1257, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", + "block_sequence": 39, + "char_end": 1257, + "char_start": 0, + "fragment_sha256": "e52e15c79c519c359a4c6dd6ba159d5ec77174a5d1cb410ad1a537340a25889f", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s19", + "table": null, + "text": "To provide investors with additional information regarding the Company\u2019s financial results, this press release includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross (Loss) Profit, Contribution (Loss) Profit, Adjusted Net (Loss) Income, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results." + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b40", + "block_sequence": 40, + "block_sha256": "c3a16d7bcd7911ac0d2b100d59efedaea560ae04ea6616f3ef53cd22129b77d2", + "block_type": "heading", + "char_count": 59, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", + "block_sequence": 40, + "char_end": 59, + "char_start": 0, + "fragment_sha256": "d39bcb195ef29206ff9036d2676884e9daf2aac8993f96f232f639ef49310ea6", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross (Loss) Profit and Contribution (Loss) Profit" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s20", + "table": null, + "text": "Adjusted Gross (Loss) Profit and Contribution (Loss) Profit" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b41", + "block_sequence": 41, + "block_sha256": "214c75074c13f05287d6af60e274b72ef01142ee9650182c76e977f4167af311", + "block_type": "paragraph", + "char_count": 1786, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", + "block_sequence": 41, + "char_end": 1786, + "char_start": 0, + "fragment_sha256": "82f909d3528b816eb3b3919708a162220bf91fcb4b528423ab245b77291789d9", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross (Loss) Profit and Contribution (Loss) Profit" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s20", + "table": null, + "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross (Loss) Profit and Contribution (Loss) Profit, which are non-GAAP financial measures. We believe that Adjusted Gross (Loss) Profit and Contribution (Loss) Profit are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution (Loss) Profit provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross (Loss) Profit and Contribution (Loss) Profit are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross (loss) profit." + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b42", + "block_sequence": 42, + "block_sha256": "c5a9625b0c9cb1d7c72b6f00d6da9e484d8262576219cd146a2e8f5a992555de", + "block_type": "heading", + "char_count": 37, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", + "block_sequence": 42, + "char_end": 37, + "char_start": 0, + "fragment_sha256": "09b45ee9a2a4858918a9801c584b867ab5b66f085303d2fcf4a112cd738d9f89", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross (Loss) Profit / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s21", + "table": null, + "text": "Adjusted Gross (Loss) Profit / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b43", + "block_sequence": 43, + "block_sha256": "4f71e3420c9538913a5f526eaaf770460fbb3db3a1f36d6a2f1a3c0fd117a584", + "block_type": "paragraph", + "char_count": 1004, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", + "block_sequence": 43, + "char_end": 1004, + "char_start": 0, + "fragment_sha256": "b620276a25cb17e56d7e0d358b0263cb19a9037f258fa2a7b7591769ea3c515f", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross (Loss) Profit / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s21", + "table": null, + "text": "We calculate Adjusted Gross (Loss) Profit as gross (loss) profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross (Loss) Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross (Loss) Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b44", + "block_sequence": 44, + "block_sha256": "d151a889dc0f0b61b94c02247fb85af7c9ba19c18277017a5a93a75f8623d2b5", + "block_type": "heading", + "char_count": 35, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", + "block_sequence": 44, + "char_end": 35, + "char_start": 0, + "fragment_sha256": "7d5e24d8aacb8b46e739e0937e0722ae5c5e64c945e169033148c009dff2ce21", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Contribution (Loss) Profit / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s22", + "table": null, + "text": "Contribution (Loss) Profit / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b45", + "block_sequence": 45, + "block_sha256": "da7a47ee91648b059b97a3e14c66e380d8dc188a26b35b5125ae1b6df5d4b6ef", + "block_type": "paragraph", + "char_count": 784, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", + "block_sequence": 45, + "char_end": 784, + "char_start": 0, + "fragment_sha256": "0d0c8e936224e26e5c1c2b455077a7b8bbbf1b9a34af49efee5f75c23e04a03f", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Contribution (Loss) Profit / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s22", + "table": null, + "text": "We calculate Contribution (Loss) Profit as Adjusted Gross (Loss) Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution (Loss) Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution (Loss) Profit helps management assess inflows and outflows directly associated with a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b46", + "block_sequence": 46, + "block_sha256": "7460ff5afa74595bed1ed49c4ec349f88984782302cbab9cee3bae99ec2b46cd", + "block_type": "heading", + "char_count": 26, + "level": 6, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", + "block_sequence": 46, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "b8b8062826f34c01775f668e5b2cc75d457b8d2c8832287c6f571c29eac5c67b", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Contribution (Loss) Profit / Margin", + "OPENDOOR TECHNOLOGIES INC." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s23", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC." + }, + { + 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50, + "block_sha256": "639c86c85d8aba53ebb6dc60f9260b25183259e6d9584a5fd18464d14ffb9973", + "block_type": "paragraph", + "char_count": 219, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", + "block_sequence": 50, + "char_end": 219, + "char_start": 0, + "fragment_sha256": "ef6fcc38cec1af7ed6f5d0360fa03b34bd994927353ebaa1ef97f7e2650586f1", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Contribution (Loss) Profit / Margin", + "OPENDOOR TECHNOLOGIES INC.", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s24", + "table": null, + "text": "The following table presents a reconciliation of our Adjusted Gross (Loss) Profit and Contribution (Loss) Profit to our gross (loss) profit, which is the most directly comparable GAAP measure, for the periods indicated:" + 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| | | | | | | | | | | | | \nDirect selling costs(4) | | (85) | | | | | (136) | | | | | | | \nHolding costs on sales \u2013 Current Period(5)(6) | | (13) | | | | | (16) | | | | | | | \nHolding costs on sales \u2013 Prior Periods(5)(7) | | (41) | | | | | (28) | | | | | | | \nContribution (Loss) Profit | | $ | (241) | | | | | $ | 332 | | | | | \nHomes sold in period | | 8,274 | | | | | 12,669 | | | | | | | \nContribution (Loss) Profit per Home Sold (in thousands) | | $ | (29) | | | | | $ | 26 | | | | | \nContribution Margin | | (7.7) | % | | | | 6.4 | % | | | | | | " + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b52", + "block_sequence": 52, + "block_sha256": "4cf00d828a49141d245df4e3d22e42f6ceb9cf545bc53f0f5984d2aa792cbd44", + "block_type": "other", + "char_count": 16, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", + "block_sequence": 52, + "char_end": 16, + "char_start": 0, + "fragment_sha256": "7fdbb5bd0c91a386038a54dafc306bd55a27c3242e1540451c2885fb5da9076a", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Contribution (Loss) Profit / Margin", + "OPENDOOR TECHNOLOGIES INC.", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s24", + "table": null, + "text": "________________" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b53", + "block_sequence": 53, + "block_sha256": "211ba6f2660ac980adfb7cfda1a5cd3d738824ffb95c0fb434bb18fff2f3ecf1", + "block_type": "paragraph", + "char_count": 1141, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", + "block_sequence": 53, + "char_end": 1141, + "char_start": 0, + "fragment_sha256": "ce88b8aac746f34d55660daab329c6ba1c14a78be0074e39afe53bfa66f95905", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Contribution (Loss) Profit / Margin", + "OPENDOOR TECHNOLOGIES INC.", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s24", + "table": null, + "text": "(1)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2)Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3)Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5)Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented." + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b54", + "block_sequence": 54, + "block_sha256": "fca17254c497cad4dac8c53b351e70c6d20f13af1b2ebfc8085200478726dbdd", + "block_type": "heading", + "char_count": 46, + "level": 8, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", + "block_sequence": 54, + "char_end": 46, + "char_start": 0, + "fragment_sha256": "bec5251340e49c6a6ce642c93864c2d71e3be265585e1dbabb996cc62344fb15", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net (Loss) Income and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s25", + "table": null, + "text": "Adjusted Net (Loss) Income and Adjusted EBITDA" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b55", + "block_sequence": 55, + "block_sha256": "b10bdab7281fa87de695a543be0cf19d6d29625030502d62b6a6bbbae1ab6e75", + "block_type": "paragraph", + "char_count": 1589, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", + "block_sequence": 55, + "char_end": 1589, + "char_start": 0, + "fragment_sha256": "f886385ad8baf16eadf2fdad9dda017093991d499a4f774d12cdea7c6ac77ece", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net (Loss) Income and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s25", + "table": null, + "text": "We also present Adjusted Net (Loss) Income and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net (Loss) Income and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net (loss) income." + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b56", + "block_sequence": 56, + "block_sha256": "493304ea990d405640657ba893c65e0fa41e41501b81db14c9c0fb0323df7e18", + "block_type": "heading", + "char_count": 26, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", + "block_sequence": 56, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "9d58cbad9774781b352f91f7af44a8deb4a3ae45e486c9e98670fe64ad8cdec3", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net (Loss) Income" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s26", + "table": null, + "text": "Adjusted Net (Loss) Income" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b57", + "block_sequence": 57, + "block_sha256": "c00da99ce95133b60c617066da7894e56ddf0dca7133e0e3361966cc53071c6e", + "block_type": "paragraph", + "char_count": 1096, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", + "block_sequence": 57, + "char_end": 1096, + "char_start": 0, + "fragment_sha256": "a238d28bcaffc0baff233d05e8d239869bb96d4920e5c9c5954bc7aededf7256", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net (Loss) Income" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s26", + "table": null, + "text": "We calculate Adjusted Net (Loss) Income as GAAP net (loss) income adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as legal contingency accruals. It excludes (gain) loss on extinguishment of debt as these expenses were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. Adjusted Net (Loss) Income also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net (Loss) Income does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date." + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b58", + "block_sequence": 58, + "block_sha256": "773660f28ede02e28c7f61ddeb64a36beccffd99caee7e409b39dd9eb04f06b9", + "block_type": "heading", + "char_count": 15, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", + "block_sequence": 58, + "char_end": 15, + "char_start": 0, + "fragment_sha256": "9fb6e786e171bef58f47377e0b4f8eaa5be01cdfc8cecba9c6c1035fd236de44", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s27", + "table": null, + "text": "Adjusted EBITDA" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b59", + "block_sequence": 59, + "block_sha256": "8ff408f1b0133004985354624a59a598fcbd0d99913bafe8d4aa85019e4bdfd3", + "block_type": "paragraph", + "char_count": 555, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", + "block_sequence": 59, + "char_end": 555, + "char_start": 0, + "fragment_sha256": "bd9202dafd0ddc8f2967866c181c55abd5c60d90676f7a1b9ad15b3b7c97b79b", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s27", + "table": null, + "text": "We calculated Adjusted EBITDA as Adjusted Net (Loss) Income adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. 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(Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported financial results for its quarter ended March 31, 2023. Opendoor’s first quarter of 2023 financial results and management commentary can be accessed through the Company’s shareholder letter on the “Quarterly Reports” page of Opendoor’s investor relations website at https://investor.opendoor.com. “At Opendoor, our vision is to build the most trusted e-commerce platform for residential real estate. We have dedicated the last nine years to delivering on this vision and we stand alone in giving customers the ability to move with simplicity and certainty,” said Carrie Wheeler, CEO of Opendoor. Wheeler continued, “Our Q1 results demonstrate our progress in navigating the housing market transition against an uncertain macro backdrop. We exceeded our sell-through expectations for our longest-held homes and continued to build a new book of inventory with strong margin performance. 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Since 2014, Opendoor has provided people across the U.S. with a simple way to buy and sell a home. Opendoor currently operates in a growing number of markets nationwide. For more information, please visit www.opendoor.com"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b17"], "char_count": 2013, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "2ce5559e3745edb3ff90707c1ea848634f04413fb8965d7e0452f55c09a3d510", "derivation_id": "7d6d52c22181f272a9e48d53be1cc53f039f1440b030a10b545a6a2a041dcc60", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "2023 Financial Outlook", "Conference Call and Webcast Details", "Forward Looking Statements"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "block_sequence": 17, "char_end": 2013, "char_start": 0, "fragment_sha256": "c0b2fb8f6139eec76afc0b6959f9da64a85f44093537614d2d4987d6a83b52c9", "heading_path": ["EX-99.1", "2023 Financial Outlook", "Conference Call and Webcast Details", "Forward Looking Statements"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s9", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex991earningsre.htm", "table_id": null, "text": "This press release contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the health of our financial condition; anticipated future results of operations and financial performance; priorities of the Company to achieve future goals; the Company’s ability to continue to effectively navigate the markets in which it operates; anticipated future and ongoing impacts of our acquisitions and other business decisions; health of our balance sheet to weather ongoing market transitions; the Company’s ability to adopt an effective approach to manage economic and industry risk, as well as inventory health; business strategy and plans, including any plans to expand into additional markets, market opportunity and expansion and objectives of management for future operations, including our statements regarding the benefits and timing of the roll out of new markets, products or technology; and the expected diversification of funding sources. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “vision”, “will”, or “would”, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b17"], "char_count": 3789, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9203dec1103c59b87373f2c37648f8b57ab55449ca475c44dae286e0562ca35e", "derivation_id": "7d6d52c22181f272a9e48d53be1cc53f039f1440b030a10b545a6a2a041dcc60", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "2023 Financial Outlook", "Conference Call and Webcast Details", "Forward Looking Statements"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "block_sequence": 17, "char_end": 5802, "char_start": 2013, "fragment_sha256": "c0b2fb8f6139eec76afc0b6959f9da64a85f44093537614d2d4987d6a83b52c9", "heading_path": ["EX-99.1", "2023 Financial Outlook", "Conference Call and Webcast Details", "Forward Looking Statements"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s9", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex991earningsre.htm", "table_id": null, "text": "The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this press release include but are not limited to: the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturn or slowdown; changes in general economic and financial conditions (including federal monetary policy, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory) that may reduce demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; any future impact of the ongoing COVID-19 pandemic (including future variants) or other public health crises on our ability to operate, demand for our products or services, or general economic conditions; addition or loss of a significant number of customers; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; ability to protect our brand and intellectual property; ability to obtain or maintain licenses and permits to support our current and future business operations; ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our technology platform, including our automated pricing and valuation technology; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; the impact of natural disasters and other catastrophic events; changes in laws or government regulation affecting our business; and the impact of pending or future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 23, 2023, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. 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| | | | | | | |\n| CURRENT ASSETS: | | | | | | | | |\n| Cash and cash equivalents | | $ | 1,143 | | | $ | 1,137 | |\n| Restricted cash | | 1,515 | | | 654 | | | |\n| Marketable securities | | 108 | | | 144 | | | |\n| Escrow receivable | | 42 | | | 30 | | | |\n| | | | | | | | | |\n| Real estate inventory, net | | 2,118 | | | 4,460 | | | |\n| Other current assets ($0 and $1 carried at fair value) | | 46 | | | 41 | | | |\n| Total current assets | | 4,972 | | | 6,466 | | | |\n| PROPERTY AND EQUIPMENT – Net | | 59 | | | 58 | | | |\n| RIGHT OF USE ASSETS | | 39 | | | 41 | | | |\n| GOODWILL | | 4 | | | 4 | | | |\n| INTANGIBLES – Net | | 11 | | | 12 | | | |\n| OTHER ASSETS | | 27 | | | 27 | | | |\n| TOTAL ASSETS | | $ | 5,112 | | | $ | 6,608 | |\n| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | |\n| CURRENT LIABILITIES: | | | | | | | | |\n| Accounts payable and other accrued liabilities | | $ | 77 | | | $ | 110 | |\n| Non-recourse asset-backed debt - current portion | | 355 | | | 1,376 | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| Interest payable | | 4 | | | 12 | | | |\n| Lease liabilities - current portion | | 7 | | | 7 | | | |\n| Total current liabilities | | 443 | | | 1,505 | | | |\n| NON-RECOURSE ASSET-BACKED DEBT – Net of current portion | | 2,824 | | | 3,020 | | | |\n| CONVERTIBLE SENIOR NOTES | | 774 | | | 959 | | | |\n| | | | | | | | | |\n| LEASE LIABILITIES – Net of current portion | | 35 | | | 38 | | | |\n| | | | | | | | | |\n| Total liabilities | | 4,076 | | | 5,522 | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| SHAREHOLDERS’ EQUITY: | | | | | | | | |\n| Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 647,607,920 and 637,387,025 shares issued, respectively; 647,607,920 and 637,387,025 shares outstanding, respectively | | — | | | — | | | |\n| Additional paid-in capital | | 4,198 | | | 4,148 | | | |\n| Accumulated deficit | | (3,159) | | | (3,058) | | | |\n| Accumulated other comprehensive loss | | (3) | | | (4) | | | |\n| Total shareholders’ equity | | 1,036 | | | 1,086 | | | |\n| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | | $ | 5,112 | | | $ | 6,608 | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b35", "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b36"], "char_count": 26, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "35db186cc35331e3d8e509ece43eef8a18960d21d6dc24cee02075d607875604", "derivation_id": "7d6d52c22181f272a9e48d53be1cc53f039f1440b030a10b545a6a2a041dcc60", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": ["short_passage"], "form": 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| | |\n| | 2023 | | 2022 | | | | |\n| CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | |\n| Net (loss) income | $ | (101) | | | $ | 28 | |\n| Adjustments to reconcile net (loss) income to cash, cash equivalents, and restricted cash provided by operating activities: | | | | | | | |\n| Depreciation and amortization | 22 | | | 18 | | | |\n| Amortization of right of use asset | 2 | | | 2 | | | |\n| | | | | | | | |\n| Stock-based compensation | 42 | | | 67 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Inventory valuation adjustment | 23 | | | 8 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Change in fair value of equity securities | (1) | | | 22 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Net fair value adjustments and loss on sale of mortgage loans held for sale | — | | | (1) | | | |\n| Origination of mortgage loans held for sale | — | | | (46) | | | |\n| Proceeds from sale and principal collections of mortgage loans held for sale | 1 | | | 43 | | | |\n| (Gain) loss on extinguishment of debt | (78) | | | — | | | |\n| Changes in operating assets and liabilities: | | | | | | | |\n| Escrow receivable | (12) | | | 26 | | | |\n| Real estate inventory | 2,306 | | | 1,416 | | | |\n| Other assets | (10) | | | (28) | | | |\n| Accounts payable and other accrued liabilities | (22) | | | 2 | | | |\n| Interest payable | (8) | | | (5) | | | |\n| Lease liabilities | (2) | | | (2) | | | |\n| Net cash provided by operating activities | 2,162 | | | 1,550 | | | |\n| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | |\n| Purchase of property and equipment | (8) | | | (10) | | | |\n| | | | | | | | |\n| Purchase of marketable securities | — | | | (28) | | | |\n| Proceeds from sales, maturities, redemptions and paydowns of marketable securities | 38 | | | 22 | | | |\n| Purchase of non-marketable equity securities | — | | | (25) | | | |\n| | | | | | | | |\n| Capital returns of non-marketable equity securities | — | | | 3 | | | |\n| | | | | | | | |\n| Net cash provided by (used in) investing activities | 30 | | | (38) | | | |\n| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Repurchase of convertible senior notes | (101) | | | — | | | |\n| | | | | | | | |\n| Proceeds from exercise of stock options | 1 | | | 2 | | | |\n| Proceeds from issuance of common stock for ESPP | 1 | | | — | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from non-recourse asset-backed debt | 224 | | | 2,292 | | | |\n| Principal payments on non-recourse asset-backed debt | (1,446) | | | (3,622) | | | |\n| Proceeds from other secured borrowings | — | | | 45 | | | |\n| Principal payments on other secured borrowings | — | | | (41) | | | |\n| Payment of loan origination fees and debt issuance costs | — | | | (10) | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| 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The Company believes these non-GAAP financial measures including Adjusted Gross (Loss) Profit, Contribution (Loss) Profit, Adjusted Net (Loss) Income, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b41"], "char_count": 1786, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "214c75074c13f05287d6af60e274b72ef01142ee9650182c76e977f4167af311", "derivation_id": "7d6d52c22181f272a9e48d53be1cc53f039f1440b030a10b545a6a2a041dcc60", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross (Loss) Profit and Contribution (Loss) Profit"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "block_sequence": 41, "char_end": 1786, "char_start": 0, "fragment_sha256": "82f909d3528b816eb3b3919708a162220bf91fcb4b528423ab245b77291789d9", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross (Loss) Profit and Contribution (Loss) Profit"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#p18", "passage_kind": "narrative", "passage_sequence": 18, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s20", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex991earningsre.htm", "table_id": null, "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross (Loss) Profit and Contribution (Loss) Profit, which are non-GAAP financial measures. We believe that Adjusted Gross (Loss) Profit and Contribution (Loss) Profit are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution (Loss) Profit provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross (Loss) Profit and Contribution (Loss) Profit are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross (loss) profit."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b43"], "char_count": 1004, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "4f71e3420c9538913a5f526eaaf770460fbb3db3a1f36d6a2f1a3c0fd117a584", "derivation_id": "7d6d52c22181f272a9e48d53be1cc53f039f1440b030a10b545a6a2a041dcc60", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross (Loss) Profit / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "block_sequence": 43, "char_end": 1004, "char_start": 0, "fragment_sha256": "b620276a25cb17e56d7e0d358b0263cb19a9037f258fa2a7b7591769ea3c515f", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross (Loss) Profit / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#p19", "passage_kind": "narrative", "passage_sequence": 19, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s21", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex991earningsre.htm", "table_id": null, "text": "We calculate Adjusted Gross (Loss) Profit as gross (loss) profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross (Loss) Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross (Loss) Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b45"], "char_count": 784, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "da7a47ee91648b059b97a3e14c66e380d8dc188a26b35b5125ae1b6df5d4b6ef", "derivation_id": "7d6d52c22181f272a9e48d53be1cc53f039f1440b030a10b545a6a2a041dcc60", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "block_sequence": 45, "char_end": 784, "char_start": 0, "fragment_sha256": "0d0c8e936224e26e5c1c2b455077a7b8bbbf1b9a34af49efee5f75c23e04a03f", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#p20", "passage_kind": "narrative", "passage_sequence": 20, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s22", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex991earningsre.htm", "table_id": null, "text": "We calculate Contribution (Loss) Profit as Adjusted Gross (Loss) Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution (Loss) Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution (Loss) Profit helps management assess inflows and outflows directly associated with a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b48", "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b49", "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b50"], "char_count": 283, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a3535c363aa74bdb16f9bd3dca20f8b5d896eae9ee2217368e8202f29204073c", "derivation_id": "7d6d52c22181f272a9e48d53be1cc53f039f1440b030a10b545a6a2a041dcc60", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "block_sequence": 48, "char_end": 49, "char_start": 0, "fragment_sha256": "3c79d34b912ccd5810676229fdb23c57e7c959da948f20c2113ffe85c0e18da8", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "block_sequence": 49, "char_end": 11, "char_start": 0, "fragment_sha256": "2a7680d26ab0fd2298dd52fd36b9d301e5103004cef230dbf5fbd1eabb314fa8", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "block_sequence": 50, "char_end": 219, "char_start": 0, "fragment_sha256": "ef6fcc38cec1af7ed6f5d0360fa03b34bd994927353ebaa1ef97f7e2650586f1", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#p21", "passage_kind": "narrative", "passage_sequence": 21, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s24", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex991earningsre.htm", "table_id": null, "text": "(In millions, except percentages, and homes sold)\n\n(Unaudited)\n\nThe following table presents a reconciliation of our Adjusted Gross (Loss) Profit and Contribution (Loss) Profit to our gross (loss) profit, which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b51"], "char_count": 1635, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ae31fd281bab2bd0f9ce3a42a1dfad7b2cbab710f268674df74c52e2fa9534fa", "derivation_id": "7d6d52c22181f272a9e48d53be1cc53f039f1440b030a10b545a6a2a041dcc60", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "block_sequence": 51, "char_end": 1424, "char_start": 0, "fragment_sha256": "a56dcb8c3dced09034ec794e5d7639e119ef29b127f5fcbfca66c71e855da782", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": 3, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#p22", "passage_kind": "table", "passage_sequence": 22, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s24", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex991earningsre.htm", "table_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b51", "text": "| | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended March 31, | | | | | | | | | | | | |\n| (in millions, except percentages and homes sold, or as noted) | | 2023 | | | | 2022 | | | | | | | | |\n| Gross profit (GAAP) | | $ | 170 | | | | | $ | 535 | | | | | |\n| Gross Margin | | 5.4 | % | | | | 10.4 | % | | | | | | |\n| Adjustments: | | | | | | | | | | | | | | |\n| Inventory valuation adjustment – Current Period(1)(2) | | 23 | | | | | 8 | | | | | | | |\n| Inventory valuation adjustment – Prior Periods(1)(3) | | (295) | | | | | (31) | | | | | | | |\n| | | | | | | | | | | | | | | |\n| Adjusted Gross (Loss) Profit | | $ | (102) | | | | | $ | 512 | | | | | |\n| Adjusted Gross Margin | | (3.3) | % | | | | 9.9 | % | | | | | | |\n| Adjustments: | | | | | | | | | | | | | | |\n| Direct selling costs(4) | | (85) | | | | | (136) | | | | | | | |\n| Holding costs on sales – Current Period(5)(6) | | (13) | | | | | (16) | | | | | | | |\n| Holding costs on sales – Prior Periods(5)(7) | | (41) | | | | | (28) | | | | | | | |\n| Contribution (Loss) Profit | | $ | (241) | | | | | $ | 332 | | | | | |\n| Homes sold in period | | 8,274 | | | | | 12,669 | | | | | | | |\n| Contribution (Loss) Profit per Home Sold (in thousands) | | $ | (29) | | | | | $ | 26 | | | | | |\n| Contribution Margin | | (7.7) | % | | | | 6.4 | % | | | | | | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b52", "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b53"], "char_count": 1159, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8926b6f25d6c58e464e7fd95b8b8edd9a9baab2b62eb80402737cce1835fe8a4", "derivation_id": "7d6d52c22181f272a9e48d53be1cc53f039f1440b030a10b545a6a2a041dcc60", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "block_sequence": 52, "char_end": 16, "char_start": 0, "fragment_sha256": "7fdbb5bd0c91a386038a54dafc306bd55a27c3242e1540451c2885fb5da9076a", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "block_sequence": 53, "char_end": 1141, "char_start": 0, "fragment_sha256": "ce88b8aac746f34d55660daab329c6ba1c14a78be0074e39afe53bfa66f95905", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#p23", "passage_kind": "narrative", "passage_sequence": 23, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s24", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex991earningsre.htm", "table_id": null, "text": "________________\n\n(1)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2)Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3)Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5)Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b55"], "char_count": 1589, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b10bdab7281fa87de695a543be0cf19d6d29625030502d62b6a6bbbae1ab6e75", "derivation_id": "7d6d52c22181f272a9e48d53be1cc53f039f1440b030a10b545a6a2a041dcc60", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net (Loss) Income and Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "block_sequence": 55, "char_end": 1589, "char_start": 0, "fragment_sha256": "f886385ad8baf16eadf2fdad9dda017093991d499a4f774d12cdea7c6ac77ece", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net (Loss) Income and Adjusted EBITDA"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#p24", "passage_kind": "narrative", "passage_sequence": 24, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex991earningsre.htm", "table_id": null, "text": "We also present Adjusted Net (Loss) Income and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net (Loss) Income and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net (loss) income."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b57"], "char_count": 1096, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c00da99ce95133b60c617066da7894e56ddf0dca7133e0e3361966cc53071c6e", "derivation_id": "7d6d52c22181f272a9e48d53be1cc53f039f1440b030a10b545a6a2a041dcc60", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net (Loss) Income"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "block_sequence": 57, "char_end": 1096, "char_start": 0, "fragment_sha256": "a238d28bcaffc0baff233d05e8d239869bb96d4920e5c9c5954bc7aededf7256", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net (Loss) Income"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#p25", "passage_kind": "narrative", "passage_sequence": 25, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s26", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex991earningsre.htm", "table_id": null, "text": "We calculate Adjusted Net (Loss) Income as GAAP net (loss) income adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as legal contingency accruals. It excludes (gain) loss on extinguishment of debt as these expenses were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. Adjusted Net (Loss) Income also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net (Loss) Income does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b59"], "char_count": 555, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8ff408f1b0133004985354624a59a598fcbd0d99913bafe8d4aa85019e4bdfd3", "derivation_id": "7d6d52c22181f272a9e48d53be1cc53f039f1440b030a10b545a6a2a041dcc60", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "block_sequence": 59, "char_end": 555, "char_start": 0, "fragment_sha256": "bd9202dafd0ddc8f2967866c181c55abd5c60d90676f7a1b9ad15b3b7c97b79b", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted EBITDA"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#p26", "passage_kind": "narrative", "passage_sequence": 26, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#s27", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex991earningsre.htm", "table_id": null, "text": "We calculated Adjusted EBITDA as Adjusted Net (Loss) Income adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. The following table presents a reconciliation of our Adjusted Net (Loss) Income and Adjusted EBITDA to our net (loss) income, which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b60"], "char_count": 2120, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ce8207599cab9e770ec0b83c2e56160f84366fcd2762117f9b164952f6263808", "derivation_id": "7d6d52c22181f272a9e48d53be1cc53f039f1440b030a10b545a6a2a041dcc60", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": 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"norm:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm#b60", "text": "| | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended March 31, | | | | | | | | | | | | |\n| (in millions, except percentages) | | 2023 | | | | 2022 | | | | | | | | |\n| Net (loss) income (GAAP) | | $ | (101) | | | | | $ | 28 | | | | | |\n| Adjustments: | | | | | | | | | | | | | | |\n| Stock-based compensation | | 42 | | | | | 67 | | | | | | | |\n| Equity securities fair value adjustment(1) | | (1) | | | | | 22 | | | | | | | |\n| | | | | | | | | | | | | | | |\n| Intangibles amortization expense(2) | | 2 | | | | | 2 | | | | | | | |\n| Inventory valuation adjustment – Current Period(3)(4) | | 23 | | | | | 8 | | | | | | | |\n| Inventory valuation adjustment — Prior Periods(3)(5) | | (295) | | | | | (31) | | | | | | | |\n| | | | | | | | | | | | | | | |\n| | | | | | | | | | | | | | | |\n| (Gain) loss on extinguishment of debt | | (78) | | | | | — | | | | | | | |\n| | | | | | | | | | | | | | | |\n| | | | | | | | | | | | | | | |\n| | | | | | | | | | | | | | | |\n| Legal contingency accrual and related expenses | | — | | | | | 3 | | | | | | | |\n| Other(6) | | (1) | | | | | — | | | | | | | |\n| Adjusted Net Loss | | $ | (409) | | | | | $ | 99 | | | | | |\n| Adjustments: | | | | | | | | | | | | | | |\n| Depreciation and amortization, excluding amortization of intangibles and right of use assets | | 12 | | | | | 9 | | | | | | | |\n| Property financing(7) | | 60 | | | | | 58 | | | | | | | |\n| Other interest expense(8) | | 14 | | | | | 10 | | | | | | | |\n| Interest income(9) | | (18) | | | | | — | | | | | | | |\n| | | | | | | | | | | | | | | |\n| Adjusted EBITDA | | $ | (341) | | | | | $ | 176 | | | | | |\n| Adjusted EBITDA Margin | | (10.9) | % | | | | 3.4 | % | | | | | | |"} +{"artifact_role": "ex99-01", "block_ids": 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"source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex991earningsre.htm", "table_id": null, "text": "________________\n\n(1)Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2)Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4)Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5)Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6)Includes primarily sublease income and income from equity method investments. (7)Includes interest expense on our non-recourse asset-backed debt facilities. (8)Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, interest expense related to the 2026 convertible senior notes outstanding, and interest expense on other secured borrowings. 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"q12023formxex992sharehol002.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b8", + "block_sequence": 8, + "block_sha256": "c7ef64cd95f7ce35028938b9ab7c420cd074bb1c1b000d4df9dc0b3b5d40a762", + "block_type": "paragraph", + "char_count": 1962, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 8, + "char_end": 1962, + "char_start": 0, + "fragment_sha256": "ddfed7c867e024df8101785c9e169fdffdfbbf728efce819b83478b81eaec59a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "Chanoknan Neal Olmsted Falls (near Cleveland, OH) 2 Opendoor took care of the house for me so I could focus on my business. - Chanoknan Neal Chanoknan Neal and her husband had long dreamed of owning a Thai restaurant \u2014 and when one became available, they accelerated their purchase timeline and said \u201cyes\u201d to becoming restaurant owners. However, in addition to the demands of starting a new business, the restaurant was located 45 minutes away from their current home. Chanoknan and her husband decided that the best solution for them was to purchase a new home closer to their business to make their commute time more manageable. They also hoped to use a portion of the proceeds from their current home sale to put towards the purchase of the restaurant. Having previously used the traditional process to purchase their home, Chanoknan was interested in exploring a simpler and more certain solution to sell this time around. She reached out to Opendoor and was pleasantly surprised when she was able to schedule a walkthrough and secure an offer in 48 hours. She also appreciated the transparency of the process \u2013 everything was explained up front \u2013 and that Opendoor \u201cvalued their time.\u201d By selling directly to Opendoor, Chanoknan was able to avoid staging, open houses, and home repairs, thus freeing up more of her precious time to start her business. In addition, Opendoor gave her and her husband peace of mind to know that they had flexibility to stay in their current home a bit longer if needed with the late checkout option. While she didn\u2019t think it was going to be possible, Chanoknan told Opendoor that she was hoping to close on the home in 15 days, and she was absolutely blown away when that wish came true \u2013 they closed just two weeks later. In her words, it was \u201cunbelievable.\u201d Selling on their timeline allowed the couple to put the proceeds towards the purchase of Mango Thai Cuisine and to fulfill their dream of becoming restaurant owners." + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b9", + "block_sequence": 9, + "block_sha256": "75272d58632c51f93bc7a8719197ed9538821011e875ad9e277aae21e53bd18e", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 9, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "642b2ffc254265f7da013f1eb0c41ec73f3c73a72111083b8c1fe7a87c1b3d9a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "q12023formxex992sharehol003.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b10", + "block_sequence": 10, + "block_sha256": "8091c3243ef580154a4a5b76e48029255590953b9bbc6048d8cf041b4a7f125d", + "block_type": "paragraph", + "char_count": 2519, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 10, + "char_end": 2519, + "char_start": 0, + "fragment_sha256": "70be1364cdf1b8835da941620d6519a8f9838764d770d339a4716ea56d0a2d07", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "At Opendoor, our vision is to build the most trusted e-commerce platform for residential real estate. Real estate is a trillion dollar industry underpinned by a process that is complicated, time-consuming, stressful, and offline. Consumers deserve to buy, sell, and move between homes with simplicity and confidence, and we have dedicated the last nine years to delivering on this vision. We have developed a magical product that home sellers love and need. We have also built unique pricing and operations capabilities to become one of the largest buyers and sellers of homes in the United States. While our work remains far from complete, we stand alone in what we are able to offer consumers today. This is what differentiates us amidst macro uncertainty. We have spent the last 12 months navigating the steepest transition in the housing market in decades. While we are seeing some signs of stabilization in mortgage rates, home sellers continue to be on the sidelines \u2013 new listings within our buybox were down almost 25% in the first quarter versus the prior year. Market clearance is trending higher than expected as a result of this lack of supply, but the outlook for home prices remains uncertain. Given this macro environment, we are continuing to operate with caution and discipline. Specifically, while we are maintaining high spreads in our offers, we are expanding our low cost partnership channels to attract more sellers to the platform. We are also driving operational efficiencies to improve our cost structure so that we can deliver higher, more durable unit economics and long-term profitability. ENABLE MORE SELLERS TO CHOOSE OPENDOOR In a rapidly changing market, sellers value and need the certainty we provide, along with the ability to skip showings, avoid repairs, and close faster. We see this in our conversion rates, which continue to exceed our expectations and historical performance on a spread-adjusted basis. While our spreads have come down since late last year due to seasonality and early positive demand signals, we expect to continue to operate with double-digit spreads for the balance of 2023 given the macro outlook. However, high spreads won\u2019t persist forever \u2013 as the housing market stabilizes, we expect to reduce spreads, leading to an increase in conversion, which will translate through to higher acquisition volumes. Two Core Product Offerings 1P product & 3P product 3 Business Highlights % of Q2 Offer Cohort Expected to be Sold or in Resale Contract by Year-End ~65%" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b11", + "block_sequence": 11, + "block_sha256": "69e9131d8cfb7d280d0cc3cfd877b2014c505ebdabd323a359ccce23b54ef6c6", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 11, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "d16ae8c215fc7caa8f81ad4ee8585fa1679e51253def71747db42531ee47e42c", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "q12023formxex992sharehol004.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b12", + "block_sequence": 12, + "block_sha256": "a974644e507d1ae8530184ebb66fa3441c18a286b93ddc9d180b430218ba6e84", + "block_type": "paragraph", + "char_count": 2465, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 12, + "char_end": 2465, + "char_start": 0, + "fragment_sha256": "f8eaecb125c25bf802518e1cd33dd5c761a78b0287507770297d754fa2d9e21d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "Our goal is to continue to serve as many sellers as possible. As part of that, we are focused on expanding our partnership channels, including homebuilders, agents, and online real estate platforms, which broaden our reach to more customers at attractive customer acquisition costs (CAC). Our partnerships drive more than a third of our volumes, and we see the potential to increase that mix over time. \u25cf Homebuilder: We have partnered with over 90 homebuilders and have long-standing national relationships with eight of the top ten homebuilders by sales volume in the country. We facilitate a \u201ctrade-in\u201d for customers of new-build homes \u2013 they sell us their existing home to unlock their equity so that they can commit to buying their new home and line up closing dates to enable a simple and seamless move. This win-win partnership enables us and homebuilders to convert customers at a minimal cost of acquisition, while allowing consumers to move with confidence to their next home. Over the past 6 years, we have enabled over 15,000 closings and approximately $6 billion in trade-in transactions. \u25cf Agent: We have partnered with thousands of agents across hundreds of brokerages and real estate teams in giving them another option to sell their clients\u2019 homes with speed and ease. Agents are able to provide their clients with a choice between a traditional listing and the simplicity and certainty of an Opendoor offer, significantly streamlining the selling process. We are seeing a growing number of agents make Opendoor a regular part of their service offering. Over the last 12 months, over 50% of contracts sourced via an agent relationship came from those who had previously done business with Opendoor. Additionally, the number of transactions completed via agents that have brought repeat business to us has increased nearly tenfold since 2019. We are continuing to deepen our partnerships through our Agent Access rewards program that incentivizes repeat transactions and a referral offering that agents utilize to introduce sellers to work with us directly. For Opendoor, this is another attractive CAC channel that is highly scalable and has enabled over 15,000 closings and approximately $5.5 billion in agent-facilitated acquisition volumes since 2019. 4 Business Highlights Partnerships with Homebuilders 8 of Top 10 % of Agent Referrals from Repeat Business >50% Online Real Estate Platform Partners Top 3 Volumes from Partnership Channels >1/3" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b13", + "block_sequence": 13, + "block_sha256": "c6063119ddb33b2bdc2d02f6515c91483e345026ccee0dfb29c3b40ad3cb6e1d", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 13, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "7a2f9bd8e5f2fd9d04de1f0de87ba7ef8035df94baa1e5da37bb1c7bf5e6f823", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "q12023formxex992sharehol005.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b14", + "block_sequence": 14, + "block_sha256": "8175fcfddac0b9d664367bf2711f1df8345cd5eaccea9de392333829cfcde853", + "block_type": "paragraph", + "char_count": 2570, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 14, + "char_end": 2570, + "char_start": 0, + "fragment_sha256": "38fdbdbfbe0caad89a153395d75524efdb4c54e7d201e5aeeda725406c9d2a9f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "\u25cf Online Real Estate: We are partnered with Zillow, Redfin, and Realtor.com, the top three online real estate platforms by visitor traffic in the country, that cumulatively receive hundreds of millions of unique monthly visitors to their portals. With Zillow, we are continuing to roll out our multi-year exclusive national partnership. In the first quarter, we went live in five large markets, bringing us another step closer to being able to provide the millions of homeowners that visit Zillow every day with an all-cash offer from Opendoor. This is a cost-effective way to broaden our reach given the fixed CAC structure per closed transaction, and we look forward to expanding our market presence in the coming year. We are also excited to have expanded both Redfin and Realtor.com partnerships to all of our markets and deepened our product integrations with both partners during the quarter. Furthermore, we are seeing early and promising traction in connecting sellers directly with both consumer and institutional buyers via our marketplace product offering, Exclusives. As previously highlighted, this product line will enable us to service a greater percentage of the market and drive market share growth in a capital-efficient manner. As a starting point, we are taking a focused approach in a single market in Plano, TX. Within months of launch, we are converting more than 60% of sellers we pitch to enroll in Exclusives. Furthermore, we have uncovered a category of customers we\u2019re calling \u201clatent sellers\u201d, who are open to selling but only through a convenient and seamless channel like Exclusives. We believe that this is significant for two reasons. First, we believe this supply would not be accessible if it were not for Exclusives. Second, we believe that these customers are largely incremental to those we address with our sell direct offering. On the demand side of the marketplace, buyers are highly engaged with us because we have a clear, differentiated product with homes they can't find anywhere else. In less than a quarter, we drove over 3% listing market share. While the number of transactions remains small on an absolute basis, the number of sellers and homes in our marketplace, combined with our market share gains in a single market, are a leading indicator of our expectations of future growth. We believe that the platform we\u2019ve built over the past nine years uniquely positions us to connect sellers and buyers to transact directly and transform the category in an off-balance sheet way. 5 Business Highlights List with Certainty" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b15", + "block_sequence": 15, + "block_sha256": "84dec8b4e870dd9851ad0fcfcc7df8638aa9d4a0fa86e33fe98dbc1082be91af", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 15, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "616d9200a7c98079131e09ea45eec16f50af27583514218423e040fa514db016", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "q12023formxex992sharehol006.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b16", + "block_sequence": 16, + "block_sha256": "d1e766b0596254b0c28785bb6e1f9b22d4542e3c27ba55d2c34b28fa1f4671f3", + "block_type": "paragraph", + "char_count": 2265, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 16, + "char_end": 2265, + "char_start": 0, + "fragment_sha256": "dd4c6fbaa3a5d15db76e1f3f3e67cfe0264a2e19ec095c7a2d045ea32fcb8a84", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "DRIVE OPERATIONAL EXCELLENCE ACROSS OUR DELIVERY PLATFORM We are continuing to invest in our operating and pricing platforms to drive greater efficiencies and cost structure improvements. We are planning for our investments to deliver a minimum of 100 basis points in contribution margin in 2024, incremental to our annual contribution margin target of 4 to 6%. In addition, we are focused on delivering operating expense improvements. Some recent examples of platform and system improvements include: \u25cf Platform investments: We are evolving our transaction platforms and tools to further enhance our operator effectiveness and improve the overall customer experience. An example of this includes the redesign of our proprietary transaction workflow management platform, which we expect will enable us to improve operator productivity by 20% once it is fully launched in the coming quarters. \u25cf Home condition data collection: In the first quarter, we improved our in-person assessment process to gather additional home condition and home feature data. We are integrating this and other home condition data, which have improved the accuracy of our home-level acquisition and resale pricing. \u25cf Renovation capabilities: We have expanded our repair and renovation capabilities through platform and process investments, as well as by doing more targeted ROI-positive work. These efforts have allowed us to almost double our renovation efficiency (measured as spend per renovation day) year-over-year to $1,200. Additionally, beginning in the fourth quarter of last year, we performed targeted renovations on almost 2,500 of our longest-held homes to better align finish level with shifts in buyer demand signals, allowing us to sell through these homes faster than planned. In addition to these platform and capability improvements, we recently right-sized our operating capacity to reflect the decline in market transaction volumes and our reduced pace of acquisitions. In April, we announced a workforce reduction of approximately 22% or 560 employees, primarily focused on volume-based roles. We expect this to deliver savings of approximately $50mm in annualized expenses. 6 Expected Margin Improvement in 2024 via Increased Efficiencies Business Highlights >100 bps" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b17", + "block_sequence": 17, + "block_sha256": "033a6c0b35315bbb1e6cec86d5cd7bd445098c8a54f0a465e32650784a648aed", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 17, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "41d1c06cb91f8af0cc48c16121e849a3c1136e0baf6c90faffd0f9ed0cd3030e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "q12023formxex992sharehol007.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b18", + "block_sequence": 18, + "block_sha256": "8b093d5dc4d758f29bafaee8665777a6ee23fbb74077979e583e23c0ab0f4149", + "block_type": "paragraph", + "char_count": 2211, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 18, + "char_end": 2211, + "char_start": 0, + "fragment_sha256": "f77c4fcbdd174ec0cf714befbcec0eb8809edb65fd32e8b75e9513c6f81d37ed", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "Our first quarter results reflect our progress in selling through our longest-held homes while building into a new book of healthy inventory, continued cost structure improvements, and our focus on capital and book value preservation. GROWTH In the first quarter, we delivered $3.1 billion of revenue. This exceeded the high end of our revenue guidance by 18% as market clearance rates outperformed expectations, which, coupled with our targeted home condition improvements, allowed us to pull forward sales on a portion of our old book of homes. The market clearance rate at the end of 1Q23 was approximately 3%, compared to typical market clearance of 1% to 2% observed at the end of the first quarter each year from 2014 to 2020. Notably, 92% of the homes we made offers on between March and June of 2022 (the \u201cQ2 Cohort\u201d) were sold or in contract as of the end of the quarter, versus our prior expectation of 85%. In total, we sold 8,274 homes in 1Q23, down 35% versus 1Q22, with revenue per home sold down 7% versus the prior year. On the acquisition front, we purchased 1,747 homes in the first quarter, down 81% versus 1Q22. The reduction in acquisitions has been driven by two primary factors. First, with sellers in a holding pattern, we observed an increasing decline in market new listings within our buybox versus last year, from a 17% decline in January to a 27% decline by March. Second, we saw a decline in offer-to-contract true seller conversion due to higher spreads year-over-year \u2013 although, it is worth noting that conversion has improved from approximately 10% going into 1Q23 to 15% as of March due to a reduction in spreads. In response to these two factors, we pulled back on marketing spending by 45% versus prior year. While many home sellers are on the sidelines, we are focusing on product innovation, partnership channel expansion, and marketing efficiency improvements, which we believe will position us to quickly re-scale acquisitions as the housing market stabilizes and benefit us for years to come. 7 Financial Highlights 1Q23 Revenue $3.1 billion 1Q23 Homes Sold 8,274 8,520 12,669 10,482 8,274 7,512 1Q22 2Q22 3Q22 4Q22 1Q23 $3.4 $5.2 $4.2 $3.1$2.9 1Q22 2Q22 3Q22 4Q22 1Q23" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b19", + "block_sequence": 19, + "block_sha256": "75c12f06d27cb5e2c683fccbc5ebb79eb13aee5410df2bb5a6cdaddb89c8ccb6", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 19, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "1398e71ebd0d68c83d205199f3f7244d99c12dd54a2e4ccc79d4aa9a4bc0f386", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "q12023formxex992sharehol008.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b20", + "block_sequence": 20, + "block_sha256": "66b7cfb720df8aa9e0657bc691f12bbed3a67f023fdd539c5111905dafaf1863", + "block_type": "paragraph", + "char_count": 1428, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 20, + "char_end": 1428, + "char_start": 0, + "fragment_sha256": "d0117c1a3a233b0f938f4166cec846fe7144052b3dd90dd7592ae251a454f837", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "UNIT ECONOMICS GAAP gross profit was $170 million in 1Q23, versus $535 million in 1Q22. Adjusted gross (loss) profit, which aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the home is sold, was $(102) million in 1Q23, versus $512 million in 1Q22. Contribution (Loss) Profit, which accounts for the direct selling and holding costs incurred on the homes sold during the quarter, was $(241) million in the first quarter, versus $332 million in 1Q22. Contribution Margin was (7.7)%, versus 6.4% in 1Q22, driven by the resale performance of the old book of inventory, which represented 75% of our resale mix. However, as shown above, our new book of homes continues to show strong margin performance, with homes sold generating gross margins of 12.2% and contribution margins of 8.5% in the first quarter. We continue to expect this group of homes to generate contribution margins in excess of our 4% to 6% annual target once fully sold through. 8 Financial Highlights 1Q23 Post-Q2 Cohort Contribution Margin 8.5% 1Q23 (Dollars in millions) Old Book (Q2 Cohort and prior) New Book (Post-Q2 Cohort) Total Homes Sold in Period 5,902 2,372 8,274 Revenue $2,344 $776 $3,120 Gross Profit / Margin $75 / 3.2% $95 / 12.2% $170 / 5.4% Adj. Gross (Loss) Profit / Margin $(196) / (8.4)% $94 / 12.1% $(102) / (3.3)% Contribution (Loss) Profit / Margin $(307) / (13.1)% $66 / 8.5% $(241) / (7.7)%" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b21", + "block_sequence": 21, + "block_sha256": "488c4543764508f4cec4388d1239a97574d9c7745030c2ec0f2b2619f075439b", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 21, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "02b76b7a9dcf159312e6092f93cfb9d37e9f0a63a647734c28000d4ef410a173", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "q12023formxex992sharehol009.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b22", + "block_sequence": 22, + "block_sha256": "d143da0f73e34667a504c7fbba7a2eaf76e520f28f2c416e09f4fb030cf1f6fc", + "block_type": "paragraph", + "char_count": 1354, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 22, + "char_end": 1354, + "char_start": 0, + "fragment_sha256": "4ecce46f146d961fc0beacc0eb9ef1ae01816562c581473f4d96e65a075ffa02", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "NET LOSS AND ADJUSTED EBITDA GAAP net (loss) income was $(101) million in 1Q23, versus $28 million in 1Q22. Adjusted Net (Loss) Income was $(409) million, versus $99 million in 1Q22. As a reminder, Adjusted Net (Loss) Income aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded, which is the primary difference between these two metrics for the quarter. Inclusive of our previously recorded inventory valuation adjustments of $(295) million, Adjusted EBITDA was $(341) million in 1Q23, compared to $176 million in 1Q22, which was slightly better than our guidance. As a reminder, we began reducing our marketing spend, operational capacity, and fixed expenses in the second half of last year, resulting in a total decline in Adjusted Operating Expenses, which we define as the delta between Contribution (Loss) Profit and Adjusted EBITDA, from $156 million in 1Q22 and a peak of $204 million in 2Q22 to $100 million in 1Q23. 9 Financial Highlights (Dollars in millions) 1Q23 1Q22 GAAP Net (Loss) Income $(101) $28 Adjusted Net (Loss) Income $(409) $99 Adjusted EBITDA $(341) $176 Adjusted EBITDA Margin (10.9)% 3.4% GAAP Operating Expenses $294 $417 Adjusted Operating Expenses $100 $156 1Q23 Adj. Operating Expenses $100 million $189 $156 $204 $100 $144 1Q22 2Q22 3Q22 4Q22 1Q23" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b23", + "block_sequence": 23, + "block_sha256": "7aca95bcbad5ee39a04885036c720c977dcb3236c9456c2cc2a447a3a26e5c46", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 23, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "96f393eab3cf8772f0169216aa7e1d795b0488afd7ceb9f56a8a084c708dab73", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "q12023formxex992sharehol010.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b24", + "block_sequence": 24, + "block_sha256": "45c659e79a4244851bdbe4b4f7f697900e9e36afa6c36c8d9a831d8039a9baff", + "block_type": "paragraph", + "char_count": 2046, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 24, + "char_end": 2046, + "char_start": 0, + "fragment_sha256": "71331c7c8a63d7aca750c8627698017162b479afdbfb6a9c59839c5dc334e62f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "10 Financial Highlights 1Q23 Resale Revenue Mix Based on Days of Ownership 9.7% INVENTORY We ended the quarter with $2.1 billion in inventory, representing 6,261 homes, which was down 53% from the prior quarter. Given the deliberate slowdown in our acquisition pace beginning in the middle of last year, approximately two-thirds of the inventory balance as of quarter end is from the old book. In 1Q23, we sold $3.1 billion of 4Q22 inventory, including inventory that carried a total of $295 million of inventory valuation adjustments. The homes sold through in 1Q23 realized a net gain as compared to their 4Q22 inventory valuation adjustments, while some of the homes remaining in inventory at 1Q23 recorded incremental valuation adjustments, resulting in a net gain of $6 million. Our new book inventory valuation adjustments represent 0.4% of inventory, which is consistent with historical performance. We ended the quarter with $187 million of inventory valuation adjustments against our gross inventory balance of $2.3 billion. We believe that this adjustment is an appropriate reflection of future losses we may realize on these homes. As homes with losses are sold, this adjustment will unwind in future quarters alongside homes that we expect will generate realized gains. As of March 31, 2023, 59% of our homes in inventory had been listed on the market for more than 120 days, versus 23% of homes on the market, adjusted for our buybox. Our slowdown in acquisition pace has shifted our resale mix to longer-dated inventory and longer than average days on market for our listed homes. For the new book of inventory, this metric is 20%, which is inline with the market. 2022 Contribution Margin 3.4% As of March 31, 2023 (Dollars in millions) Old Book (Q2 Cohort and prior) New Book (Post-Q2 Cohort) Total Real Estate Inventory $1,579 $726 $2,305 Inventory Valuation Adjustments $(184) $(3) $(187) Real Estate Inventory, Net $1,395 $723 $2,118 Inventory Valuation Adjustments as a % of Inventory 11.7% 0.4% 8.1% 78% 22% 57% 43% 1Q22 1Q23" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b25", + "block_sequence": 25, + "block_sha256": "954bcb8127e5f03836cd30ccd996a3d138906f53db282d316350d972824cc9c4", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 25, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "84b30033534df623463117b92d4c6eb6784a2a3dc8ea8fbe628a236b07deed10", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "q12023formxex992sharehol011.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b26", + "block_sequence": 26, + "block_sha256": "4aaf13723eae64a4b365ed532a893faaf7f28a66c0c77a0682d0637a82eca337", + "block_type": "paragraph", + "char_count": 1491, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 26, + "char_end": 1491, + "char_start": 0, + "fragment_sha256": "503a94582317014f06bd77ad16993ebbc1c11325baff139f0e694c64b9f5a635", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "Financial Highlights OTHER BALANCE SHEET ITEMS We ended the first quarter with $1.8 billion in capital, which consists primarily of $1.3 billion in unrestricted cash and marketable securities and $459 million of equity invested in homes and related assets. This compares to $2.0 billion in capital as of the end of 2022, which included $1.3 billion in unrestricted cash and marketable securities and $670 million of equity invested in homes and related assets. All figures are net of inventory valuation adjustments. Additionally, in March, we invested $101 million to repurchase $189 million of our outstanding 2026 convertible notes at a substantial discount, reducing our total future debt obligations. As shown below, total shareholders\u2019 equity declined by $50 million in the quarter. The Adjusted EBITDA loss and net interest expenses incurred were offset by the release of inventory valuation adjustments on the homes sold in the quarter as well as the gain from our convertible note buyback. 11 1. Consists of $84 million gain on extinguishment of 2026 convertible senior notes, $(6) million loss on extinguishment of debt, and $(3) million in other, which is mostly comprised of stock-based compensation expense capitalized for internally developed software and depreciation and amortization, excluding amortization of right of uses assets. 1Q23 Total Capital $1.8 billion 1Q23 Cash, Cash Equivalents, and Marketable Securities $1.3 billion 1Q23 Equity Invested in Homes $459 million" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b27", + "block_sequence": 27, + "block_sha256": "56c86b933114b737cf1afa9cc4735aa98bb54992909f186dfccfb63508047c80", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 27, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "0d74144f8d506f8b0d7bd2730b76fa4a09739bc54f941effc39fdeff316dd652", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "q12023formxex992sharehol012.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b28", + "block_sequence": 28, + "block_sha256": "bad246ce89e2fc0e9ba29e835491e574c97d50c1fb55711cd23a6741f99e9417", + "block_type": "paragraph", + "char_count": 2545, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 28, + "char_end": 2545, + "char_start": 0, + "fragment_sha256": "0c5bb0aab9f1c1bb78e33330824ac5a1920bbd4c7ba61e65762be8692abf320c", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "Financial Highlights 12 Finally, at quarter-end, we had $10.7 billion in non-recourse, asset-backed borrowing capacity, comprised of $5.7 billion of senior revolving credit facilities and $5.0 billion of senior and mezzanine term debt facilities, of which total committed borrowing capacity was $4.9 billion. During the quarter, we wound down one of our two dedicated Q2 Cohort financing facilities, which was earlier than anticipated given the substantial progress we\u2019ve made in selling through these homes. GUIDANCE We expect the following results for the second quarter of 2023: \u25cf Revenue is expected to be between $1.75 and $1.85 billion \u25cf Adjusted EBITDA2 is expected to be between $(180) and $(200) million \u25cf Stock-based compensation expense is expected to be in the range of $30 to $35 million \u25cf Adjusted Operating Expenses2 are expected to be approximately $90 million Given the macro outlook, we are continuing to operate with a cautious approach via home pricing, expense management, and capital discipline. We are actively monitoring leading indicators and will adjust spreads accordingly in order to be opportunistic as the housing market stabilizes. Based on typical housing seasonality patterns, we do not expect to reduce spreads in the second half of the year. On the resale side, we expect to sell or be under resale contract on nearly all of the remaining homes from the Q2 Cohort by the end of the second quarter. As such, we expect 2Q23 to be our final quarter of negative contribution margin as our new book of inventory should make up the majority of our resales beginning in the third quarter of the year. 2. Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net (loss) income nor forecasted Adjusted Operating Expenses to forecasted GAAP operating expenses within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment, equity securities fair value adjustment, and holding costs attributable to homes expected to be sold in 2Q23. These items, which could materially affect the computations of forward-looking GAAP net (loss) income and GAAP operating expenses, are inherently uncertain and depend on various factors, including market-related assumptions that are outside of the Company\u2019s control. 2Q23 Revenue Guidance $1.75 to $1.85 billion 2Q23 Adjusted EBITDA2 Guidance $(180) to $(200) million" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b29", + "block_sequence": 29, + "block_sha256": "feea0458f1836a6a8d73541b86f8438f1b53420cd1d2f2debba5f48cfd0c993e", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 29, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "357b4489823679161415ea363c0be64335f51c2398636a34e919deb92a5e877f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "q12023formxex992sharehol013.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b30", + "block_sequence": 30, + "block_sha256": "341c702f091b8a93ed044cdc0b2506ab783c04e1b4ff79132c57b1614ba9d1a4", + "block_type": "paragraph", + "char_count": 1088, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 30, + "char_end": 1088, + "char_start": 0, + "fragment_sha256": "6a3f9392be7b762f0464e43d13e5ed03fb3ee1721dfb5445bc24d90b5a688d17", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "13 Financial Highlights Finally, we remain laser-focused on managing our cost structure to minimize capital erosion while maintaining the flexibility to innovate and grow as the market stabilizes. We expect our adjusted operating expenses to be $90 million for the second quarter, reflecting the decisions we\u2019ve made to right-size our cost structure given near-term volume expectations. We continue to find ways to drive additional margin into our business and we remain committed to returning to positive Adjusted Net Income at $10 billion of annualized revenue by mid-2024, assuming some amount of housing market stabilization. CONCLUSION As we look ahead, we see a future where real estate continues to move online and where consumers will be able to transact directly with each other through a managed marketplace powered by Opendoor \u2013 one that ensures trust, certainty, ease, and quality. We believe that we have the right product, capabilities, capital, and team that will allow us to not only weather the current market cycle but to emerge stronger as we build towards this future." + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b31", + "block_sequence": 31, + "block_sha256": "ddcb31cf37cf0699cf4669c38a0156e7d14bb4ea278b59f2f0a36356d6a1f5c1", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 31, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "4dad003eef717630ae1ae2ecf315ff461fb00602843e831a2e0a3bdd1361c4fb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "q12023formxex992sharehol014.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b32", + "block_sequence": 32, + "block_sha256": "5c9ce0308be7d120c521f30c6d92080016dec88c5adfe51db0ff58093865971f", + "block_type": "paragraph", + "char_count": 481, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 32, + "char_end": 481, + "char_start": 0, + "fragment_sha256": "136b4e0f1306f7660b21eee5bea35229319c179785e7abc200fd8429d4264521", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "14Raleigh-Durham, NC Carrie Wheeler, CEO Christy Schwartz, Interim CFO CONFERENCE CALL INFORMATION Opendoor will host a conference call to discuss its financial results on May 4, 2023 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. May 4, 2023 at 2 p.m. PT investor.opendoor.com LIVE WEBCAST" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b33", + "block_sequence": 33, + "block_sha256": "0ce46362a543b64b17d302fe43252ad7bbac7ef07be69acff3d9ec6f4c7eef4f", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 33, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "9d5c9dccd8993ca903734ba1972fe62c6ef8763b57af316f05cf273cfab2ee66", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "q12023formxex992sharehol015.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b34", + "block_sequence": 34, + "block_sha256": "725c44b5db09fea1cf5a9919c0ee7602ba243a6bd2f4236e58f75160215f4820", + "block_type": "paragraph", + "char_count": 68, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 34, + "char_end": 68, + "char_start": 0, + "fragment_sha256": "0d282019ef61000a7027912ef8d266468d6f6037dac282ae0f5b619033dcffbb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "/ OpendoorHQ / Opendoor Company / Opendoor-com investor.opendoor.com" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b35", + "block_sequence": 35, + "block_sha256": "3c4c35cdfe057642d618c7779e93de7db2fd6e410bc5e13be36d25341ce38862", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 35, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "0a50fd790c00359a4f15d80915b5809e9d09e306b08fa48e0c13c25874af93d0", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "q12023formxex992sharehol016.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b36", + "block_sequence": 36, + "block_sha256": "d38fd9ec8fea332e2d8721b3e8f4ce968ae9d3a40b225dc517669f0bbc4ede9b", + "block_type": "paragraph", + "char_count": 33, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 36, + "char_end": 33, + "char_start": 0, + "fragment_sha256": "59c923220e35c1f8ab2210daf6f462f4a8792c02886eb620066d92f64e7f8bee", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "16 Definitions & Financial Tables" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b37", + "block_sequence": 37, + "block_sha256": "1cf591d20ae75351869beeca08bf3b1b9ecd28e5c7affe928e0da892485dc990", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 37, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "318bd4a90c5b52d2f074bc3f7c0db55f2bb4542483aa4bdb3a6cf245f162d24e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "q12023formxex992sharehol017.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b38", + "block_sequence": 38, + "block_sha256": "901db458bcd851f8468b6cbfc93f2c4b804d7ccdd76b96ebeed1f6fb55ba7a3a", + "block_type": "paragraph", + "char_count": 6395, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 38, + "char_end": 6395, + "char_start": 0, + "fragment_sha256": "31bc2c2a85a18df9e541cceff6473fb0d6f3ac540075c70329c9c658ebc6e33b", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "This shareholder letter contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including, without limitations, statements regarding: current and future health and stability of the real estate housing market and economy; volatility of mortgage interest rates and expectations regarding the future shifts in behavior by consumers and partners; the health and status of our financial condition; anticipated future results of operations and financial performance, priorities of the Company to achieve future business and financial goals; the Company\u2019s ability to continue to effectively navigate the markets in which it operates; anticipated future and ongoing impacts and benefits of acquisitions, partnership channel expansions, product innovations and other business decisions; health of our balance sheet to weather ongoing market transitions and its expectations to quickly re-scale in the future; the Company\u2019s ability to adopt an effective approach to manage economic and industry risk, as well as inventory health; the Company\u2019s expectations with respect to the future success of its partnerships and its ability to continue to drive significant growth in sales volumes through such partnerships; business strategy and plans, including any plans to expand into additional markets, market opportunity and expansion and objectives of management for future operations, including our statements regarding the benefits and timing of the roll out of new markets, products or technology; and the expected diversification of funding sources. These forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cguidance\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201coutlook\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cvision\u201d, \u201cwill\u201d, or \u201cwould\u201d, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this shareholder letter include but are not limited to: the current and future health and stability of the economy and the residential housing market, including any extended downturn or slowdown; changes in general economic and financial conditions (including federal monetary policy, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory) that may reduce demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; any future impact of the ongoing COVID-19 pandemic (including future variants) or other public health crises on our ability to operate, demand for our products or services, or general economic conditions; addition or loss of a significant number of customers; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; ability to protect our brand and intellectual property; ability to obtain or maintain licenses and permits to support our current and future business operations; ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our technology platform, including our automated pricing and valuation technology; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; the impact of natural disasters and other catastrophic events; changes in laws or government regulation affecting our business; and the impact of pending or future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \u201cRisk Factors\u201d in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 23, 2023, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 17 Forward-Looking Statements" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b39", + "block_sequence": 39, + "block_sha256": "9447d825d0c444cd473208aae3589b455e98a1d0af6957db73f2c101f496b623", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 39, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "ffe0a022d934958e5942f8ec39e19cc9b6986a18b1e1897abf505749a4e66acb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "q12023formxex992sharehol018.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b40", + "block_sequence": 40, + "block_sha256": "f67b8615705532e9ab6f07b83431ed9b43cd51a542cb41c93258a09a510ab5d3", + "block_type": "paragraph", + "char_count": 3160, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 40, + "char_end": 3160, + "char_start": 0, + "fragment_sha256": "f7966d65f58ee5f1289e0df76df67543fb770596a86d5be34dd8e9305c17f0cd", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company\u2019s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross (Loss) Profit, Contribution (Loss) Profit, Adjusted Net (Loss) Income, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non- GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results. Adjusted Gross (Loss) Profit and Contribution (Loss) Profit To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross (Loss) Profit and Contribution (Loss) Profit, which are non-GAAP financial measures. We believe that Adjusted Gross (Loss) Profit and Contribution (Loss) Profit are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution (Loss) Profit provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross (Loss) Profit and Contribution (Loss) Profit are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross (loss) profit. 18 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b41", + "block_sequence": 41, + "block_sha256": "fd482d7395ae4e29cfc8b28a486a2d6fc627ed891a7928862dcd9502f03b511c", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 41, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "a3c64d6ea600831fddc7b8f2289590955874af8a8d35f6130240373e32b4d25f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "q12023formxex992sharehol019.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b42", + "block_sequence": 42, + "block_sha256": "9f03b9299532a5cc49108ff8a729d0f76a6bbfb71ce334432846d2395f0f64c1", + "block_type": "paragraph", + "char_count": 1878, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 42, + "char_end": 1878, + "char_start": 0, + "fragment_sha256": "edc8e7ea7e47bbac4615cbc4ef375a9bc23a9af12ce8ef0ec186bf8077d9bf72", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "Adjusted Gross (Loss) Profit / Margin We calculate Adjusted Gross (Loss) Profit as gross profit (loss) under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross (Loss) Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross (Loss) Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution (Loss) Profit / Margin We calculate Contribution (Loss) Profit as Adjusted Gross (Loss) Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution (Loss) Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution (Loss) Profit helps management assess inflows and outflows directly associated with a specific resale cohort. 19 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b43", + "block_sequence": 43, + "block_sha256": "6315b1876705d09c9f62b11f29558f1bea879826439422dcbd26e903d50159f4", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 43, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "b50c893c74af73de8caa142c0ff8374580ca1160e137eedcf2d41d8b727235c9", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "q12023formxex992sharehol020.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b44", + "block_sequence": 44, + "block_sha256": "b056c48461898f87db1431f709ca2bac3033ca258d107511023aef8449fcbb30", + "block_type": "paragraph", + "char_count": 3209, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 44, + "char_end": 3209, + "char_start": 0, + "fragment_sha256": "84a402efe8e9a3692bf2c0ca63fb3f93610c42970532631899ddb4737305ce8f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "20 Adjusted Net (Loss) Income and Adjusted EBITDA We also present Adjusted Net (Loss) Income and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non- recurring, non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net (Loss) Income and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net (loss) income. We calculate Adjusted Net (Loss) Income as GAAP net (loss) income adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, warrant fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring charges and legal contingency accruals. It excludes (gain) loss on extinguishment of debt as these expenses were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. It also excludes non-recurring goodwill impairment. Adjusted Net (Loss) Income also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net (Loss) Income does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net (Loss) Income adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b45", + "block_sequence": 45, + "block_sha256": "6e7e67019af1de4e6ac98b89961fe3b621fa48f6078f6f4d3812dfd027a10eca", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 45, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "150fbca5dcba6818c084e2823c6bf461ec3675b15105b0febca35e74d8af3dc9", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "q12023formxex992sharehol021.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b46", + "block_sequence": 46, + "block_sha256": "449d99f2df8e04d33419598f420c8c3a8050a4807c702d956e2bb6971fae47ab", + "block_type": "paragraph", + "char_count": 1883, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 46, + "char_end": 1883, + "char_start": 0, + "fragment_sha256": "87e12368a61b7be28a14ebcf26c89d7581d237b7f65b5e845a734123ea4be9f7", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "21 Adjusted Operating Expense We also present Adjusted Operating Expense, which is a non-GAAP financial measure that bridges the difference between Contribution Profit and Adjusted EBITDA. We believe this measure provides investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to contribution profit and certain charges that are non-recurring, non-cash, or not directly related to our revenue-generating operations are removed. Adjusted Operating Expense is a supplemental measure of our operating expenditures and has important limitations. For example, this measure excludes the impact of certain costs required to be recorded under GAAP. This measure removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to contribution margin. This measure could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, this measure should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of this measure to the most directly comparable GAAP financial measure, which is operating expenses. We calculate Adjusted Operating Expense as GAAP operating expense adjusted to exclude direct selling costs and holding costs included in determining Contribution Profit. It excludes non-recurring goodwill impairment. The measure also excludes non-cash expenses of stock-based compensation, depreciation and amortization, and intangibles amortization. It also excludes expenses that are not directly related to our revenue-generating operations such as restructuring charges and legal contingency accruals. Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b47", + "block_sequence": 47, + "block_sha256": "01c092262df8c4157e11e16a8b091585e0336f6fbbccf6a3988db550b5804326", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 47, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "93d29c7cca2c651461bf5efb46701898c6e0ead688459abf39957c3fea3d8e39", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "q12023formxex992sharehol022.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b48", + "block_sequence": 48, + "block_sha256": "bd01b2da36e2b9fe305fc2c23c646bb78dd3887474fa628b4fac74e901c20269", + "block_type": "paragraph", + "char_count": 1298, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 48, + "char_end": 1298, + "char_start": 0, + "fragment_sha256": "8a8fd9140983736b4ae298b104a2e954ef38c422705a1491f9d26ca67bb3ad40", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "22 Three Months Ended March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 REVENUE $ 3,120 $ 2,857 $ 3,361 $ 4,198 $ 5,151 COST OF REVENUE 2,950 2,786 3,786 3,712 4,616 GROSS PROFIT 170 71 (425) 486 535 OPERATING EXPENSES: Sales, marketing and operations 188 194 260 276 276 General and administrative 66 23 85 137 101 Technology and development 40 48 40 41 40 Goodwill Impairment \u2014 60 \u2014 \u2014 \u2014 Restructuring \u2014 17 \u2014 \u2014 \u2014 Total operating expenses 294 342 385 454 417 (LOSS) INCOME FROM OPERATIONS (124) (271) (810) 32 118 GAIN ON EXTINGUISHMENT OF DEBT 78 (25) \u2014 \u2014 \u2014 INTEREST EXPENSE (74) (113) (115) (89) (68) OTHER INCOME (LOSS) \u2013 Net 19 10 (2) 4 (22) (LOSS) INCOME BEFORE INCOME TAXES (101) (399) (927) (53) 28 INCOME TAX EXPENSE \u2014 \u2014 (1) (1) \u2014 NET (LOSS) INCOME $ (101) $ (399) $ (928) $ (54) $ 28 Net (loss) income per share attributable to common shareholders: Basic $ (0.16) $ (0.63) $ (1.47) $ (0.09) $ 0.05 Diluted $ (0.16) $ (0.63) $ (1.47) $ (0.09) $ 0.04 Weighted-average shares outstanding: Basic 641,916 634,595 629,535 624,958 619,137 Diluted 641,916 634,595 629,535 624,958 640,785 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited)" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b49", + "block_sequence": 49, + "block_sha256": "830bb359aab90d58ff8c3bf734bdca623a3c2c6ed8c6a60a1e687906ff0b3937", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 49, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "e6e7abd53a7818f47f0e86efaabfb0b8eae54c925cc3c41c68374288359c6536", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "q12023formxex992sharehol023.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b50", + "block_sequence": 50, + "block_sha256": "298bad4945ca80c98066a59ad27f4723c446aed9eab69a3d8c057d7232bd0834", + "block_type": "paragraph", + "char_count": 1428, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 50, + "char_end": 1428, + "char_start": 0, + "fragment_sha256": "2bdd418249a236866633c51134b14e15b9ce77ae5413f3d6b0c11dfc2e480f6f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "23 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) March 31, 2023 December 31, 2022 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,143 $ 1,137 Restricted cash 1,515 654 Marketable securities 108 144 Escrow receivable 42 30 Real estate inventory, net 2,118 4,460 Other current assets ($0 and $1 carried at fair value) 46 41 Total current assets 4,972 6,466 PROPERTY AND EQUIPMENT \u2013 Net 59 58 RIGHT OF USE ASSETS 39 41 GOODWILL 4 4 INTANGIBLES \u2013 Net 11 12 OTHER ASSETS 27 27 TOTAL ASSETS $ 5,112 $ 6,608 LIABILITIES AND SHAREHOLDERS\u2019 EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 77 $ 110 Non-recourse asset-backed debt - current portion 355 1,376 Interest payable 4 12 Lease liabilities - current portion 7 7 Total current liabilities 443 1,505 NON-RECOURSE ASSET-BACKED DEBT \u2013 Net of current portion 2,824 3,020 CONVERTIBLE SENIOR NOTES 774 959 LEASE LIABILITIES \u2013 Net of current portion 35 38 Total liabilities 4,076 5,522 SHAREHOLDERS\u2019 EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 647,607,920 and 637,387,025 shares issued, respectively; 647,607,920 and 637,387,025 shares \u2014 \u2014 Additional paid-in capital 4,198 4,148 Accumulated deficit (3,159) (3,058) Accumulated other comprehensive loss (3) (4) Total shareholders\u2019 equity 1,036 1,086 TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY $ 5,112 $ 6,608" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b51", + "block_sequence": 51, + "block_sha256": "f85ea93ce92aab93ee0fc1287fe382bab243c73da7bee53847a9c50b5b9512ce", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 51, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "ee0e682fa37afa7039e661749050ca391c982464dbb9aa93398720dc9533e3f3", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "q12023formxex992sharehol024.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b52", + "block_sequence": 52, + "block_sha256": "abadca16eb330c5ba3d1b626d12c52e00743e5bcbe6ddc9bfc2be6e16b95e222", + "block_type": "paragraph", + "char_count": 2652, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 52, + "char_end": 2652, + "char_start": 0, + "fragment_sha256": "bec936d5f9329419c35e089e63f2a5ee6185305d48212d610cb8057270b54e35", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "24 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Three Months Ended March 31, 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES: Net (loss) income $ (101) $ 28 Adjustments to reconcile net (loss) income to cash, cash equivalents, and restricted cash provided by operating activities: Depreciation and amortization 22 18 Amortization of right of use asset 2 2 Stock-based compensation 42 67 Inventory valuation adjustment 23 8 Change in fair value of equity securities (1) 22 Net fair value adjustments and loss on sale of mortgage loans held for sale \u2014 (1) Origination of mortgage loans held for sale \u2014 (46) Proceeds from sale and principal collections of mortgage loans held for sale 1 43 (Gain) loss on extinguishment of debt (78) \u2014 Changes in operating assets and liabilities: Escrow receivable (12) 26 Real estate inventory 2,306 1,416 Other assets (10) (28) Accounts payable and other accrued liabilities (22) 2 Interest payable (8) (5) Lease liabilities (2) (2) Net cash provided by operating activities 2,162 1,550 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (8) (10) Purchase of marketable securities \u2014 (28) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 38 22 Purchase of non-marketable equity securities \u2014 (25) Capital returns of non-marketable equity securities \u2014 3 Net cash provided by (used in) investing activities 30 (38) CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of convertible senior notes (101) \u2014 Proceeds from exercise of stock options 1 2 Proceeds from issuance of common stock for ESPP 1 \u2014 Proceeds from non-recourse asset-backed debt 224 2,292 Principal payments on non-recourse asset-backed debt (1,446) (3,622) Proceeds from other secured borrowings \u2014 45 Principal payments on other secured borrowings \u2014 (41) Payment of loan origination fees and debt issuance costs \u2014 (10) Payment for early extinguishment of debt (4) \u2014 Net cash used in financing activities (1,325) (1,334) NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 867 178 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 Beginning of period 1,791 2,578 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 End of period $ 2,658 $ 2,756 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION \u2013 Cash paid during the period for interest $ 74 $ 68 DISCLOSURES OF NONCASH ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 6 $ 4 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 1,143 $ 2,312 Restricted cash 1,515 444 Cash, cash equivalents, and restricted cash $ 2,658 $ 2,756" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b53", + "block_sequence": 53, + "block_sha256": "93df2987362af786e925db3a26527ac48410877355f20b346e84e891b493a25f", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 53, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "62bb981ce699ce6d794bfa959788ff2f91f9f2c3d21e3e5690f3b6f391c41a23", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "q12023formxex992sharehol025.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b54", + "block_sequence": 54, + "block_sha256": "c7f0ba1c6103759bc48fd9fad4d3264322d1c4034595299975fe8adc7e5b2472", + "block_type": "paragraph", + "char_count": 2316, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 54, + "char_end": 2316, + "char_start": 0, + "fragment_sha256": "dfa08024b36fe665bbf239e66623fe59dbc9cf1b069291055af7c2c2ef803fdd", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "25 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS (LOSS) PROFIT AND CONTRIBUTION (LOSS) PROFIT TO OUR GROSS PROFIT (LOSS) (Unaudited) Three Months Ended (in millions, except percentages and homes sold, or as noted) March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 Gross profit (loss) (GAAP) $ 170 $ 71 $ (425) $ 486 $ 535 Gross Margin 5.4 % 2.5 % (12.6) % 11.6 % 10.4 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f(1)(2) 23 73 573 82 8 Inventory valuation adjustment \u2013 Prior Periods\u034f(1)(3) (295) (236) (38) (12) (31) Adjusted Gross (Loss) Profit $ (102) $ (92) $ 110 $ 556 $ 512 Adjusted Gross Margin (3.3) % (3.2) % 3.3 % 13.2 % 9.9 % Adjustments: Direct selling costs(4) (85) (78) (100) (100) (136) Holding costs on sales \u2013 Current Period\u034f(5)(6) (13) (10) (14) (11) (16) Holding costs on sales \u2013 Prior Periods\u034f(5)(7) (41) (27) (18) (23) (28) Contribution (Loss) Profit $ (241) $ (207) $ (22) $ 422 $ 332 Homes sold in period 8,274 7,512 8,520 10,482 12,669 Contribution (Loss) Profit per Home Sold (in thousands) $ (29) $ (28) $ (3) $ 40 $ 26 Contribution Margin (7.7) % (7.2) % (0.7) % 10.1 % 6.4 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented." + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b55", + "block_sequence": 55, + "block_sha256": "281cbe2ab20a86820e16a057fb3f5c4152bef5d3d11e510d3a000fe3997b59bf", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 55, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "c8127b1d0b907ad92991d02c24f63af8019608ceaab8908b7fd4237504a197cd", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "q12023formxex992sharehol026.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b56", + "block_sequence": 56, + "block_sha256": "6a9d902a96160fbc98dde605b7cf99c5ce008bf32aa4bf6b86348c1768a0943b", + "block_type": "paragraph", + "char_count": 2892, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 56, + "char_end": 2892, + "char_start": 0, + "fragment_sha256": "f610056f927d26cc02cd2360eb2216816c622a30c51620cba699f69f8ee62a6b", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "26 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED NET (LOSS) INCOME AND ADJUSTED EBITDA TO OUR NET (LOSS) INCOME (Unaudited) Three Months Ended (in millions, except percentages) March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 Net (loss) income (GAAP) $ (101) $ (399) $ (928) $ (54) $ 28 Adjustments: Stock-based compensation 42 (7) 52 59 67 Equity securities fair value adjustment(1) (1) (1) 11 3 22 Intangibles amortization expense(2) 2 2 2 3 2 Inventory valuation adjustment \u2013 Current Period\u034f(3)(4) 23 73 573 82 8 Inventory valuation adjustment \u2014 Prior Periods\u034f(3)(5) (295) (236) (38) (12) (31) Restructuring(6) \u2014 17 \u2014 \u2014 \u2014 (Gain) loss on extinguishment of debt (78) 25 \u2014 \u2014 \u2014 Goodwill impairment \u2014 60 \u2014 \u2014 \u2014 Legal contingency accrual and related expenses \u2014 1 \u2014 42 3 Other(7) (1) (2) \u2014 (1) \u2014 Adjusted Net (Loss) Income $ (409) $ (467) $ (328) $ 122 $ 99 Adjustments: Depreciation and amortization, excluding amortization of intangibles and right of use assets 12 12 8 12 9 Property financing(8) 60 93 102 76 58 Other interest expense(9) 14 20 13 13 10 Interest income(10) (18) (9) (7) (6) \u2014 Income tax expense \u2014 \u2014 1 1 \u2014 Adjusted EBITDA $ (341) $ (351) $ (211) $ 218 $ 176 Adjusted EBITDA Margin (10.9) % (12.3) % (6.3) % 5.2 % 3.4 % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuring costs consist mainly of employee termination benefits, relocation packages and bonuses as well as costs related to the exiting of certain non-cancelable leases. (7) Includes primarily sublease income and income from equity method investments. (8) Includes interest expense on our non-recourse asset-backed debt facilities. (9) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset- backed debt facilities, interest expense related to the 2026 convertible senior notes outstanding, and interest expense on other secured borrowings. (10) Consists mainly of interest earned on cash, cash equivalents, restricted cash, and marketable securities." + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b57", + "block_sequence": 57, + "block_sha256": "ee74135eb3bb96275fb7f8e9a5fd1ade371fa8bdbccbe56485512ad7d79d9ff3", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 57, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "f23f73c3691b46a200cc652a0835b3692a80f71b6968ed6c142ba0179dd6e8ae", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "q12023formxex992sharehol027.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b58", + "block_sequence": 58, + "block_sha256": "c40eac702125a52127c2dfccc43daa3ef905a22b2a89b74abe6636fa458148a8", + "block_type": "paragraph", + "char_count": 2218, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 58, + "char_end": 2218, + "char_start": 0, + "fragment_sha256": "c8c000699043538c52ab26318cdf1445edeaa1968040b6bd411920c80a095f93", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "27 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT AND CONTRIBUTION PROFIT TO OUR NET (LOSS) INCOME BY COHORT (Unaudited) Three Months Ended March 31, 2023 (in millions, except percentages) Old Book: Q2 2022 Cohort and Prior (8) New Book: Post Q2 2022 Cohort (8) Total Revenue (GAAP) $ 2,344 $ 776 $ 3,120 Cost of Revenue 2,269 681 2,950 Gross profit (GAAP) $ 75 $ 95 $ 170 Gross Margin 3.2 % 12.2 % 5.4 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f(1)(2) 22 1 23 Inventory valuation adjustment \u2014 Prior Periods\u034f(1)(3) (293) (2) (295) Adjusted Gross Profit $ (196) $ 94 $ (102) Adjusted Gross Margin (8.4) % 12.1 % (3.3) % Adjustments: Direct selling costs(4) (64) (21) (85) Holding costs on sales \u2013 Current Period\u034f(5)(6) (9) (4) (13) Holding costs on sales \u2013 Prior Periods\u034f(5)(7) (38) (3) (41) Contribution Profit $ (307) $ 66 $ (241) Contribution Margin (13.1) % 8.5 % (7.7) % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented. (8) Old Book: Q2 2022 Cohort and Prior refers to offers prior to July 2022. New book: Post Q2 2022 Cohort includes offers made in July 2022 and after." + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b59", + "block_sequence": 59, + "block_sha256": "7a27ae028355aa79508648ad37965e81291f598ddabbf1ddc4fffebd2a39b4dc", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 59, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "b6c4d09206dbb74759d78ed95a2caa0921d74c4441ece7f11011679d2b78c227", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "q12023formxex992sharehol028.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b60", + "block_sequence": 60, + "block_sha256": "5aeba36904738b7e9e8adf8585471c40c5e229a2fda1ada53db81579788d029e", + "block_type": "paragraph", + "char_count": 1698, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 60, + "char_end": 1698, + "char_start": 0, + "fragment_sha256": "6f138244e11c62616e9d02c23f9df90410a994218ccc34729eef4bdb1ce51281", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "28 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED OPERATING EXPENSES TO OUR OPERATING EXPENSES (Unaudited) Three Months Ended (in millions, except percentages) March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 Operating Expenses (GAAP) $ 294 $ 342 $ 385 $ 454 $ 417 Adjustments: Direct Selling Costs(1) (85) (78) (100) (100) (136) Holding costs included in contribution profit(2) (54) (37) (32) (34) (44) Stock-based compensation (42) 7 (52) (59) (67) Intangibles amortization expense(3) (2) (2) (2) (3) (2) Restructuring \u2014 (17) \u2014 \u2014 \u2014 Goodwill impairment \u2014 (60) \u2014 \u2014 \u2014 Legal contingency accrual \u2014 (1) \u2014 (42) (3) Depreciation and amortization, excluding amortization of intangibles and right of use assets (12) (12) (8) (12) (9) Other 1 2 (2) \u2014 \u2014 Total Adjusted Operating Expenses $ 100 $ 144 $ 189 $ 204 $ 156 (1) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (2) Represents holding costs incurred in the period presented on homes sold in the period presented, as well as holding costs incurred in prior periods on homes sold in the period presented. Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (3) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized." + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b61", + "block_sequence": 61, + "block_sha256": "b10b7f6b78a8bdbd91ef000215b30d95fe4e7755dcf84ba72fccdbecf7da02c0", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 61, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "cd92237c9d54c195278377b7504198c6884f520a49bd6b9355ab869bf747ddfe", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "q12023formxex992sharehol029.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b62", + "block_sequence": 62, + "block_sha256": "5d95d040859a74c18767c0af63d07709c0f19c92fd8b0070ced34758cb5d30c3", + "block_type": "paragraph", + "char_count": 11, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 62, + "char_end": 11, + "char_start": 0, + "fragment_sha256": "7faec2ba895af101dc28c1f6c264409178c7b87090db38ef5b09ce2de2a61330", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "29 Appendix" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b63", + "block_sequence": 63, + "block_sha256": "68c7ae59c944c9612388701b1fd52b44248bd89f46a8abb781383ed5cdb9534d", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 63, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "4370b6343f9c4c0f8512a02296e11edd58ae64c7643ddeba3ecee0ff3c95348f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "q12023formxex992sharehol030.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b64", + "block_sequence": 64, + "block_sha256": "1046fac2788e9565306d83163f1e548f5e33c4833f32a167bb693eda25e6a264", + "block_type": "paragraph", + "char_count": 579, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 64, + "char_end": 579, + "char_start": 0, + "fragment_sha256": "18b22cc65a7ce49325c4c2b6869b41da9710c7452384997cad89a0b0e0dc1ba9", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "Appendix 1. MLS Clearance Rate is defined as the number of daily contracts that enter pending status on the Multiple Listing Service (i.e. market listings), filtered for Opendoor\u2019s markets and buybox, divided by the number of active listings on the Multiple Listing Service, filtered for the same markets and buybox. Trailing 7-Day MLS Clearance Rate1 MLS Data Filtered to Opendoor Markets and Buybox Trailing 7-Day MLS Contracts MLS Data Filtered to Opendoor Markets and Buybox 1830 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b65", + "block_sequence": 65, + "block_sha256": "bf4c7bceda089527c05d6e2aa99820d86b2cb2fa8a2dfa861cf6c516f1977f40", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 65, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "7374304e6e8a9793498c9234ca64edf0cb13388acf7f68efb270a52121e21990", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "q12023formxex992sharehol031.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b66", + "block_sequence": 66, + "block_sha256": "295143022bd445f8c88cf588be4609f685072770c82d26f872a302f1a9cfaab7", + "block_type": "paragraph", + "char_count": 260, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 66, + "char_end": 260, + "char_start": 0, + "fragment_sha256": "69e100ca6000682ac2eb3b73be4d91a4b3fee9ddf2f832bbc2cf84816ff84965", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "Trailing 7-Day MLS New Listings MLS Data Filtered to OD Markets and Buybox Appendix Trailing 7-Day MLS Active Listings MLS Data Filtered to OD Markets and Buybox 31 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b67", + "block_sequence": 67, + "block_sha256": "92b59908a60de5c38568ab55485700c21033ddc0aac82bda364252d033fc5c2b", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", + "block_sequence": 67, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "852efea434d3e05f62d4769b02e3bdbd1b8e35a832c1e306c8b407bec8504302", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", + "table": null, + "text": "q12023formxex992sharehol032.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b68", + "block_sequence": 68, + "block_sha256": "3823d28f51533fbca7c9de408e5a2ce7ab4a666cf123d87429965efde4b1797b", + 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["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#p1", "passage_kind": "narrative", "passage_sequence": 1, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex992sharehol.htm", "table_id": null, "text": "Document generated by Workiva Inc q12023formxex992sharehol\n\nLetter to Shareholders 1Q23 The Erickson Family Phoenix, Arizona Exhibit 99.2\n\nChanoknan Neal Olmsted Falls (near Cleveland, OH) 2 Opendoor took care of the house for me so I could focus on my business. - Chanoknan Neal Chanoknan Neal and her husband had long dreamed of owning a Thai restaurant — and when one became available, they accelerated their purchase timeline and said “yes” to becoming restaurant owners. However, in addition to the demands of starting a new business, the restaurant was located 45 minutes away from their current home. Chanoknan and her husband decided that the best solution for them was to purchase a new home closer to their business to make their commute time more manageable. They also hoped to use a portion of the proceeds from their current home sale to put towards the purchase of the restaurant. Having previously used the traditional process to purchase their home, Chanoknan was interested in exploring a simpler and more certain solution to sell this time around. She reached out to Opendoor and was pleasantly surprised when she was able to schedule a walkthrough and secure an offer in 48 hours. She also appreciated the transparency of the process – everything was explained up front – and that Opendoor “valued their time.” By selling directly to Opendoor, Chanoknan was able to avoid staging, open houses, and home repairs, thus freeing up more of her precious time to start her business. In addition, Opendoor gave her and her husband peace of mind to know that they had flexibility to stay in their current home a bit longer if needed with the late checkout option. While she didn’t think it was going to be possible, Chanoknan told Opendoor that she was hoping to close on the home in 15 days, and she was absolutely blown away when that wish came true – they closed just two weeks later. In her words, it was “unbelievable.” Selling on their timeline allowed the couple to put the proceeds towards the purchase of Mango Thai Cuisine and to fulfill their dream of becoming restaurant owners."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b10"], "char_count": 2519, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8091c3243ef580154a4a5b76e48029255590953b9bbc6048d8cf041b4a7f125d", "derivation_id": "1fc7b23157dd6f85de5d08b552136095b6a598aa1c73a050e52e2cbe1644e829", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "block_sequence": 10, "char_end": 2519, "char_start": 0, "fragment_sha256": "70be1364cdf1b8835da941620d6519a8f9838764d770d339a4716ea56d0a2d07", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#p2", "passage_kind": "narrative", "passage_sequence": 2, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex992sharehol.htm", "table_id": null, "text": "At Opendoor, our vision is to build the most trusted e-commerce platform for residential real estate. Real estate is a trillion dollar industry underpinned by a process that is complicated, time-consuming, stressful, and offline. Consumers deserve to buy, sell, and move between homes with simplicity and confidence, and we have dedicated the last nine years to delivering on this vision. We have developed a magical product that home sellers love and need. We have also built unique pricing and operations capabilities to become one of the largest buyers and sellers of homes in the United States. While our work remains far from complete, we stand alone in what we are able to offer consumers today. This is what differentiates us amidst macro uncertainty. We have spent the last 12 months navigating the steepest transition in the housing market in decades. While we are seeing some signs of stabilization in mortgage rates, home sellers continue to be on the sidelines – new listings within our buybox were down almost 25% in the first quarter versus the prior year. Market clearance is trending higher than expected as a result of this lack of supply, but the outlook for home prices remains uncertain. Given this macro environment, we are continuing to operate with caution and discipline. Specifically, while we are maintaining high spreads in our offers, we are expanding our low cost partnership channels to attract more sellers to the platform. We are also driving operational efficiencies to improve our cost structure so that we can deliver higher, more durable unit economics and long-term profitability. ENABLE MORE SELLERS TO CHOOSE OPENDOOR In a rapidly changing market, sellers value and need the certainty we provide, along with the ability to skip showings, avoid repairs, and close faster. We see this in our conversion rates, which continue to exceed our expectations and historical performance on a spread-adjusted basis. While our spreads have come down since late last year due to seasonality and early positive demand signals, we expect to continue to operate with double-digit spreads for the balance of 2023 given the macro outlook. However, high spreads won’t persist forever – as the housing market stabilizes, we expect to reduce spreads, leading to an increase in conversion, which will translate through to higher acquisition volumes. Two Core Product Offerings 1P product & 3P product 3 Business Highlights % of Q2 Offer Cohort Expected to be Sold or in Resale Contract by Year-End ~65%"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b12"], "char_count": 2465, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a974644e507d1ae8530184ebb66fa3441c18a286b93ddc9d180b430218ba6e84", "derivation_id": "1fc7b23157dd6f85de5d08b552136095b6a598aa1c73a050e52e2cbe1644e829", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "block_sequence": 12, "char_end": 2465, "char_start": 0, "fragment_sha256": "f8eaecb125c25bf802518e1cd33dd5c761a78b0287507770297d754fa2d9e21d", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex992sharehol.htm", "table_id": null, "text": "Our goal is to continue to serve as many sellers as possible. As part of that, we are focused on expanding our partnership channels, including homebuilders, agents, and online real estate platforms, which broaden our reach to more customers at attractive customer acquisition costs (CAC). Our partnerships drive more than a third of our volumes, and we see the potential to increase that mix over time. ● Homebuilder: We have partnered with over 90 homebuilders and have long-standing national relationships with eight of the top ten homebuilders by sales volume in the country. We facilitate a “trade-in” for customers of new-build homes – they sell us their existing home to unlock their equity so that they can commit to buying their new home and line up closing dates to enable a simple and seamless move. This win-win partnership enables us and homebuilders to convert customers at a minimal cost of acquisition, while allowing consumers to move with confidence to their next home. Over the past 6 years, we have enabled over 15,000 closings and approximately $6 billion in trade-in transactions. ● Agent: We have partnered with thousands of agents across hundreds of brokerages and real estate teams in giving them another option to sell their clients’ homes with speed and ease. Agents are able to provide their clients with a choice between a traditional listing and the simplicity and certainty of an Opendoor offer, significantly streamlining the selling process. We are seeing a growing number of agents make Opendoor a regular part of their service offering. Over the last 12 months, over 50% of contracts sourced via an agent relationship came from those who had previously done business with Opendoor. Additionally, the number of transactions completed via agents that have brought repeat business to us has increased nearly tenfold since 2019. We are continuing to deepen our partnerships through our Agent Access rewards program that incentivizes repeat transactions and a referral offering that agents utilize to introduce sellers to work with us directly. For Opendoor, this is another attractive CAC channel that is highly scalable and has enabled over 15,000 closings and approximately $5.5 billion in agent-facilitated acquisition volumes since 2019. 4 Business Highlights Partnerships with Homebuilders 8 of Top 10 % of Agent Referrals from Repeat Business >50% Online Real Estate Platform Partners Top 3 Volumes from Partnership Channels >1/3"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b14"], "char_count": 2570, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8175fcfddac0b9d664367bf2711f1df8345cd5eaccea9de392333829cfcde853", "derivation_id": "1fc7b23157dd6f85de5d08b552136095b6a598aa1c73a050e52e2cbe1644e829", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "block_sequence": 14, "char_end": 2570, "char_start": 0, "fragment_sha256": "38fdbdbfbe0caad89a153395d75524efdb4c54e7d201e5aeeda725406c9d2a9f", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex992sharehol.htm", "table_id": null, "text": "● Online Real Estate: We are partnered with Zillow, Redfin, and Realtor.com, the top three online real estate platforms by visitor traffic in the country, that cumulatively receive hundreds of millions of unique monthly visitors to their portals. With Zillow, we are continuing to roll out our multi-year exclusive national partnership. In the first quarter, we went live in five large markets, bringing us another step closer to being able to provide the millions of homeowners that visit Zillow every day with an all-cash offer from Opendoor. This is a cost-effective way to broaden our reach given the fixed CAC structure per closed transaction, and we look forward to expanding our market presence in the coming year. We are also excited to have expanded both Redfin and Realtor.com partnerships to all of our markets and deepened our product integrations with both partners during the quarter. Furthermore, we are seeing early and promising traction in connecting sellers directly with both consumer and institutional buyers via our marketplace product offering, Exclusives. As previously highlighted, this product line will enable us to service a greater percentage of the market and drive market share growth in a capital-efficient manner. As a starting point, we are taking a focused approach in a single market in Plano, TX. Within months of launch, we are converting more than 60% of sellers we pitch to enroll in Exclusives. Furthermore, we have uncovered a category of customers we’re calling “latent sellers”, who are open to selling but only through a convenient and seamless channel like Exclusives. We believe that this is significant for two reasons. First, we believe this supply would not be accessible if it were not for Exclusives. Second, we believe that these customers are largely incremental to those we address with our sell direct offering. On the demand side of the marketplace, buyers are highly engaged with us because we have a clear, differentiated product with homes they can't find anywhere else. In less than a quarter, we drove over 3% listing market share. While the number of transactions remains small on an absolute basis, the number of sellers and homes in our marketplace, combined with our market share gains in a single market, are a leading indicator of our expectations of future growth. We believe that the platform we’ve built over the past nine years uniquely positions us to connect sellers and buyers to transact directly and transform the category in an off-balance sheet way. 5 Business Highlights List with Certainty"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b16"], "char_count": 2265, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d1e766b0596254b0c28785bb6e1f9b22d4542e3c27ba55d2c34b28fa1f4671f3", "derivation_id": "1fc7b23157dd6f85de5d08b552136095b6a598aa1c73a050e52e2cbe1644e829", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "block_sequence": 16, "char_end": 2265, "char_start": 0, "fragment_sha256": "dd4c6fbaa3a5d15db76e1f3f3e67cfe0264a2e19ec095c7a2d045ea32fcb8a84", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex992sharehol.htm", "table_id": null, "text": "DRIVE OPERATIONAL EXCELLENCE ACROSS OUR DELIVERY PLATFORM We are continuing to invest in our operating and pricing platforms to drive greater efficiencies and cost structure improvements. We are planning for our investments to deliver a minimum of 100 basis points in contribution margin in 2024, incremental to our annual contribution margin target of 4 to 6%. In addition, we are focused on delivering operating expense improvements. Some recent examples of platform and system improvements include: ● Platform investments: We are evolving our transaction platforms and tools to further enhance our operator effectiveness and improve the overall customer experience. An example of this includes the redesign of our proprietary transaction workflow management platform, which we expect will enable us to improve operator productivity by 20% once it is fully launched in the coming quarters. ● Home condition data collection: In the first quarter, we improved our in-person assessment process to gather additional home condition and home feature data. We are integrating this and other home condition data, which have improved the accuracy of our home-level acquisition and resale pricing. ● Renovation capabilities: We have expanded our repair and renovation capabilities through platform and process investments, as well as by doing more targeted ROI-positive work. These efforts have allowed us to almost double our renovation efficiency (measured as spend per renovation day) year-over-year to $1,200. Additionally, beginning in the fourth quarter of last year, we performed targeted renovations on almost 2,500 of our longest-held homes to better align finish level with shifts in buyer demand signals, allowing us to sell through these homes faster than planned. In addition to these platform and capability improvements, we recently right-sized our operating capacity to reflect the decline in market transaction volumes and our reduced pace of acquisitions. In April, we announced a workforce reduction of approximately 22% or 560 employees, primarily focused on volume-based roles. We expect this to deliver savings of approximately $50mm in annualized expenses. 6 Expected Margin Improvement in 2024 via Increased Efficiencies Business Highlights >100 bps"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b18"], "char_count": 2211, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8b093d5dc4d758f29bafaee8665777a6ee23fbb74077979e583e23c0ab0f4149", "derivation_id": "1fc7b23157dd6f85de5d08b552136095b6a598aa1c73a050e52e2cbe1644e829", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "block_sequence": 18, "char_end": 2211, "char_start": 0, "fragment_sha256": "f77c4fcbdd174ec0cf714befbcec0eb8809edb65fd32e8b75e9513c6f81d37ed", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex992sharehol.htm", "table_id": null, "text": "Our first quarter results reflect our progress in selling through our longest-held homes while building into a new book of healthy inventory, continued cost structure improvements, and our focus on capital and book value preservation. GROWTH In the first quarter, we delivered $3.1 billion of revenue. This exceeded the high end of our revenue guidance by 18% as market clearance rates outperformed expectations, which, coupled with our targeted home condition improvements, allowed us to pull forward sales on a portion of our old book of homes. The market clearance rate at the end of 1Q23 was approximately 3%, compared to typical market clearance of 1% to 2% observed at the end of the first quarter each year from 2014 to 2020. Notably, 92% of the homes we made offers on between March and June of 2022 (the “Q2 Cohort”) were sold or in contract as of the end of the quarter, versus our prior expectation of 85%. In total, we sold 8,274 homes in 1Q23, down 35% versus 1Q22, with revenue per home sold down 7% versus the prior year. On the acquisition front, we purchased 1,747 homes in the first quarter, down 81% versus 1Q22. The reduction in acquisitions has been driven by two primary factors. First, with sellers in a holding pattern, we observed an increasing decline in market new listings within our buybox versus last year, from a 17% decline in January to a 27% decline by March. Second, we saw a decline in offer-to-contract true seller conversion due to higher spreads year-over-year – although, it is worth noting that conversion has improved from approximately 10% going into 1Q23 to 15% as of March due to a reduction in spreads. In response to these two factors, we pulled back on marketing spending by 45% versus prior year. While many home sellers are on the sidelines, we are focusing on product innovation, partnership channel expansion, and marketing efficiency improvements, which we believe will position us to quickly re-scale acquisitions as the housing market stabilizes and benefit us for years to come. 7 Financial Highlights 1Q23 Revenue $3.1 billion 1Q23 Homes Sold 8,274 8,520 12,669 10,482 8,274 7,512 1Q22 2Q22 3Q22 4Q22 1Q23 $3.4 $5.2 $4.2 $3.1$2.9 1Q22 2Q22 3Q22 4Q22 1Q23"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b20", "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b22"], "char_count": 2784, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8acb2ddd9b9e42fd3be364b2f9b13d40ce916fa3105524fa191a1ebf96c20bb0", "derivation_id": "1fc7b23157dd6f85de5d08b552136095b6a598aa1c73a050e52e2cbe1644e829", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "block_sequence": 20, "char_end": 1428, "char_start": 0, "fragment_sha256": "d0117c1a3a233b0f938f4166cec846fe7144052b3dd90dd7592ae251a454f837", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "block_sequence": 22, "char_end": 1354, "char_start": 0, "fragment_sha256": "4ecce46f146d961fc0beacc0eb9ef1ae01816562c581473f4d96e65a075ffa02", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex992sharehol.htm", "table_id": null, "text": "UNIT ECONOMICS GAAP gross profit was $170 million in 1Q23, versus $535 million in 1Q22. Adjusted gross (loss) profit, which aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the home is sold, was $(102) million in 1Q23, versus $512 million in 1Q22. Contribution (Loss) Profit, which accounts for the direct selling and holding costs incurred on the homes sold during the quarter, was $(241) million in the first quarter, versus $332 million in 1Q22. Contribution Margin was (7.7)%, versus 6.4% in 1Q22, driven by the resale performance of the old book of inventory, which represented 75% of our resale mix. However, as shown above, our new book of homes continues to show strong margin performance, with homes sold generating gross margins of 12.2% and contribution margins of 8.5% in the first quarter. We continue to expect this group of homes to generate contribution margins in excess of our 4% to 6% annual target once fully sold through. 8 Financial Highlights 1Q23 Post-Q2 Cohort Contribution Margin 8.5% 1Q23 (Dollars in millions) Old Book (Q2 Cohort and prior) New Book (Post-Q2 Cohort) Total Homes Sold in Period 5,902 2,372 8,274 Revenue $2,344 $776 $3,120 Gross Profit / Margin $75 / 3.2% $95 / 12.2% $170 / 5.4% Adj. Gross (Loss) Profit / Margin $(196) / (8.4)% $94 / 12.1% $(102) / (3.3)% Contribution (Loss) Profit / Margin $(307) / (13.1)% $66 / 8.5% $(241) / (7.7)%\n\nNET LOSS AND ADJUSTED EBITDA GAAP net (loss) income was $(101) million in 1Q23, versus $28 million in 1Q22. Adjusted Net (Loss) Income was $(409) million, versus $99 million in 1Q22. As a reminder, Adjusted Net (Loss) Income aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded, which is the primary difference between these two metrics for the quarter. Inclusive of our previously recorded inventory valuation adjustments of $(295) million, Adjusted EBITDA was $(341) million in 1Q23, compared to $176 million in 1Q22, which was slightly better than our guidance. As a reminder, we began reducing our marketing spend, operational capacity, and fixed expenses in the second half of last year, resulting in a total decline in Adjusted Operating Expenses, which we define as the delta between Contribution (Loss) Profit and Adjusted EBITDA, from $156 million in 1Q22 and a peak of $204 million in 2Q22 to $100 million in 1Q23. 9 Financial Highlights (Dollars in millions) 1Q23 1Q22 GAAP Net (Loss) Income $(101) $28 Adjusted Net (Loss) Income $(409) $99 Adjusted EBITDA $(341) $176 Adjusted EBITDA Margin (10.9)% 3.4% GAAP Operating Expenses $294 $417 Adjusted Operating Expenses $100 $156 1Q23 Adj. Operating Expenses $100 million $189 $156 $204 $100 $144 1Q22 2Q22 3Q22 4Q22 1Q23"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b24"], "char_count": 2046, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "45c659e79a4244851bdbe4b4f7f697900e9e36afa6c36c8d9a831d8039a9baff", "derivation_id": "1fc7b23157dd6f85de5d08b552136095b6a598aa1c73a050e52e2cbe1644e829", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "block_sequence": 24, "char_end": 2046, "char_start": 0, "fragment_sha256": "71331c7c8a63d7aca750c8627698017162b479afdbfb6a9c59839c5dc334e62f", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex992sharehol.htm", "table_id": null, "text": "10 Financial Highlights 1Q23 Resale Revenue Mix Based on Days of Ownership 9.7% INVENTORY We ended the quarter with $2.1 billion in inventory, representing 6,261 homes, which was down 53% from the prior quarter. Given the deliberate slowdown in our acquisition pace beginning in the middle of last year, approximately two-thirds of the inventory balance as of quarter end is from the old book. In 1Q23, we sold $3.1 billion of 4Q22 inventory, including inventory that carried a total of $295 million of inventory valuation adjustments. The homes sold through in 1Q23 realized a net gain as compared to their 4Q22 inventory valuation adjustments, while some of the homes remaining in inventory at 1Q23 recorded incremental valuation adjustments, resulting in a net gain of $6 million. Our new book inventory valuation adjustments represent 0.4% of inventory, which is consistent with historical performance. We ended the quarter with $187 million of inventory valuation adjustments against our gross inventory balance of $2.3 billion. We believe that this adjustment is an appropriate reflection of future losses we may realize on these homes. As homes with losses are sold, this adjustment will unwind in future quarters alongside homes that we expect will generate realized gains. As of March 31, 2023, 59% of our homes in inventory had been listed on the market for more than 120 days, versus 23% of homes on the market, adjusted for our buybox. Our slowdown in acquisition pace has shifted our resale mix to longer-dated inventory and longer than average days on market for our listed homes. For the new book of inventory, this metric is 20%, which is inline with the market. 2022 Contribution Margin 3.4% As of March 31, 2023 (Dollars in millions) Old Book (Q2 Cohort and prior) New Book (Post-Q2 Cohort) Total Real Estate Inventory $1,579 $726 $2,305 Inventory Valuation Adjustments $(184) $(3) $(187) Real Estate Inventory, Net $1,395 $723 $2,118 Inventory Valuation Adjustments as a % of Inventory 11.7% 0.4% 8.1% 78% 22% 57% 43% 1Q22 1Q23"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b26"], "char_count": 1491, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "4aaf13723eae64a4b365ed532a893faaf7f28a66c0c77a0682d0637a82eca337", "derivation_id": "1fc7b23157dd6f85de5d08b552136095b6a598aa1c73a050e52e2cbe1644e829", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "block_sequence": 26, "char_end": 1491, "char_start": 0, "fragment_sha256": "503a94582317014f06bd77ad16993ebbc1c11325baff139f0e694c64b9f5a635", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex992sharehol.htm", "table_id": null, "text": "Financial Highlights OTHER BALANCE SHEET ITEMS We ended the first quarter with $1.8 billion in capital, which consists primarily of $1.3 billion in unrestricted cash and marketable securities and $459 million of equity invested in homes and related assets. This compares to $2.0 billion in capital as of the end of 2022, which included $1.3 billion in unrestricted cash and marketable securities and $670 million of equity invested in homes and related assets. All figures are net of inventory valuation adjustments. Additionally, in March, we invested $101 million to repurchase $189 million of our outstanding 2026 convertible notes at a substantial discount, reducing our total future debt obligations. As shown below, total shareholders’ equity declined by $50 million in the quarter. The Adjusted EBITDA loss and net interest expenses incurred were offset by the release of inventory valuation adjustments on the homes sold in the quarter as well as the gain from our convertible note buyback. 11 1. Consists of $84 million gain on extinguishment of 2026 convertible senior notes, $(6) million loss on extinguishment of debt, and $(3) million in other, which is mostly comprised of stock-based compensation expense capitalized for internally developed software and depreciation and amortization, excluding amortization of right of uses assets. 1Q23 Total Capital $1.8 billion 1Q23 Cash, Cash Equivalents, and Marketable Securities $1.3 billion 1Q23 Equity Invested in Homes $459 million"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b28"], "char_count": 2545, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "bad246ce89e2fc0e9ba29e835491e574c97d50c1fb55711cd23a6741f99e9417", "derivation_id": "1fc7b23157dd6f85de5d08b552136095b6a598aa1c73a050e52e2cbe1644e829", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "block_sequence": 28, "char_end": 2545, "char_start": 0, "fragment_sha256": "0c5bb0aab9f1c1bb78e33330824ac5a1920bbd4c7ba61e65762be8692abf320c", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex992sharehol.htm", "table_id": null, "text": "Financial Highlights 12 Finally, at quarter-end, we had $10.7 billion in non-recourse, asset-backed borrowing capacity, comprised of $5.7 billion of senior revolving credit facilities and $5.0 billion of senior and mezzanine term debt facilities, of which total committed borrowing capacity was $4.9 billion. During the quarter, we wound down one of our two dedicated Q2 Cohort financing facilities, which was earlier than anticipated given the substantial progress we’ve made in selling through these homes. GUIDANCE We expect the following results for the second quarter of 2023: ● Revenue is expected to be between $1.75 and $1.85 billion ● Adjusted EBITDA2 is expected to be between $(180) and $(200) million ● Stock-based compensation expense is expected to be in the range of $30 to $35 million ● Adjusted Operating Expenses2 are expected to be approximately $90 million Given the macro outlook, we are continuing to operate with a cautious approach via home pricing, expense management, and capital discipline. We are actively monitoring leading indicators and will adjust spreads accordingly in order to be opportunistic as the housing market stabilizes. Based on typical housing seasonality patterns, we do not expect to reduce spreads in the second half of the year. On the resale side, we expect to sell or be under resale contract on nearly all of the remaining homes from the Q2 Cohort by the end of the second quarter. As such, we expect 2Q23 to be our final quarter of negative contribution margin as our new book of inventory should make up the majority of our resales beginning in the third quarter of the year. 2. Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net (loss) income nor forecasted Adjusted Operating Expenses to forecasted GAAP operating expenses within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment, equity securities fair value adjustment, and holding costs attributable to homes expected to be sold in 2Q23. These items, which could materially affect the computations of forward-looking GAAP net (loss) income and GAAP operating expenses, are inherently uncertain and depend on various factors, including market-related assumptions that are outside of the Company’s control. 2Q23 Revenue Guidance $1.75 to $1.85 billion 2Q23 Adjusted EBITDA2 Guidance $(180) to $(200) million"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b30", "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b32"], "char_count": 1571, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "eb154c76187523ed6e9c84222306b7b55648c029228af3d1d887f9005309b97e", "derivation_id": "1fc7b23157dd6f85de5d08b552136095b6a598aa1c73a050e52e2cbe1644e829", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "block_sequence": 30, "char_end": 1088, "char_start": 0, "fragment_sha256": "6a3f9392be7b762f0464e43d13e5ed03fb3ee1721dfb5445bc24d90b5a688d17", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "block_sequence": 32, "char_end": 481, "char_start": 0, "fragment_sha256": "136b4e0f1306f7660b21eee5bea35229319c179785e7abc200fd8429d4264521", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#p11", "passage_kind": "narrative", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex992sharehol.htm", "table_id": null, "text": "13 Financial Highlights Finally, we remain laser-focused on managing our cost structure to minimize capital erosion while maintaining the flexibility to innovate and grow as the market stabilizes. We expect our adjusted operating expenses to be $90 million for the second quarter, reflecting the decisions we’ve made to right-size our cost structure given near-term volume expectations. We continue to find ways to drive additional margin into our business and we remain committed to returning to positive Adjusted Net Income at $10 billion of annualized revenue by mid-2024, assuming some amount of housing market stabilization. CONCLUSION As we look ahead, we see a future where real estate continues to move online and where consumers will be able to transact directly with each other through a managed marketplace powered by Opendoor – one that ensures trust, certainty, ease, and quality. We believe that we have the right product, capabilities, capital, and team that will allow us to not only weather the current market cycle but to emerge stronger as we build towards this future.\n\n14Raleigh-Durham, NC Carrie Wheeler, CEO Christy Schwartz, Interim CFO CONFERENCE CALL INFORMATION Opendoor will host a conference call to discuss its financial results on May 4, 2023 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. May 4, 2023 at 2 p.m. PT investor.opendoor.com LIVE WEBCAST"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b34", "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b36"], "char_count": 103, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b3100778773391c774eb389de3553a56fd07e3d31cf09fbef288d1ececac99ec", "derivation_id": "1fc7b23157dd6f85de5d08b552136095b6a598aa1c73a050e52e2cbe1644e829", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "block_sequence": 34, "char_end": 68, "char_start": 0, "fragment_sha256": "0d282019ef61000a7027912ef8d266468d6f6037dac282ae0f5b619033dcffbb", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "block_sequence": 36, "char_end": 33, "char_start": 0, "fragment_sha256": "59c923220e35c1f8ab2210daf6f462f4a8792c02886eb620066d92f64e7f8bee", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex992sharehol.htm", "table_id": null, "text": "/ OpendoorHQ / Opendoor Company / Opendoor-com investor.opendoor.com\n\n16 Definitions & Financial Tables"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b38"], "char_count": 2588, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "fc243aa4a378decd1c4223d58200969105d3f92f18536d4376a475d94d8abfeb", "derivation_id": "1fc7b23157dd6f85de5d08b552136095b6a598aa1c73a050e52e2cbe1644e829", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "block_sequence": 38, "char_end": 2588, "char_start": 0, "fragment_sha256": "31bc2c2a85a18df9e541cceff6473fb0d6f3ac540075c70329c9c658ebc6e33b", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#p13", "passage_kind": "narrative", "passage_sequence": 13, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex992sharehol.htm", "table_id": null, "text": "This shareholder letter contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including, without limitations, statements regarding: current and future health and stability of the real estate housing market and economy; volatility of mortgage interest rates and expectations regarding the future shifts in behavior by consumers and partners; the health and status of our financial condition; anticipated future results of operations and financial performance, priorities of the Company to achieve future business and financial goals; the Company’s ability to continue to effectively navigate the markets in which it operates; anticipated future and ongoing impacts and benefits of acquisitions, partnership channel expansions, product innovations and other business decisions; health of our balance sheet to weather ongoing market transitions and its expectations to quickly re-scale in the future; the Company’s ability to adopt an effective approach to manage economic and industry risk, as well as inventory health; the Company’s expectations with respect to the future success of its partnerships and its ability to continue to drive significant growth in sales volumes through such partnerships; business strategy and plans, including any plans to expand into additional markets, market opportunity and expansion and objectives of management for future operations, including our statements regarding the benefits and timing of the roll out of new markets, products or technology; and the expected diversification of funding sources. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “vision”, “will”, or “would”, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b38"], "char_count": 3806, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "3444a560ce8901f45878aaa15dcff251a041788920d076bd682289f738f9b9cd", "derivation_id": "1fc7b23157dd6f85de5d08b552136095b6a598aa1c73a050e52e2cbe1644e829", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "block_sequence": 38, "char_end": 6394, "char_start": 2588, "fragment_sha256": "31bc2c2a85a18df9e541cceff6473fb0d6f3ac540075c70329c9c658ebc6e33b", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#p14", "passage_kind": "narrative", "passage_sequence": 14, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex992sharehol.htm", "table_id": null, "text": "The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this shareholder letter include but are not limited to: the current and future health and stability of the economy and the residential housing market, including any extended downturn or slowdown; changes in general economic and financial conditions (including federal monetary policy, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory) that may reduce demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; any future impact of the ongoing COVID-19 pandemic (including future variants) or other public health crises on our ability to operate, demand for our products or services, or general economic conditions; addition or loss of a significant number of customers; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; ability to protect our brand and intellectual property; ability to obtain or maintain licenses and permits to support our current and future business operations; ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our technology platform, including our automated pricing and valuation technology; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; the impact of natural disasters and other catastrophic events; changes in laws or government regulation affecting our business; and the impact of pending or future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 23, 2023, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 17 Forward-Looking Statements"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b40"], "char_count": 3160, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f67b8615705532e9ab6f07b83431ed9b43cd51a542cb41c93258a09a510ab5d3", "derivation_id": "1fc7b23157dd6f85de5d08b552136095b6a598aa1c73a050e52e2cbe1644e829", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "block_sequence": 40, "char_end": 3160, "char_start": 0, "fragment_sha256": "f7966d65f58ee5f1289e0df76df67543fb770596a86d5be34dd8e9305c17f0cd", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#p15", "passage_kind": "narrative", "passage_sequence": 15, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex992sharehol.htm", "table_id": null, "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company’s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross (Loss) Profit, Contribution (Loss) Profit, Adjusted Net (Loss) Income, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non- GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results. Adjusted Gross (Loss) Profit and Contribution (Loss) Profit To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross (Loss) Profit and Contribution (Loss) Profit, which are non-GAAP financial measures. We believe that Adjusted Gross (Loss) Profit and Contribution (Loss) Profit are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution (Loss) Profit provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross (Loss) Profit and Contribution (Loss) Profit are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross (loss) profit. 18 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b42"], "char_count": 1878, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9f03b9299532a5cc49108ff8a729d0f76a6bbfb71ce334432846d2395f0f64c1", "derivation_id": "1fc7b23157dd6f85de5d08b552136095b6a598aa1c73a050e52e2cbe1644e829", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "block_sequence": 42, "char_end": 1878, "char_start": 0, "fragment_sha256": "edc8e7ea7e47bbac4615cbc4ef375a9bc23a9af12ce8ef0ec186bf8077d9bf72", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#p16", "passage_kind": "narrative", "passage_sequence": 16, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex992sharehol.htm", "table_id": null, "text": "Adjusted Gross (Loss) Profit / Margin We calculate Adjusted Gross (Loss) Profit as gross profit (loss) under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross (Loss) Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross (Loss) Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution (Loss) Profit / Margin We calculate Contribution (Loss) Profit as Adjusted Gross (Loss) Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution (Loss) Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution (Loss) Profit helps management assess inflows and outflows directly associated with a specific resale cohort. 19 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b44"], "char_count": 3209, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b056c48461898f87db1431f709ca2bac3033ca258d107511023aef8449fcbb30", "derivation_id": "1fc7b23157dd6f85de5d08b552136095b6a598aa1c73a050e52e2cbe1644e829", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "block_sequence": 44, "char_end": 3209, "char_start": 0, "fragment_sha256": "84a402efe8e9a3692bf2c0ca63fb3f93610c42970532631899ddb4737305ce8f", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#p17", "passage_kind": "narrative", "passage_sequence": 17, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex992sharehol.htm", "table_id": null, "text": "20 Adjusted Net (Loss) Income and Adjusted EBITDA We also present Adjusted Net (Loss) Income and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non- recurring, non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net (Loss) Income and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net (loss) income. We calculate Adjusted Net (Loss) Income as GAAP net (loss) income adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, warrant fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring charges and legal contingency accruals. It excludes (gain) loss on extinguishment of debt as these expenses were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. It also excludes non-recurring goodwill impairment. Adjusted Net (Loss) Income also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net (Loss) Income does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net (Loss) Income adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b46"], "char_count": 1883, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "449d99f2df8e04d33419598f420c8c3a8050a4807c702d956e2bb6971fae47ab", "derivation_id": "1fc7b23157dd6f85de5d08b552136095b6a598aa1c73a050e52e2cbe1644e829", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "block_sequence": 46, "char_end": 1883, "char_start": 0, "fragment_sha256": "87e12368a61b7be28a14ebcf26c89d7581d237b7f65b5e845a734123ea4be9f7", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#p18", "passage_kind": "narrative", "passage_sequence": 18, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex992sharehol.htm", "table_id": null, "text": "21 Adjusted Operating Expense We also present Adjusted Operating Expense, which is a non-GAAP financial measure that bridges the difference between Contribution Profit and Adjusted EBITDA. We believe this measure provides investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to contribution profit and certain charges that are non-recurring, non-cash, or not directly related to our revenue-generating operations are removed. Adjusted Operating Expense is a supplemental measure of our operating expenditures and has important limitations. For example, this measure excludes the impact of certain costs required to be recorded under GAAP. This measure removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to contribution margin. This measure could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, this measure should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of this measure to the most directly comparable GAAP financial measure, which is operating expenses. We calculate Adjusted Operating Expense as GAAP operating expense adjusted to exclude direct selling costs and holding costs included in determining Contribution Profit. It excludes non-recurring goodwill impairment. The measure also excludes non-cash expenses of stock-based compensation, depreciation and amortization, and intangibles amortization. It also excludes expenses that are not directly related to our revenue-generating operations such as restructuring charges and legal contingency accruals. Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b48", "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b50"], "char_count": 2728, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "fe2bcd9c9a450eff3bfccc05b6939e6216deaa160177e6ac59135d2940c7a49c", "derivation_id": "1fc7b23157dd6f85de5d08b552136095b6a598aa1c73a050e52e2cbe1644e829", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "block_sequence": 48, "char_end": 1298, "char_start": 0, "fragment_sha256": "8a8fd9140983736b4ae298b104a2e954ef38c422705a1491f9d26ca67bb3ad40", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "block_sequence": 50, "char_end": 1428, "char_start": 0, "fragment_sha256": "2bdd418249a236866633c51134b14e15b9ce77ae5413f3d6b0c11dfc2e480f6f", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#p19", "passage_kind": "narrative", "passage_sequence": 19, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex992sharehol.htm", "table_id": null, "text": "22 Three Months Ended March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 REVENUE $ 3,120 $ 2,857 $ 3,361 $ 4,198 $ 5,151 COST OF REVENUE 2,950 2,786 3,786 3,712 4,616 GROSS PROFIT 170 71 (425) 486 535 OPERATING EXPENSES: Sales, marketing and operations 188 194 260 276 276 General and administrative 66 23 85 137 101 Technology and development 40 48 40 41 40 Goodwill Impairment — 60 — — — Restructuring — 17 — — — Total operating expenses 294 342 385 454 417 (LOSS) INCOME FROM OPERATIONS (124) (271) (810) 32 118 GAIN ON EXTINGUISHMENT OF DEBT 78 (25) — — — INTEREST EXPENSE (74) (113) (115) (89) (68) OTHER INCOME (LOSS) – Net 19 10 (2) 4 (22) (LOSS) INCOME BEFORE INCOME TAXES (101) (399) (927) (53) 28 INCOME TAX EXPENSE — — (1) (1) — NET (LOSS) INCOME $ (101) $ (399) $ (928) $ (54) $ 28 Net (loss) income per share attributable to common shareholders: Basic $ (0.16) $ (0.63) $ (1.47) $ (0.09) $ 0.05 Diluted $ (0.16) $ (0.63) $ (1.47) $ (0.09) $ 0.04 Weighted-average shares outstanding: Basic 641,916 634,595 629,535 624,958 619,137 Diluted 641,916 634,595 629,535 624,958 640,785 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited)\n\n23 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) March 31, 2023 December 31, 2022 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,143 $ 1,137 Restricted cash 1,515 654 Marketable securities 108 144 Escrow receivable 42 30 Real estate inventory, net 2,118 4,460 Other current assets ($0 and $1 carried at fair value) 46 41 Total current assets 4,972 6,466 PROPERTY AND EQUIPMENT – Net 59 58 RIGHT OF USE ASSETS 39 41 GOODWILL 4 4 INTANGIBLES – Net 11 12 OTHER ASSETS 27 27 TOTAL ASSETS $ 5,112 $ 6,608 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 77 $ 110 Non-recourse asset-backed debt - current portion 355 1,376 Interest payable 4 12 Lease liabilities - current portion 7 7 Total current liabilities 443 1,505 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 2,824 3,020 CONVERTIBLE SENIOR NOTES 774 959 LEASE LIABILITIES – Net of current portion 35 38 Total liabilities 4,076 5,522 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 647,607,920 and 637,387,025 shares issued, respectively; 647,607,920 and 637,387,025 shares — — Additional paid-in capital 4,198 4,148 Accumulated deficit (3,159) (3,058) Accumulated other comprehensive loss (3) (4) Total shareholders’ equity 1,036 1,086 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 5,112 $ 6,608"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b52"], "char_count": 2652, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "abadca16eb330c5ba3d1b626d12c52e00743e5bcbe6ddc9bfc2be6e16b95e222", "derivation_id": "1fc7b23157dd6f85de5d08b552136095b6a598aa1c73a050e52e2cbe1644e829", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "block_sequence": 52, "char_end": 2652, "char_start": 0, "fragment_sha256": "bec936d5f9329419c35e089e63f2a5ee6185305d48212d610cb8057270b54e35", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#p20", "passage_kind": "narrative", "passage_sequence": 20, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex992sharehol.htm", "table_id": null, "text": "24 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Three Months Ended March 31, 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES: Net (loss) income $ (101) $ 28 Adjustments to reconcile net (loss) income to cash, cash equivalents, and restricted cash provided by operating activities: Depreciation and amortization 22 18 Amortization of right of use asset 2 2 Stock-based compensation 42 67 Inventory valuation adjustment 23 8 Change in fair value of equity securities (1) 22 Net fair value adjustments and loss on sale of mortgage loans held for sale — (1) Origination of mortgage loans held for sale — (46) Proceeds from sale and principal collections of mortgage loans held for sale 1 43 (Gain) loss on extinguishment of debt (78) — Changes in operating assets and liabilities: Escrow receivable (12) 26 Real estate inventory 2,306 1,416 Other assets (10) (28) Accounts payable and other accrued liabilities (22) 2 Interest payable (8) (5) Lease liabilities (2) (2) Net cash provided by operating activities 2,162 1,550 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (8) (10) Purchase of marketable securities — (28) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 38 22 Purchase of non-marketable equity securities — (25) Capital returns of non-marketable equity securities — 3 Net cash provided by (used in) investing activities 30 (38) CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of convertible senior notes (101) — Proceeds from exercise of stock options 1 2 Proceeds from issuance of common stock for ESPP 1 — Proceeds from non-recourse asset-backed debt 224 2,292 Principal payments on non-recourse asset-backed debt (1,446) (3,622) Proceeds from other secured borrowings — 45 Principal payments on other secured borrowings — (41) Payment of loan origination fees and debt issuance costs — (10) Payment for early extinguishment of debt (4) — Net cash used in financing activities (1,325) (1,334) NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 867 178 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 1,791 2,578 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $ 2,658 $ 2,756 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $ 74 $ 68 DISCLOSURES OF NONCASH ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 6 $ 4 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 1,143 $ 2,312 Restricted cash 1,515 444 Cash, cash equivalents, and restricted cash $ 2,658 $ 2,756"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b54"], "char_count": 2316, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c7f0ba1c6103759bc48fd9fad4d3264322d1c4034595299975fe8adc7e5b2472", "derivation_id": "1fc7b23157dd6f85de5d08b552136095b6a598aa1c73a050e52e2cbe1644e829", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "block_sequence": 54, "char_end": 2316, "char_start": 0, "fragment_sha256": "dfa08024b36fe665bbf239e66623fe59dbc9cf1b069291055af7c2c2ef803fdd", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#p21", "passage_kind": "narrative", "passage_sequence": 21, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex992sharehol.htm", "table_id": null, "text": "25 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS (LOSS) PROFIT AND CONTRIBUTION (LOSS) PROFIT TO OUR GROSS PROFIT (LOSS) (Unaudited) Three Months Ended (in millions, except percentages and homes sold, or as noted) March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 Gross profit (loss) (GAAP) $ 170 $ 71 $ (425) $ 486 $ 535 Gross Margin 5.4 % 2.5 % (12.6) % 11.6 % 10.4 % Adjustments: Inventory valuation adjustment – Current Period͏(1)(2) 23 73 573 82 8 Inventory valuation adjustment – Prior Periods͏(1)(3) (295) (236) (38) (12) (31) Adjusted Gross (Loss) Profit $ (102) $ (92) $ 110 $ 556 $ 512 Adjusted Gross Margin (3.3) % (3.2) % 3.3 % 13.2 % 9.9 % Adjustments: Direct selling costs(4) (85) (78) (100) (100) (136) Holding costs on sales – Current Period͏(5)(6) (13) (10) (14) (11) (16) Holding costs on sales – Prior Periods͏(5)(7) (41) (27) (18) (23) (28) Contribution (Loss) Profit $ (241) $ (207) $ (22) $ 422 $ 332 Homes sold in period 8,274 7,512 8,520 10,482 12,669 Contribution (Loss) Profit per Home Sold (in thousands) $ (29) $ (28) $ (3) $ 40 $ 26 Contribution Margin (7.7) % (7.2) % (0.7) % 10.1 % 6.4 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b56"], "char_count": 2892, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6a9d902a96160fbc98dde605b7cf99c5ce008bf32aa4bf6b86348c1768a0943b", "derivation_id": "1fc7b23157dd6f85de5d08b552136095b6a598aa1c73a050e52e2cbe1644e829", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "block_sequence": 56, "char_end": 2892, "char_start": 0, "fragment_sha256": "f610056f927d26cc02cd2360eb2216816c622a30c51620cba699f69f8ee62a6b", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#p22", "passage_kind": "narrative", "passage_sequence": 22, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex992sharehol.htm", "table_id": null, "text": "26 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED NET (LOSS) INCOME AND ADJUSTED EBITDA TO OUR NET (LOSS) INCOME (Unaudited) Three Months Ended (in millions, except percentages) March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 Net (loss) income (GAAP) $ (101) $ (399) $ (928) $ (54) $ 28 Adjustments: Stock-based compensation 42 (7) 52 59 67 Equity securities fair value adjustment(1) (1) (1) 11 3 22 Intangibles amortization expense(2) 2 2 2 3 2 Inventory valuation adjustment – Current Period͏(3)(4) 23 73 573 82 8 Inventory valuation adjustment — Prior Periods͏(3)(5) (295) (236) (38) (12) (31) Restructuring(6) — 17 — — — (Gain) loss on extinguishment of debt (78) 25 — — — Goodwill impairment — 60 — — — Legal contingency accrual and related expenses — 1 — 42 3 Other(7) (1) (2) — (1) — Adjusted Net (Loss) Income $ (409) $ (467) $ (328) $ 122 $ 99 Adjustments: Depreciation and amortization, excluding amortization of intangibles and right of use assets 12 12 8 12 9 Property financing(8) 60 93 102 76 58 Other interest expense(9) 14 20 13 13 10 Interest income(10) (18) (9) (7) (6) — Income tax expense — — 1 1 — Adjusted EBITDA $ (341) $ (351) $ (211) $ 218 $ 176 Adjusted EBITDA Margin (10.9) % (12.3) % (6.3) % 5.2 % 3.4 % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuring costs consist mainly of employee termination benefits, relocation packages and bonuses as well as costs related to the exiting of certain non-cancelable leases. (7) Includes primarily sublease income and income from equity method investments. (8) Includes interest expense on our non-recourse asset-backed debt facilities. (9) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset- backed debt facilities, interest expense related to the 2026 convertible senior notes outstanding, and interest expense on other secured borrowings. (10) Consists mainly of interest earned on cash, cash equivalents, restricted cash, and marketable securities."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b58"], "char_count": 2218, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c40eac702125a52127c2dfccc43daa3ef905a22b2a89b74abe6636fa458148a8", "derivation_id": "1fc7b23157dd6f85de5d08b552136095b6a598aa1c73a050e52e2cbe1644e829", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "block_sequence": 58, "char_end": 2218, "char_start": 0, "fragment_sha256": "c8c000699043538c52ab26318cdf1445edeaa1968040b6bd411920c80a095f93", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#p23", "passage_kind": "narrative", "passage_sequence": 23, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex992sharehol.htm", "table_id": null, "text": "27 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT AND CONTRIBUTION PROFIT TO OUR NET (LOSS) INCOME BY COHORT (Unaudited) Three Months Ended March 31, 2023 (in millions, except percentages) Old Book: Q2 2022 Cohort and Prior (8) New Book: Post Q2 2022 Cohort (8) Total Revenue (GAAP) $ 2,344 $ 776 $ 3,120 Cost of Revenue 2,269 681 2,950 Gross profit (GAAP) $ 75 $ 95 $ 170 Gross Margin 3.2 % 12.2 % 5.4 % Adjustments: Inventory valuation adjustment – Current Period͏(1)(2) 22 1 23 Inventory valuation adjustment — Prior Periods͏(1)(3) (293) (2) (295) Adjusted Gross Profit $ (196) $ 94 $ (102) Adjusted Gross Margin (8.4) % 12.1 % (3.3) % Adjustments: Direct selling costs(4) (64) (21) (85) Holding costs on sales – Current Period͏(5)(6) (9) (4) (13) Holding costs on sales – Prior Periods͏(5)(7) (38) (3) (41) Contribution Profit $ (307) $ 66 $ (241) Contribution Margin (13.1) % 8.5 % (7.7) % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented. (8) Old Book: Q2 2022 Cohort and Prior refers to offers prior to July 2022. New book: Post Q2 2022 Cohort includes offers made in July 2022 and after."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b60"], "char_count": 1698, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5aeba36904738b7e9e8adf8585471c40c5e229a2fda1ada53db81579788d029e", "derivation_id": "1fc7b23157dd6f85de5d08b552136095b6a598aa1c73a050e52e2cbe1644e829", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "block_sequence": 60, "char_end": 1698, "char_start": 0, "fragment_sha256": "6f138244e11c62616e9d02c23f9df90410a994218ccc34729eef4bdb1ce51281", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#p24", "passage_kind": "narrative", "passage_sequence": 24, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex992sharehol.htm", "table_id": null, "text": "28 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED OPERATING EXPENSES TO OUR OPERATING EXPENSES (Unaudited) Three Months Ended (in millions, except percentages) March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 Operating Expenses (GAAP) $ 294 $ 342 $ 385 $ 454 $ 417 Adjustments: Direct Selling Costs(1) (85) (78) (100) (100) (136) Holding costs included in contribution profit(2) (54) (37) (32) (34) (44) Stock-based compensation (42) 7 (52) (59) (67) Intangibles amortization expense(3) (2) (2) (2) (3) (2) Restructuring — (17) — — — Goodwill impairment — (60) — — — Legal contingency accrual — (1) — (42) (3) Depreciation and amortization, excluding amortization of intangibles and right of use assets (12) (12) (8) (12) (9) Other 1 2 (2) — — Total Adjusted Operating Expenses $ 100 $ 144 $ 189 $ 204 $ 156 (1) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (2) Represents holding costs incurred in the period presented on homes sold in the period presented, as well as holding costs incurred in prior periods on homes sold in the period presented. Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (3) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b62", "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b64", "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b66", "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#b68"], "char_count": 1014, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "72b3ea6efbbeb01a4e19816ea23185591a5749903f2d56d62a89d83de016618d", "derivation_id": "1fc7b23157dd6f85de5d08b552136095b6a598aa1c73a050e52e2cbe1644e829", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "block_sequence": 62, "char_end": 11, "char_start": 0, "fragment_sha256": "7faec2ba895af101dc28c1f6c264409178c7b87090db38ef5b09ce2de2a61330", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "block_sequence": 64, "char_end": 579, "char_start": 0, "fragment_sha256": "18b22cc65a7ce49325c4c2b6869b41da9710c7452384997cad89a0b0e0dc1ba9", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "block_sequence": 66, "char_end": 260, "char_start": 0, "fragment_sha256": "69e100ca6000682ac2eb3b73be4d91a4b3fee9ddf2f832bbc2cf84816ff84965", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "block_sequence": 68, "char_end": 158, "char_start": 0, "fragment_sha256": "865ff7acfe60f85b0782526b7efba5f73d1abd39dc6fafa4048c36c48f2abc9d", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#p25", "passage_kind": "narrative", "passage_sequence": 25, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex992sharehol.htm", "table_id": null, "text": "29 Appendix\n\nAppendix 1. MLS Clearance Rate is defined as the number of daily contracts that enter pending status on the Multiple Listing Service (i.e. market listings), filtered for Opendoor’s markets and buybox, divided by the number of active listings on the Multiple Listing Service, filtered for the same markets and buybox. Trailing 7-Day MLS Clearance Rate1 MLS Data Filtered to Opendoor Markets and Buybox Trailing 7-Day MLS Contracts MLS Data Filtered to Opendoor Markets and Buybox 1830 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec\n\nTrailing 7-Day MLS New Listings MLS Data Filtered to OD Markets and Buybox Appendix Trailing 7-Day MLS Active Listings MLS Data Filtered to OD Markets and Buybox 31 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec\n\nAppendix 30-Day Rolling Home Price Appreciation (HPA) Weighted to Opendoor Markets; Non-Seasonally Adjusted 32 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec"} diff --git a/data/normalized/sec/0001801169/8-K/2023-05-04_0001801169-23-000054/norm_0001801169_0001801169-23-000054_q12023formxex993suppleme.htm.json b/data/normalized/sec/0001801169/8-K/2023-05-04_0001801169-23-000054/norm_0001801169_0001801169-23-000054_q12023formxex993suppleme.htm.json new file mode 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NON-GAAP MEASURES & KEY METRICS (Unaudited) Period Ended ($ in millions, except markets, homes purchased, homes sold, homes in inventory, and margins) Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Key Metrics Total Markets (at period end) 53 53 51 51 45 Total Revenue $ 3,120 $ 2,857 $ 3,361 $ 4,198 $ 5,151 Homes Purchased 1,747 3,427 8,380 14,135 9,020 Homes Sold 8,274 7,512 8,520 10,482 12,669 Homes in Inventory (at period end) 6,261 12,788 16,873 17,013 13,360 Inventory (at period end) $ 2,118 $ 4,460 $ 6,093 $ 6,628 $ 4,664 Non-GAAP Financial Measures Adjusted Gross (Loss) Profit $ (102) $ (92) $ 110 $ 556 $ 512 Selling Costs (85) (78) (100) (100) (136) Holding Costs (54) (37) (32) (34) (44) Contribution (Loss) Profit $ (241) $ (207) $ (22) $ 422 $ 332 Adjusted EBITDA $ (341) $ (351) $ (211) $ 218 $ 176 Adjusted Net (Loss) Income $ (409) $ (467) $ (328) $ 122 $ 99 Margins Total Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Adjusted Gross (Loss) Profit (3.3) % (3.2) % 3.3 % 13.2 % 9.9 % Contribution Margin (7.7) % (7.2) % (0.7) % 10.1 % 6.4 % Adjusted EBITDA (10.9) % (12.3) % (6.3) % 5.2 % 3.4 % Adjusted Net (Loss) Income (13.1) % (16.3) % (9.8) % 2.9 % 1.9 % Exhibit 99.3" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex993suppleme.htm#b7", + "block_sequence": 7, + "block_sha256": "312a9dadbaa78c652ac8542cfa2790296565a70d17679f5328da92a829771633", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex993suppleme.htm", + "block_sequence": 7, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "a4ef6c77684785ec12e642ce8ca890b813c11f1ae5fbe126987cc1f8b72ed7f0", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex993suppleme.htm#s2", + "table": null, + "text": "q12023formxex993suppleme002.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex993suppleme.htm#b8", + "block_sequence": 8, + "block_sha256": "480a3bd2b3e8b4793029f3b7a361a00e2c6efa88f2e557fcd9d36ee8a1d5b654", + "block_type": "paragraph", + "char_count": 878, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex993suppleme.htm", + "block_sequence": 8, + "char_end": 878, + "char_start": 0, + "fragment_sha256": "51d39712f376c175ba2756805d5f2473b01cdaa90d3a3908bb28ed50216ddd42", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex993suppleme.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited) Three Months Ended March 31, 2023 2022 REVENUE $ 3,120 $ 5,151 COST OF REVENUE 2,950 4,616 GROSS PROFIT 170 535 OPERATING EXPENSES: Sales, marketing and operations 188 276 General and administrative 66 101 Technology and development 40 40 Total operating expenses 294 417 (LOSS) INCOME FROM OPERATIONS (124) 118 GAIN ON EXTINGUISHMENT OF DEBT 78 \u2014 INTEREST EXPENSE (74) (68) OTHER INCOME (LOSS) \u2013 Net 19 (22) (LOSS) INCOME BEFORE INCOME TAXES (101) 28 INCOME TAX EXPENSE \u2014 \u2014 NET (LOSS) INCOME $ (101) $ 28 Net (loss) income per share attributable to common shareholders: Basic $ (0.16) $ 0.05 Diluted $ (0.16) $ 0.04 Weighted-average shares outstanding: Basic 641,916 619,137 Diluted 641,916 640,785" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex993suppleme.htm#b9", + "block_sequence": 9, + "block_sha256": "0d04adb8f595635b25a33aa98f92ffd959afa1c84af5bff1579838e691af74e9", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex993suppleme.htm", + "block_sequence": 9, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "f9267881cf7c88d27765fcaf9659136b97fe2e7e426683422c2999312d7e20ff", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex993suppleme.htm#s2", + "table": null, + "text": "q12023formxex993suppleme003.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex993suppleme.htm#b10", + "block_sequence": 10, + "block_sha256": "2ba76fe458961025844fcaf5dae371ba1685057f75b025eb8160063b17806179", + "block_type": "paragraph", + "char_count": 1447, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex993suppleme.htm", + "block_sequence": 10, + "char_end": 1447, + "char_start": 0, + "fragment_sha256": "390531c49419a89c589a6c1262c5e391e14ee952984e0a81eca69c2f77a7da5f", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex993suppleme.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) March 31, 2023 December 31, 2022 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,143 $ 1,137 Restricted cash 1,515 654 Marketable securities 108 144 Escrow receivable 42 30 Real estate inventory, net 2,118 4,460 Other current assets ($0 and $1 carried at fair value) 46 41 Total current assets 4,972 6,466 PROPERTY AND EQUIPMENT \u2013 Net 59 58 RIGHT OF USE ASSETS 39 41 GOODWILL 4 4 INTANGIBLES \u2013 Net 11 12 OTHER ASSETS 27 27 TOTAL ASSETS $ 5,112 $ 6,608 LIABILITIES AND SHAREHOLDERS\u2019 EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 77 $ 110 Non-recourse asset-backed debt - current portion 355 1,376 Interest payable 4 12 Lease liabilities - current portion 7 7 Total current liabilities 443 1,505 NON-RECOURSE ASSET-BACKED DEBT \u2013 Net of current portion 2,824 3,020 CONVERTIBLE SENIOR NOTES 774 959 LEASE LIABILITIES \u2013 Net of current portion 35 38 Total liabilities 4,076 5,522 SHAREHOLDERS\u2019 EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 647,607,920 and 637,387,025 shares issued, respectively; 647,607,920 and 637,387,025 shares outstanding, respectively \u2014 \u2014 Additional paid-in capital 4,198 4,148 Accumulated deficit (3,159) (3,058) Accumulated other comprehensive loss (3) (4) Total shareholders\u2019 equity 1,036 1,086 TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY $ 5,112 $ 6,608" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex993suppleme.htm#b11", + "block_sequence": 11, + "block_sha256": "b5da9981a01b6e1a27029807f76163ea820cb36f7ca89e90d0fd37053d0c5bc0", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex993suppleme.htm", + "block_sequence": 11, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "8fa4b5a4ee20141a69a83e231adf7e0a4aa78704b95df5bcede9184d8a5d65bc", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex993suppleme.htm#s2", + "table": null, + "text": "q12023formxex993suppleme004.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex993suppleme.htm#b12", + "block_sequence": 12, + "block_sha256": "65921685ba2ec7144a3014457231ddb52725092ab2e6c244d47ea25350259fed", + "block_type": "paragraph", + "char_count": 1974, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex993suppleme.htm", + "block_sequence": 12, + "char_end": 1974, + "char_start": 0, + "fragment_sha256": "4df2b6903a0be0b485ffbc313efcb35be76c37834d7c3a5ae87b7ce0e0306041", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex993suppleme.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Three Months Ended March 31, 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES: Net (loss) income $ (101) $ 28 Adjustments to reconcile net (loss) income to cash, cash equivalents, and restricted cash provided by operating activities: Depreciation and amortization 22 18 Amortization of right of use asset 2 2 Stock-based compensation 42 67 Inventory valuation adjustment 23 8 Change in fair value of equity securities (1) 22 Net fair value adjustments and loss on sale of mortgage loans held for sale \u2014 (1) Origination of mortgage loans held for sale \u2014 (46) Proceeds from sale and principal collections of mortgage loans held for sale 1 43 (Gain) loss on extinguishment of debt (78) \u2014 Changes in operating assets and liabilities: Escrow receivable (12) 26 Real estate inventory 2,306 1,416 Other assets (10) (28) Accounts payable and other accrued liabilities (22) 2 Interest payable (8) (5) Lease liabilities (2) (2) Net cash provided by (used in) operating activities 2,162 1,550 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (8) (10) Purchase of marketable securities \u2014 (28) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 38 22 Purchase of non-marketable equity securities \u2014 (25) Capital returns of non-marketable equity securities \u2014 3 Net cash provided by (used in) investing activities 30 (38) CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of convertible senior notes (101) \u2014 Proceeds from exercise of stock options 1 2 Proceeds from issuance of common stock for ESPP 1 \u2014 Proceeds from non-recourse asset-backed debt 224 2,292 Principal payments on non-recourse asset-backed debt (1,446) (3,622) Proceeds from other secured borrowings \u2014 45 Principal payments on other secured borrowings \u2014 (41) Payment of loan origination fees and debt issuance costs \u2014 (10) Payment for early extinguishment of debt (4) 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software $ 6 $ 4 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 1,143 $ 2,312 Restricted cash 1,515 444 Cash, cash equivalents, and restricted cash $ 2,658 $ 2,756" + }, + { + "block_id": "norm:0001801169:0001801169-23-000054:q12023formxex993suppleme.htm#b15", + "block_sequence": 15, + "block_sha256": "da600cb83bfbf333939335feaa564b09fc71e95550c871687b9202a59443d3d1", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex993suppleme.htm", + "block_sequence": 15, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "cbb7aa415b32a19dc2ab131c07a17eea5acb23b916b83e061a3f0e3b9619d78c", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex993suppleme.htm#s2", + "table": null, + "text": "q12023formxex993suppleme006.jpg" + }, + { + "block_id": 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NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Gross (Loss) Profit and Contribution (Loss) Profit to our Gross Profit (Loss) Three Months Ended (in millions, except percentages and homes sold, or as noted) March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 Gross profit (loss) (GAAP) $ 170 $ 71 $ (425) $ 486 $ 535 Gross Margin 5.4 % 2.5 % (12.6) % 11.6 % 10.4 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f (1)(2) 23 73 573 82 8 Inventory valuation adjustment \u2013 Prior Periods\u034f (1)(3) (295) (236) (38) (12) (31) Adjusted Gross (Loss) Profit $ (102) $ (92) $ 110 $ 556 $ 512 Adjusted Gross Margin (3.3) % (3.2) % 3.3 % 13.2 % 9.9 % Adjustments: Direct selling costs (4) (85) (78) (100) (100) (136) Holding costs on sales \u2013 Current Period\u034f (5)(6) (13) (10) (14) (11) (16) Holding costs on sales \u2013 Prior Periods\u034f (5)(7) (41) (27) (18) (23) (28) Contribution (Loss) Profit $ (241) $ (207) $ (22) $ 422 $ 332 Homes sold in period 8,274 7,512 8,520 10,482 12,669 Contribution (Loss) Profit per Home Sold (in thousands) $ (29) $ (28) $ (3) $ 40 $ 26 Contribution Margin (7.7) % (7.2) % (0.7) % 10.1 % 6.4 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow- related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. 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(2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuring costs consist mainly of employee termination benefits, relocation packages and bonuses as well as costs related to the exiting of certain non-cancelable leases. (7) Includes primarily sublease income and income from equity method investments. (8) Includes interest expense on our non-recourse asset-backed debt facilities. (9) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, interest expense related to the 2026 convertible senior notes outstanding, and interest expense on other secured borrowings. 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NON-GAAP MEASURES & KEY METRICS (Unaudited) Period Ended ($ in millions, except markets, homes purchased, homes sold, homes in inventory, and margins) Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Key Metrics Total Markets (at period end) 53 53 51 51 45 Total Revenue $ 3,120 $ 2,857 $ 3,361 $ 4,198 $ 5,151 Homes Purchased 1,747 3,427 8,380 14,135 9,020 Homes Sold 8,274 7,512 8,520 10,482 12,669 Homes in Inventory (at period end) 6,261 12,788 16,873 17,013 13,360 Inventory (at period end) $ 2,118 $ 4,460 $ 6,093 $ 6,628 $ 4,664 Non-GAAP Financial Measures Adjusted Gross (Loss) Profit $ (102) $ (92) $ 110 $ 556 $ 512 Selling Costs (85) (78) (100) (100) (136) Holding Costs (54) (37) (32) (34) (44) Contribution (Loss) Profit $ (241) $ (207) $ (22) $ 422 $ 332 Adjusted EBITDA $ (341) $ (351) $ (211) $ 218 $ 176 Adjusted Net (Loss) Income $ (409) $ (467) $ (328) $ 122 $ 99 Margins Total Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Adjusted Gross (Loss) Profit (3.3) % (3.2) % 3.3 % 13.2 % 9.9 % Contribution Margin (7.7) % (7.2) % (0.7) % 10.1 % 6.4 % Adjusted EBITDA (10.9) % (12.3) % (6.3) % 5.2 % 3.4 % Adjusted Net (Loss) Income (13.1) % (16.3) % (9.8) % 2.9 % 1.9 % Exhibit 99.3\n\nOPENDOOR TECHNOLOGIES INC. 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CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) March 31, 2023 December 31, 2022 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,143 $ 1,137 Restricted cash 1,515 654 Marketable securities 108 144 Escrow receivable 42 30 Real estate inventory, net 2,118 4,460 Other current assets ($0 and $1 carried at fair value) 46 41 Total current assets 4,972 6,466 PROPERTY AND EQUIPMENT – Net 59 58 RIGHT OF USE ASSETS 39 41 GOODWILL 4 4 INTANGIBLES – Net 11 12 OTHER ASSETS 27 27 TOTAL ASSETS $ 5,112 $ 6,608 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 77 $ 110 Non-recourse asset-backed debt - current portion 355 1,376 Interest payable 4 12 Lease liabilities - current portion 7 7 Total current liabilities 443 1,505 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 2,824 3,020 CONVERTIBLE SENIOR NOTES 774 959 LEASE LIABILITIES – Net of current portion 35 38 Total liabilities 4,076 5,522 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 647,607,920 and 637,387,025 shares issued, respectively; 647,607,920 and 637,387,025 shares outstanding, respectively — — Additional paid-in capital 4,198 4,148 Accumulated deficit (3,159) (3,058) Accumulated other comprehensive loss (3) (4) Total shareholders’ equity 1,036 1,086 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 5,112 $ 6,608\n\nOPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Three Months Ended March 31, 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES: Net (loss) income $ (101) $ 28 Adjustments to reconcile net (loss) income to cash, cash equivalents, and restricted cash provided by operating activities: Depreciation and amortization 22 18 Amortization of right of use asset 2 2 Stock-based compensation 42 67 Inventory valuation adjustment 23 8 Change in fair value of equity securities (1) 22 Net fair value adjustments and loss on sale of mortgage loans held for sale — (1) Origination of mortgage loans held for sale — (46) Proceeds from sale and principal collections of mortgage loans held for sale 1 43 (Gain) loss on extinguishment of debt (78) — Changes in operating assets and liabilities: Escrow receivable (12) 26 Real estate inventory 2,306 1,416 Other assets (10) (28) Accounts payable and other accrued liabilities (22) 2 Interest payable (8) (5) Lease liabilities (2) (2) Net cash provided by (used in) operating activities 2,162 1,550 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (8) (10) Purchase of marketable securities — (28) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 38 22 Purchase of non-marketable equity securities — (25) Capital returns of non-marketable equity securities — 3 Net cash provided by (used in) investing activities 30 (38) CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of convertible senior notes (101) — Proceeds from exercise of stock options 1 2 Proceeds from issuance of common stock for ESPP 1 — Proceeds from non-recourse asset-backed debt 224 2,292 Principal payments on non-recourse asset-backed debt (1,446) (3,622) Proceeds from other secured borrowings — 45 Principal payments on other secured borrowings — (41) Payment of loan origination fees and debt issuance costs — (10) Payment for early extinguishment of debt (4) —"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-23-000054:q12023formxex993suppleme.htm#b14", "norm:0001801169:0001801169-23-000054:q12023formxex993suppleme.htm#b16"], "char_count": 3033, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "028e38f8c309be59bde52b756ed0f2d235006e5844dbecd136fd5d99b4e6cf4b", "derivation_id": "4dd50cb5b05d6684d5358bc64ef787cc9c08d94d147826d66844095d66db2fdc", "document_id": "norm:0001801169:0001801169-23-000054:q12023formxex993suppleme.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2023-05-04", "filing_id": "sec:0001801169:0001801169-23-000054", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex993suppleme.htm", "block_sequence": 14, "char_end": 684, "char_start": 0, "fragment_sha256": "e3fdf86c5babc0b033ca70b3bda81e87f0ae287f35b8d1e73160cfee57d1d2a0", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex993suppleme.htm", "block_sequence": 16, "char_end": 2347, "char_start": 0, "fragment_sha256": "c16a18151ca8e6b1a4ddf39b9bdc426fce68546b67eb201fafee3905691fc8f9", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000054:q12023formxex993suppleme.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-05-04", "section_id": "norm:0001801169:0001801169-23-000054:q12023formxex993suppleme.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000054:q12023formxex993suppleme.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000054/q12023formxex993suppleme.htm", "table_id": null, "text": "Net cash used in financing activities (1,325) (1,334) NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 867 178 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 1,791 2,578 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $ 2,658 $ 2,756 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $ 74 $ 68 DISCLOSURES OF NONCASH ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 6 $ 4 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 1,143 $ 2,312 Restricted cash 1,515 444 Cash, cash equivalents, and restricted cash $ 2,658 $ 2,756\n\nOPENDOOR TECHNOLOGIES INC. NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Gross (Loss) Profit and Contribution (Loss) Profit to our Gross Profit (Loss) Three Months Ended (in millions, except percentages and homes sold, or as noted) March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 Gross profit (loss) (GAAP) $ 170 $ 71 $ (425) $ 486 $ 535 Gross Margin 5.4 % 2.5 % (12.6) % 11.6 % 10.4 % Adjustments: Inventory valuation adjustment – Current Period͏ (1)(2) 23 73 573 82 8 Inventory valuation adjustment – Prior Periods͏ (1)(3) (295) (236) (38) (12) (31) Adjusted Gross (Loss) Profit $ (102) $ (92) $ 110 $ 556 $ 512 Adjusted Gross Margin (3.3) % (3.2) % 3.3 % 13.2 % 9.9 % Adjustments: Direct selling costs (4) (85) (78) (100) (100) (136) Holding costs on sales – Current Period͏ (5)(6) (13) (10) (14) (11) (16) Holding costs on sales – Prior Periods͏ (5)(7) (41) (27) (18) (23) (28) Contribution (Loss) Profit $ (241) $ (207) $ (22) $ 422 $ 332 Homes sold in period 8,274 7,512 8,520 10,482 12,669 Contribution (Loss) Profit per Home Sold (in thousands) $ (29) $ (28) $ (3) $ 40 $ 26 Contribution Margin (7.7) % (7.2) % (0.7) % 10.1 % 6.4 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow- related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. 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(2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuring costs consist mainly of employee termination benefits, relocation packages and bonuses as well as costs related to the exiting of certain non-cancelable leases. (7) Includes primarily sublease income and income from equity method investments. 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Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001193125-23-139769:d445466d8k.htm#b20", "norm:0001801169:0001193125-23-139769:d445466d8k.htm#b21"], "char_count": 1408, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b5c3de1ff6d3c1487caeeb6689e2023a3a3f2cd7ca50e5c9d0c75312ac3f0e86", "derivation_id": "36250d2b51a4901414d47d26b617f2f0148e4ff245c89c3034c3c9e2bf352927", "document_id": "norm:0001801169:0001193125-23-139769:d445466d8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2023-05-10", "filing_id": "sec:0001801169:0001193125-23-139769", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 8.01. 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(the “Company”) announced that it has entered into separate, privately negotiated repurchase agreements with a limited number of holders of its 0.25% Convertible Senior Notes due 2026 (the “Notes”) to repurchase (the “Repurchases”) approximately $279 million aggregate principal amount of the Notes at approximately a 39.5% discount to par value, inclusive of accrued interest. The repurchase price payable by the Company will be paid in cash. The Company has previously entered into capped call transactions with certain financial institutions in connection with the Notes. All of these transactions are expected to remain in effect notwithstanding the Repurchases. The Repurchases are expected to close on May 12, 2023, subject to the satisfaction of customary closing conditions. 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Emerging growth company \u2610 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o" + }, + { + "block_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#b20", + "block_sequence": 20, + "block_sha256": "d67343becebe4f8540fe52b4a337f11871cf46307ea61e7d3f9f9742b6749e4d", + "block_type": "heading", + "char_count": 9, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000072:open-20230614.htm", + "block_sequence": 20, + "char_end": 9, + "char_start": 0, + "fragment_sha256": "19962a4bb31af796b47403c357cea483d28275d4264cfa8f351faf3dd0e9671f", + "heading_path": [ + "UNITED STATES", + "Item 5.07" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#s12", + "table": null, + "text": "Item 5.07" + }, + { + "block_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#b21", + "block_sequence": 21, + "block_sha256": "d550433ba63db76cd93e98b2890d0650936e0b5de52891094f5b0f5017b9eaf1", + "block_type": "heading", + "char_count": 52, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000072:open-20230614.htm", + "block_sequence": 21, + "char_end": 52, + "char_start": 0, + "fragment_sha256": "cc6c7eeeeebd5bb5dc1b660ca521a8cfa8704549d1c792af397f87909fe19738", + "heading_path": [ + "UNITED STATES", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders." + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#s13", + "table": null, + "text": "Submission of Matters to a Vote of Security Holders." + }, + { + "block_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#b22", + "block_sequence": 22, + "block_sha256": "e52aa16e12832f792e160b11531e8494a731acc3fd9afc8010fa74eb3eccffdf", + "block_type": "paragraph", + "char_count": 959, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000072:open-20230614.htm", + "block_sequence": 22, + "char_end": 959, + "char_start": 0, + "fragment_sha256": "54d0e4df54c232b6a3b7adb795e1906d480b9fb333d707b9390e14497143ac40", + "heading_path": [ + "UNITED STATES", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#s13", + "table": null, + "text": "Opendoor Technologies Inc. (the \u201cCompany\u201d) held its 2023 Annual Meeting of Stockholders on June 14, 2023 (the \u201cMeeting\u201d). A total of 458,129,780 shares of the Company's common stock were present virtually or represented by proxy at the Meeting, representing approximately 70.76% of the Company\u2019s outstanding common stock as of April 17, 2023, the Company\u2019s record date. The final voting results for the proposals considered and voted upon at the Meeting, all of which were described in the Company\u2019s definitive proxy statement filed with the Securities and Exchange Commission on April 27, 2023, are as follows: Proposal No. 1: The Company\u2019s stockholders elected each of Jason Kilar, Carrie Wheeler and Eric Wu as Class III Directors, to serve a three-year term ending at the 2026 Annual Meeting of Stockholders, or until their successors are duly elected and qualified, subject to their earlier removal or resignation. The result of such vote was as follows:" + }, + { + "block_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#b23", + "block_sequence": 23, + "block_sha256": "0bc13c1c108053234ef29576aa681211f8e63ac57b95711bcb96dea32b5043e0", + "block_type": "table", + "char_count": 237, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000072:open-20230614.htm", + "block_sequence": 23, + "char_end": 237, + "char_start": 0, + "fragment_sha256": "94f5785b2735d7d9e85a9ae835156b73dcbf06b7747c74b727c5eb7cf169e566", + "heading_path": [ + "UNITED STATES", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders." + ], + "table_index": 3, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#s13", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.95, + "markdown": "| | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| Nominees | | For | | Withhold | | Broker Non-Votes |\n| Jason Kilar | | 269,998,944 | | 67,817,207 | | 120,313,629 |\n| Carrie Wheeler | | 335,943,964 | | 1,872,187 | | 120,313,629 |\n| Eric Wu | | 326,669,316 | | 11,146,835 | | 120,313,629 |", + "n_cols": 7, + "n_rows": 4, + "plain_text": "Nominees | | For | | Withhold | | Broker Non-Votes\nJason Kilar | | 269,998,944 | | 67,817,207 | | 120,313,629\nCarrie Wheeler | | 335,943,964 | | 1,872,187 | | 120,313,629\nEric Wu | | 326,669,316 | | 11,146,835 | | 120,313,629", + "rows": [ + [ + "Nominees", + "", + "For", + "", + "Withhold", + "", + "Broker Non-Votes" + ], + [ + "Jason Kilar", + "", + "269,998,944", + "", + "67,817,207", + "", + "120,313,629" + ], + [ + "Carrie Wheeler", + "", + "335,943,964", + "", + "1,872,187", + "", + "120,313,629" + ], + [ + "Eric Wu", + "", + "326,669,316", + "", + "11,146,835", + "", + "120,313,629" + ] + ], + "table_index": 3, + "table_kind": "data" + }, + "text": "Nominees | | For | | Withhold | | Broker Non-Votes\nJason Kilar | | 269,998,944 | | 67,817,207 | | 120,313,629\nCarrie Wheeler | | 335,943,964 | | 1,872,187 | | 120,313,629\nEric Wu | | 326,669,316 | | 11,146,835 | | 120,313,629" + }, + { + "block_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#b24", + "block_sequence": 24, + "block_sha256": "98f9d63d5fd9caaa3751bd2f810e39324623f41da7183071739f43c0a069e044", + "block_type": "paragraph", + "char_count": 196, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000072:open-20230614.htm", + "block_sequence": 24, + "char_end": 196, + "char_start": 0, + "fragment_sha256": "4cbc7e10e87551c32c5d606283b223cc9815987ef47f59331bd7bedc1f4f8d22", + "heading_path": [ + "UNITED STATES", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#s13", + "table": null, + "text": "Proposal No. 2: The Company\u2019s stockholders ratified Deloitte & Touche LLP as the Company\u2019s independent auditor for the fiscal year ending December 31, 2023. The result of such vote was as follows:" + }, + { + "block_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#b25", + "block_sequence": 25, + "block_sha256": "fae8aaeca5cb50229af6530b97126c4c9b414775c9e9f8d6ff019beac6b6f2c1", + "block_type": "table", + "char_count": 98, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000072:open-20230614.htm", + "block_sequence": 25, + "char_end": 98, + "char_start": 0, + "fragment_sha256": "fda22cb1493a07afb5d9d6ccd7e00ae14b45d9e5b920bd02d760e498c6b22cff", + "heading_path": [ + "UNITED STATES", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders." + ], + "table_index": 4, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#s13", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.95, + "markdown": "| | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| For | | Against | | Abstain | | Broker Non-Votes |\n| 455,921,181 | | 954,575 | | 1,254,024 | | 0 |", + "n_cols": 7, + "n_rows": 2, + "plain_text": "For | | Against | | Abstain | | Broker Non-Votes\n455,921,181 | | 954,575 | | 1,254,024 | | 0", + "rows": [ + [ + "For", + "", + "Against", + "", + "Abstain", + "", + "Broker Non-Votes" + ], + [ + "455,921,181", + "", + "954,575", + "", + "1,254,024", + "", + "0" + ] + ], + "table_index": 4, + "table_kind": "data" + }, + "text": "For | | Against | | Abstain | | Broker Non-Votes\n455,921,181 | | 954,575 | | 1,254,024 | | 0" + }, + { + "block_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#b26", + "block_sequence": 26, + "block_sha256": "c316b32339eee212e41f1caf9edf98090c1bcf9ad84504334e95e9a8634f35cf", + "block_type": "paragraph", + "char_count": 188, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000072:open-20230614.htm", + "block_sequence": 26, + "char_end": 188, + "char_start": 0, + "fragment_sha256": "ab77eb4a0da5b0ed6bcebb75049ca1ac5bf0c3133985ad4bfc5c95a1206e7f48", + "heading_path": [ + "UNITED STATES", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#s13", + "table": null, + "text": "Proposal No. 3: The Company\u2019s stockholders approved, on an advisory (non-binding) basis, the compensation of the Company's named executive officers. The result of such vote was as follows:" + }, + { + "block_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#b27", + "block_sequence": 27, + "block_sha256": "a8f479ea6c76f231ebe489f98f0a143e6bde25a137ea597d112a0212bdb5b52f", + "block_type": "table", + "char_count": 111, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000072:open-20230614.htm", + "block_sequence": 27, + "char_end": 111, + "char_start": 0, + "fragment_sha256": "64592f47b42bbbe9cf75195647865ab04f5acfc074ec739d7f56a6c83bde0a9d", + "heading_path": [ + "UNITED STATES", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders." + ], + "table_index": 5, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#s13", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.95, + "markdown": "| | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| For | | Against | | Abstain | | Broker Non-Votes |\n| 252,321,902 | | 82,998,452 | | 2,495,797 | | 120,313,629 |", + "n_cols": 7, + "n_rows": 2, + "plain_text": "For | | Against | | Abstain | | Broker Non-Votes\n252,321,902 | | 82,998,452 | | 2,495,797 | | 120,313,629", + "rows": [ + [ + "For", + "", + "Against", + "", + "Abstain", + "", + "Broker Non-Votes" + ], + [ + "252,321,902", + "", + "82,998,452", + "", + "2,495,797", + "", + "120,313,629" + ] + ], + "table_index": 5, + "table_kind": "data" + }, + "text": "For | | Against | | Abstain | | Broker Non-Votes\n252,321,902 | | 82,998,452 | | 2,495,797 | | 120,313,629" + }, + { + "block_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#b28", + "block_sequence": 28, + "block_sha256": "d4735e3a265e16eee03f59718b9b5d03019c07d8b6c51f90da3a666eec13ab35", + "block_type": "heading", + "char_count": 1, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000072:open-20230614.htm", + "block_sequence": 28, + "char_end": 1, + "char_start": 0, + "fragment_sha256": "c7f907368e44bbc5ff89addb6a7211acac04721f9737f89f3f43f2e50f716a0a", + "heading_path": [ + "UNITED STATES", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders.", + "2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#s14", + "table": null, + "text": "2" + }, + { + "block_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#b29", + "block_sequence": 29, + "block_sha256": "642e510766e16f8a11cf440c0658d263396e5791ed944157344e27a66c50fddf", + "block_type": "heading", + "char_count": 10, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000072:open-20230614.htm", + "block_sequence": 29, + "char_end": 10, + "char_start": 0, + "fragment_sha256": "1183d7c283221712938e578bf748dd95edee73049619b8b1aff3163482ad1bde", + "heading_path": [ + "UNITED STATES", + "SIGNATURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#s15", + "table": null, + "text": "SIGNATURES" + }, + { + "block_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#b30", + "block_sequence": 30, + "block_sha256": "82c6df70e80b847286f67c4263dd1ce7c990ac16cd216557b949f424936d2cd1", + "block_type": "paragraph", + "char_count": 305, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000072:open-20230614.htm", + "block_sequence": 30, + "char_end": 305, + "char_start": 0, + "fragment_sha256": "bfc49fed770fde97adf0ec1f8cf197894becddbeaab8acf22bc10a911c654b39", + "heading_path": [ + "UNITED STATES", + "SIGNATURES" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#s15", + "table": null, + "text": "Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Opendoor Technologies Inc. Date: June 16, 2023 By: /s/ Carrie Wheeler Name: Carrie Wheeler Title: Chief Executive Officer" + }, + { + "block_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#b31", + "block_sequence": 31, + "block_sha256": "4e07408562bedb8b60ce05c1decfe3ad16b72230967de01f640b7e4729b49fce", + "block_type": "heading", + "char_count": 1, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000072:open-20230614.htm", + "block_sequence": 31, + "char_end": 1, + "char_start": 0, + "fragment_sha256": "4d07e9d4b93e525cc9198e24c3b58992f960dcae097a7c4a8be3f1c83cdc4187", + "heading_path": [ + "UNITED STATES", + "SIGNATURES", + "3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#s16", + "table": null, + "text": "3" + } + ], + "cik": 1801169, + "cik10": "0001801169", + "company_name": "Opendoor Technologies Inc.", + "config_hash": "a8e88d258eb39664414697e0926a7d29600e676d9810ec79743c3c9490c9d4a1", + 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(17 CFR 240.14a-12) |\n| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |\n| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-23-000072:open-20230614.htm#b17"], "char_count": 59, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "158f08935ab82af0bb7ed4dcc58e11bbcfe3077fe10f37c7dcad6525b90995a4", "derivation_id": "8022038d7c149d0303559ad023e2fcecc666edd954d7d612d0c6a5f7e307d19a", "document_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2023-06-16", "filing_id": "sec:0001801169:0001801169-23-000072", "flags": ["short_passage"], "form": "8-K", "heading_path": ["UNITED STATES", "N/A"], "items": ["5.07"], "locators": [{"artifact_id": 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["norm:0001801169:0001801169-23-000072:open-20230614.htm#b18"], "char_count": 231, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9d1b778065471f9637ce3bcd2a7e63ace885cc368bf8c65cf055480eea31ab04", "derivation_id": "8022038d7c149d0303559ad023e2fcecc666edd954d7d612d0c6a5f7e307d19a", "document_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2023-06-16", "filing_id": "sec:0001801169:0001801169-23-000072", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "N/A"], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000072:open-20230614.htm", "block_sequence": 18, "char_end": 174, "char_start": 0, "fragment_sha256": "07445155f3f800775a869ae8959efba9358b79080af676589513e6bf4fbfadaf", "heading_path": ["UNITED STATES", "N/A"], "table_index": 2, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#p6", "passage_kind": "table", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-06-14", "section_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#s11", "source_artifact_id": "sec:0001801169:0001801169-23-000072:open-20230614.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000072/open-20230614.htm", "table_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#b18", "text": "| | | | | |\n| --- | --- | --- | --- | --- |\n| Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |\n| Common stock, $0.0001 par value per share | | OPEN | | The Nasdaq Stock Market LLC |"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-23-000072:open-20230614.htm#b19"], "char_count": 517, "cik10": "0001801169", "company_name": 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"passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-06-14", "section_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#s11", "source_artifact_id": "sec:0001801169:0001801169-23-000072:open-20230614.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000072/open-20230614.htm", "table_id": null, "text": "Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-23-000072:open-20230614.htm#b22"], "char_count": 959, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e52aa16e12832f792e160b11531e8494a731acc3fd9afc8010fa74eb3eccffdf", "derivation_id": "8022038d7c149d0303559ad023e2fcecc666edd954d7d612d0c6a5f7e307d19a", "document_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2023-06-16", "filing_id": "sec:0001801169:0001801169-23-000072", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000072:open-20230614.htm", "block_sequence": 22, "char_end": 959, "char_start": 0, "fragment_sha256": "54d0e4df54c232b6a3b7adb795e1906d480b9fb333d707b9390e14497143ac40", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-06-14", "section_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-23-000072:open-20230614.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000072/open-20230614.htm", "table_id": null, "text": "Opendoor Technologies Inc. (the “Company”) held its 2023 Annual Meeting of Stockholders on June 14, 2023 (the “Meeting”). A total of 458,129,780 shares of the Company's common stock were present virtually or represented by proxy at the Meeting, representing approximately 70.76% of the Company’s outstanding common stock as of April 17, 2023, the Company’s record date. The final voting results for the proposals considered and voted upon at the Meeting, all of which were described in the Company’s definitive proxy statement filed with the Securities and Exchange Commission on April 27, 2023, are as follows: Proposal No. 1: The Company’s stockholders elected each of Jason Kilar, Carrie Wheeler and Eric Wu as Class III Directors, to serve a three-year term ending at the 2026 Annual Meeting of Stockholders, or until their successors are duly elected and qualified, subject to their earlier removal or resignation. The result of such vote was as follows:"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-23-000072:open-20230614.htm#b23"], "char_count": 320, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "abf512d64a9aab4981530833377a837a8bcc59161d494ba50d6264246e70b32e", "derivation_id": "8022038d7c149d0303559ad023e2fcecc666edd954d7d612d0c6a5f7e307d19a", "document_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2023-06-16", "filing_id": "sec:0001801169:0001801169-23-000072", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000072:open-20230614.htm", "block_sequence": 23, "char_end": 237, "char_start": 0, "fragment_sha256": "94f5785b2735d7d9e85a9ae835156b73dcbf06b7747c74b727c5eb7cf169e566", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "table_index": 3, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#p9", "passage_kind": "table", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-06-14", "section_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-23-000072:open-20230614.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000072/open-20230614.htm", "table_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#b23", "text": "| | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| Nominees | | For | | Withhold | | Broker Non-Votes |\n| Jason Kilar | | 269,998,944 | | 67,817,207 | | 120,313,629 |\n| Carrie Wheeler | | 335,943,964 | | 1,872,187 | | 120,313,629 |\n| Eric Wu | | 326,669,316 | | 11,146,835 | | 120,313,629 |"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-23-000072:open-20230614.htm#b24"], "char_count": 196, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "98f9d63d5fd9caaa3751bd2f810e39324623f41da7183071739f43c0a069e044", "derivation_id": "8022038d7c149d0303559ad023e2fcecc666edd954d7d612d0c6a5f7e307d19a", "document_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2023-06-16", "filing_id": "sec:0001801169:0001801169-23-000072", "flags": ["short_passage"], "form": "8-K", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000072:open-20230614.htm", "block_sequence": 24, "char_end": 196, "char_start": 0, "fragment_sha256": "4cbc7e10e87551c32c5d606283b223cc9815987ef47f59331bd7bedc1f4f8d22", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-06-14", "section_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-23-000072:open-20230614.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000072/open-20230614.htm", "table_id": null, "text": "Proposal No. 2: The Company’s stockholders ratified Deloitte & Touche LLP as the Company’s independent auditor for the fiscal year ending December 31, 2023. The result of such vote was as follows:"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-23-000072:open-20230614.htm#b25"], "char_count": 173, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5c522c5fe55487b8b871ac83012de1f04bb3e084b9f44ef9ff34ce8d19be11ae", "derivation_id": "8022038d7c149d0303559ad023e2fcecc666edd954d7d612d0c6a5f7e307d19a", "document_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2023-06-16", "filing_id": "sec:0001801169:0001801169-23-000072", "flags": ["short_passage"], "form": "8-K", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000072:open-20230614.htm", "block_sequence": 25, "char_end": 98, "char_start": 0, "fragment_sha256": "fda22cb1493a07afb5d9d6ccd7e00ae14b45d9e5b920bd02d760e498c6b22cff", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "table_index": 4, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#p11", "passage_kind": "table", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-06-14", "section_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-23-000072:open-20230614.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000072/open-20230614.htm", "table_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#b25", "text": "| | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| For | | Against | | Abstain | | Broker Non-Votes |\n| 455,921,181 | | 954,575 | | 1,254,024 | | 0 |"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-23-000072:open-20230614.htm#b26"], "char_count": 188, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c316b32339eee212e41f1caf9edf98090c1bcf9ad84504334e95e9a8634f35cf", "derivation_id": "8022038d7c149d0303559ad023e2fcecc666edd954d7d612d0c6a5f7e307d19a", "document_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2023-06-16", "filing_id": "sec:0001801169:0001801169-23-000072", "flags": ["short_passage"], "form": "8-K", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000072:open-20230614.htm", "block_sequence": 26, "char_end": 188, "char_start": 0, "fragment_sha256": "ab77eb4a0da5b0ed6bcebb75049ca1ac5bf0c3133985ad4bfc5c95a1206e7f48", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-06-14", "section_id": "norm:0001801169:0001801169-23-000072:open-20230614.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-23-000072:open-20230614.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000072/open-20230614.htm", "table_id": null, "text": "Proposal No. 3: The Company’s stockholders approved, on an advisory (non-binding) basis, the compensation of the Company's named executive officers. 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Opendoor Technologies Inc. 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"norm:0001801169:0001801169-23-000096:open-20230803.htm#b28", "text": "| | | |\n| --- | --- | --- |\n| Exhibit No. | | Description |\n| | | |\n| 99.1 | | Press Release issued by Opendoor Technologies Inc. on August 3, 2023 |\n| 99.2 | | Shareholder Letter issued by Opendoor Technologies Inc. on August 3, 2023 |\n| 99.3 | | Supplement entitled “Financial Supplement” issued by Opendoor Technologies Inc. on August 3, 2023 |\n| 104 | | Cover Page Interactive Data File (Cover page XBRL tags are embedded within the Inline XBRL document) |"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-23-000096:open-20230803.htm#b31"], "char_count": 322, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d13b68077a0ba27032d432395676af2edd923d24d37c14d173a66d83aa62f600", "derivation_id": "862b56fca5df8197d8423ec94fcd59796207ac9ced413fc872ad51878ddbd009", "document_id": "norm:0001801169:0001801169-23-000096:open-20230803.htm", "document_type": 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(Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported financial results for its quarter ended June 30, 2023. Opendoor\u2019s second quarter of 2023 financial results and management commentary can be accessed through the Company\u2019s shareholder letter on the \u201cQuarterly Reports\u201d page of Opendoor\u2019s investor relations website at https://investor.opendoor.com. \u201cWe exceeded the high end of our guidance in the second quarter as we continue to focus on what we can control and operate with discipline in this environment. Our results reflect the progress we\u2019ve made in strengthening our offering, driving cost efficiencies and managing risk. We expect the third quarter to mark our return to positive contribution margin levels. As of quarter end, 99% of the homes we made offers on between March and June of last year were sold or under resale contract and our new book of inventory is generating positive unit economics in what continues to be an uncertain time in the U.S. housing market. We believe the actions we are taking will allow us to emerge from this cycle more resilient and positioned for market leadership and long-term profitability\u201d, said Carrie Wheeler, CEO of Opendoor." + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b8", + "block_sequence": 8, + "block_sha256": "0d56c215ee997c64793cda08dd9ae4902e3884ad08bc6335e250c26a0dbac638", + "block_type": "heading", + "char_count": 34, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", + "block_sequence": 8, + "char_end": 34, + "char_start": 0, + "fragment_sha256": "13a55a7197a1ef20d585c02fdc69768028f78756e659c5d8766d14da39bbdfbf", + "heading_path": [ + "EX-99.1", + "Second Quarter 2023 Key Highlights" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s5", + "table": null, + "text": "Second Quarter 2023 Key Highlights" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b9", + "block_sequence": 9, + "block_sha256": "1453ab9b54fd5fe9475d513c8d3e028f92e9490723de3ca0083511421a62d19d", + "block_type": "paragraph", + "char_count": 1071, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", + "block_sequence": 9, + "char_end": 1071, + "char_start": 0, + "fragment_sha256": "b5cf48547481e65a77f3088459876a9f6556c04094197b9d56218e03678c9153", + "heading_path": [ + "EX-99.1", + "Second Quarter 2023 Key Highlights" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s5", + "table": null, + "text": "\u2022Revenue of $2.0 billion, down (53)% versus 2Q22 and down (37)% versus 1Q23; with 5,383 total homes sold, down (49)% versus 2Q22 and down (35)% versus 1Q23 \u2022Gross profit of $149 million; Gross Margin of 7.5%, versus 11.6% in 2Q22 and 5.4% in 1Q23 \u2022Net income (loss) of $23 million, versus $(54) million in 2Q22 and $(101) million in 1Q23 \u2022Adjusted Net (Loss) income of $(197) million, versus $122 million in 2Q22 and $(409) million in 1Q23 \u2022Contribution (Loss) Profit of $(90) million, versus $422 million in 2Q22 and $(241) million in 1Q23; Contribution Margin of (4.6)%, versus 10.1% in 2Q22 and (7.7)% in 1Q23 \u2022Adjusted EBITDA of $(168) million, versus $218 million in 2Q22 and $(341) million in 1Q23; Adjusted EBITDA Margin of (8.5)%, versus 5.2% in 2Q22 and (10.9)% in 1Q23 \u2022Inventory balance of $1.1 billion, representing 3,558 homes, down (83)% versus 2Q22 and down (46)% versus 1Q23 \u2022Purchased 2,680 homes, down (81)% versus 2Q22 and up 53% versus 1Q23 \u2022Ended the quarter with 1,390 homes under contract for purchase, down (82)% versus 2Q22 and up 22% versus 1Q23" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b10", + "block_sequence": 10, + "block_sha256": "9d1df1403717a7d49f10d754f2131af757d344cfcb3151458c2fe1546b64b53a", + "block_type": "heading", + "char_count": 22, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", + "block_sequence": 10, + "char_end": 22, + "char_start": 0, + "fragment_sha256": "6adc6994a4c83c5ac8c52cf950f4579f1943553a4599fc9e5deb9c2068f8b7d6", + "heading_path": [ + "EX-99.1", + "2023 Financial Outlook" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s6", + "table": null, + "text": "2023 Financial Outlook" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b11", + "block_sequence": 11, + "block_sha256": "9576b5e99db940a749a972c8ae67265b85525129ba503153452d1a942bb8159e", + "block_type": "paragraph", + "char_count": 120, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", + "block_sequence": 11, + "char_end": 120, + "char_start": 0, + "fragment_sha256": "5061fd1289edb28c9114124eb34185337306bb702da68954f6ed11be48c9a4cf", + "heading_path": [ + "EX-99.1", + "2023 Financial Outlook" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s6", + "table": null, + "text": "\u20223Q23 revenue guidance of $950 million to $1.0 billion \u20223Q23 Adjusted EBITDA1 guidance of $(60) million to $(70) million" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b12", + "block_sequence": 12, + "block_sha256": "a6d5472b2970d188397362cbeb120c141dfa00ea685622341f4da2accca23ec9", + "block_type": "heading", + "char_count": 35, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", + "block_sequence": 12, + "char_end": 35, + "char_start": 0, + "fragment_sha256": "8f4803ade21027cea3732425b5d91aff522b9219c7b3a8bb471d178586335c09", + "heading_path": [ + "EX-99.1", + "2023 Financial Outlook", + "Conference Call and Webcast Details" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s7", + "table": null, + "text": "Conference Call and Webcast Details" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b13", + "block_sequence": 13, + "block_sha256": "1af2e31740c8f06b01f27bc898840baa9faf791f3d3c1cd2c771bdb74a665ae3", + "block_type": "paragraph", + "char_count": 326, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", + "block_sequence": 13, + "char_end": 326, + "char_start": 0, + "fragment_sha256": "220c2ad089b8b32271fdb0955d2510a0083d7366a44fb72d3004e2f72987cab7", + "heading_path": [ + "EX-99.1", + "2023 Financial Outlook", + "Conference Call and Webcast Details" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s7", + "table": null, + "text": "Opendoor will host a conference call to discuss its financial results on August 3, 2023, at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call." + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b14", + "block_sequence": 14, + "block_sha256": "bee3b0c71ab4d6d3fe30831f8a6898f49de6dcbb44cd92a09d86856b2468a886", + "block_type": "heading", + "char_count": 14, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", + "block_sequence": 14, + "char_end": 14, + "char_start": 0, + "fragment_sha256": "920fab729a6a3043d5c186fc3b8f7fe487f8806437d22467636912f884c0f8cd", + "heading_path": [ + "EX-99.1", + "2023 Financial Outlook", + "Conference Call and Webcast Details", + "About Opendoor" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s8", + "table": null, + "text": "About Opendoor" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b15", + "block_sequence": 15, + "block_sha256": "623668265a7841242a2cb6a5fbfe03f84c015d16f6625f8dde6f6ff152a9d25a", + "block_type": "paragraph", + "char_count": 289, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", + "block_sequence": 15, + "char_end": 289, + "char_start": 0, + "fragment_sha256": "0b9647840dadcf470f9ed8d0e0ff781af6be2c93e8f0daa9cd8c60b53c11bcfc", + "heading_path": [ + "EX-99.1", + "2023 Financial Outlook", + "Conference Call and Webcast Details", + "About Opendoor" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s8", + "table": null, + "text": "Opendoor\u2019s mission is to power life\u2019s progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple way to buy and sell a home. Opendoor currently operates in a growing number of markets nationwide. For more information, please visit www.opendoor.com" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b16", + "block_sequence": 16, + "block_sha256": "1d8469bf9c663edb3c938b337e8eb7b6386c9f6dc8633427fe813d5f0ad02182", + "block_type": "heading", + "char_count": 26, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", + "block_sequence": 16, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "1c1b2c1ff491441a71c1994c5ace986494b37cd4881e2f3417345dd8ad104d6e", + "heading_path": [ + "EX-99.1", + "2023 Financial Outlook", + "Conference Call and Webcast Details", + "Forward Looking Statements" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s9", + "table": null, + "text": "Forward Looking Statements" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b17", + "block_sequence": 17, + "block_sha256": "df28ce8b0bf1343d15194eab9d9301a11c666dfd3bd40c9573158d4b2d5c3299", + "block_type": "paragraph", + "char_count": 6591, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", + "block_sequence": 17, + "char_end": 6591, + "char_start": 0, + "fragment_sha256": "a50866ce6b55d83f24d38ab05b1faf31b64f0b66605d92d01c30c26ea4a5e5fb", + "heading_path": [ + "EX-99.1", + "2023 Financial Outlook", + "Conference Call and Webcast Details", + "Forward Looking Statements" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s9", + "table": null, + "text": "This press release contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the health of our financial condition; anticipated future results of operations and financial performance; priorities of the Company to achieve future goals; the Company\u2019s ability to continue to effectively navigate the markets in which it operates; anticipated future and ongoing impacts of our acquisitions and other business decisions; health of our balance sheet to weather ongoing market transitions; the Company\u2019s ability to adopt an effective approach to manage economic and industry risk, as well as inventory health; business strategy and plans, including any plans to expand into additional markets, market opportunity and expansion and objectives of management for future operations, including our statements regarding the benefits and timing of the roll out of new markets, products or technology; and the expected diversification of funding sources. These forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cguidance\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201coutlook\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cvision\u201d, \u201cwill\u201d, or \u201cwould\u201d, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this press release include but are not limited to: the current and future health and stability of the economy, financial conditions and residential housing market, 1 Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company\u2019s control. For more information regarding the non-GAAP financial measures discussed in this press release, please see \u201cUse of Non-GAAP Financial Measures\u201d following the financial tables below. including any extended downturn or slowdown; changes in general economic and financial conditions (including federal monetary policy, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory) that may reduce demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; any future impact of the ongoing COVID-19 pandemic (including future variants) or other public health crises on our ability to operate, demand for our products or services, or general economic conditions; addition or loss of a significant number of customers; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; ability to protect our brand and intellectual property; ability to obtain or maintain licenses and permits to support our current and future business operations; ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our technology platform, including our automated pricing and valuation technology; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; the impact of natural disasters and other catastrophic events; changes in laws or government regulation affecting our business; and the impact of pending or future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \u201cRisk Factors\u201d in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 23, 2023, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. 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period | 1,791 | | | 2,578 | | | \nCASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 End of period | $ | 2,804 | | | $ | 2,854 | \nSUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION \u2013 Cash paid during the period for interest | $ | 126 | | | $ | 145 | \nDISCLOSURES OF NONCASH ACTIVITIES: | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \nStock-based compensation expense capitalized for internally developed software | $ | 10 | | | $ | 8 | \n | | | | | | | \nRECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: | | | | | | | \nCash and cash equivalents | $ | 1,120 | | | $ | 2,239 | \nRestricted cash | 1,684 | | | 615 | | | \nCash, cash equivalents, and restricted cash | $ | 2,804 | | | $ | 2,854 | " + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b38", + "block_sequence": 38, + "block_sha256": "f01dcca04a180fe8b33e7e553c28d81ff0239330406c2d2236d709babc9f6d4a", + 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The Company believes these non-GAAP financial measures including Adjusted Gross Profit (Loss), Contribution (Loss) Profit, Adjusted Net (Loss) Income, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results." + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b40", + "block_sequence": 40, + "block_sha256": "082f62e7e64b16fdf5db7d7ebce0ce3ca1206ac08e2eee953ef6ba674f0d5e37", + "block_type": "heading", + "char_count": 59, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", + "block_sequence": 40, + "char_end": 59, + "char_start": 0, + "fragment_sha256": "07d4ffa026aedd211c41dd4ff8c5dd4825209bdef95556068e5a7cd3938d125e", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) and Contribution (Loss) Profit" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s20", + "table": null, + "text": "Adjusted Gross Profit (Loss) and Contribution (Loss) Profit" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b41", + "block_sequence": 41, + "block_sha256": "b596d64f52d7f3304775ac63d1f9f2eaa789b1d3a0f927e753fbc625ef707d06", + "block_type": "paragraph", + "char_count": 1779, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", + "block_sequence": 41, + "char_end": 1779, + "char_start": 0, + "fragment_sha256": "372c24fc24da6720992848f62e31e85204c1fa843e9bcd6efab97e1f2f044e72", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) and Contribution (Loss) Profit" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s20", + "table": null, + "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit (Loss) and Contribution (Loss) Profit, which are non-GAAP financial measures. We believe that Adjusted Gross Profit (Loss) and Contribution (Loss) Profit are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution (Loss) Profit provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit (Loss) and Contribution (Loss) Profit are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit." + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b42", + "block_sequence": 42, + "block_sha256": "aa2c104275b1e2d71ee4d2a4b524835cf35e0b5c7ba24c35bb7d198132a3a36a", + "block_type": "heading", + "char_count": 37, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", + "block_sequence": 42, + "char_end": 37, + "char_start": 0, + "fragment_sha256": "19cff3a2715bc1902e26881a91ac5e024acdea861b5971f629bd6e07ce0975e9", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s21", + "table": null, + "text": "Adjusted Gross Profit (Loss) / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b43", + "block_sequence": 43, + "block_sha256": "97f2b700d544adc28fc9091d3f4cf36768685721f410d917fedba80b7da70496", + "block_type": "paragraph", + "char_count": 997, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", + "block_sequence": 43, + "char_end": 997, + "char_start": 0, + "fragment_sha256": "19f4a0207c01620d2fd0d1b17a896adcf772df99dc1551b16b86380d187e2e4f", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s21", + "table": null, + "text": "We calculate Adjusted Gross Profit (Loss) as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit (Loss) helps management assess home pricing, service fees and renovation performance for a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b44", + "block_sequence": 44, + "block_sha256": "d151a889dc0f0b61b94c02247fb85af7c9ba19c18277017a5a93a75f8623d2b5", + "block_type": "heading", + "char_count": 35, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", + "block_sequence": 44, + "char_end": 35, + "char_start": 0, + "fragment_sha256": "7d5e24d8aacb8b46e739e0937e0722ae5c5e64c945e169033148c009dff2ce21", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Contribution (Loss) Profit / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s22", + "table": null, + "text": "Contribution (Loss) Profit / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b45", + "block_sequence": 45, + "block_sha256": "1fc79588a18e7fe9957d6da8d18a5a2ee6d6401ebef1dc287a9049c68e932353", + "block_type": "paragraph", + "char_count": 784, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", + "block_sequence": 45, + "char_end": 784, + "char_start": 0, + "fragment_sha256": "2872dddb54562041f4aa774dd7fbf88051a1c2d38dbda8f950e349c3fb4adc42", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Contribution (Loss) Profit / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s22", + "table": null, + "text": "We calculate Contribution (Loss) Profit as Adjusted Gross Profit (Loss), minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution (Loss) Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution (Loss) Profit helps management assess inflows and outflows directly associated with a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b46", + "block_sequence": 46, + "block_sha256": "7460ff5afa74595bed1ed49c4ec349f88984782302cbab9cee3bae99ec2b46cd", + "block_type": "heading", + "char_count": 26, + "level": 6, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", + "block_sequence": 46, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "b8b8062826f34c01775f668e5b2cc75d457b8d2c8832287c6f571c29eac5c67b", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Contribution (Loss) Profit / Margin", + "OPENDOOR TECHNOLOGIES INC." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s23", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC." + }, + { + 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"norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b48", + "block_sequence": 48, + "block_sha256": "e7bd0ccd72aefae52d4da33fa05bd486df144362ed87c427c907aa03cfff6ce6", + "block_type": "paragraph", + "char_count": 49, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", + "block_sequence": 48, + "char_end": 49, + "char_start": 0, + "fragment_sha256": "3c79d34b912ccd5810676229fdb23c57e7c959da948f20c2113ffe85c0e18da8", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Contribution (Loss) Profit / Margin", + "OPENDOOR TECHNOLOGIES INC.", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s24", + "table": null, + "text": "(In millions, except percentages, and homes sold)" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b49", + "block_sequence": 49, + "block_sha256": "f9aa17ccb15e3a675fca6f8c1e57bf3db93b3cf876860608fe8d12b3aa8a8174", + "block_type": "paragraph", + "char_count": 11, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", + "block_sequence": 49, + "char_end": 11, + "char_start": 0, + "fragment_sha256": "2a7680d26ab0fd2298dd52fd36b9d301e5103004cef230dbf5fbd1eabb314fa8", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Contribution (Loss) Profit / Margin", + "OPENDOOR TECHNOLOGIES INC.", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s24", + "table": null, + "text": "(Unaudited)" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b50", + "block_sequence": 50, + "block_sha256": "60af7a162824743d8319eca0403a19d35b19846e5557fa1835ffdeaf37cdaa57", + "block_type": "paragraph", + "char_count": 212, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", + "block_sequence": 50, + "char_end": 212, + "char_start": 0, + "fragment_sha256": "8cd925ff0e2ae9f883ba77c7b2f3e502f10d22f12b4c5db35050415f7cba4fd6", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Contribution (Loss) Profit / Margin", + "OPENDOOR TECHNOLOGIES INC.", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s24", + "table": null, + "text": "The following table presents a reconciliation of our Adjusted Gross Profit (Loss) and Contribution (Loss) Profit to our gross profit, which is the most directly comparable GAAP measure, for the periods indicated:" + }, + { + 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"markdown": "| | | | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended | | Six Months Ended June 30, | | | | | | | | | | | | | | | | |\n| (in millions, except percentages and homes sold, or as noted) | | June 30, 2023 | | March 31, 2023 | | June 30, 2022 | | 2023 | | 2022 | | | | | | | | | | |\n| Gross profit (GAAP) | | $ | 149 | | | $ | 170 | | | $ | 486 | | | $ | 319 | | | $ | 1,021 | |\n| Gross Margin | | 7.5 | % | | 5.4 | % | | 11.6 | % | | 6.3 | % | | 10.9 | % | | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | |\n| Inventory valuation adjustment \u2013 Current Period(1)(2) | | 14 | | | 23 | | | 82 | | | 18 | | | 85 | | | | | | |\n| Inventory valuation adjustment \u2013 Prior Periods(1)(3) | | (156) | | | (295) | | | (12) | | | (432) | | | (38) | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | |\n| Adjusted Gross Profit 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| | | | | | | \nAdjusted Gross Profit (Loss) | | $ | 7 | | | $ | (102) | | | $ | 556 | | | $ | (95) | | | $ | 1,068 | \nAdjusted Gross Margin | | 0.4 | % | | (3.3) | % | | 13.2 | % | | (1.9) | % | | 11.4 | % | | | | | \nAdjustments: | | | | | | | | | | | | | | | | | | | | \nDirect selling costs(4) | | (58) | | | (85) | | | (100) | | | (143) | | | (236) | | | | | | \nHolding costs on sales \u2013 Current Period(5)(6) | | (6) | | | (13) | | | (11) | | | (31) | | | (42) | | | | | | \nHolding costs on sales \u2013 Prior Periods(5)(7) | | (33) | | | (41) | | | (23) | | | (62) | | | (36) | | | | | | \nContribution (Loss) Profit | | $ | (90) | | | $ | (241) | | | $ | 422 | | | $ | (331) | | | $ | 754 | \nHomes sold in period | | 5,383 | | | 8,274 | | | 10,482 | | | 13,657 | | | 23,151 | | | | | | \nContribution (Loss) Profit per Home Sold (in thousands) | | $ | (17) | | | $ | (29) | | | $ | 40 | | | $ | (24) | | | $ | 33 | \nContribution Margin | | (4.6) | % | | (7.7) | % | | 10.1 | % | | (6.5) | % | | 8.1 | % | | | | | " + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b52", + "block_sequence": 52, + "block_sha256": "4cf00d828a49141d245df4e3d22e42f6ceb9cf545bc53f0f5984d2aa792cbd44", + "block_type": "other", + "char_count": 16, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", + "block_sequence": 52, + "char_end": 16, + "char_start": 0, + "fragment_sha256": "7fdbb5bd0c91a386038a54dafc306bd55a27c3242e1540451c2885fb5da9076a", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Contribution (Loss) Profit / Margin", + "OPENDOOR TECHNOLOGIES INC.", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s24", + "table": null, + "text": "________________" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b53", + "block_sequence": 53, + "block_sha256": "211ba6f2660ac980adfb7cfda1a5cd3d738824ffb95c0fb434bb18fff2f3ecf1", + "block_type": "paragraph", + "char_count": 1141, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", + "block_sequence": 53, + "char_end": 1141, + "char_start": 0, + "fragment_sha256": "ce88b8aac746f34d55660daab329c6ba1c14a78be0074e39afe53bfa66f95905", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Contribution (Loss) Profit / Margin", + "OPENDOOR TECHNOLOGIES INC.", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s24", + "table": null, + "text": "(1)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2)Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3)Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5)Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented." + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b54", + "block_sequence": 54, + "block_sha256": "fca17254c497cad4dac8c53b351e70c6d20f13af1b2ebfc8085200478726dbdd", + "block_type": "heading", + "char_count": 46, + "level": 8, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", + "block_sequence": 54, + "char_end": 46, + "char_start": 0, + "fragment_sha256": "bec5251340e49c6a6ce642c93864c2d71e3be265585e1dbabb996cc62344fb15", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net (Loss) Income and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s25", + "table": null, + "text": "Adjusted Net (Loss) Income and Adjusted EBITDA" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b55", + "block_sequence": 55, + "block_sha256": "34946d608ae8249e8db32de80e8fa8a0a1493ae90d1d463c9c2bc82e62758f90", + "block_type": "paragraph", + "char_count": 1589, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", + "block_sequence": 55, + "char_end": 1589, + "char_start": 0, + "fragment_sha256": "1c99f42e05b1d947d7431b0d67e92f4911f4614de4122d78d833c603c8a0e86a", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net (Loss) Income and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s25", + "table": null, + "text": "We also present Adjusted Net (Loss) Income and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net (Loss) Income and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net income (loss)." + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b56", + "block_sequence": 56, + "block_sha256": "493304ea990d405640657ba893c65e0fa41e41501b81db14c9c0fb0323df7e18", + "block_type": "heading", + "char_count": 26, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", + "block_sequence": 56, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "9d58cbad9774781b352f91f7af44a8deb4a3ae45e486c9e98670fe64ad8cdec3", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net (Loss) Income" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s26", + "table": null, + "text": "Adjusted Net (Loss) Income" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b57", + "block_sequence": 57, + "block_sha256": "3df66b7eb8cf1b255937a1425ecfaeecc95b56d2b5135436a60216b962f2d318", + "block_type": "paragraph", + "char_count": 1142, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", + "block_sequence": 57, + "char_end": 1142, + "char_start": 0, + "fragment_sha256": "3d98d941990fea5ebaffd0325f2ab171a5b361d52815f105b014a267e1a96273", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net (Loss) Income" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s26", + "table": null, + "text": "We calculate Adjusted Net (Loss) Income as GAAP net income (loss) adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring, gain on lease termination, and legal contingency accruals. It excludes (gain) loss on extinguishment of debt as these expenses were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. Adjusted Net (Loss) Income also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net (Loss) Income does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date." + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b58", + "block_sequence": 58, + "block_sha256": "773660f28ede02e28c7f61ddeb64a36beccffd99caee7e409b39dd9eb04f06b9", + "block_type": "heading", + "char_count": 15, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", + "block_sequence": 58, + "char_end": 15, + "char_start": 0, + "fragment_sha256": "9fb6e786e171bef58f47377e0b4f8eaa5be01cdfc8cecba9c6c1035fd236de44", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s27", + "table": null, + "text": "Adjusted EBITDA" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b59", + "block_sequence": 59, + "block_sha256": "6786882db0d58991a6b735e933bbf0f55340cfdb7677290a60fa1f3d1878298c", + "block_type": "paragraph", + "char_count": 555, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", + "block_sequence": 59, + "char_end": 555, + "char_start": 0, + "fragment_sha256": "49b2534be740c7839d14edcfde684379b93d649d0534ee08975d2abe834e50c5", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s27", + "table": null, + "text": "We calculated Adjusted EBITDA as Adjusted Net (Loss) Income adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. 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(Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported financial results for its quarter ended June 30, 2023. Opendoor’s second quarter of 2023 financial results and management commentary can be accessed through the Company’s shareholder letter on the “Quarterly Reports” page of Opendoor’s investor relations website at https://investor.opendoor.com. “We exceeded the high end of our guidance in the second quarter as we continue to focus on what we can control and operate with discipline in this environment. Our results reflect the progress we’ve made in strengthening our offering, driving cost efficiencies and managing risk. We expect the third quarter to mark our return to positive contribution margin levels. 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For more information, please visit www.opendoor.com"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b17"], "char_count": 2910, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5e58ce1d99fc4b568d43546bbddac30ffa6cbfab0871ba9fe03585f4fda29f37", "derivation_id": "d1b26c6c01ef1fe799ff52d3ac432e4cdb7db4ddaec5af21b791fb5f423dbf02", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "2023 Financial Outlook", "Conference Call and Webcast Details", "Forward Looking Statements"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "block_sequence": 17, "char_end": 2910, "char_start": 0, "fragment_sha256": "a50866ce6b55d83f24d38ab05b1faf31b64f0b66605d92d01c30c26ea4a5e5fb", "heading_path": ["EX-99.1", "2023 Financial Outlook", "Conference Call and Webcast Details", "Forward Looking Statements"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s9", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex991earningsre.htm", "table_id": null, "text": "This press release contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the health of our financial condition; anticipated future results of operations and financial performance; priorities of the Company to achieve future goals; the Company’s ability to continue to effectively navigate the markets in which it operates; anticipated future and ongoing impacts of our acquisitions and other business decisions; health of our balance sheet to weather ongoing market transitions; the Company’s ability to adopt an effective approach to manage economic and industry risk, as well as inventory health; business strategy and plans, including any plans to expand into additional markets, market opportunity and expansion and objectives of management for future operations, including our statements regarding the benefits and timing of the roll out of new markets, products or technology; and the expected diversification of funding sources. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “vision”, “will”, or “would”, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this press release include but are not limited to: the current and future health and stability of the economy, financial conditions and residential housing market, 1 Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b17"], "char_count": 3680, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "bf150dcbeafb6b71cb2d9b03fd3b1442610a29ff728d297bd4cadd212b0f59ee", "derivation_id": "d1b26c6c01ef1fe799ff52d3ac432e4cdb7db4ddaec5af21b791fb5f423dbf02", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "2023 Financial Outlook", "Conference Call and Webcast Details", "Forward Looking Statements"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "block_sequence": 17, "char_end": 6590, "char_start": 2910, "fragment_sha256": "a50866ce6b55d83f24d38ab05b1faf31b64f0b66605d92d01c30c26ea4a5e5fb", "heading_path": ["EX-99.1", "2023 Financial Outlook", "Conference Call and Webcast Details", "Forward Looking Statements"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s9", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex991earningsre.htm", "table_id": null, "text": "For more information regarding the non-GAAP financial measures discussed in this press release, please see “Use of Non-GAAP Financial Measures” following the financial tables below. including any extended downturn or slowdown; changes in general economic and financial conditions (including federal monetary policy, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory) that may reduce demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; any future impact of the ongoing COVID-19 pandemic (including future variants) or other public health crises on our ability to operate, demand for our products or services, or general economic conditions; addition or loss of a significant number of customers; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; ability to protect our brand and intellectual property; ability to obtain or maintain licenses and permits to support our current and future business operations; ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our technology platform, including our automated pricing and valuation technology; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; the impact of natural disasters and other catastrophic events; changes in laws or government regulation affecting our business; and the impact of pending or future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 23, 2023, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. 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| | | | | | |\n| INTEREST EXPENSE | (53) | | | (74) | | | (89) | | | (127) | | | (157) | | | | | | |\n| OTHER INCOME (LOSS) – Net | 41 | | | 19 | | | 4 | | | 60 | | | (18) | | | | | | |\n| INCOME (LOSS) BEFORE INCOME TAXES | 24 | | | (101) | | | (53) | | | (77) | | | (25) | | | | | | |\n| INCOME TAX EXPENSE | (1) | | | — | | | (1) | | | (1) | | | (1) | | | | | | |\n| NET INCOME (LOSS) | $ | 23 | | | $ | (101) | | | $ | (54) | | | $ | (78) | | | $ | (26) | |\n| | | | | | | | | | | | | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | |\n| Net income (loss) per share attributable to common shareholders: | | | | | | | | | | | | | | | | | | | |\n| Basic | $ | 0.04 | | | $ | (0.16) | | | $ | (0.09) | | | $ | (0.12) | | | $ | (0.04) | |\n| Diluted | $ | 0.03 | | | $ | (0.16) | | | $ | (0.09) | | | $ | (0.12) | | | $ | (0.04) | |\n| Weighted-average shares outstanding: | | | | | | | | | | | | | | | | | | | |\n| Basic | 646,062 | | | 641,916 | | | 624,958 | | | 646,750 | | | 622,064 | | 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liabilities: | | | | | | | |\n| Escrow receivable | 17 | | | 28 | | | |\n| Real estate inventory | 3,259 | | | (622) | | | |\n| Other assets | (3) | | | (80) | | | |\n| Accounts payable and other accrued liabilities | (31) | | | 79 | | | |\n| Interest payable | (10) | | | — | | | |\n| Lease liabilities | (6) | | | (2) | | | |\n| Net cash provided by (used in) operating activities | 3,102 | | | (343) | | | |\n| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | |\n| Purchase of property and equipment | (17) | | | (20) | | | |\n| | | | | | | | |\n| Purchase of marketable securities | — | | | (28) | | | |\n| Proceeds from sales, maturities, redemptions and paydowns of marketable securities | 61 | | | 250 | | | |\n| Purchase of non-marketable equity securities | — | | | (25) | | | |\n| Proceeds from sale of non-marketable equity securities | 1 | | | 3 | | | |\n| Capital returns of non-marketable equity securities | — | | | 3 | | | |\n| | | | | | | | |\n| Net cash provided by investing activities | 45 | | | 183 | | | |\n| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Repurchase of convertible senior notes | (270) | | | — | | | |\n| | | | | | | | |\n| Proceeds from exercise of stock options | 2 | | | 3 | | | |\n| Proceeds from issuance of common stock for ESPP | 1 | | | — | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from non-recourse asset-backed debt | 236 | | | 6,608 | | | |\n| Principal payments on non-recourse asset-backed debt | (2,099) | | | (6,162) | | | |\n| Proceeds from other secured borrowings | — | | | 105 | | | |\n| Principal payments on other secured borrowings | — | | | (100) | | | |\n| Payment of loan origination fees and debt issuance costs | — | | | (18) | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| 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0, "fragment_sha256": "ae50aa06491a1386360dbafa50a2e8fd686e6df19d950de25d678ea4b60b62ed", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#p17", "passage_kind": "narrative", "passage_sequence": 17, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s19", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex991earningsre.htm", "table_id": null, "text": "To provide investors with additional information regarding the Company’s financial results, this press release includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit (Loss), Contribution (Loss) Profit, Adjusted Net (Loss) Income, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b41"], "char_count": 1779, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b596d64f52d7f3304775ac63d1f9f2eaa789b1d3a0f927e753fbc625ef707d06", "derivation_id": "d1b26c6c01ef1fe799ff52d3ac432e4cdb7db4ddaec5af21b791fb5f423dbf02", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit (Loss) and Contribution (Loss) Profit"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "block_sequence": 41, "char_end": 1779, "char_start": 0, "fragment_sha256": "372c24fc24da6720992848f62e31e85204c1fa843e9bcd6efab97e1f2f044e72", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit (Loss) and Contribution (Loss) Profit"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#p18", "passage_kind": "narrative", "passage_sequence": 18, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s20", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex991earningsre.htm", "table_id": null, "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit (Loss) and Contribution (Loss) Profit, which are non-GAAP financial measures. We believe that Adjusted Gross Profit (Loss) and Contribution (Loss) Profit are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution (Loss) Profit provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit (Loss) and Contribution (Loss) Profit are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b43"], "char_count": 997, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "97f2b700d544adc28fc9091d3f4cf36768685721f410d917fedba80b7da70496", "derivation_id": "d1b26c6c01ef1fe799ff52d3ac432e4cdb7db4ddaec5af21b791fb5f423dbf02", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit (Loss) / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "block_sequence": 43, "char_end": 997, "char_start": 0, "fragment_sha256": "19f4a0207c01620d2fd0d1b17a896adcf772df99dc1551b16b86380d187e2e4f", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit (Loss) / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#p19", "passage_kind": "narrative", "passage_sequence": 19, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s21", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex991earningsre.htm", "table_id": null, "text": "We calculate Adjusted Gross Profit (Loss) as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit (Loss) helps management assess home pricing, service fees and renovation performance for a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b45"], "char_count": 784, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1fc79588a18e7fe9957d6da8d18a5a2ee6d6401ebef1dc287a9049c68e932353", "derivation_id": "d1b26c6c01ef1fe799ff52d3ac432e4cdb7db4ddaec5af21b791fb5f423dbf02", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "block_sequence": 45, "char_end": 784, "char_start": 0, "fragment_sha256": "2872dddb54562041f4aa774dd7fbf88051a1c2d38dbda8f950e349c3fb4adc42", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#p20", "passage_kind": "narrative", "passage_sequence": 20, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s22", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex991earningsre.htm", "table_id": null, "text": "We calculate Contribution (Loss) Profit as Adjusted Gross Profit (Loss), minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution (Loss) Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution (Loss) Profit helps management assess inflows and outflows directly associated with a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b48", "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b49", "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b50"], "char_count": 276, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c7808812f57d7040da2dfeb8dd64d50a8d2e6fd4df9e37092ffc6f509f8465e0", "derivation_id": "d1b26c6c01ef1fe799ff52d3ac432e4cdb7db4ddaec5af21b791fb5f423dbf02", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "block_sequence": 48, "char_end": 49, "char_start": 0, "fragment_sha256": "3c79d34b912ccd5810676229fdb23c57e7c959da948f20c2113ffe85c0e18da8", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "block_sequence": 49, "char_end": 11, "char_start": 0, "fragment_sha256": "2a7680d26ab0fd2298dd52fd36b9d301e5103004cef230dbf5fbd1eabb314fa8", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "block_sequence": 50, "char_end": 212, "char_start": 0, "fragment_sha256": "8cd925ff0e2ae9f883ba77c7b2f3e502f10d22f12b4c5db35050415f7cba4fd6", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#p21", "passage_kind": "narrative", "passage_sequence": 21, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s24", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex991earningsre.htm", "table_id": null, "text": "(In millions, except percentages, and homes sold)\n\n(Unaudited)\n\nThe following table presents a reconciliation of our Adjusted Gross Profit (Loss) and Contribution (Loss) Profit to our gross profit, which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b51"], "char_count": 2244, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "162d87162150b832270eda7fb9a320b96a7a294c69f1bafd9bc3936662357d14", "derivation_id": "d1b26c6c01ef1fe799ff52d3ac432e4cdb7db4ddaec5af21b791fb5f423dbf02", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "block_sequence": 51, "char_end": 1979, "char_start": 0, "fragment_sha256": "3b4f7d32dd92676b003f10ae9a04c06f9b2447e0c15b64ae854e6d3e37cb73d7", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": 3, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#p22", "passage_kind": "table", "passage_sequence": 22, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s24", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex991earningsre.htm", "table_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b51", "text": "| | | | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended | | Six Months Ended June 30, | | | | | | | | | | | | | | | | |\n| (in millions, except percentages and homes sold, or as noted) | | June 30, 2023 | | March 31, 2023 | | June 30, 2022 | | 2023 | | 2022 | | | | | | | | | | |\n| Gross profit (GAAP) | | $ | 149 | | | $ | 170 | | | $ | 486 | | | $ | 319 | | | $ | 1,021 | |\n| Gross Margin | | 7.5 | % | | 5.4 | % | | 11.6 | % | | 6.3 | % | | 10.9 | % | | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | |\n| Inventory valuation adjustment – Current Period(1)(2) | | 14 | | | 23 | | | 82 | | | 18 | | | 85 | | | | | | |\n| Inventory valuation adjustment – Prior Periods(1)(3) | | (156) | | | (295) | | | (12) | | | (432) | | | (38) | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | |\n| Adjusted Gross Profit (Loss) | | $ | 7 | | | $ | (102) | | | $ | 556 | | | $ | (95) | | | $ | 1,068 | |\n| Adjusted Gross Margin | | 0.4 | % | | (3.3) | % | | 13.2 | % | | (1.9) | % | | 11.4 | % | | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | |\n| Direct selling costs(4) | | (58) | | | (85) | | | (100) | | | (143) | | | (236) | | | | | | |\n| Holding costs on sales – Current Period(5)(6) | | (6) | | | (13) | | | (11) | | | (31) | | | (42) | | | | | | |\n| Holding costs on sales – Prior Periods(5)(7) | | (33) | | | (41) | | | (23) | | | (62) | | | (36) | | | | | | |\n| Contribution (Loss) Profit | | $ | (90) | | | $ | (241) | | | $ | 422 | | | $ | (331) | | | $ | 754 | |\n| Homes sold in period | | 5,383 | | | 8,274 | | | 10,482 | | | 13,657 | | | 23,151 | | | | | | |\n| Contribution (Loss) Profit per Home Sold (in thousands) | | $ | (17) | | | $ | (29) | | | $ | 40 | | | $ | (24) | | | $ | 33 | |\n| Contribution Margin | | (4.6) | % | | (7.7) | % | | 10.1 | % | | (6.5) | % | | 8.1 | % | | | | | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b52", "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b53"], "char_count": 1159, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8926b6f25d6c58e464e7fd95b8b8edd9a9baab2b62eb80402737cce1835fe8a4", "derivation_id": "d1b26c6c01ef1fe799ff52d3ac432e4cdb7db4ddaec5af21b791fb5f423dbf02", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "block_sequence": 52, "char_end": 16, "char_start": 0, "fragment_sha256": "7fdbb5bd0c91a386038a54dafc306bd55a27c3242e1540451c2885fb5da9076a", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "block_sequence": 53, "char_end": 1141, "char_start": 0, "fragment_sha256": "ce88b8aac746f34d55660daab329c6ba1c14a78be0074e39afe53bfa66f95905", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution (Loss) Profit / Margin", "OPENDOOR TECHNOLOGIES INC.", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#p23", "passage_kind": "narrative", "passage_sequence": 23, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s24", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex991earningsre.htm", "table_id": null, "text": "________________\n\n(1)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2)Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3)Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5)Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b55"], "char_count": 1589, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "34946d608ae8249e8db32de80e8fa8a0a1493ae90d1d463c9c2bc82e62758f90", "derivation_id": "d1b26c6c01ef1fe799ff52d3ac432e4cdb7db4ddaec5af21b791fb5f423dbf02", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net (Loss) Income and Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "block_sequence": 55, "char_end": 1589, "char_start": 0, "fragment_sha256": "1c99f42e05b1d947d7431b0d67e92f4911f4614de4122d78d833c603c8a0e86a", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net (Loss) Income and Adjusted EBITDA"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#p24", "passage_kind": "narrative", "passage_sequence": 24, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex991earningsre.htm", "table_id": null, "text": "We also present Adjusted Net (Loss) Income and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net (Loss) Income and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net income (loss)."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b57"], "char_count": 1142, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "3df66b7eb8cf1b255937a1425ecfaeecc95b56d2b5135436a60216b962f2d318", "derivation_id": "d1b26c6c01ef1fe799ff52d3ac432e4cdb7db4ddaec5af21b791fb5f423dbf02", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net (Loss) Income"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "block_sequence": 57, "char_end": 1142, "char_start": 0, "fragment_sha256": "3d98d941990fea5ebaffd0325f2ab171a5b361d52815f105b014a267e1a96273", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net (Loss) Income"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#p25", "passage_kind": "narrative", "passage_sequence": 25, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s26", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex991earningsre.htm", "table_id": null, "text": "We calculate Adjusted Net (Loss) Income as GAAP net income (loss) adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring, gain on lease termination, and legal contingency accruals. It excludes (gain) loss on extinguishment of debt as these expenses were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. Adjusted Net (Loss) Income also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net (Loss) Income does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b59"], "char_count": 555, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6786882db0d58991a6b735e933bbf0f55340cfdb7677290a60fa1f3d1878298c", "derivation_id": "d1b26c6c01ef1fe799ff52d3ac432e4cdb7db4ddaec5af21b791fb5f423dbf02", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "block_sequence": 59, "char_end": 555, "char_start": 0, "fragment_sha256": "49b2534be740c7839d14edcfde684379b93d649d0534ee08975d2abe834e50c5", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted EBITDA"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#p26", "passage_kind": "narrative", "passage_sequence": 26, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s27", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex991earningsre.htm", "table_id": null, "text": "We calculated Adjusted EBITDA as Adjusted Net (Loss) Income adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. The following table presents a reconciliation of our Adjusted Net (Loss) Income and Adjusted EBITDA to our net income (loss), which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b60"], "char_count": 2939, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7f0889d28d1851e7cc39869b2661d95650cf841c00c4813480a9c124364621d5", "derivation_id": "d1b26c6c01ef1fe799ff52d3ac432e4cdb7db4ddaec5af21b791fb5f423dbf02", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": 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"norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b60", "text": "| | | | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended | | Six Months Ended June 30, | | | | | | | | | | | | | | | | |\n| (in millions, except percentages) | | June 30, 2023 | | March 31, 2023 | | June 30, 2022 | | 2023 | | 2022 | | | | | | | | | | |\n| Net income (loss) (GAAP) | | $ | 23 | | | $ | (101) | | | $ | (54) | | | $ | (78) | | | $ | (26) | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | |\n| Stock-based compensation | | 21 | | | 42 | | | 59 | | | 63 | | | 126 | | | | | | |\n| Equity securities fair value adjustment(1) | | (6) | | | (1) | | | 3 | | | (7) | | | 25 | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | |\n| Intangibles amortization expense(2) | | 1 | | | 2 | | | 3 | | | 3 | | | 5 | | | | | | |\n| Inventory valuation adjustment – Current Period(3)(4) | | 14 | | | 23 | | | 82 | | | 18 | | | 85 | | | | | | |\n| Inventory valuation adjustment — Prior Periods(3)(5) | | (156) | | | (295) | | | (12) | | | (432) | | | (38) | | | | | | |\n| Restructuring(6) | | 10 | | | — | | | — | | | 10 | | | — | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | |\n| (Gain) loss on extinguishment of debt | | (104) | | | (78) | | | — | | | (182) | | | — | | | | | | |\n| Gain on lease termination | | (1) | | | — | | | — | | | (1) | | | — | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | |\n| Legal contingency accrual and related expenses | | — | | | — | | | 42 | | | — | | | 45 | | | | | | |\n| Other(7) | | 1 | | | (1) | | | (1) | | | — | | | (1) | | | | | | |\n| Adjusted Net (Loss) Income | | $ | (197) | | | $ | (409) | | | $ | 122 | | | $ | (606) | | | $ | 221 | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | |\n| Depreciation and amortization, excluding amortization of intangibles | | 9 | | | 12 | | | 12 | | | 21 | | | 21 | | | | | | |\n| Property financing(8) | | 44 | | | 60 | | | 76 | | | 104 | | | 134 | | | | | | |\n| Other interest expense(9) | | 9 | | | 14 | | | 13 | | | 23 | | | 23 | | | | | | |\n| Interest income(10) | | (34) | | | (18) | | | (6) | | | (52) | | | (6) | | | | | | |\n| Income tax expense | | 1 | | | — | | | 1 | | | 1 | | | 1 | | | | | | |\n| Adjusted EBITDA | | $ | (168) | | | $ | (341) | | | $ | 218 | | | $ | (509) | | | $ | 394 | |\n| Adjusted EBITDA Margin | | (8.5) | % | | (10.9) | % | | 5.2 | % | | (10.0) | % | | 4.2 | % | | | | | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b61", "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#b62"], "char_count": 1589, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5aa503ded1c0067c135deebe82506abf0a2aa2c88ad05eb3ab4d1be83d869581", 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"31f88d30ccd913fa247b11e6af9ccf950f1e30b538b37b8a010efc31c08fbcfd", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted EBITDA"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#p28", "passage_kind": "narrative", "passage_sequence": 28, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm#s27", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex991earningsre.htm", "table_id": null, "text": "________________\n\n(1)Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2)Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4)Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5)Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6)Restructuring costs consist primarily of severance and employee termination benefits related to the Company’s April 2023 workforce reduction. (7)Includes primarily sublease income and income from equity method investments. (8)Includes interest expense on our non-recourse asset-backed debt facilities. (9)Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, interest expense related to the 2026 convertible senior notes outstanding, and interest expense on other secured borrowings. (10)Consists mainly of interest earned on cash, cash equivalents, restricted cash and marketable securities."} diff --git a/data/normalized/sec/0001801169/8-K/2023-08-03_0001801169-23-000096/norm_0001801169_0001801169-23-000096_q22023formxex992sharehol.htm.json b/data/normalized/sec/0001801169/8-K/2023-08-03_0001801169-23-000096/norm_0001801169_0001801169-23-000096_q22023formxex992sharehol.htm.json new file mode 100644 index 0000000000000000000000000000000000000000..61c850cfeb70c44572afece57bf873b9537f96a3 --- /dev/null +++ b/data/normalized/sec/0001801169/8-K/2023-08-03_0001801169-23-000096/norm_0001801169_0001801169-23-000096_q22023formxex992sharehol.htm.json @@ -0,0 +1,1815 @@ +{ + "acceptance_datetime": "2023-08-03T16:27:53.000Z", + "amends_accession": null, + "artifact_role": "ex99-02", + "blocks": [ + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b0", + "block_sequence": 0, + "block_sha256": 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We exceeded the high end of our outlook for revenue and Adjusted EBITDA in the second quarter. We\u2019re leveraging the lessons we\u2019ve learned over the past nine years and focusing on what we can control: strengthening our product offering, improving the customer experience, driving cost efficiencies, and enhancing risk management. Our healthy and growing new book of inventory demonstrates our ability to generate positive unit economics in what continues to be an uncertain time in the U.S. housing market. We expect to return to positive contribution margins in 3Q23. We remain committed to deliver at least 100 bps (basis points) of contribution margin improvement by 2024, increasing our annual target range to 5% to 7%, with a goal of eventually returning to positive Adjusted Net Income. Selling and buying a home is one of life\u2019s most important transactions. For many, it is the largest financial commitment they\u2019ll make. It takes far more effort than the swipe of a credit card: it is complex, requires a high degree of trust, and stirs many emotions. A new home can symbolize new beginnings and possibilities, but it can also come at a time when our customers are most vulnerable. Regardless of the macro environment, life \u2013 and home transactions \u2013 continue. We are committed to being the first and most trusted place people look to when considering a move. As we reinvent the home selling and buying experience, we have to deeply understand the mechanics of the traditional offline process, and also the macroeconomic factors that always play a role in our business. When a customer is making the important decision to sell or buy their home, being a reliable option regardless of how the market is behaving is paramount. We have had to internalize the many pain points inherent in the traditional selling process and build unique expertise in pricing, portfolio management, product innovation and operations. From that, we have built a product that people love, letting them transact with simplicity and certainty. For both sellers and buyers, demand has proven resilient over our nine years in business as we\u2019ve grown to become one of the largest home sellers and buyers in the country. We see that in our growing customer base, strong Net Promoter Scores, and our customer testimonials. We remain focused on making investments in durable growth levers, and in our pricing and operations platforms that will benefit us for years to come. As we\u2019ve always done, we are leading with the customer experience as we innovate, build, and adapt Opendoor to be an all-weather product and the best option for the millions of people who want to sell or buy a home. 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I felt like I was more cared for [with Opendoor]. \u2013 Kathy Thousand Kathy and Jim Thousand set their sights on a new construction home in the Babcock Ranch community, located in Southwest Florida. They had been through the new-build process before and knew that selling their existing home and moving into a rental property, while a new home was being built would be less than ideal. They wanted to find a simpler solution this time around. Having discovered Opendoor in a builder packet at Babcock Ranch, they were eager to learn more about the process and requested a preliminary offer on their home. With a finalized Opendoor offer in hand, Kathy and Jim were able to begin the mortgage pre-approval process with a builder at the community. The Thousands found a simpler solution with Opendoor. They took advantage of the same day closing, allowing them to continue to live in their existing home until the new one was completed \u2013 avoiding double-moves and double-mortgages. When the unexpected happened and Hurricane Ian devastated the area last fall, in the midst of a stressful period, Kathy appreciated the personalized support and prompt communication provided by her experience partner Chloe Sinohui. Opendoor quickly deployed a home inspector to examine their home and when it was determined that no damage was done by the hurricane, the Thousands were thrilled to learn that there would be no change to their Opendoor offer and closing would still accommodate the timeline for completion on their new home. In Kathy\u2019s words, there were \u201cno worries, no trouble, no extra fees \u2013 it was almost too good to be true.\u201d When asked what her favorite part of the experience was, Kathy had this to say about Opendoor: \u201cMy favorite part of the process was working with the people at Opendoor, from start to finish.\u201d" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b11", + "block_sequence": 11, + "block_sha256": "c0a6a4fe3512089f8abb008572284f90c401eca0d8e29fdd1b8aeb155aa47cd9", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 11, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "ce6a4b1a8a3d602b1cb14505f6d5c2340d63e7dd63f36bada8dfa208677f30d8", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "q22023formxex992sharehol004.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b12", + "block_sequence": 12, + "block_sha256": "f0b2b6c52f8155df5edfc78f06154537677875691cd2dd0fdd886c4a81e17b50", + "block_type": "paragraph", + "char_count": 2190, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 12, + "char_end": 2190, + "char_start": 0, + "fragment_sha256": "419b449a4192ca0981e855363a283a1670ef05edf852a56df2fb4d990534ae2a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "ENABLING MORE SELLERS TO CHOOSE OPENDOOR We are focused on expanding and optimizing our customer acquisition channels so we can re-engage with registered sellers and reach new potential customers across all market conditions in the most efficient way possible. Only around 1% of the approximately $1.9 trillion of U.S. residential real estate transactions are conducted online today despite the fact that the traditional process remains complex, uncertain, and broken. We know that customers value the certainty and convenience of Opendoor. By increasing awareness, growing our registered customer base, and expanding our buybox, we have demonstrated market share gains. The markets we launched prior to 2018, our longest tenure markets, achieved 3.8% market share by 2022. Within those markets, 39% of the homeowners in our buybox have come to us and entered their address and home details. In comparison, our 23 markets launched in 2021 had just 0.7% market share in 2022 and 20% of the homeowners in our buybox had come to us. As our markets mature and the housing market stabilizes, the potential for organic market share growth from our existing markets should provide meaningful tailwinds. A continued source of growth is re-engagement with our base of registered sellers - individuals who have received an offer from Opendoor but have not yet sold their home. In the last nine years, we have sent millions of offers. Although some sellers are not immediately ready to act when they request an offer, we treat everyone as a potential seller. Our base of registered sellers gives us a way to proactively stay engaged with de minimis incremental cost until they do decide to sell their homes. Over the past two years, we have substantially improved our re-engagement strategies. Three-quarters of our acquisition contracts in 2Q23 were from sellers who did not act on their initial offer but subsequently acted on a refreshed offer. We believe that the power of our cash offer and the ability to grow our registered customer base \u2013 so that we are there when they are ready to sell \u2013 will continue to be an important source of acquisition growth. 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Given above-average spreads our conversion is lower, creating higher customer acquisition costs for our direct-to-consumer paid marketing channels. As such, since the beginning of 2023 we have focused on expanding our partnership channels with homebuilders, agents, and online real estate platforms. Given their fixed customer acquisition cost profiles, these channels are highly efficient and represent durable, long-term partnerships for us. For our partners, Opendoor provides a differentiated and scaled offering for sellers that we alone can provide. In 2Q23, our partnership channels represented 40% of total acquisition contracts (with direct-to-consumer providing the other 60%). Notably, acquisition contracts from our partnership channels saw 78% sequential growth in 2Q23. In April, we deepened our Agent Access program with agent incentives and expanded our agent referral program. We have national partnerships with the three largest online real estate platforms \u2013 Zillow, Redfin and Realtor.com \u2013 which collectively reach millions of unique monthly visitors. At the end of 2Q23, our exclusive partnership with Zillow was live in 25 markets and continuing to ramp. Given the current environment, we are prioritizing our marketing investment on spend efficiency as well as sustaining brand awareness. Despite an 80% reduction in marketing spend in 2Q23 versus prior year, our aided brand awareness was consistent thanks to effective creative campaigns and brand media strategies. Moreover, building on our cost-efficient, high-impact consumer influencer program, in 2Q23 we expanded efforts to foster greater awareness and connections with our agent audience. We remain committed to delivering the products that are best suited to each customer\u2019s needs, whether that is buying directly or connecting sellers and buyers through our marketplace product, Exclusives. During this period of lower market volumes, we continue to learn, iterate, and refine the customer and product experience for Exclusives in Plano, Texas and surrounding cities. 5 Business Highlights Sequential Growth in Acquisition Contracts from Partnership Channels in 2Q23 78% Acquisition Contracts from Partnership Channels in 2Q23 40% Historical Market Share and Address Entry Penetration by Market Launch Cohort" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b15", + "block_sequence": 15, + "block_sha256": "97d4a56949bd2063afd3e0c35eb527b7f4c1ea6edb17f0e796a382d237c84cb9", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 15, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "8294cd3926b8c2b39d0f63d66279ba216960d117aca8ebc14b87b4784d605dbb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "q22023formxex992sharehol006.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b16", + "block_sequence": 16, + "block_sha256": "03f9472f02a7ca423a78c255ed14ab7277770c263fc642f97573bf722194f3fd", + "block_type": "paragraph", + "char_count": 2266, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 16, + "char_end": 2266, + "char_start": 0, + "fragment_sha256": "47b23a2b66229147013b52f96399a6321ad4e02bc1325c8ea9fb863d5d17185c", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "DRIVE OPERATIONAL EXCELLENCE ACROSS OUR DELIVERY PLATFORM Our team, guided by the core value of \u201cbps for breakfast,\u201d is laser-focused on improving the competitiveness of our offers so we can serve more customers. In order to durably reduce spread to customers and still achieve our target contribution margin, we\u2019re targeting investments that reduce our cost structure and maximize operational efficiency across our delivery platform. Our spread is reflective of multiple factors: our contribution margin target, direct costs, home valuation, and home price appreciation over a holding period. With the exception of home price appreciation, those inputs are within our control. We are driving down spread by leveraging technology and data intelligence to improve our pricing model, resale performance, hold times, and labor efficiency. Core elements of our pricing platform and financial performance include understanding home-level condition and valuation. Ever since we bought our first home, we have worked to identify and remove the homes that may underperform at resale, which in turn lets us reduce spreads for all customers. A key input to identifying these homes is capturing accurate home condition data at the time of acquisition in order to forecast home value. We have invested in computer vision and AI-based condition modeling to improve the accuracy of our pricing models. One component of that has been iterating on our \u201chuman-in-the-loop\u201d interior assessments which gives us structured data that feed into our acquisition pricing systems to improve home-level pricing and are inputs into our risk management framework. We continue to utilize technology to improve our end-to-end transaction platform and tooling, which drives shorter hold times, reduces our cost structure, and improves resale outcomes. Automating and improving our listings data, inventory status management, and disclosures all serve to accelerate the resale process and minimize the cost of resale negotiations. The home visit intelligence that our operators and agents collect is instantly passed to our AI-based models which results in actionable insights to improve resale outcomes. 6 Expected Margin Improvement in 2024 via Increased Efficiencies Business Highlights >100 bps" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b17", + "block_sequence": 17, + "block_sha256": "a0a39257c6c54eef6d8113636b68b3ea1c41ec13ea0d665b047cd7fa3fb3c895", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 17, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "cc354f1f6ecc27caac251238bff8c310a8e9b4759dca98699e7d800bc6d10d72", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "q22023formxex992sharehol007.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b18", + "block_sequence": 18, + "block_sha256": "9b4bdbd0113bc620a7167fe94a72d9036c93b428a3b029e95a9a0501f75a7968", + "block_type": "paragraph", + "char_count": 711, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 18, + "char_end": 711, + "char_start": 0, + "fragment_sha256": "11556e8a55168c891d78f020e80342d6589eed1b273f4f5312a908b1dbb3afd4", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "Today, we are deploying an AI-first playbook we have honed over the last nine years to transform the customer experience and expect to realize additional margin over time. We are working on a host of initiatives in machine and deep learning as well as generative AI to improve our labor efficiency. Examples include: AI-based transaction and document processing, multi-modal intelligence to manage and monitor homes, and solutions to turn utilities off and on in locations that require human management. Our team is leveraging the power of large language models (LLMs) to redesign our customer experience by offering a more personalized approach using natural language. 7 Business Highlights List with Certainty" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b19", + "block_sequence": 19, + "block_sha256": "f900745a7f7e30c06f90da4809b6bf48186c883e93376db59801d4c80341882e", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 19, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "ae64cb770b66b621f94c38672f4cd6907f3f3ff5cb2d0c4824e826939b1220be", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "q22023formxex992sharehol008.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b20", + "block_sequence": 20, + "block_sha256": "2d552abb468a1ce2a0620d90c6c6100aee07d21895eb19a135409bfe74d13e99", + "block_type": "paragraph", + "char_count": 2321, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 20, + "char_end": 2321, + "char_start": 0, + "fragment_sha256": "3c703819653d1aaa6924106d2d5bcba42375a2aca753724069c7bbf9bf47c03d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "Our second quarter results reflect progress in selling through our longest-held homes while continuing to build into a new book of healthy inventory. We remain focused on delivering healthy, risk-adjusted contribution margins and preserving capital through disciplined cost management. GROWTH In the second quarter, we delivered $2.0 billion of revenue, exceeding the high end of our revenue guidance by 7%. By quarter end, 99% of our Q2 cohort1 was sold or under resale contract, of which only 1% was under resale contract. As expected, volumes declined sequentially by 35% from 1Q23 given the run-off of the old book. Given the uncertainty in the housing market, we have been operating with elevated spreads since June of last year. While critical from a risk management perspective, higher spreads impact volumes. We purchased 2,680 homes in 2Q23, which is 81% lower than 2Q22. We reduced spreads between 1Q23 and 2Q23 to reflect pricing model improvements related to home condition, reduced holding and selling costs due to shorter expected holding times, and an improvement in our view of home prices in the back half of 2023. Even though spreads are still elevated, the reduction translated through to a 53% increase in acquisition volumes between 1Q23 and 2Q23, despite a 43% reduction in paid marketing and overall lower market new listing volumes during the same period. We plan to continue to operate with elevated spreads and for acquisition volumes to pace at roughly 3,000 homes per quarter through the end of the year. Our expanded partnership channels should mitigate typical seasonal market volume declines in the second half of the year. In the fourth quarter, we expect to be able to reduce spreads due to typical home price seasonality, which would accelerate acquisitions in the first quarter of 2024, coinciding with improving market volumes. This will allow us to increase cost-effective investments in paid marketing. These factors, combined with the accruing benefits of our partnership channels, will drive higher volumes and ultimately allow us to rescale the business. 8 Financial Highlights Revenue $2.0 billion Homes Sold 5,383 7,512 10,482 8,520 5,383 8,274 2Q22 3Q22 4Q22 1Q23 2Q23 $2.9 $4.2 $3.4 $2.0 $3.1 2Q22 3Q22 4Q22 1Q23 2Q23 1. Homes we made offers on between March and June of 2022." + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b21", + "block_sequence": 21, + "block_sha256": "b32dff39436390f6106fe4fb4cc99a771bd8ade3ad930a2cdf5f4eb51c68fee1", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 21, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "f2c1203cfae2d86af16259c1653813e2d19f8c34cea44aea343c52941c29faa0", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "q22023formxex992sharehol009.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b22", + "block_sequence": 22, + "block_sha256": "570943479e988e51be60cde7d1f462cf5579dec3c6fe04391e87b9567ed32007", + "block_type": "paragraph", + "char_count": 1946, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 22, + "char_end": 1946, + "char_start": 0, + "fragment_sha256": "e4ae2f8c61978825bbea1bdad6fb3392ee7a62688571bde0d3b9d7ec45523b8a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "UNIT ECONOMICS GAAP Gross Profit was $149 million in 2Q23, versus $486 million in 2Q22 and $170 million in 1Q23. Adjusted Gross Profit (Loss), which aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the home is sold, was $7 million in 2Q23, versus $556 million in 2Q22 and $(102) million in 1Q23. In 2Q23, the old book of inventory represented 57% of our resale mix, which resulted in negative contribution profit and margins. Contribution Profit (Loss), which accounts for the direct selling and holding costs incurred on the homes sold during the quarter, was $(90) million in the second quarter, versus $422 million in 2Q22 and $(241) million in 1Q23. Contribution Margin was (4.6)%, versus 10.1% in 2Q22 and (7.7)% in 1Q23. We have reached an inflection point and expect the resale mix to shift to be a majority new book in 3Q23 resulting in us returning to positive Contribution Margin. Our new book of homes continues to show strong margin performance, with homes sold generating gross margins of 14.4% and contribution margins of 10.6% in the second quarter. The outperformance was primarily driven by higher than expected home price appreciation in the first half of the year, which translated to higher realized margins on the new book. We regularly update our short-term home price forecasts with the latest market data, allowing us to reduce spreads on more recent acquisition cohorts while maintaining our revised annual contribution margin target. 9 Financial Highlights 2Q23 Post-Q2 Cohort Contribution Margin 10.6% 2Q23 (Dollars in millions) Old Book (Q2 Cohort and prior) New Book (Post-Q2 Cohort) Total Homes Sold in Period 3,081 2,302 5,383 Revenue $1,199 $777 $1,976 Gross Profit / Margin $37 / 3.1% $112 / 14.4% $149 / 7.5% Adjusted Gross (Loss) Profit / Margin $(107) / (8.9)% $114 / 14.7% $7 / 0.4% Contribution (Loss) Profit / Margin $(172) / (14.3)% $82 / 10.6% $(90) / (4.6)%" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b23", + "block_sequence": 23, + "block_sha256": "df6ee2bb3ee42d2ea7e582bb5e3bddc5a539ca78e4a9dca7b0ccbb0e969db4d6", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 23, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "17b92e4b7570af4d02a53556554fc04f82788a9cfd4ad6587e58c86a81cc71b5", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "q22023formxex992sharehol010.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b24", + "block_sequence": 24, + "block_sha256": "cff5ec8322f1ab6d6d46da78fa392d09aff7ff9d199451185bb59f7c20459020", + "block_type": "paragraph", + "char_count": 1425, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 24, + "char_end": 1425, + "char_start": 0, + "fragment_sha256": "77d09af58e9175cdc06d14bbaaaabffe656843dc64ae0c0fd51bff10a12f14b7", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "NET LOSS AND ADJUSTED EBITDA GAAP Net Income (Loss) was $23 million in 2Q23 versus $(54) million in 2Q22 and $(101) million in 1Q23. Adjusted Net Income (Loss) was $(197) million versus $122 million in 2Q22 and $(409) million in 1Q23. As a reminder, Adjusted Net Loss aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded, which is the primary difference between these two metrics for the quarter. Inclusive of our previously recorded inventory valuation adjustments of $(156) million, Adjusted EBITDA was $(168) million in 2Q23 which was better than the top end of our guidance range of $(180) million, and compares to $218 million in 2Q22 and $(341) million in 1Q23. We began reducing our marketing spend, operational capacity, and fixed expenses in the second half of last year. Adjusted Operating Expenses, which we define as the delta between Contribution Profit (Loss) and Adjusted EBITDA, was $78 million in 2Q23, down 62% from $204 million in 2Q22. 10 Financial Highlights (Dollars in millions) 2Q23 2Q22 1Q23 GAAP Net Income (Loss) $23 $(54) $(101) Adjusted Net Income (Loss) $(197) $122 $(409) Adjusted EBITDA $(168) $218 $(341) Adjusted EBITDA Margin (8.5)% 5.2% (10.9)% GAAP Operating Expenses $217 $454 $294 Adjusted Operating Expenses $78 $204 $100 Adjusted Operating Expenses $78 million $144 $204 $189 $78 $100 2Q22 3Q22 4Q22 1Q23 2Q23" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b25", + "block_sequence": 25, + "block_sha256": "cf855717f307fb722f39fb3e0809ad640278ff5dcc0edd26c7c1225af1c573a6", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 25, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "78830325c7bd13e9a255bc5493ef0d6b6b1f3caf7ddbc6d220613ee2e28850d1", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "q22023formxex992sharehol011.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b26", + "block_sequence": 26, + "block_sha256": "291ab20bd25b6f35497c37b2b1c58a6a67ad352e7cc5ee7c2b3fe576cc715c05", + "block_type": "paragraph", + "char_count": 2111, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 26, + "char_end": 2111, + "char_start": 0, + "fragment_sha256": "7f05787ae14529f1d3c360f36b955d9522756fbac4f76d551a249854d4a65b73", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "11 Financial Highlights Days on Market INVENTORY We ended the quarter with $1.1 billion in net inventory, representing 3,558 homes, which was down 83% from 2Q22 and down 46% from 1Q23. Given the focused selldown of aged inventory, approximately 22% of the inventory balance as of quarter end is from the old book, which is down from 66% at the end of 1Q23. In 2Q23, we sold $1.8 billion of inventory held as of 1Q23, including inventory that carried a total of $156 million of inventory valuation adjustments. The homes sold through in 2Q23 realized a net gain as compared to their 1Q23 inventory valuation adjustments, while some of the homes remaining in inventory at 2Q23 recorded incremental valuation adjustments, resulting in a net incremental loss of $2 million. Our new book inventory valuation adjustments represent 0.4% of inventory, which is consistent with our historical experience. We ended the quarter with $45 million of inventory valuation adjustments against our inventory balance of $1.2 billion. We believe that this adjustment is an appropriate reflection of future losses we may realize on these homes. As homes with losses are sold, this adjustment will unwind in future quarters alongside homes that we expect will generate realized gains. As of June 30, 2023, 24% of our homes had been listed on the market for more than 120 days versus 16% for the broader market - adjusted for our buybox. As a result of our efforts to sell down the old book, we have seen an improvement in this metric from March 31, 2023, when 59% of our portfolio had been listed on the market for more than 120 days. For the new book of inventory, only 9% of our homes had been listed on the market for more than 120 days as of June 30, 2023. As of June 30, 2023 (Dollars in millions) Old Book (Q2 Cohort and prior) New Book (Post-Q2 Cohort) Total Real Estate Inventory $295 $899 $1,194 Inventory Valuation Adjustments $(41) $(4) $(45) Real Estate Inventory, Net $254 $895 $1,149 Inventory Valuation Adjustments as a % of Inventory 13.9% 0.4% 3.8% 76% 24% 59% 41% 1Q23 2Q23 < 120 Days on Market 120+ Days on Market" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b27", + "block_sequence": 27, + "block_sha256": "049f399487c2f7163a536a34144eeb8379bf1beabb2a5dc877b9d590161e4db4", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 27, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "69471072d997fc16a4660e3a8cefe0992aa48ec3c25b2ce03b3454dcbab1ebfa", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "q22023formxex992sharehol012.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b28", + "block_sequence": 28, + "block_sha256": "8242ed735ac3f72ab3c5332c90865b7a70113edb84407679cc2962c127f58764", + "block_type": "paragraph", + "char_count": 1509, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 28, + "char_end": 1509, + "char_start": 0, + "fragment_sha256": "6b4d268fd89d03e689b604499ba014d832c01b3ee8857bd7a63e82af7a7d9db8", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "Financial Highlights OTHER BALANCE SHEET ITEMS We ended 2Q23 with $1.6 billion in capital, which includes $1.2 billion in unrestricted cash and marketable securities and $269 million of equity invested in homes and related assets, net of inventory valuation adjustments. This compares to $1.8 billion in capital as of the end of 1Q23, which included $1.3 billion in unrestricted cash and marketable securities and $459 million of equity invested in homes and related assets, net of inventory valuation adjustments. The decrease in capital is primarily driven by the use of $169 million in unrestricted cash to repurchase $279 million of our outstanding 2026 convertible notes at a substantial discount during the quarter, reducing future debt obligations. As shown below, total shareholders\u2019 equity increased by $50 million in the quarter to $1.1 billion as of June 30, 2023. The Adjusted EBITDA loss and net interest expenses incurred were offset by the release of inventory valuation adjustments on the homes sold in the quarter as well as the gain from the convertible note buyback. 12 2Q23 Total Capital $1.6 billion 2Q23 Cash, Cash Equivalents, and Marketable Securities $1.2 billion 2Q23 Equity Invested in Homes $269 million 2. Consists of $104 million gain on extinguishment of 2026 convertible senior notes and $(9) million in other, which is mostly comprised of stock-based compensation expense capitalized for internally developed software, restructuring expense, and depreciation and amortization." + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b29", + "block_sequence": 29, + "block_sha256": "481a2000d5a79f1308ae2493b3c679233393cae163bbd162f859867e363bcfc0", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 29, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "f1019b54a3b08f129d88e3dd47bba8a799d4948dd206693ded390dd261c02427", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "q22023formxex992sharehol013.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b30", + "block_sequence": 30, + "block_sha256": "216ba3ab462de49bb3dd633a01e9472d8e899b0a6ad3ec4f8c9b08f96fcb5e2d", + "block_type": "paragraph", + "char_count": 1772, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 30, + "char_end": 1772, + "char_start": 0, + "fragment_sha256": "be252b93a871ae71ee3c5c300da20f58bd2adcd8810de8264eb7cd9e0eb749fc", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "Financial Highlights 13 At quarter-end, we had $10.1 billion in non-recourse, asset-backed borrowing capacity, comprising $5.4 billion of senior revolving credit facilities, and $4.7 billion of senior and mezzanine term debt facilities - of which total committed borrowing capacity was $4.3 billion. During the quarter, we wound down the last of our two Q2 Offer Cohort financing facilities, which was earlier than anticipated given the substantial progress in selling through these homes. GUIDANCE We expect the following results for the third quarter of 2023: \u25cf Revenue is expected to be between $950 million and $1.0 billion \u25cf Adjusted EBITDA3 is expected to be between $(60) and $(70) million \u25cf Stock-based compensation expense is expected to be approximately $35 million \u25cf Adjusted operating expenses3 are expected to be approximately $100 million 3. Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) nor forecasted Adjusted operating expenses to forecasted GAAP operating expenses within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment, equity securities fair value adjustment, and holding costs attributable to homes expected to be sold in 3Q23. These items, which could materially affect the computations of forward-looking GAAP net income (loss) and GAAP operating expenses, are inherently uncertain and depend on various factors, including market-related assumptions that are outside of the Company\u2019s control. 3Q23 Revenue Guidance $950 million to $1.0 billion 3Q23 Adjusted EBITDA Guidance $(60) to $(70) million" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b31", + "block_sequence": 31, + "block_sha256": "b2d1da920fd985cb020a4ef8659f517879743eaa2e99b676ce90ec9030837cb1", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 31, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "c5c7a503d5506467912aab3a145fd7c258a02b02b1d202c1892cca5d87a54c17", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "q22023formxex992sharehol014.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b32", + "block_sequence": 32, + "block_sha256": "f78d5bab76e23843b4a663cc1535fa93b8350d2c70c7cd0cc097a567a61b8614", + "block_type": "paragraph", + "char_count": 1778, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 32, + "char_end": 1778, + "char_start": 0, + "fragment_sha256": "7185b88fa4dac2a86319c1114e613df4615140302decada16a7fd2f5f3077712", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "14 Financial Highlights With a healthy inventory mix, more typical holding periods and early benefits from the investments we are making in our pricing and operating platforms, we expect to deliver positive contribution margin in 3Q23 and perform within our 5% to 7% contribution margin target by 4Q23. In the first half of the year, home prices performed better than expected on the back of historically low listing volumes that were approximately half the levels of 2014 to 2019. Against this backdrop of constrained supply, market clearance is at historically healthy levels, with approximately 3% of listed homes going into pending status per day in 2Q23 compared to typical second quarter clearance of 1% to 2% observed in 2016 to 2020. However, there continues to be uncertainty in how housing performs for the remainder of the year given persistently low supply, the prospect of additional Fed rate action and recession risk. We continue to expect modest month-over-month home price depreciation in the second half of the year. Looking forward, we will continue to actively monitor leading indicators and adjust spreads accordingly as the housing market stabilizes and we have greater certainty on home pricing and seller demand. We are managing our business to return to positive Adjusted Net Income, which is our best proxy for operating cash flow, at steady state annual revenue of $10 billion. CONCLUSION We remain steadfast in our mission to power life\u2019s progress, one move at a time. The actions we are taking today will allow us to emerge from this cycle more resilient and positioned for market leadership. There is still much to do and we are heads-down as we continue to build a generational company that will transform home transactions for many years to come." + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b33", + "block_sequence": 33, + "block_sha256": "cfcbca4d5e25cff654005e87b1a38902af54b463846ac60ec6e2fd384ab31ed6", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 33, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "fe0e9d48a4468665c2cfc33fff15feefb30c09e3fdbb93cf7aac55b21d116403", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "q22023formxex992sharehol015.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b34", + "block_sequence": 34, + "block_sha256": "9852560b1b46518ec43941fa9c099e69dff5fb6dbd4f25fcc5ddd2d2e15de7e1", + "block_type": "paragraph", + "char_count": 487, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 34, + "char_end": 487, + "char_start": 0, + "fragment_sha256": "b8d536d286a332c7f1fe38b416c5c9f3127c8542915ab63d4437252d2b0199f9", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "15Raleigh-Durham, NC Carrie Wheeler, CEO Christy Schwartz, Interim CFO CONFERENCE CALL INFORMATION Opendoor will host a conference call to discuss its financial results on August 3, 2023 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. August 8, 2023 at 2 p.m. PT investor.opendoor.com LIVE WEBCAST" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b35", + "block_sequence": 35, + "block_sha256": "d3ff75640ad85c48255acf42ef618d9a1733e12ec831e84becfbd4f2696f4abe", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 35, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "593a5c3d014e8dd462de3bd2969ba1a81fa89671c3665a4ffac1dd19c417ea88", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "q22023formxex992sharehol016.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b36", + "block_sequence": 36, + "block_sha256": "11d3631a045838fcf6e4076997e149a251d3df8659a21ede15625ead6b74cdef", + "block_type": "paragraph", + "char_count": 67, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 36, + "char_end": 67, + "char_start": 0, + "fragment_sha256": "b1d88b89efd7c230c0b30c3a2915ea92f71a32bf0ac2f318b42874ca8f595cf5", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "/ Opendoor/ OpendoorHQ Company / Opendoor-com investor.opendoor.com" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b37", + "block_sequence": 37, + "block_sha256": "fc04240a44f29fad3bdd361984b2ad53146c008faceea52e0a20b1f4847225ec", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 37, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "f22cc98a44dfeb49930a9ed2963b5b020199d898a6cf2cc7c41b1f2466859b66", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "q22023formxex992sharehol017.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b38", + "block_sequence": 38, + "block_sha256": "360f6714512db0fab155bd45eb2ec7cb82e9e52a9360d50a41ec80a45a4727ee", + "block_type": "paragraph", + "char_count": 33, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 38, + "char_end": 33, + "char_start": 0, + "fragment_sha256": "fa5db11c79f789f4a1c5a56d2c3abdf906a6598e87ed9c879ba74d9c05e0b6b2", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "17 Definitions & Financial Tables" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b39", + "block_sequence": 39, + "block_sha256": "e550314eb1bba2fdf75076096a4b758f8b3d06852bd10a5b683b3e1d65177e67", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 39, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "21c73c79f7402fc7a62e41b25ac1a3d0faa72d4c09aa0dde6bac3e84bfea3581", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "q22023formxex992sharehol018.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b40", + "block_sequence": 40, + "block_sha256": "acb3779e725466c675732f0d998db8d214d445f86514a698bc1da24d8e397324", + "block_type": "paragraph", + "char_count": 6430, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 40, + "char_end": 6430, + "char_start": 0, + "fragment_sha256": "eec0bfd12454b733a8aff5541ab989cca7b5784caaee98e436fbf429eb05e403", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "This shareholder letter contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including, without limitation, statements regarding: current and future health and stability of the real estate housing market and general economy; volatility of mortgage interest rates and expectations regarding the future shifts in behavior by consumers and partners; the health and status of our financial condition; anticipated future results of operations or financial performance, priorities of the Company to achieve future financial and business goals; our ability to continue to effectively navigate the markets in which it operates; anticipated future and ongoing impacts and benefits of acquisitions, partnership channel expansions, product innovations and other business decisions; health of our balance sheet to weather ongoing market transitions and any expectation to quickly re-scale in the future upon market stabilization; the Company\u2019s ability to adopt an effective approach to manage economic and industry risk, as well as inventory health; our expectations with respect to the future success of our partnerships and our ability to drive significant growth in sales volumes through such partnerships; business strategy and plans, including any plans to expand into additional markets, market opportunity and expansion and objectives of management for future operations, including statements regarding the benefits and timing of the roll out of new markets, products or technology; and the expected diversification of funding sources. Forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cguidance\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201coutlook\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cvision\u201d, \u201cwill\u201d, or \u201cwould\u201d, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this shareholder letter include but are not limited to: the current and future health and stability of the economy, financial conditions and the residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory) that may reduce demand for our products and services, lower our profitability or reduce our access to future financings; our real estate assets and increased competition in the U.S. residential real estate industry; ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and real estate partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our technology platform, including our automated pricing and valuation technology; ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; ability to obtain or maintain licenses and permits to support our current and future business operations; any future impact of the ongoing COVID-19 pandemic (including future variants) or other public health crises on our ability to operate, demand for our products or services, or general economic conditions; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; changes in laws or government regulation affecting our business; and the impact of pending or any future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \u201cRisk Factors\u201d in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 23, 2023, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward- looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 18 Forward-Looking Statements" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b41", + "block_sequence": 41, + "block_sha256": "829a98ca89006521cfeb839b1b06178faf646a5e55c4031b0e417e36fe91e1f1", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 41, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "1dc736db94b4fb03fbab4ef0edc4bb88984f3b63069e7243c9c75527455ab32f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "q22023formxex992sharehol019.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b42", + "block_sequence": 42, + "block_sha256": "88bcb740b43ccc0f06750cb7bed81b2a4a47301dde63fe5e123a53f0b6efd0d4", + "block_type": "paragraph", + "char_count": 3160, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 42, + "char_end": 3160, + "char_start": 0, + "fragment_sha256": "b47d1ddf318fc93478913fc62ed85f7c56ac08b9156f5dd04dd88bd39523b831", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company\u2019s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit (Loss), Contribution (Loss) Profit, Adjusted Net (Loss) Income, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non- GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results. Adjusted Gross Profit (Loss) and Contribution (Loss) Profit To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit (Loss) and Contribution (Loss) Profit, which are non-GAAP financial measures. We believe that Adjusted Gross Profit (Loss) and Contribution (Loss) Profit are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution (Loss) Profit provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit (Loss) and Contribution (Loss) Profit are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross (loss) profit. 19 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b43", + "block_sequence": 43, + "block_sha256": "0b31137f63a790157d0e8d12a4a2efa1865addde4bd6ac1c11529f958a13dfc8", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 43, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "f125f5adfb544997416ccf68e5cfeed06d8115fe41e6198f1a889d052dfdf5cd", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "q22023formxex992sharehol020.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b44", + "block_sequence": 44, + "block_sha256": "3406d137d901d9a486eddf1399271d82a4f3486a4cadc4e8dad401923b4b0575", + "block_type": "paragraph", + "char_count": 1878, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 44, + "char_end": 1878, + "char_start": 0, + "fragment_sha256": "46a124aff8acda94d7a0d95f753f4bc118ff9b30d98cfae216e5bd40f4b76fac", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "Adjusted Gross Profit (Loss) / Margin We calculate Adjusted Gross Profit (Loss) as gross profit (loss) under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit (Loss) helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution (Loss) Profit / Margin We calculate Contribution (Loss) Profit as Adjusted Gross Profit (Loss), minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution (Loss) Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution (Loss) Profit helps management assess inflows and outflows directly associated with a specific resale cohort. 20 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b45", + "block_sequence": 45, + "block_sha256": "6ee9ebf8c399c4eeadaed7a36224531e2f8aed7126aac0e5f843401ce3e0b578", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 45, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "ef8d6b4cd3bf3b815a00826f61af2cbc6e5713035f6f3bda9b7c6d3eff1525ed", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "q22023formxex992sharehol021.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b46", + "block_sequence": 46, + "block_sha256": "d2f2d88ed804b203e720a81fb62a7aac0074117b6a3a25507a8ae4ae327c0afd", + "block_type": "paragraph", + "char_count": 3198, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 46, + "char_end": 3198, + "char_start": 0, + "fragment_sha256": "de2498e76dceb3adac40dfad2b1f3e325866ce3068448afe8a24918785f82fce", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "21 Adjusted Net (Loss) Income and Adjusted EBITDA We also present Adjusted Net (Loss) Income and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non- recurring, non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net (Loss) Income and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net income (loss). We calculate Adjusted Net (Loss) Income as GAAP net income (loss) adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring, gain on lease termination, and legal contingency accruals. It excludes (gain) loss on extinguishment of debt as these expenses were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. It also excludes non-recurring goodwill impairment. Adjusted Net (Loss) Income also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net (Loss) Income does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net (Loss) Income adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b47", + "block_sequence": 47, + "block_sha256": "a7ad602fb65346f662cfe999211d034ae1fed96bee010dd96765797a9a6f8ad0", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 47, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "af72eda497bd68547b9f8355004a727e938e45368909282575f59fbbebde29bd", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "q22023formxex992sharehol022.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b48", + "block_sequence": 48, + "block_sha256": "22bbfc5ce5769f84f7aa7dcb07670800b7fc0a774f798bc5be36889f699798d8", + "block_type": "paragraph", + "char_count": 1883, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 48, + "char_end": 1883, + "char_start": 0, + "fragment_sha256": "92ceb9939c665b3273d05ed064beff51fd484075ce9d5d4c4a00075ea09e10b0", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "22 Adjusted Operating Expense We also present Adjusted Operating Expense, which is a non-GAAP financial measure that bridges the difference between Contribution Profit and Adjusted EBITDA. We believe this measure provides investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to contribution profit and certain charges that are non-recurring, non-cash, or not directly related to our revenue-generating operations are removed. Adjusted Operating Expense is a supplemental measure of our operating expenditures and has important limitations. For example, this measure excludes the impact of certain costs required to be recorded under GAAP. This measure removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to contribution margin. This measure could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, this measure should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of this measure to the most directly comparable GAAP financial measure, which is operating expenses. We calculate Adjusted Operating Expense as GAAP operating expense adjusted to exclude direct selling costs and holding costs included in determining Contribution Profit. It excludes non-recurring goodwill impairment. The measure also excludes non-cash expenses of stock-based compensation, depreciation and amortization, and intangibles amortization. It also excludes expenses that are not directly related to our revenue-generating operations such as restructuring charges and legal contingency accruals. Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b49", + "block_sequence": 49, + "block_sha256": "58645ffd868e88a0be7c19b294998faa8070f72eda204204eb28c60838b310d7", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 49, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "cfe9fd7730fa59832efbebd8e35a8674017530a1b9966dddf13ef29fa3add808", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "q22023formxex992sharehol023.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b50", + "block_sequence": 50, + "block_sha256": "b7e29b63e0dff413ad1b8b5fac8f2e05734099e7ed9f8aef24c81d9b70dee7cc", + "block_type": "paragraph", + "char_count": 1563, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 50, + "char_end": 1563, + "char_start": 0, + "fragment_sha256": "56077be91764cfba62156de40b08fe0a47715f21af1efc5b1b78f3b127aef555", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "23 Three Months Ended Six Months Ended June 30, June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 2023 2022 REVENUE $ 1,976 $ 3,120 $ 2,857 $ 3,361 $ 4,198 $ 5,096 $ 9,349 COST OF REVENUE 1,827 2,950 2,786 3,786 3,712 4,777 8,328 GROSS PROFIT (LOSS) 149 170 71 (425) 486 319 1,021 OPERATING EXPENSES: Sales, marketing and operations 124 188 194 260 276 312 552 General and administrative 44 66 23 85 137 110 238 Technology and development 39 40 48 40 41 79 81 Goodwill Impairment \u2014 \u2014 60 \u2014 \u2014 \u2014 \u2014 Restructuring 10 \u2014 17 \u2014 \u2014 10 \u2014 Total operating expenses 217 294 342 385 454 511 871 (LOSS) INCOME FROM OPERATIONS (68) (124) (271) (810) 32 (192) 150 GAIN (LOSS) ON EXTINGUISHMENT OF DEBT 104 78 (25) \u2014 \u2014 182 \u2014 INTEREST EXPENSE (53) (74) (113) (115) (89) (127) (157) OTHER INCOME (LOSS) \u2013 Net 41 19 10 (2) 4 60 (18) INCOME (LOSS) BEFORE INCOME TAXES 24 (101) (399) (927) (53) (77) (25) INCOME TAX EXPENSE (1) \u2014 \u2014 (1) (1) (1) (1) NET INCOME (LOSS) $ 23 $ (101) $ (399) $ (928) $ (54) $ (78) $ (26) Net income (loss) per share attributable to common shareholders: Basic $ 0.04 $ (0.16) $ (0.63) $ (1.47) $ (0.09) $ (0.12) $ (0.04) Diluted $ 0.03 $ (0.16) $ (0.63) $ (1.47) $ (0.09) $ (0.12) $ (0.04) Weighted-average shares outstanding: Basic 646,062 641,916 634,595 629,535 624,958 646,750 622,064 Diluted 667,159 641,916 634,595 629,535 624,958 646,750 622,064 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited)" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b51", + "block_sequence": 51, + "block_sha256": "d24e0d44f436069b7c8aa7949dda413792b6170dfd004989b61588a86ef76090", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 51, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "1f89168896f6b5936e00cf6eb9b9a3c8172003b647e1282ff2d78300be27748e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "q22023formxex992sharehol024.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b52", + "block_sequence": 52, + "block_sha256": "29298c7a2412008ca31efe4068f33375e940a62d8dae470395c6fc41335eed82", + "block_type": "paragraph", + "char_count": 1423, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 52, + "char_end": 1423, + "char_start": 0, + "fragment_sha256": "59a83995199f6b173fd221d74a98ceeb44d13f445dc93f3271c852dd23dadcfb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "24 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) June 30, 2023 December 31, 2022 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,120 $ 1,137 Restricted cash 1,684 654 Marketable securities 90 144 Escrow receivable 13 30 Real estate inventory, net 1,149 4,460 Other current assets ($0 and $1 carried at fair value) 37 41 Total current assets 4,093 6,466 PROPERTY AND EQUIPMENT \u2013 Net 62 58 RIGHT OF USE ASSETS 28 41 GOODWILL 4 4 INTANGIBLES \u2013 Net 9 12 OTHER ASSETS 27 27 TOTAL ASSETS $ 4,223 $ 6,608 LIABILITIES AND SHAREHOLDERS\u2019 EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 65 $ 110 Non-recourse asset-backed debt - current portion 15 1,376 Interest payable 1 12 Lease liabilities - current portion 7 7 Total current liabilities 88 1,505 NON-RECOURSE ASSET-BACKED DEBT \u2013 Net of current portion 2,527 3,020 CONVERTIBLE SENIOR NOTES 501 959 LEASE LIABILITIES \u2013 Net of current portion 21 38 Total liabilities 3,137 5,522 SHAREHOLDERS\u2019 EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 657,337,566 and 637,387,025 shares issued, respectively; 657,337,566 and 637,387,025 shares \u2014 \u2014 Additional paid-in capital 4,224 4,148 Accumulated deficit (3,136) (3,058) Accumulated other comprehensive loss (2) (4) Total shareholders\u2019 equity 1,086 1,086 TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY $ 4,223 $ 6,608" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b53", + "block_sequence": 53, + "block_sha256": "2bd8b6b16b82929bd20a08d033d51a39f288edd7efa5522d5d57151509a1e9b8", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 53, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "4fea01cffc94065b903f34e86ab1117873979b0cecc886f307e2925ada71b385", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "q22023formxex992sharehol025.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b54", + "block_sequence": 54, + "block_sha256": "744f7befbf36903f9c129bbfe691282fc0ff6609274913fe659bc4fe51d11cda", + "block_type": "paragraph", + "char_count": 2757, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 54, + "char_end": 2757, + "char_start": 0, + "fragment_sha256": "3e1db492a6f403d3b5ef936a6488eb6ce32ea026382389203c5a9b901d148c63", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "25 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Six Months Ended June 30, 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (78) $ (26) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash provided by operating activities: Depreciation and amortization 39 38 Amortization of right of use asset 4 4 Stock-based compensation 63 126 Gain on settlement of lease liabilities (1) \u2014 Inventory valuation adjustment 37 90 Change in fair value of equity securities (7) 25 Net fair value adjustments and loss on sale of mortgage loans held for sale \u2014 (1) Origination of mortgage loans held for sale \u2014 (108) Proceeds from sale and principal collections of mortgage loans held for sale 1 106 (Gain) loss on extinguishment of debt (182) \u2014 Changes in operating assets and liabilities: Escrow receivable 17 28 Real estate inventory 3,259 (622) Other assets (3) (80) Accounts payable and other accrued liabilities (31) 79 Interest payable (10) \u2014 Lease liabilities (6) (2) Net cash provided by (used in) operating activities 3,102 (343) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (17) (20) Purchase of marketable securities \u2014 (28) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 61 250 Purchase of non-marketable equity securities \u2014 (25) Proceeds from sale of non-marketable equity securities 1 3 Capital returns of non-marketable equity securities \u2014 3 Net cash provided by investing activities 45 183 CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of convertible senior notes (270) \u2014 Proceeds from exercise of stock options 2 3 Proceeds from issuance of common stock for ESPP 1 \u2014 Proceeds from non-recourse asset-backed debt 236 6,608 Principal payments on non-recourse asset-backed debt (2,099) (6,162) Proceeds from other secured borrowings \u2014 105 Principal payments on other secured borrowings \u2014 (100) Payment of loan origination fees and debt issuance costs \u2014 (18) Payment for early extinguishment of debt (4) \u2014 Net cash (used in) provided by financing activities (2,134) 436 NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 1,013 276 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 Beginning of period 1,791 2,578 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 End of period $ 2,804 $ 2,854 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION \u2013 Cash paid during the period for interest $ 126 $ 145 DISCLOSURES OF NONCASH ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 10 $ 8 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 1,120 $ 2,239 Restricted cash 1,684 615 Cash, cash equivalents, and restricted cash $ 2,804 $ 2,854" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b55", + "block_sequence": 55, + "block_sha256": "aa547c6664150cc6d7c493800320fa8c6e35df75bfcdf9cc849c98febb51535d", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 55, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "6949474a2eaa39285b020903afa7fef847cf057e7d37c3b109e9de405ddc3575", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "q22023formxex992sharehol026.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b56", + "block_sequence": 56, + "block_sha256": "fa3a5e8676fb3befe9502ce17804aaecded55088bf1b4ee977d6440d363ffd73", + "block_type": "paragraph", + "char_count": 2497, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 56, + "char_end": 2497, + "char_start": 0, + "fragment_sha256": "55d71164377154c81986a223b197607852bfd87222794d0d8c20a44449a77d37", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "26 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT (LOSS) AND CONTRIBUTION (LOSS) PROFIT TO OUR GROSS PROFIT (LOSS) (Unaudited) Three Months Ended Six Months Ended June 30, (in millions, except percentages and homes sold, or as noted) June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 2023 2022 Gross profit (loss) (GAAP) $ 149 $ 170 $ 71 $ (425) $ 486 $ 319 $ 1,021 Gross Margin 7.5 % 5.4 % 2.5 % (12.6) % 11.6 % 6.3 % 10.9 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f(1)(2) 14 23 73 573 82 18 85 Inventory valuation adjustment \u2013 Prior Periods\u034f(1)(3) (156) (295) (236) (38) (12) (432) (38) Adjusted Gross Profit (Loss) $ 7 $ (102) $ (92) $ 110 $ 556 $ (95) $ 1,068 Adjusted Gross Margin 0.4 % (3.3) % (3.2) % 3.3 % 13.2 % (1.9) % 11.4 % Adjustments: Direct selling costs(4) (58) (85) (78) (100) (100) (143) (236) Holding costs on sales \u2013 Current Period\u034f(5)(6) (6) (13) (10) (14) (11) (31) (42) Holding costs on sales \u2013 Prior (33) (41) (27) (18) (23) (62) (36) Contribution (Loss) Profit $ (90) $ (241) $ (207) $ (22) $ 422 $ (331) $ 754 Homes sold in period 5,383 8,274 7,512 8,520 10,482 13,657 23,151 Contribution (Loss) Profit per Home Sold (in thousands) $ (17) $ (29) $ (28) $ (3) $ 40 $ (24) $ 33 Contribution Margin (4.6) % (7.7) % (7.2) % (0.7) % 10.1 % (6.5) % 8.1 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented." + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b57", + "block_sequence": 57, + "block_sha256": "1445d0b631e14dcf37d5f445925baaae6b20e85448ca0c1b83d22edc32f92108", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 57, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "0a2982060dc7c4f337d2038be97c4bd4ff9813f98c7e3b706e53ac9e17e33006", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "q22023formxex992sharehol027.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b58", + "block_sequence": 58, + "block_sha256": "9fc07137545330f1898d1e0df2636dc29b4c20b1b72d2b4fb3ad575d072cb396", + "block_type": "paragraph", + "char_count": 3134, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 58, + "char_end": 3134, + "char_start": 0, + "fragment_sha256": "66e8cb0023b1fd1873355ae5c6baadee895e4619048dec9979563e5b527dd61b", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "27 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED NET (LOSS) INCOME AND ADJUSTED EBITDA TO OUR NET INCOME (LOSS) (Unaudited) Three Months Ended Six Months Ended June 30, (in millions, except percentages) June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 2023 2022 Net income (loss) (GAAP) $ 23 $ (101) $ (399) $ (928) $ (54) $ (78) $ (26) Adjustments: Stock-based compensation 21 42 (7) 52 59 63 126 Equity securities fair value adjustment(1) (6) (1) (1) 11 3 (7) 25 Intangibles amortization expense(2) 1 2 2 2 3 3 5 Inventory valuation adjustment \u2013 Current Period\u034f(3)(4) 14 23 73 573 82 18 85 Inventory valuation adjustment \u2014 Prior Periods\u034f(3)(5) (156) (295) (236) (38) (12) (432) (38) Restructuring(6) 10 \u2014 17 \u2014 \u2014 10 \u2014 (Gain) loss on extinguishment of debt (104) (78) 25 \u2014 \u2014 (182) \u2014 Gain on lease termination (1) \u2014 \u2014 \u2014 \u2014 (1) \u2014 Goodwill impairment \u2014 \u2014 60 \u2014 \u2014 \u2014 \u2014 Legal contingency accrual and related expenses \u2014 \u2014 1 \u2014 42 \u2014 45 Other(7) 1 (1) (2) \u2014 (1) \u2014 (1) Adjusted Net (Loss) Income $ (197) $ (409) $ (467) $ (328) $ 122 $ (606) $ 221 Adjustments: Depreciation and amortization, excluding amortization of intangibles 9 12 12 8 12 21 21 Property financing(8) 44 60 93 102 76 104 134 Other interest expense(9) 9 14 20 13 13 23 23 Interest income(10) (34) (18) (9) (7) (6) (52) (6) Income tax expense 1 \u2014 \u2014 1 1 1 1 Adjusted EBITDA $ (168) $ (341) $ (351) $ (211) $ 218 $ (509) $ 394 Adjusted EBITDA Margin (8.5) % (10.9) % (12.3) % (6.3) % 5.2 % (10.0) % 4.2 % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuring costs consist primarily of severance and employee termination benefits, relocation packages and bonuses as well as costs related to the exiting of certain non-cancelable leases. (7) Includes primarily sublease income and income from equity method investments. (8) Includes interest expense on our non-recourse asset-backed debt facilities. (9) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset- backed debt facilities, interest expense related to the 2026 convertible senior notes outstanding, and interest expense on other secured borrowings. (10) Consists mainly of interest earned on cash, cash equivalents, restricted cash, and marketable securities." + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b59", + "block_sequence": 59, + "block_sha256": "ffd7509fcc83d01a9ebc178227c9921768805ecc57d1d613a49adf2fa358d958", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 59, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "c97ef9277fe730363aeb76ce4afda9b85c91640ae0ce64c7fe81f92b9e33dd4c", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "q22023formxex992sharehol028.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b60", + "block_sequence": 60, + "block_sha256": "f6c2447eb5a57b37f9bda2474dfdc0629dad6c032095cee29fe0f43190a03e74", + "block_type": "paragraph", + "char_count": 2226, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 60, + "char_end": 2226, + "char_start": 0, + "fragment_sha256": "4f5aec4bcb89cf188cd6a332cad72f8e158e5a1ba6517b259e5fe75fac045c28", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "28 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT AND CONTRIBUTION PROFIT TO OUR NET (LOSS) INCOME BY COHORT (Unaudited) Three Months Ended June 30, 2023 (in millions, except percentages) Old Book: Q2 2022 Cohort and Prior (8) New Book: Post Q2 2022 Cohort (8) Total Revenue (GAAP) $ 1,199 $ 777 $ 1,976 Cost of Revenue 1,162 665 1,827 Gross profit (GAAP) $ 37 $ 112 $ 149 Gross Margin 3.1 % 14.4 % 7.5 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f(1)(2) 10 4 14 Inventory valuation adjustment \u2014 Prior Periods\u034f(1)(3) (154) (2) (156) Adjusted Gross (Loss) Profit $ (107) $ 114 $ 7 Adjusted Gross Margin (8.9) % 14.7 % 0.4 % Adjustments: Direct selling costs(4) (34) (24) (58) Holding costs on sales \u2013 Current Period\u034f(5)(6) (3) (3) (6) Holding costs on sales \u2013 Prior Periods\u034f(5)(7) (28) (5) (33) Contribution (Loss) Profit $ (172) $ 82 $ (90) Contribution Margin (14.3) % 10.6 % (4.6) % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented. (8) Old Book: Q2 2022 Cohort and Prior refers to offers prior to July 2022. New book: Post Q2 2022 Cohort includes offers made in July 2022 and after." + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b61", + "block_sequence": 61, + "block_sha256": "746e57fed618ca1658d53fcc63a517b08babbd5439c14ddf6b2f23b4fecdb71d", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 61, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "16ca8fb7a8aef9e7e0471f42f3f88f8008fdf4edd02913dfa6cc17ffbc1247ac", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "q22023formxex992sharehol029.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b62", + "block_sequence": 62, + "block_sha256": "59e39f0d2092128f2cca54eeef763881c18f0e066e1d794e004e40c8c34d6a96", + "block_type": "paragraph", + "char_count": 1705, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 62, + "char_end": 1705, + "char_start": 0, + "fragment_sha256": "63d12f1d07033ba1dad6e7e056d2a316a97f446787167084593fbab6cfbcf5ef", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "29 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED OPERATING EXPENSES TO OUR OPERATING EXPENSES (Unaudited) Three Months Ended (in millions, except percentages) June 30, 2023 March 31, 2023 December 31, 2022 September 30, June 30, 2022 Operating Expenses (GAAP) $ 217 $ 294 $ 342 $ 385 $ 454 Adjustments: Direct Selling Costs(1) (58) (85) (78) (100) (100) Holding costs included in contribution profit(2) (39) (54) (37) (32) (34) Stock-based compensation (21) (42) 7 (52) (59) Intangibles amortization expense(3) (1) (2) (2) (2) (3) Restructuring (10) \u2014 (17) \u2014 \u2014 Gain on lease termination 1 \u2014 \u2014 \u2014 \u2014 Goodwill impairment \u2014 \u2014 (60) \u2014 \u2014 Legal contingency accrual \u2014 \u2014 (1) \u2014 (42) Depreciation and amortization, excluding amortization of intangibles (9) (12) (12) (8) (12) Other (2) 1 2 (2) \u2014 Total Adjusted Operating Expenses $ 78 $ 100 $ 144 $ 189 $ 204 (1) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (2) Represents holding costs incurred in the period presented on homes sold in the period presented, as well as holding costs incurred in prior periods on homes sold in the period presented. Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (3) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized." + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b63", + "block_sequence": 63, + "block_sha256": "361011783c37a3b1512ed2156999abeb0d6f775282452d674d74a8e55292dba1", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 63, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "3abf1f37f76fbba6e64d8f890873d2292535f15070cad6ae29d780b948f5daeb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "q22023formxex992sharehol030.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b64", + "block_sequence": 64, + "block_sha256": "cdda24ee67f719eabe615d97f9009daa55888ea1d052660e7ef8382a4b13dbc4", + "block_type": "paragraph", + "char_count": 11, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 64, + "char_end": 11, + "char_start": 0, + "fragment_sha256": "92fdb02d601c810d705a24774ca6c9087fffa327334662523a788f1fccd82d4c", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "Appendix 30" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b65", + "block_sequence": 65, + "block_sha256": "58c27c242245532b036912f0a312dd0f5034642726b0f66f97c0799f58af3c18", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 65, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "194af6bf2e68e360fa065cefd59bb34d8a7273b9c88ef949a425587bdde47917", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "q22023formxex992sharehol031.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b66", + "block_sequence": 66, + "block_sha256": "a4471f45e507f0aaa58fe48b14a0bdbc7653e4e8219225ad1815acdc7e055c37", + "block_type": "paragraph", + "char_count": 577, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 66, + "char_end": 577, + "char_start": 0, + "fragment_sha256": "6b1c3e91466164578c178db1349b9d8d1ae0c331b0e4d727d11e12b9781f7fef", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "Appendix 1. MLS Clearance Rate is defined as the number of daily contracts that enter pending status on the Multiple Listing Service (i.e. market listings), filtered for Opendoor\u2019s markets and buybox, divided by the number of active listings on the Multiple Listing Service, filtered for the same markets and buybox. Trailing 7-Day MLS Clearance Rate1 MLS Data Filtered to Opendoor Markets and Buybox Trailing 7-Day MLS Contracts MLS Data Filtered to Opendoor Markets and Buybox Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 31" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b67", + "block_sequence": 67, + "block_sha256": "da2151efa41a01ad9ea73c5ed4e04c541f7a4cfda6f03e8f2e88474ef0aaac76", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 67, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "16bad4277e641bb28a6ff8a7e1c9f2cd880f77023c7efba62a7689df28cf846d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "q22023formxex992sharehol032.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b68", + "block_sequence": 68, + "block_sha256": "3dab5c8f17b548f7d3b669737528e8b4c7ba4c5cebb1d24dd7de6a24fed6047d", + "block_type": "paragraph", + "char_count": 260, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 68, + "char_end": 260, + "char_start": 0, + "fragment_sha256": "4ae86875c32e6e0783c7f42a6a3d0ee9a9121231904a505bc70c0d465a25193e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "Trailing 7-Day MLS New Listings MLS Data Filtered to OD Markets and Buybox Appendix Trailing 7-Day MLS Active Listings MLS Data Filtered to OD Markets and Buybox Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 32" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b69", + "block_sequence": 69, + "block_sha256": "094fd034d9f870c08340f6d820255e87b6537ab9feb161ae44ee21a94491de55", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", + "block_sequence": 69, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "1bde2203bcffd96817286e7e96c25a6276ab4082002abed3ecdd064e48468932", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", + "table": null, + "text": "q22023formxex992sharehol033.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b70", + "block_sequence": 70, + "block_sha256": "bc76c0296949c8e4d603012f0a7412bbc441cc0705930995e1a3ce27c17ad167", + "block_type": 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and certainty. We exceeded the high end of our outlook for revenue and Adjusted EBITDA in the second quarter. We’re leveraging the lessons we’ve learned over the past nine years and focusing on what we can control: strengthening our product offering, improving the customer experience, driving cost efficiencies, and enhancing risk management. Our healthy and growing new book of inventory demonstrates our ability to generate positive unit economics in what continues to be an uncertain time in the U.S. housing market. We expect to return to positive contribution margins in 3Q23. We remain committed to deliver at least 100 bps (basis points) of contribution margin improvement by 2024, increasing our annual target range to 5% to 7%, with a goal of eventually returning to positive Adjusted Net Income. Selling and buying a home is one of life’s most important transactions. For many, it is the largest financial commitment they’ll make. It takes far more effort than the swipe of a credit card: it is complex, requires a high degree of trust, and stirs many emotions. A new home can symbolize new beginnings and possibilities, but it can also come at a time when our customers are most vulnerable. Regardless of the macro environment, life – and home transactions – continue. We are committed to being the first and most trusted place people look to when considering a move. As we reinvent the home selling and buying experience, we have to deeply understand the mechanics of the traditional offline process, and also the macroeconomic factors that always play a role in our business. When a customer is making the important decision to sell or buy their home, being a reliable option regardless of how the market is behaving is paramount. We have had to internalize the many pain points inherent in the traditional selling process and build unique expertise in pricing, portfolio management, product innovation and operations. 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I felt like I was more cared for [with Opendoor]. – Kathy Thousand Kathy and Jim Thousand set their sights on a new construction home in the Babcock Ranch community, located in Southwest Florida. They had been through the new-build process before and knew that selling their existing home and moving into a rental property, while a new home was being built would be less than ideal. They wanted to find a simpler solution this time around. Having discovered Opendoor in a builder packet at Babcock Ranch, they were eager to learn more about the process and requested a preliminary offer on their home. With a finalized Opendoor offer in hand, Kathy and Jim were able to begin the mortgage pre-approval process with a builder at the community. The Thousands found a simpler solution with Opendoor. They took advantage of the same day closing, allowing them to continue to live in their existing home until the new one was completed – avoiding double-moves and double-mortgages. When the unexpected happened and Hurricane Ian devastated the area last fall, in the midst of a stressful period, Kathy appreciated the personalized support and prompt communication provided by her experience partner Chloe Sinohui. Opendoor quickly deployed a home inspector to examine their home and when it was determined that no damage was done by the hurricane, the Thousands were thrilled to learn that there would be no change to their Opendoor offer and closing would still accommodate the timeline for completion on their new home. In Kathy’s words, there were “no worries, no trouble, no extra fees – it was almost too good to be true.” When asked what her favorite part of the experience was, Kathy had this to say about Opendoor: “My favorite part of the process was working with the people at Opendoor, from start to finish.”"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b12"], "char_count": 2190, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f0b2b6c52f8155df5edfc78f06154537677875691cd2dd0fdd886c4a81e17b50", "derivation_id": "cc4489bb7efef2ec13e0a8e58052475ff50a4f1fcdab4dc970dc778a1c25f601", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "block_sequence": 12, "char_end": 2190, "char_start": 0, "fragment_sha256": "419b449a4192ca0981e855363a283a1670ef05edf852a56df2fb4d990534ae2a", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex992sharehol.htm", "table_id": null, "text": "ENABLING MORE SELLERS TO CHOOSE OPENDOOR We are focused on expanding and optimizing our customer acquisition channels so we can re-engage with registered sellers and reach new potential customers across all market conditions in the most efficient way possible. Only around 1% of the approximately $1.9 trillion of U.S. residential real estate transactions are conducted online today despite the fact that the traditional process remains complex, uncertain, and broken. We know that customers value the certainty and convenience of Opendoor. By increasing awareness, growing our registered customer base, and expanding our buybox, we have demonstrated market share gains. The markets we launched prior to 2018, our longest tenure markets, achieved 3.8% market share by 2022. Within those markets, 39% of the homeowners in our buybox have come to us and entered their address and home details. In comparison, our 23 markets launched in 2021 had just 0.7% market share in 2022 and 20% of the homeowners in our buybox had come to us. As our markets mature and the housing market stabilizes, the potential for organic market share growth from our existing markets should provide meaningful tailwinds. A continued source of growth is re-engagement with our base of registered sellers - individuals who have received an offer from Opendoor but have not yet sold their home. In the last nine years, we have sent millions of offers. Although some sellers are not immediately ready to act when they request an offer, we treat everyone as a potential seller. Our base of registered sellers gives us a way to proactively stay engaged with de minimis incremental cost until they do decide to sell their homes. Over the past two years, we have substantially improved our re-engagement strategies. Three-quarters of our acquisition contracts in 2Q23 were from sellers who did not act on their initial offer but subsequently acted on a refreshed offer. We believe that the power of our cash offer and the ability to grow our registered customer base – so that we are there when they are ready to sell – will continue to be an important source of acquisition growth. Lorem ipsum: Graph 4 Business Highlights"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b14"], "char_count": 2432, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "fd0c0bd36d61cb0c93e898491b7ad2cd393384f62914d4f3c51bff09f94e89aa", "derivation_id": "cc4489bb7efef2ec13e0a8e58052475ff50a4f1fcdab4dc970dc778a1c25f601", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "block_sequence": 14, "char_end": 2432, "char_start": 0, "fragment_sha256": "e216d175e17cb788718908eb3a668cf75ab9eca929c9e85a9da9b0ff4aad4070", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex992sharehol.htm", "table_id": null, "text": "We have expanded our customer acquisition channels, allowing us to optimize between fixed and variable cost customer acquisition channels. Given above-average spreads our conversion is lower, creating higher customer acquisition costs for our direct-to-consumer paid marketing channels. As such, since the beginning of 2023 we have focused on expanding our partnership channels with homebuilders, agents, and online real estate platforms. Given their fixed customer acquisition cost profiles, these channels are highly efficient and represent durable, long-term partnerships for us. For our partners, Opendoor provides a differentiated and scaled offering for sellers that we alone can provide. In 2Q23, our partnership channels represented 40% of total acquisition contracts (with direct-to-consumer providing the other 60%). Notably, acquisition contracts from our partnership channels saw 78% sequential growth in 2Q23. In April, we deepened our Agent Access program with agent incentives and expanded our agent referral program. We have national partnerships with the three largest online real estate platforms – Zillow, Redfin and Realtor.com – which collectively reach millions of unique monthly visitors. At the end of 2Q23, our exclusive partnership with Zillow was live in 25 markets and continuing to ramp. Given the current environment, we are prioritizing our marketing investment on spend efficiency as well as sustaining brand awareness. Despite an 80% reduction in marketing spend in 2Q23 versus prior year, our aided brand awareness was consistent thanks to effective creative campaigns and brand media strategies. Moreover, building on our cost-efficient, high-impact consumer influencer program, in 2Q23 we expanded efforts to foster greater awareness and connections with our agent audience. We remain committed to delivering the products that are best suited to each customer’s needs, whether that is buying directly or connecting sellers and buyers through our marketplace product, Exclusives. During this period of lower market volumes, we continue to learn, iterate, and refine the customer and product experience for Exclusives in Plano, Texas and surrounding cities. 5 Business Highlights Sequential Growth in Acquisition Contracts from Partnership Channels in 2Q23 78% Acquisition Contracts from Partnership Channels in 2Q23 40% Historical Market Share and Address Entry Penetration by Market Launch Cohort"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b16"], "char_count": 2266, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "03f9472f02a7ca423a78c255ed14ab7277770c263fc642f97573bf722194f3fd", "derivation_id": "cc4489bb7efef2ec13e0a8e58052475ff50a4f1fcdab4dc970dc778a1c25f601", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "block_sequence": 16, "char_end": 2266, "char_start": 0, "fragment_sha256": "47b23a2b66229147013b52f96399a6321ad4e02bc1325c8ea9fb863d5d17185c", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex992sharehol.htm", "table_id": null, "text": "DRIVE OPERATIONAL EXCELLENCE ACROSS OUR DELIVERY PLATFORM Our team, guided by the core value of “bps for breakfast,” is laser-focused on improving the competitiveness of our offers so we can serve more customers. In order to durably reduce spread to customers and still achieve our target contribution margin, we’re targeting investments that reduce our cost structure and maximize operational efficiency across our delivery platform. Our spread is reflective of multiple factors: our contribution margin target, direct costs, home valuation, and home price appreciation over a holding period. With the exception of home price appreciation, those inputs are within our control. We are driving down spread by leveraging technology and data intelligence to improve our pricing model, resale performance, hold times, and labor efficiency. Core elements of our pricing platform and financial performance include understanding home-level condition and valuation. Ever since we bought our first home, we have worked to identify and remove the homes that may underperform at resale, which in turn lets us reduce spreads for all customers. A key input to identifying these homes is capturing accurate home condition data at the time of acquisition in order to forecast home value. We have invested in computer vision and AI-based condition modeling to improve the accuracy of our pricing models. One component of that has been iterating on our “human-in-the-loop” interior assessments which gives us structured data that feed into our acquisition pricing systems to improve home-level pricing and are inputs into our risk management framework. We continue to utilize technology to improve our end-to-end transaction platform and tooling, which drives shorter hold times, reduces our cost structure, and improves resale outcomes. Automating and improving our listings data, inventory status management, and disclosures all serve to accelerate the resale process and minimize the cost of resale negotiations. The home visit intelligence that our operators and agents collect is instantly passed to our AI-based models which results in actionable insights to improve resale outcomes. 6 Expected Margin Improvement in 2024 via Increased Efficiencies Business Highlights >100 bps"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b18", "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b20"], "char_count": 3034, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "dd4eaec5abb0913376fa609f0b4c30a16bbddb7460a582f1b91e12a30bcf6f0e", "derivation_id": "cc4489bb7efef2ec13e0a8e58052475ff50a4f1fcdab4dc970dc778a1c25f601", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "block_sequence": 18, "char_end": 711, "char_start": 0, "fragment_sha256": "11556e8a55168c891d78f020e80342d6589eed1b273f4f5312a908b1dbb3afd4", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "block_sequence": 20, "char_end": 2321, "char_start": 0, "fragment_sha256": "3c703819653d1aaa6924106d2d5bcba42375a2aca753724069c7bbf9bf47c03d", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex992sharehol.htm", "table_id": null, "text": "Today, we are deploying an AI-first playbook we have honed over the last nine years to transform the customer experience and expect to realize additional margin over time. We are working on a host of initiatives in machine and deep learning as well as generative AI to improve our labor efficiency. Examples include: AI-based transaction and document processing, multi-modal intelligence to manage and monitor homes, and solutions to turn utilities off and on in locations that require human management. Our team is leveraging the power of large language models (LLMs) to redesign our customer experience by offering a more personalized approach using natural language. 7 Business Highlights List with Certainty\n\nOur second quarter results reflect progress in selling through our longest-held homes while continuing to build into a new book of healthy inventory. We remain focused on delivering healthy, risk-adjusted contribution margins and preserving capital through disciplined cost management. GROWTH In the second quarter, we delivered $2.0 billion of revenue, exceeding the high end of our revenue guidance by 7%. By quarter end, 99% of our Q2 cohort1 was sold or under resale contract, of which only 1% was under resale contract. As expected, volumes declined sequentially by 35% from 1Q23 given the run-off of the old book. Given the uncertainty in the housing market, we have been operating with elevated spreads since June of last year. While critical from a risk management perspective, higher spreads impact volumes. We purchased 2,680 homes in 2Q23, which is 81% lower than 2Q22. We reduced spreads between 1Q23 and 2Q23 to reflect pricing model improvements related to home condition, reduced holding and selling costs due to shorter expected holding times, and an improvement in our view of home prices in the back half of 2023. Even though spreads are still elevated, the reduction translated through to a 53% increase in acquisition volumes between 1Q23 and 2Q23, despite a 43% reduction in paid marketing and overall lower market new listing volumes during the same period. We plan to continue to operate with elevated spreads and for acquisition volumes to pace at roughly 3,000 homes per quarter through the end of the year. Our expanded partnership channels should mitigate typical seasonal market volume declines in the second half of the year. In the fourth quarter, we expect to be able to reduce spreads due to typical home price seasonality, which would accelerate acquisitions in the first quarter of 2024, coinciding with improving market volumes. This will allow us to increase cost-effective investments in paid marketing. These factors, combined with the accruing benefits of our partnership channels, will drive higher volumes and ultimately allow us to rescale the business. 8 Financial Highlights Revenue $2.0 billion Homes Sold 5,383 7,512 10,482 8,520 5,383 8,274 2Q22 3Q22 4Q22 1Q23 2Q23 $2.9 $4.2 $3.4 $2.0 $3.1 2Q22 3Q22 4Q22 1Q23 2Q23 1. Homes we made offers on between March and June of 2022."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b22"], "char_count": 1946, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "570943479e988e51be60cde7d1f462cf5579dec3c6fe04391e87b9567ed32007", "derivation_id": "cc4489bb7efef2ec13e0a8e58052475ff50a4f1fcdab4dc970dc778a1c25f601", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "block_sequence": 22, "char_end": 1946, "char_start": 0, "fragment_sha256": "e4ae2f8c61978825bbea1bdad6fb3392ee7a62688571bde0d3b9d7ec45523b8a", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex992sharehol.htm", "table_id": null, "text": "UNIT ECONOMICS GAAP Gross Profit was $149 million in 2Q23, versus $486 million in 2Q22 and $170 million in 1Q23. Adjusted Gross Profit (Loss), which aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the home is sold, was $7 million in 2Q23, versus $556 million in 2Q22 and $(102) million in 1Q23. In 2Q23, the old book of inventory represented 57% of our resale mix, which resulted in negative contribution profit and margins. Contribution Profit (Loss), which accounts for the direct selling and holding costs incurred on the homes sold during the quarter, was $(90) million in the second quarter, versus $422 million in 2Q22 and $(241) million in 1Q23. Contribution Margin was (4.6)%, versus 10.1% in 2Q22 and (7.7)% in 1Q23. We have reached an inflection point and expect the resale mix to shift to be a majority new book in 3Q23 resulting in us returning to positive Contribution Margin. Our new book of homes continues to show strong margin performance, with homes sold generating gross margins of 14.4% and contribution margins of 10.6% in the second quarter. The outperformance was primarily driven by higher than expected home price appreciation in the first half of the year, which translated to higher realized margins on the new book. We regularly update our short-term home price forecasts with the latest market data, allowing us to reduce spreads on more recent acquisition cohorts while maintaining our revised annual contribution margin target. 9 Financial Highlights 2Q23 Post-Q2 Cohort Contribution Margin 10.6% 2Q23 (Dollars in millions) Old Book (Q2 Cohort and prior) New Book (Post-Q2 Cohort) Total Homes Sold in Period 3,081 2,302 5,383 Revenue $1,199 $777 $1,976 Gross Profit / Margin $37 / 3.1% $112 / 14.4% $149 / 7.5% Adjusted Gross (Loss) Profit / Margin $(107) / (8.9)% $114 / 14.7% $7 / 0.4% Contribution (Loss) Profit / Margin $(172) / (14.3)% $82 / 10.6% $(90) / (4.6)%"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b24", "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b26"], "char_count": 3538, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ec039008e3dd6fabf0bcd7a0ee02cd12b428940db7e4def4a2757ba284bbafa1", "derivation_id": "cc4489bb7efef2ec13e0a8e58052475ff50a4f1fcdab4dc970dc778a1c25f601", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "block_sequence": 24, "char_end": 1425, "char_start": 0, "fragment_sha256": "77d09af58e9175cdc06d14bbaaaabffe656843dc64ae0c0fd51bff10a12f14b7", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "block_sequence": 26, "char_end": 2111, "char_start": 0, "fragment_sha256": "7f05787ae14529f1d3c360f36b955d9522756fbac4f76d551a249854d4a65b73", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex992sharehol.htm", "table_id": null, "text": "NET LOSS AND ADJUSTED EBITDA GAAP Net Income (Loss) was $23 million in 2Q23 versus $(54) million in 2Q22 and $(101) million in 1Q23. Adjusted Net Income (Loss) was $(197) million versus $122 million in 2Q22 and $(409) million in 1Q23. As a reminder, Adjusted Net Loss aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded, which is the primary difference between these two metrics for the quarter. Inclusive of our previously recorded inventory valuation adjustments of $(156) million, Adjusted EBITDA was $(168) million in 2Q23 which was better than the top end of our guidance range of $(180) million, and compares to $218 million in 2Q22 and $(341) million in 1Q23. We began reducing our marketing spend, operational capacity, and fixed expenses in the second half of last year. Adjusted Operating Expenses, which we define as the delta between Contribution Profit (Loss) and Adjusted EBITDA, was $78 million in 2Q23, down 62% from $204 million in 2Q22. 10 Financial Highlights (Dollars in millions) 2Q23 2Q22 1Q23 GAAP Net Income (Loss) $23 $(54) $(101) Adjusted Net Income (Loss) $(197) $122 $(409) Adjusted EBITDA $(168) $218 $(341) Adjusted EBITDA Margin (8.5)% 5.2% (10.9)% GAAP Operating Expenses $217 $454 $294 Adjusted Operating Expenses $78 $204 $100 Adjusted Operating Expenses $78 million $144 $204 $189 $78 $100 2Q22 3Q22 4Q22 1Q23 2Q23\n\n11 Financial Highlights Days on Market INVENTORY We ended the quarter with $1.1 billion in net inventory, representing 3,558 homes, which was down 83% from 2Q22 and down 46% from 1Q23. Given the focused selldown of aged inventory, approximately 22% of the inventory balance as of quarter end is from the old book, which is down from 66% at the end of 1Q23. In 2Q23, we sold $1.8 billion of inventory held as of 1Q23, including inventory that carried a total of $156 million of inventory valuation adjustments. The homes sold through in 2Q23 realized a net gain as compared to their 1Q23 inventory valuation adjustments, while some of the homes remaining in inventory at 2Q23 recorded incremental valuation adjustments, resulting in a net incremental loss of $2 million. Our new book inventory valuation adjustments represent 0.4% of inventory, which is consistent with our historical experience. We ended the quarter with $45 million of inventory valuation adjustments against our inventory balance of $1.2 billion. We believe that this adjustment is an appropriate reflection of future losses we may realize on these homes. As homes with losses are sold, this adjustment will unwind in future quarters alongside homes that we expect will generate realized gains. As of June 30, 2023, 24% of our homes had been listed on the market for more than 120 days versus 16% for the broader market - adjusted for our buybox. As a result of our efforts to sell down the old book, we have seen an improvement in this metric from March 31, 2023, when 59% of our portfolio had been listed on the market for more than 120 days. For the new book of inventory, only 9% of our homes had been listed on the market for more than 120 days as of June 30, 2023. As of June 30, 2023 (Dollars in millions) Old Book (Q2 Cohort and prior) New Book (Post-Q2 Cohort) Total Real Estate Inventory $295 $899 $1,194 Inventory Valuation Adjustments $(41) $(4) $(45) Real Estate Inventory, Net $254 $895 $1,149 Inventory Valuation Adjustments as a % of Inventory 13.9% 0.4% 3.8% 76% 24% 59% 41% 1Q23 2Q23 < 120 Days on Market 120+ Days on Market"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b28"], "char_count": 1509, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8242ed735ac3f72ab3c5332c90865b7a70113edb84407679cc2962c127f58764", "derivation_id": "cc4489bb7efef2ec13e0a8e58052475ff50a4f1fcdab4dc970dc778a1c25f601", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "block_sequence": 28, "char_end": 1509, "char_start": 0, "fragment_sha256": "6b4d268fd89d03e689b604499ba014d832c01b3ee8857bd7a63e82af7a7d9db8", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex992sharehol.htm", "table_id": null, "text": "Financial Highlights OTHER BALANCE SHEET ITEMS We ended 2Q23 with $1.6 billion in capital, which includes $1.2 billion in unrestricted cash and marketable securities and $269 million of equity invested in homes and related assets, net of inventory valuation adjustments. This compares to $1.8 billion in capital as of the end of 1Q23, which included $1.3 billion in unrestricted cash and marketable securities and $459 million of equity invested in homes and related assets, net of inventory valuation adjustments. The decrease in capital is primarily driven by the use of $169 million in unrestricted cash to repurchase $279 million of our outstanding 2026 convertible notes at a substantial discount during the quarter, reducing future debt obligations. As shown below, total shareholders’ equity increased by $50 million in the quarter to $1.1 billion as of June 30, 2023. The Adjusted EBITDA loss and net interest expenses incurred were offset by the release of inventory valuation adjustments on the homes sold in the quarter as well as the gain from the convertible note buyback. 12 2Q23 Total Capital $1.6 billion 2Q23 Cash, Cash Equivalents, and Marketable Securities $1.2 billion 2Q23 Equity Invested in Homes $269 million 2. Consists of $104 million gain on extinguishment of 2026 convertible senior notes and $(9) million in other, which is mostly comprised of stock-based compensation expense capitalized for internally developed software, restructuring expense, and depreciation and amortization."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b30"], "char_count": 1772, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "216ba3ab462de49bb3dd633a01e9472d8e899b0a6ad3ec4f8c9b08f96fcb5e2d", "derivation_id": "cc4489bb7efef2ec13e0a8e58052475ff50a4f1fcdab4dc970dc778a1c25f601", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "block_sequence": 30, "char_end": 1772, "char_start": 0, "fragment_sha256": "be252b93a871ae71ee3c5c300da20f58bd2adcd8810de8264eb7cd9e0eb749fc", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex992sharehol.htm", "table_id": null, "text": "Financial Highlights 13 At quarter-end, we had $10.1 billion in non-recourse, asset-backed borrowing capacity, comprising $5.4 billion of senior revolving credit facilities, and $4.7 billion of senior and mezzanine term debt facilities - of which total committed borrowing capacity was $4.3 billion. During the quarter, we wound down the last of our two Q2 Offer Cohort financing facilities, which was earlier than anticipated given the substantial progress in selling through these homes. GUIDANCE We expect the following results for the third quarter of 2023: ● Revenue is expected to be between $950 million and $1.0 billion ● Adjusted EBITDA3 is expected to be between $(60) and $(70) million ● Stock-based compensation expense is expected to be approximately $35 million ● Adjusted operating expenses3 are expected to be approximately $100 million 3. Opendoor has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) nor forecasted Adjusted operating expenses to forecasted GAAP operating expenses within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment, equity securities fair value adjustment, and holding costs attributable to homes expected to be sold in 3Q23. These items, which could materially affect the computations of forward-looking GAAP net income (loss) and GAAP operating expenses, are inherently uncertain and depend on various factors, including market-related assumptions that are outside of the Company’s control. 3Q23 Revenue Guidance $950 million to $1.0 billion 3Q23 Adjusted EBITDA Guidance $(60) to $(70) million"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b32"], "char_count": 1778, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f78d5bab76e23843b4a663cc1535fa93b8350d2c70c7cd0cc097a567a61b8614", "derivation_id": "cc4489bb7efef2ec13e0a8e58052475ff50a4f1fcdab4dc970dc778a1c25f601", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "block_sequence": 32, "char_end": 1778, "char_start": 0, "fragment_sha256": "7185b88fa4dac2a86319c1114e613df4615140302decada16a7fd2f5f3077712", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#p11", "passage_kind": "narrative", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex992sharehol.htm", "table_id": null, "text": "14 Financial Highlights With a healthy inventory mix, more typical holding periods and early benefits from the investments we are making in our pricing and operating platforms, we expect to deliver positive contribution margin in 3Q23 and perform within our 5% to 7% contribution margin target by 4Q23. In the first half of the year, home prices performed better than expected on the back of historically low listing volumes that were approximately half the levels of 2014 to 2019. Against this backdrop of constrained supply, market clearance is at historically healthy levels, with approximately 3% of listed homes going into pending status per day in 2Q23 compared to typical second quarter clearance of 1% to 2% observed in 2016 to 2020. However, there continues to be uncertainty in how housing performs for the remainder of the year given persistently low supply, the prospect of additional Fed rate action and recession risk. We continue to expect modest month-over-month home price depreciation in the second half of the year. Looking forward, we will continue to actively monitor leading indicators and adjust spreads accordingly as the housing market stabilizes and we have greater certainty on home pricing and seller demand. We are managing our business to return to positive Adjusted Net Income, which is our best proxy for operating cash flow, at steady state annual revenue of $10 billion. CONCLUSION We remain steadfast in our mission to power life’s progress, one move at a time. The actions we are taking today will allow us to emerge from this cycle more resilient and positioned for market leadership. There is still much to do and we are heads-down as we continue to build a generational company that will transform home transactions for many years to come."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b34", "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b36", "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b38"], "char_count": 591, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c34a915a07eae2464fb84cb49d5822bda421523062dcb4e87bf0be4df3d52a7d", "derivation_id": "cc4489bb7efef2ec13e0a8e58052475ff50a4f1fcdab4dc970dc778a1c25f601", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "block_sequence": 34, "char_end": 487, "char_start": 0, "fragment_sha256": "b8d536d286a332c7f1fe38b416c5c9f3127c8542915ab63d4437252d2b0199f9", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "block_sequence": 36, "char_end": 67, "char_start": 0, "fragment_sha256": "b1d88b89efd7c230c0b30c3a2915ea92f71a32bf0ac2f318b42874ca8f595cf5", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "block_sequence": 38, "char_end": 33, "char_start": 0, "fragment_sha256": "fa5db11c79f789f4a1c5a56d2c3abdf906a6598e87ed9c879ba74d9c05e0b6b2", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex992sharehol.htm", "table_id": null, "text": "15Raleigh-Durham, NC Carrie Wheeler, CEO Christy Schwartz, Interim CFO CONFERENCE CALL INFORMATION Opendoor will host a conference call to discuss its financial results on August 3, 2023 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. August 8, 2023 at 2 p.m. PT investor.opendoor.com LIVE WEBCAST\n\n/ Opendoor/ OpendoorHQ Company / Opendoor-com investor.opendoor.com\n\n17 Definitions & Financial Tables"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b40"], "char_count": 2577, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b644c1056f6bb6e94bd2b1d62c9f8813802165d6d98dff532dd1715e431f7edf", "derivation_id": "cc4489bb7efef2ec13e0a8e58052475ff50a4f1fcdab4dc970dc778a1c25f601", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "block_sequence": 40, "char_end": 2577, "char_start": 0, "fragment_sha256": "eec0bfd12454b733a8aff5541ab989cca7b5784caaee98e436fbf429eb05e403", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#p13", "passage_kind": "narrative", "passage_sequence": 13, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex992sharehol.htm", "table_id": null, "text": "This shareholder letter contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including, without limitation, statements regarding: current and future health and stability of the real estate housing market and general economy; volatility of mortgage interest rates and expectations regarding the future shifts in behavior by consumers and partners; the health and status of our financial condition; anticipated future results of operations or financial performance, priorities of the Company to achieve future financial and business goals; our ability to continue to effectively navigate the markets in which it operates; anticipated future and ongoing impacts and benefits of acquisitions, partnership channel expansions, product innovations and other business decisions; health of our balance sheet to weather ongoing market transitions and any expectation to quickly re-scale in the future upon market stabilization; the Company’s ability to adopt an effective approach to manage economic and industry risk, as well as inventory health; our expectations with respect to the future success of our partnerships and our ability to drive significant growth in sales volumes through such partnerships; business strategy and plans, including any plans to expand into additional markets, market opportunity and expansion and objectives of management for future operations, including statements regarding the benefits and timing of the roll out of new markets, products or technology; and the expected diversification of funding sources. Forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “vision”, “will”, or “would”, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b40"], "char_count": 3852, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7a2f8d491b4fefad5ac1039725ff707051fff3c353dcf20490352ec454df10ad", "derivation_id": "cc4489bb7efef2ec13e0a8e58052475ff50a4f1fcdab4dc970dc778a1c25f601", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "block_sequence": 40, "char_end": 6429, "char_start": 2577, "fragment_sha256": "eec0bfd12454b733a8aff5541ab989cca7b5784caaee98e436fbf429eb05e403", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#p14", "passage_kind": "narrative", "passage_sequence": 14, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex992sharehol.htm", "table_id": null, "text": "The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this shareholder letter include but are not limited to: the current and future health and stability of the economy, financial conditions and the residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory) that may reduce demand for our products and services, lower our profitability or reduce our access to future financings; our real estate assets and increased competition in the U.S. residential real estate industry; ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and real estate partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our technology platform, including our automated pricing and valuation technology; ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; ability to obtain or maintain licenses and permits to support our current and future business operations; any future impact of the ongoing COVID-19 pandemic (including future variants) or other public health crises on our ability to operate, demand for our products or services, or general economic conditions; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; changes in laws or government regulation affecting our business; and the impact of pending or any future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 23, 2023, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward- looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 18 Forward-Looking Statements"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b42"], "char_count": 3160, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "88bcb740b43ccc0f06750cb7bed81b2a4a47301dde63fe5e123a53f0b6efd0d4", "derivation_id": "cc4489bb7efef2ec13e0a8e58052475ff50a4f1fcdab4dc970dc778a1c25f601", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "block_sequence": 42, "char_end": 3160, "char_start": 0, "fragment_sha256": "b47d1ddf318fc93478913fc62ed85f7c56ac08b9156f5dd04dd88bd39523b831", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#p15", "passage_kind": "narrative", "passage_sequence": 15, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex992sharehol.htm", "table_id": null, "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company’s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit (Loss), Contribution (Loss) Profit, Adjusted Net (Loss) Income, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non- GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results. Adjusted Gross Profit (Loss) and Contribution (Loss) Profit To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit (Loss) and Contribution (Loss) Profit, which are non-GAAP financial measures. We believe that Adjusted Gross Profit (Loss) and Contribution (Loss) Profit are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution (Loss) Profit provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit (Loss) and Contribution (Loss) Profit are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross (loss) profit. 19 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b44"], "char_count": 1878, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "3406d137d901d9a486eddf1399271d82a4f3486a4cadc4e8dad401923b4b0575", "derivation_id": "cc4489bb7efef2ec13e0a8e58052475ff50a4f1fcdab4dc970dc778a1c25f601", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "block_sequence": 44, "char_end": 1878, "char_start": 0, "fragment_sha256": "46a124aff8acda94d7a0d95f753f4bc118ff9b30d98cfae216e5bd40f4b76fac", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#p16", "passage_kind": "narrative", "passage_sequence": 16, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex992sharehol.htm", "table_id": null, "text": "Adjusted Gross Profit (Loss) / Margin We calculate Adjusted Gross Profit (Loss) as gross profit (loss) under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit (Loss) helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution (Loss) Profit / Margin We calculate Contribution (Loss) Profit as Adjusted Gross Profit (Loss), minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution (Loss) Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution (Loss) Profit helps management assess inflows and outflows directly associated with a specific resale cohort. 20 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b46"], "char_count": 3198, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d2f2d88ed804b203e720a81fb62a7aac0074117b6a3a25507a8ae4ae327c0afd", "derivation_id": "cc4489bb7efef2ec13e0a8e58052475ff50a4f1fcdab4dc970dc778a1c25f601", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "block_sequence": 46, "char_end": 3198, "char_start": 0, "fragment_sha256": "de2498e76dceb3adac40dfad2b1f3e325866ce3068448afe8a24918785f82fce", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#p17", "passage_kind": "narrative", "passage_sequence": 17, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex992sharehol.htm", "table_id": null, "text": "21 Adjusted Net (Loss) Income and Adjusted EBITDA We also present Adjusted Net (Loss) Income and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non- recurring, non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net (Loss) Income and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net income (loss). We calculate Adjusted Net (Loss) Income as GAAP net income (loss) adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring, gain on lease termination, and legal contingency accruals. It excludes (gain) loss on extinguishment of debt as these expenses were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. It also excludes non-recurring goodwill impairment. Adjusted Net (Loss) Income also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net (Loss) Income does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net (Loss) Income adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b48"], "char_count": 1883, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "22bbfc5ce5769f84f7aa7dcb07670800b7fc0a774f798bc5be36889f699798d8", "derivation_id": "cc4489bb7efef2ec13e0a8e58052475ff50a4f1fcdab4dc970dc778a1c25f601", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "block_sequence": 48, "char_end": 1883, "char_start": 0, "fragment_sha256": "92ceb9939c665b3273d05ed064beff51fd484075ce9d5d4c4a00075ea09e10b0", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#p18", "passage_kind": "narrative", "passage_sequence": 18, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex992sharehol.htm", "table_id": null, "text": "22 Adjusted Operating Expense We also present Adjusted Operating Expense, which is a non-GAAP financial measure that bridges the difference between Contribution Profit and Adjusted EBITDA. We believe this measure provides investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to contribution profit and certain charges that are non-recurring, non-cash, or not directly related to our revenue-generating operations are removed. Adjusted Operating Expense is a supplemental measure of our operating expenditures and has important limitations. For example, this measure excludes the impact of certain costs required to be recorded under GAAP. This measure removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to contribution margin. This measure could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, this measure should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of this measure to the most directly comparable GAAP financial measure, which is operating expenses. We calculate Adjusted Operating Expense as GAAP operating expense adjusted to exclude direct selling costs and holding costs included in determining Contribution Profit. It excludes non-recurring goodwill impairment. The measure also excludes non-cash expenses of stock-based compensation, depreciation and amortization, and intangibles amortization. It also excludes expenses that are not directly related to our revenue-generating operations such as restructuring charges and legal contingency accruals. Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b50"], "char_count": 1563, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b7e29b63e0dff413ad1b8b5fac8f2e05734099e7ed9f8aef24c81d9b70dee7cc", "derivation_id": "cc4489bb7efef2ec13e0a8e58052475ff50a4f1fcdab4dc970dc778a1c25f601", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "block_sequence": 50, "char_end": 1563, "char_start": 0, "fragment_sha256": "56077be91764cfba62156de40b08fe0a47715f21af1efc5b1b78f3b127aef555", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#p19", "passage_kind": "narrative", "passage_sequence": 19, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex992sharehol.htm", "table_id": null, "text": "23 Three Months Ended Six Months Ended June 30, June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 2023 2022 REVENUE $ 1,976 $ 3,120 $ 2,857 $ 3,361 $ 4,198 $ 5,096 $ 9,349 COST OF REVENUE 1,827 2,950 2,786 3,786 3,712 4,777 8,328 GROSS PROFIT (LOSS) 149 170 71 (425) 486 319 1,021 OPERATING EXPENSES: Sales, marketing and operations 124 188 194 260 276 312 552 General and administrative 44 66 23 85 137 110 238 Technology and development 39 40 48 40 41 79 81 Goodwill Impairment — — 60 — — — — Restructuring 10 — 17 — — 10 — Total operating expenses 217 294 342 385 454 511 871 (LOSS) INCOME FROM OPERATIONS (68) (124) (271) (810) 32 (192) 150 GAIN (LOSS) ON EXTINGUISHMENT OF DEBT 104 78 (25) — — 182 — INTEREST EXPENSE (53) (74) (113) (115) (89) (127) (157) OTHER INCOME (LOSS) – Net 41 19 10 (2) 4 60 (18) INCOME (LOSS) BEFORE INCOME TAXES 24 (101) (399) (927) (53) (77) (25) INCOME TAX EXPENSE (1) — — (1) (1) (1) (1) NET INCOME (LOSS) $ 23 $ (101) $ (399) $ (928) $ (54) $ (78) $ (26) Net income (loss) per share attributable to common shareholders: Basic $ 0.04 $ (0.16) $ (0.63) $ (1.47) $ (0.09) $ (0.12) $ (0.04) Diluted $ 0.03 $ (0.16) $ (0.63) $ (1.47) $ (0.09) $ (0.12) $ (0.04) Weighted-average shares outstanding: Basic 646,062 641,916 634,595 629,535 624,958 646,750 622,064 Diluted 667,159 641,916 634,595 629,535 624,958 646,750 622,064 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited)"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b52"], "char_count": 1423, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "29298c7a2412008ca31efe4068f33375e940a62d8dae470395c6fc41335eed82", "derivation_id": "cc4489bb7efef2ec13e0a8e58052475ff50a4f1fcdab4dc970dc778a1c25f601", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "block_sequence": 52, "char_end": 1423, "char_start": 0, "fragment_sha256": "59a83995199f6b173fd221d74a98ceeb44d13f445dc93f3271c852dd23dadcfb", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#p20", "passage_kind": "narrative", "passage_sequence": 20, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex992sharehol.htm", "table_id": null, "text": "24 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) June 30, 2023 December 31, 2022 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,120 $ 1,137 Restricted cash 1,684 654 Marketable securities 90 144 Escrow receivable 13 30 Real estate inventory, net 1,149 4,460 Other current assets ($0 and $1 carried at fair value) 37 41 Total current assets 4,093 6,466 PROPERTY AND EQUIPMENT – Net 62 58 RIGHT OF USE ASSETS 28 41 GOODWILL 4 4 INTANGIBLES – Net 9 12 OTHER ASSETS 27 27 TOTAL ASSETS $ 4,223 $ 6,608 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 65 $ 110 Non-recourse asset-backed debt - current portion 15 1,376 Interest payable 1 12 Lease liabilities - current portion 7 7 Total current liabilities 88 1,505 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 2,527 3,020 CONVERTIBLE SENIOR NOTES 501 959 LEASE LIABILITIES – Net of current portion 21 38 Total liabilities 3,137 5,522 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 657,337,566 and 637,387,025 shares issued, respectively; 657,337,566 and 637,387,025 shares — — Additional paid-in capital 4,224 4,148 Accumulated deficit (3,136) (3,058) Accumulated other comprehensive loss (2) (4) Total shareholders’ equity 1,086 1,086 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 4,223 $ 6,608"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b54"], "char_count": 2757, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "744f7befbf36903f9c129bbfe691282fc0ff6609274913fe659bc4fe51d11cda", "derivation_id": "cc4489bb7efef2ec13e0a8e58052475ff50a4f1fcdab4dc970dc778a1c25f601", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "block_sequence": 54, "char_end": 2757, "char_start": 0, "fragment_sha256": "3e1db492a6f403d3b5ef936a6488eb6ce32ea026382389203c5a9b901d148c63", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#p21", "passage_kind": "narrative", "passage_sequence": 21, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex992sharehol.htm", "table_id": null, "text": "25 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Six Months Ended June 30, 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (78) $ (26) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash provided by operating activities: Depreciation and amortization 39 38 Amortization of right of use asset 4 4 Stock-based compensation 63 126 Gain on settlement of lease liabilities (1) — Inventory valuation adjustment 37 90 Change in fair value of equity securities (7) 25 Net fair value adjustments and loss on sale of mortgage loans held for sale — (1) Origination of mortgage loans held for sale — (108) Proceeds from sale and principal collections of mortgage loans held for sale 1 106 (Gain) loss on extinguishment of debt (182) — Changes in operating assets and liabilities: Escrow receivable 17 28 Real estate inventory 3,259 (622) Other assets (3) (80) Accounts payable and other accrued liabilities (31) 79 Interest payable (10) — Lease liabilities (6) (2) Net cash provided by (used in) operating activities 3,102 (343) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (17) (20) Purchase of marketable securities — (28) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 61 250 Purchase of non-marketable equity securities — (25) Proceeds from sale of non-marketable equity securities 1 3 Capital returns of non-marketable equity securities — 3 Net cash provided by investing activities 45 183 CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of convertible senior notes (270) — Proceeds from exercise of stock options 2 3 Proceeds from issuance of common stock for ESPP 1 — Proceeds from non-recourse asset-backed debt 236 6,608 Principal payments on non-recourse asset-backed debt (2,099) (6,162) Proceeds from other secured borrowings — 105 Principal payments on other secured borrowings — (100) Payment of loan origination fees and debt issuance costs — (18) Payment for early extinguishment of debt (4) — Net cash (used in) provided by financing activities (2,134) 436 NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 1,013 276 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 1,791 2,578 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $ 2,804 $ 2,854 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $ 126 $ 145 DISCLOSURES OF NONCASH ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 10 $ 8 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 1,120 $ 2,239 Restricted cash 1,684 615 Cash, cash equivalents, and restricted cash $ 2,804 $ 2,854"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b56"], "char_count": 2497, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "fa3a5e8676fb3befe9502ce17804aaecded55088bf1b4ee977d6440d363ffd73", "derivation_id": "cc4489bb7efef2ec13e0a8e58052475ff50a4f1fcdab4dc970dc778a1c25f601", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "block_sequence": 56, "char_end": 2497, "char_start": 0, "fragment_sha256": "55d71164377154c81986a223b197607852bfd87222794d0d8c20a44449a77d37", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#p22", "passage_kind": "narrative", "passage_sequence": 22, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex992sharehol.htm", "table_id": null, "text": "26 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT (LOSS) AND CONTRIBUTION (LOSS) PROFIT TO OUR GROSS PROFIT (LOSS) (Unaudited) Three Months Ended Six Months Ended June 30, (in millions, except percentages and homes sold, or as noted) June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 2023 2022 Gross profit (loss) (GAAP) $ 149 $ 170 $ 71 $ (425) $ 486 $ 319 $ 1,021 Gross Margin 7.5 % 5.4 % 2.5 % (12.6) % 11.6 % 6.3 % 10.9 % Adjustments: Inventory valuation adjustment – Current Period͏(1)(2) 14 23 73 573 82 18 85 Inventory valuation adjustment – Prior Periods͏(1)(3) (156) (295) (236) (38) (12) (432) (38) Adjusted Gross Profit (Loss) $ 7 $ (102) $ (92) $ 110 $ 556 $ (95) $ 1,068 Adjusted Gross Margin 0.4 % (3.3) % (3.2) % 3.3 % 13.2 % (1.9) % 11.4 % Adjustments: Direct selling costs(4) (58) (85) (78) (100) (100) (143) (236) Holding costs on sales – Current Period͏(5)(6) (6) (13) (10) (14) (11) (31) (42) Holding costs on sales – Prior (33) (41) (27) (18) (23) (62) (36) Contribution (Loss) Profit $ (90) $ (241) $ (207) $ (22) $ 422 $ (331) $ 754 Homes sold in period 5,383 8,274 7,512 8,520 10,482 13,657 23,151 Contribution (Loss) Profit per Home Sold (in thousands) $ (17) $ (29) $ (28) $ (3) $ 40 $ (24) $ 33 Contribution Margin (4.6) % (7.7) % (7.2) % (0.7) % 10.1 % (6.5) % 8.1 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b58"], "char_count": 3134, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9fc07137545330f1898d1e0df2636dc29b4c20b1b72d2b4fb3ad575d072cb396", "derivation_id": "cc4489bb7efef2ec13e0a8e58052475ff50a4f1fcdab4dc970dc778a1c25f601", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "block_sequence": 58, "char_end": 3134, "char_start": 0, "fragment_sha256": "66e8cb0023b1fd1873355ae5c6baadee895e4619048dec9979563e5b527dd61b", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#p23", "passage_kind": "narrative", "passage_sequence": 23, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex992sharehol.htm", "table_id": null, "text": "27 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED NET (LOSS) INCOME AND ADJUSTED EBITDA TO OUR NET INCOME (LOSS) (Unaudited) Three Months Ended Six Months Ended June 30, (in millions, except percentages) June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 2023 2022 Net income (loss) (GAAP) $ 23 $ (101) $ (399) $ (928) $ (54) $ (78) $ (26) Adjustments: Stock-based compensation 21 42 (7) 52 59 63 126 Equity securities fair value adjustment(1) (6) (1) (1) 11 3 (7) 25 Intangibles amortization expense(2) 1 2 2 2 3 3 5 Inventory valuation adjustment – Current Period͏(3)(4) 14 23 73 573 82 18 85 Inventory valuation adjustment — Prior Periods͏(3)(5) (156) (295) (236) (38) (12) (432) (38) Restructuring(6) 10 — 17 — — 10 — (Gain) loss on extinguishment of debt (104) (78) 25 — — (182) — Gain on lease termination (1) — — — — (1) — Goodwill impairment — — 60 — — — — Legal contingency accrual and related expenses — — 1 — 42 — 45 Other(7) 1 (1) (2) — (1) — (1) Adjusted Net (Loss) Income $ (197) $ (409) $ (467) $ (328) $ 122 $ (606) $ 221 Adjustments: Depreciation and amortization, excluding amortization of intangibles 9 12 12 8 12 21 21 Property financing(8) 44 60 93 102 76 104 134 Other interest expense(9) 9 14 20 13 13 23 23 Interest income(10) (34) (18) (9) (7) (6) (52) (6) Income tax expense 1 — — 1 1 1 1 Adjusted EBITDA $ (168) $ (341) $ (351) $ (211) $ 218 $ (509) $ 394 Adjusted EBITDA Margin (8.5) % (10.9) % (12.3) % (6.3) % 5.2 % (10.0) % 4.2 % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuring costs consist primarily of severance and employee termination benefits, relocation packages and bonuses as well as costs related to the exiting of certain non-cancelable leases. (7) Includes primarily sublease income and income from equity method investments. (8) Includes interest expense on our non-recourse asset-backed debt facilities. (9) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset- backed debt facilities, interest expense related to the 2026 convertible senior notes outstanding, and interest expense on other secured borrowings. (10) Consists mainly of interest earned on cash, cash equivalents, restricted cash, and marketable securities."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#b60"], "char_count": 2226, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f6c2447eb5a57b37f9bda2474dfdc0629dad6c032095cee29fe0f43190a03e74", "derivation_id": "cc4489bb7efef2ec13e0a8e58052475ff50a4f1fcdab4dc970dc778a1c25f601", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "block_sequence": 60, "char_end": 2226, "char_start": 0, "fragment_sha256": "4f5aec4bcb89cf188cd6a332cad72f8e158e5a1ba6517b259e5fe75fac045c28", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#p24", "passage_kind": "narrative", "passage_sequence": 24, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex992sharehol.htm", "table_id": null, "text": "28 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT AND CONTRIBUTION PROFIT TO OUR NET (LOSS) INCOME BY COHORT (Unaudited) Three Months Ended June 30, 2023 (in millions, except percentages) Old Book: Q2 2022 Cohort and Prior (8) New Book: Post Q2 2022 Cohort (8) Total Revenue (GAAP) $ 1,199 $ 777 $ 1,976 Cost of Revenue 1,162 665 1,827 Gross profit (GAAP) $ 37 $ 112 $ 149 Gross Margin 3.1 % 14.4 % 7.5 % Adjustments: Inventory valuation adjustment – Current Period͏(1)(2) 10 4 14 Inventory valuation adjustment — Prior Periods͏(1)(3) (154) (2) (156) Adjusted Gross (Loss) Profit $ (107) $ 114 $ 7 Adjusted Gross Margin (8.9) % 14.7 % 0.4 % Adjustments: Direct selling costs(4) (34) (24) (58) Holding costs on sales – Current Period͏(5)(6) (3) (3) (6) Holding costs on sales – Prior Periods͏(5)(7) (28) (5) (33) Contribution (Loss) Profit $ (172) $ 82 $ (90) Contribution Margin (14.3) % 10.6 % (4.6) % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented. (8) Old Book: Q2 2022 Cohort and Prior refers to offers prior to July 2022. 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RECONCILIATION OF OUR ADJUSTED OPERATING EXPENSES TO OUR OPERATING EXPENSES (Unaudited) Three Months Ended (in millions, except percentages) June 30, 2023 March 31, 2023 December 31, 2022 September 30, June 30, 2022 Operating Expenses (GAAP) $ 217 $ 294 $ 342 $ 385 $ 454 Adjustments: Direct Selling Costs(1) (58) (85) (78) (100) (100) Holding costs included in contribution profit(2) (39) (54) (37) (32) (34) Stock-based compensation (21) (42) 7 (52) (59) Intangibles amortization expense(3) (1) (2) (2) (2) (3) Restructuring (10) — (17) — — Gain on lease termination 1 — — — — Goodwill impairment — — (60) — — Legal contingency accrual — — (1) — (42) Depreciation and amortization, excluding amortization of intangibles (9) (12) (12) (8) (12) Other (2) 1 2 (2) — Total Adjusted Operating Expenses $ 78 $ 100 $ 144 $ 189 $ 204 (1) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (2) Represents holding costs incurred in the period presented on homes sold in the period presented, as well as holding costs incurred in prior periods on homes sold in the period presented. Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (3) Represents amortization of acquisition-related intangible assets. 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MLS Clearance Rate is defined as the number of daily contracts that enter pending status on the Multiple Listing Service (i.e. market listings), filtered for Opendoor’s markets and buybox, divided by the number of active listings on the Multiple Listing Service, filtered for the same markets and buybox. Trailing 7-Day MLS Clearance Rate1 MLS Data Filtered to Opendoor Markets and Buybox Trailing 7-Day MLS Contracts MLS Data Filtered to Opendoor Markets and Buybox Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 31\n\nTrailing 7-Day MLS New Listings MLS Data Filtered to OD Markets and Buybox Appendix Trailing 7-Day MLS Active Listings MLS Data Filtered to OD Markets and Buybox Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 32\n\nAppendix 30-Day Rolling Home Price Appreciation (HPA) Weighted to Opendoor Markets; Non-Seasonally Adjusted Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 33"} diff --git a/data/normalized/sec/0001801169/8-K/2023-08-03_0001801169-23-000096/norm_0001801169_0001801169-23-000096_q22023formxex993suppleme.htm.json b/data/normalized/sec/0001801169/8-K/2023-08-03_0001801169-23-000096/norm_0001801169_0001801169-23-000096_q22023formxex993suppleme.htm.json new file mode 100644 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NON-GAAP MEASURES & KEY METRICS (Unaudited) Period Ended ($ in millions, except markets, homes purchased, homes sold, homes in inventory, and margins) Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Key Metrics Total Markets (at period end) 53 53 53 51 51 Total Revenue $ 1,976 $ 3,120 $ 2,857 $ 3,361 $ 4,198 Homes Purchased 2,680 1,747 3,427 8,380 14,135 Homes Sold 5,383 8,274 7,512 8,520 10,482 Homes in Inventory (at period end) 3,558 6,261 12,788 16,873 17,013 Inventory (at period end) $ 1,149 $ 2,118 $ 4,460 $ 6,093 $ 6,628 Non-GAAP Financial Measures Adjusted Gross Profit (Loss) $ 7 $ (102) $ (92) $ 110 $ 556 Selling Costs (58) (85) (78) (100) (100) Holding Costs (39) (54) (37) (32) (34) Contribution (Loss) Profit $ (90) $ (241) $ (207) $ (22) $ 422 Adjusted EBITDA $ (168) $ (341) $ (351) $ (211) $ 218 Adjusted Net (Loss) Income $ (197) $ (409) $ (467) $ (328) $ 122 Margins Total Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Adjusted Gross (Loss) Profit 0.4 % (3.3) % (3.2) % 3.3 % 13.2 % Contribution Margin (4.6) % (7.7) % (7.2) % (0.7) % 10.1 % Adjusted EBITDA (8.5) % (10.9) % (12.3) % (6.3) % 5.2 % Adjusted Net (Loss) Income (10.0) % (13.1) % (16.3) % (9.8) % 2.9 % Exhibit 99.3" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex993suppleme.htm#b7", + "block_sequence": 7, + "block_sha256": "c0bb9a9c5c7608ee29ea180bb62655e5a774271e53cb57eb44438677a9573ff3", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex993suppleme.htm", + "block_sequence": 7, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "6978134922448755a783628d16541565719795c962de70d50b17891158fb3b41", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex993suppleme.htm#s2", + "table": null, + "text": "q22023formxex993suppleme002.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex993suppleme.htm#b8", + "block_sequence": 8, + "block_sha256": "1a0efa4844602679961f12b2ffa6874e859ade67c424fe0daa14eb91a2e8c2dc", + "block_type": "paragraph", + "char_count": 1139, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex993suppleme.htm", + "block_sequence": 8, + "char_end": 1139, + "char_start": 0, + "fragment_sha256": "29472f16d7fa3468e01ba7d6b239e9fb113ed882ee860f1fe2f51e80e8562a60", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex993suppleme.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 REVENUE $ 1,976 $ 4,198 $ 5,096 $ 9,349 COST OF REVENUE 1,827 3,712 4,777 8,328 GROSS PROFIT 149 486 319 1,021 OPERATING EXPENSES: Sales, marketing and operations 124 276 312 552 General and administrative 44 137 110 238 Technology and development 39 41 79 81 Restructuring 10 \u2014 10 \u2014 Total operating expenses 217 454 511 871 (LOSS) INCOME FROM OPERATIONS (68) 32 (192) 150 GAIN ON EXTINGUISHMENT OF DEBT 104 \u2014 182 \u2014 INTEREST EXPENSE (53) (89) (127) (157) OTHER INCOME (LOSS) \u2013 Net 41 4 60 (18) INCOME (LOSS) BEFORE INCOME TAXES 24 (53) (77) (25) INCOME TAX EXPENSE (1) (1) (1) (1) NET INCOME (LOSS) $ 23 $ (54) $ (78) $ (26) Net income (loss) per share attributable to common shareholders: Basic $ 0.04 $ (0.09) $ (0.12) $ (0.04) Diluted $ 0.03 $ (0.09) $ (0.12) $ (0.04) Weighted-average shares outstanding: Basic 646,062 624,958 646,750 622,064 Diluted 667,159 624,958 646,750 622,064" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex993suppleme.htm#b9", + "block_sequence": 9, + "block_sha256": "c2449b865b209780a9097303d667e573f944bc881e4376e2203beb4bd34094e1", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex993suppleme.htm", + "block_sequence": 9, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "4f92c2848124acba6a57565f97a5acf68cd87e841b52c1713aa5f2d1e042e9ba", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex993suppleme.htm#s2", + "table": null, + "text": "q22023formxex993suppleme003.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex993suppleme.htm#b10", + "block_sequence": 10, + "block_sha256": "fba4e8ac3e36ac95eb8702518137c1251dea701b3d754eb18591d61d7d7f7dfb", + "block_type": "paragraph", + "char_count": 1442, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex993suppleme.htm", + "block_sequence": 10, + "char_end": 1442, + "char_start": 0, + "fragment_sha256": "be08ea7788da3e5887f667fce62a5b2fd5ebad6e4f4719742669049328925d97", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex993suppleme.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) June 30, 2023 December 31, 2022 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,120 $ 1,137 Restricted cash 1,684 654 Marketable securities 90 144 Escrow receivable 13 30 Real estate inventory, net 1,149 4,460 Other current assets ($0 and $1 carried at fair value) 37 41 Total current assets 4,093 6,466 PROPERTY AND EQUIPMENT \u2013 Net 62 58 RIGHT OF USE ASSETS 28 41 GOODWILL 4 4 INTANGIBLES \u2013 Net 9 12 OTHER ASSETS 27 27 TOTAL ASSETS $ 4,223 $ 6,608 LIABILITIES AND SHAREHOLDERS\u2019 EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 65 $ 110 Non-recourse asset-backed debt - current portion 15 1,376 Interest payable 1 12 Lease liabilities - current portion 7 7 Total current liabilities 88 1,505 NON-RECOURSE ASSET-BACKED DEBT \u2013 Net of current portion 2,527 3,020 CONVERTIBLE SENIOR NOTES 501 959 LEASE LIABILITIES \u2013 Net of current portion 21 38 Total liabilities 3,137 5,522 SHAREHOLDERS\u2019 EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 657,337,566 and 637,387,025 shares issued, respectively; 657,337,566 and 637,387,025 shares outstanding, respectively \u2014 \u2014 Additional paid-in capital 4,224 4,148 Accumulated deficit (3,136) (3,058) Accumulated other comprehensive loss (2) (4) Total shareholders\u2019 equity 1,086 1,086 TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY $ 4,223 $ 6,608" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex993suppleme.htm#b11", + "block_sequence": 11, + "block_sha256": "c7e9447b54f5489cc7ab37ee4f78c89a4f8de81c2fae53e7ba58bd2fdfa9141d", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex993suppleme.htm", + "block_sequence": 11, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "ba8f2d63f862c782210d3e98b693f8a22846837ae279099c0005cd2a999bbaea", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex993suppleme.htm#s2", + "table": null, + "text": "q22023formxex993suppleme004.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex993suppleme.htm#b12", + "block_sequence": 12, + "block_sha256": "cdf48dba21b0f52f0a1c19faf4ac4271e4cf7fb9069009be921ed438038b368a", + "block_type": "paragraph", + "char_count": 1943, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex993suppleme.htm", + "block_sequence": 12, + "char_end": 1943, + "char_start": 0, + "fragment_sha256": "9155bb0d2587493e198ae93000a080289e3bc0f423852c8cf1e1614cb3540b60", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex993suppleme.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Six Months Ended June 30, 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (78) $ (26) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash provided by operating activities: Depreciation and amortization 39 38 Amortization of right of use asset 4 4 Stock-based compensation 63 126 Gain on settlement of lease liabilities (1) \u2014 Inventory valuation adjustment 37 90 Change in fair value of equity securities (7) 25 Net fair value adjustments and loss on sale of mortgage loans held for sale \u2014 (1) Origination of mortgage loans held for sale \u2014 (108) Proceeds from sale and principal collections of mortgage loans held for sale 1 106 (Gain) loss on extinguishment of debt (182) \u2014 Changes in operating assets and liabilities: Escrow receivable 17 28 Real estate inventory 3,259 (622) Other assets (3) (80) Accounts payable and other accrued liabilities (31) 79 Interest payable (10) \u2014 Lease liabilities (6) (2) Net cash provided by (used in) operating activities 3,102 (343) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (17) (20) Purchase of marketable securities \u2014 (28) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 61 250 Purchase of non-marketable equity securities \u2014 (25) Proceeds from sale of non-marketable equity securities 1 3 Capital returns of non-marketable equity securities \u2014 3 Net cash provided by investing activities 45 183 CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of convertible senior notes (270) \u2014 Proceeds from exercise of stock options 2 3 Proceeds from issuance of common stock for ESPP 1 \u2014 Proceeds from non-recourse asset-backed debt 236 6,608 Principal payments on non-recourse asset-backed debt (2,099) (6,162) Proceeds from other secured borrowings \u2014 105 Principal payments on other secured borrowings \u2014 (100)" + }, + { + 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145 DISCLOSURES OF NONCASH ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 10 $ 8 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 1,120 $ 2,239 Restricted cash 1,684 615 Cash, cash equivalents, and restricted cash $ 2,804 $ 2,854" + }, + { + "block_id": "norm:0001801169:0001801169-23-000096:q22023formxex993suppleme.htm#b15", + "block_sequence": 15, + "block_sha256": "dc9d3aac558d50e4a530229be0137084710747ccd949e13c7723c04fdb6c2e20", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex993suppleme.htm", + "block_sequence": 15, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "096e892d2ce62bc01f92d847d5823b518396ea4144d15bd283f99a03a4c26bd1", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": 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NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Gross Profit (Loss) and Contribution (Loss) Profit to our Gross Profit (Loss) Three Months Ended (in millions, except percentages and homes sold, or as noted) June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 Gross profit (loss) (GAAP) $ 149 $ 170 $ 71 $ (425) $ 486 Gross Margin 7.5 % 5.4 % 2.5 % (12.6) % 11.6 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f (1)(2) 14 23 73 573 82 Inventory valuation adjustment \u2013 Prior Periods\u034f (1)(3) (156) (295) (236) (38) (12) Adjusted Gross Profit (Loss) $ 7 $ (102) $ (92) $ 110 $ 556 Adjusted Gross Margin 0.4 % (3.3) % (3.2) % 3.3 % 13.2 % Adjustments: Direct selling costs (4) (58) (85) (78) (100) (100) Holding costs on sales \u2013 Current Period\u034f (5)(6) (6) (13) (10) (14) (11) Holding costs on sales \u2013 Prior Periods\u034f (5)(7) (33) (41) (27) (18) (23) Contribution (Loss) Profit $ (90) $ (241) $ (207) $ (22) $ 422 Homes sold in period 5,383 8,274 7,512 8,520 10,482 Contribution (Loss) Profit per Home Sold (in thousands) $ (17) $ (29) $ (28) $ (3) $ 40 Contribution Margin (4.6) % (7.7) % (7.2) % (0.7) % 10.1 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow- related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. 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(2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuring costs consist primarily of severance and employee termination benefits, relocation packages and bonuses as well as costs related to the exiting of certain non-cancelable leases. 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NON-GAAP MEASURES & KEY METRICS (Unaudited) Period Ended ($ in millions, except markets, homes purchased, homes sold, homes in inventory, and margins) Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Key Metrics Total Markets (at period end) 53 53 53 51 51 Total Revenue $ 1,976 $ 3,120 $ 2,857 $ 3,361 $ 4,198 Homes Purchased 2,680 1,747 3,427 8,380 14,135 Homes Sold 5,383 8,274 7,512 8,520 10,482 Homes in Inventory (at period end) 3,558 6,261 12,788 16,873 17,013 Inventory (at period end) $ 1,149 $ 2,118 $ 4,460 $ 6,093 $ 6,628 Non-GAAP Financial Measures Adjusted Gross Profit (Loss) $ 7 $ (102) $ (92) $ 110 $ 556 Selling Costs (58) (85) (78) (100) (100) Holding Costs (39) (54) (37) (32) (34) Contribution (Loss) Profit $ (90) $ (241) $ (207) $ (22) $ 422 Adjusted EBITDA $ (168) $ (341) $ (351) $ (211) $ 218 Adjusted Net (Loss) Income $ (197) $ (409) $ (467) $ (328) $ 122 Margins Total Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Adjusted Gross (Loss) Profit 0.4 % (3.3) % (3.2) % 3.3 % 13.2 % Contribution Margin (4.6) % (7.7) % (7.2) % (0.7) % 10.1 % Adjusted EBITDA (8.5) % (10.9) % (12.3) % (6.3) % 5.2 % Adjusted Net (Loss) Income (10.0) % (13.1) % (16.3) % (9.8) % 2.9 % Exhibit 99.3\n\nOPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 REVENUE $ 1,976 $ 4,198 $ 5,096 $ 9,349 COST OF REVENUE 1,827 3,712 4,777 8,328 GROSS PROFIT 149 486 319 1,021 OPERATING EXPENSES: Sales, marketing and operations 124 276 312 552 General and administrative 44 137 110 238 Technology and development 39 41 79 81 Restructuring 10 — 10 — Total operating expenses 217 454 511 871 (LOSS) INCOME FROM OPERATIONS (68) 32 (192) 150 GAIN ON EXTINGUISHMENT OF DEBT 104 — 182 — INTEREST EXPENSE (53) (89) (127) (157) OTHER INCOME (LOSS) – Net 41 4 60 (18) INCOME (LOSS) BEFORE INCOME TAXES 24 (53) (77) (25) INCOME TAX EXPENSE (1) (1) (1) (1) NET INCOME (LOSS) $ 23 $ (54) $ (78) $ (26) Net income (loss) per share attributable to common shareholders: Basic $ 0.04 $ (0.09) $ (0.12) $ (0.04) Diluted $ 0.03 $ (0.09) $ (0.12) $ (0.04) Weighted-average shares outstanding: Basic 646,062 624,958 646,750 622,064 Diluted 667,159 624,958 646,750 622,064"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-23-000096:q22023formxex993suppleme.htm#b10", "norm:0001801169:0001801169-23-000096:q22023formxex993suppleme.htm#b12"], "char_count": 3387, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "49dc658f7586e4e154e5f72bf8c20684feceea2212e36d58319b0dbfff9e0fbf", "derivation_id": "b688d5d3b68c18b431196055ef02d1e356c7d2ce2ce2566c83ec75d7411ebe6f", "document_id": "norm:0001801169:0001801169-23-000096:q22023formxex993suppleme.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2023-08-03", "filing_id": "sec:0001801169:0001801169-23-000096", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex993suppleme.htm", "block_sequence": 10, "char_end": 1442, "char_start": 0, "fragment_sha256": "be08ea7788da3e5887f667fce62a5b2fd5ebad6e4f4719742669049328925d97", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex993suppleme.htm", "block_sequence": 12, "char_end": 1943, "char_start": 0, "fragment_sha256": "9155bb0d2587493e198ae93000a080289e3bc0f423852c8cf1e1614cb3540b60", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000096:q22023formxex993suppleme.htm#p2", "passage_kind": "narrative", "passage_sequence": 2, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-08-03", "section_id": "norm:0001801169:0001801169-23-000096:q22023formxex993suppleme.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000096:q22023formxex993suppleme.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000096/q22023formxex993suppleme.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) June 30, 2023 December 31, 2022 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,120 $ 1,137 Restricted cash 1,684 654 Marketable securities 90 144 Escrow receivable 13 30 Real estate inventory, net 1,149 4,460 Other current assets ($0 and $1 carried at fair value) 37 41 Total current assets 4,093 6,466 PROPERTY AND EQUIPMENT – Net 62 58 RIGHT OF USE ASSETS 28 41 GOODWILL 4 4 INTANGIBLES – Net 9 12 OTHER ASSETS 27 27 TOTAL ASSETS $ 4,223 $ 6,608 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 65 $ 110 Non-recourse asset-backed debt - current portion 15 1,376 Interest payable 1 12 Lease liabilities - current portion 7 7 Total current liabilities 88 1,505 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 2,527 3,020 CONVERTIBLE SENIOR NOTES 501 959 LEASE LIABILITIES – Net of current portion 21 38 Total liabilities 3,137 5,522 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 657,337,566 and 637,387,025 shares issued, respectively; 657,337,566 and 637,387,025 shares outstanding, respectively — — Additional paid-in capital 4,224 4,148 Accumulated deficit (3,136) (3,058) Accumulated other comprehensive loss (2) (4) Total shareholders’ equity 1,086 1,086 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 4,223 $ 6,608\n\nOPENDOOR TECHNOLOGIES INC. 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NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Gross Profit (Loss) and Contribution (Loss) Profit to our Gross Profit (Loss) Three Months Ended (in millions, except percentages and homes sold, or as noted) June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 Gross profit (loss) (GAAP) $ 149 $ 170 $ 71 $ (425) $ 486 Gross Margin 7.5 % 5.4 % 2.5 % (12.6) % 11.6 % Adjustments: Inventory valuation adjustment – Current Period͏ (1)(2) 14 23 73 573 82 Inventory valuation adjustment – Prior Periods͏ (1)(3) (156) (295) (236) (38) (12) Adjusted Gross Profit (Loss) $ 7 $ (102) $ (92) $ 110 $ 556 Adjusted Gross Margin 0.4 % (3.3) % (3.2) % 3.3 % 13.2 % Adjustments: Direct selling costs (4) (58) (85) (78) (100) (100) Holding costs on sales – Current Period͏ (5)(6) (6) (13) (10) (14) (11) Holding costs on sales – Prior Periods͏ (5)(7) (33) (41) (27) (18) (23) Contribution (Loss) Profit $ (90) $ (241) $ (207) $ (22) $ 422 Homes sold in period 5,383 8,274 7,512 8,520 10,482 Contribution (Loss) Profit per Home Sold (in thousands) $ (17) $ (29) $ (28) $ (3) $ 40 Contribution Margin (4.6) % (7.7) % (7.2) % (0.7) % 10.1 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow- related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. 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(2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuring costs consist primarily of severance and employee termination benefits, relocation packages and bonuses as well as costs related to the exiting of certain non-cancelable leases. 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Emerging growth company \u2610 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. \u2610 PROfilePageNumberReset%Num%2%%%" + }, + { + "block_id": "norm:0001801169:0001140361-23-051162:ef20013906_8k.htm#b19", + "block_sequence": 19, + "block_sha256": "1d4f50666a5c064c4959ba062dda90cd6c5893fa56743cf242c2706b649e758c", + "block_type": "heading", + "char_count": 157, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-23-051162:ef20013906_8k.htm", + "block_sequence": 19, + "char_end": 157, + "char_start": 0, + "fragment_sha256": "494c2323a965f39f3d7348f8cc9c9e5372766b8c9b67d533f2e564059604b746", + "heading_path": [ + "N/A", + "Item 5.02. 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Prior to that, from April 2017 until December 2022, Ms. Hamilton was a Senior Managing Director and Head of Real Estate for Pretium, where she oversaw significant growth in Pretium\u2019s single-family rental investment business. Ms. Hamilton is also the co-founder of Ameriton LLC, a real estate investment company, and has served as its President since October 2014. Prior to founding Ameriton, from October 2013 to October 2014, she served as President and Chief Executive Officer, and trustee, of Borderplex Community Trust. Prior thereto, Ms. Hamilton spent 20 years at Archstone, one of the largest apartment companies in the US and Europe, until its sale to AvalonBay and Equity Residential in 2013, where she held numerous roles during her tenure, including President \u2013 Europe and Executive Vice-President \u2013 National Operations. 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Pursuant to the Policy, upon her appointment to the Board, Ms. Hamilton received a prorated Annual Grant of 52,777 RSUs on November 1, 2023." + }, + { + "block_id": "norm:0001801169:0001140361-23-051162:ef20013906_8k.htm#b24", + "block_sequence": 24, + "block_sha256": "44295c0de504babc0bd924aea11c28e2fce16651c8639a2c15cd80d7ed36a7d8", + "block_type": "heading", + "char_count": 24, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001140361-23-051162:ef20013906_8k.htm", + "block_sequence": 24, + "char_end": 24, + "char_start": 0, + "fragment_sha256": "f89db8ec3aeb244caacb1f73d6ab38d2bc61fc80d7921b37db14db30b4786d3c", + "heading_path": [ + "N/A", + "Item 8.01. Other Events." + ], + "table_index": null, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001140361-23-051162:ef20013906_8k.htm#s15", + "table": null, + "text": "Item 8.01. 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Ms. Hamilton was appointed as a Class I director for a term expiring at the Company’s 2024 annual meeting of stockholders. Ms. Hamilton was also appointed to the Audit Committee of the Board, effective immediately. Prior to joining us, from December 2022 to March 2023, Ms. Hamilton was a Senior Advisor to Pretium Partners LLC, an alternative investment manager specializing in US real estate and credit assets. Prior to that, from April 2017 until December 2022, Ms. Hamilton was a Senior Managing Director and Head of Real Estate for Pretium, where she oversaw significant growth in Pretium’s single-family rental investment business. Ms. Hamilton is also the co-founder of Ameriton LLC, a real estate investment company, and has served as its President since October 2014. Prior to founding Ameriton, from October 2013 to October 2014, she served as President and Chief Executive Officer, and trustee, of Borderplex Community Trust. Prior thereto, Ms. Hamilton spent 20 years at Archstone, one of the largest apartment companies in the US and Europe, until its sale to AvalonBay and Equity Residential in 2013, where she held numerous roles during her tenure, including President – Europe and Executive Vice-President – National Operations. Ms. Hamilton previously served as a director of Life Storage, Inc. until the company merged with Extra Space Storage Inc. in July 2023, and FelCor Lodging Trust Incorporated from April 2016 until September 2017, when the company was merged with RLJ Lodging Trust. Ms. Hamilton earned her B.A. in Public Policy from Stanford University and her M.B.A. in Real Estate and Finance from the Haas School of Business at the University of California, Berkeley. In connection with her appointment, Ms. Hamilton has entered into the Company’s standard form of indemnification agreement for directors and officers. Ms. Hamilton will be compensated as a member of the Board under the terms of the Company’s Non-Employee Director Compensation Policy (the “Policy”), which provides for (i) an annual cash retainer of (a) $50,000 for serving on the Board and (b) $10,000 for her service as a member of the Company’s Audit Committee and (ii) an annual grant, on the date of the Company’s annual meeting of stockholders, of RSUs for that number of shares of common stock equal to $200,000 divided by the Share Price, rounded to the nearest whole share (the “Annual Grant”) and that vests in a single installment on the earlier to occur of (a) the Company’s next annual meeting of stockholders or (b) the first anniversary of the date of grant of the Annual Grant, subject to the director’s continued service on the Board through such vesting date. Pursuant to the Policy, upon her appointment to the Board, Ms. Hamilton received a prorated Annual Grant of 52,777 RSUs on November 1, 2023."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001140361-23-051162:ef20013906_8k.htm#b25"], "char_count": 212, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5dfc060f821f652157444af8ead620ec703f28acd8fdd1da92da07bdf4681499", "derivation_id": "9ef5f5a789f930371b496a4cda89fe8b82becaf4cd9c73a9d3e1e77dd520dd05", "document_id": "norm:0001801169:0001140361-23-051162:ef20013906_8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001140361-23-051162", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 8.01. 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A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by this reference."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001140361-23-051162:ef20013906_8k.htm#b27"], "char_count": 107, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "803f670db9da8f8669771a3bbb41df8c0e578466ff77a21e446742c7b3729332", "derivation_id": "9ef5f5a789f930371b496a4cda89fe8b82becaf4cd9c73a9d3e1e77dd520dd05", "document_id": "norm:0001801169:0001140361-23-051162:ef20013906_8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001140361-23-051162", "flags": ["short_passage"], "form": "8-K", "heading_path": ["N/A", "Item 9.01. 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Opendoor Technologies Inc. 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(\u201cOpendoor\u201d) (Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today announced Dana Hamilton has been appointed to the Opendoor Board of Directors, effective immediately. Ms. Hamilton will serve on the Board\u2019s Audit Committee. \u201cWe are pleased to welcome a leader of Dana\u2019s caliber to our Board,\u201d said Carrie Wheeler, Opendoor CEO and Board Director. \u201cDana\u2019s three decades of real estate experience and significant financial, transactional and asset management knowledge across multiple real estate verticals will help propel our vision for Opendoor and the future of home buying and selling. We look forward to benefiting from her deep expertise as we continue our focus on reinventing the consumer real estate experience and delivering value for our shareholders.\u201d \u201cI\u2019m honored to join the Opendoor team,\u201d said Ms. Hamilton. \u201cI have long admired Opendoor\u2019s leadership and innovation in residential real estate. They are solving long-standing pain points for consumers by modernizing the process of buying and selling a home. I look forward to working with the rest of the Board and management team, and building upon Opendoor\u2019s continued momentum.\u201d Ms. Hamilton brings over 30 years of experience in building and managing successful real estate companies in the U.S. and Europe. She previously served as Senior Managing Director and Head of Real Estate at Pretium Partners LLC, an alternative investment manager specializing in over $50 billion in U.S. real estate and credit assets. While at Pretium, she oversaw significant growth of the firm\u2019s single-family rental investment business. Ms. Hamilton also spent 20 years at Archstone, one of the largest apartment companies in the U.S. and Europe, until its sale to AvalonBay and Equity Residential in 2013, where she held numerous roles during her tenure, including President \u2013 Europe and Executive Vice-President \u2013 National Operations. Additionally, on October 31, 2023, Jonathan Jaffe provided a written notice to the Board of his intent to resign from the Board, effective as of December 31, 2023. Following this resignation and appointment of Ms. Hamilton, the Board will comprise nine directors, seven of whom are independent. Ms. Wheeler added, \u201cOn behalf of the entire Board, I thank Jon for his many valuable contributions to Opendoor during the past five years. 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2023 Broadridge Exhibit 99.1 Dana Hamilton joins Opendoor Board of Directors SAN FRANCISCO, NOVEMBER 2, 2023 – Opendoor Technologies Inc. (“Opendoor”) (Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today announced Dana Hamilton has been appointed to the Opendoor Board of Directors, effective immediately. Ms. Hamilton will serve on the Board’s Audit Committee. “We are pleased to welcome a leader of Dana’s caliber to our Board,” said Carrie Wheeler, Opendoor CEO and Board Director. “Dana’s three decades of real estate experience and significant financial, transactional and asset management knowledge across multiple real estate verticals will help propel our vision for Opendoor and the future of home buying and selling. We look forward to benefiting from her deep expertise as we continue our focus on reinventing the consumer real estate experience and delivering value for our shareholders.” “I’m honored to join the Opendoor team,” said Ms. Hamilton. “I have long admired Opendoor’s leadership and innovation in residential real estate. They are solving long-standing pain points for consumers by modernizing the process of buying and selling a home. I look forward to working with the rest of the Board and management team, and building upon Opendoor’s continued momentum.” Ms. Hamilton brings over 30 years of experience in building and managing successful real estate companies in the U.S. and Europe. She previously served as Senior Managing Director and Head of Real Estate at Pretium Partners LLC, an alternative investment manager specializing in over $50 billion in U.S. real estate and credit assets. While at Pretium, she oversaw significant growth of the firm’s single-family rental investment business. Ms. Hamilton also spent 20 years at Archstone, one of the largest apartment companies in the U.S. and Europe, until its sale to AvalonBay and Equity Residential in 2013, where she held numerous roles during her tenure, including President – Europe and Executive Vice-President – National Operations. Additionally, on October 31, 2023, Jonathan Jaffe provided a written notice to the Board of his intent to resign from the Board, effective as of December 31, 2023. Following this resignation and appointment of Ms. Hamilton, the Board will comprise nine directors, seven of whom are independent. Ms. Wheeler added, “On behalf of the entire Board, I thank Jon for his many valuable contributions to Opendoor during the past five years. Jon played an integral role in establishing our relationship with Lennar, which is and will continue to be one of our most long-standing and valued partnerships. His insights and guidance have helped enable our growth and success in building a leading platform for people to buy and sell a home with simplicity and certainty.” About Opendoor Opendoor’s mission is to power life’s progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple and certain way to buy and sell a home. Opendoor currently operates in markets nationwide. For more information, please visit www.opendoor.com. 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"norm:0001801169:0001801169-23-000137:open-20231102.htm#b28", "text": "| | | |\n| --- | --- | --- |\n| Exhibit No. | | Description |\n| | | |\n| 99.1 | | Press Release issued by Opendoor Technologies Inc. on November 2, 2023 |\n| 99.2 | | Shareholder Letter issued by Opendoor Technologies Inc. on November 2, 2023 |\n| 99.3 | | Supplement entitled “Financial Supplement” issued by Opendoor Technologies Inc. on November 2, 2023 |\n| 104 | | Cover Page Interactive Data File (Cover page XBRL tags are embedded within the Inline XBRL document) |"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-23-000137:open-20231102.htm#b31"], "char_count": 324, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e96565f22c584e1f62d05aef0fb877d877dba5420dbe3e415baefbe653da6197", "derivation_id": "3671e0f811c12f78e2deeac43ecb3728a7953ccefbe1beb4f4019be72051eb7f", "document_id": "norm:0001801169:0001801169-23-000137:open-20231102.htm", 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Opendoor Technologies Inc. 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(Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported financial results for its quarter ended September 30, 2023. Opendoor\u2019s third quarter of 2023 financial results and management commentary can be accessed through the Company\u2019s shareholder letter on the \u201cQuarterly Reports\u201d page of Opendoor\u2019s investor relations website at https://investor.opendoor.com. \u201cOur third quarter results were in-line or ahead of our prior guidance driven by our continued focus on delivering operational excellence through pricing improvements, cost savings, and risk management. The third quarter also marked our return to positive contribution margin. These results demonstrate our continued strong execution and market share gains in what remains an uncertain U.S. housing market. With an improved cost structure, strong balance sheet, and scaled customer acquisition channels, we believe we have laid the foundation to emerge from this cycle more resilient and well-positioned for continued share gains and long-term profitability,\u201d said Carrie Wheeler, CEO of Opendoor. Wheeler continued, \u201cAs the market leading platform that is leveraging technology to transform and simplify the way people buy and sell their home, we have a significant opportunity ahead of us and remain steadfast in our mission to power life\u2019s progress, one move at a time.\u201d" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b8", + "block_sequence": 8, + "block_sha256": "0bce6800deee2f4f3a496bc614f00f1103aa00d9e278428f7801697f2180ee99", + "block_type": "heading", + "char_count": 33, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", + "block_sequence": 8, + "char_end": 33, + "char_start": 0, + "fragment_sha256": "825632a310f92a49f1c9efea88829a3eae1eed7a1a30835e2191741d46b7b15a", + "heading_path": [ + "EX-99.1", + "Third Quarter 2023 Key Highlights" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s5", + "table": null, + "text": "Third Quarter 2023 Key Highlights" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b9", + "block_sequence": 9, + "block_sha256": "519b22fd386d6133bc49adb9305805259766a943658b2749c512c2dc4bb19f49", + "block_type": "paragraph", + "char_count": 1012, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", + "block_sequence": 9, + "char_end": 1012, + "char_start": 0, + "fragment_sha256": "9d24717a209cd0f92f146d9d7924a3046a734274d1687a6f233f409f1c412c32", + "heading_path": [ + "EX-99.1", + "Third Quarter 2023 Key Highlights" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s5", + "table": null, + "text": "\u2022Revenue of $980 million, down (71)% versus 3Q22 and down (50)% versus 2Q23; with 2,687 total homes sold, down (68)% versus 3Q22 and down (50)% versus 2Q23 \u2022Gross profit (loss) of $96 million, versus $(425) million in 3Q22 and $149 million in 2Q23; Gross Margin of 9.8%, versus (12.6)% in 3Q22 and 7.5% in 2Q23 \u2022Net (loss) income of $(106) million, versus $(928) million in 3Q22 and $23 million in 2Q23 \u2022Adjusted Net Loss of $(75) million, versus $(328) million in 3Q22 and $(197) million in 2Q23 \u2022Contribution Profit (Loss) of $43 million, versus $(22) million in 3Q22 and $(90) million in 2Q23; Contribution Margin of 4.4%, versus (0.7)% in 3Q22 and (4.6)% in 2Q23 \u2022Adjusted EBITDA of $(49) million, versus $(211) million in 3Q22 and $(168) million in 2Q23; Adjusted EBITDA Margin of (5.0)%, versus (6.3)% in 3Q22 and (8.5)% in 2Q23 \u2022Inventory balance of $1.3 billion, representing 4,007 homes, down (78)% versus 3Q22 and up 14% versus 2Q23 \u2022Purchased 3,136 homes, down (63)% versus 3Q22 and up 17% versus 2Q23" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b10", + "block_sequence": 10, + "block_sha256": "9d1df1403717a7d49f10d754f2131af757d344cfcb3151458c2fe1546b64b53a", + "block_type": "heading", + "char_count": 22, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", + "block_sequence": 10, + "char_end": 22, + "char_start": 0, + "fragment_sha256": "6adc6994a4c83c5ac8c52cf950f4579f1943553a4599fc9e5deb9c2068f8b7d6", + "heading_path": [ + "EX-99.1", + "2023 Financial Outlook" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s6", + "table": null, + "text": "2023 Financial Outlook" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b11", + "block_sequence": 11, + "block_sha256": "ebe5d8aa4202ad06477d7f145caffcf4b6bb4d45f4bbc6f7b52dede6bc3baba1", + "block_type": "paragraph", + "char_count": 187, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", + "block_sequence": 11, + "char_end": 187, + "char_start": 0, + "fragment_sha256": "e7cf8a226684409673fe6aba49c5724514a7217fa01aab0c95733341135d7a27", + "heading_path": [ + "EX-99.1", + "2023 Financial Outlook" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s6", + "table": null, + "text": "\u20224Q23 revenue guidance of $800 million to $850 million \u20224Q23 Contribution Profit1 guidance of $15 million to $25 million \u20224Q23 Adjusted EBITDA1 guidance of $(105) million to $(95) million" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b12", + "block_sequence": 12, + "block_sha256": "a6d5472b2970d188397362cbeb120c141dfa00ea685622341f4da2accca23ec9", + "block_type": "heading", + "char_count": 35, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", + "block_sequence": 12, + "char_end": 35, + "char_start": 0, + "fragment_sha256": "8f4803ade21027cea3732425b5d91aff522b9219c7b3a8bb471d178586335c09", + "heading_path": [ + "EX-99.1", + "2023 Financial Outlook", + "Conference Call and Webcast Details" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s7", + "table": null, + "text": "Conference Call and Webcast Details" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b13", + "block_sequence": 13, + "block_sha256": "a9a9934f6d51565f66797bea26a2706f1823edc0ebb4aeefdea0b6b3fbd758c8", + "block_type": "paragraph", + "char_count": 328, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", + "block_sequence": 13, + "char_end": 328, + "char_start": 0, + "fragment_sha256": "b202b7ab0fe936ca94e73cbebde47d26d10b465ed85362ed9b95aed6a11e3d13", + "heading_path": [ + "EX-99.1", + "2023 Financial Outlook", + "Conference Call and Webcast Details" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s7", + "table": null, + "text": "Opendoor will host a conference call to discuss its financial results on November 2, 2023, at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call." + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b14", + "block_sequence": 14, + "block_sha256": "bee3b0c71ab4d6d3fe30831f8a6898f49de6dcbb44cd92a09d86856b2468a886", + "block_type": "heading", + "char_count": 14, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", + "block_sequence": 14, + "char_end": 14, + "char_start": 0, + "fragment_sha256": "920fab729a6a3043d5c186fc3b8f7fe487f8806437d22467636912f884c0f8cd", + "heading_path": [ + "EX-99.1", + "2023 Financial Outlook", + "Conference Call and Webcast Details", + "About Opendoor" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s8", + "table": null, + "text": "About Opendoor" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b15", + "block_sequence": 15, + "block_sha256": "623668265a7841242a2cb6a5fbfe03f84c015d16f6625f8dde6f6ff152a9d25a", + "block_type": "paragraph", + "char_count": 289, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", + "block_sequence": 15, + "char_end": 289, + "char_start": 0, + "fragment_sha256": "a35402b5dc9cd743e5333452331849cc5055cab378abf4911d831f86dceda9cc", + "heading_path": [ + "EX-99.1", + "2023 Financial Outlook", + "Conference Call and Webcast Details", + "About Opendoor" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s8", + "table": null, + "text": "Opendoor\u2019s mission is to power life\u2019s progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple way to buy and sell a home. Opendoor currently operates in a growing number of markets nationwide. For more information, please visit www.opendoor.com" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b16", + "block_sequence": 16, + "block_sha256": "1d8469bf9c663edb3c938b337e8eb7b6386c9f6dc8633427fe813d5f0ad02182", + "block_type": "heading", + "char_count": 26, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", + "block_sequence": 16, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "1c1b2c1ff491441a71c1994c5ace986494b37cd4881e2f3417345dd8ad104d6e", + "heading_path": [ + "EX-99.1", + "2023 Financial Outlook", + "Conference Call and Webcast Details", + "Forward Looking Statements" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s9", + "table": null, + "text": "Forward Looking Statements" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b17", + "block_sequence": 17, + "block_sha256": "60445dfba3aa13da4f0aa7c63d1a491c55cc1b039d5c3565bc0a5035f5d6144f", + "block_type": "paragraph", + "char_count": 6716, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", + "block_sequence": 17, + "char_end": 6716, + "char_start": 0, + "fragment_sha256": "b8c88c44cfb79086108bc6b8384727baab6dd936758212dfa588ec008f2c2d57", + "heading_path": [ + "EX-99.1", + "2023 Financial Outlook", + "Conference Call and Webcast Details", + "Forward Looking Statements" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s9", + "table": null, + "text": "This press release contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the health of our financial condition; anticipated future results of operations and financial performance; priorities of the Company to achieve future goals; the Company\u2019s ability to continue to effectively navigate the markets in which it operates; anticipated future and ongoing impacts of our acquisitions and other business decisions; health of our balance sheet to weather ongoing market transitions; the Company\u2019s ability to adopt an effective approach to manage economic and industry risk, as well as inventory health; business strategy and plans, including any plans to expand into additional markets, market opportunity and expansion and objectives of management for future operations, including our statements regarding the benefits and timing of the roll out of new markets, products or technology; and the expected diversification of funding sources. These forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cguidance\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201coutlook\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cvision\u201d, \u201cwill\u201d, or \u201cwould\u201d, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ 1 Opendoor has not provided a quantitative reconciliation of forecasted Contribution profit (loss) to forecasted GAAP gross profit (loss) nor a reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss) and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company\u2019s control. For more information regarding the non-GAAP financial measures discussed in this press release, please see \u201cUse of Non-GAAP Financial Measures\u201d following the financial tables below. materially from the forward-looking statements in this press release include but are not limited to: the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturn or slowdown; changes in general economic and financial conditions (including federal monetary policy, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory) that may reduce demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; any future impact of the ongoing COVID-19 pandemic (including future variants) or other public health crises on our ability to operate, demand for our products or services, or general economic conditions; addition or loss of a significant number of customers; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; ability to protect our brand and intellectual property; ability to obtain or maintain licenses and permits to support our current and future business operations; ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our technology platform, including our automated pricing and valuation technology; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; the impact of natural disasters and other catastrophic events; changes in laws or government regulation affecting our business; and the impact of pending or future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \u201cRisk Factors\u201d in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 23, 2023, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. 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"text": " | | September 30, 2023 | | December 31, 2022 | | | | \nASSETS | | | | | | | | \nCURRENT ASSETS: | | | | | | | | \nCash and cash equivalents | | $ | 1,154 | | | $ | 1,137 | \nRestricted cash | | 1,224 | | | 654 | | | \nMarketable securities | | 72 | | | 144 | | | \nEscrow receivable | | 11 | | | 30 | | | \n | | | | | | | | \nReal estate inventory, net | | 1,311 | | | 4,460 | | | \nOther current assets ($0 and $1 carried at fair value) | | 47 | | | 41 | | | \nTotal current assets | | 3,819 | | | 6,466 | | | \nPROPERTY AND EQUIPMENT \u2013 Net | | 68 | | | 58 | | | \nRIGHT OF USE ASSETS | | 27 | | | 41 | | | \nGOODWILL | | 4 | | | 4 | | | \nINTANGIBLES \u2013 Net | | 7 | | | 12 | | | \nOTHER ASSETS | | 22 | | | 27 | | | \nTOTAL ASSETS | | $ | 3,947 | | | $ | 6,608 | \nLIABILITIES AND SHAREHOLDERS\u2019 EQUITY | | | | | | | | \nCURRENT LIABILITIES: | | | | | | | | \nAccounts payable and other accrued liabilities | | $ | 67 | | | $ | 110 | \nNon-recourse asset-backed debt - current portion | | \u2014 | | | 1,376 | | | \n | | | | | | | | \n | | | | | | | | \n | | | | | | | | \nInterest payable | | 1 | | | 12 | | | \nLease liabilities - current portion | | 6 | | | 7 | | | \nTotal current liabilities | | 74 | | | 1,505 | | | \nNON-RECOURSE ASSET-BACKED DEBT \u2013 Net of current portion | | 2,330 | | | 3,020 | | | \nCONVERTIBLE SENIOR NOTES | | 502 | | | 959 | | | \n | | | | | | | | \nLEASE LIABILITIES \u2013 Net of current portion | | 20 | | | 38 | | | \nOTHER LIABILITIES | | 1 | | | \u2014 | | | \nTotal liabilities | | 2,927 | | | 5,522 | | | \n | | | | | | | | \n | | | | | | | | \n | | | | | | | | \n | | | | | | | | \n | | | | | | | | \n | | | | | | | | \n | | | | | | | | \n | | | | | | | | \nSHAREHOLDERS\u2019 EQUITY: | | | | | | | | \nCommon stock, $0.0001 par value; 3,000,000,000 shares authorized; 668,592,580 and 637,387,025 shares issued, respectively; 668,592,580 and 637,387,025 shares outstanding, respectively | | \u2014 | | | \u2014 | | | 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collections of mortgage loans held for sale | 1 | | | 128 | | | |\n| Gain on extinguishment of debt | (182) | | | \u2014 | | | |\n| Changes in operating assets and liabilities: | | | | | | | |\n| Escrow receivable | 19 | | | (70) | | | |\n| Real estate inventory | 3,082 | | | (663) | | | |\n| Other assets | (15) | | | \u2014 | | | |\n| Accounts payable and other accrued liabilities | (29) | | | 73 | | | |\n| Interest payable | (10) | | | 4 | | | |\n| Lease liabilities | (9) | | | (6) | | | |\n| Net cash provided by (used in) operating activities | 2,886 | | | (665) | | | |\n| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | |\n| Purchase of property and equipment | (28) | | | (33) | | | |\n| | | | | | | | |\n| Purchase of marketable securities | \u2014 | | | (28) | | | |\n| Proceeds from sales, maturities, redemptions and paydowns of marketable securities | 75 | | | 293 | | | |\n| Purchase of non-marketable equity securities | \u2014 | | | (25) | | | |\n| Proceeds from sale of non-marketable equity securities | 1 | | | 3 | | | |\n| Capital returns of non-marketable equity securities | \u2014 | | | 3 | | | |\n| Acquisitions, net of cash acquired | \u2014 | | | (3) | | | |\n| Net cash provided by investing activities | 48 | | | 210 | | | |\n| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Repurchase of convertible senior notes | (270) | | | \u2014 | | | |\n| | | | | | | | |\n| Proceeds from exercise of stock options | 2 | | | 4 | | | |\n| Proceeds from issuance of common stock for ESPP | 2 | | | 2 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from non-recourse asset-backed debt | 238 | | | 9,160 | | | |\n| Principal payments on non-recourse asset-backed debt | (2,315) | | | (8,179) | | | |\n| Proceeds from other secured borrowings | \u2014 | | | 114 | 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\nNET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 587 | | | 501 | | | \nCASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 Beginning of period | 1,791 | | | 2,578 | | | \nCASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 End of period | $ | 2,378 | | | $ | 3,079 | \nSUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION \u2013 Cash paid during the period for interest | $ | 169 | | | $ | 248 | \nDISCLOSURES OF NONCASH ACTIVITIES: | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \nStock-based compensation expense capitalized for internally developed software | $ | 17 | | | $ | 13 | \n | | | | | | | \nRECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: | | | | | | | \nCash and cash equivalents | $ | 1,154 | | | $ | 1,327 | \nRestricted cash | 1,224 | | | 1,752 | | | \nCash, cash equivalents, and restricted cash | $ | 2,378 | | | $ | 3,079 | " + }, + { + "block_id": 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The Company believes these non-GAAP financial measures including Adjusted Gross Profit (Loss), Contribution Profit (Loss), Adjusted Net Loss, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results." + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b45", + "block_sequence": 45, + "block_sha256": "6c96b44255eb532f553bee515107dc9732bacfe39728b4b1790e3d0fc9ef7445", + "block_type": "heading", + "char_count": 59, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", + "block_sequence": 45, + "char_end": 59, + "char_start": 0, + "fragment_sha256": "ef99143ea4377a43b53a0c3a16fae140a638f8d95bcebc4d8096b326cfce2617", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s18", + "table": null, + "text": "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b46", + "block_sequence": 46, + "block_sha256": "3a585dd7ad451c82a8f99529f62cad60a5e10a53df737bf76de80c4c9f8ca2e0", + "block_type": "paragraph", + "char_count": 1786, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", + "block_sequence": 46, + "char_end": 1786, + "char_start": 0, + "fragment_sha256": "00ea47187c50825e8da15b20bf9e5d18cfb66d31a3f24a723a45c344611e2032", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s18", + "table": null, + "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit (Loss) and Contribution Profit (Loss), which are non-GAAP financial measures. We believe that Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit (Loss) provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit (loss)." + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b47", + "block_sequence": 47, + "block_sha256": "aa2c104275b1e2d71ee4d2a4b524835cf35e0b5c7ba24c35bb7d198132a3a36a", + "block_type": "heading", + "char_count": 37, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", + "block_sequence": 47, + "char_end": 37, + "char_start": 0, + "fragment_sha256": "19cff3a2715bc1902e26881a91ac5e024acdea861b5971f629bd6e07ce0975e9", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s19", + "table": null, + "text": "Adjusted Gross Profit (Loss) / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b48", + "block_sequence": 48, + "block_sha256": "97f2b700d544adc28fc9091d3f4cf36768685721f410d917fedba80b7da70496", + "block_type": "paragraph", + "char_count": 997, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", + "block_sequence": 48, + "char_end": 997, + "char_start": 0, + "fragment_sha256": "19f4a0207c01620d2fd0d1b17a896adcf772df99dc1551b16b86380d187e2e4f", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s19", + "table": null, + "text": "We calculate Adjusted Gross Profit (Loss) as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit (Loss) helps management assess home pricing, service fees and renovation performance for a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b49", + "block_sequence": 49, + "block_sha256": "3c9261d497c08c54862c1d93dcef265e24e035674c6bdad752d75e665effba7d", + "block_type": "heading", + "char_count": 35, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", + "block_sequence": 49, + "char_end": 35, + "char_start": 0, + "fragment_sha256": "f3a65d065f6c43cacd06f7cdadb6433c87027c7ea27d84c32f00d5a5c9715288", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Contribution Profit (Loss) / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s20", + "table": null, + "text": "Contribution Profit (Loss) / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b50", + "block_sequence": 50, + "block_sha256": "9d10503bd5e83fe3b32832c6fa07cff8ee6e86308078a6695cb56de249426319", + "block_type": "paragraph", + "char_count": 784, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", + "block_sequence": 50, + "char_end": 784, + "char_start": 0, + "fragment_sha256": "34e4f21e7c28478bfda95d94f1c4be13815675f3954034f744f1915fa24fffa0", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Contribution Profit (Loss) / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s20", + "table": null, + "text": "We calculate Contribution Profit (Loss) as Adjusted Gross Profit (Loss), minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit (Loss) helps management assess inflows and outflows directly associated with a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b51", + "block_sequence": 51, + "block_sha256": "7460ff5afa74595bed1ed49c4ec349f88984782302cbab9cee3bae99ec2b46cd", + "block_type": "page_header", + "char_count": 26, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", + "block_sequence": 51, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "b8b8062826f34c01775f668e5b2cc75d457b8d2c8832287c6f571c29eac5c67b", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Contribution Profit (Loss) / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s20", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC." + }, + { + "block_id": 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"block_type": "paragraph", + "char_count": 11, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", + "block_sequence": 54, + "char_end": 11, + "char_start": 0, + "fragment_sha256": "2a7680d26ab0fd2298dd52fd36b9d301e5103004cef230dbf5fbd1eabb314fa8", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Contribution Profit (Loss) / Margin", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s21", + "table": null, + "text": "(Unaudited)" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b55", + "block_sequence": 55, + "block_sha256": "3f1551da12c288b149e785ad8e6420b45fe75e709325b238192e388fb646d4b8", + "block_type": "paragraph", + "char_count": 219, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", + "block_sequence": 55, + "char_end": 219, + "char_start": 0, + "fragment_sha256": "e6861f0aa54c66ac905740db531f295e949b58f1a8ac93a661a0cf18f702a852", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Contribution Profit (Loss) / Margin", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s21", + "table": null, + "text": "The following table presents a reconciliation of our Adjusted Gross Profit (Loss) and Contribution Profit (Loss) to our gross profit (loss), which is the most directly comparable GAAP measure, for the periods indicated:" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b56", + "block_sequence": 56, + "block_sha256": "403d413a0ad3af81e60323a9aa7aa340586a4e461a050e7658b10179cbeb10bd", + "block_type": "table", + "char_count": 2571, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", + "block_sequence": 56, + "char_end": 2571, + "char_start": 0, + "fragment_sha256": "94388c1829c4b1fb4a915871f12124c6e36e7e8c0e7ccb0fdfe0e88f9cbf545d", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Contribution Profit (Loss) / Margin", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": 4, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s21", + "table": { + "caption": null, + "flags": [ + "wide_table" + ], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.95, + "markdown": "| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended | | Nine Months Ended September 30, | | | | | | | | | | | | | | | | | | | | | | | | |\n| (in millions, except percentages and homes sold, or as noted) | | September 30, 2023 | | June 30, 2023 | | March 31, 2023 | | December 31, 2022 | | September 30, 2022 | | 2023 | | 2022 | | | | | | | | | | | | | | |\n| Gross profit (loss) (GAAP) | | $ | 96 | | | $ | 149 | | | $ | 170 | | | $ | 71 | | | $ | (425) | | | $ | 415 | | | $ | 596 | |\n| Gross Margin | | 9.8 | % | | 7.5 | % | | 5.4 | % | | 2.5 | % | | (12.6) | % | | 6.8 | % | | 4.7 | % | | | | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Inventory valuation adjustment \u2013 Current Period(1)(2) | | 17 | | | 14 | | | 23 | | | 73 | | | 573 | | | 24 | | | 620 | | | | | | | | |\n| Inventory valuation adjustment \u2013 Prior Periods(1)(3) | | (29) | | | (156) | | | (295) | | | (236) | | | (38) | | | (450) | | | (38) | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Adjusted Gross Profit (Loss) | | $ | 84 | | | $ | 7 | | | $ | (102) | | | $ | (92) | | | $ | 110 | | | $ | (11) | | | $ | 1,178 | |\n| Adjusted Gross Margin | | 8.6 | % | | 0.4 | % | | (3.3) | % | | (3.2) | % | | 3.3 | % | | (0.2) | % | | 9.3 | % | | | | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Direct selling costs(4) | | (28) | | | (58) | | | (85) | | | (78) | | | (100) | | | (171) | | | (336) | | | | | | | | |\n| Holding costs on sales \u2013 Current Period(5)(6) | | (4) | | | (6) | | | (13) | | | (10) | | | (14) | | | (41) | | | (73) | | | | | | | | |\n| Holding costs on sales \u2013 Prior Periods(5)(7) | | (9) | | | (33) | | | (41) | | | (27) | | | (18) | | | (65) | | | (37) | | | | | | | | |\n| Contribution Profit (Loss) | | $ | 43 | | | $ | (90) | | | $ | (241) | | | $ | (207) | | | $ | (22) | | | $ | (288) | | | $ | 732 | |\n| Homes sold in period | | 2,687 | | | 5,383 | | | 8,274 | | | 7,512 | | | 8,520 | | | 16,344 | | | 31,671 | | | | | | | | |\n| Contribution Profit (Loss) per Home Sold (in thousands) | | $ | 16 | | | $ | (17) | | | $ | (29) | | | $ | (28) | | | $ | (3) | | | $ | (18) | | | $ | 23 | |\n| Contribution Margin | | 4.4 | % | | (4.6) | % | | (7.7) | % | | (7.2) | % | | (0.7) | % | | (4.7) | % | | 5.8 | % | | | | | | | |", + "n_cols": 29, + "n_rows": 18, + "plain_text": " | | Three Months Ended | | Nine Months Ended September 30, | | | | | | | | | | | | | | | | | | | | | | | | \n(in millions, except percentages and homes sold, or as noted) | | September 30, 2023 | | June 30, 2023 | | March 31, 2023 | | December 31, 2022 | | September 30, 2022 | | 2023 | | 2022 | | | | | | | | | | | | | | \nGross profit (loss) (GAAP) | | $ | 96 | | | $ | 149 | | | $ | 170 | | | $ | 71 | | | $ | (425) | | | $ | 415 | | | $ | 596 | \nGross Margin | | 9.8 | % | | 7.5 | % | | 5.4 | % | | 2.5 | % | | (12.6) | % | | 6.8 | % | | 4.7 | % | | | | | | | \nAdjustments: | | | | | | | | | | | | | | | | | | | | | | 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GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s21", + "table": null, + "text": "________________" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b58", + "block_sequence": 58, + "block_sha256": "211ba6f2660ac980adfb7cfda1a5cd3d738824ffb95c0fb434bb18fff2f3ecf1", + "block_type": "paragraph", + "char_count": 1141, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", + "block_sequence": 58, + "char_end": 1141, + "char_start": 0, + "fragment_sha256": "ce88b8aac746f34d55660daab329c6ba1c14a78be0074e39afe53bfa66f95905", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Contribution Profit (Loss) / Margin", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s21", + "table": null, + "text": "(1)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2)Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3)Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5)Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented." + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b59", + "block_sequence": 59, + "block_sha256": "37935488b247cdf343c0c8144ff521e96ad9f18f66bbb30d6e7419e323a258dd", + "block_type": "heading", + "char_count": 37, + "level": 8, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", + "block_sequence": 59, + "char_end": 37, + "char_start": 0, + "fragment_sha256": "a34f0fa36b4a64dc2e88e4f29b646c75e81b6238c2f3a7ba70bd93dfd5171121", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s22", + "table": null, + "text": "Adjusted Net Loss and Adjusted EBITDA" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b60", + "block_sequence": 60, + "block_sha256": "3c786dc3c05c49816d557ff6e0fae507a0bd5e02acb71c6d88ceb60970fa6c4c", + "block_type": "paragraph", + "char_count": 1571, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", + "block_sequence": 60, + "char_end": 1571, + "char_start": 0, + "fragment_sha256": "3cc18865df16dc5f0e4dad39fae7b5a47dce3df3faa3370f3d383208093576e3", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s22", + "table": null, + "text": "We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net (loss) income." + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b61", + "block_sequence": 61, + "block_sha256": "236a9f2403017a5277b663ccb31ec43d8c2bfa477b0ef7a6739ae4ae9f4de383", + "block_type": "heading", + "char_count": 17, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", + "block_sequence": 61, + "char_end": 17, + "char_start": 0, + "fragment_sha256": "b8fea0efbc2ee5e70631f015f99f4bc0284f100f8a60109c90d8e6632c07df6a", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s23", + "table": null, + "text": "Adjusted Net Loss" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b62", + "block_sequence": 62, + "block_sha256": "519fd699ebaa976e5f77bce85df0ca82fcb11975c3fc7f22a98d6119ba3c2ffe", + "block_type": "paragraph", + "char_count": 1087, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", + "block_sequence": 62, + "char_end": 1087, + "char_start": 0, + "fragment_sha256": "80bb59bd87cee8e01acd1de9775847fc28f7e976adaac9d509e1f77c18d1719d", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s23", + "table": null, + "text": "We calculate Adjusted Net Loss as GAAP net (loss) income adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring and legal contingency accruals. It excludes (gain) loss on extinguishment of debt as these expenses were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date." + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b63", + "block_sequence": 63, + "block_sha256": "773660f28ede02e28c7f61ddeb64a36beccffd99caee7e409b39dd9eb04f06b9", + "block_type": "heading", + "char_count": 15, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", + "block_sequence": 63, + "char_end": 15, + "char_start": 0, + "fragment_sha256": "9fb6e786e171bef58f47377e0b4f8eaa5be01cdfc8cecba9c6c1035fd236de44", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s24", + "table": null, + "text": "Adjusted EBITDA" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b64", + "block_sequence": 64, + "block_sha256": "377d60846f7de9d68ba2b17cbd8162f192bcbd82021840df54897ada9f9eaa2c", + "block_type": "paragraph", + "char_count": 537, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", + "block_sequence": 64, + "char_end": 537, + "char_start": 0, + "fragment_sha256": "3afce668314e8e7b86e4a66a122fd8e6c7eed8f00165c24e1e51b3e4c38d1d68", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s24", + "table": null, + "text": "We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. The following table presents a reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our net (loss) income, which is the most directly comparable GAAP measure, for the periods indicated:" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b65", + "block_sequence": 65, + "block_sha256": "4d51e8cc3ad2be1ded9d9a14549284c499093027944214e3fd82fd7544dacf51", + "block_type": "table", + "char_count": 3414, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", + "block_sequence": 65, + "char_end": 3414, + "char_start": 0, + "fragment_sha256": "c68feb005700d4ed98f7fe67039fac0f0a6f09bd099e29598a50b3f8698bd0f7", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted EBITDA" + ], + "table_index": 5, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s24", + "table": { + "caption": null, + 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adjustment(1) | | 11 | | | (6) | | | (1) | | | (1) | | | 11 | | | 4 | | | 36 | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Intangibles amortization expense(2) | | 2 | | | 1 | | | 2 | | | 2 | | | 2 | | | 5 | | | 7 | | | | | | | | |\n| Inventory valuation adjustment \u2013 Current Period(3)(4) | | 17 | | | 14 | | | 23 | | | 73 | | | 573 | | | 24 | | | 620 | | | | | | | | |\n| Inventory valuation adjustment \u2014 Prior Periods(3)(5) | | (29) | | | (156) | | | (295) | | | (236) | | | (38) | | | (450) | | | (38) | | | | | | | | |\n| Restructuring(6) | | \u2014 | | | 10 | | | \u2014 | | | 17 | | | \u2014 | | | 10 | | | \u2014 | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| (Gain) loss on extinguishment of debt | | \u2014 | | | (104) | | | (78) | | | 25 | | | \u2014 | | | (182) | | | \u2014 | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Goodwill impairment | | \u2014 | | | \u2014 | | | \u2014 | | | 60 | | | \u2014 | | | \u2014 | | | \u2014 | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Legal contingency accrual and related expenses | | \u2014 | | | \u2014 | | | \u2014 | | | 1 | | | \u2014 | | | \u2014 | | | 45 | | | | | | | | |\n| Other(7) | | (1) | | | \u2014 | | | (1) | | | (2) | | | \u2014 | | | (2) | | | (1) | | | | | | | | |\n| Adjusted Net Loss | | $ | (75) | | | $ | (197) | | | $ | (409) | | | $ | (467) | | | $ | (328) | | | $ | (681) | | | $ | (107) | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Depreciation and amortization, excluding amortization of intangibles | | 9 | | | 9 | | | 12 | | | 12 | | | 8 | | | 30 | | | 29 | | | | | | | | |\n| Property financing(8) | | 38 | | | 44 | | | 60 | | | 93 | | | 102 | | | 142 | | | 236 | | | | | | | | |\n| Other interest expense(9) | | 9 | | | 9 | | | 14 | | | 20 | | | 13 | | | 32 | | | 36 | | | | | | | | |\n| Interest income(10) | | (30) | | | (34) | 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"source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex991earningsre.htm", "table_id": null, "text": "SAN FRANCISCO, California - November 2, 2023 - Opendoor Technologies Inc. (Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported financial results for its quarter ended September 30, 2023. Opendoor’s third quarter of 2023 financial results and management commentary can be accessed through the Company’s shareholder letter on the “Quarterly Reports” page of Opendoor’s investor relations website at https://investor.opendoor.com. “Our third quarter results were in-line or ahead of our prior guidance driven by our continued focus on delivering operational excellence through pricing improvements, cost savings, and risk management. The third quarter also marked our return to positive contribution margin. These results demonstrate our continued strong execution and market share gains in what remains an uncertain U.S. housing market. With an improved cost structure, strong balance sheet, and scaled customer acquisition channels, we believe we have laid the foundation to emerge from this cycle more resilient and well-positioned for continued share gains and long-term profitability,” said Carrie Wheeler, CEO of Opendoor. 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with 2,687 total homes sold, down (68)% versus 3Q22 and down (50)% versus 2Q23 •Gross profit (loss) of $96 million, versus $(425) million in 3Q22 and $149 million in 2Q23; Gross Margin of 9.8%, versus (12.6)% in 3Q22 and 7.5% in 2Q23 •Net (loss) income of $(106) million, versus $(928) million in 3Q22 and $23 million in 2Q23 •Adjusted Net Loss of $(75) million, versus $(328) million in 3Q22 and $(197) million in 2Q23 •Contribution Profit (Loss) of $43 million, versus $(22) million in 3Q22 and $(90) million in 2Q23; Contribution Margin of 4.4%, versus (0.7)% in 3Q22 and (4.6)% in 2Q23 •Adjusted EBITDA of $(49) million, versus $(211) million in 3Q22 and $(168) million in 2Q23; Adjusted EBITDA Margin of (5.0)%, versus (6.3)% in 3Q22 and (8.5)% in 2Q23 •Inventory balance of $1.3 billion, representing 4,007 homes, down (78)% versus 3Q22 and up 14% versus 2Q23 •Purchased 3,136 homes, down (63)% versus 3Q22 and up 17% versus 2Q23"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b11"], "char_count": 187, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ebe5d8aa4202ad06477d7f145caffcf4b6bb4d45f4bbc6f7b52dede6bc3baba1", "derivation_id": "13e2d35dee05bd75b5bafa4398ce64f013b2d880c60c9b7aee03c57cd6d2383b", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EX-99.1", "2023 Financial Outlook"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "block_sequence": 11, "char_end": 187, "char_start": 0, "fragment_sha256": "e7cf8a226684409673fe6aba49c5724514a7217fa01aab0c95733341135d7a27", "heading_path": ["EX-99.1", "2023 Financial Outlook"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s6", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex991earningsre.htm", "table_id": null, "text": "•4Q23 revenue guidance of $800 million to $850 million •4Q23 Contribution Profit1 guidance of $15 million to $25 million •4Q23 Adjusted EBITDA1 guidance of $(105) million to $(95) million"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b13"], "char_count": 328, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a9a9934f6d51565f66797bea26a2706f1823edc0ebb4aeefdea0b6b3fbd758c8", "derivation_id": "13e2d35dee05bd75b5bafa4398ce64f013b2d880c60c9b7aee03c57cd6d2383b", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "2023 Financial Outlook", "Conference Call and Webcast Details"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "block_sequence": 13, "char_end": 328, "char_start": 0, "fragment_sha256": "b202b7ab0fe936ca94e73cbebde47d26d10b465ed85362ed9b95aed6a11e3d13", "heading_path": ["EX-99.1", "2023 Financial Outlook", "Conference Call and Webcast Details"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s7", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex991earningsre.htm", "table_id": null, "text": "Opendoor will host a conference call to discuss its financial results on November 2, 2023, at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. 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Since 2014, Opendoor has provided people across the U.S. with a simple way to buy and sell a home. Opendoor currently operates in a growing number of markets nationwide. 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All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the health of our financial condition; anticipated future results of operations and financial performance; priorities of the Company to achieve future goals; the Company’s ability to continue to effectively navigate the markets in which it operates; anticipated future and ongoing impacts of our acquisitions and other business decisions; health of our balance sheet to weather ongoing market transitions; the Company’s ability to adopt an effective approach to manage economic and industry risk, as well as inventory health; business strategy and plans, including any plans to expand into additional markets, market opportunity and expansion and objectives of management for future operations, including our statements regarding the benefits and timing of the roll out of new markets, products or technology; and the expected diversification of funding sources. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “vision”, “will”, or “would”, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ 1 Opendoor has not provided a quantitative reconciliation of forecasted Contribution profit (loss) to forecasted GAAP gross profit (loss) nor a reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss) and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b17"], "char_count": 3894, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "02d280dec991a799b521009fc460083e0998f573fa0f963d661dcf982ddb3599", "derivation_id": "13e2d35dee05bd75b5bafa4398ce64f013b2d880c60c9b7aee03c57cd6d2383b", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "2023 Financial Outlook", "Conference Call and Webcast Details", "Forward Looking Statements"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "block_sequence": 17, "char_end": 6715, "char_start": 2821, "fragment_sha256": "b8c88c44cfb79086108bc6b8384727baab6dd936758212dfa588ec008f2c2d57", "heading_path": ["EX-99.1", "2023 Financial Outlook", "Conference Call and Webcast Details", "Forward Looking Statements"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s9", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex991earningsre.htm", "table_id": null, "text": "For more information regarding the non-GAAP financial measures discussed in this press release, please see “Use of Non-GAAP Financial Measures” following the financial tables below. materially from the forward-looking statements in this press release include but are not limited to: the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturn or slowdown; changes in general economic and financial conditions (including federal monetary policy, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory) that may reduce demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; any future impact of the ongoing COVID-19 pandemic (including future variants) or other public health crises on our ability to operate, demand for our products or services, or general economic conditions; addition or loss of a significant number of customers; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; ability to protect our brand and intellectual property; ability to obtain or maintain licenses and permits to support our current and future business operations; ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our technology platform, including our automated pricing and valuation technology; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; the impact of natural disasters and other catastrophic events; changes in laws or government regulation affecting our business; and the impact of pending or future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 23, 2023, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. 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|\n| PROPERTY AND EQUIPMENT – Net | | 68 | | | 58 | | | |\n| RIGHT OF USE ASSETS | | 27 | | | 41 | | | |\n| GOODWILL | | 4 | | | 4 | | | |\n| INTANGIBLES – Net | | 7 | | | 12 | | | |\n| OTHER ASSETS | | 22 | | | 27 | | | |\n| TOTAL ASSETS | | $ | 3,947 | | | $ | 6,608 | |\n| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | |\n| CURRENT LIABILITIES: | | | | | | | | |\n| Accounts payable and other accrued liabilities | | $ | 67 | | | $ | 110 | |\n| Non-recourse asset-backed debt - current portion | | — | | | 1,376 | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| Interest payable | | 1 | | | 12 | | | |\n| Lease liabilities - current portion | | 6 | | | 7 | | | |\n| Total current liabilities | | 74 | | | 1,505 | | | |\n| NON-RECOURSE ASSET-BACKED DEBT – Net of current portion | | 2,330 | | | 3,020 | | | |\n| CONVERTIBLE SENIOR NOTES | | 502 | | | 959 | | | |\n| | | | | | | | | |\n| LEASE LIABILITIES – Net of current portion | | 20 | | | 38 | | | |\n| OTHER 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6 | | | |\n| | | | | | | | |\n| Stock-based compensation | 94 | | | 178 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Inventory valuation adjustment | 54 | | | 663 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Change in fair value of equity securities | 4 | | | 36 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Other | 6 | | | (1) | | | |\n| Origination of mortgage loans held for sale | — | | | (118) | | | |\n| Proceeds from sale and principal collections of mortgage loans held for sale | 1 | | | 128 | | | |\n| Gain on extinguishment of debt | (182) | | | — | | | |\n| Changes in operating assets and liabilities: | | | | | | | |\n| Escrow receivable | 19 | | | (70) | | | |\n| Real estate inventory | 3,082 | | | (663) | | | |\n| Other assets | (15) | | | — | | | |\n| Accounts payable and other accrued liabilities | (29) | | | 73 | | | |\n| Interest payable | (10) | | | 4 | | | |\n| Lease liabilities | (9) | | | (6) | | | |\n| Net cash provided by (used in) operating activities | 2,886 | | | (665) | | | |\n| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | |\n| Purchase of property and equipment | (28) | | | (33) | | | |\n| | | | | | | | |\n| Purchase of marketable securities | — | | | (28) | | | |\n| Proceeds from sales, maturities, redemptions and paydowns of marketable securities | 75 | | | 293 | | | |\n| Purchase of non-marketable equity securities | — | | | (25) | | | |\n| Proceeds from sale of non-marketable equity securities | 1 | | | 3 | | | |\n| Capital returns of non-marketable equity securities | — | | | 3 | | | |\n| Acquisitions, net of cash acquired | — | | | (3) | | | |\n| Net cash provided by investing activities | 48 | | | 210 | | | |\n| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Repurchase of convertible senior notes | (270) | | | — | | | |\n| | | | | | | | |\n| Proceeds from exercise of stock options | 2 | | | 4 | | | |\n| Proceeds from issuance of common stock for ESPP | 2 | | | 2 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from non-recourse asset-backed debt | 238 | | | 9,160 | | | |\n| Principal payments on non-recourse asset-backed debt | (2,315) | | | (8,179) | | | |\n| Proceeds from other secured borrowings | — | | | 114 | | | |\n| Principal payments on other secured borrowings | — | | | (121) | | | |\n| Payment of loan origination fees and debt issuance costs | — | | | (24) | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Payment for early extinguishment of debt | (4) | | | — | | | |\n| Net cash (used in) provided by financing activities | (2,347) | | | 956 | | | |\n| NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 587 | | | 501 | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period | 1,791 | | | 2,578 | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period | $ | 2,378 | | | $ | 3,079 | |\n| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest | $ | 169 | | | $ | 248 | |\n| DISCLOSURES OF NONCASH ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Stock-based compensation expense capitalized for internally developed software | $ | 17 | | | $ | 13 | |\n| | | | | | | | |\n| RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: | | | | | | | |\n| Cash and cash equivalents | $ | 1,154 | | | $ | 1,327 | |\n| Restricted cash | 1,224 | | | 1,752 | | | |\n| Cash, cash equivalents, and restricted cash | $ | 2,378 | | | $ | 3,079 | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b44"], "char_count": 1248, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9822d56f5674c1b74b7162e884dc9517b5627987ed2c304122a6a27758091121", "derivation_id": "13e2d35dee05bd75b5bafa4398ce64f013b2d880c60c9b7aee03c57cd6d2383b", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "block_sequence": 44, "char_end": 1248, "char_start": 0, "fragment_sha256": "cc75492a6823ed04f3677c8d3edecef049ffdb9d064851075b2bb0062f80e0ea", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#p19", "passage_kind": "narrative", "passage_sequence": 19, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s17", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex991earningsre.htm", "table_id": null, "text": "To provide investors with additional information regarding the Company’s financial results, this press release includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit (Loss), Contribution Profit (Loss), Adjusted Net Loss, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b46"], "char_count": 1786, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "3a585dd7ad451c82a8f99529f62cad60a5e10a53df737bf76de80c4c9f8ca2e0", "derivation_id": "13e2d35dee05bd75b5bafa4398ce64f013b2d880c60c9b7aee03c57cd6d2383b", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "block_sequence": 46, "char_end": 1786, "char_start": 0, "fragment_sha256": "00ea47187c50825e8da15b20bf9e5d18cfb66d31a3f24a723a45c344611e2032", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#p20", "passage_kind": "narrative", "passage_sequence": 20, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s18", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex991earningsre.htm", "table_id": null, "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit (Loss) and Contribution Profit (Loss), which are non-GAAP financial measures. We believe that Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit (Loss) provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit (loss)."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b48"], "char_count": 997, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "97f2b700d544adc28fc9091d3f4cf36768685721f410d917fedba80b7da70496", "derivation_id": "13e2d35dee05bd75b5bafa4398ce64f013b2d880c60c9b7aee03c57cd6d2383b", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit (Loss) / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "block_sequence": 48, "char_end": 997, "char_start": 0, "fragment_sha256": "19f4a0207c01620d2fd0d1b17a896adcf772df99dc1551b16b86380d187e2e4f", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit (Loss) / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#p21", "passage_kind": "narrative", "passage_sequence": 21, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s19", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex991earningsre.htm", "table_id": null, "text": "We calculate Adjusted Gross Profit (Loss) as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit (Loss) helps management assess home pricing, service fees and renovation performance for a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b50"], "char_count": 784, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9d10503bd5e83fe3b32832c6fa07cff8ee6e86308078a6695cb56de249426319", "derivation_id": "13e2d35dee05bd75b5bafa4398ce64f013b2d880c60c9b7aee03c57cd6d2383b", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution Profit (Loss) / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "block_sequence": 50, "char_end": 784, "char_start": 0, "fragment_sha256": "34e4f21e7c28478bfda95d94f1c4be13815675f3954034f744f1915fa24fffa0", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution Profit (Loss) / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#p22", "passage_kind": "narrative", "passage_sequence": 22, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s20", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex991earningsre.htm", "table_id": null, "text": "We calculate Contribution Profit (Loss) as Adjusted Gross Profit (Loss), minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit (Loss) helps management assess inflows and outflows directly associated with a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b53", "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b54", "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b55"], "char_count": 283, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a3090aafa17796ec3e1b5c509becd9f231b20e18d498dba63c06b81d015f1cb6", "derivation_id": "13e2d35dee05bd75b5bafa4398ce64f013b2d880c60c9b7aee03c57cd6d2383b", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution Profit (Loss) / Margin", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "block_sequence": 53, "char_end": 49, "char_start": 0, "fragment_sha256": "3c79d34b912ccd5810676229fdb23c57e7c959da948f20c2113ffe85c0e18da8", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution Profit (Loss) / Margin", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "block_sequence": 54, "char_end": 11, "char_start": 0, "fragment_sha256": "2a7680d26ab0fd2298dd52fd36b9d301e5103004cef230dbf5fbd1eabb314fa8", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution Profit (Loss) / Margin", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "block_sequence": 55, "char_end": 219, "char_start": 0, "fragment_sha256": "e6861f0aa54c66ac905740db531f295e949b58f1a8ac93a661a0cf18f702a852", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution Profit (Loss) / Margin", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#p23", "passage_kind": "narrative", "passage_sequence": 23, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s21", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex991earningsre.htm", "table_id": null, "text": "(In millions, except percentages, and homes sold)\n\n(Unaudited)\n\nThe following table presents a reconciliation of our Adjusted Gross Profit (Loss) and Contribution Profit (Loss) to our gross profit (loss), which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b56"], "char_count": 2908, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "bcadd8cf34caa229b3208cec1eef36e13bd54dcf9c12698f1b511c65d7ed1a03", "derivation_id": "13e2d35dee05bd75b5bafa4398ce64f013b2d880c60c9b7aee03c57cd6d2383b", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution Profit (Loss) / Margin", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "block_sequence": 56, "char_end": 2571, "char_start": 0, "fragment_sha256": "94388c1829c4b1fb4a915871f12124c6e36e7e8c0e7ccb0fdfe0e88f9cbf545d", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution Profit (Loss) / Margin", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": 4, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#p24", "passage_kind": "table", "passage_sequence": 24, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s21", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex991earningsre.htm", "table_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b56", "text": "| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended | | Nine Months Ended September 30, | | | | | | | | | | | | | | | | | | | | | | | | |\n| (in millions, except percentages and homes sold, or as noted) | | September 30, 2023 | | June 30, 2023 | | March 31, 2023 | | December 31, 2022 | | September 30, 2022 | | 2023 | | 2022 | | | | | | | | | | | | | | |\n| Gross profit (loss) (GAAP) | | $ | 96 | | | $ | 149 | | | $ | 170 | | | $ | 71 | | | $ | (425) | | | $ | 415 | | | $ | 596 | |\n| Gross Margin | | 9.8 | % | | 7.5 | % | | 5.4 | % | | 2.5 | % | | (12.6) | % | | 6.8 | % | | 4.7 | % | | | | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Inventory valuation adjustment – Current Period(1)(2) | | 17 | | | 14 | | | 23 | | | 73 | | | 573 | | | 24 | | | 620 | | | | | | | | |\n| Inventory valuation adjustment – Prior Periods(1)(3) | | (29) | | | (156) | | | (295) | | | (236) | | | (38) | | | (450) | | | (38) | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Adjusted Gross Profit (Loss) | | $ | 84 | | | $ | 7 | | | $ | (102) | | | $ | (92) | | | $ | 110 | | | $ | (11) | | | $ | 1,178 | |\n| Adjusted Gross Margin | | 8.6 | % | | 0.4 | % | | (3.3) | % | | (3.2) | % | | 3.3 | % | | (0.2) | % | | 9.3 | % | | | | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Direct selling costs(4) | | (28) | | | (58) | | | (85) | | | (78) | | | (100) | | | (171) | | | (336) | | | | | | | | |\n| Holding costs on sales – Current Period(5)(6) | | (4) | | | (6) | | | (13) | | | (10) | | | (14) | | | (41) | | | (73) | | | | | | | | |\n| Holding costs on sales – Prior Periods(5)(7) | | (9) | | | (33) | | | (41) | | | (27) | | | (18) | | | (65) | | | (37) | | | | | | | | |\n| Contribution Profit (Loss) | | $ | 43 | | | $ | (90) | | | $ | (241) | | | $ | (207) | | | $ | (22) | | | $ | (288) | | | $ | 732 | |\n| Homes sold in period | | 2,687 | | | 5,383 | | | 8,274 | | | 7,512 | | | 8,520 | | | 16,344 | | | 31,671 | | | | | | | | |\n| Contribution Profit (Loss) per Home Sold (in thousands) | | $ | 16 | | | $ | (17) | | | $ | (29) | | | $ | (28) | | | $ | (3) | | | $ | (18) | | | $ | 23 | |\n| Contribution Margin | | 4.4 | % | | (4.6) | % | | (7.7) | % | | (7.2) | % | | (0.7) | % | | (4.7) | % | | 5.8 | % | | | | | | | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b57", "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b58"], "char_count": 1159, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8926b6f25d6c58e464e7fd95b8b8edd9a9baab2b62eb80402737cce1835fe8a4", "derivation_id": "13e2d35dee05bd75b5bafa4398ce64f013b2d880c60c9b7aee03c57cd6d2383b", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution Profit (Loss) / Margin", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "block_sequence": 57, "char_end": 16, "char_start": 0, "fragment_sha256": "7fdbb5bd0c91a386038a54dafc306bd55a27c3242e1540451c2885fb5da9076a", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution Profit (Loss) / Margin", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "block_sequence": 58, "char_end": 1141, "char_start": 0, "fragment_sha256": "ce88b8aac746f34d55660daab329c6ba1c14a78be0074e39afe53bfa66f95905", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Contribution Profit (Loss) / Margin", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#p25", "passage_kind": "narrative", "passage_sequence": 25, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s21", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex991earningsre.htm", "table_id": null, "text": "________________\n\n(1)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2)Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3)Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5)Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b60"], "char_count": 1571, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "3c786dc3c05c49816d557ff6e0fae507a0bd5e02acb71c6d88ceb60970fa6c4c", "derivation_id": "13e2d35dee05bd75b5bafa4398ce64f013b2d880c60c9b7aee03c57cd6d2383b", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "block_sequence": 60, "char_end": 1571, "char_start": 0, "fragment_sha256": "3cc18865df16dc5f0e4dad39fae7b5a47dce3df3faa3370f3d383208093576e3", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#p26", "passage_kind": "narrative", "passage_sequence": 26, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s22", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex991earningsre.htm", "table_id": null, "text": "We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net (loss) income."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b62"], "char_count": 1087, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "519fd699ebaa976e5f77bce85df0ca82fcb11975c3fc7f22a98d6119ba3c2ffe", "derivation_id": "13e2d35dee05bd75b5bafa4398ce64f013b2d880c60c9b7aee03c57cd6d2383b", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "block_sequence": 62, "char_end": 1087, "char_start": 0, "fragment_sha256": "80bb59bd87cee8e01acd1de9775847fc28f7e976adaac9d509e1f77c18d1719d", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#p27", "passage_kind": "narrative", "passage_sequence": 27, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s23", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex991earningsre.htm", "table_id": null, "text": "We calculate Adjusted Net Loss as GAAP net (loss) income adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring and legal contingency accruals. It excludes (gain) loss on extinguishment of debt as these expenses were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b64"], "char_count": 537, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "377d60846f7de9d68ba2b17cbd8162f192bcbd82021840df54897ada9f9eaa2c", "derivation_id": "13e2d35dee05bd75b5bafa4398ce64f013b2d880c60c9b7aee03c57cd6d2383b", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "block_sequence": 64, "char_end": 537, "char_start": 0, "fragment_sha256": "3afce668314e8e7b86e4a66a122fd8e6c7eed8f00165c24e1e51b3e4c38d1d68", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted EBITDA"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#p28", "passage_kind": "narrative", "passage_sequence": 28, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#s24", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex991earningsre.htm", "table_id": null, "text": "We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. The following table presents a reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our net (loss) income, which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b65"], "char_count": 3787, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5d6d2e98f881429aa0adea4765472804def1e9df1904b9dd703b31937053ec0b", "derivation_id": "13e2d35dee05bd75b5bafa4398ce64f013b2d880c60c9b7aee03c57cd6d2383b", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": 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"norm:0001801169:0001801169-23-000137:q32023formxex991earningsre.htm#b65", "text": "| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | | | Nine Months Ended September 30, | | | | | | | | | | | | | | | | | | | | | | | | |\n| (in millions, except percentages) | | September 30, 2023 | | June 30, 2023 | | March 31, 2023 | | December 31, 2022 | | September 30, 2022 | | 2023 | | 2022 | | | | | | | | | | | | | | |\n| Net (loss) income (GAAP) | | $ | (106) | | | $ | 23 | | | $ | (101) | | | $ | (399) | | | $ | (928) | | | $ | (184) | | | $ | (954) | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Stock-based compensation | | 31 | | | 21 | | | 42 | | | (7) | | | 52 | | | 94 | | | 178 | | | | | | | | |\n| Equity securities fair value adjustment(1) | | 11 | | | (6) | | | (1) | | | (1) | | | 11 | | | 4 | | | 36 | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Intangibles amortization expense(2) | | 2 | | | 1 | | | 2 | | | 2 | | | 2 | | | 5 | | | 7 | | | | | | | | |\n| Inventory valuation adjustment – Current Period(3)(4) | | 17 | | | 14 | | | 23 | | | 73 | | | 573 | | | 24 | | | 620 | | | | | | | | |\n| Inventory valuation adjustment — Prior Periods(3)(5) | | (29) | | | (156) | | | (295) | | | (236) | | | (38) | | | (450) | | | (38) | | | | | | | | |\n| Restructuring(6) | | — | | | 10 | | | — | | | 17 | | | — | | | 10 | | | — | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| (Gain) loss on extinguishment of debt | | — | | | (104) | | | (78) | | | 25 | | | — | | | (182) | | | — | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Goodwill impairment | | — | | | — | | | — | | | 60 | | | — | | | — | | | — | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Legal contingency accrual and related expenses | | — | | | — | | | — | | | 1 | | | — | | | — | | | 45 | | | | | | | | |\n| Other(7) | | (1) | | | — | | | (1) | | | (2) | | | — | | | (2) | | | (1) | | | | | | | | |\n| Adjusted Net Loss | | $ | (75) | | | $ | (197) | | | $ | (409) | | | $ | (467) | | | $ | (328) | | | $ | (681) | | | $ | (107) | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Depreciation and amortization, excluding amortization of intangibles | | 9 | | | 9 | | | 12 | | | 12 | | | 8 | | | 30 | | | 29 | | | | | | | | |\n| Property financing(8) | | 38 | | | 44 | | | 60 | | | 93 | | | 102 | | | 142 | | | 236 | | | | | | | | |\n| Other interest expense(9) | | 9 | | | 9 | | | 14 | | | 20 | | | 13 | | | 32 | | | 36 | | | | | | | | |\n| Interest income(10) | | (30) | | | (34) | | | (18) | | | (9) | | | (7) | | | (82) | | | (13) | | | | | | | | |\n| Income tax expense | | — | | | 1 | | | — | | | — | | | 1 | | | 1 | | | 2 | | | | | 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It was all so easy. \u2013 Gina Sullivan When Gina and her husband Michael began envisioning their retirement, they shared a dream of international living \u2014 an affordable cost of living, coupled with trading the chilly Ohio winters for a tropical paradise. Even though their retirement was still a few years away, they knew they had to make moves on their long-term retirement plan before home prices on the island increased further. But first, they needed to sell their home in Columbus. While Gina and Michael initially contacted a realtor to help them sell, they soon realized that a faster, more flexible solution was needed to provide them with the funds necessary to secure their future retirement abode. With full-time jobs and busy schedules to work around, they were also hoping to avoid the hassle of hosting countless open houses. Michael was initially skeptical, but Gina decided to explore their options further, ultimately requesting an offer on their home from Opendoor. They were pleasantly surprised with how seamless and transparent the process was and decided to sell to Opendoor. With the proceeds in hand, the couple was able to close on their dream condo in Belize and move into an apartment in Columbus. Selling to Opendoor wasn't just a transaction; it opened doors to fresh opportunities for Gina and Michael. Gina said she feels like she has to \u201cpinch herself\u201d at times knowing that they are one step closer to retiring in paradise. When asked what she liked most about the process, Gina had this to say about her experience: \u201cI was able to pick my dates and change the date - I was able to set up when I could move. 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Homes we made offers on in June of 2022 and prior. We are pleased to share our third quarter results that demonstrate continued execution in what remains an uncertain U.S. housing market. Our third quarter results were in-line or ahead of prior guidance driven by our continued focus on driving operational excellence through pricing improvements, cost savings, and risk management. The third quarter also marked our return to positive contribution margin. Financial highlights from the third quarter include: \u25cf Purchased 3,136 homes, an increase of 17% quarter-over-quarter and consistent with the expectations we shared starting in May 2023. We were able to increase acquisitions sequentially despite average new listings being down 8% within our buybox in our markets. \u25cf Sold 2,687 homes which generated $980 million of revenue, compared to our guidance range of $950 million to $1.0 billion. \u25cf Delivered gross profit of $96 million, or 9.8% gross margin. We also returned to positive Contribution Profit of $43 million, or 4.4% Contribution Margin, ahead of our implied Contribution Margin guidance range of 3.2% to 4.0%. This outperformance reflects both strength of our new book of homes as well as a slightly higher mix of new book versus old book resales than expected, as some sales from the old book1 shifted out of the third quarter. \u25cf Recognized Net Income (Loss) of $(106) million and Adjusted Net Income (Loss) of $(75) million. Adjusted EBITDA was $(49) million, ahead of our guidance range of $(70) million to $(60) million, driven by contribution margin outperformance and ongoing cost discipline. \u25cf Remain well-capitalized with $1.5 billion in total capital and $8.4 billion in asset-backed lending capacity. Mortgage rates reached 8% in October, their highest level in over 20 years and up over 100 bps since we reported second quarter results in August. The increase in rates further softened buyer demand, 3Q23 Revenue $980 million 3Q23 Acquisitions 3,136 3Q23 Contribution Margin 4.4%" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b11", + "block_sequence": 11, + "block_sha256": "8a8ee107da0fa5ccfda003c6f6110c7910898849926828a8b640985b2e275a30", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 11, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "02e09d3fa0b219e1e5591bdf44b61f39e4f45f9d423fa58c692868c008fa013d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "q32023formxex992sharehol004.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b12", + "block_sequence": 12, + "block_sha256": "e14b5018ee1b409cef95db70db0a842fd907aa50a07ea77072a8cf3351db9084", + "block_type": "paragraph", + "char_count": 2924, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 12, + "char_end": 2924, + "char_start": 0, + "fragment_sha256": "c252925f09664b973064be973bd742bde753bfd6dc17d209880a5baa17adacfc", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "amplifying the typical seasonal decline in market clearance rates2. The impact of this is reflected in our outlook for the balance of the year. First, as market clearance rates have slowed, our pace of resales will likewise be reduced, impacting projected fourth quarter revenue. Second, we have reduced home-level list prices in order to meet our clearance objectives, which flows through to lower revenue and contribution margins. And third, as a result of slower resale clearance rates, some sales from the old book shifted out of the third quarter. We expect those tail homes will be a drag on overall fourth quarter Contribution Profit given their margin profile. Responding to seasonality and market changes is a normal part of our portfolio management process, including balancing the pace of inventory inflows and outflows, and why we manage to an annual contribution margin target. We expect the following results for the fourth quarter of 2023: \u25cf Revenue is expected to be between $800 and $850 million \u25cf Contribution Profit3 is expected to be between $15 and $25 million \u25cf Adjusted EBITDA3 is expected to be between $(105) and $(95) million Throughout 2023, we have reduced our cost structure and improved our pricing accuracy, which we in turn passed through to spread reductions. This drove a 17% increase in acquisitions quarter-over- quarter despite average new listings being down 8% within our buybox in our markets, demonstrating our ability to gain share despite lower market transaction volumes. We anticipate accelerating home acquisitions next year due to these spread improvements, our growing partnership channels, and plans to increase advertising spend in the first half of 2024. While we continue to navigate macro 4 Business Highlights 2. See MLS Clearance Rate chart in the Appendix. Excluding 2022, clearance rates, on average, declined ~8% from 7/31 to 9/30; the market clearance rate fell by 23% over the same period in 2023. 3. Opendoor has not provided a quantitative reconciliation of forecasted Contribution profit (loss) to forecasted GAAP gross profit (loss) nor a reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss) and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company\u2019s control. For more information regarding the non-GAAP financial measures discussed in this shareholder letter, please see \u201cUse of Non-GAAP Financial Measures\u201d following the financial tables below. 3Q23 Sequential Growth in Acquisitions 17%" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b13", + "block_sequence": 13, + "block_sha256": "c79d7d1d6131f604c5b3cdb4034b8b92cbe920173efb3c6a1a47b96a067ac84a", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 13, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "33bddac78e5dfcef60f393ba90aa5d3fb7a55a914b4de312da2d967a179a2b7d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "q32023formxex992sharehol005.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b14", + "block_sequence": 14, + "block_sha256": "c0cd15937350d290f3633c480aabd2540c4af07ede530dfc20d51c463ebefbab", + "block_type": "paragraph", + "char_count": 2532, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 14, + "char_end": 2532, + "char_start": 0, + "fragment_sha256": "275ebd68c38754004a883fd8cf4bb04ce419560580011684086ad0d30df5a84f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "uncertainty, we are operating consistent with our risk management framework and controlling what we can control. Based on current market conditions and signals we are seeing today, our strategy has not changed, and we will continue to closely monitor leading indicators to respond to any shifts in the market. As the market-leading platform that is leveraging technology to transform and simplify the way people buy and sell their home, Opendoor has enormous whitespace to gain market share. We have historically demonstrated our ability to capture over 4% share in multiple markets. As we rescale the business, capturing even a small fraction of the over $600 billion4 in our current addressable market can propel us to significant profitable growth. ENABLE MORE SELLERS TO CHOOSE OPENDOOR Our pricing, technology, and operations platforms have brought simplicity and certainty to the historically complex process of buying or selling a home. Among home sellers, we have historically earned an average Net Promoter Score of approximately 80, demonstrating the inherent value of our platform. We remain focused on delivering the Opendoor experience to as many consumers as possible by continuing to improve our value proposition, expanding our addressable market, and deepening our partnership distribution channels to efficiently reach new potential customers and re-engage with registered sellers. Spreads In our business, there is an inverse relationship between spread and seller conversion, meaning the more we reduce spread, the higher our seller conversion is. Higher conversion results in more home acquisitions and, in turn, more home sales. Our spread is reflective of multiple factors: our contribution margin target, direct costs, home valuation accuracy, and expected home price change over our holding period. In 2023, we have been focused on what we can control \u2013 improving our cost structure and home price accuracy \u2013 with the goal of durably reducing spreads for our customers. Conversion vs. Spread5 5 Business Highlights 4. Current addressable market estimated at over $600 billion in annual transaction volume within Opendoor\u2019s current buybox in our existing markets. 5. Spreads are defined as total discount to our home valuation at time of offer less the Opendoor service fee of 5%. True Sellers are defined as unique sellers who either accept an Opendoor offer or list their home on the MLS within 60 days of receiving an offer. Chart based on True Sellers since 2018. Current Addressable Market $600+ billion" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b15", + "block_sequence": 15, + "block_sha256": "a8a1b59174a7e73c889bc7b7d6e6ef0ba439c789a5e9d46a63a4c267d11d1fba", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 15, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "803c6a0aacfade4ae17d6459692183b60f0f4c7447b634cc65a78e297c1b738e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "q32023formxex992sharehol006.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b16", + "block_sequence": 16, + "block_sha256": "1f21fbb92ae8e90e797d878b489f0b0059e77cab2967658d7b421459d7384e19", + "block_type": "paragraph", + "char_count": 2487, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 16, + "char_end": 2487, + "char_start": 0, + "fragment_sha256": "bafa868cbbf291e0b2ac821bcae8366075979bc412189b8bfc3d86be7a19de6e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "6. See Home Price Appreciation chart in the Appendix. 6 Business Highlights Managing spreads requires balancing growth, margin, and risk. Since June 2022, we have been operating with elevated spreads to focus on managing risk given the uncertainty around the U.S. housing market, namely, changes in interest rates, levels of home inventory, market clearance, and the broader macro outlook. Despite these factors, home prices followed their typical seasonal path this year, with month-over-month increases during the first half of the year and flat to modestly negative home price appreciation in the second half of the year6. On homes sold through 3Q23, home prices outperformed our base expectations, which caused contribution margins on our new book to exceed our underwriting. Given the uncertain market conditions, we believe prioritizing risk management was prudent even though it resulted in lower growth and higher margins. While our spreads remain elevated compared to levels seen prior to 3Q22, we expect the spread reductions we have made throughout 2023, combined with additional paid marketing and continued growth of our partnership channels, will accelerate home acquisitions during the first half of 2024. We believe we can reach our acquisition volume goals for 2024 at current spread levels, particularly when considering the increase in our addressable market from $160 billion to over $600 billion annually since 2019. Expanding Buybox During 2023, we increased the percentage of homes in our markets that fall in our buybox from 48% to 57%. This expansion was achieved by addressing more zip codes and home characteristics such as price points, ages, and home types. As our operations capabilities continue to expand, we are able to offer the Opendoor experience to a broader array of customers and homes in our markets. Adding and Deepening Partnership Channels We continue to make progress in expanding our partnership channels across online real estate platforms, agents, and homebuilders. These channels are highly efficient given their fixed customer acquisition cost profiles and represent a durable, long-term opportunity for us to reach sellers. Acquisitions from our partnership channels increased 33% sequentially in 3Q23 and are up over 76% compared to 1Q23. We expect acquisitions from partnerships will continue to grow on an absolute basis. Buybox Coverage in Our Markets 57% Sequential Growth in Acquisition Closes from Partnership Channels in 3Q23 33%" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b17", + "block_sequence": 17, + "block_sha256": "0ceedfc9a56987936294419aa8b96b81c23872a390afc49661e523db9c2dd79d", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 17, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "de83b833f0e262412be0d5fb288a8c9410dbea441660b35028ceb2f25dc1c251", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "q32023formxex992sharehol007.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b18", + "block_sequence": 18, + "block_sha256": "9fd1899a8c5150e763ce043b6b61a59d07b044eb81eb21c14d59121a3c1e2355", + "block_type": "paragraph", + "char_count": 2216, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 18, + "char_end": 2216, + "char_start": 0, + "fragment_sha256": "851c006d6b4a2b048b98572b9a9fb203bb1e4fdbb9d76dd313f0febd14dfca9c", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "7 Business Highlights Our exclusive partnership with Zillow continues to scale and is live in 45 markets as of this week. We saw meaningful transaction growth this quarter as our previously launched markets have continued maturing, and we have had more opportunities for customer reengagement in this channel. Our partnerships with online real estate platforms continue to represent a source of incremental customers and should continue to scale in 2024. In early October, we announced a partnership with eXp Realty, the largest independent real estate company in the world. This agreement enables eXp\u2019s agents to request a cash offer on qualifying properties on behalf of their clients directly within their eXp dashboard and present the Opendoor offer alongside the option of listing the client\u2019s home on the market. We believe Opendoor offers a compelling value proposition for seller agents by streamlining the home selling process, providing transparency, and ensuring a quick and hassle-free sale, ultimately enabling agents to better serve their clients and improve productivity. DRIVE OPERATIONAL EXCELLENCE ACROSS OUR DELIVERY PLATFORM Guided by one of our core operating principles, \u201cbps for breakfast\u201d, we are targeting investments that reduce our cost structure, increase our pricing accuracy, and improve operational efficiency. In 3Q23, we drove operational excellence across our platform by leveraging AI and other technologies across pricing, inventory management, and home operations. Pricing Our proprietary home data asset that we\u2019ve built over the last decade, along with deep human expertise in pricing and home operations, is enabling us to train and build proprietary real estate specific AI models. We have extended our AI powered pricing models to increase accuracy across all home segments and reduce outliers. Home offers are driven by our recently enhanced valuation models that implement multi-factor condition based pricing, reduce risk by modeling a range of adverse market conditions, and improve overall model accuracy. AI, and specifically generative AI, is enabling us to gather and analyze home data on a deeper level with higher accuracy. For example, we [eXp Realty Partnership]" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b19", + "block_sequence": 19, + "block_sha256": "82c52c9c5e4d167671573ba5728d14e9d496318a0b423ff78db6c7d7b36cd174", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 19, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "56cc704c669237b066df3864ede0d92b576ec53e2b2d23a6915dc81fc2d6ad34", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "q32023formxex992sharehol008.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b20", + "block_sequence": 20, + "block_sha256": "6c3d8b4456994e5ecbd5a5fc43d968d9c2fd77e90c4564c1f8903605058f0de0", + "block_type": "paragraph", + "char_count": 2295, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 20, + "char_end": 2295, + "char_start": 0, + "fragment_sha256": "c6a727fa3faafc181f6faac2654d20c5144930f7fd12387e073410d9a9cb2a53", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "8 Business Highlights List with Certainty use AI to extract home conditions from customer provided inputs such as chat conversations, images, and videos. We expanded our LiDAR (Light Detection and Ranging) program nationwide to collect home layouts and square footage, including conducting pre-acquisition assessments for homes with atypical layouts that could affect marketability. These inputs are used by our centralized pricing team for price decisioning, which we expect will improve resale margin. Both these features are critical to our home valuations, improving our pricing accuracy, with the objective of durably reducing spreads for our customers. Inventory Management Listed homes require ongoing care to maintain them in move-in-ready condition. We continue to develop technology and improve processes to centralize operations and conduct quality control remotely. We get real-time home specific signals from our proprietary home security system and customer feedback from each home visit, which enhances our ability to quickly and cost-effectively respond to issues. Further, we have leveraged AI to automatically categorize this feedback and extract data points such as buyer interest in the home, maintenance quality, and how buyers are responding to the work done in the home. Maintenance quality has improved significantly with over 99% of work meeting the standards of our statements of work. Additionally, agent feedback has indicated that listed home quality improved by over 10% throughout the year. Home Operations We continued to enhance our transactions and operations platforms in 3Q23. Our acquisition and resale processes are mostly digitized, with our transaction management software powering hundreds of thousands of tasks per quarter. We piloted automated operator work assignments successfully in 3Q23 to more effectively load balance work across operators and are expanding this capability to all operator groups over the next two quarters. Additionally, we recently revised our end-to-end CRM, which is now used to drive the vast majority of acquisition tasks for our team members. The changes to the platform have enabled us to respond to customers faster, capture more useful structured data, and ensure that each step of the transaction is completed on time." + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b21", + "block_sequence": 21, + "block_sha256": "23012b78da7f62b73d30c7a49fc9e970f68ec67a21250db5dfcd3d86c68d7499", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 21, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "3eb8aa7d3e2621ee73f15736dedbb15def33610e46f6dbbb443e0734c60dbf9a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "q32023formxex992sharehol009.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b22", + "block_sequence": 22, + "block_sha256": "99c4e124edb208eda0894f3926fa104890e9b8b02e8b4e55d3eb40142127916b", + "block_type": "paragraph", + "char_count": 1625, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 22, + "char_end": 1625, + "char_start": 0, + "fragment_sha256": "8cdc24ca4bc9eabfc272f07b692e9793bd0348ef8a6ce734bc091ddb518620f6", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "9 Our financial results were in-line with or ahead of our guidance driven by the growing mix of our new book of inventory and continued cost discipline. We remain focused on delivering healthy, risk-adjusted contribution margins and preserving capital through expense management. GROWTH In the third quarter, we delivered $980 million of revenue, which was above the midpoint of our guidance range. We have continued to sell through our longest held homes with less than 150 old book homes not in resale contract by quarter end. Starting in May 2023, we outlined our plan to acquire approximately 1,000 homes per month for the second half of the year. Consistent with these expectations, we acquired 3,136 homes during 3Q23, up 17% sequentially and down 63% compared to 3Q22. UNIT ECONOMICS GAAP Gross Profit was $96 million in 3Q23, versus $(425) million in 3Q22 and $149 million in 2Q23. Adjusted Gross Profit (Loss), which aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the home is sold, was $84 million in 3Q23, versus $110 million in 3Q22 and $7 million in 2Q23. Financial Highlights 3Q23 Revenue $980 million 3Q23 Homes Acquired 3,136 1,747 8,380 3,427 3,1362,680 3Q22 4Q22 1Q23 2Q23 3Q23 $3,120 $3,361 $2,857 $980 $1,976 3Q23 (Dollars in millions) Old Book New Book Total Homes Sold in Period 441 2,246 2,687 Revenue $178 $802 $980 Gross Profit / Margin $(0.2) / (0.1)% $96 / 12.0% $96 / 9.8% Adjusted Gross (Loss) Profit / Margin $(20) / (11.2)% $104 / 13.0% $84 / 8.6% Contribution (Loss) Profit / Margin $(31) / (17.4)% $74 / 9.2% $43 / 4.4% 3Q22 4Q22 1Q23 2Q23 3Q23" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b23", + "block_sequence": 23, + "block_sha256": "d7d14747b310231970b12a9023b7e915949239bc872681ceb2358f31a3194cc6", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 23, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "745a9d5e4a9649c72cc9851ec54b5f8be65824748cc436c3e7b385ebdb59d7e3", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "q32023formxex992sharehol010.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b24", + "block_sequence": 24, + "block_sha256": "5a41d5400e98c3162827002f4463025cb18f02e7dea20964bd661cfa8d7119d3", + "block_type": "paragraph", + "char_count": 1823, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 24, + "char_end": 1823, + "char_start": 0, + "fragment_sha256": "fbc44bb4ca8e94b0de9d5fdd88513b7d3b55e557df6644aed891f56f0e5e3dc2", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "10 We returned to positive Contribution Profit of $43 million in the third quarter, versus $(22) million in 3Q22 and $(90) million in 2Q23. Contribution Margin was 4.4%, versus (0.7)% in 3Q22 and (4.6)% in 2Q23. The 4.4% total contribution margin exceeded our implied guidance range of 3.2% to 4.0%, which reflects the strong performance of our new book of homes, coupled with some sales from the old book shifting out of the third quarter. NET LOSS AND ADJUSTED EBITDA GAAP Net Income (Loss) was $(106) million in 3Q23 versus $(928) million in 3Q22 and $23 million in 2Q23. Adjusted Net Loss was $(75) million versus $(328) million in 3Q22 and $(197) million in 2Q23. As a reminder, Adjusted Net Loss aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded, which is the primary difference between these two metrics in the quarter. Adjusted EBITDA was $(49) million in 3Q23, ahead of our prior guidance range, and compares to $(211) million in 3Q22 and $(168) million in 2Q23. We began reducing our marketing spend, excess operational capacity, and fixed expenses in the second half of last year. We have also made investments in areas that we believe will enable us to scale efficiently as we reaccelerate acquisition volumes next year, including continued growth from our partnership channels and improving the efficiency of our G&A, operations, and technology capabilities. Adjusted Operating Expenses, which we Financial Highlights 3Q23 Contribution Margin 4.4% (Dollars in millions) 3Q23 3Q22 2Q23 GAAP Net Income (Loss) ($106) ($928) $23 Adjusted Net Income (Loss) ($75) ($328) ($197) Adjusted EBITDA ($49) ($211) ($168) Adjusted EBITDA Margin (5.0%) (6.3%) (8.5%) GAAP Operating Expenses $175 $385 $217 Adjusted Operating Expenses $92 $189 $78" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b25", + "block_sequence": 25, + "block_sha256": "7e839aab85ebd7049e004aab28ff2e5f7ff08946de0a51a0536a0a24cee277ff", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 25, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "78eb3323935c3d16440f4c07a9650d5c6bec79fd765ee5f092a0a861bce5d5c6", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "q32023formxex992sharehol011.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b26", + "block_sequence": 26, + "block_sha256": "c2edbbfdff4be75f456143a6d93fb4999f509c628bc9d04d8dcdee23e8aef15c", + "block_type": "paragraph", + "char_count": 1917, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 26, + "char_end": 1917, + "char_start": 0, + "fragment_sha256": "456b128f0124d8bbd2d609fa580a18f69218d2c5d0caf8be52d03c6521b63d4e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "define as the delta between Contribution Profit (Loss) and Adjusted EBITDA, was $92 million in 3Q23, compared to our guidance of $100 million. The outperformance against guidance reflects the timing of certain expenses that we now expect to incur in 4Q23. Adjusted Operating Expenses were down 51% from $189 million in 3Q22 and up from $78 million in 2Q23. The sequential increase was consistent with our guidance and reflects the fact that we began rebuilding inventory in the third quarter. INVENTORY We ended the quarter with $1.3 billion in net inventory, representing 4,007 homes, which was down 78% from 3Q22 and up 14% from 2Q23. Given the focus on selling down our aged inventory and increasing acquisitions, approximately 6% of the net inventory balance as of quarter end is from the old book, which is down from 22% at the end of 2Q23. In 3Q23, we sold $766 million of inventory held as of 2Q23, including inventory that carried a total of $29 million of inventory valuation adjustments. The homes sold through in 3Q23 realized a net gain as compared to their 2Q23 inventory valuation adjustments, while some of the homes remaining in inventory at 3Q23 recorded incremental valuation adjustments. The net incremental loss recorded in 3Q23 on 2Q23 inventory was $11 million. Our new book inventory valuation adjustments represent 1.0% of new book inventory, which is consistent with our historical experience. We ended the quarter with $33 million of inventory valuation adjustments against our inventory balance of $1.3 billion. 11 Financial Highlights 3Q23 Adj. Operating Expenses $92 million $100 $189 $144 $92 $78 3Q22 4Q22 1Q23 2Q23 3Q23 As of September 30, 2023 (Dollars in millions) Old Book New Book Total Real Estate Inventory 103 1,241 1,344 Inventory Valuation Adjustments (21) (12) (33) Real Estate Inventory, Net 82 1,229 1,311 Inventory Valuation Adjustments as a % of Inventory 20.4% 1.0% 2.5%" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b27", + "block_sequence": 27, + "block_sha256": "71255c2397f0fb6705123863390e5d0b0d26aeab7ee830e6fcc41ddd61fc07e8", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 27, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "775a9e77866a0d21e5e8d05d5eee3a24c7f389bf780c6d185169794ac421feea", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "q32023formxex992sharehol012.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b28", + "block_sequence": 28, + "block_sha256": "e3f2a2dcbb91be1bb5ea72c660181fb8a212f4e1ab7c39468d368c9a780b3854", + "block_type": "paragraph", + "char_count": 1513, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 28, + "char_end": 1513, + "char_start": 0, + "fragment_sha256": "884762c43ff38d0a8ea00f231c78bbdb6eec00211df790f980fbf828e0801bef", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "7. Other category is largely comprised of stock-based compensation expense capitalized for internally developed software, depreciation and amortization, and equity securities fair value adjustment. 12 Financial Highlights As of September 30, 2023, 12% of our homes had been listed on the market for more than 120 days versus 15% for the broader market as adjusted for our buybox. As a result of our efforts to sell down the old book, we have seen an improvement in this metric from June 30, 2023, when 24% of our portfolio had been listed on the market for more than 120 days. For the new book of inventory, only 8% of our homes had been listed on the market for more than 120 days as of September 30, 2023. OTHER BALANCE SHEET ITEMS We ended 3Q23 with $1.5 billion in capital, which includes $1.2 billion in unrestricted cash and marketable securities and $182 million of equity invested in homes and related assets, net of inventory valuation adjustments. This compares to $1.6 billion in capital as of the end of 2Q23, which included $1.2 billion in unrestricted cash and marketable securities and $269 million of equity invested in homes and related assets, net of inventory valuation adjustments. As shown below, total shareholders\u2019 equity decreased by $66 million in the quarter to $1.0 billion as of September 30, 2023. 3Q23 Days on Market 88% 12% 24% 76% 2Q23 3Q23 < 120 Days on Market 120+ Days on Market 3Q23 Total Capital $1.5 billion 3Q23 Cash, Cash Equivalents, and Marketable Securities $1.2 billion" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b29", + "block_sequence": 29, + "block_sha256": "2799ab43aaee986e63dba60019946b8340fb0e3befadab5df368ba8e6f5c7f37", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 29, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "60a10608bc847c16c8a3fad64f180f243eeae254460ff5c0378c80c046d6740d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "q32023formxex992sharehol013.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b30", + "block_sequence": 30, + "block_sha256": "f36ecdc8b37dcdabc128041b3828f80460c1b3a14d1249e1644af6bc0315a6f8", + "block_type": "paragraph", + "char_count": 2492, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 30, + "char_end": 2492, + "char_start": 0, + "fragment_sha256": "ed97f1074a0baef080d3252738102ff5850ba40932e0a6930d180ddab79cf35f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "At quarter-end, we had $8.4 billion in non-recourse, asset-backed borrowing capacity, comprising $3.9 billion of senior revolving credit facilities and $4.5 billion of senior and mezzanine term debt facilities, of which total committed borrowing capacity was $3.0 billion. Assuming we turn our inventory three times per year, this gives us sufficient capacity to achieve our $10 billion break-even target. This year, we also extended the withdrawal period for two of our senior term facilities with no material change in economic terms in exchange for a partial paydown. This allows us to preserve these attractively-priced financing lines as we increase inventory balances in 2024 and beyond. GUIDANCE AND MACRO COMMENTARY We wanted to briefly comment on the recent ruling against National Association of REALTORS (NAR) and other brokerages in one of several lawsuits that are challenging the practice of listing agents \u2013 and therefore home sellers \u2013 being required to pay the buyer broker\u2019s commission. Opendoor\u2019s core business does not derive revenue from the buyer broker commission. The buyer broker commission is a cost that we pay when we resell our homes and currently represents approximately 2.5 percentage points of our overall cost structure. If the buyer broker commission were reduced, those costs to us would be reduced. At Opendoor, we have built our entire platform on giving customers transparency and choice as to how they can sell their home. As such, we are well-positioned to improve the experience of sellers and buyers as changes in the real estate ecosystem materialize. Mortgage rates reached 8% in October, their highest level in over 20 years and up over 100 bps since we reported second quarter results. The increase in rates further softened buyer demand, amplifying the typical seasonal decline in market clearance rates. The impact of this is reflected in our outlook for the balance of the year. First, as market clearance rates have slowed, our pace of resales will be reduced, impacting projected fourth quarter revenue. Second, we have reduced home-level list prices in order to meet our clearance objectives, which flows through to lower revenue and contribution margins. And third, as a result of slower resale clearance rates, some sales from the old book shifted out of the third quarter. We expect those tail homes will be a drag on overall fourth quarter Contribution Non-Recourse, Asset-Backed Borrowing Capacity $8.4 billion 13 Financial Highlights" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b31", + "block_sequence": 31, + "block_sha256": "eebb5715bbdb01aa1f49fdc603354d7776eff42e326a3c58955f974dafdc0f42", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 31, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "7aeab5fd2811ca1511df7bfba213e4e1acf9179442b37569f7f854ac160c7a7e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "q32023formxex992sharehol014.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b32", + "block_sequence": 32, + "block_sha256": "a15b945cf178f007185f8d8dc383edbcadb8f320b2386b2fe1b4eecebf00c9de", + "block_type": "paragraph", + "char_count": 2193, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 32, + "char_end": 2193, + "char_start": 0, + "fragment_sha256": "72e1bcb1de7d47aa246f1ef4f58e9f5a7d518d26cf1245fc93e0bd39c272cbac", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "14 Financial Highlights 4Q23 Revenue Guidance $800 to $850 million 4Q23 Contribution Profit3 Guidance $15 to $25 million 4Q23 Adjusted EBITDA3 Guidance $(105) to $(95) million Profit given their margin profile. Responding to seasonality and market changes is a normal part of our portfolio management process, including balancing the pace of inflows and outflows, and why we manage to an annual contribution margin target. We expect the following results for the fourth quarter of 2023: \u25cf Revenue is expected to be between $800 and $850 million \u25cf Contribution Profit3 is expected to be between $15 and $25 million \u25cf Adjusted EBITDA3 is expected to be between $(105) and $(95) million \u25cf Stock-based compensation expense is expected to be approximately $35 million Inline with our guidance from 2Q23, we expect 4Q23 home purchases to be about 3,000 and roughly flat quarter-over-quarter. In 4Q23, we remain focused on selling through as much of the old book as possible. The negative contribution margins associated with the old book, combined with the impact caused by higher mortgage rates, is expected to result in 4Q23 contribution profit of $15 to $25 million, which implies a contribution margin of 1.9% to 2.9% at the low and high ends of our guidance range. Despite ongoing uncertainty, there are positive signals in the market. With the majority of home buyers also home sellers, low buyer demand and low supply of homes for sale have stayed largely in balance, which has resulted in home price stability. We believe pent-up buyer demand continues to grow given persistently low new listing volume. We are closely monitoring various market signals to manage the inflows and outflows from our portfolio and staying inline with our risk management framework. We continue to manage our business to return to positive Adjusted Net Income, our best proxy for operating cash flow, and believe we have the cost structure and balance sheet in place to do so. We expect to return to positive Adjusted Net Income at steady state annual revenue of $10 billion, or approximately 2,200 acquisitions and resales per month, at the higher end of our annual contribution margin target range of 5% to 7%." + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b33", + "block_sequence": 33, + "block_sha256": "66ee1361a6559ae892137d5a4f17336cba8efa44b26561711d358e5452ce2a2f", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 33, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "422c04bd1b762b818db0d2e16f3417b86e1b16b0b16622fb2bb80f03155a553e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "q32023formxex992sharehol015.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b34", + "block_sequence": 34, + "block_sha256": "64ed18a32d7374056241d5a9933b25cb0754634a06b3ca6c0e4b3abd6cf7a5f8", + "block_type": "paragraph", + "char_count": 714, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 34, + "char_end": 714, + "char_start": 0, + "fragment_sha256": "ae7d814c66c9afd757f8de473092eef8d925ae63a416da5026298b687b8ff8d4", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "15 Financial Highlights CONCLUSION We have spent the last year heads down building the market-leading platform leveraging technology to transform and simplify the way people buy and sell their home. With over 30% of U.S. transactions falling into our buybox, we believe Opendoor has plenty of whitespace to gain market share and disrupt a massive market with our existing buybox alone. As we exit the year with an improved cost structure, strong balance sheet, and scaled customer acquisition channels, we believe we have laid the foundation to reaccelerate revenue next year as we build for a future of sustained, profitable growth. We remain steadfast in our mission to power life\u2019s progress, one move at a time." + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b35", + "block_sequence": 35, + "block_sha256": "b0509576c614078940a2b452b94b06d81f66fe05acd47c5b6f35fcbcdef935a5", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 35, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "6c21af6adfa293b025d4d7f0834f62dc2f8baa704c6ce654dcd71e6c1a439af0", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "q32023formxex992sharehol016.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b36", + "block_sequence": 36, + "block_sha256": "55ad351d7b8bd0498d549e023f62b3aedb187c01de324eff643bf2d899e1b645", + "block_type": "paragraph", + "char_count": 491, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 36, + "char_end": 491, + "char_start": 0, + "fragment_sha256": "86ad63ba5140c9effe356f09d0861468090f217a72d39d37a62a0ea45ec34803", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "16Raleigh-Durham, NC Carrie Wheeler, CEO Christy Schwartz, Interim CFO CONFERENCE CALL INFORMATION Opendoor will host a conference call to discuss its financial results on November 2, 2023 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. November 2, 2023 at 2 p.m. PT investor.opendoor.com LIVE WEBCAST" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b37", + "block_sequence": 37, + "block_sha256": "f0dd79d6af09eb93d5bcb43454eb4b3db43f27452d7518d41ebd50ef51c9958e", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 37, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "5e141bfcdd33ed8083731813c917764e3ca3ecf864827065f607bc12e2fd401f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "q32023formxex992sharehol017.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b38", + "block_sequence": 38, + "block_sha256": "11d3631a045838fcf6e4076997e149a251d3df8659a21ede15625ead6b74cdef", + "block_type": "paragraph", + "char_count": 67, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 38, + "char_end": 67, + "char_start": 0, + "fragment_sha256": "b1d88b89efd7c230c0b30c3a2915ea92f71a32bf0ac2f318b42874ca8f595cf5", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "/ Opendoor/ OpendoorHQ Company / Opendoor-com investor.opendoor.com" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b39", + "block_sequence": 39, + "block_sha256": "58321c0f12caadc073bc670915cf6caf91658a71407c090f30afc0ec30f56b01", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 39, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "453094fca645280a78884e51d4323e9b5bc7800200689a742690ad0e2acae5e7", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "q32023formxex992sharehol018.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b40", + "block_sequence": 40, + "block_sha256": "3c7713efb1c5cc816d225ddcea41e8a125c907e5c239405c0cfdc6c057958b18", + "block_type": "paragraph", + "char_count": 33, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 40, + "char_end": 33, + "char_start": 0, + "fragment_sha256": "93f1b942913ba3e61902beebf17bd0a9e474023c9e3acce2b269edb43b73e153", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "18 Definitions & Financial Tables" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b41", + "block_sequence": 41, + "block_sha256": "d1855822a8489c631343790ce9c97971ad7ee52c96ce6840cfbd364beedcf047", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 41, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "142d0f10297a06a43042d30abb754e7dc75340fa960a9fc08c53df4f06225faf", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "q32023formxex992sharehol019.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b42", + "block_sequence": 42, + "block_sha256": "1318f54fb35fd4c83fae9e64daf179716378358690ad15931715d3757866c68e", + "block_type": "paragraph", + "char_count": 6430, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 42, + "char_end": 6430, + "char_start": 0, + "fragment_sha256": "53df610ab5868c502bdc9366c3570d4c81406e82d9edef58dd2318157ead5a96", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "This shareholder letter contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including, without limitation, statements regarding: current and future health and stability of the real estate housing market and general economy; volatility of mortgage interest rates and expectations regarding the future shifts in behavior by consumers and partners; the health and status of our financial condition; anticipated future results of operations or financial performance, priorities of the Company to achieve future financial and business goals; our ability to continue to effectively navigate the markets in which it operates; anticipated future and ongoing impacts and benefits of acquisitions, partnership channel expansions, product innovations and other business decisions; health of our balance sheet to weather ongoing market transitions and any expectation to quickly re-scale in the future upon market stabilization; the Company\u2019s ability to adopt an effective approach to manage economic and industry risk, as well as inventory health; our expectations with respect to the future success of our partnerships and our ability to drive significant growth in sales volumes through such partnerships; business strategy and plans, including any plans to expand into additional markets, market opportunity and expansion and objectives of management for future operations, including statements regarding the benefits and timing of the roll out of new markets, products or technology; and the expected diversification of funding sources. Forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cguidance\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201coutlook\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cvision\u201d, \u201cwill\u201d, or \u201cwould\u201d, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this shareholder letter include but are not limited to: the current and future health and stability of the economy, financial conditions and the residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory) that may reduce demand for our products and services, lower our profitability or reduce our access to future financings; our real estate assets and increased competition in the U.S. residential real estate industry; ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and real estate partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our technology platform, including our automated pricing and valuation technology; ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; ability to obtain or maintain licenses and permits to support our current and future business operations; any future impact of the ongoing COVID-19 pandemic (including future variants) or other public health crises on our ability to operate, demand for our products or services, or general economic conditions; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; changes in laws or government regulation affecting our business; and the impact of pending or any future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \u201cRisk Factors\u201d in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 23, 2023, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward- looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 19 Forward-Looking Statements" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b43", + "block_sequence": 43, + "block_sha256": "e8ce7376ff60877ab2af78665c1ba8565f13d3b297a6cd6523fd302ee668ab4f", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 43, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "2685cafd95e3d27694b8287c80e81013ac80636250dec2feec476b62b7766f66", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "q32023formxex992sharehol020.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b44", + "block_sequence": 44, + "block_sha256": "21771a65261d102ff62df5f2091ae2a166676a6a6c39257a36dcdc69e630dbee", + "block_type": "paragraph", + "char_count": 3151, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 44, + "char_end": 3151, + "char_start": 0, + "fragment_sha256": "6b8efa8a6f1f1297e96aaf3c4291b8bd3cad506709ed1142ba370a1fc1f39c2d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company\u2019s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit (Loss), Contribution Profit (Loss), Adjusted Net Loss, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non- GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results. Adjusted Gross Profit (Loss) and Contribution Profit (Loss) To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit (Loss) and Contribution Profit (Loss), which are non-GAAP financial measures. We believe that Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit (Loss) provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross (loss) profit. 20 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b45", + "block_sequence": 45, + "block_sha256": "5a40a7357cba8124ec5f8c29274ebec7a9711b720854dedfd16b492518f5c86b", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 45, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "149348ab3410ceef2e2861dc9b9d95bfa0fc6466ce33bdda4bdbc38b1525b96a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "q32023formxex992sharehol021.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b46", + "block_sequence": 46, + "block_sha256": "4f25f67746cda6a8f235aef1654e4f6bf53c767dcacb864de0eac6fa2d5fcbd1", + "block_type": "paragraph", + "char_count": 1878, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 46, + "char_end": 1878, + "char_start": 0, + "fragment_sha256": "8806ed820c9f703d70757380d2a8ab217eb301b6d12131aaf063e4d9a513c3ea", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "Adjusted Gross Profit (Loss) / Margin We calculate Adjusted Gross Profit (Loss) as gross profit (loss) under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit (Loss) helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution Profit (Loss) / Margin We calculate Contribution Profit (Loss) as Adjusted Gross Profit (Loss), minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit (Loss) helps management assess inflows and outflows directly associated with a specific resale cohort. 21 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b47", + "block_sequence": 47, + "block_sha256": "37e9c86e4570008056a911ce1435e5cc4712f4765dc9426bbba0aa0bec2710c8", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 47, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "9dea67062be108aafcae1bee03b67715af09d822a744b14309ca5fdd05b8cefb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "q32023formxex992sharehol022.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b48", + "block_sequence": 48, + "block_sha256": "48d370ff185d9bcee71f738297c631e4e4599bebf8caae6126d1f200d52c8aac", + "block_type": "paragraph", + "char_count": 3106, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 48, + "char_end": 3106, + "char_start": 0, + "fragment_sha256": "a600346b9f468bec827dd323c43d3bc2a692ce7e48c1b7f3ca10f1d7aea2bfbb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "22 Adjusted Net Loss and Adjusted EBITDA We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net income (loss). We calculate Adjusted Net Loss as GAAP net income (loss) adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring and legal contingency accruals. It excludes (gain) loss on extinguishment of debt as these expenses were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. It also excludes non-recurring goodwill impairment. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b49", + "block_sequence": 49, + "block_sha256": "61819b4bed325b9754da7531f18b2934d90bf092a5c5eceab23e80641fbc8fc9", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 49, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "8a591aa1201c4f0f61e5b03fa43ab32b8c8486ccb8c070f308cc0c5cac0006f7", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "q32023formxex992sharehol023.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b50", + "block_sequence": 50, + "block_sha256": "669380f97c00825c51a415e6539e1e4ccdd6a9ec4dca84f5241eafafda66bc13", + "block_type": "paragraph", + "char_count": 1883, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 50, + "char_end": 1883, + "char_start": 0, + "fragment_sha256": "cec2bf9e24be13b4e823aed6f33f28fed7c7e59cac54fcfd68da114e24fcf343", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "23 Adjusted Operating Expense We also present Adjusted Operating Expense, which is a non-GAAP financial measure that bridges the difference between Contribution Profit and Adjusted EBITDA. We believe this measure provides investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to contribution profit and certain charges that are non-recurring, non-cash, or not directly related to our revenue-generating operations are removed. Adjusted Operating Expense is a supplemental measure of our operating expenditures and has important limitations. For example, this measure excludes the impact of certain costs required to be recorded under GAAP. This measure removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to contribution margin. This measure could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, this measure should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of this measure to the most directly comparable GAAP financial measure, which is operating expenses. We calculate Adjusted Operating Expense as GAAP operating expense adjusted to exclude direct selling costs and holding costs included in determining Contribution Profit. It excludes non-recurring goodwill impairment. The measure also excludes non-cash expenses of stock-based compensation, depreciation and amortization, and intangibles amortization. It also excludes expenses that are not directly related to our revenue-generating operations such as restructuring charges and legal contingency accruals. 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FINANCIAL HIGHLIGHTS (In millions, except percentages, homes sold, number of markets, homes purchased, and homes in inventory) (Unaudited)" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b53", + "block_sequence": 53, + "block_sha256": "4cf717ac6f61065488bcc2d5882c2649a3891b86211420fa28f6083d109b2924", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 53, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "006db48b2a28db5f8ff9e7e4d8b08567de65fa81955fc29d0599c14e73686d51", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "q32023formxex992sharehol025.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b54", + "block_sequence": 54, + "block_sha256": "bf543662d9769617ca705dbe820453fa30f36e8f17a87fffe90f93f0a049d91a", + "block_type": "paragraph", + "char_count": 1571, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 54, + "char_end": 1571, + "char_start": 0, + "fragment_sha256": "f1c23cef16b26c0133ce880db13fcfc175b4d282a318cef0ded9ccd2e1549c84", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "25 Three Months Ended Nine Months Ended September 30, September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 2023 2022 REVENUE $ 980 $ 1,976 $ 3,120 $ 2,857 $ 3,361 $ 6,076 $ 12,710 COST OF REVENUE 884 1,827 2,950 2,786 3,786 5,661 12,114 GROSS PROFIT (LOSS) 96 149 170 71 (425) 415 596 OPERATING EXPENSES: Sales, marketing and operations 85 124 188 194 260 397 812 General and administrative 48 44 66 23 85 158 323 Technology and development 42 39 40 48 40 121 121 Goodwill impairment \u2014 \u2014 \u2014 60 \u2014 \u2014 \u2014 Restructuring \u2014 10 \u2014 17 \u2014 10 \u2014 Total operating expenses 175 217 294 342 385 686 1,256 LOSS FROM OPERATIONS (79) (68) (124) (271) (810) (271) (660) GAIN (LOSS) ON EXTINGUISHMENT OF DEBT \u2014 104 78 (25) \u2014 182 \u2014 INTEREST EXPENSE (47) (53) (74) (113) (115) (174) (272) OTHER INCOME (LOSS) \u2013 Net 20 41 19 10 (2) 80 (20) INCOME (LOSS) BEFORE INCOME TAXES (106) 24 (101) (399) (927) (183) (952) INCOME TAX EXPENSE \u2014 (1) \u2014 \u2014 (1) (1) (2) NET (LOSS) INCOME $ (106) $ 23 $ (101) $ (399) $ (928) $ (184) $ (954) Net (loss) income per share attributable to common shareholders: Basic $ (0.16) $ 0.04 $ (0.16) $ (0.63) $ (1.47) $ (0.28) $ (1.53) Diluted $ (0.16) $ 0.03 $ (0.16) $ (0.63) $ (1.47) $ (0.28) $ (1.53) Weighted-average shares outstanding: Basic 662,149 646,062 641,916 634,595 629,535 651,939 624,581 Diluted 662,149 667,159 641,916 634,595 629,535 651,939 624,581 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited)" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b55", + "block_sequence": 55, + "block_sha256": "af1b0ebbe888200be41fa41116cc3e523f8b54450f417995efa0b0141cbbb6f9", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 55, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "7c6a02e6f24b194833b793c4e654ae2d15cf908ae6d0a290aa2b51940a845ebe", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "q32023formxex992sharehol026.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b56", + "block_sequence": 56, + "block_sha256": "07f8a221e02383046de45e079159097edf181bfb3ff8589ab10fe0b76e7a8829", + "block_type": "paragraph", + "char_count": 1449, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 56, + "char_end": 1449, + "char_start": 0, + "fragment_sha256": "58ec072ed7e65b17fc09b87b3316776420c2fb4541ebf7ba9d29dd236b1c23eb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "26 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) September 30, 2023 December 31, 2022 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,154 $ 1,137 Restricted cash 1,224 654 Marketable securities 72 144 Escrow receivable 11 30 Real estate inventory, net 1,311 4,460 Other current assets ($0 and $1 carried at fair value) 47 41 Total current assets 3,819 6,466 PROPERTY AND EQUIPMENT \u2013 Net 68 58 RIGHT OF USE ASSETS 27 41 GOODWILL 4 4 INTANGIBLES \u2013 Net 7 12 OTHER ASSETS 22 27 TOTAL ASSETS $ 3,947 $ 6,608 LIABILITIES AND SHAREHOLDERS\u2019 EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 67 $ 110 Non-recourse asset-backed debt - current portion \u2014 1,376 Interest payable 1 12 Lease liabilities - current portion 6 7 Total current liabilities 74 1,505 NON-RECOURSE ASSET-BACKED DEBT \u2013 Net of current portion 2,330 3,020 CONVERTIBLE SENIOR NOTES 502 959 LEASE LIABILITIES \u2013 Net of current portion 20 38 OTHER LIABILITIES 1 \u2014 Total liabilities 2,927 5,522 SHAREHOLDERS\u2019 EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 668,592,580 and 637,387,025 shares issued, respectively; 668,592,580 and 637,387,025 shares \u2014 \u2014 Additional paid-in capital 4,263 4,148 Accumulated deficit (3,242) (3,058) Accumulated other comprehensive loss (1) (4) Total shareholders\u2019 equity 1,020 1,086 TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY $ 3,947 $ 6,608" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b57", + "block_sequence": 57, + "block_sha256": "116fae2cd646546c7d31ffdeb033df4d4addd1c5c7af6e56d39796b4c29eec86", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 57, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "52a7280cf4897aa1956272bc4609e5c081ccccc3a82f4c17e097a7d320e68be6", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "q32023formxex992sharehol027.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b58", + "block_sequence": 58, + "block_sha256": "597c729fd53035a8a6519b13d2cec928f92889240bc625828d731acbcbf02557", + "block_type": "paragraph", + "char_count": 2693, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 58, + "char_end": 2693, + "char_start": 0, + "fragment_sha256": "b80bd3c2d87131719f7125d0c10c56d5f1fcb1f0c75222dd7d018abd499d229b", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "27 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Nine Months Ended September 30, 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (184) $ (954) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash provided by (used in) operating activities: Depreciation and amortization 50 59 Amortization of right of use asset 5 6 Stock-based compensation 94 178 Inventory valuation adjustment 54 663 Change in fair value of equity securities 4 36 Other 6 (1) Origination of mortgage loans held for sale \u2014 (118) Proceeds from sale and principal collections of mortgage loans held for sale 1 128 Gain on extinguishment of debt (182) \u2014 Changes in operating assets and liabilities: Escrow receivable 19 (70) Real estate inventory 3,082 (663) Other assets (15) \u2014 Accounts payable and other accrued liabilities (29) 73 Interest payable (10) 4 Lease liabilities (9) (6) Net cash provided by (used in) operating activities 2,886 (665) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (28) (33) Purchase of marketable securities \u2014 (28) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 75 293 Purchase of non-marketable equity securities \u2014 (25) Proceeds from sale of non-marketable equity securities 1 3 Capital returns of non-marketable equity securities \u2014 3 Acquisitions, net of cash acquired \u2014 (3) Net cash provided by investing activities 48 210 CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of convertible senior notes (270) \u2014 Proceeds from exercise of stock options 2 4 Proceeds from issuance of common stock for ESPP 2 2 Proceeds from non-recourse asset-backed debt 238 9,160 Principal payments on non-recourse asset-backed debt (2,315) (8,179) Proceeds from other secured borrowings \u2014 114 Principal payments on other secured borrowings \u2014 (121) Payment of loan origination fees and debt issuance costs \u2014 (24) Payment for early extinguishment of debt (4) \u2014 Net cash (used in) provided by financing activities (2,347) 956 NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 587 501 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 Beginning of period 1,791 2,578 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 End of period $ 2,378 $ 3,079 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION \u2013 Cash paid during the period for interest $ 169 $ 248 DISCLOSURES OF NONCASH ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 17 $ 13 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 1,154 $ 1,327 Restricted cash 1,224 1,752 Cash, cash equivalents, and restricted cash $ 2,378 $ 3,079" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b59", + "block_sequence": 59, + "block_sha256": "626e4c6e64f571aede60f2f9a2e7cc7f428af112c22e90434cde75266a017517", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 59, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "9cee70fa8cf942e49ec2a81b788cbd2f0a493b43a474b0fa07171f7a1d3ea832", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "q32023formxex992sharehol028.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b60", + "block_sequence": 60, + "block_sha256": "e8685a0ce6b87264a78ec1156e8ab399755d69038abd6a45570cddd68cc8cf6b", + "block_type": "paragraph", + "char_count": 2510, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 60, + "char_end": 2510, + "char_start": 0, + "fragment_sha256": "01f4d81689193d62cca47a1488c6b0f800530f8772a85a4f391d4f6d2eff83ef", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "28 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT (LOSS) AND CONTRIBUTION PROFIT (LOSS) TO OUR GROSS PROFIT (LOSS) (Unaudited) Three Months Ended Nine Months Ended September 30, (in millions, except percentages and homes sold, or as noted) September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 2023 2022 Gross profit (loss) (GAAP) $ 96 $ 149 $ 170 $ 71 $ (425) $ 415 $ 596 Gross Margin 9.8 % 7.5 % 5.4 % 2.5 % (12.6) % 6.8 % 4.7 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f(1)(2) 17 14 23 73 573 24 620 Inventory valuation adjustment \u2013 Prior Periods\u034f(1)(3) (29) (156) (295) (236) (38) (450) (38) Adjusted Gross Profit (Loss) $ 84 $ 7 $ (102) $ (92) $ 110 $ (11) $ 1,178 Adjusted Gross Margin 8.6 % 0.4 % (3.3) % (3.2) % 3.3 % (0.2) % 9.3 % Adjustments: Direct selling costs(4) (28) (58) (85) (78) (100) (171) (336) Holding costs on sales \u2013 Current Period\u034f(5)(6) (4) (6) (13) (10) (14) (41) (73) Holding costs on sales \u2013 Prior Periods\u034f(5)(7) (9) (33) (41) (27) (18) (65) (37) Contribution Profit (Loss) $ 43 $ (90) $ (241) $ (207) $ (22) $ (288) $ 732 Homes sold in period 2,687 5,383 8,274 7,512 8,520 16,344 31,671 Contribution Profit (Loss) per Home Sold (in thousands) $ 16 $ (17) $ (29) $ (28) $ (3) $ (18) $ 23 Contribution Margin 4.4 % (4.6) % (7.7) % (7.2) % (0.7) % (4.7) % 5.8 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented." + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b61", + "block_sequence": 61, + "block_sha256": "2250b64dc911228b16f7a4632da3f50cb5dc626369819a08e303cb9f2f30c54a", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 61, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "fc0614f1f08cb6b379c4a0e8aeb882e3447a9b14a3540bc97bcec255a8aa338d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "q32023formxex992sharehol029.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b62", + "block_sequence": 62, + "block_sha256": "d3585514643f4144520db839138db294fb001b43ca144b4e354010fd24b402e1", + "block_type": "paragraph", + "char_count": 3120, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 62, + "char_end": 3120, + "char_start": 0, + "fragment_sha256": "5cc09c0c9647d9c972d3975d03b556201f17464c47ff65137f8df500748fa111", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "29 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED NET LOSS AND ADJUSTED EBITDA TO OUR NET (LOSS) INCOME (Unaudited) Three Months Ended Nine Months Ended September 30, (in millions, except percentages) September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 2023 2022 Net (loss) income (GAAP) $ (106) $ 23 $ (101) $ (399) $ (928) $ (184) $ (954) Adjustments: Stock-based compensation 31 21 42 (7) 52 94 178 Equity securities fair value adjustment(1) 11 (6) (1) (1) 11 4 36 Intangibles amortization expense(2) 2 1 2 2 2 5 7 Inventory valuation adjustment \u2013 Current Period\u034f(3)(4) 17 14 23 73 573 24 620 Inventory valuation adjustment \u2014 Prior Periods\u034f(3)(5) (29) (156) (295) (236) (38) (450) (38) Restructuring(6) \u2014 10 \u2014 17 \u2014 10 \u2014 (Gain) loss on extinguishment of debt \u2014 (104) (78) 25 \u2014 (182) \u2014 Goodwill impairment \u2014 \u2014 \u2014 60 \u2014 \u2014 \u2014 Legal contingency accrual and related expenses \u2014 \u2014 \u2014 1 \u2014 \u2014 45 Other(7) (1) \u2014 (1) (2) \u2014 (2) (1) Adjusted Net Loss $ (75) $ (197) $ (409) $ (467) $ (328) $ (681) $ (107) Adjustments: Depreciation and amortization, excluding amortization of intangibles 9 9 12 12 8 30 29 Property financing(8) 38 44 60 93 102 142 236 Other interest expense(9) 9 9 14 20 13 32 36 Interest income(10) (30) (34) (18) (9) (7) (82) (13) Income tax expense \u2014 1 \u2014 \u2014 1 1 2 Adjusted EBITDA $ (49) $ (168) $ (341) $ (351) $ (211) $ (558) $ 183 Adjusted EBITDA Margin (5.0) % (8.5) % (10.9) % (12.3) % (6.3) % (9.2) % 1.4 % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuring costs consist primarily of severance and employee termination benefits, relocation packages and bonuses as well as costs related to the exiting of certain non-cancelable leases. (7) Includes primarily sublease income, income from equity method investments, and gain on lease termination. (8) Includes interest expense on our non-recourse asset-backed debt facilities. (9) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset- backed debt facilities, interest expense related to the 2026 convertible senior notes outstanding, and interest expense on other secured borrowings. (10) Consists mainly of interest earned on cash, cash equivalents, restricted cash, and marketable securities." + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b63", + "block_sequence": 63, + "block_sha256": "25e563219162828fbfb1f8b597f2d8ceed269d1e2a9dfc0b9866056b8670fe36", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 63, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "3bd50489e76c98c6d3a0d8df27c81e0b336fb84e22bed53e69596c47762b1bef", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "q32023formxex992sharehol030.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b64", + "block_sequence": 64, + "block_sha256": "a81188ea0ef9d089ba7892a0463378048dce5de697e05dd250245fcb3a9575da", + "block_type": "paragraph", + "char_count": 2225, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 64, + "char_end": 2225, + "char_start": 0, + "fragment_sha256": "01b8472a62257845093b522dbe3d8a77ca860bcbc1416ce21df7986e54c3421b", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "30 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS (LOSS) PROFIT AND CONTRIBUTION (LOSS) PROFIT TO OUR GROSS PROFIT BY COHORT (Unaudited) Three Months Ended September 30, 2023 (in millions, except percentages) Old Book: Q2 2022 Cohort and Prior (8) New Book: Post Q2 2022 Cohort (8) Total Revenue (GAAP) $ 178 $ 802 $ 980 Cost of Revenue 178 706 884 Gross profit (GAAP) $ (0.2) $ 96 $ 96 Gross Margin (0.1) % 12.0 % 9.8 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f(1)(2) 6 11 17 Inventory valuation adjustment \u2014 Prior Periods\u034f(1)(3) (26) (3) (29) Adjusted Gross (Loss) Profit $ (20) $ 104 $ 84 Adjusted Gross Margin (11.2) % 13.0 % 8.6 % Adjustments: Direct selling costs(4) (5) (23) (28) Holding costs on sales \u2013 Current Period\u034f(5)(6) (1) (3) (4) Holding costs on sales \u2013 Prior Periods\u034f(5)(7) (5) (4) (9) Contribution (Loss) Profit $ (31) $ 74 $ 43 Contribution Margin (17.4) % 9.2 % 4.4 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented. (8) Old Book: Q2 2022 Cohort and Prior refers to offers prior to July 2022. New book: Post Q2 2022 Cohort includes offers made in July 2022 and after." + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b65", + "block_sequence": 65, + "block_sha256": "cc67b71f25a376e3c2fe3821cbb26a6316bca3f80d4451995e4a1c4513fb5fbb", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 65, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "820a5de2c6b1f5e92cad67cdeee94174b4befe26b83acaa30530854752898c9b", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "q32023formxex992sharehol031.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b66", + "block_sequence": 66, + "block_sha256": "513bc3a7c910c7a57268dc3f3aad0d13ba6a6b348895204ba43e77b38fede27f", + "block_type": "paragraph", + "char_count": 1673, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 66, + "char_end": 1673, + "char_start": 0, + "fragment_sha256": "be4252926537015174632014970649921c2458ab2ff31ae085d5478a7806261f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "31 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED OPERATING EXPENSES TO OUR OPERATING EXPENSES (Unaudited) Three Months Ended (in millions, except percentages) September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 Operating Expenses (GAAP) $ 175 $ 217 $ 294 $ 342 $ 385 Adjustments: Direct Selling Costs(1) (28) (58) (85) (78) (100) Holding costs included in contribution profit(2) (13) (39) (54) (37) (32) Stock-based compensation (31) (21) (42) 7 (52) Intangibles amortization expense(3) (2) (1) (2) (2) (2) Restructuring \u2014 (10) \u2014 (17) \u2014 Goodwill impairment \u2014 \u2014 \u2014 (60) \u2014 Legal contingency accrual \u2014 \u2014 \u2014 (1) \u2014 Depreciation and amortization, excluding amortization of intangibles (9) (9) (12) (12) (8) Other \u2014 (1) 1 2 (2) Total Adjusted Operating Expenses $ 92 $ 78 $ 100 $ 144 $ 189 (1) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (2) Represents holding costs incurred in the period presented on homes sold in the period presented, as well as holding costs incurred in prior periods on homes sold in the period presented. Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (3) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized." + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b67", + "block_sequence": 67, + "block_sha256": "39e2f41d331010125523478cfea9d1291dfb53c0913ea8eb52818191b63f90d6", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 67, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "17b771558b8b9935b75fa3cf72a4a72c09b7b83b6258a39e8cb800cc18e1ae17", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "q32023formxex992sharehol032.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b68", + "block_sequence": 68, + "block_sha256": "06c98ed39211e6e7d0cb7b41be5c42492db312b1133c968170396c67fb039497", + "block_type": "paragraph", + "char_count": 11, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 68, + "char_end": 11, + "char_start": 0, + "fragment_sha256": "b36766ffd0b69beb6a655624642b7ad6f4cae6289e4edd1594482b7a1b913efd", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "Appendix 32" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b69", + "block_sequence": 69, + "block_sha256": "31aa9c48137d6482bb79fb675189d8926ec371b448922795b4a88e49fc704f71", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 69, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "7e6efb4f22093acefa2fa1bdde0d98748d30baf0f010e7cce84e712415eaef18", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "q32023formxex992sharehol033.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b70", + "block_sequence": 70, + "block_sha256": "4e2047f8f46b6364da688161d349876c66d326e497c3844c4448ef6ab76c21e5", + "block_type": "paragraph", + "char_count": 577, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 70, + "char_end": 577, + "char_start": 0, + "fragment_sha256": "040c3b4777301c62b89ed285d5f74601fdc65ceaa4bbb4f2221b7b54b53b8fe4", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "Appendix 1. MLS Clearance Rate is defined as the number of daily contracts that enter pending status on the Multiple Listing Service (i.e. market listings), filtered for Opendoor\u2019s markets and buybox, divided by the number of active listings on the Multiple Listing Service, filtered for the same markets and buybox. Trailing 7-Day MLS Clearance Rate1 MLS Data Filtered to Opendoor Markets and Buybox Trailing 7-Day MLS Contracts MLS Data Filtered to Opendoor Markets and Buybox Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 33" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b71", + "block_sequence": 71, + "block_sha256": "9b6c96d2d7f5824024352668ee5c0938dd53528fbf11c61f91daa26f243e6ca0", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 71, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "da40403b2fbf66b29269a72bbe47ad59caf71c106b22a01ffa87d0fa812b8149", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": 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Sep Oct Nov Dec 34" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b73", + "block_sequence": 73, + "block_sha256": "c95596accc7a0cfc2c0d26256d90a0d36f431ca80b16d19428d870b183910988", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", + "block_sequence": 73, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "c768ada56ea4664fa50032f1fc8ade8762ef096675af94a766fe48ab0ac7b4d5", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", + "table": null, + "text": "q32023formxex992sharehol035.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b74", + "block_sequence": 74, + "block_sha256": "66aea0e83915366434c442a855724f9576bff08f1568ea137f9f60c63e554a05", + "block_type": 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"https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex992sharehol.htm", "table_id": null, "text": "Document generated by Workiva Inc q32023formxex992sharehol\n\nLetter to Shareholders 3Q23 Sarah and John LeNoir Kyle, TX Exhibit 99.2\n\nGina Sullivan & Michael Blake Sold: Columbus, OH 2 I was able to pick my dates and change the date. It was all so easy. – Gina Sullivan When Gina and her husband Michael began envisioning their retirement, they shared a dream of international living — an affordable cost of living, coupled with trading the chilly Ohio winters for a tropical paradise. Even though their retirement was still a few years away, they knew they had to make moves on their long-term retirement plan before home prices on the island increased further. But first, they needed to sell their home in Columbus. While Gina and Michael initially contacted a realtor to help them sell, they soon realized that a faster, more flexible solution was needed to provide them with the funds necessary to secure their future retirement abode. With full-time jobs and busy schedules to work around, they were also hoping to avoid the hassle of hosting countless open houses. Michael was initially skeptical, but Gina decided to explore their options further, ultimately requesting an offer on their home from Opendoor. They were pleasantly surprised with how seamless and transparent the process was and decided to sell to Opendoor. With the proceeds in hand, the couple was able to close on their dream condo in Belize and move into an apartment in Columbus. Selling to Opendoor wasn't just a transaction; it opened doors to fresh opportunities for Gina and Michael. Gina said she feels like she has to “pinch herself” at times knowing that they are one step closer to retiring in paradise. When asked what she liked most about the process, Gina had this to say about her experience: “I was able to pick my dates and change the date - I was able to set up when I could move. It was all so easy.”"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b10"], "char_count": 2031, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "911f1cb82fe9148d2dca9159ab9d138ea8519c0486f6a3ee4bad8f46ffcf24fe", "derivation_id": "43b796b65ed4d7d57eb5b2dbc104d898cb75ac46420691d0adfacf446ce84d60", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 10, "char_end": 2031, "char_start": 0, "fragment_sha256": "a7b5a4eb504296a9dbb86436cdb391caa28bf77294b4bcb707c53652a392e7c5", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#p2", "passage_kind": "narrative", "passage_sequence": 2, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex992sharehol.htm", "table_id": null, "text": "3 Business Highlights 1. Homes we made offers on in June of 2022 and prior. We are pleased to share our third quarter results that demonstrate continued execution in what remains an uncertain U.S. housing market. Our third quarter results were in-line or ahead of prior guidance driven by our continued focus on driving operational excellence through pricing improvements, cost savings, and risk management. The third quarter also marked our return to positive contribution margin. Financial highlights from the third quarter include: ● Purchased 3,136 homes, an increase of 17% quarter-over-quarter and consistent with the expectations we shared starting in May 2023. We were able to increase acquisitions sequentially despite average new listings being down 8% within our buybox in our markets. ● Sold 2,687 homes which generated $980 million of revenue, compared to our guidance range of $950 million to $1.0 billion. ● Delivered gross profit of $96 million, or 9.8% gross margin. We also returned to positive Contribution Profit of $43 million, or 4.4% Contribution Margin, ahead of our implied Contribution Margin guidance range of 3.2% to 4.0%. This outperformance reflects both strength of our new book of homes as well as a slightly higher mix of new book versus old book resales than expected, as some sales from the old book1 shifted out of the third quarter. ● Recognized Net Income (Loss) of $(106) million and Adjusted Net Income (Loss) of $(75) million. Adjusted EBITDA was $(49) million, ahead of our guidance range of $(70) million to $(60) million, driven by contribution margin outperformance and ongoing cost discipline. ● Remain well-capitalized with $1.5 billion in total capital and $8.4 billion in asset-backed lending capacity. Mortgage rates reached 8% in October, their highest level in over 20 years and up over 100 bps since we reported second quarter results in August. The increase in rates further softened buyer demand, 3Q23 Revenue $980 million 3Q23 Acquisitions 3,136 3Q23 Contribution Margin 4.4%"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b12"], "char_count": 2924, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e14b5018ee1b409cef95db70db0a842fd907aa50a07ea77072a8cf3351db9084", "derivation_id": "43b796b65ed4d7d57eb5b2dbc104d898cb75ac46420691d0adfacf446ce84d60", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 12, "char_end": 2924, "char_start": 0, "fragment_sha256": "c252925f09664b973064be973bd742bde753bfd6dc17d209880a5baa17adacfc", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex992sharehol.htm", "table_id": null, "text": "amplifying the typical seasonal decline in market clearance rates2. The impact of this is reflected in our outlook for the balance of the year. First, as market clearance rates have slowed, our pace of resales will likewise be reduced, impacting projected fourth quarter revenue. Second, we have reduced home-level list prices in order to meet our clearance objectives, which flows through to lower revenue and contribution margins. And third, as a result of slower resale clearance rates, some sales from the old book shifted out of the third quarter. We expect those tail homes will be a drag on overall fourth quarter Contribution Profit given their margin profile. Responding to seasonality and market changes is a normal part of our portfolio management process, including balancing the pace of inventory inflows and outflows, and why we manage to an annual contribution margin target. We expect the following results for the fourth quarter of 2023: ● Revenue is expected to be between $800 and $850 million ● Contribution Profit3 is expected to be between $15 and $25 million ● Adjusted EBITDA3 is expected to be between $(105) and $(95) million Throughout 2023, we have reduced our cost structure and improved our pricing accuracy, which we in turn passed through to spread reductions. This drove a 17% increase in acquisitions quarter-over- quarter despite average new listings being down 8% within our buybox in our markets, demonstrating our ability to gain share despite lower market transaction volumes. We anticipate accelerating home acquisitions next year due to these spread improvements, our growing partnership channels, and plans to increase advertising spend in the first half of 2024. While we continue to navigate macro 4 Business Highlights 2. See MLS Clearance Rate chart in the Appendix. Excluding 2022, clearance rates, on average, declined ~8% from 7/31 to 9/30; the market clearance rate fell by 23% over the same period in 2023. 3. Opendoor has not provided a quantitative reconciliation of forecasted Contribution profit (loss) to forecasted GAAP gross profit (loss) nor a reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss) and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. For more information regarding the non-GAAP financial measures discussed in this shareholder letter, please see “Use of Non-GAAP Financial Measures” following the financial tables below. 3Q23 Sequential Growth in Acquisitions 17%"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b14"], "char_count": 2532, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c0cd15937350d290f3633c480aabd2540c4af07ede530dfc20d51c463ebefbab", "derivation_id": "43b796b65ed4d7d57eb5b2dbc104d898cb75ac46420691d0adfacf446ce84d60", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 14, "char_end": 2532, "char_start": 0, "fragment_sha256": "275ebd68c38754004a883fd8cf4bb04ce419560580011684086ad0d30df5a84f", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex992sharehol.htm", "table_id": null, "text": "uncertainty, we are operating consistent with our risk management framework and controlling what we can control. Based on current market conditions and signals we are seeing today, our strategy has not changed, and we will continue to closely monitor leading indicators to respond to any shifts in the market. As the market-leading platform that is leveraging technology to transform and simplify the way people buy and sell their home, Opendoor has enormous whitespace to gain market share. We have historically demonstrated our ability to capture over 4% share in multiple markets. As we rescale the business, capturing even a small fraction of the over $600 billion4 in our current addressable market can propel us to significant profitable growth. ENABLE MORE SELLERS TO CHOOSE OPENDOOR Our pricing, technology, and operations platforms have brought simplicity and certainty to the historically complex process of buying or selling a home. Among home sellers, we have historically earned an average Net Promoter Score of approximately 80, demonstrating the inherent value of our platform. We remain focused on delivering the Opendoor experience to as many consumers as possible by continuing to improve our value proposition, expanding our addressable market, and deepening our partnership distribution channels to efficiently reach new potential customers and re-engage with registered sellers. Spreads In our business, there is an inverse relationship between spread and seller conversion, meaning the more we reduce spread, the higher our seller conversion is. Higher conversion results in more home acquisitions and, in turn, more home sales. Our spread is reflective of multiple factors: our contribution margin target, direct costs, home valuation accuracy, and expected home price change over our holding period. In 2023, we have been focused on what we can control – improving our cost structure and home price accuracy – with the goal of durably reducing spreads for our customers. Conversion vs. Spread5 5 Business Highlights 4. Current addressable market estimated at over $600 billion in annual transaction volume within Opendoor’s current buybox in our existing markets. 5. Spreads are defined as total discount to our home valuation at time of offer less the Opendoor service fee of 5%. True Sellers are defined as unique sellers who either accept an Opendoor offer or list their home on the MLS within 60 days of receiving an offer. Chart based on True Sellers since 2018. Current Addressable Market $600+ billion"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b16"], "char_count": 2487, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1f21fbb92ae8e90e797d878b489f0b0059e77cab2967658d7b421459d7384e19", "derivation_id": "43b796b65ed4d7d57eb5b2dbc104d898cb75ac46420691d0adfacf446ce84d60", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 16, "char_end": 2487, "char_start": 0, "fragment_sha256": "bafa868cbbf291e0b2ac821bcae8366075979bc412189b8bfc3d86be7a19de6e", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex992sharehol.htm", "table_id": null, "text": "6. See Home Price Appreciation chart in the Appendix. 6 Business Highlights Managing spreads requires balancing growth, margin, and risk. Since June 2022, we have been operating with elevated spreads to focus on managing risk given the uncertainty around the U.S. housing market, namely, changes in interest rates, levels of home inventory, market clearance, and the broader macro outlook. Despite these factors, home prices followed their typical seasonal path this year, with month-over-month increases during the first half of the year and flat to modestly negative home price appreciation in the second half of the year6. On homes sold through 3Q23, home prices outperformed our base expectations, which caused contribution margins on our new book to exceed our underwriting. Given the uncertain market conditions, we believe prioritizing risk management was prudent even though it resulted in lower growth and higher margins. While our spreads remain elevated compared to levels seen prior to 3Q22, we expect the spread reductions we have made throughout 2023, combined with additional paid marketing and continued growth of our partnership channels, will accelerate home acquisitions during the first half of 2024. We believe we can reach our acquisition volume goals for 2024 at current spread levels, particularly when considering the increase in our addressable market from $160 billion to over $600 billion annually since 2019. Expanding Buybox During 2023, we increased the percentage of homes in our markets that fall in our buybox from 48% to 57%. This expansion was achieved by addressing more zip codes and home characteristics such as price points, ages, and home types. As our operations capabilities continue to expand, we are able to offer the Opendoor experience to a broader array of customers and homes in our markets. Adding and Deepening Partnership Channels We continue to make progress in expanding our partnership channels across online real estate platforms, agents, and homebuilders. These channels are highly efficient given their fixed customer acquisition cost profiles and represent a durable, long-term opportunity for us to reach sellers. Acquisitions from our partnership channels increased 33% sequentially in 3Q23 and are up over 76% compared to 1Q23. We expect acquisitions from partnerships will continue to grow on an absolute basis. Buybox Coverage in Our Markets 57% Sequential Growth in Acquisition Closes from Partnership Channels in 3Q23 33%"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b18"], "char_count": 2216, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9fd1899a8c5150e763ce043b6b61a59d07b044eb81eb21c14d59121a3c1e2355", "derivation_id": "43b796b65ed4d7d57eb5b2dbc104d898cb75ac46420691d0adfacf446ce84d60", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 18, "char_end": 2216, "char_start": 0, "fragment_sha256": "851c006d6b4a2b048b98572b9a9fb203bb1e4fdbb9d76dd313f0febd14dfca9c", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex992sharehol.htm", "table_id": null, "text": "7 Business Highlights Our exclusive partnership with Zillow continues to scale and is live in 45 markets as of this week. We saw meaningful transaction growth this quarter as our previously launched markets have continued maturing, and we have had more opportunities for customer reengagement in this channel. Our partnerships with online real estate platforms continue to represent a source of incremental customers and should continue to scale in 2024. In early October, we announced a partnership with eXp Realty, the largest independent real estate company in the world. This agreement enables eXp’s agents to request a cash offer on qualifying properties on behalf of their clients directly within their eXp dashboard and present the Opendoor offer alongside the option of listing the client’s home on the market. We believe Opendoor offers a compelling value proposition for seller agents by streamlining the home selling process, providing transparency, and ensuring a quick and hassle-free sale, ultimately enabling agents to better serve their clients and improve productivity. DRIVE OPERATIONAL EXCELLENCE ACROSS OUR DELIVERY PLATFORM Guided by one of our core operating principles, “bps for breakfast”, we are targeting investments that reduce our cost structure, increase our pricing accuracy, and improve operational efficiency. In 3Q23, we drove operational excellence across our platform by leveraging AI and other technologies across pricing, inventory management, and home operations. Pricing Our proprietary home data asset that we’ve built over the last decade, along with deep human expertise in pricing and home operations, is enabling us to train and build proprietary real estate specific AI models. We have extended our AI powered pricing models to increase accuracy across all home segments and reduce outliers. Home offers are driven by our recently enhanced valuation models that implement multi-factor condition based pricing, reduce risk by modeling a range of adverse market conditions, and improve overall model accuracy. AI, and specifically generative AI, is enabling us to gather and analyze home data on a deeper level with higher accuracy. For example, we [eXp Realty Partnership]"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b20"], "char_count": 2295, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6c3d8b4456994e5ecbd5a5fc43d968d9c2fd77e90c4564c1f8903605058f0de0", "derivation_id": "43b796b65ed4d7d57eb5b2dbc104d898cb75ac46420691d0adfacf446ce84d60", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 20, "char_end": 2295, "char_start": 0, "fragment_sha256": "c6a727fa3faafc181f6faac2654d20c5144930f7fd12387e073410d9a9cb2a53", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex992sharehol.htm", "table_id": null, "text": "8 Business Highlights List with Certainty use AI to extract home conditions from customer provided inputs such as chat conversations, images, and videos. We expanded our LiDAR (Light Detection and Ranging) program nationwide to collect home layouts and square footage, including conducting pre-acquisition assessments for homes with atypical layouts that could affect marketability. These inputs are used by our centralized pricing team for price decisioning, which we expect will improve resale margin. Both these features are critical to our home valuations, improving our pricing accuracy, with the objective of durably reducing spreads for our customers. Inventory Management Listed homes require ongoing care to maintain them in move-in-ready condition. We continue to develop technology and improve processes to centralize operations and conduct quality control remotely. We get real-time home specific signals from our proprietary home security system and customer feedback from each home visit, which enhances our ability to quickly and cost-effectively respond to issues. Further, we have leveraged AI to automatically categorize this feedback and extract data points such as buyer interest in the home, maintenance quality, and how buyers are responding to the work done in the home. Maintenance quality has improved significantly with over 99% of work meeting the standards of our statements of work. Additionally, agent feedback has indicated that listed home quality improved by over 10% throughout the year. Home Operations We continued to enhance our transactions and operations platforms in 3Q23. Our acquisition and resale processes are mostly digitized, with our transaction management software powering hundreds of thousands of tasks per quarter. We piloted automated operator work assignments successfully in 3Q23 to more effectively load balance work across operators and are expanding this capability to all operator groups over the next two quarters. Additionally, we recently revised our end-to-end CRM, which is now used to drive the vast majority of acquisition tasks for our team members. The changes to the platform have enabled us to respond to customers faster, capture more useful structured data, and ensure that each step of the transaction is completed on time."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b22"], "char_count": 1625, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "99c4e124edb208eda0894f3926fa104890e9b8b02e8b4e55d3eb40142127916b", "derivation_id": "43b796b65ed4d7d57eb5b2dbc104d898cb75ac46420691d0adfacf446ce84d60", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 22, "char_end": 1625, "char_start": 0, "fragment_sha256": "8cdc24ca4bc9eabfc272f07b692e9793bd0348ef8a6ce734bc091ddb518620f6", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex992sharehol.htm", "table_id": null, "text": "9 Our financial results were in-line with or ahead of our guidance driven by the growing mix of our new book of inventory and continued cost discipline. We remain focused on delivering healthy, risk-adjusted contribution margins and preserving capital through expense management. GROWTH In the third quarter, we delivered $980 million of revenue, which was above the midpoint of our guidance range. We have continued to sell through our longest held homes with less than 150 old book homes not in resale contract by quarter end. Starting in May 2023, we outlined our plan to acquire approximately 1,000 homes per month for the second half of the year. Consistent with these expectations, we acquired 3,136 homes during 3Q23, up 17% sequentially and down 63% compared to 3Q22. UNIT ECONOMICS GAAP Gross Profit was $96 million in 3Q23, versus $(425) million in 3Q22 and $149 million in 2Q23. Adjusted Gross Profit (Loss), which aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the home is sold, was $84 million in 3Q23, versus $110 million in 3Q22 and $7 million in 2Q23. Financial Highlights 3Q23 Revenue $980 million 3Q23 Homes Acquired 3,136 1,747 8,380 3,427 3,1362,680 3Q22 4Q22 1Q23 2Q23 3Q23 $3,120 $3,361 $2,857 $980 $1,976 3Q23 (Dollars in millions) Old Book New Book Total Homes Sold in Period 441 2,246 2,687 Revenue $178 $802 $980 Gross Profit / Margin $(0.2) / (0.1)% $96 / 12.0% $96 / 9.8% Adjusted Gross (Loss) Profit / Margin $(20) / (11.2)% $104 / 13.0% $84 / 8.6% Contribution (Loss) Profit / Margin $(31) / (17.4)% $74 / 9.2% $43 / 4.4% 3Q22 4Q22 1Q23 2Q23 3Q23"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b24"], "char_count": 1823, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5a41d5400e98c3162827002f4463025cb18f02e7dea20964bd661cfa8d7119d3", "derivation_id": "43b796b65ed4d7d57eb5b2dbc104d898cb75ac46420691d0adfacf446ce84d60", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 24, "char_end": 1823, "char_start": 0, "fragment_sha256": "fbc44bb4ca8e94b0de9d5fdd88513b7d3b55e557df6644aed891f56f0e5e3dc2", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex992sharehol.htm", "table_id": null, "text": "10 We returned to positive Contribution Profit of $43 million in the third quarter, versus $(22) million in 3Q22 and $(90) million in 2Q23. Contribution Margin was 4.4%, versus (0.7)% in 3Q22 and (4.6)% in 2Q23. The 4.4% total contribution margin exceeded our implied guidance range of 3.2% to 4.0%, which reflects the strong performance of our new book of homes, coupled with some sales from the old book shifting out of the third quarter. NET LOSS AND ADJUSTED EBITDA GAAP Net Income (Loss) was $(106) million in 3Q23 versus $(928) million in 3Q22 and $23 million in 2Q23. Adjusted Net Loss was $(75) million versus $(328) million in 3Q22 and $(197) million in 2Q23. As a reminder, Adjusted Net Loss aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded, which is the primary difference between these two metrics in the quarter. Adjusted EBITDA was $(49) million in 3Q23, ahead of our prior guidance range, and compares to $(211) million in 3Q22 and $(168) million in 2Q23. We began reducing our marketing spend, excess operational capacity, and fixed expenses in the second half of last year. We have also made investments in areas that we believe will enable us to scale efficiently as we reaccelerate acquisition volumes next year, including continued growth from our partnership channels and improving the efficiency of our G&A, operations, and technology capabilities. Adjusted Operating Expenses, which we Financial Highlights 3Q23 Contribution Margin 4.4% (Dollars in millions) 3Q23 3Q22 2Q23 GAAP Net Income (Loss) ($106) ($928) $23 Adjusted Net Income (Loss) ($75) ($328) ($197) Adjusted EBITDA ($49) ($211) ($168) Adjusted EBITDA Margin (5.0%) (6.3%) (8.5%) GAAP Operating Expenses $175 $385 $217 Adjusted Operating Expenses $92 $189 $78"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b26"], "char_count": 1917, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c2edbbfdff4be75f456143a6d93fb4999f509c628bc9d04d8dcdee23e8aef15c", "derivation_id": "43b796b65ed4d7d57eb5b2dbc104d898cb75ac46420691d0adfacf446ce84d60", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 26, "char_end": 1917, "char_start": 0, "fragment_sha256": "456b128f0124d8bbd2d609fa580a18f69218d2c5d0caf8be52d03c6521b63d4e", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex992sharehol.htm", "table_id": null, "text": "define as the delta between Contribution Profit (Loss) and Adjusted EBITDA, was $92 million in 3Q23, compared to our guidance of $100 million. The outperformance against guidance reflects the timing of certain expenses that we now expect to incur in 4Q23. Adjusted Operating Expenses were down 51% from $189 million in 3Q22 and up from $78 million in 2Q23. The sequential increase was consistent with our guidance and reflects the fact that we began rebuilding inventory in the third quarter. INVENTORY We ended the quarter with $1.3 billion in net inventory, representing 4,007 homes, which was down 78% from 3Q22 and up 14% from 2Q23. Given the focus on selling down our aged inventory and increasing acquisitions, approximately 6% of the net inventory balance as of quarter end is from the old book, which is down from 22% at the end of 2Q23. In 3Q23, we sold $766 million of inventory held as of 2Q23, including inventory that carried a total of $29 million of inventory valuation adjustments. The homes sold through in 3Q23 realized a net gain as compared to their 2Q23 inventory valuation adjustments, while some of the homes remaining in inventory at 3Q23 recorded incremental valuation adjustments. The net incremental loss recorded in 3Q23 on 2Q23 inventory was $11 million. Our new book inventory valuation adjustments represent 1.0% of new book inventory, which is consistent with our historical experience. We ended the quarter with $33 million of inventory valuation adjustments against our inventory balance of $1.3 billion. 11 Financial Highlights 3Q23 Adj. Operating Expenses $92 million $100 $189 $144 $92 $78 3Q22 4Q22 1Q23 2Q23 3Q23 As of September 30, 2023 (Dollars in millions) Old Book New Book Total Real Estate Inventory 103 1,241 1,344 Inventory Valuation Adjustments (21) (12) (33) Real Estate Inventory, Net 82 1,229 1,311 Inventory Valuation Adjustments as a % of Inventory 20.4% 1.0% 2.5%"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b28"], "char_count": 1513, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e3f2a2dcbb91be1bb5ea72c660181fb8a212f4e1ab7c39468d368c9a780b3854", "derivation_id": "43b796b65ed4d7d57eb5b2dbc104d898cb75ac46420691d0adfacf446ce84d60", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 28, "char_end": 1513, "char_start": 0, "fragment_sha256": "884762c43ff38d0a8ea00f231c78bbdb6eec00211df790f980fbf828e0801bef", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#p11", "passage_kind": "narrative", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex992sharehol.htm", "table_id": null, "text": "7. Other category is largely comprised of stock-based compensation expense capitalized for internally developed software, depreciation and amortization, and equity securities fair value adjustment. 12 Financial Highlights As of September 30, 2023, 12% of our homes had been listed on the market for more than 120 days versus 15% for the broader market as adjusted for our buybox. As a result of our efforts to sell down the old book, we have seen an improvement in this metric from June 30, 2023, when 24% of our portfolio had been listed on the market for more than 120 days. For the new book of inventory, only 8% of our homes had been listed on the market for more than 120 days as of September 30, 2023. OTHER BALANCE SHEET ITEMS We ended 3Q23 with $1.5 billion in capital, which includes $1.2 billion in unrestricted cash and marketable securities and $182 million of equity invested in homes and related assets, net of inventory valuation adjustments. This compares to $1.6 billion in capital as of the end of 2Q23, which included $1.2 billion in unrestricted cash and marketable securities and $269 million of equity invested in homes and related assets, net of inventory valuation adjustments. As shown below, total shareholders’ equity decreased by $66 million in the quarter to $1.0 billion as of September 30, 2023. 3Q23 Days on Market 88% 12% 24% 76% 2Q23 3Q23 < 120 Days on Market 120+ Days on Market 3Q23 Total Capital $1.5 billion 3Q23 Cash, Cash Equivalents, and Marketable Securities $1.2 billion"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b30"], "char_count": 2492, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f36ecdc8b37dcdabc128041b3828f80460c1b3a14d1249e1644af6bc0315a6f8", "derivation_id": "43b796b65ed4d7d57eb5b2dbc104d898cb75ac46420691d0adfacf446ce84d60", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 30, "char_end": 2492, "char_start": 0, "fragment_sha256": "ed97f1074a0baef080d3252738102ff5850ba40932e0a6930d180ddab79cf35f", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex992sharehol.htm", "table_id": null, "text": "At quarter-end, we had $8.4 billion in non-recourse, asset-backed borrowing capacity, comprising $3.9 billion of senior revolving credit facilities and $4.5 billion of senior and mezzanine term debt facilities, of which total committed borrowing capacity was $3.0 billion. Assuming we turn our inventory three times per year, this gives us sufficient capacity to achieve our $10 billion break-even target. This year, we also extended the withdrawal period for two of our senior term facilities with no material change in economic terms in exchange for a partial paydown. This allows us to preserve these attractively-priced financing lines as we increase inventory balances in 2024 and beyond. GUIDANCE AND MACRO COMMENTARY We wanted to briefly comment on the recent ruling against National Association of REALTORS (NAR) and other brokerages in one of several lawsuits that are challenging the practice of listing agents – and therefore home sellers – being required to pay the buyer broker’s commission. Opendoor’s core business does not derive revenue from the buyer broker commission. The buyer broker commission is a cost that we pay when we resell our homes and currently represents approximately 2.5 percentage points of our overall cost structure. If the buyer broker commission were reduced, those costs to us would be reduced. At Opendoor, we have built our entire platform on giving customers transparency and choice as to how they can sell their home. As such, we are well-positioned to improve the experience of sellers and buyers as changes in the real estate ecosystem materialize. Mortgage rates reached 8% in October, their highest level in over 20 years and up over 100 bps since we reported second quarter results. The increase in rates further softened buyer demand, amplifying the typical seasonal decline in market clearance rates. The impact of this is reflected in our outlook for the balance of the year. First, as market clearance rates have slowed, our pace of resales will be reduced, impacting projected fourth quarter revenue. Second, we have reduced home-level list prices in order to meet our clearance objectives, which flows through to lower revenue and contribution margins. And third, as a result of slower resale clearance rates, some sales from the old book shifted out of the third quarter. We expect those tail homes will be a drag on overall fourth quarter Contribution Non-Recourse, Asset-Backed Borrowing Capacity $8.4 billion 13 Financial Highlights"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b32"], "char_count": 2193, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a15b945cf178f007185f8d8dc383edbcadb8f320b2386b2fe1b4eecebf00c9de", "derivation_id": "43b796b65ed4d7d57eb5b2dbc104d898cb75ac46420691d0adfacf446ce84d60", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 32, "char_end": 2193, "char_start": 0, "fragment_sha256": "72e1bcb1de7d47aa246f1ef4f58e9f5a7d518d26cf1245fc93e0bd39c272cbac", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#p13", "passage_kind": "narrative", "passage_sequence": 13, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex992sharehol.htm", "table_id": null, "text": "14 Financial Highlights 4Q23 Revenue Guidance $800 to $850 million 4Q23 Contribution Profit3 Guidance $15 to $25 million 4Q23 Adjusted EBITDA3 Guidance $(105) to $(95) million Profit given their margin profile. Responding to seasonality and market changes is a normal part of our portfolio management process, including balancing the pace of inflows and outflows, and why we manage to an annual contribution margin target. We expect the following results for the fourth quarter of 2023: ● Revenue is expected to be between $800 and $850 million ● Contribution Profit3 is expected to be between $15 and $25 million ● Adjusted EBITDA3 is expected to be between $(105) and $(95) million ● Stock-based compensation expense is expected to be approximately $35 million Inline with our guidance from 2Q23, we expect 4Q23 home purchases to be about 3,000 and roughly flat quarter-over-quarter. In 4Q23, we remain focused on selling through as much of the old book as possible. The negative contribution margins associated with the old book, combined with the impact caused by higher mortgage rates, is expected to result in 4Q23 contribution profit of $15 to $25 million, which implies a contribution margin of 1.9% to 2.9% at the low and high ends of our guidance range. Despite ongoing uncertainty, there are positive signals in the market. With the majority of home buyers also home sellers, low buyer demand and low supply of homes for sale have stayed largely in balance, which has resulted in home price stability. We believe pent-up buyer demand continues to grow given persistently low new listing volume. We are closely monitoring various market signals to manage the inflows and outflows from our portfolio and staying inline with our risk management framework. We continue to manage our business to return to positive Adjusted Net Income, our best proxy for operating cash flow, and believe we have the cost structure and balance sheet in place to do so. We expect to return to positive Adjusted Net Income at steady state annual revenue of $10 billion, or approximately 2,200 acquisitions and resales per month, at the higher end of our annual contribution margin target range of 5% to 7%."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b34", "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b36", "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b38", "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b40"], "char_count": 1311, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e3f5603489d664992521cb9891fb9cb1a40d005cbb76fcd129f566ace696af9e", "derivation_id": "43b796b65ed4d7d57eb5b2dbc104d898cb75ac46420691d0adfacf446ce84d60", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 34, "char_end": 714, "char_start": 0, "fragment_sha256": "ae7d814c66c9afd757f8de473092eef8d925ae63a416da5026298b687b8ff8d4", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 36, "char_end": 491, "char_start": 0, "fragment_sha256": "86ad63ba5140c9effe356f09d0861468090f217a72d39d37a62a0ea45ec34803", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 38, "char_end": 67, "char_start": 0, "fragment_sha256": "b1d88b89efd7c230c0b30c3a2915ea92f71a32bf0ac2f318b42874ca8f595cf5", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 40, "char_end": 33, "char_start": 0, "fragment_sha256": "93f1b942913ba3e61902beebf17bd0a9e474023c9e3acce2b269edb43b73e153", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#p14", "passage_kind": "narrative", "passage_sequence": 14, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex992sharehol.htm", "table_id": null, "text": "15 Financial Highlights CONCLUSION We have spent the last year heads down building the market-leading platform leveraging technology to transform and simplify the way people buy and sell their home. With over 30% of U.S. transactions falling into our buybox, we believe Opendoor has plenty of whitespace to gain market share and disrupt a massive market with our existing buybox alone. As we exit the year with an improved cost structure, strong balance sheet, and scaled customer acquisition channels, we believe we have laid the foundation to reaccelerate revenue next year as we build for a future of sustained, profitable growth. We remain steadfast in our mission to power life’s progress, one move at a time.\n\n16Raleigh-Durham, NC Carrie Wheeler, CEO Christy Schwartz, Interim CFO CONFERENCE CALL INFORMATION Opendoor will host a conference call to discuss its financial results on November 2, 2023 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. November 2, 2023 at 2 p.m. PT investor.opendoor.com LIVE WEBCAST\n\n/ Opendoor/ OpendoorHQ Company / Opendoor-com investor.opendoor.com\n\n18 Definitions & Financial Tables"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b42"], "char_count": 2577, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b644c1056f6bb6e94bd2b1d62c9f8813802165d6d98dff532dd1715e431f7edf", "derivation_id": "43b796b65ed4d7d57eb5b2dbc104d898cb75ac46420691d0adfacf446ce84d60", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 42, "char_end": 2577, "char_start": 0, "fragment_sha256": "53df610ab5868c502bdc9366c3570d4c81406e82d9edef58dd2318157ead5a96", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#p15", "passage_kind": "narrative", "passage_sequence": 15, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex992sharehol.htm", "table_id": null, "text": "This shareholder letter contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including, without limitation, statements regarding: current and future health and stability of the real estate housing market and general economy; volatility of mortgage interest rates and expectations regarding the future shifts in behavior by consumers and partners; the health and status of our financial condition; anticipated future results of operations or financial performance, priorities of the Company to achieve future financial and business goals; our ability to continue to effectively navigate the markets in which it operates; anticipated future and ongoing impacts and benefits of acquisitions, partnership channel expansions, product innovations and other business decisions; health of our balance sheet to weather ongoing market transitions and any expectation to quickly re-scale in the future upon market stabilization; the Company’s ability to adopt an effective approach to manage economic and industry risk, as well as inventory health; our expectations with respect to the future success of our partnerships and our ability to drive significant growth in sales volumes through such partnerships; business strategy and plans, including any plans to expand into additional markets, market opportunity and expansion and objectives of management for future operations, including statements regarding the benefits and timing of the roll out of new markets, products or technology; and the expected diversification of funding sources. Forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “vision”, “will”, or “would”, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b42"], "char_count": 3852, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "eb3de609c688b11bacc1f86ae4dda967ef19a209cbed5dd14c94013d14a7288d", "derivation_id": "43b796b65ed4d7d57eb5b2dbc104d898cb75ac46420691d0adfacf446ce84d60", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 42, "char_end": 6429, "char_start": 2577, "fragment_sha256": "53df610ab5868c502bdc9366c3570d4c81406e82d9edef58dd2318157ead5a96", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#p16", "passage_kind": "narrative", "passage_sequence": 16, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex992sharehol.htm", "table_id": null, "text": "The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this shareholder letter include but are not limited to: the current and future health and stability of the economy, financial conditions and the residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory) that may reduce demand for our products and services, lower our profitability or reduce our access to future financings; our real estate assets and increased competition in the U.S. residential real estate industry; ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and real estate partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our technology platform, including our automated pricing and valuation technology; ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; ability to obtain or maintain licenses and permits to support our current and future business operations; any future impact of the ongoing COVID-19 pandemic (including future variants) or other public health crises on our ability to operate, demand for our products or services, or general economic conditions; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; changes in laws or government regulation affecting our business; and the impact of pending or any future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 23, 2023, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward- looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 19 Forward-Looking Statements"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b44"], "char_count": 3151, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "21771a65261d102ff62df5f2091ae2a166676a6a6c39257a36dcdc69e630dbee", "derivation_id": "43b796b65ed4d7d57eb5b2dbc104d898cb75ac46420691d0adfacf446ce84d60", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 44, "char_end": 3151, "char_start": 0, "fragment_sha256": "6b8efa8a6f1f1297e96aaf3c4291b8bd3cad506709ed1142ba370a1fc1f39c2d", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#p17", "passage_kind": "narrative", "passage_sequence": 17, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex992sharehol.htm", "table_id": null, "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company’s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit (Loss), Contribution Profit (Loss), Adjusted Net Loss, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non- GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results. Adjusted Gross Profit (Loss) and Contribution Profit (Loss) To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit (Loss) and Contribution Profit (Loss), which are non-GAAP financial measures. We believe that Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit (Loss) provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross (loss) profit. 20 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b46"], "char_count": 1878, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "4f25f67746cda6a8f235aef1654e4f6bf53c767dcacb864de0eac6fa2d5fcbd1", "derivation_id": "43b796b65ed4d7d57eb5b2dbc104d898cb75ac46420691d0adfacf446ce84d60", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 46, "char_end": 1878, "char_start": 0, "fragment_sha256": "8806ed820c9f703d70757380d2a8ab217eb301b6d12131aaf063e4d9a513c3ea", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#p18", "passage_kind": "narrative", "passage_sequence": 18, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex992sharehol.htm", "table_id": null, "text": "Adjusted Gross Profit (Loss) / Margin We calculate Adjusted Gross Profit (Loss) as gross profit (loss) under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit (Loss) helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution Profit (Loss) / Margin We calculate Contribution Profit (Loss) as Adjusted Gross Profit (Loss), minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit (Loss) helps management assess inflows and outflows directly associated with a specific resale cohort. 21 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b48"], "char_count": 3106, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "48d370ff185d9bcee71f738297c631e4e4599bebf8caae6126d1f200d52c8aac", "derivation_id": "43b796b65ed4d7d57eb5b2dbc104d898cb75ac46420691d0adfacf446ce84d60", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 48, "char_end": 3106, "char_start": 0, "fragment_sha256": "a600346b9f468bec827dd323c43d3bc2a692ce7e48c1b7f3ca10f1d7aea2bfbb", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#p19", "passage_kind": "narrative", "passage_sequence": 19, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex992sharehol.htm", "table_id": null, "text": "22 Adjusted Net Loss and Adjusted EBITDA We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net income (loss). We calculate Adjusted Net Loss as GAAP net income (loss) adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring and legal contingency accruals. It excludes (gain) loss on extinguishment of debt as these expenses were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. It also excludes non-recurring goodwill impairment. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b50"], "char_count": 1883, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "669380f97c00825c51a415e6539e1e4ccdd6a9ec4dca84f5241eafafda66bc13", "derivation_id": "43b796b65ed4d7d57eb5b2dbc104d898cb75ac46420691d0adfacf446ce84d60", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 50, "char_end": 1883, "char_start": 0, "fragment_sha256": "cec2bf9e24be13b4e823aed6f33f28fed7c7e59cac54fcfd68da114e24fcf343", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#p20", "passage_kind": "narrative", "passage_sequence": 20, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex992sharehol.htm", "table_id": null, "text": "23 Adjusted Operating Expense We also present Adjusted Operating Expense, which is a non-GAAP financial measure that bridges the difference between Contribution Profit and Adjusted EBITDA. We believe this measure provides investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to contribution profit and certain charges that are non-recurring, non-cash, or not directly related to our revenue-generating operations are removed. Adjusted Operating Expense is a supplemental measure of our operating expenditures and has important limitations. For example, this measure excludes the impact of certain costs required to be recorded under GAAP. This measure removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to contribution margin. This measure could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, this measure should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of this measure to the most directly comparable GAAP financial measure, which is operating expenses. We calculate Adjusted Operating Expense as GAAP operating expense adjusted to exclude direct selling costs and holding costs included in determining Contribution Profit. It excludes non-recurring goodwill impairment. The measure also excludes non-cash expenses of stock-based compensation, depreciation and amortization, and intangibles amortization. It also excludes expenses that are not directly related to our revenue-generating operations such as restructuring charges and legal contingency accruals. Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b52", "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b54"], "char_count": 2608, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "abffbaf334b26930dbda9b17e135bde6a14481135f6f3f7a5a4e9e0c478497d7", "derivation_id": "43b796b65ed4d7d57eb5b2dbc104d898cb75ac46420691d0adfacf446ce84d60", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 52, "char_end": 1035, "char_start": 0, "fragment_sha256": "2f19aa07391c6cb5ddf4aae7afbd92f033cd85a774c4d65aff541227343015cf", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 54, "char_end": 1571, "char_start": 0, "fragment_sha256": "f1c23cef16b26c0133ce880db13fcfc175b4d282a318cef0ded9ccd2e1549c84", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#p21", "passage_kind": "narrative", "passage_sequence": 21, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex992sharehol.htm", "table_id": null, "text": "24 Three Months Ended September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 Revenue $ 980 $ 1,976 $ 3,120 $ 2,857 $ 3,361 Homes sold 2,687 5,383 8,274 7,512 8,520 Gross profit (loss) $ 96 $ 149 $ 170 $ 71 $ (425) Gross Margin 9.8 % 7.5 % 5.4 % 2.5 % (12.6) % Net (loss) income $ (106) $ 23 $ (101) $ (399) $ (928) Adjusted Net Loss $ (75) $ (197) $ (409) $ (467) $ (328) Contribution Profit (Loss) $ 43 $ (90) $ (241) $ (207) $ (22) Contribution Margin 4.4 % (4.6) % (7.7) % (7.2) % (0.7) % Adjusted EBITDA $ (49) $ (168) $ (341) $ (351) $ (211) Adjusted EBITDA Margin (5.0) % (8.5) % (10.9) % (12.3) % (6.3) % Number of markets (at period end) 53 53 53 53 51 Homes purchased 3,136 2,680 1,747 3,427 8,380 Inventory (at period end) $ 1,311 $ 1,149 $ 2,118 $ 4,460 $ 6,093 Homes in inventory (at period end) 4,007 3,558 6,261 12,788 16,873 OPENDOOR TECHNOLOGIES INC. FINANCIAL HIGHLIGHTS (In millions, except percentages, homes sold, number of markets, homes purchased, and homes in inventory) (Unaudited)\n\n25 Three Months Ended Nine Months Ended September 30, September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 2023 2022 REVENUE $ 980 $ 1,976 $ 3,120 $ 2,857 $ 3,361 $ 6,076 $ 12,710 COST OF REVENUE 884 1,827 2,950 2,786 3,786 5,661 12,114 GROSS PROFIT (LOSS) 96 149 170 71 (425) 415 596 OPERATING EXPENSES: Sales, marketing and operations 85 124 188 194 260 397 812 General and administrative 48 44 66 23 85 158 323 Technology and development 42 39 40 48 40 121 121 Goodwill impairment — — — 60 — — — Restructuring — 10 — 17 — 10 — Total operating expenses 175 217 294 342 385 686 1,256 LOSS FROM OPERATIONS (79) (68) (124) (271) (810) (271) (660) GAIN (LOSS) ON EXTINGUISHMENT OF DEBT — 104 78 (25) — 182 — INTEREST EXPENSE (47) (53) (74) (113) (115) (174) (272) OTHER INCOME (LOSS) – Net 20 41 19 10 (2) 80 (20) INCOME (LOSS) BEFORE INCOME TAXES (106) 24 (101) (399) (927) (183) (952) INCOME TAX EXPENSE — (1) — — (1) (1) (2) NET (LOSS) INCOME $ (106) $ 23 $ (101) $ (399) $ (928) $ (184) $ (954) Net (loss) income per share attributable to common shareholders: Basic $ (0.16) $ 0.04 $ (0.16) $ (0.63) $ (1.47) $ (0.28) $ (1.53) Diluted $ (0.16) $ 0.03 $ (0.16) $ (0.63) $ (1.47) $ (0.28) $ (1.53) Weighted-average shares outstanding: Basic 662,149 646,062 641,916 634,595 629,535 651,939 624,581 Diluted 662,149 667,159 641,916 634,595 629,535 651,939 624,581 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited)"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b56"], "char_count": 1449, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "07f8a221e02383046de45e079159097edf181bfb3ff8589ab10fe0b76e7a8829", "derivation_id": "43b796b65ed4d7d57eb5b2dbc104d898cb75ac46420691d0adfacf446ce84d60", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 56, "char_end": 1449, "char_start": 0, "fragment_sha256": "58ec072ed7e65b17fc09b87b3316776420c2fb4541ebf7ba9d29dd236b1c23eb", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#p22", "passage_kind": "narrative", "passage_sequence": 22, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex992sharehol.htm", "table_id": null, "text": "26 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) September 30, 2023 December 31, 2022 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,154 $ 1,137 Restricted cash 1,224 654 Marketable securities 72 144 Escrow receivable 11 30 Real estate inventory, net 1,311 4,460 Other current assets ($0 and $1 carried at fair value) 47 41 Total current assets 3,819 6,466 PROPERTY AND EQUIPMENT – Net 68 58 RIGHT OF USE ASSETS 27 41 GOODWILL 4 4 INTANGIBLES – Net 7 12 OTHER ASSETS 22 27 TOTAL ASSETS $ 3,947 $ 6,608 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 67 $ 110 Non-recourse asset-backed debt - current portion — 1,376 Interest payable 1 12 Lease liabilities - current portion 6 7 Total current liabilities 74 1,505 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 2,330 3,020 CONVERTIBLE SENIOR NOTES 502 959 LEASE LIABILITIES – Net of current portion 20 38 OTHER LIABILITIES 1 — Total liabilities 2,927 5,522 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 668,592,580 and 637,387,025 shares issued, respectively; 668,592,580 and 637,387,025 shares — — Additional paid-in capital 4,263 4,148 Accumulated deficit (3,242) (3,058) Accumulated other comprehensive loss (1) (4) Total shareholders’ equity 1,020 1,086 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 3,947 $ 6,608"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b58"], "char_count": 2693, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "597c729fd53035a8a6519b13d2cec928f92889240bc625828d731acbcbf02557", "derivation_id": "43b796b65ed4d7d57eb5b2dbc104d898cb75ac46420691d0adfacf446ce84d60", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 58, "char_end": 2693, "char_start": 0, "fragment_sha256": "b80bd3c2d87131719f7125d0c10c56d5f1fcb1f0c75222dd7d018abd499d229b", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#p23", "passage_kind": "narrative", "passage_sequence": 23, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex992sharehol.htm", "table_id": null, "text": "27 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Nine Months Ended September 30, 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (184) $ (954) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash provided by (used in) operating activities: Depreciation and amortization 50 59 Amortization of right of use asset 5 6 Stock-based compensation 94 178 Inventory valuation adjustment 54 663 Change in fair value of equity securities 4 36 Other 6 (1) Origination of mortgage loans held for sale — (118) Proceeds from sale and principal collections of mortgage loans held for sale 1 128 Gain on extinguishment of debt (182) — Changes in operating assets and liabilities: Escrow receivable 19 (70) Real estate inventory 3,082 (663) Other assets (15) — Accounts payable and other accrued liabilities (29) 73 Interest payable (10) 4 Lease liabilities (9) (6) Net cash provided by (used in) operating activities 2,886 (665) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (28) (33) Purchase of marketable securities — (28) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 75 293 Purchase of non-marketable equity securities — (25) Proceeds from sale of non-marketable equity securities 1 3 Capital returns of non-marketable equity securities — 3 Acquisitions, net of cash acquired — (3) Net cash provided by investing activities 48 210 CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of convertible senior notes (270) — Proceeds from exercise of stock options 2 4 Proceeds from issuance of common stock for ESPP 2 2 Proceeds from non-recourse asset-backed debt 238 9,160 Principal payments on non-recourse asset-backed debt (2,315) (8,179) Proceeds from other secured borrowings — 114 Principal payments on other secured borrowings — (121) Payment of loan origination fees and debt issuance costs — (24) Payment for early extinguishment of debt (4) — Net cash (used in) provided by financing activities (2,347) 956 NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 587 501 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 1,791 2,578 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $ 2,378 $ 3,079 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $ 169 $ 248 DISCLOSURES OF NONCASH ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 17 $ 13 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 1,154 $ 1,327 Restricted cash 1,224 1,752 Cash, cash equivalents, and restricted cash $ 2,378 $ 3,079"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b60"], "char_count": 2510, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e8685a0ce6b87264a78ec1156e8ab399755d69038abd6a45570cddd68cc8cf6b", "derivation_id": "43b796b65ed4d7d57eb5b2dbc104d898cb75ac46420691d0adfacf446ce84d60", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 60, "char_end": 2510, "char_start": 0, "fragment_sha256": "01f4d81689193d62cca47a1488c6b0f800530f8772a85a4f391d4f6d2eff83ef", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#p24", "passage_kind": "narrative", "passage_sequence": 24, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex992sharehol.htm", "table_id": null, "text": "28 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT (LOSS) AND CONTRIBUTION PROFIT (LOSS) TO OUR GROSS PROFIT (LOSS) (Unaudited) Three Months Ended Nine Months Ended September 30, (in millions, except percentages and homes sold, or as noted) September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 2023 2022 Gross profit (loss) (GAAP) $ 96 $ 149 $ 170 $ 71 $ (425) $ 415 $ 596 Gross Margin 9.8 % 7.5 % 5.4 % 2.5 % (12.6) % 6.8 % 4.7 % Adjustments: Inventory valuation adjustment – Current Period͏(1)(2) 17 14 23 73 573 24 620 Inventory valuation adjustment – Prior Periods͏(1)(3) (29) (156) (295) (236) (38) (450) (38) Adjusted Gross Profit (Loss) $ 84 $ 7 $ (102) $ (92) $ 110 $ (11) $ 1,178 Adjusted Gross Margin 8.6 % 0.4 % (3.3) % (3.2) % 3.3 % (0.2) % 9.3 % Adjustments: Direct selling costs(4) (28) (58) (85) (78) (100) (171) (336) Holding costs on sales – Current Period͏(5)(6) (4) (6) (13) (10) (14) (41) (73) Holding costs on sales – Prior Periods͏(5)(7) (9) (33) (41) (27) (18) (65) (37) Contribution Profit (Loss) $ 43 $ (90) $ (241) $ (207) $ (22) $ (288) $ 732 Homes sold in period 2,687 5,383 8,274 7,512 8,520 16,344 31,671 Contribution Profit (Loss) per Home Sold (in thousands) $ 16 $ (17) $ (29) $ (28) $ (3) $ (18) $ 23 Contribution Margin 4.4 % (4.6) % (7.7) % (7.2) % (0.7) % (4.7) % 5.8 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b62"], "char_count": 3120, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d3585514643f4144520db839138db294fb001b43ca144b4e354010fd24b402e1", "derivation_id": "43b796b65ed4d7d57eb5b2dbc104d898cb75ac46420691d0adfacf446ce84d60", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 62, "char_end": 3120, "char_start": 0, "fragment_sha256": "5cc09c0c9647d9c972d3975d03b556201f17464c47ff65137f8df500748fa111", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#p25", "passage_kind": "narrative", "passage_sequence": 25, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex992sharehol.htm", "table_id": null, "text": "29 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED NET LOSS AND ADJUSTED EBITDA TO OUR NET (LOSS) INCOME (Unaudited) Three Months Ended Nine Months Ended September 30, (in millions, except percentages) September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 2023 2022 Net (loss) income (GAAP) $ (106) $ 23 $ (101) $ (399) $ (928) $ (184) $ (954) Adjustments: Stock-based compensation 31 21 42 (7) 52 94 178 Equity securities fair value adjustment(1) 11 (6) (1) (1) 11 4 36 Intangibles amortization expense(2) 2 1 2 2 2 5 7 Inventory valuation adjustment – Current Period͏(3)(4) 17 14 23 73 573 24 620 Inventory valuation adjustment — Prior Periods͏(3)(5) (29) (156) (295) (236) (38) (450) (38) Restructuring(6) — 10 — 17 — 10 — (Gain) loss on extinguishment of debt — (104) (78) 25 — (182) — Goodwill impairment — — — 60 — — — Legal contingency accrual and related expenses — — — 1 — — 45 Other(7) (1) — (1) (2) — (2) (1) Adjusted Net Loss $ (75) $ (197) $ (409) $ (467) $ (328) $ (681) $ (107) Adjustments: Depreciation and amortization, excluding amortization of intangibles 9 9 12 12 8 30 29 Property financing(8) 38 44 60 93 102 142 236 Other interest expense(9) 9 9 14 20 13 32 36 Interest income(10) (30) (34) (18) (9) (7) (82) (13) Income tax expense — 1 — — 1 1 2 Adjusted EBITDA $ (49) $ (168) $ (341) $ (351) $ (211) $ (558) $ 183 Adjusted EBITDA Margin (5.0) % (8.5) % (10.9) % (12.3) % (6.3) % (9.2) % 1.4 % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuring costs consist primarily of severance and employee termination benefits, relocation packages and bonuses as well as costs related to the exiting of certain non-cancelable leases. (7) Includes primarily sublease income, income from equity method investments, and gain on lease termination. (8) Includes interest expense on our non-recourse asset-backed debt facilities. (9) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset- backed debt facilities, interest expense related to the 2026 convertible senior notes outstanding, and interest expense on other secured borrowings. (10) Consists mainly of interest earned on cash, cash equivalents, restricted cash, and marketable securities."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b64"], "char_count": 2225, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a81188ea0ef9d089ba7892a0463378048dce5de697e05dd250245fcb3a9575da", "derivation_id": "43b796b65ed4d7d57eb5b2dbc104d898cb75ac46420691d0adfacf446ce84d60", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 64, "char_end": 2225, "char_start": 0, "fragment_sha256": "01b8472a62257845093b522dbe3d8a77ca860bcbc1416ce21df7986e54c3421b", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#p26", "passage_kind": "narrative", "passage_sequence": 26, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex992sharehol.htm", "table_id": null, "text": "30 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS (LOSS) PROFIT AND CONTRIBUTION (LOSS) PROFIT TO OUR GROSS PROFIT BY COHORT (Unaudited) Three Months Ended September 30, 2023 (in millions, except percentages) Old Book: Q2 2022 Cohort and Prior (8) New Book: Post Q2 2022 Cohort (8) Total Revenue (GAAP) $ 178 $ 802 $ 980 Cost of Revenue 178 706 884 Gross profit (GAAP) $ (0.2) $ 96 $ 96 Gross Margin (0.1) % 12.0 % 9.8 % Adjustments: Inventory valuation adjustment – Current Period͏(1)(2) 6 11 17 Inventory valuation adjustment — Prior Periods͏(1)(3) (26) (3) (29) Adjusted Gross (Loss) Profit $ (20) $ 104 $ 84 Adjusted Gross Margin (11.2) % 13.0 % 8.6 % Adjustments: Direct selling costs(4) (5) (23) (28) Holding costs on sales – Current Period͏(5)(6) (1) (3) (4) Holding costs on sales – Prior Periods͏(5)(7) (5) (4) (9) Contribution (Loss) Profit $ (31) $ 74 $ 43 Contribution Margin (17.4) % 9.2 % 4.4 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented. (8) Old Book: Q2 2022 Cohort and Prior refers to offers prior to July 2022. 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RECONCILIATION OF OUR ADJUSTED OPERATING EXPENSES TO OUR OPERATING EXPENSES (Unaudited) Three Months Ended (in millions, except percentages) September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 Operating Expenses (GAAP) $ 175 $ 217 $ 294 $ 342 $ 385 Adjustments: Direct Selling Costs(1) (28) (58) (85) (78) (100) Holding costs included in contribution profit(2) (13) (39) (54) (37) (32) Stock-based compensation (31) (21) (42) 7 (52) Intangibles amortization expense(3) (2) (1) (2) (2) (2) Restructuring — (10) — (17) — Goodwill impairment — — — (60) — Legal contingency accrual — — — (1) — Depreciation and amortization, excluding amortization of intangibles (9) (9) (12) (12) (8) Other — (1) 1 2 (2) Total Adjusted Operating Expenses $ 92 $ 78 $ 100 $ 144 $ 189 (1) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (2) Represents holding costs incurred in the period presented on homes sold in the period presented, as well as holding costs incurred in prior periods on homes sold in the period presented. Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (3) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b68", "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b70", "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b72", "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#b74"], "char_count": 1012, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e9fa0fa2089d5a3d84bf9ab346cfdb76510084a7688eaa98025a87be97178202", "derivation_id": "43b796b65ed4d7d57eb5b2dbc104d898cb75ac46420691d0adfacf446ce84d60", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 68, "char_end": 11, "char_start": 0, "fragment_sha256": "b36766ffd0b69beb6a655624642b7ad6f4cae6289e4edd1594482b7a1b913efd", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 70, "char_end": 577, "char_start": 0, "fragment_sha256": "040c3b4777301c62b89ed285d5f74601fdc65ceaa4bbb4f2221b7b54b53b8fe4", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 72, "char_end": 260, "char_start": 0, "fragment_sha256": "a1d0276393fc86109cab9b08b7d0241c02449225668a99e42a5823c9a18a3919", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "block_sequence": 74, "char_end": 158, "char_start": 0, "fragment_sha256": "fa6ed994aa77f01fe255a77c2eefff0cea9feb63dd4ba568e70755cc4678900e", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#p28", "passage_kind": "narrative", "passage_sequence": 28, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex992sharehol.htm", "table_id": null, "text": "Appendix 32\n\nAppendix 1. MLS Clearance Rate is defined as the number of daily contracts that enter pending status on the Multiple Listing Service (i.e. market listings), filtered for Opendoor’s markets and buybox, divided by the number of active listings on the Multiple Listing Service, filtered for the same markets and buybox. Trailing 7-Day MLS Clearance Rate1 MLS Data Filtered to Opendoor Markets and Buybox Trailing 7-Day MLS Contracts MLS Data Filtered to Opendoor Markets and Buybox Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 33\n\nTrailing 7-Day MLS New Listings MLS Data Filtered to OD Markets and Buybox Appendix Trailing 7-Day MLS Active Listings MLS Data Filtered to OD Markets and Buybox Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 34\n\nAppendix 30-Day Rolling Home Price Appreciation (HPA) Weighted to Opendoor Markets; Non-Seasonally Adjusted Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 35"} diff --git a/data/normalized/sec/0001801169/8-K/2023-11-02_0001801169-23-000137/norm_0001801169_0001801169-23-000137_q32023formxex993suppleme.htm.json b/data/normalized/sec/0001801169/8-K/2023-11-02_0001801169-23-000137/norm_0001801169_0001801169-23-000137_q32023formxex993suppleme.htm.json new file mode 100644 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NON-GAAP MEASURES & KEY METRICS (Unaudited) Period Ended ($ in millions, except markets, homes purchased, homes sold, homes in inventory, and margins) Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Key Metrics Total Markets (at period end) 53 53 53 53 51 Total Revenue $ 980 $ 1,976 $ 3,120 $ 2,857 $ 3,361 Homes Purchased 3,136 2,680 1,747 3,427 8,380 Homes Sold 2,687 5,383 8,274 7,512 8,520 Homes in Inventory (at period end) 4,007 3,558 6,261 12,788 16,873 Inventory (at period end) $ 1,311 $ 1,149 $ 2,118 $ 4,460 $ 6,093 Non-GAAP Financial Measures Adjusted Gross Profit (Loss) $ 84 $ 7 $ (102) $ (92) $ 110 Selling Costs (28) (58) (85) (78) (100) Holding Costs (13) (39) (54) (37) (32) Contribution Profit (Loss) $ 43 $ (90) $ (241) $ (207) $ (22) Adjusted EBITDA $ (49) $ (168) $ (341) $ (351) $ (211) Adjusted Net Loss $ (75) $ (197) $ (409) $ (467) $ (328) Margins Total Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Adjusted Gross Margin 8.6 % 0.4 % (3.3) % (3.2) % 3.3 % Contribution Margin 4.4 % (4.6) % (7.7) % (7.2) % (0.7) % Adjusted EBITDA (5.0) % (8.5) % (10.9) % (12.3) % (6.3) % Adjusted Net Loss (7.7) % (10.0) % (13.1) % (16.3) % (9.8) % Exhibit 99.3" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm#b7", + "block_sequence": 7, + "block_sha256": "fbcffa26d3e358a7b39c025f6affb627c2cbd434302c226fbd6d107991f4e1f8", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm", + "block_sequence": 7, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "7453b94060372729f2c47dbd23637f8acef78598064ff6e2b5e117a7dd8ee31e", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm#s2", + "table": null, + "text": "q32023formxex993suppleme002.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm#b8", + "block_sequence": 8, + "block_sha256": "8b479891798553233c43dbbcea8c4925406ead5cba9a1dd8edf02a7fa6ba363a", + "block_type": "paragraph", + "char_count": 1139, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm", + "block_sequence": 8, + "char_end": 1139, + "char_start": 0, + "fragment_sha256": "b5030c6bd10bfc25a025125f43518028f9fc47d8c5d175789add1f08e922b533", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 REVENUE $ 980 $ 3,361 $ 6,076 $ 12,710 COST OF REVENUE 884 3,786 5,661 12,114 GROSS PROFIT (LOSS) 96 (425) 415 596 OPERATING EXPENSES: Sales, marketing and operations 85 260 397 812 General and administrative 48 85 158 323 Technology and development 42 40 121 121 Restructuring \u2014 \u2014 10 \u2014 Total operating expenses 175 385 686 1,256 LOSS FROM OPERATIONS (79) (810) (271) (660) GAIN ON EXTINGUISHMENT OF DEBT \u2014 \u2014 182 \u2014 INTEREST EXPENSE (47) (115) (174) (272) OTHER INCOME (LOSS) \u2013 Net 20 (2) 80 (20) LOSS BEFORE INCOME TAXES (106) (927) (183) (952) INCOME TAX EXPENSE \u2014 (1) (1) (2) NET LOSS $ (106) $ (928) $ (184) $ (954) Net loss per share attributable to common shareholders: Basic $ (0.16) $ (1.47) $ (0.28) $ (1.53) Diluted $ (0.16) $ (1.47) $ (0.28) $ (1.53) Weighted-average shares outstanding: Basic 662,149 629,535 651,939 624,581 Diluted 662,149 629,535 651,939 624,581" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm#b9", + "block_sequence": 9, + "block_sha256": "8a9385cba2984b0c979b1b0bfc35ebc872f306fbc7c225bb0ff53eca0be06e24", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm", + "block_sequence": 9, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "7dfacae0a2ac0fdfbc5f60b9abd24d3fb5b7df6250552e5eba7b356004be046d", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm#s2", + "table": null, + "text": "q32023formxex993suppleme003.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm#b10", + "block_sequence": 10, + "block_sha256": "496498631db4bd8d3c4f39533923a343ef0e8599e54babd1eda165688e315754", + "block_type": "paragraph", + "char_count": 1468, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm", + "block_sequence": 10, + "char_end": 1468, + "char_start": 0, + "fragment_sha256": "06158819830ecca914a98ed9d156ef81d5874245426bd59f0b36cd2d363c8256", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) September 30, 2023 December 31, 2022 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,154 $ 1,137 Restricted cash 1,224 654 Marketable securities 72 144 Escrow receivable 11 30 Real estate inventory, net 1,311 4,460 Other current assets ($0 and $1 carried at fair value) 47 41 Total current assets 3,819 6,466 PROPERTY AND EQUIPMENT \u2013 Net 68 58 RIGHT OF USE ASSETS 27 41 GOODWILL 4 4 INTANGIBLES \u2013 Net 7 12 OTHER ASSETS 22 27 TOTAL ASSETS $ 3,947 $ 6,608 LIABILITIES AND SHAREHOLDERS\u2019 EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 67 $ 110 Non-recourse asset-backed debt - current portion \u2014 1,376 Interest payable 1 12 Lease liabilities - current portion 6 7 Total current liabilities 74 1,505 NON-RECOURSE ASSET-BACKED DEBT \u2013 Net of current portion 2,330 3,020 CONVERTIBLE SENIOR NOTES 502 959 LEASE LIABILITIES \u2013 Net of current portion 20 38 OTHER LIABILITIES 1 \u2014 Total liabilities 2,927 5,522 SHAREHOLDERS\u2019 EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 668,592,580 and 637,387,025 shares issued, respectively; 668,592,580 and 637,387,025 shares outstanding, respectively \u2014 \u2014 Additional paid-in capital 4,263 4,148 Accumulated deficit (3,242) (3,058) Accumulated other comprehensive loss (1) (4) Total shareholders\u2019 equity 1,020 1,086 TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY $ 3,947 $ 6,608" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm#b11", + "block_sequence": 11, + "block_sha256": "8516dcea2f855122e2f2c47c4fe08c405098a0551794a9c57419c8c1d477fd38", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm", + "block_sequence": 11, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "8c74a3149e4eec5f0e528a9f9aa97e390457693ab32097d9bcb68a3262c2e00e", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm#s2", + "table": null, + "text": "q32023formxex993suppleme004.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm#b12", + "block_sequence": 12, + "block_sha256": "04e73e32f49b59e3e5ca3157ccfcd025ce537b69d43e806821f40fcfc6b5b05f", + "block_type": "paragraph", + "char_count": 1878, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm", + "block_sequence": 12, + "char_end": 1878, + "char_start": 0, + "fragment_sha256": "3b4e32ef2caa1c1466d1b3b382b25ec02956daccb9f23f3a8ef9c811c0a3fde9", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Nine Months Ended September 30, 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (184) $ (954) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash provided by (used in) operating activities: Depreciation and amortization 50 59 Amortization of right of use asset 5 6 Stock-based compensation 94 178 Inventory valuation adjustment 54 663 Change in fair value of equity securities 4 36 Other 6 (1) Origination of mortgage loans held for sale \u2014 (118) Proceeds from sale and principal collections of mortgage loans held for sale 1 128 Gain on extinguishment of debt (182) \u2014 Changes in operating assets and liabilities: Escrow receivable 19 (70) Real estate inventory 3,082 (663) Other assets (15) \u2014 Accounts payable and other accrued liabilities (29) 73 Interest payable (10) 4 Lease liabilities (9) (6) Net cash provided by (used in) operating activities 2,886 (665) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (28) (33) Purchase of marketable securities \u2014 (28) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 75 293 Purchase of non-marketable equity securities \u2014 (25) Proceeds from sale of non-marketable equity securities 1 3 Capital returns of non-marketable equity securities \u2014 3 Acquisitions, net of cash acquired \u2014 (3) Net cash provided by investing activities 48 210 CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of convertible senior notes (270) \u2014 Proceeds from exercise of stock options 2 4 Proceeds from issuance of common stock for ESPP 2 2 Proceeds from non-recourse asset-backed debt 238 9,160 Principal payments on non-recourse asset-backed debt (2,315) (8,179) Proceeds from other secured borrowings \u2014 114 Principal payments on other secured borrowings \u2014 (121)" + }, + { + "block_id": 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DISCLOSURES OF NONCASH ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 17 $ 13 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 1,154 $ 1,327 Restricted cash 1,224 1,752 Cash, cash equivalents, and restricted cash $ 2,378 $ 3,079" + }, + { + "block_id": "norm:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm#b15", + "block_sequence": 15, + "block_sha256": "ad2d2d4559b264e57be7402dd4615177c7adb9ee222ebba23f979f8a9abf09a8", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm", + "block_sequence": 15, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "45fa8a81985ffc2f50cf4b67e3f021655d4f2bcec049f7f5e8671ef400cd3601", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": 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NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Gross Profit (Loss) and Contribution Profit (Loss) to our Gross Profit (Loss) Three Months Ended (in millions, except percentages and homes sold, or as noted) September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 Gross profit (loss) (GAAP) $ 96 $ 149 $ 170 $ 71 $ (425) Gross Margin 9.8 % 7.5 % 5.4 % 2.5 % (12.6) % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f (1)(2) 17 14 23 73 573 Inventory valuation adjustment \u2013 Prior Periods\u034f (1)(3) (29) (156) (295) (236) (38) Restructuring in cost of revenue\u034f \u2014 \u2014 \u2014 \u2014 \u2014 Adjusted Gross Profit (Loss) $ 84 $ 7 $ (102) $ (92) $ 110 Adjusted Gross Margin 8.6 % 0.4 % (3.3) % (3.2) % 3.3 % Adjustments: Direct selling costs (4) (28) (58) (85) (78) (100) Holding costs on sales \u2013 Current Period\u034f (5)(6) (4) (6) (13) (10) (14) Holding costs on sales \u2013 Prior Periods\u034f (5)(7) (9) (33) (41) (27) (18) Contribution Profit (Loss) $ 43 $ (90) $ (241) $ (207) $ (22) Homes sold in period 2,687 5,383 8,274 7,512 8,520 Contribution Profit (Loss) per Home Sold (in thousands) $ 16 $ (17) $ (29) $ (28) $ (3) Contribution Margin 4.4 % (4.6) % (7.7) % (7.2) % (0.7) % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow- related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. 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NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our Net (Loss) Income Three Months Ended (in millions, except percentages) September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 Net (loss) income (GAAP) $ (106) $ 23 $ (101) $ (399) $ (928) Adjustments: Stock-based compensation 31 21 42 (7) 52 Equity securities fair value adjustment(1) 11 (6) (1) (1) 11 Intangibles amortization expense(2) 2 1 2 2 2 Inventory valuation adjustment \u2013 Current Period\u034f(3)(4) 17 14 23 73 573 Inventory valuation adjustment \u2014 Prior Periods\u034f(3)(5) (29) (156) (295) (236) (38) Restructuring(6) \u2014 10 \u2014 17 \u2014 (Gain) loss on extinguishment of debt \u2014 (104) (78) 25 \u2014 Goodwill impairment \u2014 \u2014 \u2014 60 \u2014 Legal contingency accrual and related expenses \u2014 \u2014 \u2014 1 \u2014 Other(7) (1) \u2014 (1) (2) \u2014 Adjusted Net Loss $ (75) $ (197) $ (409) $ (467) $ (328) Adjustments: Depreciation and amortization, excluding amortization of intangibles 9 9 12 12 8 Property financing(8) 38 44 60 93 102 Other interest expense(9) 9 9 14 20 13 Interest income(10) (30) (34) (18) (9) (7) Income tax expense \u2014 1 \u2014 \u2014 1 Adjusted EBITDA $ (49) $ (168) $ (341) $ (351) $ (211) Adjusted EBITDA Margin (5.0) % (8.5) % (10.9) % (12.3) % (6.3) % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuring costs consist primarily of severance and employee termination benefits, relocation packages and bonuses as well as costs related to the exiting of certain non-cancelable leases. (7) Includes primarily sublease income, income from equity method investments, and gain on lease termination. (8) Includes interest expense on our non-recourse asset-backed debt facilities. (9) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, interest expense related to the 2026 convertible senior notes outstanding, and interest expense on other secured borrowings. 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NON-GAAP MEASURES & KEY METRICS (Unaudited) Period Ended ($ in millions, except markets, homes purchased, homes sold, homes in inventory, and margins) Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Key Metrics Total Markets (at period end) 53 53 53 53 51 Total Revenue $ 980 $ 1,976 $ 3,120 $ 2,857 $ 3,361 Homes Purchased 3,136 2,680 1,747 3,427 8,380 Homes Sold 2,687 5,383 8,274 7,512 8,520 Homes in Inventory (at period end) 4,007 3,558 6,261 12,788 16,873 Inventory (at period end) $ 1,311 $ 1,149 $ 2,118 $ 4,460 $ 6,093 Non-GAAP Financial Measures Adjusted Gross Profit (Loss) $ 84 $ 7 $ (102) $ (92) $ 110 Selling Costs (28) (58) (85) (78) (100) Holding Costs (13) (39) (54) (37) (32) Contribution Profit (Loss) $ 43 $ (90) $ (241) $ (207) $ (22) Adjusted EBITDA $ (49) $ (168) $ (341) $ (351) $ (211) Adjusted Net Loss $ (75) $ (197) $ (409) $ (467) $ (328) Margins Total Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Adjusted Gross Margin 8.6 % 0.4 % (3.3) % (3.2) % 3.3 % Contribution Margin 4.4 % (4.6) % (7.7) % (7.2) % (0.7) % Adjusted EBITDA (5.0) % (8.5) % (10.9) % (12.3) % (6.3) % Adjusted Net Loss (7.7) % (10.0) % (13.1) % (16.3) % (9.8) % Exhibit 99.3\n\nOPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 REVENUE $ 980 $ 3,361 $ 6,076 $ 12,710 COST OF REVENUE 884 3,786 5,661 12,114 GROSS PROFIT (LOSS) 96 (425) 415 596 OPERATING EXPENSES: Sales, marketing and operations 85 260 397 812 General and administrative 48 85 158 323 Technology and development 42 40 121 121 Restructuring — — 10 — Total operating expenses 175 385 686 1,256 LOSS FROM OPERATIONS (79) (810) (271) (660) GAIN ON EXTINGUISHMENT OF DEBT — — 182 — INTEREST EXPENSE (47) (115) (174) (272) OTHER INCOME (LOSS) – Net 20 (2) 80 (20) LOSS BEFORE INCOME TAXES (106) (927) (183) (952) INCOME TAX EXPENSE — (1) (1) (2) NET LOSS $ (106) $ (928) $ (184) $ (954) Net loss per share attributable to common shareholders: Basic $ (0.16) $ (1.47) $ (0.28) $ (1.53) Diluted $ (0.16) $ (1.47) $ (0.28) $ (1.53) Weighted-average shares outstanding: Basic 662,149 629,535 651,939 624,581 Diluted 662,149 629,535 651,939 624,581"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm#b10", "norm:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm#b12"], "char_count": 3348, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "036934ad0ee493b7cd7ad89304fdadea20297f0b0b9c2275ff9bda08c521480b", "derivation_id": "3ebf3e6be8fce7c58fe1989937bb393e27b769add5893c6fcf29adda4237b556", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm", "block_sequence": 10, "char_end": 1468, "char_start": 0, "fragment_sha256": "06158819830ecca914a98ed9d156ef81d5874245426bd59f0b36cd2d363c8256", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm", "block_sequence": 12, "char_end": 1878, "char_start": 0, "fragment_sha256": "3b4e32ef2caa1c1466d1b3b382b25ec02956daccb9f23f3a8ef9c811c0a3fde9", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm#p2", "passage_kind": "narrative", "passage_sequence": 2, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex993suppleme.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) September 30, 2023 December 31, 2022 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,154 $ 1,137 Restricted cash 1,224 654 Marketable securities 72 144 Escrow receivable 11 30 Real estate inventory, net 1,311 4,460 Other current assets ($0 and $1 carried at fair value) 47 41 Total current assets 3,819 6,466 PROPERTY AND EQUIPMENT – Net 68 58 RIGHT OF USE ASSETS 27 41 GOODWILL 4 4 INTANGIBLES – Net 7 12 OTHER ASSETS 22 27 TOTAL ASSETS $ 3,947 $ 6,608 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 67 $ 110 Non-recourse asset-backed debt - current portion — 1,376 Interest payable 1 12 Lease liabilities - current portion 6 7 Total current liabilities 74 1,505 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 2,330 3,020 CONVERTIBLE SENIOR NOTES 502 959 LEASE LIABILITIES – Net of current portion 20 38 OTHER LIABILITIES 1 — Total liabilities 2,927 5,522 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 668,592,580 and 637,387,025 shares issued, respectively; 668,592,580 and 637,387,025 shares outstanding, respectively — — Additional paid-in capital 4,263 4,148 Accumulated deficit (3,242) (3,058) Accumulated other comprehensive loss (1) (4) Total shareholders’ equity 1,020 1,086 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 3,947 $ 6,608\n\nOPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Nine Months Ended September 30, 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (184) $ (954) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash provided by (used in) operating activities: Depreciation and amortization 50 59 Amortization of right of use asset 5 6 Stock-based compensation 94 178 Inventory valuation adjustment 54 663 Change in fair value of equity securities 4 36 Other 6 (1) Origination of mortgage loans held for sale — (118) Proceeds from sale and principal collections of mortgage loans held for sale 1 128 Gain on extinguishment of debt (182) — Changes in operating assets and liabilities: Escrow receivable 19 (70) Real estate inventory 3,082 (663) Other assets (15) — Accounts payable and other accrued liabilities (29) 73 Interest payable (10) 4 Lease liabilities (9) (6) Net cash provided by (used in) operating activities 2,886 (665) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (28) (33) Purchase of marketable securities — (28) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 75 293 Purchase of non-marketable equity securities — (25) Proceeds from sale of non-marketable equity securities 1 3 Capital returns of non-marketable equity securities — 3 Acquisitions, net of cash acquired — (3) Net cash provided by investing activities 48 210 CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of convertible senior notes (270) — Proceeds from exercise of stock options 2 4 Proceeds from issuance of common stock for ESPP 2 2 Proceeds from non-recourse asset-backed debt 238 9,160 Principal payments on non-recourse asset-backed debt (2,315) (8,179) Proceeds from other secured borrowings — 114 Principal payments on other secured borrowings — (121)"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm#b14", "norm:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm#b16"], "char_count": 3199, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "dec1a08f344bb742a75ab6e8a8acc5f6edc267ccb55b07712f9233a6ae8f2ce7", "derivation_id": "3ebf3e6be8fce7c58fe1989937bb393e27b769add5893c6fcf29adda4237b556", "document_id": "norm:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2023-11-02", "filing_id": "sec:0001801169:0001801169-23-000137", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm", "block_sequence": 14, "char_end": 811, "char_start": 0, "fragment_sha256": "1615aa20662f36de4b84810fe07b20dcf2b672b353b1b221d8d8bc70ac75ddb5", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm", "block_sequence": 16, "char_end": 2386, "char_start": 0, "fragment_sha256": "f6754ffeb6545936107711f18bc776f3eda6be613a940c16531f8a48dd9ff38a", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2023-11-02", "section_id": "norm:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-23-000137:q32023formxex993suppleme.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116923000137/q32023formxex993suppleme.htm", "table_id": null, "text": "Payment of loan origination fees and debt issuance costs — (24) Payment for early extinguishment of debt (4) — Net cash (used in) provided by financing activities (2,347) 956 NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 587 501 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 1,791 2,578 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $ 2,378 $ 3,079 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $ 169 $ 248 DISCLOSURES OF NONCASH ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 17 $ 13 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 1,154 $ 1,327 Restricted cash 1,224 1,752 Cash, cash equivalents, and restricted cash $ 2,378 $ 3,079\n\nOPENDOOR TECHNOLOGIES INC. NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Gross Profit (Loss) and Contribution Profit (Loss) to our Gross Profit (Loss) Three Months Ended (in millions, except percentages and homes sold, or as noted) September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 Gross profit (loss) (GAAP) $ 96 $ 149 $ 170 $ 71 $ (425) Gross Margin 9.8 % 7.5 % 5.4 % 2.5 % (12.6) % Adjustments: Inventory valuation adjustment – Current Period͏ (1)(2) 17 14 23 73 573 Inventory valuation adjustment – Prior Periods͏ (1)(3) (29) (156) (295) (236) (38) Restructuring in cost of revenue͏ — — — — — Adjusted Gross Profit (Loss) $ 84 $ 7 $ (102) $ (92) $ 110 Adjusted Gross Margin 8.6 % 0.4 % (3.3) % (3.2) % 3.3 % Adjustments: Direct selling costs (4) (28) (58) (85) (78) (100) Holding costs on sales – Current Period͏ (5)(6) (4) (6) (13) (10) (14) Holding costs on sales – Prior Periods͏ (5)(7) (9) (33) (41) (27) (18) Contribution Profit (Loss) $ 43 $ (90) $ (241) $ (207) $ (22) Homes sold in period 2,687 5,383 8,274 7,512 8,520 Contribution Profit (Loss) per Home Sold (in thousands) $ 16 $ (17) $ (29) $ (28) $ (3) Contribution Margin 4.4 % (4.6) % (7.7) % (7.2) % (0.7) % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow- related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. 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NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our Net (Loss) Income Three Months Ended (in millions, except percentages) September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 Net (loss) income (GAAP) $ (106) $ 23 $ (101) $ (399) $ (928) Adjustments: Stock-based compensation 31 21 42 (7) 52 Equity securities fair value adjustment(1) 11 (6) (1) (1) 11 Intangibles amortization expense(2) 2 1 2 2 2 Inventory valuation adjustment – Current Period͏(3)(4) 17 14 23 73 573 Inventory valuation adjustment — Prior Periods͏(3)(5) (29) (156) (295) (236) (38) Restructuring(6) — 10 — 17 — (Gain) loss on extinguishment of debt — (104) (78) 25 — Goodwill impairment — — — 60 — Legal contingency accrual and related expenses — — — 1 — Other(7) (1) — (1) (2) — Adjusted Net Loss $ (75) $ (197) $ (409) $ (467) $ (328) Adjustments: Depreciation and amortization, excluding amortization of intangibles 9 9 12 12 8 Property financing(8) 38 44 60 93 102 Other interest expense(9) 9 9 14 20 13 Interest income(10) (30) (34) (18) (9) (7) Income tax expense — 1 — — 1 Adjusted EBITDA $ (49) $ (168) $ (341) $ (351) $ (211) Adjusted EBITDA Margin (5.0) % (8.5) % (10.9) % (12.3) % (6.3) % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuring costs consist primarily of severance and employee termination benefits, relocation packages and bonuses as well as costs related to the exiting of certain non-cancelable leases. (7) Includes primarily sublease income, income from equity method investments, and gain on lease termination. (8) Includes interest expense on our non-recourse asset-backed debt facilities. (9) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, interest expense related to the 2026 convertible senior notes outstanding, and interest expense on other secured borrowings. 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Emerging growth company \u2610 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. \u2610" + }, + { + "block_id": "norm:0001801169:0001140361-23-053326:ef20014757_8k.htm#b19", + "block_sequence": 19, + "block_sha256": "44295c0de504babc0bd924aea11c28e2fce16651c8639a2c15cd80d7ed36a7d8", + "block_type": "heading", + "char_count": 24, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-23-053326:ef20014757_8k.htm", + "block_sequence": 19, + "char_end": 24, + "char_start": 0, + "fragment_sha256": "c717cb12124c39b4b483cef834cf1cc577f4ea518b4caf93373a5faeb194f486", + "heading_path": [ + "N/A", + "Item 8.01. 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Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001140361-23-053326:ef20014757_8k.htm#b20", "norm:0001801169:0001140361-23-053326:ef20014757_8k.htm#b21"], "char_count": 1411, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e178148e08f79f82dce94790b279c6d0919200f02ae778f0551cabd730ecb13e", "derivation_id": "e584c1d18de2773afd4a0e765e1511273b1e7ec8a142bbd4f9799ab20f967cd5", "document_id": "norm:0001801169:0001140361-23-053326:ef20014757_8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2023-11-15", "filing_id": "sec:0001801169:0001140361-23-053326", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 8.01. 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(the “Company”) announced that it has entered into separate, privately negotiated repurchase agreements with a limited number of holders of its 0.25% Convertible Senior Notes due 2026 (the “Notes”) to repurchase (the “Repurchases”) approximately $129 million aggregate principal amount of the Notes at approximately a 30% discount to par value, inclusive of accrued interest. The repurchase price payable by the Company will be paid in cash. The Company has previously entered into capped call transactions with certain financial institutions in connection with the Notes. All of these transactions are expected to remain in effect notwithstanding the Repurchases. The Repurchases are expected to close on November 17, 2023, subject to the satisfaction of customary closing conditions. 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Emerging growth company \u2610 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. \u2610" + }, + { + "block_id": "norm:0001801169:0001193125-23-296221:d46808d8k.htm#b19", + "block_sequence": 19, + "block_sha256": "588fe38fd20b82d3b74bea9ce31a5c0782fd9b1b08d079a4c0a09723578091b0", + "block_type": "heading", + "char_count": 156, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001193125-23-296221:d46808d8k.htm", + "block_sequence": 19, + "char_end": 156, + "char_start": 0, + "fragment_sha256": "0f9cdff43d164f429707a65715162fd74739042a1a2021eb0efe7cfb5ad14ad9", + "heading_path": [ + "N/A", + "Item 5.02. 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Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001193125-23-296221:d46808d8k.htm#b20"], "char_count": 437, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d7683937e619131f6476bdb1e01bddb10bf8ecf0dc6f92dcdac3e8e092c9230b", "derivation_id": "7fc9811b56323874abc513d374c3fbc738af9252674504b7f4a78161d6786722", "document_id": "norm:0001801169:0001193125-23-296221:d46808d8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2023-12-15", "filing_id": "sec:0001801169:0001193125-23-296221", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 5.02. 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Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-24-000015:open-20240215.htm#b22"], "char_count": 354, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ab53abea6b17ba74085f9ede6d59f900270e476b99327c9cecc94a6ca44786b8", "derivation_id": "1f0c21c44ff3290762dd77f7daf37ceef8332647af508182bd9b6846edaf6605", "document_id": "norm:0001801169:0001801169-24-000015:open-20240215.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 2.02", "Results of Operations and Financial Condition"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:open-20240215.htm", "block_sequence": 22, "char_end": 354, "char_start": 0, "fragment_sha256": "1c7a2e3bc1e52165b01b2415dab913b1401f7c39e4fa3229bca8c8dcf38904c0", "heading_path": ["UNITED STATES", "Item 2.02", "Results of Operations and Financial Condition"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:open-20240215.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:open-20240215.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-24-000015:open-20240215.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/open-20240215.htm", "table_id": null, "text": "On February 15, 2024, Opendoor Technologies Inc. (the “Company”) issued a press release and a shareholder letter announcing its financial results for the fourth quarter and year ended December 31, 2023. A copy of the press release and the shareholder letter is furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-24-000015:open-20240215.htm#b24"], "char_count": 772, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e826beb9d0261d3b75dc3ec3f1b097302a64803979581c9c85e3e658999720a2", "derivation_id": "1f0c21c44ff3290762dd77f7daf37ceef8332647af508182bd9b6846edaf6605", "document_id": "norm:0001801169:0001801169-24-000015:open-20240215.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 7.01 Regulation FD Disclosure"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:open-20240215.htm", "block_sequence": 24, "char_end": 772, "char_start": 0, "fragment_sha256": "19564e94cc96283151889ee40b73e52413330299eb2db0c550b3dd6aaa6fc965", "heading_path": ["UNITED STATES", "Item 7.01 Regulation FD Disclosure"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:open-20240215.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:open-20240215.htm#s14", "source_artifact_id": "sec:0001801169:0001801169-24-000015:open-20240215.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/open-20240215.htm", "table_id": null, "text": "On February 15, 2024, the Company posted an earnings supplement (the “Supplement”) in the “Investor Relations” portion of its website at investor.opendoor.com. 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Opendoor Technologies Inc. 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"EX-99.1", + "Exhibit 99.1", + "Opendoor Announces Fourth Quarter and Full Year 2023 Financial Results" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s4", + "table": null, + "text": "Opendoor Announces Fourth Quarter and Full Year 2023 Financial Results" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b7", + "block_sequence": 7, + "block_sha256": "edf1b73bfb2983ae9bff9928889ef0de384ac25197d2f0082328b2bd4451aa15", + "block_type": "paragraph", + "char_count": 1494, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 7, + "char_end": 1494, + "char_start": 0, + "fragment_sha256": "9e9831433a51ebc81d2bba020ccdb8d5f9143ad99f9e3cc03add0a5204041115", + "heading_path": [ + "EX-99.1", + "Exhibit 99.1", + "Opendoor Announces Fourth Quarter and Full Year 2023 Financial Results" 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(Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported financial results for its fourth quarter and year ended December 31, 2023. Opendoor\u2019s fourth quarter and year-end 2023 financial results and management commentary can be accessed through the Company\u2019s shareholder letter on the \u201cQuarterly Reports\u201d page of Opendoor\u2019s investor relations website at https://investor.opendoor.com. \u201cThe past year was about focus, execution, and progress. Our fourth quarter results exceeded the high end of our prior guidance ranges, demonstrating our ability to deliver, despite ongoing uncertainty in the housing market. We increased our home acquisitions sequentially throughout the year, built a new book of inventory that is performing well, and drove structural efficiencies across our platform that we expect will benefit the Company for years to come. Most importantly, we've remained steadfast in our vision of helping people move with simplicity and certainty,\u201d said Carrie Wheeler, CEO of Opendoor. Wheeler continued, \u201cThe progress we made in 2023, combined with the potential for a more normalized macro backdrop, positions us well to rescale our business in 2024. Opendoor stands alone as the largest digital platform for residential real estate transactions, and we will continue to invest in our products to be the catalyst for change in how consumers sell and buy homes.\u201d" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b8", + "block_sequence": 8, + "block_sha256": "2905787fb0655c02a6c88b79281c31ffec3e94cdd5f7514bb64f7e903eed30c8", + "block_type": "heading", + "char_count": 29, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 8, + "char_end": 29, + "char_start": 0, + "fragment_sha256": "353056a4770a90695fb07af94e9fb95a23bffc2c466b0df8a797e564055e9f35", + "heading_path": [ + "EX-99.1", + "Full Year 2023 Key Highlights" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s5", + "table": null, + "text": "Full Year 2023 Key Highlights" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b9", + "block_sequence": 9, + "block_sha256": "3458c21ce6b7d51371ff712c7587409fe82208652fd87a9df02553ef5762410a", + "block_type": "paragraph", + "char_count": 315, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 9, + "char_end": 315, + "char_start": 0, + "fragment_sha256": "a17a6c1ed2c460c51bc034622440a52e402b1bffe6cfd76abb2f0855770041b1", + "heading_path": [ + "EX-99.1", + "Full Year 2023 Key Highlights" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s5", + "table": null, + "text": "\u2022Revenue of $6.9 billion, down (55)% versus 2022; with 18,708 total homes sold, down (52)% versus 2022 \u2022Gross profit of $487 million, versus $667 million in 2022; Gross Margin of 7.0% versus 4.3% in 2022 \u2022Net loss of $(275) million, versus $(1.4) billion in 2022 \u2022Purchased 11,246 homes, versus 34,962 homes in 2022" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b10", + "block_sequence": 10, + "block_sha256": "3df3d0bf1a9889fbab461edc97ccf75079eec59494edddef045558d3d41caa05", + "block_type": "heading", + "char_count": 24, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 10, + "char_end": 24, + "char_start": 0, + "fragment_sha256": "6c5c4e922a07e848e902df4d2dc2a9f6d4fca0e501ffb150bf38b1eb9c1f470b", + "heading_path": [ + "EX-99.1", + "Full Year 2023 Key Highlights", + "Non-GAAP Key Highlights*" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s6", + "table": null, + "text": "Non-GAAP Key Highlights*" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b11", + "block_sequence": 11, + "block_sha256": "e6f9f13379b9ac949a0d828601782def56952f13bcc175175ce5572cda45da12", + "block_type": "paragraph", + "char_count": 476, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 11, + "char_end": 476, + "char_start": 0, + "fragment_sha256": "9edb23463db2b5b481be96a6f2d96d8f57be9db7aa12faa1b85268153d30aca4", + "heading_path": [ + "EX-99.1", + "Full Year 2023 Key Highlights", + "Non-GAAP Key Highlights*" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s6", + "table": null, + "text": "\u2022Contribution (Loss) Profit of $(258) million, versus $525 million in 2022; Contribution Margin of (3.7)%, versus 3.4% in 2022 \u2022Adjusted EBITDA of $(627) million, versus $(168) million in 2022; Adjusted EBITDA Margin of (9.0)%, versus (1.1)% in 2022 \u2022Adjusted Net Loss of $(778) million, versus $(574) million in 2022 *See \u201c\u2014Use of Non-GAAP Financial Measures\u201d below for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures." + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b12", + "block_sequence": 12, + "block_sha256": "e36fcf4aa93001db167d8f3c4df5a08c376bd16c73c9bdc0248a704ff0a6ed5a", + "block_type": "heading", + "char_count": 34, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 12, + "char_end": 34, + "char_start": 0, + "fragment_sha256": "01463dc64e2ccf6009146176c30c0a104f8ae87fa9c6ffbdae1287d0e5bd0b0b", + "heading_path": [ + "EX-99.1", + "Fourth Quarter 2023 Key Highlights" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s7", + "table": null, + "text": "Fourth Quarter 2023 Key Highlights" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b13", + "block_sequence": 13, + "block_sha256": "9c4bd8d8aeb75a008e9439281b950be1c253e41241d41a9cf4b1c09c3cf4f085", + "block_type": "paragraph", + "char_count": 662, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 13, + "char_end": 662, + "char_start": 0, + "fragment_sha256": "9a45cc7a8b75d65271b0476426e48f1899ce3e83de107cee05748710b5006ae3", + "heading_path": [ + "EX-99.1", + "Fourth Quarter 2023 Key Highlights" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s7", + "table": null, + "text": "\u2022Revenue of $870 million, down (70)% versus 4Q22 and down (11)% versus 3Q23; with 2,364 total homes sold, down (69)% versus 4Q22 and down (12)% versus 3Q23 \u2022Gross profit of $72 million, versus $71 million in 4Q22 and $96 million in 3Q23; Gross Margin of 8.3%, versus 2.5% in 4Q22 and 9.8% in 3Q23 \u2022Net loss of $(91) million, versus $(399) million in 4Q22 and $(106) million in 3Q23 \u2022Inventory balance of $1.8 billion, representing 5,326 homes, down (60)% versus 4Q22 and up 35% versus 3Q23 \u2022Purchased 3,683 homes, up 7% versus 4Q22 and up 17% versus 3Q23 \u2022Ended the quarter with 2,114 homes under contract for purchase, up 109% versus 4Q22 and up 27% versus 3Q23" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b14", + "block_sequence": 14, + "block_sha256": "3df3d0bf1a9889fbab461edc97ccf75079eec59494edddef045558d3d41caa05", + "block_type": "heading", + "char_count": 24, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 14, + "char_end": 24, + "char_start": 0, + "fragment_sha256": "943bbcf18422484b9130cae6afb0679081ce82f5868e3e860adb504abd95d5b3", + "heading_path": [ + "EX-99.1", + "Fourth Quarter 2023 Key Highlights", + "Non-GAAP Key Highlights*" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s8", + "table": null, + "text": "Non-GAAP Key Highlights*" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b15", + "block_sequence": 15, + "block_sha256": "2245a1693699ccb4ac6d8bdfddd92791221181af78e1eae1be661b0a315d8d0c", + "block_type": "paragraph", + "char_count": 586, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 15, + "char_end": 586, + "char_start": 0, + "fragment_sha256": "666335f144af1aa6ce523b55cb652a3e1c7d78ab09bec03502a4db1bd6c40498", + "heading_path": [ + "EX-99.1", + "Fourth Quarter 2023 Key Highlights", + "Non-GAAP Key Highlights*" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s8", + "table": null, + "text": "\u2022Contribution Profit (Loss) of $30 million, versus $(207) million in 4Q22 and $43 million in 3Q23; 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A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call." + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b20", + "block_sequence": 20, + "block_sha256": "bee3b0c71ab4d6d3fe30831f8a6898f49de6dcbb44cd92a09d86856b2468a886", + "block_type": "heading", + "char_count": 14, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 20, + "char_end": 14, + "char_start": 0, + "fragment_sha256": "920fab729a6a3043d5c186fc3b8f7fe487f8806437d22467636912f884c0f8cd", + "heading_path": [ + "EX-99.1", + "2024 Financial Outlook", + "Conference Call and Webcast Details", + "About Opendoor" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s11", + "table": null, + "text": "About Opendoor" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b21", + "block_sequence": 21, + "block_sha256": "38e239818561675df5e3717d042db8fe371bef892c1e7731a147dc922e1434de", + "block_type": "paragraph", + "char_count": 281, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 21, + "char_end": 281, + "char_start": 0, + "fragment_sha256": "66bb5025da374386f27704bd560e4635c0dc27502a2c836968cce3318904ee41", + "heading_path": [ + "EX-99.1", + "2024 Financial Outlook", + "Conference Call and Webcast Details", + "About Opendoor" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s11", + "table": null, + "text": "Opendoor\u2019s mission is to power life\u2019s progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple and certain way to buy and sell a home. Opendoor currently operates in markets nationwide. For more information, please visit www.opendoor.com" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b22", + "block_sequence": 22, + "block_sha256": "1d8469bf9c663edb3c938b337e8eb7b6386c9f6dc8633427fe813d5f0ad02182", + "block_type": "heading", + "char_count": 26, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 22, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "1c1b2c1ff491441a71c1994c5ace986494b37cd4881e2f3417345dd8ad104d6e", + "heading_path": [ + "EX-99.1", + "2024 Financial Outlook", + "Conference Call and Webcast Details", + "About Opendoor", + "Forward Looking Statements" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s12", + "table": null, + "text": "Forward Looking Statements" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b23", + "block_sequence": 23, + "block_sha256": "a9cc8a3e677c83420c17ad7cae3cb26ba07ec4b0c559114159d3301cab70a375", + "block_type": "paragraph", + "char_count": 6830, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 23, + "char_end": 6830, + "char_start": 0, + "fragment_sha256": "11c9cd55d30de400e9bda2bacbc0421875e9d6f16b23647c49e6874fafac6b19", + "heading_path": [ + "EX-99.1", + "2024 Financial Outlook", + "Conference Call and Webcast Details", + "About Opendoor", + "Forward Looking Statements" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s12", + "table": null, + "text": "This press release contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the current and future health and stability of the real estate housing market and 1 Opendoor has not provided a quantitative reconciliation of forecasted Contribution Profit (Loss) to forecasted GAAP gross profit (loss) nor a reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss) and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company\u2019s control. For more information regarding the non-GAAP financial measures discussed in this press release, please see \u201cUse of Non-GAAP Financial Measures\u201d following the financial tables below. general economy; anticipated future results of operations and financial performance, including our 2024 financial outlook; the health and status of our financial condition and whether we will be able to rescale our business in 2024; priorities of the Company to achieve future financial and business goals; our ability to continue to effectively navigate the markets in which we operate; anticipated future and ongoing impacts of our acquisitions and other business decisions; business strategy and plans, including plans to continue to invest in our products. These forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cguidance\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201coutlook\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cvision\u201d, \u201cwill\u201d, or \u201cwould\u201d, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this press release include but are not limited to: the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturn or slowdown; changes in general economic and financial conditions (including federal monetary policy, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory) that may reduce demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our digital platform, including our automated pricing and valuation technology; our ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our ability to protect our brand and intellectual property; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; any future impact of pandemics or epidemics, including any future resurgences of COVID-19 and its variants, or other public health crises on our ability to operate, demand for our products and services, or general economic conditions; changes in laws or government regulation affecting our business; and the impact of pending or future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \u201cRisk Factors\u201d in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on or about February 15, 2024, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations." + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b24", + "block_sequence": 24, + "block_sha256": "7c01aec3b1d2f2fdb66a623063b725388e004a3a64d940279efe58ee27921384", + "block_type": "heading", + "char_count": 19, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 24, + "char_end": 19, + "char_start": 0, + "fragment_sha256": "9ba52728f44301164611b7fb592f102c23975d9f32fe5ca4522dc1f57ee1d01a", + "heading_path": [ + "EX-99.1", + "2024 Financial Outlook", + "Conference Call and Webcast Details", + "About Opendoor", + "Contact Information" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s13", + "table": null, + "text": "Contact Information" + }, + { + "block_id": 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--- | --- | --- | --- |\n| | | December 31, 2023 | | December 31, 2022 | | | | |\n| ASSETS | | | | | | | | |\n| CURRENT ASSETS: | | | | | | | | |\n| Cash and cash equivalents | | $ | 999 | | | $ | 1,137 | |\n| Restricted cash | | 541 | | | 654 | | | |\n| Marketable securities | | 69 | | | 144 | | | |\n| Escrow receivable | | 9 | | | 30 | | | |\n| | | | | | | | | |\n| Real estate inventory, net | | 1,775 | | | 4,460 | | | |\n| Other current assets ($0 and $1 carried at fair value) | | 52 | | | 41 | | | |\n| Total current assets | | 3,445 | | | 6,466 | | | |\n| PROPERTY AND EQUIPMENT \u2013 Net | | 66 | | | 58 | | | |\n| RIGHT OF USE ASSETS | | 25 | | | 41 | | | |\n| GOODWILL | | 4 | | | 4 | | | |\n| INTANGIBLES \u2013 Net | | 5 | | | 12 | | | |\n| OTHER ASSETS | | 22 | | | 27 | | | |\n| TOTAL ASSETS | | $ | 3,567 | | | $ | 6,608 | |\n| LIABILITIES AND SHAREHOLDERS\u2019 EQUITY | | | | | | | | |\n| CURRENT LIABILITIES: | | | | | | | | |\n| Accounts payable and other accrued liabilities | 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FROM INVESTING ACTIVITIES: | | | | | | | \nPurchase of property and equipment | (37) | | | (37) | | | \n | | | | | | | \nPurchase of marketable securities | \u2014 | | | (28) | | | \nProceeds from sales, maturities, redemptions and paydowns of marketable securities | 80 | | | 328 | | | \nPurchase of non-marketable equity securities | \u2014 | | | (25) | | | \nProceeds from sale of non-marketable equity securities | 1 | | | 3 | | | \nCapital returns of non-marketable equity securities | \u2014 | | | 3 | | | \nAcquisitions, net of cash acquired | \u2014 | | | (10) | | | \nNet cash provided by investing activities | 44 | | | 234 | | | \nCASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \nRepurchase of convertible senior notes | (362) | | | \u2014 | | | \n | | | | | | | \nProceeds from exercise of stock options | 3 | | | 4 | | | \nProceeds from issuance of common stock for ESPP | 2 | | | 2 | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \nProceeds from non-recourse asset-backed debt | 238 | | | 10,108 | | | \nPrincipal payments on non-recourse asset-backed debt | (2,515) | | | (11,822) | | | \nProceeds from other secured borrowings | \u2014 | | | 114 | | | \nPrincipal payments on other secured borrowings | \u2014 | | | (121) | | | \nPayment of loan origination fees and debt issuance costs | (1) | | | (26) | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \nPayment for early extinguishment of debt | (4) | | | (10) | | | \nNet cash used in financing activities | (2,639) | | | (1,751) | | | \nNET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (251) | | | (787) | | | \nCASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 Beginning of period | 1,791 | | | 2,578 | | | \nCASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 End of period | $ | 1,540 | | | $ | 1,791 | \nSUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION \u2013 Cash paid during the period for interest | $ | 203 | | | $ | 355 | \nDISCLOSURES OF NONCASH ACTIVITIES: | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \nStock-based compensation expense capitalized for internally developed software | $ | 23 | | | $ | 16 | \n | | | | | | | \nRECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: | | | | | | | \nCash and cash equivalents | $ | 999 | | | $ | 1,137 | \nRestricted cash | 541 | | | 654 | | | \nCash, cash equivalents, and restricted cash | $ | 1,540 | | | $ | 1,791 | " + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b50", + "block_sequence": 50, + "block_sha256": "f01dcca04a180fe8b33e7e553c28d81ff0239330406c2d2236d709babc9f6d4a", + "block_type": "heading", + "char_count": 34, + "level": 2, + "locator": { + "artifact_id": 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"cc75492a6823ed04f3677c8d3edecef049ffdb9d064851075b2bb0062f80e0ea", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s20", + "table": null, + "text": "To provide investors with additional information regarding the Company\u2019s financial results, this press release includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit (Loss), Contribution Profit (Loss), Adjusted Net Loss, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results." + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b52", + "block_sequence": 52, + "block_sha256": "6c96b44255eb532f553bee515107dc9732bacfe39728b4b1790e3d0fc9ef7445", + "block_type": "heading", + "char_count": 59, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 52, + "char_end": 59, + "char_start": 0, + "fragment_sha256": "ef99143ea4377a43b53a0c3a16fae140a638f8d95bcebc4d8096b326cfce2617", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s21", + "table": null, + "text": "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b53", + "block_sequence": 53, + "block_sha256": "99087c1e116fa1faa2eca446abf50bf44a5436115438c99218632685ac51b312", + "block_type": "paragraph", + "char_count": 1779, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 53, + "char_end": 1779, + "char_start": 0, + "fragment_sha256": "103e55e0521ddb0b96d04c944fc2c9527ddb1f004f0d3aa90c6c615ca6688cb6", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s21", + "table": null, + "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit (Loss) and Contribution Profit (Loss), which are non-GAAP financial measures. We believe that Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit (Loss) provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit." + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b54", + "block_sequence": 54, + "block_sha256": "aa2c104275b1e2d71ee4d2a4b524835cf35e0b5c7ba24c35bb7d198132a3a36a", + "block_type": "heading", + "char_count": 37, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 54, + "char_end": 37, + "char_start": 0, + "fragment_sha256": "19cff3a2715bc1902e26881a91ac5e024acdea861b5971f629bd6e07ce0975e9", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", + "Adjusted Gross Profit (Loss) / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s22", + "table": null, + "text": "Adjusted Gross Profit (Loss) / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b55", + "block_sequence": 55, + "block_sha256": "aceabd3f0e2d25b4cfdc1f1ef24dae1bf3204e8489a02347fcb811821fdccb67", + "block_type": "paragraph", + "char_count": 1004, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 55, + "char_end": 1004, + "char_start": 0, + "fragment_sha256": "ad4bbc1f384258efc6c4dbba373c714f92e36ff0c7d2dae7d9dbd182f8b37fe0", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", + "Adjusted Gross Profit (Loss) / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s22", + "table": null, + "text": "We calculate Adjusted Gross Profit (Loss) as gross profit (loss) under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit (Loss) helps management assess home pricing, service fees and renovation performance for a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b56", + "block_sequence": 56, + "block_sha256": "3c9261d497c08c54862c1d93dcef265e24e035674c6bdad752d75e665effba7d", + "block_type": "heading", + "char_count": 35, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 56, + "char_end": 35, + "char_start": 0, + "fragment_sha256": "f3a65d065f6c43cacd06f7cdadb6433c87027c7ea27d84c32f00d5a5c9715288", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", + "Contribution Profit (Loss) / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s23", + "table": null, + "text": "Contribution Profit (Loss) / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b57", + "block_sequence": 57, + "block_sha256": "9d10503bd5e83fe3b32832c6fa07cff8ee6e86308078a6695cb56de249426319", + "block_type": "paragraph", + "char_count": 784, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 57, + "char_end": 784, + "char_start": 0, + "fragment_sha256": "34e4f21e7c28478bfda95d94f1c4be13815675f3954034f744f1915fa24fffa0", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", + "Contribution Profit (Loss) / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s23", + "table": null, + "text": "We calculate Contribution Profit (Loss) as Adjusted Gross Profit (Loss), minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit (Loss) helps management assess inflows and outflows directly associated with a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b58", + "block_sequence": 58, + "block_sha256": "7460ff5afa74595bed1ed49c4ec349f88984782302cbab9cee3bae99ec2b46cd", + "block_type": "page_header", + "char_count": 26, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 58, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "b8b8062826f34c01775f668e5b2cc75d457b8d2c8832287c6f571c29eac5c67b", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", + "Contribution Profit (Loss) / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s23", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC." + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b59", + "block_sequence": 59, + "block_sha256": "b45fca062928c1cb7a7bd0ce5614493735536c7c2e0ce6f1b705c21b79953fe2", + "block_type": "heading", + "char_count": 43, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 59, + "char_end": 43, + "char_start": 0, + "fragment_sha256": "624f45f319e6a58f1b913dc28eeefe1aabeb8b4f220964125c47963129d78d78", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s24", + "table": null, + "text": "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b60", + "block_sequence": 60, + "block_sha256": "e7bd0ccd72aefae52d4da33fa05bd486df144362ed87c427c907aa03cfff6ce6", + "block_type": "paragraph", + "char_count": 49, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 60, + "char_end": 49, + "char_start": 0, + "fragment_sha256": "3c79d34b912ccd5810676229fdb23c57e7c959da948f20c2113ffe85c0e18da8", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s24", + "table": null, + "text": "(In millions, except percentages, and homes sold)" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b61", + "block_sequence": 61, + "block_sha256": "f9aa17ccb15e3a675fca6f8c1e57bf3db93b3cf876860608fe8d12b3aa8a8174", + "block_type": "paragraph", + "char_count": 11, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 61, + "char_end": 11, + "char_start": 0, + "fragment_sha256": "2a7680d26ab0fd2298dd52fd36b9d301e5103004cef230dbf5fbd1eabb314fa8", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s24", + "table": null, + "text": "(Unaudited)" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b62", + "block_sequence": 62, + "block_sha256": "ea4dffabb6e4bf5639ec928f31a6ba31e596b644bd79ecbb537216a683fdda34", + "block_type": "paragraph", + "char_count": 212, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + 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|\n| Adjusted Gross Profit (Loss) | | $ | 66 | | | $ | 84 | | | $ | 7 | | | $ | (102) | | | $ | (92) | | | $ | 55 | | | $ | 1,086 | |\n| Adjusted Gross Margin | | 7.6 | % | | 8.6 | % | | 0.4 | % | | (3.3) | % | | (3.2) | % | | 0.8 | % | | 7.0 | % | | | | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Direct selling costs(4) | | (26) | | | (28) | | | (58) | | | (85) | | | (78) | | | (197) | | | (414) | | | | | | | | |\n| Holding costs on sales \u2013 Current Period(5)(6) | | (3) | | | (4) | | | (6) | | | (13) | | | (10) | | | (50) | | | (109) | | | | | | | | |\n| Holding costs on sales \u2013 Prior Periods(5)(7) | | (7) | | | (9) | | | (33) | | | (41) | | | (27) | | | (66) | | | (38) | | | | | | | | |\n| Contribution Profit (Loss) | | $ | 30 | | | $ | 43 | | | $ | (90) | | | $ | (241) | | | $ | (207) | | | $ | (258) | | | $ | 525 | |\n| Homes sold in period | | 2,364 | | | 2,687 | | | 5,383 | | | 8,274 | | | 7,512 | | | 18,708 | | | 39,183 | | | | | 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"sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 64, + "char_end": 16, + "char_start": 0, + "fragment_sha256": "7fdbb5bd0c91a386038a54dafc306bd55a27c3242e1540451c2885fb5da9076a", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s24", + "table": null, + "text": "________________" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b65", + "block_sequence": 65, + "block_sha256": "211ba6f2660ac980adfb7cfda1a5cd3d738824ffb95c0fb434bb18fff2f3ecf1", + "block_type": "paragraph", + "char_count": 1141, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 65, + "char_end": 1141, + "char_start": 0, + "fragment_sha256": "ce88b8aac746f34d55660daab329c6ba1c14a78be0074e39afe53bfa66f95905", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s24", + "table": null, + "text": "(1)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2)Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3)Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5)Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented." + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b66", + "block_sequence": 66, + "block_sha256": "37935488b247cdf343c0c8144ff521e96ad9f18f66bbb30d6e7419e323a258dd", + "block_type": "heading", + "char_count": 37, + "level": 8, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 66, + "char_end": 37, + "char_start": 0, + "fragment_sha256": "a34f0fa36b4a64dc2e88e4f29b646c75e81b6238c2f3a7ba70bd93dfd5171121", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s25", + "table": null, + "text": "Adjusted Net Loss and Adjusted EBITDA" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b67", + "block_sequence": 67, + "block_sha256": "2131a21ec2b5757d6695aa9f9eaae0a477b836cad90118f6ec728830086c3d9a", + "block_type": "paragraph", + "char_count": 1571, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 67, + "char_end": 1571, + "char_start": 0, + "fragment_sha256": "53f81ff8be1ca67013a9b7c95b2b4b622e6039ab3c3b5d303680c7e2a985c87d", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s25", + "table": null, + "text": "We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net income (loss)." + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b68", + "block_sequence": 68, + "block_sha256": "236a9f2403017a5277b663ccb31ec43d8c2bfa477b0ef7a6739ae4ae9f4de383", + "block_type": "heading", + "char_count": 17, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 68, + "char_end": 17, + "char_start": 0, + "fragment_sha256": "b8fea0efbc2ee5e70631f015f99f4bc0284f100f8a60109c90d8e6632c07df6a", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted Net Loss" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s26", + "table": null, + "text": "Adjusted Net Loss" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b69", + "block_sequence": 69, + "block_sha256": "3b66954ffaa73e9da9ca43c9f3eaf12196e446321a34679be24968dac314618d", + "block_type": "paragraph", + "char_count": 1218, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 69, + "char_end": 1218, + "char_start": 0, + "fragment_sha256": "3be71013e0517e8511b37e34383c2ccc6771d22d880277f27f9f2f40a710dcec", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted Net Loss" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s26", + "table": null, + "text": "We calculate Adjusted Net Loss as GAAP net (loss) income adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring and legal contingency accruals. It excludes (gain) loss on extinguishment of debt as these expenses or gains were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities and the 0.25% convertible senior notes due in 2026 (the \"2026 Notes\") early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. It also excludes non-recurring goodwill impairment. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date." + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b70", + "block_sequence": 70, + "block_sha256": "e21a9b231049964de5ed48be4f1552178df178466705ae25a8ad92f9d827c980", + "block_type": "heading", + "char_count": 24, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 70, + "char_end": 24, + "char_start": 0, + "fragment_sha256": "1c89ec92d3ba6360cdf9ddbcebb86f641bde4c2f9f1431c9fe5a20eef78ea4af", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted EBITDA / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s27", + "table": null, + "text": "Adjusted EBITDA / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b71", + "block_sequence": 71, + "block_sha256": "b499c3554d32b422470ba6d1a9516cd42043cc3e9d71ed72fda11ebf9faa4d6d", + "block_type": "paragraph", + "char_count": 607, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 71, + "char_end": 607, + "char_start": 0, + "fragment_sha256": "85811fbb8214425418cdd60c1fe3e79c8d7c4374e27c50135262dd8631aa7306", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted EBITDA / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s27", + "table": null, + "text": "We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue. The following table presents a reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our net (loss) income, which is the most directly comparable GAAP measure, for the periods indicated:" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b72", + "block_sequence": 72, + "block_sha256": "534b400a6586ddfb03b4ed803334833d976829aa1f285109cd617b68694b38b4", + "block_type": "table", + "char_count": 3574, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", + "block_sequence": 72, + "char_end": 3574, + "char_start": 0, + "fragment_sha256": "ba2a34cc1d634654ce1f3443063375148249c56982f4f503aaeeb9620880b98e", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted EBITDA / Margin" + ], + "table_index": 5, + "tag_name": "table" + }, + "section_id": 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(Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported financial results for its fourth quarter and year ended December 31, 2023. Opendoor’s fourth quarter and year-end 2023 financial results and management commentary can be accessed through the Company’s shareholder letter on the “Quarterly Reports” page of Opendoor’s investor relations website at https://investor.opendoor.com. “The past year was about focus, execution, and progress. Our fourth quarter results exceeded the high end of our prior guidance ranges, demonstrating our ability to deliver, despite ongoing uncertainty in the housing market. We increased our home acquisitions sequentially throughout the year, built a new book of inventory that is performing well, and drove structural efficiencies across our platform that we expect will benefit the Company for years to come. Most importantly, we've remained steadfast in our vision of helping people move with simplicity and certainty,” said Carrie Wheeler, CEO of Opendoor. Wheeler continued, “The progress we made in 2023, combined with the potential for a more normalized macro backdrop, positions us well to rescale our business in 2024. Opendoor stands alone as the largest digital platform for residential real estate transactions, and we will continue to invest in our products to be the catalyst for change in how consumers sell and buy homes.”"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b9"], "char_count": 315, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "3458c21ce6b7d51371ff712c7587409fe82208652fd87a9df02553ef5762410a", "derivation_id": "fe65108d3073e38eda979e566f3b2ea80367b72f66cc85ca3444b0e0c0796f7e", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Full Year 2023 Key Highlights"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "block_sequence": 9, "char_end": 315, "char_start": 0, "fragment_sha256": "a17a6c1ed2c460c51bc034622440a52e402b1bffe6cfd76abb2f0855770041b1", "heading_path": ["EX-99.1", "Full Year 2023 Key Highlights"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s5", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex991earningsre.htm", "table_id": null, "text": "•Revenue of $6.9 billion, down (55)% versus 2022; with 18,708 total homes sold, down (52)% versus 2022 •Gross profit of $487 million, versus $667 million in 2022; Gross Margin of 7.0% versus 4.3% in 2022 •Net loss of $(275) million, versus $(1.4) billion in 2022 •Purchased 11,246 homes, versus 34,962 homes in 2022"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b11"], "char_count": 476, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e6f9f13379b9ac949a0d828601782def56952f13bcc175175ce5572cda45da12", "derivation_id": "fe65108d3073e38eda979e566f3b2ea80367b72f66cc85ca3444b0e0c0796f7e", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Full Year 2023 Key Highlights", "Non-GAAP Key Highlights*"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "block_sequence": 11, "char_end": 476, "char_start": 0, "fragment_sha256": "9edb23463db2b5b481be96a6f2d96d8f57be9db7aa12faa1b85268153d30aca4", "heading_path": ["EX-99.1", "Full Year 2023 Key Highlights", "Non-GAAP Key Highlights*"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s6", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex991earningsre.htm", "table_id": null, "text": "•Contribution (Loss) Profit of $(258) million, versus $525 million in 2022; Contribution Margin of (3.7)%, versus 3.4% in 2022 •Adjusted EBITDA of $(627) million, versus $(168) million in 2022; Adjusted EBITDA Margin of (9.0)%, versus (1.1)% in 2022 •Adjusted Net Loss of $(778) million, versus $(574) million in 2022 *See “—Use of Non-GAAP Financial Measures” below for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b13"], "char_count": 662, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9c4bd8d8aeb75a008e9439281b950be1c253e41241d41a9cf4b1c09c3cf4f085", "derivation_id": "fe65108d3073e38eda979e566f3b2ea80367b72f66cc85ca3444b0e0c0796f7e", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Fourth Quarter 2023 Key Highlights"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "block_sequence": 13, "char_end": 662, "char_start": 0, "fragment_sha256": "9a45cc7a8b75d65271b0476426e48f1899ce3e83de107cee05748710b5006ae3", "heading_path": ["EX-99.1", "Fourth Quarter 2023 Key Highlights"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s7", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex991earningsre.htm", "table_id": null, "text": "•Revenue of $870 million, down (70)% versus 4Q22 and down (11)% versus 3Q23; with 2,364 total homes sold, down (69)% versus 4Q22 and down (12)% versus 3Q23 •Gross profit of $72 million, versus $71 million in 4Q22 and $96 million in 3Q23; Gross Margin of 8.3%, versus 2.5% in 4Q22 and 9.8% in 3Q23 •Net loss of $(91) million, versus $(399) million in 4Q22 and $(106) million in 3Q23 •Inventory balance of $1.8 billion, representing 5,326 homes, down (60)% versus 4Q22 and up 35% versus 3Q23 •Purchased 3,683 homes, up 7% versus 4Q22 and up 17% versus 3Q23 •Ended the quarter with 2,114 homes under contract for purchase, up 109% versus 4Q22 and up 27% versus 3Q23"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b15"], "char_count": 586, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "2245a1693699ccb4ac6d8bdfddd92791221181af78e1eae1be661b0a315d8d0c", "derivation_id": "fe65108d3073e38eda979e566f3b2ea80367b72f66cc85ca3444b0e0c0796f7e", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Fourth Quarter 2023 Key Highlights", "Non-GAAP Key Highlights*"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "block_sequence": 15, "char_end": 586, "char_start": 0, "fragment_sha256": "666335f144af1aa6ce523b55cb652a3e1c7d78ab09bec03502a4db1bd6c40498", "heading_path": ["EX-99.1", "Fourth Quarter 2023 Key Highlights", "Non-GAAP Key Highlights*"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s8", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex991earningsre.htm", "table_id": null, "text": "•Contribution Profit (Loss) of $30 million, versus $(207) million in 4Q22 and $43 million in 3Q23; Contribution Margin of 3.4%, versus (7.2)% in 4Q22 and 4.4% in 3Q23 •Adjusted EBITDA of $(69) million, versus $(351) million in 4Q22 and $(49) million in 3Q23; Adjusted EBITDA Margin of (7.9)%, versus (12.3)% in 4Q22 and (5.0)% in 3Q23 •Adjusted Net Loss of $(97) million, versus $(467) million in 4Q22 and $(75) million in 3Q23 *See “—Use of Non-GAAP Financial Measures” below for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b17"], "char_count": 187, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0fab0218ac2c634a1c308b835d6630583a02084942a8954b71a955a5d66ac3b0", "derivation_id": "fe65108d3073e38eda979e566f3b2ea80367b72f66cc85ca3444b0e0c0796f7e", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EX-99.1", "2024 Financial Outlook"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "block_sequence": 17, "char_end": 187, "char_start": 0, "fragment_sha256": "240dc430987741b750f99fed0a4284f74e1a17fe5e7e82391f5b771b74286992", "heading_path": ["EX-99.1", "2024 Financial Outlook"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s9", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex991earningsre.htm", "table_id": null, "text": "•1Q24 revenue guidance of $1.05 billion to $1.1 billion •1Q24 Contribution Profit1 guidance of $40 million to $50 million •1Q24 Adjusted EBITDA1 guidance of $(80) million to $(70) million"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b19"], "char_count": 329, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8ef1a9414f6ee3f40177defc292b3dfc601637d39db371c4a09b7c65f80e1c68", "derivation_id": "fe65108d3073e38eda979e566f3b2ea80367b72f66cc85ca3444b0e0c0796f7e", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "2024 Financial Outlook", "Conference Call and Webcast Details"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "block_sequence": 19, "char_end": 329, "char_start": 0, "fragment_sha256": "d180154efb5316b9aa313a09f8ffc28e0ae8110ed232d0cdab010bdf90a116dd", "heading_path": ["EX-99.1", "2024 Financial Outlook", "Conference Call and Webcast Details"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s10", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex991earningsre.htm", "table_id": null, "text": "Opendoor will host a conference call to discuss its financial results on February 15, 2024, at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b21"], "char_count": 281, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "38e239818561675df5e3717d042db8fe371bef892c1e7731a147dc922e1434de", "derivation_id": "fe65108d3073e38eda979e566f3b2ea80367b72f66cc85ca3444b0e0c0796f7e", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "2024 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "block_sequence": 21, "char_end": 281, "char_start": 0, "fragment_sha256": "66bb5025da374386f27704bd560e4635c0dc27502a2c836968cce3318904ee41", "heading_path": ["EX-99.1", "2024 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s11", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex991earningsre.htm", "table_id": null, "text": "Opendoor’s mission is to power life’s progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple and certain way to buy and sell a home. Opendoor currently operates in markets nationwide. For more information, please visit www.opendoor.com"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b23"], "char_count": 2706, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8ef4bb27d988ca451022bf244948aa9f80cdf591edd412084c9c972eb29a484f", "derivation_id": "fe65108d3073e38eda979e566f3b2ea80367b72f66cc85ca3444b0e0c0796f7e", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "2024 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor", "Forward Looking Statements"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "block_sequence": 23, "char_end": 2706, "char_start": 0, "fragment_sha256": "11c9cd55d30de400e9bda2bacbc0421875e9d6f16b23647c49e6874fafac6b19", "heading_path": ["EX-99.1", "2024 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor", "Forward Looking Statements"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s12", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex991earningsre.htm", "table_id": null, "text": "This press release contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the current and future health and stability of the real estate housing market and 1 Opendoor has not provided a quantitative reconciliation of forecasted Contribution Profit (Loss) to forecasted GAAP gross profit (loss) nor a reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss) and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. For more information regarding the non-GAAP financial measures discussed in this press release, please see “Use of Non-GAAP Financial Measures” following the financial tables below. general economy; anticipated future results of operations and financial performance, including our 2024 financial outlook; the health and status of our financial condition and whether we will be able to rescale our business in 2024; priorities of the Company to achieve future financial and business goals; our ability to continue to effectively navigate the markets in which we operate; anticipated future and ongoing impacts of our acquisitions and other business decisions; business strategy and plans, including plans to continue to invest in our products. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “vision”, “will”, or “would”, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b23"], "char_count": 3779, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1c008bf5cca4ff9eb8518753293eec185591e149ee2e61e560ab1402f6449601", "derivation_id": "fe65108d3073e38eda979e566f3b2ea80367b72f66cc85ca3444b0e0c0796f7e", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "2024 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor", "Forward Looking Statements"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "block_sequence": 23, "char_end": 6485, "char_start": 2706, "fragment_sha256": "11c9cd55d30de400e9bda2bacbc0421875e9d6f16b23647c49e6874fafac6b19", "heading_path": ["EX-99.1", "2024 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor", "Forward Looking Statements"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#p11", "passage_kind": "narrative", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s12", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex991earningsre.htm", "table_id": null, "text": "The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this press release include but are not limited to: the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturn or slowdown; changes in general economic and financial conditions (including federal monetary policy, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory) that may reduce demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our digital platform, including our automated pricing and valuation technology; our ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our ability to protect our brand and intellectual property; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; any future impact of pandemics or epidemics, including any future resurgences of COVID-19 and its variants, or other public health crises on our ability to operate, demand for our products and services, or general economic conditions; changes in laws or government regulation affecting our business; and the impact of pending or future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on or about February 15, 2024, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. 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| | 2022 | | | | | | | | | | | | | | | | |\n| Revenue | | $ | 870 | | | $ | 980 | | | $ | 1,976 | | | $ | 3,120 | | | $ | 2,857 | | | | | $ | 6,946 | | | $ | 15,567 | | | |\n| Gross profit | | $ | 72 | | | $ | 96 | | | $ | 149 | | | $ | 170 | | | $ | 71 | | | | | $ | 487 | | | $ | 667 | | | |\n| Gross Margin | | 8.3 | % | | 9.8 | % | | 7.5 | % | | 5.4 | % | | 2.5 | % | | | | 7.0 | % | | 4.3 | % | | | | | | | | | |\n| Net (loss) income | | $ | (91) | | | $ | (106) | | | $ | 23 | | | $ | (101) | | | $ | (399) | | | | | $ | (275) | | | $ | (1,353) | | | |\n| Number of markets (at period end) | | 50 | | | 53 | | | 53 | | | 53 | | | 53 | | | | | 50 | | | 53 | | | | | | | | | | |\n| Homes sold | | 2,364 | | | 2,687 | | | 5,383 | | | 8,274 | | | 7,512 | | | | | 18,708 | | | 39,183 | | | | | | | | | | |\n| Homes purchased | | 3,683 | | | 3,136 | | | 2,680 | | | 1,747 | | | 3,427 | | | | | 11,246 | | | 34,962 | | | | | | | | | | |\n| Homes in inventory (at period end) | | 5,326 | | | 4,007 | | | 3,558 | | | 6,261 | | | 12,788 | | | | | 5,326 | | | 12,788 | | | | | | | | | | |\n| Inventory (at period end) | | $ | 1,775 | | | $ | 1,311 | | | $ | 1,149 | | | $ | 2,118 | | | $ | 4,460 | | | | | $ | 1,775 | | | $ | 4,460 | | | |\n| Percentage of homes “on the market” for greater than 120 days (at period end) | | 18 | % | | 12 | % | | 24 | % | | 59 | % | | 55 | % | | | | 18 | % | | 55 | % | | | | | | | | | |\n| Non-GAAP Financial Highlights (1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Contribution Profit (Loss) | | $ | 30 | | | $ | 43 | | | $ | (90) | | | $ | (241) | | | $ | (207) | | | | | $ | (258) | | | $ | 525 | | | |\n| Contribution Margin | | 3.4 | % | | 4.4 | % | | (4.6) | % | | (7.7) | % | | (7.2) | % | | | | (3.7) | % | | 3.4 | % | | | | | | | | | |\n| Adjusted EBITDA | | $ | (69) | | | $ | (49) | | | $ | (168) | | | $ | (341) | | | $ | (351) | | | | | $ | (627) | | | $ | (168) | | | |\n| Adjusted EBITDA Margin | | (7.9) | % | | (5.0) | % | | 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"https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex991earningsre.htm", "table_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b49", "text": "| | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| | Year Ended December 31, | | | | | | |\n| | 2023 | | 2022 | | | | |\n| CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | |\n| Net loss | $ | (275) | | | $ | (1,353) | |\n| Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash provided by operating activities: | | | | | | | |\n| Depreciation and amortization | 65 | | | 83 | | | |\n| Amortization of right of use asset | 7 | | | 7 | | | |\n| | | | | | | | |\n| Stock-based compensation | 126 | | | 171 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Inventory valuation adjustment | 65 | | | 737 | | | |\n| | | | | | | | |\n| Goodwill impairment | — | | | 60 | | | |\n| Change in fair value of equity securities | 1 | | | 35 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Other | 13 | | | (1) | | | |\n| Origination of mortgage loans held for sale | — | | | (118) | | | |\n| Proceeds from sale and principal collections of mortgage loans held for sale | 1 | | | 128 | | | |\n| (Gain) loss on extinguishment of debt | (216) | | | 25 | | | |\n| Changes in operating assets and liabilities: | | | | | | | |\n| Escrow receivable | 21 | | | 54 | | | |\n| Real estate inventory | 2,613 | | | 896 | | | |\n| Other assets | (19) | | | 37 | | | |\n| Accounts payable and other accrued liabilities | (38) | | | (25) | | | |\n| Interest payable | (10) | | | 2 | | | |\n| Lease liabilities | (10) | | | (8) | | | |\n| Net cash provided by operating activities | 2,344 | | | 730 | | | |\n| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | |\n| Purchase of property and equipment | (37) | | | (37) | | | |\n| | | | | | | | |\n| Purchase of marketable securities | — | | | (28) | | | |\n| Proceeds from sales, maturities, redemptions and paydowns of marketable securities | 80 | | | 328 | | | |\n| Purchase of non-marketable equity securities | — | | | (25) | | | |\n| Proceeds from sale of non-marketable equity securities | 1 | | | 3 | | | |\n| Capital returns of non-marketable equity securities | — | | | 3 | | | |\n| Acquisitions, net of cash acquired | — | | | (10) | | | |\n| Net cash provided by investing activities | 44 | | | 234 | | | |\n| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Repurchase of convertible senior notes | (362) | | | — | | | |\n| | | | | | | | |\n| Proceeds from exercise of stock options | 3 | | | 4 | | | |\n| Proceeds from issuance of common stock for ESPP | 2 | | | 2 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from non-recourse asset-backed debt | 238 | | | 10,108 | | | |\n| Principal payments on non-recourse asset-backed debt | (2,515) | | | (11,822) | | | |\n| Proceeds from other secured borrowings | — | | | 114 | | | |\n| Principal payments on other secured borrowings | — | | | (121) | | | |\n| Payment of loan origination fees and debt issuance costs | (1) | | | (26) | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Payment for early extinguishment of debt | (4) | | | (10) | | | |\n| Net cash used in financing activities | (2,639) | | | (1,751) | | | |\n| NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (251) | | | (787) | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period | 1,791 | | | 2,578 | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period | $ | 1,540 | | | $ | 1,791 | |\n| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest | $ | 203 | | | $ | 355 | |\n| DISCLOSURES OF NONCASH ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Stock-based compensation expense capitalized for internally developed software | $ | 23 | | | $ | 16 | |\n| | | | | | | | |\n| RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: | | | | | | | |\n| Cash and cash equivalents | $ | 999 | | | $ | 1,137 | |\n| Restricted cash | 541 | | | 654 | | | |\n| Cash, cash equivalents, and restricted cash | $ | 1,540 | | | $ | 1,791 | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b51"], "char_count": 1248, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9822d56f5674c1b74b7162e884dc9517b5627987ed2c304122a6a27758091121", "derivation_id": "fe65108d3073e38eda979e566f3b2ea80367b72f66cc85ca3444b0e0c0796f7e", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "block_sequence": 51, "char_end": 1248, "char_start": 0, "fragment_sha256": "cc75492a6823ed04f3677c8d3edecef049ffdb9d064851075b2bb0062f80e0ea", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#p24", "passage_kind": "narrative", "passage_sequence": 24, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s20", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex991earningsre.htm", "table_id": null, "text": "To provide investors with additional information regarding the Company’s financial results, this press release includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit (Loss), Contribution Profit (Loss), Adjusted Net Loss, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b53"], "char_count": 1779, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "99087c1e116fa1faa2eca446abf50bf44a5436115438c99218632685ac51b312", "derivation_id": "fe65108d3073e38eda979e566f3b2ea80367b72f66cc85ca3444b0e0c0796f7e", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "block_sequence": 53, "char_end": 1779, "char_start": 0, "fragment_sha256": "103e55e0521ddb0b96d04c944fc2c9527ddb1f004f0d3aa90c6c615ca6688cb6", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#p25", "passage_kind": "narrative", "passage_sequence": 25, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s21", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex991earningsre.htm", "table_id": null, "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit (Loss) and Contribution Profit (Loss), which are non-GAAP financial measures. We believe that Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit (Loss) provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b55"], "char_count": 1004, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "aceabd3f0e2d25b4cfdc1f1ef24dae1bf3204e8489a02347fcb811821fdccb67", "derivation_id": "fe65108d3073e38eda979e566f3b2ea80367b72f66cc85ca3444b0e0c0796f7e", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", "Adjusted Gross Profit (Loss) / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "block_sequence": 55, "char_end": 1004, "char_start": 0, "fragment_sha256": "ad4bbc1f384258efc6c4dbba373c714f92e36ff0c7d2dae7d9dbd182f8b37fe0", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", "Adjusted Gross Profit (Loss) / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#p26", "passage_kind": "narrative", "passage_sequence": 26, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s22", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex991earningsre.htm", "table_id": null, "text": "We calculate Adjusted Gross Profit (Loss) as gross profit (loss) under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit (Loss) helps management assess home pricing, service fees and renovation performance for a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b57"], "char_count": 784, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9d10503bd5e83fe3b32832c6fa07cff8ee6e86308078a6695cb56de249426319", "derivation_id": "fe65108d3073e38eda979e566f3b2ea80367b72f66cc85ca3444b0e0c0796f7e", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", "Contribution Profit (Loss) / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "block_sequence": 57, "char_end": 784, "char_start": 0, "fragment_sha256": "34e4f21e7c28478bfda95d94f1c4be13815675f3954034f744f1915fa24fffa0", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", "Contribution Profit (Loss) / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#p27", "passage_kind": "narrative", "passage_sequence": 27, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s23", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex991earningsre.htm", "table_id": null, "text": "We calculate Contribution Profit (Loss) as Adjusted Gross Profit (Loss), minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit (Loss) helps management assess inflows and outflows directly associated with a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b60", "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b61", "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b62"], "char_count": 276, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7a7bb63b41abea2228ef5f36f6d5c357ada941cbc670e5226f4cdf924c354165", "derivation_id": "fe65108d3073e38eda979e566f3b2ea80367b72f66cc85ca3444b0e0c0796f7e", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "block_sequence": 60, "char_end": 49, "char_start": 0, "fragment_sha256": "3c79d34b912ccd5810676229fdb23c57e7c959da948f20c2113ffe85c0e18da8", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "block_sequence": 61, "char_end": 11, "char_start": 0, "fragment_sha256": "2a7680d26ab0fd2298dd52fd36b9d301e5103004cef230dbf5fbd1eabb314fa8", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "block_sequence": 62, "char_end": 212, "char_start": 0, "fragment_sha256": "4d176f3d4aff23ca7f9b037412f44ef0953184a57d6c29c5562a16df9d71bde2", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#p28", "passage_kind": "narrative", "passage_sequence": 28, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s24", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex991earningsre.htm", "table_id": null, "text": "(In millions, except percentages, and homes sold)\n\n(Unaudited)\n\nThe following table presents a reconciliation of our Adjusted Gross Profit (Loss) and Contribution Profit (Loss) to our gross profit, which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b63"], "char_count": 3015, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "447a9ee93aa1e92751beeb72c1da94cf447d26656aede8f6a4022a07c653b7be", "derivation_id": "fe65108d3073e38eda979e566f3b2ea80367b72f66cc85ca3444b0e0c0796f7e", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "block_sequence": 63, "char_end": 2674, "char_start": 0, "fragment_sha256": "fb839c021ae1aeb74db5122e6164107783afda4be4b02e1cf6df1c1345b938db", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": 4, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#p29", "passage_kind": "table", "passage_sequence": 29, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s24", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex991earningsre.htm", "table_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b63", "text": "| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended | | Year Ended December 31, | | | | | | | | | | | | | | | | | | | | | | | | |\n| (in millions, except percentages and homes sold, or as noted) | | December 31, 2023 | | September 30, 2023 | | June 30, 2023 | | March 31, 2023 | | December 31, 2022 | | 2023 | | 2022 | | | | | | | | | | | | | | |\n| Revenue (GAAP) | | $ | 870 | | | $ | 980 | | | $ | 1,976 | | | $ | 3,120 | | | $ | 2,857 | | | $ | 6,946 | | | $ | 15,567 | |\n| Gross profit (GAAP) | | $ | 72 | | | $ | 96 | | | $ | 149 | | | $ | 170 | | | $ | 71 | | | $ | 487 | | | $ | 667 | |\n| Gross Margin | | 8.3 | % | | 9.8 | % | | 7.5 | % | | 5.4 | % | | 2.5 | % | | 7.0 | % | | 4.3 | % | | | | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Inventory valuation adjustment – Current Period(1)(2) | | 11 | | | 17 | | | 14 | | | 23 | | | 73 | | | 23 | | | 458 | | | | | | | | |\n| Inventory valuation adjustment – Prior Periods(1)(3) | | (17) | | | (29) | | | (156) | | | (295) | | | (236) | | | (455) | | | (39) | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Adjusted Gross Profit (Loss) | | $ | 66 | | | $ | 84 | | | $ | 7 | | | $ | (102) | | | $ | (92) | | | $ | 55 | | | $ | 1,086 | |\n| Adjusted Gross Margin | | 7.6 | % | | 8.6 | % | | 0.4 | % | | (3.3) | % | | (3.2) | % | | 0.8 | % | | 7.0 | % | | | | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Direct selling costs(4) | | (26) | | | (28) | | | (58) | | | (85) | | | (78) | | | (197) | | | (414) | | | | | | | | |\n| Holding costs on sales – Current Period(5)(6) | | (3) | | | (4) | | | (6) | | | (13) | | | (10) | | | (50) | | | (109) | | | | | | | | |\n| Holding costs on sales – Prior Periods(5)(7) | | (7) | | | (9) | | | (33) | | | (41) | | | (27) | | | (66) | | | (38) | | | | | | | | |\n| Contribution Profit (Loss) | | $ | 30 | | | $ | 43 | | | $ | (90) | | | $ | (241) | | | $ | (207) | | | $ | (258) | | | $ | 525 | |\n| Homes sold in period | | 2,364 | | | 2,687 | | | 5,383 | | | 8,274 | | | 7,512 | | | 18,708 | | | 39,183 | | | | | | | | |\n| Contribution Profit (Loss) per Home Sold (in thousands) | | $ | 13 | | | $ | 16 | | | $ | (17) | | | $ | (29) | | | $ | (28) | | | $ | (14) | | | $ | 13 | |\n| Contribution Margin | | 3.4 | % | | 4.4 | % | | (4.6) | % | | (7.7) | % | | (7.2) | % | | (3.7) | % | | 3.4 | % | | | | | | | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b64", "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b65"], "char_count": 1159, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8926b6f25d6c58e464e7fd95b8b8edd9a9baab2b62eb80402737cce1835fe8a4", "derivation_id": "fe65108d3073e38eda979e566f3b2ea80367b72f66cc85ca3444b0e0c0796f7e", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "block_sequence": 64, "char_end": 16, "char_start": 0, "fragment_sha256": "7fdbb5bd0c91a386038a54dafc306bd55a27c3242e1540451c2885fb5da9076a", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "block_sequence": 65, "char_end": 1141, "char_start": 0, "fragment_sha256": "ce88b8aac746f34d55660daab329c6ba1c14a78be0074e39afe53bfa66f95905", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#p30", "passage_kind": "narrative", "passage_sequence": 30, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s24", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex991earningsre.htm", "table_id": null, "text": "________________\n\n(1)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2)Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3)Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5)Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b67"], "char_count": 1571, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "2131a21ec2b5757d6695aa9f9eaae0a477b836cad90118f6ec728830086c3d9a", "derivation_id": "fe65108d3073e38eda979e566f3b2ea80367b72f66cc85ca3444b0e0c0796f7e", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "block_sequence": 67, "char_end": 1571, "char_start": 0, "fragment_sha256": "53f81ff8be1ca67013a9b7c95b2b4b622e6039ab3c3b5d303680c7e2a985c87d", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#p31", "passage_kind": "narrative", "passage_sequence": 31, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex991earningsre.htm", "table_id": null, "text": "We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net income (loss)."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b69"], "char_count": 1218, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "3b66954ffaa73e9da9ca43c9f3eaf12196e446321a34679be24968dac314618d", "derivation_id": "fe65108d3073e38eda979e566f3b2ea80367b72f66cc85ca3444b0e0c0796f7e", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted Net Loss"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "block_sequence": 69, "char_end": 1218, "char_start": 0, "fragment_sha256": "3be71013e0517e8511b37e34383c2ccc6771d22d880277f27f9f2f40a710dcec", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted Net Loss"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#p32", "passage_kind": "narrative", "passage_sequence": 32, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s26", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex991earningsre.htm", "table_id": null, "text": "We calculate Adjusted Net Loss as GAAP net (loss) income adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring and legal contingency accruals. It excludes (gain) loss on extinguishment of debt as these expenses or gains were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities and the 0.25% convertible senior notes due in 2026 (the \"2026 Notes\") early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. It also excludes non-recurring goodwill impairment. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b71"], "char_count": 607, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b499c3554d32b422470ba6d1a9516cd42043cc3e9d71ed72fda11ebf9faa4d6d", "derivation_id": "fe65108d3073e38eda979e566f3b2ea80367b72f66cc85ca3444b0e0c0796f7e", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "block_sequence": 71, "char_end": 607, "char_start": 0, "fragment_sha256": "85811fbb8214425418cdd60c1fe3e79c8d7c4374e27c50135262dd8631aa7306", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#p33", "passage_kind": "narrative", "passage_sequence": 33, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s27", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex991earningsre.htm", "table_id": null, "text": "We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue. The following table presents a reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our net (loss) income, which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b72"], "char_count": 3951, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "594fe6e2e1255a4ef10a5f32837039bbd560f76ccfed1a5ae189770c5d257e01", "derivation_id": "fe65108d3073e38eda979e566f3b2ea80367b72f66cc85ca3444b0e0c0796f7e", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "block_sequence": 72, "char_end": 3574, "char_start": 0, "fragment_sha256": "ba2a34cc1d634654ce1f3443063375148249c56982f4f503aaeeb9620880b98e", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "table_index": 5, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#p34", "passage_kind": "table", "passage_sequence": 34, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#s27", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex991earningsre.htm", "table_id": "norm:0001801169:0001801169-24-000015:q42023formxex991earningsre.htm#b72", "text": "| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended | | Year Ended December 31, | | | | | | | | | | | | | | | | | | | | | | | | |\n| (in millions, except percentages) | | December 31, 2023 | | September 30, 2023 | | June 30, 2023 | | March 31, 2023 | | December 31, 2022 | | 2023 | | 2022 | | | | | | | | | | | | | | |\n| Revenue (GAAP) | | $ | 870 | | | $ | 980 | | | $ | 1,976 | | | $ | 3,120 | | | $ | 2,857 | | | $ | 6,946 | | | $ | 15,567 | |\n| Net (loss) income (GAAP) | | $ | (91) | | | $ | (106) | | | $ | 23 | | | $ | (101) | | | $ | (399) | | | $ | (275) | | | $ | (1,353) | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Stock-based compensation | | 32 | | | 31 | | | 21 | | | 42 | | | (7) | | | 126 | | | 171 | | | | | | | | |\n| Equity securities fair value adjustment(1) | | (3) | | | 11 | | | (6) | | | (1) | | | (1) | | | 1 | | | 35 | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Intangibles amortization expense(2) | | 2 | | | 2 | | | 1 | | | 2 | | | 2 | | | 7 | | | 9 | | | | | | | | |\n| Inventory valuation adjustment – Current Period(3)(4) | | 11 | | | 17 | | | 14 | | | 23 | | | 73 | | | 23 | | | 458 | | | | | | | | |\n| Inventory valuation adjustment — Prior Periods(3)(5) | | (17) | | | (29) | | | (156) | | | (295) | | | (236) | | | (455) | | | (39) | | | | | | | | |\n| Restructuring(6) | | 4 | | | — | | | 10 | | | — | | | 17 | | | 14 | | | 17 | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| (Gain) loss on extinguishment of debt | | (34) | | | — | | | (104) | | | (78) | | | 25 | | | (216) | | | 25 | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Goodwill impairment | | — | | | — | | | — | | | — | | | 60 | | | — | | | 60 | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Legal contingency accrual and related expenses | | — | | | — | | | — | | | — | | | 1 | | | — | | | 46 | | | | | | | | |\n| Other(7) | | (1) | | | (1) | | | — | | | (1) | | | (2) | | | (3) | | | (3) | | | | | | | | |\n| Adjusted Net Loss | | $ | (97) | | | $ | (75) | | | $ | (197) | | | $ | (409) | | | $ | (467) | | | $ | (778) | | | $ | (574) | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Depreciation and amortization, excluding amortization of intangibles | | 15 | | | 9 | | | 9 | | | 12 | | | 12 | | | 45 | | | 41 | | | | | | | | |\n| Property financing(8) | | 32 | | | 38 | | | 44 | | | 60 | | | 93 | | | 174 | | | 329 | | | | | | | | |\n| Other interest expense(9) | | 5 | | | 9 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I believe in humanity again because you kept your word, and you don\u2019t see that today! \u2013 Harriet Caruso When Stephen Myers was offered his dream job last summer in school administration, he and his wife Harriet needed to relocate quickly from Arizona to Nebraska before the new school year started. This was a tall order: they needed to pack up and sell their home of 30 years and find a new one 1,200 miles away. As Harriet began browsing homes for sale in Grand Island, she was paired with a Zillow agent to help her with their search. During the process, the Zillow agent informed them about Opendoor\u2019s sell direct offering, which would allow them to bypass the traditional process of listing, staging, and scheduling open houses and showings. Best of all, they would be able to close on their timeline, which was crucial given their tight timeframe to relocate. While Harriet was unfamiliar with this \u201cnew way to sell,\u201d she contacted Opendoor directly to inquire about an offer. Less than 24 hours later, Harriet received her initial offer and was pleasantly surprised by the prompt response from the Opendoor team. Harriet and Stephen put confidence in the process and decided to accept the Opendoor offer, allowing them to shift their focus to closing on their new home in Nebraska and coordinating a long-distance move. What impressed Harriet most about her experience with Opendoor was the customer service. In her words, \u201ceverything that they [Opendoor] said would happen did happen. Everybody followed through.\u201d With peace of mind knowing that their home in Arizona was taken care of, Harriet and Stephen set out for Nebraska and officially closed on their new home two days later. 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We managed risk, operated with discipline, and drove efficiencies across our platform to position the business for a future of sustained, profitable growth. We navigated a dynamic market, headlined by record low home sales as high interest rates caused buyers to face affordability concerns and the mortgage rate lock-in effect left sellers on the sidelines. Despite this backdrop, we stayed focused on controlling what we could control, and we made meaningful progress. As the market showed signs of stabilization, we reduced our spreads and increased acquisitions sequentially each quarter, tripling our market share, adjusted for our buybox, from 1Q23 to 4Q23. Our new book1 of homes generated a Contribution Margin of 8.3% in 2023, exceeding our annual target of 5% to 7%. We improved tooling, technology, and processes that made our platform more efficient and nimble, leading to an approximately 30% reduction in Adjusted Operating Expenses from 4Q22 to 4Q23. The progress we made in 2023 can be seen in our fourth quarter results, where we outperformed guidance on all metrics: \u25cf Purchased 3,683 homes, an increase of 17% quarter-over-quarter and above our prior expectations of approximately 1,000 homes per month. \u25cf Sold 2,364 homes and generated $870 million of revenue, a decrease of 11% quarter-over-quarter and above our guidance range of $800 million to $850 million. \u25cf Delivered Gross Profit of $72 million, representing an 8.3% Gross Margin. Contribution Profit was $30 million, representing a 3.4% Contribution Margin, ahead of our implied Contribution Margin guidance range of 1.9% to 2.9%. \u25cf Recognized Net Loss of $(91) million and Adjusted Net Loss of $(97) million. Adjusted EBITDA Loss was $(69) million, ahead of our guidance range of $(105) million to $(95) million, driven by Contribution Margin outperformance and ongoing cost discipline. 4Q23 Revenue $870 million 4Q23 Acquisitions 3,683 4Q23 Contribution Margin 3.4% Note: Adjusted Operating Expenses, Contribution Profit, Contribution Margin, Adjusted Net Loss, and Adjusted EBITDA are non-GAAP financial measures. See \u201cUse of Non-GAAP Financial Measures\u201d following the financial tables below for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures. 1. New book includes those homes we made offers on in July of 2022 and after." + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b11", + "block_sequence": 11, + "block_sha256": "6fe1ab8ddd6e1db5281930846557293d20abf5bc39c73f465e23d5ea49862409", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 11, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "caf90f5cc11ac5ce56502e0886f1a197ab488f533a17ff237101e59444a7c805", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "q42023formxex992sharehol004.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b12", + "block_sequence": 12, + "block_sha256": "76ab40aed7d812c1613096020aee542eecc16c566b9ad71b88e4f1e2077c7f56", + "block_type": "paragraph", + "char_count": 2497, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 12, + "char_end": 2497, + "char_start": 0, + "fragment_sha256": "b150a9d400f1893253d96f34738bde3c9e7b3644c4351a7e5a5b35642ceead89", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "4 \u2026and the Opportunity Ahead 3Q23 Sequential Growth in Acquisitions 17% We enter 2024 with the same operating principles \u2013 focus, execution, and results. We are managing the business to drive growth in a sustainable fashion, acting on the lessons learned from prior years. We benefit from a healthy book of inventory, and the work we did in 2023 positions us to accelerate acquisitions while delivering on our target annual Contribution Margin range of 5% to 7%. We expect to make significant progress toward our goal of returning to positive Adjusted Net Income; however, as we sit here today, we don\u2019t anticipate reaching the acquisition and resale volumes necessary to reach positive Adjusted Net Income for a quarter in 2024. Our framework to reach this goal at $10 billion steady-state annual revenue remains intact, and we are confident in our ability to continue on the path to profitable growth. Last month marked Opendoor\u2019s 10th anniversary. Ten years ago, selling your home in minutes with a few taps online was just an idea. With the world around us becoming more and more on-demand and digital, we saw the traditional home transaction as one of the last major pain points for consumers in our rapidly changing economy. Over the years, we have put our ideas into action. We built the largest e-commerce platform for residential real estate. The certainty of an Opendoor cash offer has resonated with over 250,000 customers, and sellers have given us an average Net Promoter Score of nearly 80 over the last three years. We expanded to 50 markets nationwide. We navigated a global pandemic and a once-in-forty-year interest rate shock. We partnered with some of the largest industry participants \u2013 including Zillow, Redfin, Realtor.com, Lennar, Pulte, eXp Realty, and thousands of real estate agents \u2013 who find value in providing our product to their customers. And we are committed to creating a destination where all sellers start their journey regardless of how they want to transact, whether that\u2019s providing sellers with our cash offer, helping them list on the MLS, or connecting them directly with buyers. We\u2019ve done all of this while delighting customers, building a more resilient business, and catalyzing change in U.S. housing. Our accomplishments would not have come without countless dedicated team members and the support of our shareholders. Today, we stand alone in not only what we offer, but also the scale at which we are able to do so. And we\u2019re just getting started." + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b13", + "block_sequence": 13, + "block_sha256": "8d00695bbde5e8388e685facfcf0f32bd57fe53f2b2aaba6e012cec92090a937", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 13, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "f7246a18b13e7d4efb8b698f966d5908b339eb06d2b9ab9b59a785800a0d22de", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "q42023formxex992sharehol005.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b14", + "block_sequence": 14, + "block_sha256": "d316b0d4b8617478e94cdb8a1a43fdf58c3cd5f22d75d8bdbea9418e4be1843e", + "block_type": "paragraph", + "char_count": 2374, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 14, + "char_end": 2374, + "char_start": 0, + "fragment_sha256": "7d0a0553097a8fb0e7e28552c48d5d6697c24a568efd5ce5051829c9ef53eaeb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "5 Business Highlights Watch the ads and live Halftime Showing here. We have proven over the last decade that our differentiated cash offer attracts sellers to our platform. We currently have well north of a million registered sellers, or customers who have requested an offer from us but have not yet sold their homes. This growing base of users represents a powerful future opportunity to re-engage with potential sellers. Increasing Advertising Spend In 2023, we reduced our advertising spend to $75 million from $200 million in 2022, a decline of over 60%, as higher spreads made paid marketing less efficient. We shifted our spend to more efficient channels and brand media strategies, which preserved our aided brand awareness and increased consideration \u2013 the percentage of sellers who would consider using Opendoor \u2013 by 13%. We believe that ramping advertising in 2024 will allow us to grow our base of registered sellers and stay top of mind through re-engagement. Additionally, we remain focused on optimizing the efficiency of advertising spend through creative marketing, improvements in brand awareness, and cost-saving initiatives. An example of spending creatively was our regional Super Bowl campaign that showcased it\u2019s so easy to sell to Opendoor, you can do it during halftime. The campaign was teased nationally to gain cache and culminated with a livestream of a homeowner completing a virtual assessment during halftime and subsequently receiving a cash offer, which aired during the third quarter in Atlanta. Expanding Partnership Channels Acquisitions from our partnership channels continued to increase during the fourth quarter, up 35% sequentially and up over 140% since 1Q23, and we expect these channels to be a volume tailwind in 2024. Our exclusive partnership with Zillow is now live in 45 markets, up from two markets just a year ago. In October, we announced a national exclusive partnership with eXp Realty, the largest independent real estate company in the world. And in 4Q23, we extended our national exclusive partnership with Redfin for cash offers. These partnerships have enabled us to become the cash offer solution for the residential real estate market, enhancing the selling experience of our partners\u2019 platforms, while providing us with a source of acquisitions with an attractive fixed cost: a true win-win. Super Bowl Campaign" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b15", + "block_sequence": 15, + "block_sha256": "355dabbd4e09d75ff1e0078c5dc6cbde4158a9c030a8d2250a37649203bfa7a2", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 15, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "ed0906003b727c8d54d7665db21bc4d644b5f8f8e58792427731b374cf4fcc0f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "q42023formxex992sharehol006.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b16", + "block_sequence": 16, + "block_sha256": "11e00e0f43f037c64b0e91581e86b9e008d987485c77b548a7c802dcfc96850d", + "block_type": "paragraph", + "char_count": 710, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 16, + "char_end": 710, + "char_start": 0, + "fragment_sha256": "637aa9688005b7b5c2c7eb02fc320366be2f45070ee97fc42451209758f59388", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "Driving Higher Conversion through Lower Spreads Our spreads are an important lever in managing seller conversion on our platform. Spreads are also an essential risk mitigation tool, giving us the flexibility we need to navigate different macroeconomic conditions. At the beginning of 2023, we operated with elevated spreads given home price uncertainty. As the year progressed, we observed home price stability, which, combined with cost savings and pricing accuracy improvements, enabled us to reduce spreads. Spread reductions increased conversion, which in turn resulted in higher home acquisitions each quarter, including reaching the highest level of acquisitions in 4Q23 since 3Q22. 6 Business Highlights" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b17", + "block_sequence": 17, + "block_sha256": "40443779738261bc1b0682be42f89016b2e58f623780dc35a6f96c3fcfa17dff", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 17, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "ee7c633584c6716d19227992134226a674f639ee4b42ebec5cb42080400ff1dd", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "q42023formxex992sharehol007.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b18", + "block_sequence": 18, + "block_sha256": "6758145b63561cb5134e4c645661f72e7d5d394803868bcd3ae47920c4c9afa2", + "block_type": "paragraph", + "char_count": 2252, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 18, + "char_end": 2252, + "char_start": 0, + "fragment_sha256": "d49683643319e11d4893d6cf8daadba762bc12cc02fc8391c8b2472ba8031892", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "7 Financial Highlights 4Q23 Revenue $870 million 4Q23 Homes Acquired 3,683 1,747 3,427 3,683 2,680 4Q22 1Q23 2Q23 3Q23 4Q23 $2,857 $3,120 $980 $1,976 4Q22 1Q23 2Q23 3Q23 4Q23 2. Old book includes those homes we made offers on in June of 2022 and prior. $870 3,136 We exceeded the high end of our outlook for revenue, Contribution Margin, and Adjusted EBITDA in the fourth quarter. As we enter 2024, we are focused on rescaling our volumes, generating positive unit economics, and operating with strong cost discipline, all while providing a magical customer experience. GROWTH In the fourth quarter, we delivered $870 million of revenue, above the high end of our guidance range of $800 million to $850 million, representing 2,364 homes sold. Revenue was down 11% sequentially, as expected, due to typical seasonal declines in volumes. Revenue for the full year was $6.9 billion, down 55% versus 2022. As a reminder, beginning in 2Q22, we proactively widened acquisition spreads and reduced marketing spend amidst a once-in-forty-year macro shift to manage our risk and inventory health, resulting in lower acquisitions, and in-turn, lower resale volumes in 2023. Overall, we sold 18,708 homes in 2023, down 52% versus 2022. We continued to make progress on selling through our old book2 of inventory and now have less than 75 of these homes not in resale contract as of year end. As such, this will be the last quarter we break out the impact of the old book on our financial results. On the acquisition side, we purchased 3,683 homes in the fourth quarter, up 17% versus 3Q23, marking the highest level of homes acquired in the year. Notably, our acquisitions in the quarter were up 7% versus 4Q22 despite average new listings being down 7% within our buybox. Throughout the year, reductions in our cost structure and improvements in pricing accuracy were partially passed through to customers via spread reductions and also allowed us to increase our target annual Contribution Margin range by 100 bps to 5% to 7%. With more attractive spreads, we saw increases in conversion and acquisition volumes, which led to market share growth on an acquisition basis for every month in 2023. For the full year, we acquired 11,246 homes, down 68% versus 2022." + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b19", + "block_sequence": 19, + "block_sha256": "884be0c1cacf66dc981f0ede78620b994e773ad4f1fcc29365b27b5999231224", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 19, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "05ea00f06b7f28de68716db6f1f0fc7ad349008c34381ef6075d315741d878bf", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "q42023formxex992sharehol008.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b20", + "block_sequence": 20, + "block_sha256": "232a6e6510a00257ecc449e65a081ad765eaae3fa58ac3b2ef6200dacef1c091", + "block_type": "paragraph", + "char_count": 1843, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 20, + "char_end": 1843, + "char_start": 0, + "fragment_sha256": "c90bd310c5b8d0f1ba1ab73244280beaeb6156729cd9434d7d2046a4c6c8275f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "8 Financial Highlights UNIT ECONOMICS GAAP Gross Profit was $72 million in 4Q23, versus $96 million in 3Q23 and $71 million in 4Q22. Adjusted Gross Profit (Loss), which aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the home is sold, was $66 million in 4Q23, versus $84 million in 3Q23 and $(92) million in 4Q22. For the full year, GAAP Gross Profit was $487 million, versus $667 million in 2022. Adjusted Gross Profit was $55 million for the year, versus $1,086 million in 2022, reflecting the losses we realized as we sold through the old book of homes in 2023. Contribution Profit (Loss), which accounts for the direct selling and holding costs incurred on the homes sold during the quarter, was $30 million in the fourth quarter, versus $43 million in 3Q23 and $(207) million in 4Q22. Contribution Margin of 3.4% came in above our implied guidance range of 1.9% to 2.9%, and compares to 4.4% in 3Q23 and (7.2)% in 4Q22. As expected, Contribution Margin declined sequentially for two reasons. First, in response to slowing market-level sell-through rates, we implemented home-level price drops to maintain inventory clearance targets. Second, sales on the tail homes from the old book continued to be a drag on overall performance, delivering $(12) million of Contribution Loss in 4Q23. Year-over-year margin trends reflect the reversion to a healthier book of inventory and resale mix. 4Q23 FY2023 (Dollars in millions) Old Book New Book Total Total Homes Sold in Period 130 2,234 2,364 18,708 Revenue $52 $818 $870 $6,946 Gross Profit / Margin $2 / 3.8% $70 / 8.6% $72 / 8.3% $487 / 7.0% Adj. Gross (Loss) Profit / Margin $(9) / (17.3)% $75 / 9.2% $66 / 7.6% $55 / 0.8% Contribution (Loss) Profit / Margin $(12) / (23.1)% $42 / 5.1% $30 / 3.4% $(258) / (3.7)% 4Q23 Contribution Margin 3.4%" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b21", + "block_sequence": 21, + "block_sha256": "b05112adf4c5fbba8dd04024ea0bcd0392a289468017c8f012dbe71417107f7d", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 21, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "514599970e6092f151ec0a00dea0f91243eb6fd8738a31c7c86ee068c2c8ef52", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "q42023formxex992sharehol009.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b22", + "block_sequence": 22, + "block_sha256": "85f38c03282527ddfefbbee735af2c044d6a97056fa14c58fcdf0bb0bf56e7b7", + "block_type": "paragraph", + "char_count": 2081, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 22, + "char_end": 2081, + "char_start": 0, + "fragment_sha256": "a94a93c5c02d61206d2c8989530cca064aceee9deed31c2b5afafd6da99e93d5", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "For the full year, Contribution Loss was $(258) million with a Contribution Margin of (3.7)%, driven by the sales of homes acquired prior to the housing reset. Notably, the Contribution Margin on our new book of homes was 8.3%, demonstrating the success of our more recent acquisition cohorts. Given the vast majority of our resales will be from these homes next year, we expect to return to our 5% to 7% target annual Contribution Margin in 2024. NET LOSS AND ADJUSTED EBITDA GAAP Net Loss was $(91) million in 4Q23 versus $(106) million in 3Q23 and $(399) million in 4Q22. Adjusted Net Loss was $(97) million in 4Q23 versus $(75) million in 3Q23 and $(467) million in 4Q22. For the full year, GAAP Net Loss was $(275) million versus $(1,353) million in 2022. Adjusted Net Loss was $(778) million versus $(574) million in 2022. As a reminder, Adjusted Net Loss aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded. In 2023, we burdened Adjusted Net Loss and Adjusted EBITDA with $455 million in inventory valuation adjustments, over 99% of which was related to our old book homes. These adjustments, which were recorded prior to 2023, were applied to Adjusted Net Loss and Adjusted EBITDA as we sold through the homes and were the primary difference between the GAAP Net Loss and Adjusted Net Loss metrics for 4Q22, 2022, and 2023. Over the course of the year, as we\u2019ve made progress in selling through our longer-dated homes, our inventory valuation adjustments as a percentage of inventory have reduced significantly in size, and we expect these adjustments to remain at normalized levels going forward. 9 Financial Highlights 2023 New Book Contribution Margin 8.3% (Dollars in millions) 4Q23 4Q22 FY2023 FY2022 GAAP Net Loss $(91) $(399) $(275) $(1,353) Adjusted Net Loss $(97) $(467) $(778) $(574) Adjusted EBITDA $(69) $(351) $(627) $(168) Adjusted EBITDA Margin (7.9)% (12.3)% (9.0)% (1.1)% GAAP Operating Expenses $(187) $(342) $(873) $(1,598) Adjusted Operating Expenses $(99) $(144) $(369) $(693)" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b23", + "block_sequence": 23, + "block_sha256": "3061cf178bbd6740be81fabb65682f199a3f83e921a373b7d82b9989e85f5c67", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 23, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "ec13004b23e9d7798dd322580e350820542e575eca7b2780fa6112ab098b1e56", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "q42023formxex992sharehol010.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b24", + "block_sequence": 24, + "block_sha256": "297572e730ae7c25bb7b7e7f8332aebf80dd96406c52cfca010970cea76c6ea3", + "block_type": "paragraph", + "char_count": 1926, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 24, + "char_end": 1926, + "char_start": 0, + "fragment_sha256": "1bf6789859ca160e29551bc550edfc1910508ea120fae4cdee26a4e8ed5b0c80", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "10 Financial Highlights In addition, Adjusted EBITDA and Adjusted Net Loss excludes $216 million of gains included in GAAP Net Loss related to purchases of a portion of our convertible notes at a discount to par. As a reminder, in the second half of 2022, we reduced marketing spend, excess operational capacity, and fixed costs. However, we continued to make investments in areas necessary to rescale acquisition volumes in 2024, including technology and tooling to improve the efficiency of our operations. Adjusted Operating Expenses, which we define as the delta between Contribution Profit (Loss) and Adjusted EBITDA, were $99 million in 4Q23, up from $92 million in 3Q23 and down from $144 million in 4Q22. This sequential increase was expected as we continued to rebuild inventory in the fourth quarter, and compares to our guidance of $120 million. For the full year, Adjusted Operating Expenses were $369 million, down 47% from $693 million in 2022, demonstrating the cost actions taken across the business. Adjusted EBITDA was $(69) million in 4Q23, ahead of the high end of our guidance range, compared to $(49) million in 3Q23 and $(351) million in 4Q22. This outperformance was driven by the beat in our Contribution Profit and Adjusted Operating Expenses metrics. For the full year, Adjusted EBITDA was $(627) million, compared to $(168) million in 2022. INVENTORY We ended the year with 5,326 homes, representing $1.8 billion in net inventory, which was up 35% from 3Q23 and down 60% from 4Q22. As we have continued to sell down our aged inventory and 4Q23 Adj. Operating Expenses $99 million $78 $144 $100 $99$92 4Q22 1Q23 2Q23 3Q23 4Q23 As of December 31, 2023 (Dollars in millions) Old Book New Book Total Real Estate Inventory $44 $1,758 $1,802 Inventory Valuation Adjustments $(10) $(17) $(27) Real Estate Inventory, Net $34 $1,741 $1,775 Inventory Valuation Adjustments as a % of Inventory 22.7% 1.0% 1.5%" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b25", + "block_sequence": 25, + "block_sha256": "86fa70102a9c2c8dc8dfa483804dcce8c605eddc079c94e1352a43415853c1dd", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 25, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "ad053e76dbaa7bd33f59a437d150af73cb7101ba19f66fda33d11922dee6f33a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "q42023formxex992sharehol011.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b26", + "block_sequence": 26, + "block_sha256": "d277c727b49de0e605bae9a7e714112082084aa21dbf6e8d5900188c48130f7d", + "block_type": "paragraph", + "char_count": 1963, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 26, + "char_end": 1963, + "char_start": 0, + "fragment_sha256": "493a83f1b89b97a8701f21d058d77ff27fff2e12d35da627375843d26469ffba", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "11 3. Other category is largely comprised of stock-based compensation expense capitalized for internally developed software, depreciation and amortization, and equity securities fair value adjustment. Financial Highlights 4Q23 Total Capital $1.3 billion 4Q23 Cash, Cash Equivalents, and Marketable Securities $1.1 billion increase acquisitions, less than 2% of the net inventory balance as of year end is from the old book, which is down from 6% at the end of 3Q23. Additionally, as of the end of the year, we were in contract to purchase 2,114 homes, up 27% versus 3Q23 and up 109% versus 4Q22. As of December 31, 2023, 18% of our homes had been listed on the market for more than 120 days versus 21% for the broader market as adjusted for our buybox. We have seen a significant improvement in this metric from December 31, 2022, when 55% of our portfolio had been listed on the market for more than 120 days, given our success in selling through our old book of longer-dated inventory. OTHER BALANCE SHEET ITEMS We ended the year with $1.3 billion in capital, which includes $1.1 billion in unrestricted cash and marketable securities and $161 million of equity invested in homes and related assets, net of inventory valuation adjustments. This compares to $1.5 billion in capital as of the end of 3Q23, which included $1.2 billion in unrestricted cash and marketable securities and $182 million of equity invested in homes and related assets, net of inventory valuation adjustments. The decrease in capital is primarily driven by the use of $90 million in unrestricted cash to repurchase $129 million of our outstanding 2026 convertible notes at a substantial discount during the quarter, reducing future debt obligations. As shown below, total shareholders\u2019 equity decreased by $53 million in the quarter to $967 million as of December 31, 2023. 4Q23 Homes Under Contract to Purchase at Quarter End 2,114 1,390 1,011 1,137 2,114 1,661 4Q22 1Q23 2Q23 3Q23 4Q23" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b27", + "block_sequence": 27, + "block_sha256": "b99e6f758767f79645f03a6fdb456407e6af3f5909079df6a7002d11a7710f59", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 27, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "ca2b9840e87ec3a541ee15ecd5fa92a1ff0c1a3e6dfdae64708420fb2cab8954", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "q42023formxex992sharehol012.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b28", + "block_sequence": 28, + "block_sha256": "8815ba2644ff615cbbaf877449bd4c1934df72201af95169ac24de1e4b2dd2af", + "block_type": "paragraph", + "char_count": 2591, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 28, + "char_end": 2591, + "char_start": 0, + "fragment_sha256": "b52367fc3b24728944958ae05cbc73d5e0878bf132092a72f736364459fbdbf5", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "12 Financial Highlights 1Q24 Revenue Guidance $1.05 to $1.1 billion 1Q24 Contribution Profit4 Guidance $40 to $50 million 1Q24 Adjusted EBITDA4 Guidance $(80) to $(70) million 4. Opendoor has not provided a quantitative reconciliation of forecasted Contribution Profit (Loss) to forecasted GAAP Gross Profit (Loss) nor a reconciliation of forecasted Adjusted EBITDA to forecasted GAAP Net Income (Loss) within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment, holding costs, and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP Gross Profit (Loss) and Net Income (Loss), are inherently uncertain and depend on various factors, some of which are outside of the Company\u2019s control. For more information regarding the non-GAAP financial measures discussed in this shareholder letter, please see \u201cUse of Non-GAAP Financial Measures\u201d following the financial tables below. At quarter-end, we had $8.1 billion in non-recourse, asset-backed borrowing capacity, comprising $3.8 billion of senior revolving credit facilities and $4.3 billion of senior and mezzanine term debt facilities, of which total committed borrowing capacity was $2.8 billion. HOUSING MACRO Last year, we navigated the impact of a once-in-forty-year move in interest rates, from a low of approximately 3% in 2022 to a high of nearly 8% in 2023. These dynamics resulted in hesitation by both buyers and sellers, with overall home sales declining nearly 20% year-over-year and reaching their lowest level since 1995. As we look ahead, the real-time metrics we track are continuing to show constrained supply and demand, which is resulting in home price stability. Several macroeconomic indicators have been trending favorably, including a healthy U.S. labor market and moderating inflation. However, given continued interest rate volatility, we remain focused on preserving flexibility in setting spreads to operate against a range of macroeconomic outcomes in 2024 to balance overall growth, margin, and risk. GUIDANCE We expect the following results for the first quarter of 2024: \u25cf Revenue is expected to be between $1.05 billion and $1.1 billion \u25cf Contribution Profit4 is expected to be between $40 million and $50 million \u25cf Adjusted EBITDA4 is expected to be between $(80) million to $(70) million \u25cf Stock-based compensation expense is expected to be approximately $35 million" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b29", + "block_sequence": 29, + "block_sha256": "4a9dfc41b429255804a87919f2d25175d79d3716b7179c799f3254ea56fcb047", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 29, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "97956260916fdfb158eecceacbdd1e38ef5912d73dba9a3b5e6a251313cc98bb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "q42023formxex992sharehol013.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b30", + "block_sequence": 30, + "block_sha256": "c97e5738eb20609a777e19b3ff1c3cf1ac551aa93727a6eb2a1768b4bd8a8751", + "block_type": "paragraph", + "char_count": 1841, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 30, + "char_end": 1841, + "char_start": 0, + "fragment_sha256": "d8db1bfb39431824c29a0e26b09658201ac64f6953bc50f1640119a06eb09ead", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "13 Financial Highlights We remain focused on re-scaling the business in a sustainable fashion. Looking ahead, we expect to benefit from advertising, partnerships, and spread tailwinds, coupled with improved overall Contribution Margin, while navigating ongoing macro uncertainty. Our framework to achieve positive Adjusted Net Income has not changed: we believe we will reach this goal at a steady-state annual revenue of $10 billion, or approximately 2,200 acquisitions and resales per month at the higher end of our target annual Contribution Margin range of 5% to 7%. We expect to significantly reduce Adjusted Net Losses this year as we meaningfully ramp acquisitions year-over-year within our target annual Contribution Margin range, while leveraging our fixed costs. However, as we sit here today, we don\u2019t anticipate reaching the acquisition and resale volumes needed to reach positive Adjusted Net Income for a quarter in 2024. Finally, we expect monthly home acquisitions to accelerate through the first quarter, inline with typical seasonality, with home acquisitions expected to be up over 100% year-over-year in 1Q24. Additionally, we expect to see an increase in contract volume late in the quarter, which would translate into a sequential increase in home acquisitions in 2Q24. CONCLUSION We have been steadfast in our vision over the last decade: to be the place where all sellers come to start their selling journey. Everything we build is in service of creating a magical, seamless end-to-end seller experience that meets sellers where they are and firmly establishes us as the clear market leader in a simple, certain sale. Our products, technology, and operations will enable us to reinvent one of life\u2019s most important transactions and allow customers to transact with confidence and control \u2013 all at the tap of a button." + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b31", + "block_sequence": 31, + "block_sha256": "408c59364f361256bc0c813e65dd2f8c1925771600148d0c04613a2530c0d4c4", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 31, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "c8cd26532ea8a43218a8c23b22f6143056235300cf494ffb90826570dbca5950", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "q42023formxex992sharehol014.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b32", + "block_sequence": 32, + "block_sha256": "7af60a8419b324ecd7097d7f8e9373d6da5f22229f97d3d6b3a21dfd2d1ca001", + "block_type": "paragraph", + "char_count": 493, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 32, + "char_end": 493, + "char_start": 0, + "fragment_sha256": "bee4925f4d0d3c9c5e283c17bd5d67930d3df21bcff23b1dc2b4e1b31314793a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "14Raleigh-Durham, NC Carrie Wheeler, CEO Christy Schwartz, Interim CFO CONFERENCE CALL INFORMATION Opendoor will host a conference call to discuss its financial results on February 15, 2024 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. February 15, 2024 at 2 p.m. PT investor.opendoor.com LIVE WEBCAST" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b33", + "block_sequence": 33, + "block_sha256": "250d59a83dd707c4210f0aa95bdc6207e381092ca070e5a8c9531e7fba25594d", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 33, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "34ea76a53254c2d1529d1107d80f76365241070dde0f6235b160b4366fd38af6", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "q42023formxex992sharehol015.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b34", + "block_sequence": 34, + "block_sha256": "11d3631a045838fcf6e4076997e149a251d3df8659a21ede15625ead6b74cdef", + "block_type": "paragraph", + "char_count": 67, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 34, + "char_end": 67, + "char_start": 0, + "fragment_sha256": "b1d88b89efd7c230c0b30c3a2915ea92f71a32bf0ac2f318b42874ca8f595cf5", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "/ Opendoor/ OpendoorHQ Company / Opendoor-com investor.opendoor.com" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b35", + "block_sequence": 35, + "block_sha256": "9a44636596fbd7c9fa2811b477a6b417d270941743053852535faaa65814f02d", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 35, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "be34047c47a4c2d26c14a6327b756c2cc0122ffc4cc376286a9ce82d0c84db99", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "q42023formxex992sharehol016.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b36", + "block_sequence": 36, + "block_sha256": "d38fd9ec8fea332e2d8721b3e8f4ce968ae9d3a40b225dc517669f0bbc4ede9b", + "block_type": "paragraph", + "char_count": 33, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 36, + "char_end": 33, + "char_start": 0, + "fragment_sha256": "59c923220e35c1f8ab2210daf6f462f4a8792c02886eb620066d92f64e7f8bee", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "16 Definitions & Financial Tables" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b37", + "block_sequence": 37, + "block_sha256": "cb1c13eddd95db823bdb9138007e092418f7574330d2578dc6b1e130ac80e62a", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 37, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "50294129001581b3239952e27d0994027b7a100dcd46673ebaf43e9006c18137", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "q42023formxex992sharehol017.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b38", + "block_sequence": 38, + "block_sha256": "33d695c7b83c5b22a015827160b63bb3a6388b70b0311c98bb695476e142f0cd", + "block_type": "paragraph", + "char_count": 6664, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 38, + "char_end": 6664, + "char_start": 0, + "fragment_sha256": "2485e0f14d60e3dd9300ab6d8ae81a53fc4b89fb3411d4bf12473cb03fbcaadf", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "This shareholder letter contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including, without limitation, statements regarding: current and future health and stability of the real estate housing market and general economy; volatility of mortgage interest rates and expectations regarding the future shifts in behavior by consumers and partners; the health and status of our financial condition and whether we will be able to rescale our business in 2024; anticipated future results of operations or financial performance, including our 2024 outlook and our ability to achieve Adjusted Net Income breakeven and other long-term performance targets; priorities of the Company to achieve future financial and business goals; our ability to continue to effectively navigate the markets in which we operate; anticipated future and ongoing impacts and benefits of acquisitions, advertising, partnership channel expansions, product innovations and other business decisions; health of our balance sheet to weather ongoing market transitions; our ability to adopt an effective approach to manage economic and industry risk, as well as inventory health; our expectations with respect to the future success of our partnerships and our ability to drive significant growth in sales volumes through such partnerships; business strategy and plans, including any plans to expand into additional markets, market opportunity and expansion and objectives of management for future operations, including statements regarding the benefits and timing of the roll out of new markets, products or technology; and the expected diversification of funding sources. Forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cguidance\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201coutlook\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cvision\u201d, \u201cwill\u201d, or \u201cwould\u201d, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this shareholder letter include but are not limited to: the current and future health and stability of the economy, financial conditions and the residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory) that may reduce demand for our products and services, lower our profitability or reduce our access to future financings; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and real estate partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our technology platform, including our automated pricing and valuation technology; ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; any future impact of pandemics or epidemics, including any future resurgences of COVID-19 and its variants, or other public health crises on our ability to operate, demand for our products and services, or other general economic conditions; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; changes in laws or government regulation affecting our business; and the impact of pending or any future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \u201cRisk Factors\u201d in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on or about February 15, 2024, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward- looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward- looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 17 Forward-Looking Statements" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b39", + "block_sequence": 39, + "block_sha256": "1df8f70b761f471b23771ceb9dd2468f65339b00f481e086c572c727e5536c26", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 39, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "a6be0a36b982e487706e3131100e7b7e25ebf171237c111f849df29f72040bae", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "q42023formxex992sharehol018.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b40", + "block_sequence": 40, + "block_sha256": "d7d90c34d79d4076559620a32b86df950d0fa921202c8f2dc256f76465e1f184", + "block_type": "paragraph", + "char_count": 3173, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 40, + "char_end": 3173, + "char_start": 0, + "fragment_sha256": "bf692618593bec2229d2981f5b173bb8730a206702214cd7e829a10f15c4ea4e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company\u2019s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit (Loss), Contribution Profit (Loss), Adjusted Net Loss, Adjusted EBITDA, Adjusted Operating Expenses, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non- GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results. Adjusted Gross Profit (Loss) and Contribution Profit (Loss) To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit (Loss) and Contribution Profit (Loss), which are non-GAAP financial measures. We believe that Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit (Loss) provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit. 18 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b41", + "block_sequence": 41, + "block_sha256": "9aff1bc0b3cba59a0427d672392706d86348d15b8d4897d49a50e1f1b3545b8d", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 41, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "93ed1c491ec034d6014fa60f98bbc09fe78e3a13a3aae72adf7074fc2feff294", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "q42023formxex992sharehol019.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b42", + "block_sequence": 42, + "block_sha256": "217f0890793046b88da4b918e10b3883a6267e14bf8fc2de7e3300effe33bfd2", + "block_type": "paragraph", + "char_count": 1878, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 42, + "char_end": 1878, + "char_start": 0, + "fragment_sha256": "16e434d679ea466b39012609bef5b7db050b0d79dd5a15b1016c62d2b0079367", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "Adjusted Gross Profit (Loss) / Margin We calculate Adjusted Gross Profit (Loss) as gross profit (loss) under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit (Loss) helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution Profit (Loss) / Margin We calculate Contribution Profit (Loss) as Adjusted Gross Profit (Loss), minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit (Loss) helps management assess inflows and outflows directly associated with a specific resale cohort. 19 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b43", + "block_sequence": 43, + "block_sha256": "e6d4b67784386e6dcdb2877df356ba73150b352340ea1273cc3c0faeff9feadd", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 43, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "a89055d16868cf7ee5ad9f39f144d43c5d48cec92ebc790552fd4bccdeddbb81", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "q42023formxex992sharehol020.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b44", + "block_sequence": 44, + "block_sha256": "e59a96fc7d104459b3358836101bf650b9d777044063fcf977ad221188dacfa5", + "block_type": "paragraph", + "char_count": 3266, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 44, + "char_end": 3266, + "char_start": 0, + "fragment_sha256": "8c71bd51a50cf5958df2d81496735a6c1e52e1f40b0e509678b7c0ff0bb8e91f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "20 Adjusted Net Loss and Adjusted EBITDA / Margin We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net income (loss). We calculate Adjusted Net Loss as GAAP net income (loss) adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring and legal contingency accruals. It excludes (gain) loss on extinguishment of debt as these expenses or gains were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities and the 0.25% convertible senior notes due in 2026 (the \"2026 Notes\") early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. It also excludes non- recurring goodwill impairment. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non- GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue. Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b45", + "block_sequence": 45, + "block_sha256": "7d7620b707c2d7a1bf7c9734ee6a3453a9986881fb12d55b31da61771cd859da", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 45, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "8de5b00566c32a29901d00454270f2eae221db719eea6d03b8e9734a3059877d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "q42023formxex992sharehol021.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b46", + "block_sequence": 46, + "block_sha256": "39eecad8d52000df7c81fc9ed39f64b4bf34af23e9fdd64759566689301ddbb7", + "block_type": "paragraph", + "char_count": 4343, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 46, + "char_end": 4343, + "char_start": 0, + "fragment_sha256": "f275993db37db5efedfbfff57fd3472b549a628961fa38a30286dddcf3ea3795", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "21 Adjusted Operating Expense We also present Adjusted Operating Expense, which is a non-GAAP financial measure that bridges the difference between Contribution Profit and Adjusted EBITDA. We believe this measure provides investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to contribution profit and certain charges that are non-recurring, non-cash, or not directly related to our revenue-generating operations are removed. Adjusted Operating Expense is a supplemental measure of our operating expenditures and has important limitations. For example, this measure excludes the impact of certain costs required to be recorded under GAAP. This measure removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to contribution margin. This measure could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, this measure should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of this measure to the most directly comparable GAAP financial measure, which is operating expenses. We calculate Adjusted Operating Expense as GAAP operating expense adjusted to exclude direct selling costs and holding costs included in determining Contribution Profit. It excludes non-recurring goodwill impairment. The measure also excludes non-cash expenses of stock-based compensation, depreciation and amortization, and intangibles amortization. It also excludes expenses that are not directly related to our revenue-generating operations such as restructuring charges and legal contingency accruals. Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, Adjusted Technology and Development We also present Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, and Adjusted Technology and Development, which are non-GAAP financial measures that provide investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to contribution profit and certain charges that are non-cash are removed. These supplemental measures of our operating expenditures have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. Specifically, Adjusted Sales, Marketing and Operations removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to contribution margin. These measures could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which are Sales, marketing and operations expense, General and administrative expense and Technology and development expense. We calculate Adjusted Sales, Marketing and Operations as GAAP sales, marketing and operations expenses to exclude direct selling costs and holding costs included in determining Contribution Profit. This measure also excludes non-cash expenses of stock-based compensation and depreciation and amortization associated with sales, marketing and operations assets. We calculate Adjusted General and administrative as GAAP general and administrative expenses to exclude non-cash expenses of stock-based compensation, depreciation and amortization of intangibles amortization associated with general and administrative assets. It also excludes expenses that are not directly related to our revenue-generating operations such as legal contingency accruals. We calculate Technology and Development as GAAP technology and development expenses to exclude non-cash expenses of stock-based compensation, depreciation and amortization associated with technology and development assets. 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FINANCIAL HIGHLIGHTS AND OPERATING METRICS (In millions, except percentages, homes sold, number of markets, homes purchased, and homes in inventory) (Unaudited) (1) See \u201c\u2014Use of Non-GAAP Financial Measures\u201d for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures." + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b49", + "block_sequence": 49, + "block_sha256": "d3d6628373be704c3031080067a2e048178e7a8153625c01a330ffecd0a17c78", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 49, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "ee72e9fd4f94fc1d254e16ed928a3807bc5949192798367de9e6b26dbdd27d92", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "q42023formxex992sharehol023.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b50", + "block_sequence": 50, + "block_sha256": "dc231e58cc23f79241c127bb524256ea433e04aa17a497c251e5905f7b56ecfa", + "block_type": "paragraph", + "char_count": 1554, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 50, + "char_end": 1554, + "char_start": 0, + "fragment_sha256": "96e46674401afe9d7d34fd0d4335969b6560adb128ce580b4c58f3f962daf951", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "23 Three Months Ended Year Ended December 31, December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 2023 2022 REVENUE $ 870 $ 980 $ 1,976 $ 3,120 $ 2,857 $ 6,946 $ 15,567 COST OF REVENUE 798 884 1,827 2,950 2,786 6,459 14,900 GROSS PROFIT 72 96 149 170 71 487 667 OPERATING EXPENSES: Sales, marketing and operations 89 85 124 188 194 486 1,006 General and administrative 48 48 44 66 23 206 346 Technology and development 46 42 39 40 48 167 169 Goodwill impairment \u2014 \u2014 \u2014 \u2014 60 \u2014 60 Restructuring 4 \u2014 10 \u2014 17 14 17 Total operating expenses 187 175 217 294 342 873 1,598 LOSS FROM OPERATIONS (115) (79) (68) (124) (271) (386) (931) GAIN (LOSS) ON EXTINGUISHMENT OF DEBT 34 \u2014 104 78 (25) 216 (25) INTEREST EXPENSE (37) (47) (53) (74) (113) (211) (385) OTHER INCOME (LOSS) \u2013 Net 27 20 41 19 10 107 (10) (LOSS) INCOME BEFORE INCOME TAXES (91) (106) 24 (101) (399) (274) (1,351) INCOME TAX EXPENSE \u2014 \u2014 (1) \u2014 \u2014 (1) (2) NET (LOSS) INCOME $ (91) $ (106) $ 23 $ (101) $ (399) $ (275) $ (1,353) Net (loss) income per share attributable to common shareholders: Basic $ (0.14) $ (0.16) $ 0.04 $ (0.16) $ (0.63) $ (0.42) $ (2.16) Diluted $ (0.14) $ (0.16) $ 0.03 $ (0.16) $ (0.63) $ (0.42) $ (2.16) Weighted-average shares outstanding: Basic 672,662 662,149 646,062 641,916 634,595 657,111 627,105 Diluted 672,662 662,149 667,159 641,916 634,595 657,111 627,105 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited)" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b51", + "block_sequence": 51, + "block_sha256": "f1948de1c32e97834d8ce4190b3179b54ec2e88a728b01b8b0407d8ba54de69c", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 51, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "21145e97223667758959c01b24e504e8f51ae3958cf54aa2a063447cf28f92cd", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "q42023formxex992sharehol024.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b52", + "block_sequence": 52, + "block_sha256": "511b1252cff1b5d883035dab024e2cb7694a73b479a343686f334d87efc75a4d", + "block_type": "paragraph", + "char_count": 1441, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 52, + "char_end": 1441, + "char_start": 0, + "fragment_sha256": "558dbbd8e37047cdb8827dc5b9408b5262c94b637e8f6e2e3cf215b32e2144d4", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "24 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) December 31, 2023 December 31, 2022 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 999 $ 1,137 Restricted cash 541 654 Marketable securities 69 144 Escrow receivable 9 30 Real estate inventory, net 1,775 4,460 Other current assets ($0 and $1 carried at fair value) 52 41 Total current assets 3,445 6,466 PROPERTY AND EQUIPMENT \u2013 Net 66 58 RIGHT OF USE ASSETS 25 41 GOODWILL 4 4 INTANGIBLES \u2013 Net 5 12 OTHER ASSETS 22 27 TOTAL ASSETS $ 3,567 $ 6,608 LIABILITIES AND SHAREHOLDERS\u2019 EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 64 $ 110 Non-recourse asset-backed debt - current portion \u2014 1,376 Interest payable 1 12 Lease liabilities - current portion 5 7 Total current liabilities 70 1,505 NON-RECOURSE ASSET-BACKED DEBT \u2013 Net of current portion 2,134 3,020 CONVERTIBLE SENIOR NOTES 376 959 LEASE LIABILITIES \u2013 Net of current portion 19 38 OTHER LIABILITIES 1 \u2014 Total liabilities 2,600 5,522 SHAREHOLDERS\u2019 EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 677,636,163 and 637,387,025 shares issued, respectively; 677,636,163 and 637,387,025 shares \u2014 \u2014 Additional paid-in capital 4,301 4,148 Accumulated deficit (3,333) (3,058) Accumulated other comprehensive loss (1) (4) Total shareholders\u2019 equity 967 1,086 TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY $ 3,567 $ 6,608" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b53", + "block_sequence": 53, + "block_sha256": "4c4d604b9cab76d0f5b383750c4af843775b08bd3683b82e2f6fde4a00068717", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 53, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "72aeafc2633e57fc228bac989c7acce11821b8b687fcedf271dbf58da1ece91f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "q42023formxex992sharehol025.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b54", + "block_sequence": 54, + "block_sha256": "04e781fe1dd11fe32c77a5ea51305285443842157f442fc7081d5af80d97d071", + "block_type": "paragraph", + "char_count": 2696, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 54, + "char_end": 2696, + "char_start": 0, + "fragment_sha256": "ee552b22aee3d3e891a79a93050e5e2076a54709c3186210eb23ce02c86cba7e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "25 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Year Ended December 31, 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (275) $ (1,353) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash provided by operating activities: Depreciation and amortization 65 83 Amortization of right of use asset 7 7 Stock-based compensation 126 171 Inventory valuation adjustment 65 737 Goodwill impairment \u2014 60 Change in fair value of equity securities 1 35 Other 13 (1) Origination of mortgage loans held for sale \u2014 (118) Proceeds from sale and principal collections of mortgage loans held for sale 1 128 (Gain) loss on extinguishment of debt (216) 25 Changes in operating assets and liabilities: Escrow receivable 21 54 Real estate inventory 2,613 896 Other assets (19) 37 Accounts payable and other accrued liabilities (38) (25) Interest payable (10) 2 Lease liabilities (10) (8) Net cash provided by operating activities 2,344 730 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (37) (37) Purchase of marketable securities \u2014 (28) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 80 328 Purchase of non-marketable equity securities \u2014 (25) Proceeds from sale of non-marketable equity securities 1 3 Capital returns of non-marketable equity securities \u2014 3 Acquisitions, net of cash acquired \u2014 (10) Net cash provided by investing activities 44 234 CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of convertible senior notes (362) \u2014 Proceeds from exercise of stock options 3 4 Proceeds from issuance of common stock for ESPP 2 2 Proceeds from non-recourse asset-backed debt 238 10,108 Principal payments on non-recourse asset-backed debt (2,515) (11,822) Proceeds from other secured borrowings \u2014 114 Principal payments on other secured borrowings \u2014 (121) Payment of loan origination fees and debt issuance costs (1) (26) Payment for early extinguishment of debt (4) (10) Net cash used in financing activities (2,639) (1,751) NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (251) (787) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 Beginning of period 1,791 2,578 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 End of period $ 1,540 $ 1,791 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION \u2013 Cash paid during the period for interest $ 203 $ 355 DISCLOSURES OF NONCASH ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 23 $ 16 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 999 $ 1,137 Restricted cash 541 654 Cash, cash equivalents, and restricted cash $ 1,540 $ 1,791" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b55", + "block_sequence": 55, + "block_sha256": "0a666e6f8410fc2fa6118a073a2a58bc67c6bc1e4ee33e0f0f08928b0315467c", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 55, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "167dab6384d34b77d68613bd57391827274dcde0995f008baa9d668b2e619fae", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "q42023formxex992sharehol026.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b56", + "block_sequence": 56, + "block_sha256": "223b7098c580fca7ca78f50f3649dd96375aa6c4e29f406523b0242ab0b69391", + "block_type": "paragraph", + "char_count": 2543, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 56, + "char_end": 2543, + "char_start": 0, + "fragment_sha256": "b6aa6ea4cb3735aed9245381574ea2544b7cbe1eda60bd7e54583b371180a097", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "26 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT (LOSS) AND CONTRIBUTION PROFIT (LOSS) TO OUR GROSS PROFIT (LOSS) (Unaudited) Three Months Ended Year Ended December 31, (in millions, except percentages and homes sold, or as noted) December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 2023 2022 Revenue (GAAP) $ 870 $ 980 $ 1,976 $ 3,120 $ 2,857 $ 6,946 $ 15,567 Gross profit (GAAP) $ 72 $ 96 $ 149 $ 170 $ 71 $ 487 $ 667 Gross Margin 8.3 % 9.8 % 7.5 % 5.4 % 2.5 % 7.0 % 4.3 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f(1)(2) 11 17 14 23 73 23 458 Inventory valuation adjustment \u2013 Prior Periods\u034f(1)(3) (17) (29) (156) (295) (236) (455) (39) Adjusted Gross Profit (Loss) $ 66 $ 84 $ 7 $ (102) $ (92) $ 55 $ 1,086 Adjusted Gross Margin 7.6 % 8.6 % 0.4 % (3.3) % (3.2) % 0.8 % 7.0 % Adjustments: Direct selling costs(4) (26) (28) (58) (85) (78) (197) (414) Holding costs on sales \u2013 Current Period\u034f(5)(6) (3) (4) (6) (13) (10) (50) (109) Holding costs on sales \u2013 Prior Periods\u034f(5)(7) (7) (9) (33) (41) (27) (66) (38) Contribution Profit (Loss) $ 30 $ 43 $ (90) $ (241) $ (207) $ (258) $ 525 Homes sold in period 2,364 2,687 5,383 8,274 7,512 18,708 39,183 Contribution Profit (Loss) per Home Sold (in thousands) $ 13 $ 16 $ (17) $ (29) $ (28) $ (14) $ 13 Contribution Margin 3.4 % 4.4 % (4.6) % (7.7) % (7.2) % (3.7) % 3.4 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented." + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b57", + "block_sequence": 57, + "block_sha256": "4011c6140eef295c0ac46b4d48e49eef0e622bc69679f8d581e1956b7d874dd7", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 57, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "8e9e82a772bd5c56f9c0be9bc6cd7f0326c5320402ce6717158ee2c9a137f4a8", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "q42023formxex992sharehol027.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b58", + "block_sequence": 58, + "block_sha256": "8316fae04d90c3626612b07f408f697bcb40dea036e01761f5a48f7169de7415", + "block_type": "paragraph", + "char_count": 3079, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 58, + "char_end": 3079, + "char_start": 0, + "fragment_sha256": "83ecf5512a87bf2ba1ee423ef3c7cfa889750ac09b8ae71d01cf520d7c890547", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "27 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED NET LOSS AND ADJUSTED EBITDA TO OUR NET (LOSS) INCOME (Unaudited) Three Months Ended Year Ended December 31, (in millions, except percentages) December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 2023 2022 Revenue (GAAP) $ 870 $ 980 $ 1,976 $ 3,120 $ 2,857 $ 6,946 $ 15,567 Net (loss) income (GAAP) $ (91) $ (106) $ 23 $ (101) $ (399) $ (275) $ (1,353) Adjustments: Stock-based compensation 32 31 21 42 (7) 126 171 Equity securities fair value adjustment(1) (3) 11 (6) (1) (1) 1 35 Intangibles amortization expense(2) 2 2 1 2 2 7 9 Inventory valuation adjustment \u2013 Current Period\u034f(3)(4) 11 17 14 23 73 23 458 Inventory valuation adjustment \u2014 Prior Periods\u034f(3)(5) (17) (29) (156) (295) (236) (455) (39) Restructuring(6) 4 \u2014 10 \u2014 17 14 17 (Gain) loss on extinguishment of debt (34) \u2014 (104) (78) 25 (216) 25 Goodwill impairment \u2014 \u2014 \u2014 \u2014 60 \u2014 60 Legal contingency accrual and related expenses \u2014 \u2014 \u2014 \u2014 1 \u2014 46 Other(7) (1) (1) \u2014 (1) (2) (3) (3) Adjusted Net Loss $ (97) $ (75) $ (197) $ (409) $ (467) $ (778) $ (574) Adjustments: Depreciation and amortization, excluding amortization of intangibles 15 9 9 12 12 45 41 Property financing(8) 32 38 44 60 93 174 329 Other interest expense(9) 5 9 9 14 20 37 56 Interest income(10) (24) (30) (34) (18) (9) (106) (22) Income tax expense \u2014 \u2014 1 \u2014 \u2014 1 2 Adjusted EBITDA $ (69) $ (49) $ (168) $ (341) $ (351) $ (627) $ (168) Adjusted EBITDA Margin (7.9) % (5.0) % (8.5) % (10.9) % (12.3) % (9.0) % (1.1) % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuring costs consist primarily of severance and employee termination benefits and bonuses. (7) Includes primarily sublease income, income from equity method investments, and gain on lease termination. (8) Includes interest expense on our non-recourse asset-backed debt facilities. (9) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset- backed debt facilities, interest expense related to the 2026 Notes outstanding, and interest expense on other secured borrowings. (10) Consists mainly of interest earned on cash, cash equivalents, restricted cash, and marketable securities." + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b59", + "block_sequence": 59, + "block_sha256": "0c878375d7f65b533aee4d5aa19af493b1e66f8dae2b5ab4972a68e738f6a6e0", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 59, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "2f9f0c0cd75505ec8859c98f62b662fc144b11a1b738b66cfa3e9320e70722d9", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "q42023formxex992sharehol028.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b60", + "block_sequence": 60, + "block_sha256": "f622951322f53e089239b0f4e1a6c40fd51a054c0cce7d84fd051de820d9bb8c", + "block_type": "paragraph", + "char_count": 2561, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 60, + "char_end": 2561, + "char_start": 0, + "fragment_sha256": "4f0ca493267c1021534e24718c4514bc8a8a2d3fca827951becf00d9f6afe176", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "28 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS (LOSS) PROFIT AND CONTRIBUTION (LOSS) PROFIT TO OUR GROSS PROFIT BY COHORT (Unaudited) Three Months Ended December 31, 2023 Twelve Months Ended December 31, 2023 (in millions, except percentages) Old Book: Q2 2022 Cohort and Prior (8) New Book: Post Q2 2022 Cohort (8) Total Old Book: Q2 2022 Cohort and Prior (8) New Book: Post Q2 2022 Cohort (8) Total Revenue (GAAP) $ 52 $ 818 $ 870 $ 3,773 $ 3,173 $ 6,946 Cost of Revenue 50 748 798 3,659 2,800 6,459 Gross profit (GAAP) $ 2 $ 70 $ 72 $ 114 $ 373 $ 487 Gross Margin 3.8 % 8.6 % 8.3 % 3.0 % 11.8 % 7.0 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f(1)(2) 1 10 11 7 16 23 Inventory valuation adjustment \u2013 Prior Periods\u034f(1)(3) (12) (5) (17) (451) (4) (455) Adjusted Gross (Loss) Profit $ (9) $ 75 $ 66 $ (330) $ 385 $ 55 Adjusted Gross Margin (17.3) % 9.2 % 7.6 % (8.7) % 12.1 % 0.8 % Adjustments: Direct selling costs(4) (1) (25) (26) (104) (93) (197) Holding costs on sales \u2013 Current Period\u034f(5)(6) \u2014 (3) (3) (26) (24) (50) Holding costs on sales \u2013 Prior Periods\u034f(5)(7) (2) (5) (7) (60) (6) (66) Contribution (Loss) Profit $ (12) $ 42 $ 30 $ (520) $ 262 $ (258) Contribution Margin (23.1) % 5.1 % 3.4 % (13.8) % 8.3 % (3.7) % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented. (8) Old Book: Q2 2022 Cohort and Prior refers to offers prior to July 2022. New book: Post Q2 2022 Cohort includes offers made in July 2022 and after." + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b61", + "block_sequence": 61, + "block_sha256": "b10fef5da3e772c068e0c460b16e2da8cd98ec7bf7825752c17b6aa3488058c5", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 61, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "ff37d0c0dce03f2545b8ddb2f6c5798c7f4ff7ebfd30e9114cbc220a8cb3935a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "q42023formxex992sharehol029.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b62", + "block_sequence": 62, + "block_sha256": "9a7ed270fba584da0ab77ed58bc1298259ea5c9feb43b49e5396b6c2470b26ea", + "block_type": "paragraph", + "char_count": 2057, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 62, + "char_end": 2057, + "char_start": 0, + "fragment_sha256": "da7b88c60bf3afe8b20f5c5b782604d7b0dcfd5c67af2e7bfb6cda6b6fe28394", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "29 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED OPERATING EXPENSES TO OUR OPERATING EXPENSES (Unaudited) Three Months Ended (in millions, except percentages) December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 OPERATING EXPENSES: Sales, marketing and operations 89 85 124 188 194,000 194 General and administrative 48 48 44 66 23 Technology and development 46 42 39 40 48 Goodwill Impairment \u2014 \u2014 \u2014 \u2014 60 Restructuring 4 \u2014 10 \u2014 17 Total Operating Expenses (GAAP) $ 187 $ 175 $ 217 $ 294 $ 342 Operating Expenses (GAAP) $ 187 $ 175 $ 217 $ 294 $ 342 Adjustments: Direct Selling Costs(1) (26) (28) (58) (85) (78) Holding costs included in contribution profit(2) (10) (13) (39) (54) (37) Stock-based compensation (32) (31) (21) (42) 7 Intangibles amortization expense(3) (2) (2) (1) (2) (2) Restructuring (4) \u2014 (10) \u2014 (17) Goodwill impairment \u2014 \u2014 \u2014 \u2014 (60) Legal contingency accrual \u2014 \u2014 \u2014 \u2014 (1) Depreciation and amortization, excluding amortization of intangibles (15) (9) (9) (12) (12) Other 1 \u2014 (1) 1 2 Total Adjusted Operating Expenses (Non-GAAP) $ 99 $ 92 $ 78 $ 100 $ 144 (1) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (2) Represents holding costs incurred in the period presented on homes sold in the period presented as well as holding costs incurred in prior periods on homes sold in the period presented (\u201cResale Cohort Holding Costs.\u201d) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations in the period in which they are incurred (\u201cGAAP Holding Costs.\u201d) (3) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized." + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b63", + "block_sequence": 63, + "block_sha256": "31f1d203d3cea4e295bbdb7367ae86b0ead0eabb2e4821a8e9e4b25b74533850", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 63, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "93c61fa33fb65320a57fcf9ee39e529bb9329a7072bb55281da8817afffccba7", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "q42023formxex992sharehol030.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b64", + "block_sequence": 64, + "block_sha256": "68574bbf3a8dd628c9f912aae879760b356cb1519df14764101fb949d7410062", + "block_type": "paragraph", + "char_count": 3661, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 64, + "char_end": 3661, + "char_start": 0, + "fragment_sha256": "b564859d2614f20d3c49bd382bff770aea77480f459ae2330605be1ad720e451", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "30 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED SALES, MARKETING AND OPERATIONS; ADJUSTED GENERAL AND ADMINISTRATIVE; AND ADJUSTED TECHNOLOGY AND DEVELOPMENT EXPENSES TO THEIR CORRESPONDING GAAP MEASURES (Unaudited) Three Months Ended (in millions) December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 Sales, marketing and operations (GAAP)(1) $ 89 $ 85 $ 124 $ 188 $ 194 Direct Selling Costs(2) (26) (28) (58) (85) (78) Holding costs included in contribution profit(3)(4) (10) (13) (39) (54) (37) Stock-based compensation (4) (4) (4) (4) (4) Intangibles amortization expense(5) \u2014 (1) (1) (1) (2) Depreciation and amortization, excluding amortization of intangibles \u2014 (1) (2) (2) (2) Adjusted Sales, Marketing and Operations (Non- GAAP)(6) $ 49 $ 38 $ 20 $ 42 $ 71 General and administrative (GAAP) $ 48 $ 48 $ 44 $ 66 $ 23 Stock-based compensation (16) (15) (5) (27) 23 Legal contingency accrual and related expenses \u2014 \u2014 \u2014 \u2014 (1) Depreciation and amortization, excluding amortization of intangibles \u2014 (1) \u2014 (1) (1) Other 1 \u2014 (1) 1 2 Adjusted General and Administrative (Non-GAAP)(6) $ 33 $ 32 $ 38 $ 39 $ 46 Technology and development (GAAP) $ 46 $ 42 $ 39 $ 40 $ 48 Stock-based compensation (12) (12) (12) (11) (12) Intangibles amortization expense(5) (2) (1) \u2014 (1) \u2014 Depreciation and amortization, excluding amortization of intangibles (15) (7) (7) (9) (9) Adjusted Technology and Development (Non- GAAP)(6) $ 17 $ 22 $ 20 $ 19 $ 27 Note: Advertising expenses(1) $ 17 $ 16 $ 15 $ 27 $ 28 (1) Advertising expenses included in Sales, marketing and operations. (2) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (3) Represents holding costs incurred in the period presented on homes sold in the period presented as well as holding costs incurred in prior periods on homes sold in the period presented (\u201cResale Cohort Holding Costs.\u201d) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations in the period in which they are incurred (\u201cGAAP Holding Costs.\u201d) (4) The table below presents the timing difference within Adjusted Sales, marketing and operations related to holding costs. The amount of GAAP Holding Costs recognized during the period may be in excess of/ (less than) the amount of Resale Cohort Holding costs related to homes sold in the relevant period and included in Contribution Profit. Three Months Ended December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 Total GAAP Holding Costs $ 13 $ 12 $ 12 $ 28 $ 44 Holding costs on sales - Current Period (3) (4) (6) (13) (10) Holding costs on sales - Prior Periods (7) (9) (33) (41) (27) Less: Resale Cohort Holding Costs (10) (13) (39) (54) (37) GAAP Holding Costs in excess of / (less than) Resale Holding Costs included in Contribution Profit $ 3 $ (1) $ (27) $ (26) $ 7 (5) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (6) The sum of Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, and Adjusted Technology and Development expenses is equal to Total Adjusted Operated Expenses (Non-GAAP). Refer to the \"Reconciliation of our Adjusted Operating Expenses to our Operating Expenses\" table on Page 29." + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b65", + "block_sequence": 65, + "block_sha256": "3f61d77f74a02dbf08b4a72413923115f3f5dd713e263976c7b4143e96ef1842", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 65, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "de9c199d10b5bd16abdebdd270520fe6b940d9377b00bd3347433007a8061b75", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "q42023formxex992sharehol031.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b66", + "block_sequence": 66, + "block_sha256": "1230d6e9a3bd860ff3ea8deedc4c991697400624fb23e88c24e01eaa06ceecb8", + "block_type": "paragraph", + "char_count": 11, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 66, + "char_end": 11, + "char_start": 0, + "fragment_sha256": "c1375b8606c8f2c6bb604a06264307ffcf73e5ef376c29d5b6f80235add16e39", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "Appendix 31" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b67", + "block_sequence": 67, + "block_sha256": "7c11582a6ecdb327dde66f931846c540430da775474b5ca615b0a41c4aa279de", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 67, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "08d9d0226b3b2474c0db4f615035fbeb4af0ff8f52271c422513d9ddda27d185", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "q42023formxex992sharehol032.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b68", + "block_sequence": 68, + "block_sha256": "1d3d4e8e906f0833e373ccbe58a98358f3686a6b96833aada54593ca02160e2e", + "block_type": "paragraph", + "char_count": 577, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 68, + "char_end": 577, + "char_start": 0, + "fragment_sha256": "d66790e1f4a08b75b659b31ac1064989bb7a1b24276bc16625ee8f29178b8857", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "Appendix 1. MLS Clearance Rate is defined as the number of daily contracts that enter pending status on the Multiple Listing Service (i.e. market listings), filtered for Opendoor\u2019s markets and buybox, divided by the number of active listings on the Multiple Listing Service, filtered for the same markets and buybox. Trailing 7-Day MLS Clearance Rate1 MLS Data Filtered to Opendoor Markets and Buybox Trailing 7-Day MLS Contracts MLS Data Filtered to Opendoor Markets and Buybox Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 32 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b69", + "block_sequence": 69, + "block_sha256": "404987451c3b938ecfd2ab984c8a3226ca832a47be83212fdf163da7530ae3d6", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 69, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "bf92f779e2885640ccb7a3289cb1bef3192d9509a77188139fc96dbdf6e5a57d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "q42023formxex992sharehol033.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b70", + "block_sequence": 70, + "block_sha256": "9e77b8905f58374976cce0150898d659bd712132c1958d04dc85aefcb954e29c", + "block_type": "paragraph", + "char_count": 260, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 70, + "char_end": 260, + "char_start": 0, + "fragment_sha256": "55f943ce831472c0703c0360dae7a4d10ddc047364a55459e13f12210bb912a4", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "Trailing 7-Day MLS New Listings MLS Data Filtered to OD Markets and Buybox Appendix Trailing 7-Day MLS Active Listings MLS Data Filtered to OD Markets and Buybox Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 33" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b71", + "block_sequence": 71, + "block_sha256": "577b1d89db1281cb8f1008a8879e099b3e06307f2b7a6b24cd8d4bab33578245", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", + "block_sequence": 71, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "c09f4c9b1a2076473f0d9bb885c87a65166218809f9c928280f76813509318fd", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", + "table": null, + "text": "q42023formxex992sharehol034.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b72", + "block_sequence": 72, + "block_sha256": "8b9766da96a47c29a368f454ca27ff7c3264d4896467c3d0b409b791bcce2717", + "block_type": 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"https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex992sharehol.htm", "table_id": null, "text": "Document generated by Workiva Inc q42023formxex992sharehol\n\nLetter to Shareholders 4Q23 Gina Sullivan & Michael Blake Columbus, OH Exhibit 99.2\n\nHarriet Caruso & Stephen Myers Sold: Phoenix, Arizona | Bought: Grand Island, Nebraska 2 You made our life easy. I believe in humanity again because you kept your word, and you don’t see that today! – Harriet Caruso When Stephen Myers was offered his dream job last summer in school administration, he and his wife Harriet needed to relocate quickly from Arizona to Nebraska before the new school year started. This was a tall order: they needed to pack up and sell their home of 30 years and find a new one 1,200 miles away. As Harriet began browsing homes for sale in Grand Island, she was paired with a Zillow agent to help her with their search. During the process, the Zillow agent informed them about Opendoor’s sell direct offering, which would allow them to bypass the traditional process of listing, staging, and scheduling open houses and showings. Best of all, they would be able to close on their timeline, which was crucial given their tight timeframe to relocate. While Harriet was unfamiliar with this “new way to sell,” she contacted Opendoor directly to inquire about an offer. Less than 24 hours later, Harriet received her initial offer and was pleasantly surprised by the prompt response from the Opendoor team. Harriet and Stephen put confidence in the process and decided to accept the Opendoor offer, allowing them to shift their focus to closing on their new home in Nebraska and coordinating a long-distance move. What impressed Harriet most about her experience with Opendoor was the customer service. In her words, “everything that they [Opendoor] said would happen did happen. Everybody followed through.” With peace of mind knowing that their home in Arizona was taken care of, Harriet and Stephen set out for Nebraska and officially closed on their new home two days later. 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We managed risk, operated with discipline, and drove efficiencies across our platform to position the business for a future of sustained, profitable growth. We navigated a dynamic market, headlined by record low home sales as high interest rates caused buyers to face affordability concerns and the mortgage rate lock-in effect left sellers on the sidelines. Despite this backdrop, we stayed focused on controlling what we could control, and we made meaningful progress. As the market showed signs of stabilization, we reduced our spreads and increased acquisitions sequentially each quarter, tripling our market share, adjusted for our buybox, from 1Q23 to 4Q23. Our new book1 of homes generated a Contribution Margin of 8.3% in 2023, exceeding our annual target of 5% to 7%. We improved tooling, technology, and processes that made our platform more efficient and nimble, leading to an approximately 30% reduction in Adjusted Operating Expenses from 4Q22 to 4Q23. The progress we made in 2023 can be seen in our fourth quarter results, where we outperformed guidance on all metrics: ● Purchased 3,683 homes, an increase of 17% quarter-over-quarter and above our prior expectations of approximately 1,000 homes per month. ● Sold 2,364 homes and generated $870 million of revenue, a decrease of 11% quarter-over-quarter and above our guidance range of $800 million to $850 million. ● Delivered Gross Profit of $72 million, representing an 8.3% Gross Margin. Contribution Profit was $30 million, representing a 3.4% Contribution Margin, ahead of our implied Contribution Margin guidance range of 1.9% to 2.9%. ● Recognized Net Loss of $(91) million and Adjusted Net Loss of $(97) million. Adjusted EBITDA Loss was $(69) million, ahead of our guidance range of $(105) million to $(95) million, driven by Contribution Margin outperformance and ongoing cost discipline. 4Q23 Revenue $870 million 4Q23 Acquisitions 3,683 4Q23 Contribution Margin 3.4% Note: Adjusted Operating Expenses, Contribution Profit, Contribution Margin, Adjusted Net Loss, and Adjusted EBITDA are non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” following the financial tables below for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures. 1. New book includes those homes we made offers on in July of 2022 and after."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b12"], "char_count": 2497, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "76ab40aed7d812c1613096020aee542eecc16c566b9ad71b88e4f1e2077c7f56", "derivation_id": "c2ab238ebad296212232a398f460e83abd76861056c987f44b214c38ab77e98d", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 12, "char_end": 2497, "char_start": 0, "fragment_sha256": "b150a9d400f1893253d96f34738bde3c9e7b3644c4351a7e5a5b35642ceead89", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex992sharehol.htm", "table_id": null, "text": "4 …and the Opportunity Ahead 3Q23 Sequential Growth in Acquisitions 17% We enter 2024 with the same operating principles – focus, execution, and results. We are managing the business to drive growth in a sustainable fashion, acting on the lessons learned from prior years. We benefit from a healthy book of inventory, and the work we did in 2023 positions us to accelerate acquisitions while delivering on our target annual Contribution Margin range of 5% to 7%. We expect to make significant progress toward our goal of returning to positive Adjusted Net Income; however, as we sit here today, we don’t anticipate reaching the acquisition and resale volumes necessary to reach positive Adjusted Net Income for a quarter in 2024. Our framework to reach this goal at $10 billion steady-state annual revenue remains intact, and we are confident in our ability to continue on the path to profitable growth. Last month marked Opendoor’s 10th anniversary. Ten years ago, selling your home in minutes with a few taps online was just an idea. With the world around us becoming more and more on-demand and digital, we saw the traditional home transaction as one of the last major pain points for consumers in our rapidly changing economy. Over the years, we have put our ideas into action. We built the largest e-commerce platform for residential real estate. The certainty of an Opendoor cash offer has resonated with over 250,000 customers, and sellers have given us an average Net Promoter Score of nearly 80 over the last three years. We expanded to 50 markets nationwide. We navigated a global pandemic and a once-in-forty-year interest rate shock. We partnered with some of the largest industry participants – including Zillow, Redfin, Realtor.com, Lennar, Pulte, eXp Realty, and thousands of real estate agents – who find value in providing our product to their customers. And we are committed to creating a destination where all sellers start their journey regardless of how they want to transact, whether that’s providing sellers with our cash offer, helping them list on the MLS, or connecting them directly with buyers. We’ve done all of this while delighting customers, building a more resilient business, and catalyzing change in U.S. housing. Our accomplishments would not have come without countless dedicated team members and the support of our shareholders. Today, we stand alone in not only what we offer, but also the scale at which we are able to do so. And we’re just getting started."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b14"], "char_count": 2374, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d316b0d4b8617478e94cdb8a1a43fdf58c3cd5f22d75d8bdbea9418e4be1843e", "derivation_id": "c2ab238ebad296212232a398f460e83abd76861056c987f44b214c38ab77e98d", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 14, "char_end": 2374, "char_start": 0, "fragment_sha256": "7d0a0553097a8fb0e7e28552c48d5d6697c24a568efd5ce5051829c9ef53eaeb", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex992sharehol.htm", "table_id": null, "text": "5 Business Highlights Watch the ads and live Halftime Showing here. We have proven over the last decade that our differentiated cash offer attracts sellers to our platform. We currently have well north of a million registered sellers, or customers who have requested an offer from us but have not yet sold their homes. This growing base of users represents a powerful future opportunity to re-engage with potential sellers. Increasing Advertising Spend In 2023, we reduced our advertising spend to $75 million from $200 million in 2022, a decline of over 60%, as higher spreads made paid marketing less efficient. We shifted our spend to more efficient channels and brand media strategies, which preserved our aided brand awareness and increased consideration – the percentage of sellers who would consider using Opendoor – by 13%. We believe that ramping advertising in 2024 will allow us to grow our base of registered sellers and stay top of mind through re-engagement. Additionally, we remain focused on optimizing the efficiency of advertising spend through creative marketing, improvements in brand awareness, and cost-saving initiatives. An example of spending creatively was our regional Super Bowl campaign that showcased it’s so easy to sell to Opendoor, you can do it during halftime. The campaign was teased nationally to gain cache and culminated with a livestream of a homeowner completing a virtual assessment during halftime and subsequently receiving a cash offer, which aired during the third quarter in Atlanta. Expanding Partnership Channels Acquisitions from our partnership channels continued to increase during the fourth quarter, up 35% sequentially and up over 140% since 1Q23, and we expect these channels to be a volume tailwind in 2024. Our exclusive partnership with Zillow is now live in 45 markets, up from two markets just a year ago. In October, we announced a national exclusive partnership with eXp Realty, the largest independent real estate company in the world. And in 4Q23, we extended our national exclusive partnership with Redfin for cash offers. These partnerships have enabled us to become the cash offer solution for the residential real estate market, enhancing the selling experience of our partners’ platforms, while providing us with a source of acquisitions with an attractive fixed cost: a true win-win. Super Bowl Campaign"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b16", "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b18"], "char_count": 2964, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "2600ad2fbaf9b36e2a5e767422c5f5324400d9fcd1a69b3e3f852c897f340dee", "derivation_id": "c2ab238ebad296212232a398f460e83abd76861056c987f44b214c38ab77e98d", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 16, "char_end": 710, "char_start": 0, "fragment_sha256": "637aa9688005b7b5c2c7eb02fc320366be2f45070ee97fc42451209758f59388", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 18, "char_end": 2252, "char_start": 0, "fragment_sha256": "d49683643319e11d4893d6cf8daadba762bc12cc02fc8391c8b2472ba8031892", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex992sharehol.htm", "table_id": null, "text": "Driving Higher Conversion through Lower Spreads Our spreads are an important lever in managing seller conversion on our platform. Spreads are also an essential risk mitigation tool, giving us the flexibility we need to navigate different macroeconomic conditions. At the beginning of 2023, we operated with elevated spreads given home price uncertainty. As the year progressed, we observed home price stability, which, combined with cost savings and pricing accuracy improvements, enabled us to reduce spreads. Spread reductions increased conversion, which in turn resulted in higher home acquisitions each quarter, including reaching the highest level of acquisitions in 4Q23 since 3Q22. 6 Business Highlights\n\n7 Financial Highlights 4Q23 Revenue $870 million 4Q23 Homes Acquired 3,683 1,747 3,427 3,683 2,680 4Q22 1Q23 2Q23 3Q23 4Q23 $2,857 $3,120 $980 $1,976 4Q22 1Q23 2Q23 3Q23 4Q23 2. Old book includes those homes we made offers on in June of 2022 and prior. $870 3,136 We exceeded the high end of our outlook for revenue, Contribution Margin, and Adjusted EBITDA in the fourth quarter. As we enter 2024, we are focused on rescaling our volumes, generating positive unit economics, and operating with strong cost discipline, all while providing a magical customer experience. GROWTH In the fourth quarter, we delivered $870 million of revenue, above the high end of our guidance range of $800 million to $850 million, representing 2,364 homes sold. Revenue was down 11% sequentially, as expected, due to typical seasonal declines in volumes. Revenue for the full year was $6.9 billion, down 55% versus 2022. As a reminder, beginning in 2Q22, we proactively widened acquisition spreads and reduced marketing spend amidst a once-in-forty-year macro shift to manage our risk and inventory health, resulting in lower acquisitions, and in-turn, lower resale volumes in 2023. Overall, we sold 18,708 homes in 2023, down 52% versus 2022. We continued to make progress on selling through our old book2 of inventory and now have less than 75 of these homes not in resale contract as of year end. As such, this will be the last quarter we break out the impact of the old book on our financial results. On the acquisition side, we purchased 3,683 homes in the fourth quarter, up 17% versus 3Q23, marking the highest level of homes acquired in the year. Notably, our acquisitions in the quarter were up 7% versus 4Q22 despite average new listings being down 7% within our buybox. Throughout the year, reductions in our cost structure and improvements in pricing accuracy were partially passed through to customers via spread reductions and also allowed us to increase our target annual Contribution Margin range by 100 bps to 5% to 7%. With more attractive spreads, we saw increases in conversion and acquisition volumes, which led to market share growth on an acquisition basis for every month in 2023. For the full year, we acquired 11,246 homes, down 68% versus 2022."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b20"], "char_count": 1843, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "232a6e6510a00257ecc449e65a081ad765eaae3fa58ac3b2ef6200dacef1c091", "derivation_id": "c2ab238ebad296212232a398f460e83abd76861056c987f44b214c38ab77e98d", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 20, "char_end": 1843, "char_start": 0, "fragment_sha256": "c90bd310c5b8d0f1ba1ab73244280beaeb6156729cd9434d7d2046a4c6c8275f", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex992sharehol.htm", "table_id": null, "text": "8 Financial Highlights UNIT ECONOMICS GAAP Gross Profit was $72 million in 4Q23, versus $96 million in 3Q23 and $71 million in 4Q22. Adjusted Gross Profit (Loss), which aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the home is sold, was $66 million in 4Q23, versus $84 million in 3Q23 and $(92) million in 4Q22. For the full year, GAAP Gross Profit was $487 million, versus $667 million in 2022. Adjusted Gross Profit was $55 million for the year, versus $1,086 million in 2022, reflecting the losses we realized as we sold through the old book of homes in 2023. Contribution Profit (Loss), which accounts for the direct selling and holding costs incurred on the homes sold during the quarter, was $30 million in the fourth quarter, versus $43 million in 3Q23 and $(207) million in 4Q22. Contribution Margin of 3.4% came in above our implied guidance range of 1.9% to 2.9%, and compares to 4.4% in 3Q23 and (7.2)% in 4Q22. As expected, Contribution Margin declined sequentially for two reasons. First, in response to slowing market-level sell-through rates, we implemented home-level price drops to maintain inventory clearance targets. Second, sales on the tail homes from the old book continued to be a drag on overall performance, delivering $(12) million of Contribution Loss in 4Q23. Year-over-year margin trends reflect the reversion to a healthier book of inventory and resale mix. 4Q23 FY2023 (Dollars in millions) Old Book New Book Total Total Homes Sold in Period 130 2,234 2,364 18,708 Revenue $52 $818 $870 $6,946 Gross Profit / Margin $2 / 3.8% $70 / 8.6% $72 / 8.3% $487 / 7.0% Adj. Gross (Loss) Profit / Margin $(9) / (17.3)% $75 / 9.2% $66 / 7.6% $55 / 0.8% Contribution (Loss) Profit / Margin $(12) / (23.1)% $42 / 5.1% $30 / 3.4% $(258) / (3.7)% 4Q23 Contribution Margin 3.4%"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b22"], "char_count": 2081, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "85f38c03282527ddfefbbee735af2c044d6a97056fa14c58fcdf0bb0bf56e7b7", "derivation_id": "c2ab238ebad296212232a398f460e83abd76861056c987f44b214c38ab77e98d", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 22, "char_end": 2081, "char_start": 0, "fragment_sha256": "a94a93c5c02d61206d2c8989530cca064aceee9deed31c2b5afafd6da99e93d5", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex992sharehol.htm", "table_id": null, "text": "For the full year, Contribution Loss was $(258) million with a Contribution Margin of (3.7)%, driven by the sales of homes acquired prior to the housing reset. Notably, the Contribution Margin on our new book of homes was 8.3%, demonstrating the success of our more recent acquisition cohorts. Given the vast majority of our resales will be from these homes next year, we expect to return to our 5% to 7% target annual Contribution Margin in 2024. NET LOSS AND ADJUSTED EBITDA GAAP Net Loss was $(91) million in 4Q23 versus $(106) million in 3Q23 and $(399) million in 4Q22. Adjusted Net Loss was $(97) million in 4Q23 versus $(75) million in 3Q23 and $(467) million in 4Q22. For the full year, GAAP Net Loss was $(275) million versus $(1,353) million in 2022. Adjusted Net Loss was $(778) million versus $(574) million in 2022. As a reminder, Adjusted Net Loss aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded. In 2023, we burdened Adjusted Net Loss and Adjusted EBITDA with $455 million in inventory valuation adjustments, over 99% of which was related to our old book homes. These adjustments, which were recorded prior to 2023, were applied to Adjusted Net Loss and Adjusted EBITDA as we sold through the homes and were the primary difference between the GAAP Net Loss and Adjusted Net Loss metrics for 4Q22, 2022, and 2023. Over the course of the year, as we’ve made progress in selling through our longer-dated homes, our inventory valuation adjustments as a percentage of inventory have reduced significantly in size, and we expect these adjustments to remain at normalized levels going forward. 9 Financial Highlights 2023 New Book Contribution Margin 8.3% (Dollars in millions) 4Q23 4Q22 FY2023 FY2022 GAAP Net Loss $(91) $(399) $(275) $(1,353) Adjusted Net Loss $(97) $(467) $(778) $(574) Adjusted EBITDA $(69) $(351) $(627) $(168) Adjusted EBITDA Margin (7.9)% (12.3)% (9.0)% (1.1)% GAAP Operating Expenses $(187) $(342) $(873) $(1,598) Adjusted Operating Expenses $(99) $(144) $(369) $(693)"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b24"], "char_count": 1926, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "297572e730ae7c25bb7b7e7f8332aebf80dd96406c52cfca010970cea76c6ea3", "derivation_id": "c2ab238ebad296212232a398f460e83abd76861056c987f44b214c38ab77e98d", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 24, "char_end": 1926, "char_start": 0, "fragment_sha256": "1bf6789859ca160e29551bc550edfc1910508ea120fae4cdee26a4e8ed5b0c80", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex992sharehol.htm", "table_id": null, "text": "10 Financial Highlights In addition, Adjusted EBITDA and Adjusted Net Loss excludes $216 million of gains included in GAAP Net Loss related to purchases of a portion of our convertible notes at a discount to par. As a reminder, in the second half of 2022, we reduced marketing spend, excess operational capacity, and fixed costs. However, we continued to make investments in areas necessary to rescale acquisition volumes in 2024, including technology and tooling to improve the efficiency of our operations. Adjusted Operating Expenses, which we define as the delta between Contribution Profit (Loss) and Adjusted EBITDA, were $99 million in 4Q23, up from $92 million in 3Q23 and down from $144 million in 4Q22. This sequential increase was expected as we continued to rebuild inventory in the fourth quarter, and compares to our guidance of $120 million. For the full year, Adjusted Operating Expenses were $369 million, down 47% from $693 million in 2022, demonstrating the cost actions taken across the business. Adjusted EBITDA was $(69) million in 4Q23, ahead of the high end of our guidance range, compared to $(49) million in 3Q23 and $(351) million in 4Q22. This outperformance was driven by the beat in our Contribution Profit and Adjusted Operating Expenses metrics. For the full year, Adjusted EBITDA was $(627) million, compared to $(168) million in 2022. INVENTORY We ended the year with 5,326 homes, representing $1.8 billion in net inventory, which was up 35% from 3Q23 and down 60% from 4Q22. As we have continued to sell down our aged inventory and 4Q23 Adj. Operating Expenses $99 million $78 $144 $100 $99$92 4Q22 1Q23 2Q23 3Q23 4Q23 As of December 31, 2023 (Dollars in millions) Old Book New Book Total Real Estate Inventory $44 $1,758 $1,802 Inventory Valuation Adjustments $(10) $(17) $(27) Real Estate Inventory, Net $34 $1,741 $1,775 Inventory Valuation Adjustments as a % of Inventory 22.7% 1.0% 1.5%"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b26"], "char_count": 1963, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d277c727b49de0e605bae9a7e714112082084aa21dbf6e8d5900188c48130f7d", "derivation_id": "c2ab238ebad296212232a398f460e83abd76861056c987f44b214c38ab77e98d", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 26, "char_end": 1963, "char_start": 0, "fragment_sha256": "493a83f1b89b97a8701f21d058d77ff27fff2e12d35da627375843d26469ffba", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex992sharehol.htm", "table_id": null, "text": "11 3. Other category is largely comprised of stock-based compensation expense capitalized for internally developed software, depreciation and amortization, and equity securities fair value adjustment. Financial Highlights 4Q23 Total Capital $1.3 billion 4Q23 Cash, Cash Equivalents, and Marketable Securities $1.1 billion increase acquisitions, less than 2% of the net inventory balance as of year end is from the old book, which is down from 6% at the end of 3Q23. Additionally, as of the end of the year, we were in contract to purchase 2,114 homes, up 27% versus 3Q23 and up 109% versus 4Q22. As of December 31, 2023, 18% of our homes had been listed on the market for more than 120 days versus 21% for the broader market as adjusted for our buybox. We have seen a significant improvement in this metric from December 31, 2022, when 55% of our portfolio had been listed on the market for more than 120 days, given our success in selling through our old book of longer-dated inventory. OTHER BALANCE SHEET ITEMS We ended the year with $1.3 billion in capital, which includes $1.1 billion in unrestricted cash and marketable securities and $161 million of equity invested in homes and related assets, net of inventory valuation adjustments. This compares to $1.5 billion in capital as of the end of 3Q23, which included $1.2 billion in unrestricted cash and marketable securities and $182 million of equity invested in homes and related assets, net of inventory valuation adjustments. The decrease in capital is primarily driven by the use of $90 million in unrestricted cash to repurchase $129 million of our outstanding 2026 convertible notes at a substantial discount during the quarter, reducing future debt obligations. As shown below, total shareholders’ equity decreased by $53 million in the quarter to $967 million as of December 31, 2023. 4Q23 Homes Under Contract to Purchase at Quarter End 2,114 1,390 1,011 1,137 2,114 1,661 4Q22 1Q23 2Q23 3Q23 4Q23"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b28"], "char_count": 2591, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8815ba2644ff615cbbaf877449bd4c1934df72201af95169ac24de1e4b2dd2af", "derivation_id": "c2ab238ebad296212232a398f460e83abd76861056c987f44b214c38ab77e98d", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 28, "char_end": 2591, "char_start": 0, "fragment_sha256": "b52367fc3b24728944958ae05cbc73d5e0878bf132092a72f736364459fbdbf5", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex992sharehol.htm", "table_id": null, "text": "12 Financial Highlights 1Q24 Revenue Guidance $1.05 to $1.1 billion 1Q24 Contribution Profit4 Guidance $40 to $50 million 1Q24 Adjusted EBITDA4 Guidance $(80) to $(70) million 4. Opendoor has not provided a quantitative reconciliation of forecasted Contribution Profit (Loss) to forecasted GAAP Gross Profit (Loss) nor a reconciliation of forecasted Adjusted EBITDA to forecasted GAAP Net Income (Loss) within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment, holding costs, and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP Gross Profit (Loss) and Net Income (Loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. For more information regarding the non-GAAP financial measures discussed in this shareholder letter, please see “Use of Non-GAAP Financial Measures” following the financial tables below. At quarter-end, we had $8.1 billion in non-recourse, asset-backed borrowing capacity, comprising $3.8 billion of senior revolving credit facilities and $4.3 billion of senior and mezzanine term debt facilities, of which total committed borrowing capacity was $2.8 billion. HOUSING MACRO Last year, we navigated the impact of a once-in-forty-year move in interest rates, from a low of approximately 3% in 2022 to a high of nearly 8% in 2023. These dynamics resulted in hesitation by both buyers and sellers, with overall home sales declining nearly 20% year-over-year and reaching their lowest level since 1995. As we look ahead, the real-time metrics we track are continuing to show constrained supply and demand, which is resulting in home price stability. Several macroeconomic indicators have been trending favorably, including a healthy U.S. labor market and moderating inflation. However, given continued interest rate volatility, we remain focused on preserving flexibility in setting spreads to operate against a range of macroeconomic outcomes in 2024 to balance overall growth, margin, and risk. GUIDANCE We expect the following results for the first quarter of 2024: ● Revenue is expected to be between $1.05 billion and $1.1 billion ● Contribution Profit4 is expected to be between $40 million and $50 million ● Adjusted EBITDA4 is expected to be between $(80) million to $(70) million ● Stock-based compensation expense is expected to be approximately $35 million"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b30"], "char_count": 1841, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c97e5738eb20609a777e19b3ff1c3cf1ac551aa93727a6eb2a1768b4bd8a8751", "derivation_id": "c2ab238ebad296212232a398f460e83abd76861056c987f44b214c38ab77e98d", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 30, "char_end": 1841, "char_start": 0, "fragment_sha256": "d8db1bfb39431824c29a0e26b09658201ac64f6953bc50f1640119a06eb09ead", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#p11", "passage_kind": "narrative", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex992sharehol.htm", "table_id": null, "text": "13 Financial Highlights We remain focused on re-scaling the business in a sustainable fashion. Looking ahead, we expect to benefit from advertising, partnerships, and spread tailwinds, coupled with improved overall Contribution Margin, while navigating ongoing macro uncertainty. Our framework to achieve positive Adjusted Net Income has not changed: we believe we will reach this goal at a steady-state annual revenue of $10 billion, or approximately 2,200 acquisitions and resales per month at the higher end of our target annual Contribution Margin range of 5% to 7%. We expect to significantly reduce Adjusted Net Losses this year as we meaningfully ramp acquisitions year-over-year within our target annual Contribution Margin range, while leveraging our fixed costs. However, as we sit here today, we don’t anticipate reaching the acquisition and resale volumes needed to reach positive Adjusted Net Income for a quarter in 2024. Finally, we expect monthly home acquisitions to accelerate through the first quarter, inline with typical seasonality, with home acquisitions expected to be up over 100% year-over-year in 1Q24. Additionally, we expect to see an increase in contract volume late in the quarter, which would translate into a sequential increase in home acquisitions in 2Q24. CONCLUSION We have been steadfast in our vision over the last decade: to be the place where all sellers come to start their selling journey. Everything we build is in service of creating a magical, seamless end-to-end seller experience that meets sellers where they are and firmly establishes us as the clear market leader in a simple, certain sale. Our products, technology, and operations will enable us to reinvent one of life’s most important transactions and allow customers to transact with confidence and control – all at the tap of a button."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b32", "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b34", "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b36"], "char_count": 597, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5bd12bb13611f71227024a080bf0681a58ab90a3461759b6e30960b9d552a4ad", "derivation_id": "c2ab238ebad296212232a398f460e83abd76861056c987f44b214c38ab77e98d", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 32, "char_end": 493, "char_start": 0, "fragment_sha256": "bee4925f4d0d3c9c5e283c17bd5d67930d3df21bcff23b1dc2b4e1b31314793a", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 34, "char_end": 67, "char_start": 0, "fragment_sha256": "b1d88b89efd7c230c0b30c3a2915ea92f71a32bf0ac2f318b42874ca8f595cf5", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 36, "char_end": 33, "char_start": 0, "fragment_sha256": "59c923220e35c1f8ab2210daf6f462f4a8792c02886eb620066d92f64e7f8bee", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex992sharehol.htm", "table_id": null, "text": "14Raleigh-Durham, NC Carrie Wheeler, CEO Christy Schwartz, Interim CFO CONFERENCE CALL INFORMATION Opendoor will host a conference call to discuss its financial results on February 15, 2024 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. February 15, 2024 at 2 p.m. PT investor.opendoor.com LIVE WEBCAST\n\n/ Opendoor/ OpendoorHQ Company / Opendoor-com investor.opendoor.com\n\n16 Definitions & Financial Tables"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b38"], "char_count": 2684, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "42102a03436552db52445aa9d868bc48769163058f9130338d55c60464729641", "derivation_id": "c2ab238ebad296212232a398f460e83abd76861056c987f44b214c38ab77e98d", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 38, "char_end": 2684, "char_start": 0, "fragment_sha256": "2485e0f14d60e3dd9300ab6d8ae81a53fc4b89fb3411d4bf12473cb03fbcaadf", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#p13", "passage_kind": "narrative", "passage_sequence": 13, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex992sharehol.htm", "table_id": null, "text": "This shareholder letter contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including, without limitation, statements regarding: current and future health and stability of the real estate housing market and general economy; volatility of mortgage interest rates and expectations regarding the future shifts in behavior by consumers and partners; the health and status of our financial condition and whether we will be able to rescale our business in 2024; anticipated future results of operations or financial performance, including our 2024 outlook and our ability to achieve Adjusted Net Income breakeven and other long-term performance targets; priorities of the Company to achieve future financial and business goals; our ability to continue to effectively navigate the markets in which we operate; anticipated future and ongoing impacts and benefits of acquisitions, advertising, partnership channel expansions, product innovations and other business decisions; health of our balance sheet to weather ongoing market transitions; our ability to adopt an effective approach to manage economic and industry risk, as well as inventory health; our expectations with respect to the future success of our partnerships and our ability to drive significant growth in sales volumes through such partnerships; business strategy and plans, including any plans to expand into additional markets, market opportunity and expansion and objectives of management for future operations, including statements regarding the benefits and timing of the roll out of new markets, products or technology; and the expected diversification of funding sources. Forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “vision”, “will”, or “would”, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b38"], "char_count": 3979, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b710a963014a25b369158797c74c9720647737894ebfa64e35db0a1a7cf324a2", "derivation_id": "c2ab238ebad296212232a398f460e83abd76861056c987f44b214c38ab77e98d", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 38, "char_end": 6663, "char_start": 2684, "fragment_sha256": "2485e0f14d60e3dd9300ab6d8ae81a53fc4b89fb3411d4bf12473cb03fbcaadf", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#p14", "passage_kind": "narrative", "passage_sequence": 14, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex992sharehol.htm", "table_id": null, "text": "The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this shareholder letter include but are not limited to: the current and future health and stability of the economy, financial conditions and the residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory) that may reduce demand for our products and services, lower our profitability or reduce our access to future financings; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and real estate partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our technology platform, including our automated pricing and valuation technology; ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; any future impact of pandemics or epidemics, including any future resurgences of COVID-19 and its variants, or other public health crises on our ability to operate, demand for our products and services, or other general economic conditions; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; changes in laws or government regulation affecting our business; and the impact of pending or any future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on or about February 15, 2024, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward- looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward- looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 17 Forward-Looking Statements"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b40"], "char_count": 3173, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d7d90c34d79d4076559620a32b86df950d0fa921202c8f2dc256f76465e1f184", "derivation_id": "c2ab238ebad296212232a398f460e83abd76861056c987f44b214c38ab77e98d", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 40, "char_end": 3173, "char_start": 0, "fragment_sha256": "bf692618593bec2229d2981f5b173bb8730a206702214cd7e829a10f15c4ea4e", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#p15", "passage_kind": "narrative", "passage_sequence": 15, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex992sharehol.htm", "table_id": null, "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company’s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit (Loss), Contribution Profit (Loss), Adjusted Net Loss, Adjusted EBITDA, Adjusted Operating Expenses, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non- GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results. Adjusted Gross Profit (Loss) and Contribution Profit (Loss) To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit (Loss) and Contribution Profit (Loss), which are non-GAAP financial measures. We believe that Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit (Loss) provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit. 18 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b42"], "char_count": 1878, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "217f0890793046b88da4b918e10b3883a6267e14bf8fc2de7e3300effe33bfd2", "derivation_id": "c2ab238ebad296212232a398f460e83abd76861056c987f44b214c38ab77e98d", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 42, "char_end": 1878, "char_start": 0, "fragment_sha256": "16e434d679ea466b39012609bef5b7db050b0d79dd5a15b1016c62d2b0079367", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#p16", "passage_kind": "narrative", "passage_sequence": 16, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex992sharehol.htm", "table_id": null, "text": "Adjusted Gross Profit (Loss) / Margin We calculate Adjusted Gross Profit (Loss) as gross profit (loss) under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit (Loss) helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution Profit (Loss) / Margin We calculate Contribution Profit (Loss) as Adjusted Gross Profit (Loss), minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit (Loss) helps management assess inflows and outflows directly associated with a specific resale cohort. 19 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b44"], "char_count": 3266, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e59a96fc7d104459b3358836101bf650b9d777044063fcf977ad221188dacfa5", "derivation_id": "c2ab238ebad296212232a398f460e83abd76861056c987f44b214c38ab77e98d", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 44, "char_end": 3266, "char_start": 0, "fragment_sha256": "8c71bd51a50cf5958df2d81496735a6c1e52e1f40b0e509678b7c0ff0bb8e91f", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#p17", "passage_kind": "narrative", "passage_sequence": 17, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex992sharehol.htm", "table_id": null, "text": "20 Adjusted Net Loss and Adjusted EBITDA / Margin We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net income (loss). We calculate Adjusted Net Loss as GAAP net income (loss) adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring and legal contingency accruals. It excludes (gain) loss on extinguishment of debt as these expenses or gains were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities and the 0.25% convertible senior notes due in 2026 (the \"2026 Notes\") early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. It also excludes non- recurring goodwill impairment. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non- GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue. Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b46"], "char_count": 3979, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "095d6878b6dcc8e76b2a4f5f555dbb9f6f0d9157bf7185b32bfdc9ca60e79121", "derivation_id": "c2ab238ebad296212232a398f460e83abd76861056c987f44b214c38ab77e98d", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 46, "char_end": 3979, "char_start": 0, "fragment_sha256": "f275993db37db5efedfbfff57fd3472b549a628961fa38a30286dddcf3ea3795", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#p18", "passage_kind": "narrative", "passage_sequence": 18, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex992sharehol.htm", "table_id": null, "text": "21 Adjusted Operating Expense We also present Adjusted Operating Expense, which is a non-GAAP financial measure that bridges the difference between Contribution Profit and Adjusted EBITDA. We believe this measure provides investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to contribution profit and certain charges that are non-recurring, non-cash, or not directly related to our revenue-generating operations are removed. Adjusted Operating Expense is a supplemental measure of our operating expenditures and has important limitations. For example, this measure excludes the impact of certain costs required to be recorded under GAAP. This measure removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to contribution margin. This measure could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, this measure should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of this measure to the most directly comparable GAAP financial measure, which is operating expenses. We calculate Adjusted Operating Expense as GAAP operating expense adjusted to exclude direct selling costs and holding costs included in determining Contribution Profit. It excludes non-recurring goodwill impairment. The measure also excludes non-cash expenses of stock-based compensation, depreciation and amortization, and intangibles amortization. It also excludes expenses that are not directly related to our revenue-generating operations such as restructuring charges and legal contingency accruals. Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, Adjusted Technology and Development We also present Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, and Adjusted Technology and Development, which are non-GAAP financial measures that provide investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to contribution profit and certain charges that are non-cash are removed. These supplemental measures of our operating expenditures have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. Specifically, Adjusted Sales, Marketing and Operations removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to contribution margin. These measures could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which are Sales, marketing and operations expense, General and administrative expense and Technology and development expense. We calculate Adjusted Sales, Marketing and Operations as GAAP sales, marketing and operations expenses to exclude direct selling costs and holding costs included in determining Contribution Profit. This measure also excludes non-cash expenses of stock-based compensation and depreciation and amortization associated with sales, marketing and operations assets. We calculate Adjusted General and administrative as GAAP general and administrative expenses to exclude non-cash expenses of stock-based compensation, depreciation and amortization of intangibles amortization associated with general and administrative assets."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b46"], "char_count": 363, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "094a09a2ce5d5a66de96bfbbe10843605d2a8280e348c02e633430b7e5dff5c6", "derivation_id": "c2ab238ebad296212232a398f460e83abd76861056c987f44b214c38ab77e98d", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 46, "char_end": 4342, "char_start": 3979, "fragment_sha256": "f275993db37db5efedfbfff57fd3472b549a628961fa38a30286dddcf3ea3795", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#p19", "passage_kind": "narrative", "passage_sequence": 19, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex992sharehol.htm", "table_id": null, "text": "It also excludes expenses that are not directly related to our revenue-generating operations such as legal contingency accruals. We calculate Technology and Development as GAAP technology and development expenses to exclude non-cash expenses of stock-based compensation, depreciation and amortization associated with technology and development assets. Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b48"], "char_count": 1568, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "83b46c97af2a0aa3f96fc59b740a6e7d0cd553c24139ac12908828700ebab6d3", "derivation_id": "c2ab238ebad296212232a398f460e83abd76861056c987f44b214c38ab77e98d", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 48, "char_end": 1568, "char_start": 0, "fragment_sha256": "4c7193b8e3d27f9b8f2f9f6387c866f275ad41f4d7094b4bccfe0db2ae4e9891", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#p20", "passage_kind": "narrative", "passage_sequence": 20, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex992sharehol.htm", "table_id": null, "text": "22 Three Months Ended Year Ended December 31, December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 2023 2022 Revenue $ 870 $ 980 $ 1,976 $ 3,120 $ 2,857 $ 6,946 $ 15,567 Gross profit $ 72 $ 96 $ 149 $ 170 $ 71 $ 487 $ 667 Gross Margin 8.3 % 9.8 % 7.5 % 5.4 % 2.5 % 7.0 % 4.3 % Net (loss) income $ (91) $ (106) $ 23 $ (101) $ (399) $ (275) $ (1,353) Number of markets (at period end) 50 53 53 53 53 50 53 Homes sold 2,364 2,687 5,383 8,274 7,512 18,708 39,183 Homes purchased 3,683 3,136 2,680 1,747 3,427 11,246 34,962 Homes in inventory (at period end) 5,326 4,007 3,558 6,261 12,788 5,326 12,788 Inventory (at period end) $ 1,775 $ 1,311 $ 1,149 $ 2,118 $ 4,460 $ 1,775 $ 4,460 Percentage of homes “on the market” for greater than 120 days (at period end) 18 % 12 % 24 % 59 % 55 % 18 % 55 % Non-GAAP Financial Highlights (1) Contribution Profit (Loss) $ 30 $ 43 $ (90) $ (241) $ (207) $ (258) $ 525 Contribution Margin 3.4 % 4.4 % (4.6) % (7.7) % (7.2) % (3.7) % 3.4 % Adjusted EBITDA $ (69) $ (49) $ (168) $ (341) $ (351) $ (627) $ (168) Adjusted EBITDA Margin (7.9) % (5.0) % (8.5) % (10.9) % (12.3) % (9.0) % (1.1) % Adjusted Net Loss $ (97) $ (75) $ (197) $ (409) $ (467) $ (778) $ (574) OPENDOOR TECHNOLOGIES INC. FINANCIAL HIGHLIGHTS AND OPERATING METRICS (In millions, except percentages, homes sold, number of markets, homes purchased, and homes in inventory) (Unaudited) (1) See “—Use of Non-GAAP Financial Measures” for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b50"], "char_count": 1554, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "dc231e58cc23f79241c127bb524256ea433e04aa17a497c251e5905f7b56ecfa", "derivation_id": "c2ab238ebad296212232a398f460e83abd76861056c987f44b214c38ab77e98d", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 50, "char_end": 1554, "char_start": 0, "fragment_sha256": "96e46674401afe9d7d34fd0d4335969b6560adb128ce580b4c58f3f962daf951", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#p21", "passage_kind": "narrative", "passage_sequence": 21, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex992sharehol.htm", "table_id": null, "text": "23 Three Months Ended Year Ended December 31, December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 2023 2022 REVENUE $ 870 $ 980 $ 1,976 $ 3,120 $ 2,857 $ 6,946 $ 15,567 COST OF REVENUE 798 884 1,827 2,950 2,786 6,459 14,900 GROSS PROFIT 72 96 149 170 71 487 667 OPERATING EXPENSES: Sales, marketing and operations 89 85 124 188 194 486 1,006 General and administrative 48 48 44 66 23 206 346 Technology and development 46 42 39 40 48 167 169 Goodwill impairment — — — — 60 — 60 Restructuring 4 — 10 — 17 14 17 Total operating expenses 187 175 217 294 342 873 1,598 LOSS FROM OPERATIONS (115) (79) (68) (124) (271) (386) (931) GAIN (LOSS) ON EXTINGUISHMENT OF DEBT 34 — 104 78 (25) 216 (25) INTEREST EXPENSE (37) (47) (53) (74) (113) (211) (385) OTHER INCOME (LOSS) – Net 27 20 41 19 10 107 (10) (LOSS) INCOME BEFORE INCOME TAXES (91) (106) 24 (101) (399) (274) (1,351) INCOME TAX EXPENSE — — (1) — — (1) (2) NET (LOSS) INCOME $ (91) $ (106) $ 23 $ (101) $ (399) $ (275) $ (1,353) Net (loss) income per share attributable to common shareholders: Basic $ (0.14) $ (0.16) $ 0.04 $ (0.16) $ (0.63) $ (0.42) $ (2.16) Diluted $ (0.14) $ (0.16) $ 0.03 $ (0.16) $ (0.63) $ (0.42) $ (2.16) Weighted-average shares outstanding: Basic 672,662 662,149 646,062 641,916 634,595 657,111 627,105 Diluted 672,662 662,149 667,159 641,916 634,595 657,111 627,105 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited)"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b52"], "char_count": 1441, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "511b1252cff1b5d883035dab024e2cb7694a73b479a343686f334d87efc75a4d", "derivation_id": "c2ab238ebad296212232a398f460e83abd76861056c987f44b214c38ab77e98d", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 52, "char_end": 1441, "char_start": 0, "fragment_sha256": "558dbbd8e37047cdb8827dc5b9408b5262c94b637e8f6e2e3cf215b32e2144d4", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#p22", "passage_kind": "narrative", "passage_sequence": 22, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex992sharehol.htm", "table_id": null, "text": "24 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) December 31, 2023 December 31, 2022 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 999 $ 1,137 Restricted cash 541 654 Marketable securities 69 144 Escrow receivable 9 30 Real estate inventory, net 1,775 4,460 Other current assets ($0 and $1 carried at fair value) 52 41 Total current assets 3,445 6,466 PROPERTY AND EQUIPMENT – Net 66 58 RIGHT OF USE ASSETS 25 41 GOODWILL 4 4 INTANGIBLES – Net 5 12 OTHER ASSETS 22 27 TOTAL ASSETS $ 3,567 $ 6,608 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 64 $ 110 Non-recourse asset-backed debt - current portion — 1,376 Interest payable 1 12 Lease liabilities - current portion 5 7 Total current liabilities 70 1,505 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 2,134 3,020 CONVERTIBLE SENIOR NOTES 376 959 LEASE LIABILITIES – Net of current portion 19 38 OTHER LIABILITIES 1 — Total liabilities 2,600 5,522 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 677,636,163 and 637,387,025 shares issued, respectively; 677,636,163 and 637,387,025 shares — — Additional paid-in capital 4,301 4,148 Accumulated deficit (3,333) (3,058) Accumulated other comprehensive loss (1) (4) Total shareholders’ equity 967 1,086 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 3,567 $ 6,608"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b54"], "char_count": 2696, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "04e781fe1dd11fe32c77a5ea51305285443842157f442fc7081d5af80d97d071", "derivation_id": "c2ab238ebad296212232a398f460e83abd76861056c987f44b214c38ab77e98d", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 54, "char_end": 2696, "char_start": 0, "fragment_sha256": "ee552b22aee3d3e891a79a93050e5e2076a54709c3186210eb23ce02c86cba7e", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#p23", "passage_kind": "narrative", "passage_sequence": 23, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex992sharehol.htm", "table_id": null, "text": "25 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Year Ended December 31, 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (275) $ (1,353) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash provided by operating activities: Depreciation and amortization 65 83 Amortization of right of use asset 7 7 Stock-based compensation 126 171 Inventory valuation adjustment 65 737 Goodwill impairment — 60 Change in fair value of equity securities 1 35 Other 13 (1) Origination of mortgage loans held for sale — (118) Proceeds from sale and principal collections of mortgage loans held for sale 1 128 (Gain) loss on extinguishment of debt (216) 25 Changes in operating assets and liabilities: Escrow receivable 21 54 Real estate inventory 2,613 896 Other assets (19) 37 Accounts payable and other accrued liabilities (38) (25) Interest payable (10) 2 Lease liabilities (10) (8) Net cash provided by operating activities 2,344 730 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (37) (37) Purchase of marketable securities — (28) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 80 328 Purchase of non-marketable equity securities — (25) Proceeds from sale of non-marketable equity securities 1 3 Capital returns of non-marketable equity securities — 3 Acquisitions, net of cash acquired — (10) Net cash provided by investing activities 44 234 CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of convertible senior notes (362) — Proceeds from exercise of stock options 3 4 Proceeds from issuance of common stock for ESPP 2 2 Proceeds from non-recourse asset-backed debt 238 10,108 Principal payments on non-recourse asset-backed debt (2,515) (11,822) Proceeds from other secured borrowings — 114 Principal payments on other secured borrowings — (121) Payment of loan origination fees and debt issuance costs (1) (26) Payment for early extinguishment of debt (4) (10) Net cash used in financing activities (2,639) (1,751) NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (251) (787) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 1,791 2,578 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $ 1,540 $ 1,791 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $ 203 $ 355 DISCLOSURES OF NONCASH ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 23 $ 16 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 999 $ 1,137 Restricted cash 541 654 Cash, cash equivalents, and restricted cash $ 1,540 $ 1,791"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b56"], "char_count": 2543, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "223b7098c580fca7ca78f50f3649dd96375aa6c4e29f406523b0242ab0b69391", "derivation_id": "c2ab238ebad296212232a398f460e83abd76861056c987f44b214c38ab77e98d", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 56, "char_end": 2543, "char_start": 0, "fragment_sha256": "b6aa6ea4cb3735aed9245381574ea2544b7cbe1eda60bd7e54583b371180a097", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#p24", "passage_kind": "narrative", "passage_sequence": 24, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex992sharehol.htm", "table_id": null, "text": "26 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT (LOSS) AND CONTRIBUTION PROFIT (LOSS) TO OUR GROSS PROFIT (LOSS) (Unaudited) Three Months Ended Year Ended December 31, (in millions, except percentages and homes sold, or as noted) December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 2023 2022 Revenue (GAAP) $ 870 $ 980 $ 1,976 $ 3,120 $ 2,857 $ 6,946 $ 15,567 Gross profit (GAAP) $ 72 $ 96 $ 149 $ 170 $ 71 $ 487 $ 667 Gross Margin 8.3 % 9.8 % 7.5 % 5.4 % 2.5 % 7.0 % 4.3 % Adjustments: Inventory valuation adjustment – Current Period͏(1)(2) 11 17 14 23 73 23 458 Inventory valuation adjustment – Prior Periods͏(1)(3) (17) (29) (156) (295) (236) (455) (39) Adjusted Gross Profit (Loss) $ 66 $ 84 $ 7 $ (102) $ (92) $ 55 $ 1,086 Adjusted Gross Margin 7.6 % 8.6 % 0.4 % (3.3) % (3.2) % 0.8 % 7.0 % Adjustments: Direct selling costs(4) (26) (28) (58) (85) (78) (197) (414) Holding costs on sales – Current Period͏(5)(6) (3) (4) (6) (13) (10) (50) (109) Holding costs on sales – Prior Periods͏(5)(7) (7) (9) (33) (41) (27) (66) (38) Contribution Profit (Loss) $ 30 $ 43 $ (90) $ (241) $ (207) $ (258) $ 525 Homes sold in period 2,364 2,687 5,383 8,274 7,512 18,708 39,183 Contribution Profit (Loss) per Home Sold (in thousands) $ 13 $ 16 $ (17) $ (29) $ (28) $ (14) $ 13 Contribution Margin 3.4 % 4.4 % (4.6) % (7.7) % (7.2) % (3.7) % 3.4 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b58"], "char_count": 3079, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8316fae04d90c3626612b07f408f697bcb40dea036e01761f5a48f7169de7415", "derivation_id": "c2ab238ebad296212232a398f460e83abd76861056c987f44b214c38ab77e98d", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 58, "char_end": 3079, "char_start": 0, "fragment_sha256": "83ecf5512a87bf2ba1ee423ef3c7cfa889750ac09b8ae71d01cf520d7c890547", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#p25", "passage_kind": "narrative", "passage_sequence": 25, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex992sharehol.htm", "table_id": null, "text": "27 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED NET LOSS AND ADJUSTED EBITDA TO OUR NET (LOSS) INCOME (Unaudited) Three Months Ended Year Ended December 31, (in millions, except percentages) December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 2023 2022 Revenue (GAAP) $ 870 $ 980 $ 1,976 $ 3,120 $ 2,857 $ 6,946 $ 15,567 Net (loss) income (GAAP) $ (91) $ (106) $ 23 $ (101) $ (399) $ (275) $ (1,353) Adjustments: Stock-based compensation 32 31 21 42 (7) 126 171 Equity securities fair value adjustment(1) (3) 11 (6) (1) (1) 1 35 Intangibles amortization expense(2) 2 2 1 2 2 7 9 Inventory valuation adjustment – Current Period͏(3)(4) 11 17 14 23 73 23 458 Inventory valuation adjustment — Prior Periods͏(3)(5) (17) (29) (156) (295) (236) (455) (39) Restructuring(6) 4 — 10 — 17 14 17 (Gain) loss on extinguishment of debt (34) — (104) (78) 25 (216) 25 Goodwill impairment — — — — 60 — 60 Legal contingency accrual and related expenses — — — — 1 — 46 Other(7) (1) (1) — (1) (2) (3) (3) Adjusted Net Loss $ (97) $ (75) $ (197) $ (409) $ (467) $ (778) $ (574) Adjustments: Depreciation and amortization, excluding amortization of intangibles 15 9 9 12 12 45 41 Property financing(8) 32 38 44 60 93 174 329 Other interest expense(9) 5 9 9 14 20 37 56 Interest income(10) (24) (30) (34) (18) (9) (106) (22) Income tax expense — — 1 — — 1 2 Adjusted EBITDA $ (69) $ (49) $ (168) $ (341) $ (351) $ (627) $ (168) Adjusted EBITDA Margin (7.9) % (5.0) % (8.5) % (10.9) % (12.3) % (9.0) % (1.1) % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuring costs consist primarily of severance and employee termination benefits and bonuses. (7) Includes primarily sublease income, income from equity method investments, and gain on lease termination. (8) Includes interest expense on our non-recourse asset-backed debt facilities. (9) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset- backed debt facilities, interest expense related to the 2026 Notes outstanding, and interest expense on other secured borrowings. (10) Consists mainly of interest earned on cash, cash equivalents, restricted cash, and marketable securities."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b60"], "char_count": 2561, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f622951322f53e089239b0f4e1a6c40fd51a054c0cce7d84fd051de820d9bb8c", "derivation_id": "c2ab238ebad296212232a398f460e83abd76861056c987f44b214c38ab77e98d", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 60, "char_end": 2561, "char_start": 0, "fragment_sha256": "4f0ca493267c1021534e24718c4514bc8a8a2d3fca827951becf00d9f6afe176", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#p26", "passage_kind": "narrative", "passage_sequence": 26, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex992sharehol.htm", "table_id": null, "text": "28 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS (LOSS) PROFIT AND CONTRIBUTION (LOSS) PROFIT TO OUR GROSS PROFIT BY COHORT (Unaudited) Three Months Ended December 31, 2023 Twelve Months Ended December 31, 2023 (in millions, except percentages) Old Book: Q2 2022 Cohort and Prior (8) New Book: Post Q2 2022 Cohort (8) Total Old Book: Q2 2022 Cohort and Prior (8) New Book: Post Q2 2022 Cohort (8) Total Revenue (GAAP) $ 52 $ 818 $ 870 $ 3,773 $ 3,173 $ 6,946 Cost of Revenue 50 748 798 3,659 2,800 6,459 Gross profit (GAAP) $ 2 $ 70 $ 72 $ 114 $ 373 $ 487 Gross Margin 3.8 % 8.6 % 8.3 % 3.0 % 11.8 % 7.0 % Adjustments: Inventory valuation adjustment – Current Period͏(1)(2) 1 10 11 7 16 23 Inventory valuation adjustment – Prior Periods͏(1)(3) (12) (5) (17) (451) (4) (455) Adjusted Gross (Loss) Profit $ (9) $ 75 $ 66 $ (330) $ 385 $ 55 Adjusted Gross Margin (17.3) % 9.2 % 7.6 % (8.7) % 12.1 % 0.8 % Adjustments: Direct selling costs(4) (1) (25) (26) (104) (93) (197) Holding costs on sales – Current Period͏(5)(6) — (3) (3) (26) (24) (50) Holding costs on sales – Prior Periods͏(5)(7) (2) (5) (7) (60) (6) (66) Contribution (Loss) Profit $ (12) $ 42 $ 30 $ (520) $ 262 $ (258) Contribution Margin (23.1) % 5.1 % 3.4 % (13.8) % 8.3 % (3.7) % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented. (8) Old Book: Q2 2022 Cohort and Prior refers to offers prior to July 2022. New book: Post Q2 2022 Cohort includes offers made in July 2022 and after."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b62"], "char_count": 2057, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9a7ed270fba584da0ab77ed58bc1298259ea5c9feb43b49e5396b6c2470b26ea", "derivation_id": "c2ab238ebad296212232a398f460e83abd76861056c987f44b214c38ab77e98d", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 62, "char_end": 2057, "char_start": 0, "fragment_sha256": "da7b88c60bf3afe8b20f5c5b782604d7b0dcfd5c67af2e7bfb6cda6b6fe28394", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#p27", "passage_kind": "narrative", "passage_sequence": 27, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex992sharehol.htm", "table_id": null, "text": "29 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED OPERATING EXPENSES TO OUR OPERATING EXPENSES (Unaudited) Three Months Ended (in millions, except percentages) December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 OPERATING EXPENSES: Sales, marketing and operations 89 85 124 188 194,000 194 General and administrative 48 48 44 66 23 Technology and development 46 42 39 40 48 Goodwill Impairment — — — — 60 Restructuring 4 — 10 — 17 Total Operating Expenses (GAAP) $ 187 $ 175 $ 217 $ 294 $ 342 Operating Expenses (GAAP) $ 187 $ 175 $ 217 $ 294 $ 342 Adjustments: Direct Selling Costs(1) (26) (28) (58) (85) (78) Holding costs included in contribution profit(2) (10) (13) (39) (54) (37) Stock-based compensation (32) (31) (21) (42) 7 Intangibles amortization expense(3) (2) (2) (1) (2) (2) Restructuring (4) — (10) — (17) Goodwill impairment — — — — (60) Legal contingency accrual — — — — (1) Depreciation and amortization, excluding amortization of intangibles (15) (9) (9) (12) (12) Other 1 — (1) 1 2 Total Adjusted Operating Expenses (Non-GAAP) $ 99 $ 92 $ 78 $ 100 $ 144 (1) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (2) Represents holding costs incurred in the period presented on homes sold in the period presented as well as holding costs incurred in prior periods on homes sold in the period presented (“Resale Cohort Holding Costs.”) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations in the period in which they are incurred (“GAAP Holding Costs.”) (3) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b64"], "char_count": 3661, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "68574bbf3a8dd628c9f912aae879760b356cb1519df14764101fb949d7410062", "derivation_id": "c2ab238ebad296212232a398f460e83abd76861056c987f44b214c38ab77e98d", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 64, "char_end": 3661, "char_start": 0, "fragment_sha256": "b564859d2614f20d3c49bd382bff770aea77480f459ae2330605be1ad720e451", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#p28", "passage_kind": "narrative", "passage_sequence": 28, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex992sharehol.htm", "table_id": null, "text": "30 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED SALES, MARKETING AND OPERATIONS; ADJUSTED GENERAL AND ADMINISTRATIVE; AND ADJUSTED TECHNOLOGY AND DEVELOPMENT EXPENSES TO THEIR CORRESPONDING GAAP MEASURES (Unaudited) Three Months Ended (in millions) December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 Sales, marketing and operations (GAAP)(1) $ 89 $ 85 $ 124 $ 188 $ 194 Direct Selling Costs(2) (26) (28) (58) (85) (78) Holding costs included in contribution profit(3)(4) (10) (13) (39) (54) (37) Stock-based compensation (4) (4) (4) (4) (4) Intangibles amortization expense(5) — (1) (1) (1) (2) Depreciation and amortization, excluding amortization of intangibles — (1) (2) (2) (2) Adjusted Sales, Marketing and Operations (Non- GAAP)(6) $ 49 $ 38 $ 20 $ 42 $ 71 General and administrative (GAAP) $ 48 $ 48 $ 44 $ 66 $ 23 Stock-based compensation (16) (15) (5) (27) 23 Legal contingency accrual and related expenses — — — — (1) Depreciation and amortization, excluding amortization of intangibles — (1) — (1) (1) Other 1 — (1) 1 2 Adjusted General and Administrative (Non-GAAP)(6) $ 33 $ 32 $ 38 $ 39 $ 46 Technology and development (GAAP) $ 46 $ 42 $ 39 $ 40 $ 48 Stock-based compensation (12) (12) (12) (11) (12) Intangibles amortization expense(5) (2) (1) — (1) — Depreciation and amortization, excluding amortization of intangibles (15) (7) (7) (9) (9) Adjusted Technology and Development (Non- GAAP)(6) $ 17 $ 22 $ 20 $ 19 $ 27 Note: Advertising expenses(1) $ 17 $ 16 $ 15 $ 27 $ 28 (1) Advertising expenses included in Sales, marketing and operations. (2) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (3) Represents holding costs incurred in the period presented on homes sold in the period presented as well as holding costs incurred in prior periods on homes sold in the period presented (“Resale Cohort Holding Costs.”) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations in the period in which they are incurred (“GAAP Holding Costs.”) (4) The table below presents the timing difference within Adjusted Sales, marketing and operations related to holding costs. The amount of GAAP Holding Costs recognized during the period may be in excess of/ (less than) the amount of Resale Cohort Holding costs related to homes sold in the relevant period and included in Contribution Profit. Three Months Ended December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 Total GAAP Holding Costs $ 13 $ 12 $ 12 $ 28 $ 44 Holding costs on sales - Current Period (3) (4) (6) (13) (10) Holding costs on sales - Prior Periods (7) (9) (33) (41) (27) Less: Resale Cohort Holding Costs (10) (13) (39) (54) (37) GAAP Holding Costs in excess of / (less than) Resale Holding Costs included in Contribution Profit $ 3 $ (1) $ (27) $ (26) $ 7 (5) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (6) The sum of Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, and Adjusted Technology and Development expenses is equal to Total Adjusted Operated Expenses (Non-GAAP). Refer to the \"Reconciliation of our Adjusted Operating Expenses to our Operating Expenses\" table on Page 29."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b66", "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b68", "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b70", "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#b72"], "char_count": 1012, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "def29f49cba3b034cf8b417a7ef8b0db6b57ad7c1a9dbba58cd7438371c3f7ee", "derivation_id": "c2ab238ebad296212232a398f460e83abd76861056c987f44b214c38ab77e98d", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 66, "char_end": 11, "char_start": 0, "fragment_sha256": "c1375b8606c8f2c6bb604a06264307ffcf73e5ef376c29d5b6f80235add16e39", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 68, "char_end": 577, "char_start": 0, "fragment_sha256": "d66790e1f4a08b75b659b31ac1064989bb7a1b24276bc16625ee8f29178b8857", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 70, "char_end": 260, "char_start": 0, "fragment_sha256": "55f943ce831472c0703c0360dae7a4d10ddc047364a55459e13f12210bb912a4", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "block_sequence": 72, "char_end": 158, "char_start": 0, "fragment_sha256": "40a7fb16253e0a77fc710eaf2b32684cc5606664dc8a16ba5f612b2dbedabdd7", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#p29", "passage_kind": "narrative", "passage_sequence": 29, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex992sharehol.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex992sharehol.htm", "table_id": null, "text": "Appendix 31\n\nAppendix 1. MLS Clearance Rate is defined as the number of daily contracts that enter pending status on the Multiple Listing Service (i.e. market listings), filtered for Opendoor’s markets and buybox, divided by the number of active listings on the Multiple Listing Service, filtered for the same markets and buybox. Trailing 7-Day MLS Clearance Rate1 MLS Data Filtered to Opendoor Markets and Buybox Trailing 7-Day MLS Contracts MLS Data Filtered to Opendoor Markets and Buybox Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 32 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec\n\nTrailing 7-Day MLS New Listings MLS Data Filtered to OD Markets and Buybox Appendix Trailing 7-Day MLS Active Listings MLS Data Filtered to OD Markets and Buybox Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 33\n\nAppendix 30-Day Rolling Home Price Appreciation (HPA) Weighted to Opendoor Markets; Non-Seasonally Adjusted Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 34"} diff --git a/data/normalized/sec/0001801169/8-K/2024-02-15_0001801169-24-000015/norm_0001801169_0001801169-24-000015_q42023formxex993suppleme.htm.json b/data/normalized/sec/0001801169/8-K/2024-02-15_0001801169-24-000015/norm_0001801169_0001801169-24-000015_q42023formxex993suppleme.htm.json new file mode 100644 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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited) Three Months Ended December 31, Year Ended December 31, 2023 2022 2023 2022 REVENUE $ 870 $ 2,857 $ 6,946 $ 15,567 COST OF REVENUE 798 2,786 6,459 14,900 GROSS PROFIT 72 71 487 667 OPERATING EXPENSES: Sales, marketing and operations 89 194 486 1,006 General and administrative 48 23 206 346 Technology and development 46 48 167 169 Goodwill impairment \u2014 60 \u2014 60 Restructuring 4 17 14 17 Total operating expenses 187 342 873 1,598 LOSS FROM OPERATIONS (115) (271) (386) (931) GAIN (LOSS) ON EXTINGUISHMENT OF DEBT 34 (25) 216 (25) INTEREST EXPENSE (37) (113) (211) (385) OTHER INCOME (LOSS) \u2013 Net 27 10 107 (10) LOSS BEFORE INCOME TAXES (91) (399) (274) (1,351) INCOME TAX EXPENSE \u2014 \u2014 (1) (2) NET LOSS $ (91) $ (399) $ (275) $ (1,353) Net loss per share attributable to common shareholders: Basic $ (0.14) $ (0.63) $ (0.42) $ (2.16) Diluted $ (0.14) $ (0.63) $ (0.42) $ (2.16) Weighted-average shares outstanding: Basic 672,662 634,595 657,111 627,105 Diluted 672,662 634,595 657,111 627,105" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm#b9", + "block_sequence": 9, + "block_sha256": "f074f7f6038e45405f6dfdc639e75ab62e96d4daf1f3d18c0fe0363edb92f949", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm", + "block_sequence": 9, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "8d8cac851e406fcad433465dd9c66a072193cb764566507764e95ccd0345d129", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm#s2", + "table": null, + "text": "q42023formxex993suppleme003.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm#b10", + "block_sequence": 10, + "block_sha256": "1368ac0ff63176df6eba3fd312c683f912fbef1951ef93c1947938231fef776c", + "block_type": "paragraph", + "char_count": 1460, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm", + "block_sequence": 10, + "char_end": 1460, + "char_start": 0, + "fragment_sha256": "6209b2cd0d22019fced18b53b56d20ac421b9958815c4d519da62353bd107600", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) December 31, 2023 December 31, 2022 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 999 $ 1,137 Restricted cash 541 654 Marketable securities 69 144 Escrow receivable 9 30 Real estate inventory, net 1,775 4,460 Other current assets ($0 and $1 carried at fair value) 52 41 Total current assets 3,445 6,466 PROPERTY AND EQUIPMENT \u2013 Net 66 58 RIGHT OF USE ASSETS 25 41 GOODWILL 4 4 INTANGIBLES \u2013 Net 5 12 OTHER ASSETS 22 27 TOTAL ASSETS $ 3,567 $ 6,608 LIABILITIES AND SHAREHOLDERS\u2019 EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 64 $ 110 Non-recourse asset-backed debt - current portion \u2014 1,376 Interest payable 1 12 Lease liabilities - current portion 5 7 Total current liabilities 70 1,505 NON-RECOURSE ASSET-BACKED DEBT \u2013 Net of current portion 2,134 3,020 CONVERTIBLE SENIOR NOTES 376 959 LEASE LIABILITIES \u2013 Net of current portion 19 38 OTHER LIABILITIES 1 \u2014 Total liabilities 2,600 5,522 SHAREHOLDERS\u2019 EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 677,636,163 and 637,387,025 shares issued, respectively; 677,636,163 and 637,387,025 shares outstanding, respectively \u2014 \u2014 Additional paid-in capital 4,301 4,148 Accumulated deficit (3,333) (3,058) Accumulated other comprehensive loss (1) (4) Total shareholders\u2019 equity 967 1,086 TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY $ 3,567 $ 6,608" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm#b11", + "block_sequence": 11, + "block_sha256": "aba50e331f4fe943e3eff9efd5ad83da5ae557fbc1a16abf75fef64d4a83c9ed", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm", + "block_sequence": 11, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "97552786ddfb5186f6db40e45a0f49f7934a31aa4d4554d880b7c31ac725a4d7", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm#s2", + "table": null, + "text": "q42023formxex993suppleme004.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm#b12", + "block_sequence": 12, + "block_sha256": "8205f8c58f800ac1613a9eb872393dda357a76f57144bb797d6fe291e61c19b2", + "block_type": "paragraph", + "char_count": 1833, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm", + "block_sequence": 12, + "char_end": 1833, + "char_start": 0, + "fragment_sha256": "3f74c658602ce093ae94d1dae1cbf1c87956737fbb6931abd4ed89e06ff35d69", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. 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NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Gross Profit (Loss) and Contribution Profit (Loss) to our Gross Profit Three Months Ended (in millions, except percentages and homes sold, or as noted) December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 Revenue (GAAP) $ 870 $ 980 $ 1,976 $ 3,120 $ 2,857 Gross profit (GAAP) $ 72 $ 96 $ 149 $ 170 $ 71 Gross Margin 8.3 % 9.8 % 7.5 % 5.4 % 2.5 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f (1)(2) 11 17 14 23 73 Inventory valuation adjustment \u2013 Prior Periods\u034f (1)(3) (17) (29) (156) (295) (236) Adjusted Gross Profit (Loss) $ 66 $ 84 $ 7 $ (102) $ (92) Adjusted Gross Margin 7.6 % 8.6 % 0.4 % (3.3) % (3.2) % Adjustments: Direct selling costs (4) (26) (28) (58) (85) (78) Holding costs on sales \u2013 Current Period\u034f (5)(6) (3) (4) (6) (13) (10) Holding costs on sales \u2013 Prior Periods\u034f (5)(7) (7) (9) (33) (41) (27) Contribution Profit (Loss) $ 30 $ 43 $ (90) $ (241) $ (207) Homes sold in period 2,364 2,687 5,383 8,274 7,512 Contribution Profit (Loss) per Home Sold (in thousands) $ 13 $ 16 $ (17) $ (29) $ (28) Contribution Margin 3.4 % 4.4 % (4.6) % (7.7) % (7.2) % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. 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NON-GAAP MEASURES & KEY METRICS (Unaudited) Period Ended ($ in millions, except markets, homes purchased, homes sold, homes in inventory, and margins) Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Key Metrics Total Markets (at period end) 50 53 53 53 53 Total Revenue $ 870 $ 980 $ 1,976 $ 3,120 $ 2,857 Gross profit $ 72 $ 96 $ 149 $ 170 $ 71 Net (loss) income $ (91) $ (106) $ 23 $ (101) $ (399) Inventory (at period end) $ 1,775 $ 1,311 $ 1,149 $ 2,118 $ 4,460 Non-GAAP Financial Measures Adjusted Gross Profit (Loss) $ 66 $ 84 $ 7 $ (102) $ (92) Selling Costs (26) (28) (58) (85) (78) Holding Costs (10) (13) (39) (54) (37) Contribution Profit (Loss) $ 30 $ 43 $ (90) $ (241) $ (207) Adjusted EBITDA $ (69) $ (49) $ (168) $ (341) $ (351) Adjusted Net Loss $ (97) $ (75) $ (197) $ (409) $ (467) Margins Total Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Gross profit 8.3 % 9.8 % 7.5 % 5.4 % 2.5 % Adjusted Gross Profit (Loss) 7.6 % 8.6 % 0.4 % (3.3) % (3.2) % Contribution Profit (Loss) 3.4 % 4.4 % (4.6) % (7.7) % (7.2) % Net (loss) income (10.5) % (10.8) % 1.2 % (3.2) % (14.0) % Adjusted EBITDA (7.9) % (5.0) % (8.5) % (10.9) % (12.3) % Adjusted Net Loss (11.1) % (7.7) % (10.0) % (13.1) % (16.3) % Inventory Rollforward Homes in Inventory (at beginning of period) 4,007 3,558 6,261 12,788 16,873 Homes Purchased 3,683 3,136 2,680 1,747 3,427 Homes Sold (2,364) (2,687) (5,383) (8,274) (7,512) Homes in Inventory (at period end) 5,326 4,007 3,558 6,261 12,788 Exhibit 99.3"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm#b8", "norm:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm#b10"], "char_count": 2631, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "174cd1e1b8b097d0b91991826d1979d553706a920fbdfb3bf2211cce88636284", "derivation_id": "7bb4d12fc47da74252f0b1ffea23185c9b04b53e0e551527e6656959e45a7a95", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm", "block_sequence": 8, "char_end": 1169, "char_start": 0, "fragment_sha256": "56a300fc3d0e924739c2ce89c8d7af7afb967597d00c0697b82380160cc72ffc", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm", "block_sequence": 10, "char_end": 1460, "char_start": 0, "fragment_sha256": "6209b2cd0d22019fced18b53b56d20ac421b9958815c4d519da62353bd107600", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm#p2", "passage_kind": "narrative", "passage_sequence": 2, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex993suppleme.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited) Three Months Ended December 31, Year Ended December 31, 2023 2022 2023 2022 REVENUE $ 870 $ 2,857 $ 6,946 $ 15,567 COST OF REVENUE 798 2,786 6,459 14,900 GROSS PROFIT 72 71 487 667 OPERATING EXPENSES: Sales, marketing and operations 89 194 486 1,006 General and administrative 48 23 206 346 Technology and development 46 48 167 169 Goodwill impairment — 60 — 60 Restructuring 4 17 14 17 Total operating expenses 187 342 873 1,598 LOSS FROM OPERATIONS (115) (271) (386) (931) GAIN (LOSS) ON EXTINGUISHMENT OF DEBT 34 (25) 216 (25) INTEREST EXPENSE (37) (113) (211) (385) OTHER INCOME (LOSS) – Net 27 10 107 (10) LOSS BEFORE INCOME TAXES (91) (399) (274) (1,351) INCOME TAX EXPENSE — — (1) (2) NET LOSS $ (91) $ (399) $ (275) $ (1,353) Net loss per share attributable to common shareholders: Basic $ (0.14) $ (0.63) $ (0.42) $ (2.16) Diluted $ (0.14) $ (0.63) $ (0.42) $ (2.16) Weighted-average shares outstanding: Basic 672,662 634,595 657,111 627,105 Diluted 672,662 634,595 657,111 627,105\n\nOPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) December 31, 2023 December 31, 2022 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 999 $ 1,137 Restricted cash 541 654 Marketable securities 69 144 Escrow receivable 9 30 Real estate inventory, net 1,775 4,460 Other current assets ($0 and $1 carried at fair value) 52 41 Total current assets 3,445 6,466 PROPERTY AND EQUIPMENT – Net 66 58 RIGHT OF USE ASSETS 25 41 GOODWILL 4 4 INTANGIBLES – Net 5 12 OTHER ASSETS 22 27 TOTAL ASSETS $ 3,567 $ 6,608 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 64 $ 110 Non-recourse asset-backed debt - current portion — 1,376 Interest payable 1 12 Lease liabilities - current portion 5 7 Total current liabilities 70 1,505 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 2,134 3,020 CONVERTIBLE SENIOR NOTES 376 959 LEASE LIABILITIES – Net of current portion 19 38 OTHER LIABILITIES 1 — Total liabilities 2,600 5,522 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 677,636,163 and 637,387,025 shares issued, respectively; 677,636,163 and 637,387,025 shares outstanding, respectively — — Additional paid-in capital 4,301 4,148 Accumulated deficit (3,333) (3,058) Accumulated other comprehensive loss (1) (4) Total shareholders’ equity 967 1,086 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 3,567 $ 6,608"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm#b12"], "char_count": 1833, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8205f8c58f800ac1613a9eb872393dda357a76f57144bb797d6fe291e61c19b2", "derivation_id": "7bb4d12fc47da74252f0b1ffea23185c9b04b53e0e551527e6656959e45a7a95", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm", "block_sequence": 12, "char_end": 1833, "char_start": 0, "fragment_sha256": "3f74c658602ce093ae94d1dae1cbf1c87956737fbb6931abd4ed89e06ff35d69", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex993suppleme.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Year Ended December 31, 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (275) $ (1,353) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash provided by operating activities: Depreciation and amortization 65 83 Amortization of right of use asset 7 7 Stock-based compensation 126 171 Inventory valuation adjustment 65 737 Goodwill impairment — 60 Change in fair value of equity securities 1 35 Other 13 (1) Origination of mortgage loans held for sale — (118) Proceeds from sale and principal collections of mortgage loans held for sale 1 128 (Gain) loss on extinguishment of debt (216) 25 Changes in operating assets and liabilities: Escrow receivable 21 54 Real estate inventory 2,613 896 Other assets (19) 37 Accounts payable and other accrued liabilities (38) (25) Interest payable (10) 2 Lease liabilities (10) (8) Net cash provided by operating activities 2,344 730 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (37) (37) Purchase of marketable securities — (28) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 80 328 Purchase of non-marketable equity securities — (25) Proceeds from sale of non-marketable equity securities 1 3 Capital returns of non-marketable equity securities — 3 Acquisitions, net of cash acquired — (10) Net cash provided by investing activities 44 234 CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of convertible senior notes (362) — Proceeds from exercise of stock options 3 4 Proceeds from issuance of common stock for ESPP 2 2 Proceeds from non-recourse asset-backed debt 238 10,108 Principal payments on non-recourse asset-backed debt (2,515) (11,822) Proceeds from other secured borrowings — 114"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm#b14", "norm:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm#b16"], "char_count": 3223, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6f9289ed8ce9051847a000742e439806af30f6bd3242d42ca4c35d7f697c4f5b", "derivation_id": "7bb4d12fc47da74252f0b1ffea23185c9b04b53e0e551527e6656959e45a7a95", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm", "block_sequence": 14, "char_end": 859, "char_start": 0, "fragment_sha256": "cebe62b0dd7b67a642d1bd732d07672cbe7cd5f982b0bf8156cd4e79d5e0d559", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm", "block_sequence": 16, "char_end": 2362, "char_start": 0, "fragment_sha256": "78c30a555ccc694737cf264dbd9c7288dcbfd7205853d673c9d6b1a0e392fb2c", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex993suppleme.htm", "table_id": null, "text": "Principal payments on other secured borrowings — (121) Payment of loan origination fees and debt issuance costs (1) (26) Payment for early extinguishment of debt (4) (10) Net cash used in financing activities (2,639) (1,751) NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (251) (787) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 1,791 2,578 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $ 1,540 $ 1,791 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $ 203 $ 355 DISCLOSURES OF NONCASH ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 23 $ 16 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 999 $ 1,137 Restricted cash 541 654 Cash, cash equivalents, and restricted cash $ 1,540 $ 1,791\n\nOPENDOOR TECHNOLOGIES INC. NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Gross Profit (Loss) and Contribution Profit (Loss) to our Gross Profit Three Months Ended (in millions, except percentages and homes sold, or as noted) December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 Revenue (GAAP) $ 870 $ 980 $ 1,976 $ 3,120 $ 2,857 Gross profit (GAAP) $ 72 $ 96 $ 149 $ 170 $ 71 Gross Margin 8.3 % 9.8 % 7.5 % 5.4 % 2.5 % Adjustments: Inventory valuation adjustment – Current Period͏ (1)(2) 11 17 14 23 73 Inventory valuation adjustment – Prior Periods͏ (1)(3) (17) (29) (156) (295) (236) Adjusted Gross Profit (Loss) $ 66 $ 84 $ 7 $ (102) $ (92) Adjusted Gross Margin 7.6 % 8.6 % 0.4 % (3.3) % (3.2) % Adjustments: Direct selling costs (4) (26) (28) (58) (85) (78) Holding costs on sales – Current Period͏ (5)(6) (3) (4) (6) (13) (10) Holding costs on sales – Prior Periods͏ (5)(7) (7) (9) (33) (41) (27) Contribution Profit (Loss) $ 30 $ 43 $ (90) $ (241) $ (207) Homes sold in period 2,364 2,687 5,383 8,274 7,512 Contribution Profit (Loss) per Home Sold (in thousands) $ 13 $ 16 $ (17) $ (29) $ (28) Contribution Margin 3.4 % 4.4 % (4.6) % (7.7) % (7.2) % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow- related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm#b18"], "char_count": 2883, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5d03ea28e436e7b724e040f44b2949f1188c68874effac275b508adf7bc19cde", "derivation_id": "7bb4d12fc47da74252f0b1ffea23185c9b04b53e0e551527e6656959e45a7a95", "document_id": "norm:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2024-02-15", "filing_id": "sec:0001801169:0001801169-24-000015", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm", "block_sequence": 18, "char_end": 2883, "char_start": 0, "fragment_sha256": "7329e93a2b8b8310fb400e54980434b0ae0c8b15fec992f8f78d86a9624b99e7", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-02-15", "section_id": "norm:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000015:q42023formxex993suppleme.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000015/q42023formxex993suppleme.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our Net (Loss) Income Three Months Ended (in millions, except percentages) December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 Revenue (GAAP) $ 870 $ 980 $ 1,976 $ 3,120 $ 2,857 Net (loss) income (GAAP) $ (91) $ (106) $ 23 $ (101) $ (399) Adjustments: Stock-based compensation 32 31 21 42 (7) Equity securities fair value adjustment(1) (3) 11 (6) (1) (1) Intangibles amortization expense(2) 2 2 1 2 2 Inventory valuation adjustment – Current Period͏(3)(4) 11 17 14 23 73 Inventory valuation adjustment — Prior Periods͏(3)(5) (17) (29) (156) (295) (236) Restructuring(6) 4 — 10 — 17 (Gain) loss on extinguishment of debt (34) — (104) (78) 25 Goodwill impairment — — — — 60 Legal contingency accrual and related expenses — — — — 1 Other(7) (1) (1) — (1) (2) Adjusted Net Loss $ (97) $ (75) $ (197) $ (409) $ (467) Adjustments: Depreciation and amortization, excluding amortization of intangibles 15 9 9 12 12 Property financing(8) 32 38 44 60 93 Other interest expense(9) 5 9 9 14 20 Interest income(10) (24) (30) (34) (18) (9) Income tax expense — — 1 — — Adjusted EBITDA $ (69) $ (49) $ (168) $ (341) $ (351) Adjusted EBITDA Margin (7.9) % (5.0) % (8.5) % (10.9) % (12.3) % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuring costs consist primarily of severance and employee termination benefits and bonuses. (7) Includes primarily sublease income, income from equity method investments, and gain on lease termination. 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This was the easiest process. My friends asked, \u2018You already sold the home?\u2019 and I said, \u2018Yes, to Opendoor! You wouldn\u2019t believe it: I walked around the house with my phone camera\u2026 it was the easiest thing I\u2019ve ever done!\u2019 \u2013 Susan Hickman After Susan Hickman turned 60 in the fall of 2023, her life became a bit more exciting: her daughter became pregnant, and she was ecstatic to soon become \u201cGrandma\u201d. There was just one problem: Susan\u2019s family lived in Nashville, Tennessee, but she resided in a home she owned in Venice, Florida. Florida had been home for Susan for quite some time. It\u2019s where her friends lived and where she planted roots after several moves throughout her life. The thought of moving for the first time on her own was intimidating, particularly with the uncertainty of the current market. The opportunity to move closer to her family before her grandchild arrived pushed Susan to research options for selling her Florida home. She found Opendoor and was surprised and relieved by the certainty and ease the cash offer provided alongside the hassle-free experience that allowed her to skip home showings. Susan\u2019s decision to move was expedited when her daughter\u2019s home in Nashville was tragically hit by a tornado, and she needed a new place to live. With speed, certainty, and simplicity top of mind, Susan decided to sell her Florida home to Opendoor. The sale closed just three weeks after she received her Opendoor cash offer, and she used the proceeds to quickly purchase a new home in Nashville. Susan looks forward to her new chapter where she can be present for her growing family thanks to Opendoor." + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b9", + "block_sequence": 9, + "block_sha256": "bb60eb9a33af7cbe4c524367e0f9f450bc77783c918800e70aa86dc32125fe3f", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 9, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "b74060f86484978bb203a7d1468939abefce66858240e9cf225f1191f0c30904", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q24opendoorsh003.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b10", + "block_sequence": 10, + "block_sha256": "525df240d0f6cb708eeb28e2e72e3e70d521947ea58d08f57aa9a42b7c7cb7f7", + "block_type": "paragraph", + "char_count": 2470, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 10, + "char_end": 2470, + "char_start": 0, + "fragment_sha256": "8e4574fbc30da3aff3f09121f7e18c5db2280626cf9ed5453dfac8edf7113cd5", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "Note: Adjusted Operating Expenses, Contribution Profit, Contribution Margin, Adjusted Net Loss, and Adjusted EBITDA are non-GAAP financial measures. See \u201cUse of Non-GAAP Financial Measures\u201d following the financial tables below for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures. 3 Business Highlights 1Q24 Revenue $1.2 billion 1Q24 Acquisitions 3,458 1Q24 Contribution Margin 4.8% As we entered 2024, we outlined our commitment to three key operating principles: focus, execution, and results. Our first quarter performance reflects our continued progress along this path, with revenue, Contribution Profit, and Adjusted EBITDA results ahead of our guidance and acquisitions nearly doubling versus last year. We continue to focus on what we can control, and our north star remains rescaling the business in a durable and sustainable way. We remain on track to meaningfully ramp acquisitions year-over-year and deliver Contribution Margin within our target annual range of 5% to 7% in 2024. In addition, the progress we made on driving efficiencies across our business last year is allowing us to better leverage our fixed cost base as we continue to scale and drive toward positive Adjusted Net Income. Financial highlights from the first quarter include: \u25cf Purchased 3,458 homes, up 98% versus 1Q23. The year-over-year increase was driven by a combination of lower spreads and continued growth in our partnership channels. \u25cf Sold 3,078 homes which generated $1.2 billion of revenue, above our guidance range of $1.05 billion to $1.10 billion. \u25cf Delivered gross profit of $114 million, representing a 9.7% gross margin. Contribution Profit was $57 million, representing a 4.8% Contribution Margin, above the high end of our implied Contribution Margin guidance range of 3.8% to 4.5%. Notably, the homes we purchased subsequent to the housing reset (homes we made offers on in July of 2022 and after, or our \u201cnew book\u201d) have produced quarterly Contribution Margins within or above our annual target margin range for seven consecutive quarters, demonstrating the health of our unit economics across seasons and market environments. \u25cf Recognized Net Loss of $(109) million and Adjusted Net Loss of $(80) million. Adjusted EBITDA Loss was $(50) million, ahead of our guidance range of $(80) million to $(70) million, driven by strong revenue and Contribution Margin and ongoing cost discipline while ramping volumes." + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b11", + "block_sequence": 11, + "block_sha256": "4b40ab649a3b20e08b5ee74f0ce9d76760db60fe04957abba544874c398c50db", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 11, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "a7bed2ebb823406867d9fdbf3564baf3454b76816526b753b257f93f6b0c8ba6", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q24opendoorsh004.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b12", + "block_sequence": 12, + "block_sha256": "a0bf85b27d45677a875833b29a9d4b36387318524743dcb2aa051f8dae6a17e2", + "block_type": "paragraph", + "char_count": 2667, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 12, + "char_end": 2667, + "char_start": 0, + "fragment_sha256": "ebc1b0d24344174095d964d00ca905a9ebc70988b5d5d3a707830a50b9d42e27", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "4 Business Highlights 1. Opendoor has not provided a quantitative reconciliation of forecasted Contribution Profit (Loss) to forecasted GAAP gross profit (loss) nor a reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss) and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company\u2019s control. For more information regarding the non-GAAP financial measures discussed in this shareholder letter, please see \u201cUse of Non-GAAP Financial Measures\u201d following the financial tables below. 3Q23 Sequential Growth in Acquisitions 17% Last year, we focused our growth investments on expanding our partnership channels across online real estate platforms, agents, and homebuilders, which we continue to expect to be accretive to acquisition volumes. At the end of February, our eXp Realty partnership went live, enabling eXp Realty\u2019s agents to easily request an Opendoor cash offer on qualifying properties directly within their eXp dashboard to present alongside the option of a market listing for their client\u2019s home. In addition to driving incremental acquisitions, we expect this partnership to build our brand awareness within the agent community and serve as another avenue for sellers to learn about the benefits of our flagship cash offer. Listings in our buybox were up 6% year-over-year in the first quarter but remain 15% below pre-COVID levels. We more than doubled our market share in the first quarter versus 1Q23 and increased market share sequentially from 4Q23. While the number of potential sellers in the market may vary throughout the year, which impacts our top-of-funnel, we are driving growth and increasing market penetration through the spreads we incorporate into our offers, increased awareness of our offering, and expansions across our partnership channels. The simplicity and certainty of our product offering continues to attract home sellers to choose Opendoor. Looking ahead, we expect the following results for the second quarter of 2024: \u25cf Revenue is expected to be between $1.4 and $1.5 billion \u25cf Contribution Profit1 is expected to be between $75 and $85 million, or Contribution Margin between 5.4% and 5.7% \u25cf Adjusted EBITDA1 is expected to be between $(35) and $(25) million" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b13", + "block_sequence": 13, + "block_sha256": "4880fb58c4faa6f0afbb5f977f660aa54fd59ca617db70dd6ab5d2eb13c1c955", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 13, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "c64db05ccb662ada0746015891fd712576ff615378cbe15ac275a1d9e3c5c961", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q24opendoorsh005.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b14", + "block_sequence": 14, + "block_sha256": "25b0411db298601aa84b6fbf2f9dd9f43c3acda8eebbf13f3fac6d7fc8c96a85", + "block_type": "paragraph", + "char_count": 2228, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 14, + "char_end": 2228, + "char_start": 0, + "fragment_sha256": "146ab4a9a7110de1b4ec016b9c681b6979418229613a89a5b2df13529f4c8ddd", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "5 Business Highlights 2Q24 Acquisition Guidance 4,500+ Additionally, we ended the first quarter with 2,611 homes under contract to purchase, up 24% versus the end of 2023. These dynamics set us up to accelerate our acquisitions to over 4,500 during 2Q24. We are pleased with our results for the first quarter, and our approach to 2024 remains unchanged. With growing volumes that are generating healthy unit economics and a more efficient cost structure in place, we remain focused on achieving sustainable growth as we drive the business towards positive Adjusted Net Income. The NAR Settlement: Consumers Desire Change The proposed National Association of Realtors (\u201cNAR\u201d) settlement represents an important move towards giving consumers more transparency and choice, principles central to how we\u2019ve built our business and aligned with our values of providing consumers with greater certainty, simplicity, and control. We expect the unbundling of buyer broker commissions and increased transparency around transaction costs on the part of home buyers to drive down fees, although the extent of and timeline for that change is hard to call. In the near-term, this settlement should have a neutral to positive impact on our business. Our business model does not rely on earning revenue from commissions paid to buyers\u2019 agents; instead, those commissions are a cost to us that we pay when we resell our homes. In the long-term, this settlement could catalyze several key changes in the industry, and we are well-positioned to navigate these potential developments: \u25cf Lower transaction costs. For many years, sellers have attempted to negotiate fees down, with varying degrees of success. Increased transparency on buyer broker commissions could result in a similar transition, from 2.5% to 3% today to something much lower. If commissions decline or direct sales to buyers increase, Opendoor could pass these cost savings back to consumers in the form of lower spreads \u2013 offering higher cash proceeds to sellers and enabling more customers to say yes \u2013 at the same margin. Annual Contribution Margin Target 5% to 7% 1Q24 Homes Under Contract to Purchase at Quarter End 2,611 2,114 1,137 2,611 1,661 1Q23 2Q23 3Q23 4Q23 1Q24 1,390" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b15", + "block_sequence": 15, + "block_sha256": "10ff0b56d5c98b8016bb774f1da827c2b29357ba56680aa9414bde5190095d26", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 15, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "e11388a85e2851c82c4dea58ab4a2e4b1e913b0c0038b277ef3eb96b69f88b55", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q24opendoorsh006.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b16", + "block_sequence": 16, + "block_sha256": "f00bbcf26f602afbfb6db627b6f59850044a8816f7be52da54dd6b44238a393d", + "block_type": "paragraph", + "char_count": 1233, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 16, + "char_end": 1233, + "char_start": 0, + "fragment_sha256": "4c00cb44d3803f39619f400366f22cf3848725e17f62faea993b909f4d2b52a9", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "\u25cf More transactions. We believe that consumers will be more likely to move as the costs to transact decrease, and Opendoor has the opportunity to be at the center of this transition to a more liquid and lower-fee market. \u25cf And more direct transactions. We expect to see more consumers decide to transact directly instead of listing on the MLS. Opendoor has been building for this future for the last decade, and we believe we are well positioned to capitalize on this change. Our self-touring platform allows consumers to access homes directly \u2013 and our unique direct buying offering makes it seamless to evaluate and purchase a home directly from us if consumers aren\u2019t already working with an agent. As for our agent partners and community, our Opendoor for Agents loyalty program and referral offering will continue to offer certainty, transparency, and speed, especially as agents navigate these shifting conditions. Our business succeeds when consumers are happy \u2013 happy with our offers on their homes and happy with the experience they have with us \u2013 not from hefty commissions and complexities weaved into a highly stressful transaction. We\u2019ve been on this path from the beginning and welcome the change. 6 Business Highlights" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b17", + "block_sequence": 17, + "block_sha256": "a2a87a2195296e7a7f557e53e908915be45638e0db4289e2640f83a661e8a582", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 17, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "9e0e83f26c6851d2d9bca7c3a6a2714da5f3d33c58490842e9b2f1ccbea78d7d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q24opendoorsh007.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b18", + "block_sequence": 18, + "block_sha256": "765c2577ca912bfb1639cd005570c6c02749137e7ed05d777fa8f2dbc47e9fd1", + "block_type": "paragraph", + "char_count": 2257, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 18, + "char_end": 2257, + "char_start": 0, + "fragment_sha256": "4575c907fb26ec071b0429d6d3695f8c5e10dbee664db712182acb2bb25bac23", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "7 Financial Highlights 1Q24 Revenue $1.2 billion 1Q24 Homes Acquired 3,458 1,747 3,683 3,458 2,680 1Q23 2Q23 3Q23 4Q23 1Q24 $870 $3,120 $980 $1,976 1Q23 2Q23 3Q23 4Q23 1Q24 2. Old book includes those homes we made offers on in June of 2022 and prior. $1,181 3,136 Our first quarter results reflect our continued execution on sustainably rescaling the business in a durable fashion. In the first quarter, we exceeded the high end of our guidance for revenue, Contribution Margin, and Adjusted EBITDA, and our acquisition volumes are up almost 100% year-over-year. We continue to focus on growing our volumes, generating strong unit economics, and operating with cost discipline, all while offering a seamless, simple, and certain experience for sellers and buyers. GROWTH In the first quarter, we delivered $1.2 billion of revenue, up 36% versus 4Q23 and down 62% versus 1Q23. Revenue exceeded the high end of our guidance range of $1.05 billion to $1.1 billion. The sequential increase followed the growth in acquisitions each quarter last year and benefited from an acceleration in market clearance rates in the quarter, following typical seasonal patterns. Overall, we sold 3,078 homes in 1Q24, up 30% versus 4Q23, with revenue per home sold up 4% versus the prior quarter. On the acquisition front, we purchased 3,458 homes in the first quarter, down 6% versus 4Q23 and up 98% versus 1Q23. As a reminder, we reduced spreads throughout 2023 as our cost structure and pricing accuracy improvements were partially passed through to our sellers, increasing conversion and acquisition volumes year-over-year. During this time, we also made significant progress with many of our partnership channels, widening our top-of-funnel reach. UNIT ECONOMICS GAAP Gross Profit was $114 million in 1Q24, versus $72 million in 4Q23 and $170 million in 1Q23. Adjusted Gross Profit (Loss), which aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the home is sold, was $104 million in 1Q24, versus $66 million in 4Q23 and $(102) million in 1Q23. The improvement in Adjusted Gross Profit year-over-year is due to the significant decrease in the net impairment charges now that the old book2 of inventory is effectively behind us." + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b19", + "block_sequence": 19, + "block_sha256": "bef4f55ac1c4cda286c2060e0712ce9375ec2eda1cc9a67623b610b20ee00112", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 19, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "7801239697e81faa0c164c26a721e2eeb74cbc8bd87e2dc088dc56aca321bc63", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q24opendoorsh008.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b20", + "block_sequence": 20, + "block_sha256": "644c36bc71d0c68df9a4ebc58e58409e8c906cb698bfc454be0b1d75cbfc5823", + "block_type": "paragraph", + "char_count": 2073, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 20, + "char_end": 2073, + "char_start": 0, + "fragment_sha256": "f8b85881e2e7b6fcb843462ebb96e6785d7f41124b49c74c1ceb76200d775fd8", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "Contribution Profit (Loss) was $57 million in the first quarter, versus $30 million in the 4Q23 and $(241) million in 1Q23. Contribution Margin of 4.8% came in above our implied guidance range of 3.8% to 4.5%, and compares to 3.4% in 4Q23 and (7.7)% in 1Q23. Contribution Margin improvement was expected, driven by fewer old book home sales. We continue to expect to deliver within our 5% to 7% annual Contribution Margin target for the full year 2024. NET LOSS AND ADJUSTED EBITDA GAAP Net Loss was $(109) million in 1Q24, versus $(91) million in 4Q23 and $(101) million in 1Q23. Adjusted Net Loss was $(80) million in 1Q24, versus $(97) million in 4Q23 and $(409) million in 1Q23. GAAP Operating Expenses were $201 million in 1Q24, versus $187 million in 4Q23 and $294 million in 1Q23. Adjusted Operating Expenses, which we define as the delta between Contribution Profit (Loss) and Adjusted EBITDA, were $107 million in 1Q24, up from $99 million in 4Q23 and $100 million in 1Q23. This sequential increase was expected as we ramped our marketing spend by nearly 60% versus 4Q23. The outperformance against our guidance of $120 million is a result of more moderate hiring than anticipated as we rescaled our operations with discipline ahead of expectations for increasing volumes. Adjusted EBITDA was $(50) million in 1Q24, ahead of the high end of our guidance range, compared to $(69) million in 4Q23 and $(341) million in 1Q23. This metric came in ahead of our expectations due to strong revenue performance, unit margin outperformance, and cost discipline, which led to lower than expected Adjusted Operating Expenses. INVENTORY We ended the quarter with 5,706 homes in inventory on our balance sheet, representing $1.9 billion in net inventory, which was up 6% from 4Q23 and down 11% from 1Q23. The health of our inventory portfolio remains strong relative to the market. As of March 31, 2024, 15% of our homes had been listed 8 Financial Highlights 1Q24 Contribution Margin 4.8% 1Q24 Adj. Operating Expenses $107 million $78 $99$100 $107 $92 1Q23 2Q23 3Q23 4Q23 1Q24" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b21", + "block_sequence": 21, + "block_sha256": "50edc7e2333bb83c6238937bdf30949457f419ec391a908b701f922d6c99c6f8", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 21, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "24a252d9864dba471f2e762d85265d8e72b35f294f8406852c0f9b0dc1a029df", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q24opendoorsh009.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b22", + "block_sequence": 22, + "block_sha256": "bf6a70570780ed9dbb647acd30834a7a36383b2a7e0059524c71038e71ff011e", + "block_type": "paragraph", + "char_count": 2077, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 22, + "char_end": 2077, + "char_start": 0, + "fragment_sha256": "e48f1aaf92bf7b7742a83b6be4109e498e1f08876d98fd7882a342790136bee4", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "on the market for more than 120 days, compared to 19% for the broader market, as adjusted for our buybox. OTHER BALANCE SHEET ITEMS We ended the first quarter with $1.3 billion in capital, which includes $1.0 billion in unrestricted cash and marketable securities and $181 million of equity invested in homes and related assets, net of inventory valuation adjustments. This compares to $1.3 billion in capital as of the end of the year, which included $1.1 billion in unrestricted cash and marketable securities and $161 million of equity invested in homes and related assets, net of inventory valuation adjustments. At quarter-end, we had $8.0 billion in non-recourse, asset-backed borrowing capacity, comprising $3.8 billion of senior revolving credit facilities and $4.2 billion of senior and mezzanine term debt facilities, of which total committed borrowing capacity was $2.5 billion. Today, we established an at-the-market (\u201cATM\u201d) equity offering program to give us flexibility and optionality in managing our capital structure. The ATM program allows us to sell up to $200 million in equity through open market transactions and is available until May 2027. We are making progress towards achieving positive Adjusted Net Income, and as we demonstrated with our convertible note repurchases in 2023, we are managing our balance sheet with discipline. We will continue to be prudent with our cost of capital. HOUSING MACRO The U.S. economy continues to show steady growth, unemployment remains low, and, while inflation has slowed from its peak, it remains above the Federal Reserve\u2019s target 2% inflation rate. Since the start of the year, 30-year fixed mortgage rates have climbed by approximately 50 basis points as recent economic data suggests that interest rate decreases are less imminent than previously expected. In the first quarter of 2024, housing market transactions were at an annual rate of approximately four million, below the 10-year 9 Financial Highlights 1Q24 Total Capital $1.3 billion 1Q24 Cash, Cash Equivalents, and Marketable Securities $1.0 billion" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b23", + "block_sequence": 23, + "block_sha256": "7a28c496df87706cf0b503039be1a63ec063b8249c596e65ad896dae4d29824e", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 23, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "8c9ce6dba95a2002498995da09307db726e87800fe297a2fa2bc97af19c6d985", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q24opendoorsh010.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b24", + "block_sequence": 24, + "block_sha256": "47d50e9210a805ebae46714a02b2900854688ec6fa5496fecbd9de3801759af8", + "block_type": "paragraph", + "char_count": 2214, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 24, + "char_end": 2214, + "char_start": 0, + "fragment_sha256": "666a610f862898b37cd8f74a854bd3e5aa81482be6b9701d5083e58bb23237ec", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "average of over five million annual transactions. This is due to a combination of many homeowners locked into existing low-rate mortgages and home buyer affordability constraints. Against that backdrop, we have continued to observe balanced supply and demand, which has translated through to stable short-term home prices. We expect transaction volumes to gradually increase as mortgage rates eventually decline and demographic factors contribute to natural home turnover. In the interim, we look to drive growth by gaining market share through increased brand awareness and expansions across our partnership channels. We will continue to preserve flexibility in setting spreads to operate against a range of macroeconomic outcomes in 2024. SEASONALITY Seasonality is top of mind as we enter the spring home selling season. While the housing market has been anything but \u201cnormal\u201d the last few years given COVID, a record low interest rate environment, and a once-in-forty-year rate shock, seasonality is reflected in the housing market every year. Consumer behavior drives changes in home selling and buying demand throughout the year and is a key input into how we manage our inventory and set spreads. As such, we thought it would be helpful to provide a short primer on how seasonal trends in the residential real estate market impact our business decisions as we balance growth, margin, and risk quarter-to-quarter. \u25cf Spreads. As a reminder, our spread is reflective of multiple factors, including our Contribution Margin target and expected home price changes over our holding period. During the fourth and first quarters, we generally expect to embed lower spreads into our offers, given these homes will be sold into the second and third quarters which typically realize higher home price appreciation (HPA) during the holding period (\u201cselling season\u201d). Conversely, during the second and third quarters, we generally operate with higher spreads given those homes will be sold into the fourth and first quarters which typically see lower HPA during the holding period. \u25cf Acquisition Volumes. There are three primary inputs that drive quarterly acquisition volumes \u2013 market transaction 10 Financial Highlights" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b25", + "block_sequence": 25, + "block_sha256": "6472749bf0df9ede01ee4f31b8085976d26dc1a48055bdce747119038dff6532", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 25, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "497829d68fbf6a891b58bd56afdf253bd6e8075244a51727fa387bcbe82d740d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q24opendoorsh011.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b26", + "block_sequence": 26, + "block_sha256": "a74ec47dece7d03b283c27dcba1f3aafc6cbd69776add967dabc38823ed73980", + "block_type": "paragraph", + "char_count": 2105, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 26, + "char_end": 2105, + "char_start": 0, + "fragment_sha256": "f294218b725054e7a6ed4cbdcd21ea822c791973acfa334ae9f981e0b3ada23c", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "volumes, spreads, and marketing spend. Market transaction volumes peak in the second and third quarters and trough in the fourth and first quarters, and our marketing dollars tend to be most cost-effective leading into the periods when there are more consumers in the market. In a typical year, the combined effect of higher market transaction volumes and marketing spend offsets higher spreads, resulting in higher acquisitions in the second and third quarters. Conversely, during the fourth and first quarters, acquisition volumes tend to be lower because of lower market transaction volumes and marketing dollars despite generally lower spreads. This seasonal dynamic between market transaction volumes and home price movements is incorporated into how we both deploy our advertising dollars and adjust our spreads to maximize annual Contribution Profit dollars while operating within our risk guardrails. We have an annual Contribution Margin target of 5% to 7% because we expect some quarter-to-quarter margin volatility based on market seasonality and business targets to balance growth, margin, and risk. By maintaining quarterly Contribution Margin flexibility, we are able to mitigate spread volatility, which improves our value proposition by delivering greater consistency in our cash offers to customers. GUIDANCE We expect the following results for the second quarter of 2024: \u25cf Revenue is expected to be between $1.4 billion and $1.5 billion \u25cf Contribution Profit1 is expected to be between $75 million and $85 million, or Contribution Margin between 5.4% and 5.7% \u25cf Adjusted EBITDA1 is expected to be between $(35) million to $(25) million \u25cf Stock-based compensation expense is expected to be approximately $35 million We expect our first quarter acquisition volumes will be the lowest quarter of purchases for the year. As previously mentioned, acquisition contract volumes increased during the first quarter, with 11 Financial Highlights 2Q24 Revenue Guidance $1.4 to $1.5 billion 2Q24 Contribution Profit1 Guidance $75 to $85 million 2Q24 Adjusted EBITDA1 Guidance $(35) to $(25) million" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b27", + "block_sequence": 27, + "block_sha256": "5519ad58f1c1ee6c8e1756ea8db15b473bb297755b1ff72b1040589af8197661", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 27, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "2c52656d06938b6f576a627789a0db6855abc00c19c61628ce5d746760daa612", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q24opendoorsh012.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b28", + "block_sequence": 28, + "block_sha256": "f78b9de97dcf2a94682991e549721533391a8fe938a8f80ccae0170ed3a66ad6", + "block_type": "paragraph", + "char_count": 1107, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 28, + "char_end": 1107, + "char_start": 0, + "fragment_sha256": "224a27f4caa65681f664efef1e13ba8df2fcd4e7ec393a333d24297fe87e9e3d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "12 Financial Highlights homes under contract at quarter-end up 24% versus year-end. Contract pacing, alongside continued marketing spend and seasonal tailwinds from the spring selling season, should result in home acquisitions of over 4,500 in 2Q24. Given the selling season typically peaks during the second quarter, we expect acquisitions to be flat or modestly decline on a sequential basis in the third quarter. We remain on track to significantly reduce Adjusted Net Losses this year as we grow acquisitions year-over-year while operating within our target annual Contribution Margin range. CONCLUSION From the very start, we\u2019ve built Opendoor with consumers at the center of all that we do. Consumers are indicating they\u2019re ready for a change, and our direct sell and buy experience is uniquely positioned to provide it. We\u2019re empowering consumers with more control and a simple, certain, and transparent offering during one of life\u2019s most important transactions. We are energized for the future as we remain focused on execution \u2013 rescaling the business in a sustainable way \u2013 and delivering results." + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b29", + "block_sequence": 29, + "block_sha256": "d14d26013889ea255c5531fb7ed225df65aa4c80d8493b97a1c8649569132874", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 29, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "cbd2c19f88cd737ee9b0ee56f5070f1245884617d1a20f8e716e27cc245d1737", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q24opendoorsh013.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b30", + "block_sequence": 30, + "block_sha256": "6c07ddfcb78eb49fc58309f5bb4eecab506ec5a9e1c6790fab4b7ac44329da98", + "block_type": "paragraph", + "char_count": 483, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 30, + "char_end": 483, + "char_start": 0, + "fragment_sha256": "111cd3b63a50116678c313191b412a4f4e02cfb375aa6073490d78dab899f494", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "13Raleigh-Durham, NC Carrie Wheeler, CEO Christy Schwartz, Interim CFO CONFERENCE CALL INFORMATION Opendoor will host a conference call to discuss its financial results on May 2, 2024 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. May 2nd, 2024 at 2 p.m. PT investor.opendoor.com LIVE WEBCAST" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b31", + "block_sequence": 31, + "block_sha256": "9eba350cf6af5f142d45998392b3bf2d27c70f98f452f3686c4c21220b82ddf3", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 31, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "05c198d9fa4445df8f6dcff4d4bd13f91c9273d71f56bb01d41a5a6d46b8949e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q24opendoorsh014.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b32", + "block_sequence": 32, + "block_sha256": "11d3631a045838fcf6e4076997e149a251d3df8659a21ede15625ead6b74cdef", + "block_type": "paragraph", + "char_count": 67, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 32, + "char_end": 67, + "char_start": 0, + "fragment_sha256": "b1d88b89efd7c230c0b30c3a2915ea92f71a32bf0ac2f318b42874ca8f595cf5", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "/ Opendoor/ OpendoorHQ Company / Opendoor-com investor.opendoor.com" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b33", + "block_sequence": 33, + "block_sha256": "1b83e0a49a3a2c5bfe094a79e63ceabc21f5e707b91e04dc88cdcdc322f7cc1f", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 33, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "8f1d2460c4c35e63bc13c1541334a199462e8e54dd1202db434487f77e0fd6b7", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q24opendoorsh015.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b34", + "block_sequence": 34, + "block_sha256": "e36d5c7cc06437a0ff543d7a06001731d3d5a914ffd455f43cb99b43e57ad984", + "block_type": "paragraph", + "char_count": 33, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 34, + "char_end": 33, + "char_start": 0, + "fragment_sha256": "0f9787309522bb82cc14cb43961debc1c3d6b803387d7514e82cb2d983fcd910", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "15 Definitions & Financial Tables" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b35", + "block_sequence": 35, + "block_sha256": "cb41515d546975ed0fd1319494059f3c00f83c14553f730b636ed83346a1ba50", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 35, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "3fd1cfe7fb63c770ebfa9fe674fd46bbc91baec3a85c40156a81a8ee076ac0ea", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q24opendoorsh016.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b36", + "block_sequence": 36, + "block_sha256": "68ab77519d7b3d81c136cf898765587716536e0338ce5b6e617f86b7a0a64100", + "block_type": "paragraph", + "char_count": 6929, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 36, + "char_end": 6929, + "char_start": 0, + "fragment_sha256": "7ad1c2695160a3f4e27c99658173cb62a20aae0141ceba917250bed19d6358cd", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "This shareholder letter contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including, without limitation, statements regarding: current and future health and stability of the real estate housing market and general economy; volatility of mortgage interest rates and expectations regarding the future shifts in behavior by consumers and partners; the health and status of our financial condition and whether we will be able to rescale our business in 2024; anticipated future results of operations or financial performance, including our second quarter of 2024 and full year outlook, our ability to deliver Contribution Margin within our target annual range, and our ability to achieve Adjusted Net Income breakeven and other long-term performance targets; the expected impact of the NAR settlement on our business; our expectations regarding the impact of trends in seasonality on the real estate industry and our business; priorities of the Company to achieve future financial and business goals; our ability to continue to effectively navigate the markets in which we operate; anticipated future and ongoing impacts and benefits of acquisitions, advertising, partnership channel expansions, product innovations and other business decisions; health of our balance sheet to weather ongoing market transitions; our ability to adopt an effective approach to manage economic and industry risk, as well as inventory health; our expectations with respect to the future success of our partnerships and our ability to drive significant growth in sales volumes through such partnerships; business strategy and plans, including any plans to expand into additional markets, market opportunity and expansion and objectives of management for future operations, including statements regarding the benefits and timing of the roll out of new markets, products or technology; and the expected diversification of funding sources. Forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cguidance\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201coutlook\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cvision\u201d, \u201cwill\u201d, or \u201cwould\u201d, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this shareholder letter include but are not limited to: the current and future health and stability of the economy, financial conditions and the residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory) that may reduce demand for our products and services, lower our profitability or reduce our access to future financings; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and real estate partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our technology platform, including our automated pricing and valuation technology; ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; any future impact of pandemics or epidemics, including any future resurgences of COVID-19 and its variants, or other public health crises on our ability to operate, demand for our products and services, or other general economic conditions; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; changes in laws or government regulation affecting our business; and the impact of pending or any future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \u201cRisk Factors\u201d in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 15, 2024, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 16 Forward-Looking Statements" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b37", + "block_sequence": 37, + "block_sha256": "c008bd3fe679303c3b0a57e0bd6f5320f379cc3dced3c3b7ec5805f026d86ce6", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 37, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "10b14e7eaac6b43d6879abc30253fb7bbadeb5e37dcadf0b3439c1a820fc7d8f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q24opendoorsh017.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b38", + "block_sequence": 38, + "block_sha256": "79a7529fba8f5f4389b2442dacb090d1ea586bb1a7aedda2a797cdf9812db1ac", + "block_type": "paragraph", + "char_count": 3173, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 38, + "char_end": 3173, + "char_start": 0, + "fragment_sha256": "97d080afd31c4495ad687b26fcf69151af2196494a62a407f03153607fd7ce60", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company\u2019s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit (Loss), Contribution Profit (Loss), Adjusted Net Loss, Adjusted EBITDA, Adjusted Operating Expenses, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non- GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results. Adjusted Gross Profit (Loss) and Contribution Profit (Loss) To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit (Loss) and Contribution Profit (Loss), which are non-GAAP financial measures. We believe that Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit (Loss) provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit. 17 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b39", + "block_sequence": 39, + "block_sha256": "76523ba1e21f619948c96fa8d2059715216b15afcb3f6f190bf57391680a8d31", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 39, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "dc7662f3eccf36128a286fa1800adfb148e0a09417aa1df7580dcf39715f87b3", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q24opendoorsh018.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b40", + "block_sequence": 40, + "block_sha256": "ccc14353f7fb87f4bd34afc6a35c739a2d67bc17bce4762c5de999973e189423", + "block_type": "paragraph", + "char_count": 1878, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 40, + "char_end": 1878, + "char_start": 0, + "fragment_sha256": "68c356aa3a0e3fea890934d098412e08bae9940d519684fc9d830a6fe93c60a9", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "Adjusted Gross Profit (Loss) / Margin We calculate Adjusted Gross Profit (Loss) as gross profit (loss) under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit (Loss) helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution Profit (Loss) / Margin We calculate Contribution Profit (Loss) as Adjusted Gross Profit (Loss), minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit (Loss) helps management assess inflows and outflows directly associated with a specific resale cohort. 18 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b41", + "block_sequence": 41, + "block_sha256": "5602ba760b26974699f254176fd775f6a4637164d77e80d12b630963c808db10", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 41, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "85e4a4a64e6d54865c675e5251525440c800d11ce5f0c1f25c2a927e0a6c9670", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q24opendoorsh019.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b42", + "block_sequence": 42, + "block_sha256": "8219d676412a926b8d1301ca39afd634b981157a73b0e9ab1bc81aba3c403e13", + "block_type": "paragraph", + "char_count": 3166, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 42, + "char_end": 3166, + "char_start": 0, + "fragment_sha256": "8f3e9c512b295540f123fd1ca560cbf186d60a0e177d9d68e1d7b9340bf9dfe0", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "19 Adjusted Net Loss and Adjusted EBITDA / Margin We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net income (loss). We calculate Adjusted Net Loss as GAAP net income (loss) adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring. It excludes (gain) loss on extinguishment of debt as these expenses or gains were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities and the 0.25% convertible senior notes due in 2026 (the \"2026 Notes\") early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue. Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b43", + "block_sequence": 43, + "block_sha256": "63773eb83a1ed260d1d785f1c93cdee6737466f2b3fb72ed3bf1817c09ee0668", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 43, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "83b99bd0bb2131f62311a30dc1245ef16e17b2d67798548cacb70199b6747259", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q24opendoorsh020.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b44", + "block_sequence": 44, + "block_sha256": "e9e52a86f06611511c95d4bf41993d755725a1566d497c0d445c404d5c9aa77f", + "block_type": "paragraph", + "char_count": 4219, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 44, + "char_end": 4219, + "char_start": 0, + "fragment_sha256": "14af94e9289ec7c58b2169240725633240e413cfd9996dfc82860697ce72d50e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "20 Adjusted Operating Expense We also present Adjusted Operating Expense, which is a non-GAAP financial measure that bridges the difference between Contribution Profit and Adjusted EBITDA. We believe this measure provides investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to contribution profit and certain charges that are non-cash, or not directly related to our revenue-generating operations are removed. Adjusted Operating Expense is a supplemental measure of our operating expenditures and has important limitations. For example, this measure excludes the impact of certain costs required to be recorded under GAAP. This measure removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to contribution margin. This measure could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, this measure should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of this measure to the most directly comparable GAAP financial measure, which is operating expenses. We calculate Adjusted Operating Expense as GAAP operating expense adjusted to exclude direct selling costs and holding costs included in determining Contribution Profit (Loss). The measure also excludes non-cash expenses of stock-based compensation, depreciation and amortization, and intangibles amortization. It also excludes expenses that are not directly related to our revenue-generating operations such as restructuring charges. Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, Adjusted Technology and Development We also present Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, and Adjusted Technology and Development, which are non-GAAP financial measures that provide investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to contribution profit and certain charges that are non-cash are removed. These supplemental measures of our operating expenditures have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. Specifically, Adjusted Sales, Marketing and Operations removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to contribution margin. These measures could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which are Sales, marketing and operations expense, General and administrative expense and Technology and development expense. We calculate Adjusted Sales, Marketing and Operations as GAAP sales, marketing and operations expenses to exclude direct selling costs and holding costs included in determining Contribution Profit. This measure also excludes non-cash expenses of stock-based compensation and depreciation and amortization associated with sales, marketing and operations assets. We calculate Adjusted General and Administrative as GAAP general and administrative expenses to exclude non-cash expenses of stock-based compensation, depreciation, and amortization of intangibles associated with general and administrative assets. It also excludes expenses that are not directly related to our revenue-generating operations. We calculate Adjusted Technology and Development as GAAP technology and development expenses to exclude non-cash expenses of stock-based compensation, depreciation and amortization associated with technology and development assets. Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b45", + "block_sequence": 45, + "block_sha256": "ba06df89ccef3eb74450baea87b5a1e58dcfc17dad3baf6923b95671ec101368", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 45, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "80f29d55688b1b4aa3812d3d6e901ea0a328b281534794ce1071655d99ea856e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q24opendoorsh021.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b46", + "block_sequence": 46, + "block_sha256": "456a20836edbfd96401fa3713b03c25ed9a4f1a7d0f52a1536cb45990d2abadf", + "block_type": "paragraph", + "char_count": 1315, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 46, + "char_end": 1315, + "char_start": 0, + "fragment_sha256": "5b49ed27f8b61849e6d1e414adbb9a085368a56d8289d88bd9132e114486d766", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "21 Three Months Ended March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Revenue $ 1,181 $ 870 $ 980 $ 1,976 $ 3,120 Gross profit $ 114 $ 72 $ 96 $ 149 $ 170 Gross Margin 9.7 % 8.3 % 9.8 % 7.5 % 5.4 % Net (loss) income $ (109) $ (91) $ (106) $ 23 $ (101) Number of markets (at period end) 50 50 53 53 53 Homes sold 3,078 2,364 2,687 5,383 8,274 Homes purchased 3,458 3,683 3,136 2,680 1,747 Homes in inventory (at period end) 5,706 5,326 4,007 3,558 6,261 Inventory (at period end) $ 1,881 $ 1,775 $ 1,311 $ 1,149 $ 2,118 Percentage of homes \u201con the market\u201d for greater than 120 days (at period end) 15 % 18 % 12 % 24 % 59 % Non-GAAP Financial Highlights (1) Contribution Profit (Loss) $ 57 $ 30 $ 43 $ (90) $ (241) Contribution Margin 4.8 % 3.4 % 4.4 % (4.6) % (7.7) % Adjusted EBITDA $ (50) $ (69) $ (49) $ (168) $ (341) Adjusted EBITDA Margin (4.2) % (7.9) % (5.0) % (8.5) % (10.9) % Adjusted Net Loss $ (80) $ (97) $ (75) $ (197) $ (409) OPENDOOR TECHNOLOGIES INC. FINANCIAL HIGHLIGHTS AND OPERATING METRICS (In millions, except percentages, homes sold, number of markets, homes purchased, and homes in inventory) (Unaudited) (1) See \u201c\u2014Use of Non-GAAP Financial Measures\u201d for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures." + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b47", + "block_sequence": 47, + "block_sha256": "bbc247967f9e938752c1f920dabeaf4386d53a8ec87b54ba065fa11f80cde309", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 47, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "84b88781541417df7063f88c2d0a97badae8de550958077e051c0934458640ba", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q24opendoorsh022.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b48", + "block_sequence": 48, + "block_sha256": "b76825ab2be47cbd47fc045a80b13108984fa628ea16b25282d1d79f9ceca13e", + "block_type": "paragraph", + "char_count": 1232, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 48, + "char_end": 1232, + "char_start": 0, + "fragment_sha256": "69d3b6e32e0fa3d821a3212b62739454438e2f4c9e898bf8734459a9bb584c47", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "22 Three Months Ended March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 REVENUE $ 1,181 $ 870 $ 980 $ 1,976 $ 3,120 COST OF REVENUE 1,067 798 884 1,827 2,950 GROSS PROFIT 114 72 96 149 170 OPERATING EXPENSES: Sales, marketing and operations 113 89 85 124 188 General and administrative 47 48 48 44 66 Technology and development 41 46 42 39 40 Restructuring \u2014 4 \u2014 10 \u2014 Total operating expenses 201 187 175 217 294 LOSS FROM OPERATIONS (87) (115) (79) (68) (124) GAIN ON EXTINGUISHMENT OF DEBT \u2014 34 \u2014 104 78 INTEREST EXPENSE (37) (37) (47) (53) (74) OTHER INCOME \u2013 Net 15 27 20 41 19 (LOSS) INCOME BEFORE INCOME TAXES (109) (91) (106) 24 (101) INCOME TAX EXPENSE \u2014 \u2014 \u2014 (1) \u2014 NET (LOSS) INCOME $ (109) $ (91) $ (106) $ 23 $ (101) Net (loss) income per share attributable to common shareholders: Basic $ (0.16) $ (0.14) $ (0.16) $ 0.04 $ (0.16) Diluted $ (0.16) $ (0.14) $ (0.16) $ 0.03 $ (0.16) Weighted-average shares outstanding: Basic 682,457 672,662 662,149 646,062 641,916 Diluted 682,457 672,662 662,149 667,159 641,916 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited)" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b49", + "block_sequence": 49, + "block_sha256": "ca3e82c22aa48289a77e2cc562e339f47dd735df633214ac8f88ad98d4fb7668", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 49, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "d8849098301ab35cc2d56126487503717854aafcaa841bfbdf23d2520aafabc9", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q24opendoorsh023.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b50", + "block_sequence": 50, + "block_sha256": "63b660c6b7b664c68d0963f1e35ac1e41033f03396cb361cc74c5957f77db171", + "block_type": "paragraph", + "char_count": 1334, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 50, + "char_end": 1334, + "char_start": 0, + "fragment_sha256": "a6c5d9c7b4849c79c2fcbe11d47ebad9c608985690479de3142e56e264c98b90", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "23 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) March 31, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 953 $ 999 Restricted cash 333 541 Marketable securities 37 69 Escrow receivable 15 9 Real estate inventory, net 1,881 1,775 Other current assets 65 52 Total current assets 3,284 3,445 PROPERTY AND EQUIPMENT \u2013 Net 66 66 RIGHT OF USE ASSETS 23 25 GOODWILL 4 4 INTANGIBLES \u2013 Net 4 5 OTHER ASSETS 23 22 TOTAL ASSETS $ 3,404 $ 3,567 LIABILITIES AND SHAREHOLDERS\u2019 EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 69 $ 64 Interest payable 1 1 Lease liabilities - current portion 4 5 Total current liabilities 74 70 NON-RECOURSE ASSET-BACKED DEBT \u2013 Net of current portion 2,036 2,134 CONVERTIBLE SENIOR NOTES 376 376 LEASE LIABILITIES \u2013 Net of current portion 18 19 OTHER LIABILITIES 1 1 Total liabilities 2,505 2,600 SHAREHOLDERS\u2019 EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 688,560,794 and 677,636,163 shares issued, respectively; 688,560,794 and 677,636,163 shares \u2014 \u2014 Additional paid-in capital 4,341 4,301 Accumulated deficit (3,442) (3,333) Accumulated other comprehensive loss \u2014 (1) Total shareholders\u2019 equity 899 967 TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY $ 3,404 $ 3,567" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b51", + "block_sequence": 51, + "block_sha256": "1c47c82807f39becf7f8cd81c00204452cd3de1b58d5608976c80d601e1b2e1b", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 51, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "25e86a3b9d011760f9e3f7bbdda67e22538f92d28114065f702a9ce5889f0c91", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q24opendoorsh024.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b52", + "block_sequence": 52, + "block_sha256": "a85c2db4cac39c6d84bd8995d47f58e4e9ca0394dca52bdc90a93a82ce5485c6", + "block_type": "paragraph", + "char_count": 2202, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 52, + "char_end": 2202, + "char_start": 0, + "fragment_sha256": "1973c738a22224136e3b3ea2cded438956ba38e8c82cce2152d83139a1b143d6", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "24 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Three Months Ended March 31, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (109) $ (101) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: Depreciation and amortization 14 22 Amortization of right of use asset 2 2 Stock-based compensation 33 42 Inventory valuation adjustment 7 23 Change in fair value of equity securities 2 (1) Other 2 \u2014 Proceeds from sale and principal collections of mortgage loans held for sale \u2014 1 Gain on extinguishment of debt \u2014 (78) Changes in operating assets and liabilities: Escrow receivable (6) (12) Real estate inventory (114) 2,306 Other assets (13) (10) Accounts payable and other accrued liabilities 6 (22) Interest payable \u2014 (8) Lease liabilities (2) (2) Net cash (used in) provided by operating activities (178) 2,162 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (8) (8) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 30 38 Net cash provided by investing activities 22 30 CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of convertible senior notes \u2014 (101) Proceeds from exercise of stock options \u2014 1 Proceeds from issuance of common stock for ESPP 2 1 Proceeds from non-recourse asset-backed debt \u2014 224 Principal payments on non-recourse asset-backed debt (100) (1,446) Payment for early extinguishment of debt \u2014 (4) Net cash used in financing activities (98) (1,325) Net (decrease) increase in cash, cash equivalents, and restricted cash (254) 867 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 Beginning of period 1,540 1,791 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 End of period $ 1,286 $ 2,658 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION \u2013 Cash paid during the period for interest $ 34 $ 74 DISCLOSURES OF NONCASH ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 5 $ 6 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 953 $ 1,143 Restricted cash 333 1,515 Cash, cash equivalents, and restricted cash $ 1,286 $ 2,658" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b53", + "block_sequence": 53, + "block_sha256": "0c840c9d873edce5991068c571dd18ebfc08ded502b11c202c2b736aab83a5c4", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 53, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "293116cd27c2d87870ce19ae3217e9594b721123d3146d608500ee30ca5d0b5d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q24opendoorsh025.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b54", + "block_sequence": 54, + "block_sha256": "9817033b0d9bcc366edf370e23cee292ed84a4368660021fb9d582134de3fdf5", + "block_type": "paragraph", + "char_count": 2322, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 54, + "char_end": 2322, + "char_start": 0, + "fragment_sha256": "2b3d318a8861c8ef9c2a89c464d08e92c8f11ea840114b35c13ef1f59e70afad", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "25 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT (LOSS) AND CONTRIBUTION PROFIT (LOSS) TO OUR GROSS PROFIT (LOSS) (Unaudited) Three Months Ended (in millions, except percentages and homes sold, or as noted) March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Revenue (GAAP) $ 1,181 $ 870 $ 980 $ 1,976 $ 3,120 Gross profit (GAAP) $ 114 $ 72 $ 96 $ 149 $ 170 Gross Margin 9.7 % 8.3 % 9.8 % 7.5 % 5.4 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f(1)(2) 7 11 17 14 23 Inventory valuation adjustment \u2013 Prior Periods\u034f(1)(3) (17) (17) (29) (156) (295) Adjusted Gross Profit (Loss) $ 104 $ 66 $ 84 $ 7 $ (102) Adjusted Gross Margin 8.8 % 7.6 % 8.6 % 0.4 % (3.3) % Adjustments: Direct selling costs(4) (34) (26) (28) (58) (85) Holding costs on sales \u2013 Current Period\u034f(5)(6) (5) (3) (4) (6) (13) Holding costs on sales \u2013 Prior Periods\u034f(5)(7) (8) (7) (9) (33) (41) Contribution Profit (Loss) $ 57 $ 30 $ 43 $ (90) $ (241) Homes sold in period 3,078 2,364 2,687 5,383 8,274 Contribution Profit (Loss) per Home Sold (in thousands) $ 19 $ 13 $ 16 $ (17) $ (29) Contribution Margin 4.8 % 3.4 % 4.4 % (4.6) % (7.7) % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented." + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b55", + "block_sequence": 55, + "block_sha256": "469a92fe4771518d29ad210c36bd2a50c9c35b5e2cac6e005a309cd8aaa3844c", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 55, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "4c20cf947cfb528710cbe34fa0a53d758d5240b17deb1697a50699be576d38b1", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q24opendoorsh026.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b56", + "block_sequence": 56, + "block_sha256": "bd0356b1b093c41cd9510a3506c9acb797bb9241bdd477b87c3d0a1579e4e970", + "block_type": "paragraph", + "char_count": 2791, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 56, + "char_end": 2791, + "char_start": 0, + "fragment_sha256": "10c6ab1bb74698bc7b3d3e0bcc71d167afe21686f224cf60dc342f62e90ebb0d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "26 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED NET LOSS AND ADJUSTED EBITDA TO OUR NET (LOSS) INCOME (Unaudited) Three Months Ended (in millions, except percentages) March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Revenue (GAAP) $ 1,181 $ 870 $ 980 $ 1,976 $ 3,120 Net (loss) income (GAAP) $ (109) $ (91) $ (106) $ 23 $ (101) Adjustments: Stock-based compensation 33 32 31 21 42 Equity securities fair value adjustment(1) 2 (3) 11 (6) (1) Intangibles amortization expense(2) 2 2 2 1 2 Inventory valuation adjustment \u2013 Current Period\u034f(3)(4) 7 11 17 14 23 Inventory valuation adjustment \u2014 Prior Periods\u034f(3)(5) (17) (17) (29) (156) (295) Restructuring(6) \u2014 4 \u2014 10 \u2014 Gain on extinguishment of debt \u2014 (34) \u2014 (104) (78) Other(7) 2 (1) (1) \u2014 (1) Adjusted Net Loss $ (80) $ (97) $ (75) $ (197) $ (409) Adjustments: Depreciation and amortization, excluding amortization of intangibles 11 15 9 9 12 Property financing(8) 32 32 38 44 60 Other interest expense(9) 5 5 9 9 14 Interest income(10) (18) (24) (30) (34) (18) Income tax expense \u2014 \u2014 \u2014 1 \u2014 Adjusted EBITDA $ (50) $ (69) $ (49) $ (168) $ (341) Adjusted EBITDA Margin (4.2) % (7.9) % (5.0) % (8.5) % (10.9) % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuring costs consist primarily of severance and employee termination benefits and bonuses. (7) Includes primarily gain or loss on the sale of available for sale securities, sublease income, gain or loss on the disposal of property and equipment, and income from equity method investments. (8) Includes interest expense on our non-recourse asset-backed debt facilities. (9) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset- backed debt facilities, and interest expense related to the 2026 Notes outstanding. (10) Consists mainly of interest earned on cash, cash equivalents, restricted cash, and marketable securities." + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b57", + "block_sequence": 57, + "block_sha256": "ef3239e476189dbb98572df46fc0ef6ca3eb14622c89ced122ad52b318e1d268", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 57, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "ae3a2e9e8d0a705fb446a76ef0d65df1081b8a8e4e0686f3b1038bdecbf94dcb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q24opendoorsh027.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b58", + "block_sequence": 58, + "block_sha256": "133baf91accf45d76908d1ca59d35c4cf846410c29c4fd7c2c3da49bbb2cf439", + "block_type": "paragraph", + "char_count": 1953, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 58, + "char_end": 1953, + "char_start": 0, + "fragment_sha256": "f873d39b940b7a29d444a3ef186814025cf243d9dc6d28be3766029f38699ee5", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "27 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED OPERATING EXPENSES TO OUR OPERATING EXPENSES (Unaudited) Three Months Ended (in millions, except percentages) March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 OPERATING EXPENSES: Sales, marketing and operations 113 89 85 124 188,000 188 General and administrative 47 48 48 44 66 Technology and development 41 46 42 39 40 Restructuring \u2014 4 \u2014 10 \u2014 Total Operating Expenses (GAAP) $ 201 $ 187 $ 175 $ 217 $ 294 Operating Expenses (GAAP) $ 201 $ 187 $ 175 $ 217 $ 294 Adjustments: Direct Selling Costs(1) (34) (26) (28) (58) (85) Holding costs included in contribution profit(2) (13) (10) (13) (39) (54) Stock-based compensation (33) (32) (31) (21) (42) Intangibles amortization expense(3) (2) (2) (2) (1) (2) Restructuring \u2014 (4) \u2014 (10) \u2014 Depreciation and amortization, excluding amortization of intangibles (11) (15) (9) (9) (12) Other (1) 1 \u2014 (1) 1 Total Adjusted Operating Expenses (Non-GAAP) $ 107 $ 99 $ 92 $ 78 $ 100 (1) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (2) Represents holding costs incurred in the period presented on homes sold in the period presented as well as holding costs incurred in prior periods on homes sold in the period presented (\u201cResale Cohort Holding Costs.\u201d) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations in the period in which they are incurred (\u201cGAAP Holding Costs.\u201d) (3) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized." + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b59", + "block_sequence": 59, + "block_sha256": "d38e255c452d5f5d2aaba9cb179cf0ab8627e23fe4e866cd96b1e08e7b9a745d", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 59, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "12650ed025e079b372dc8d40de18779e2d0515200b4c7a45e74b1c0e0c230b11", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q24opendoorsh028.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b60", + "block_sequence": 60, + "block_sha256": "2fb6e6106d91a7bdb7187ce07c19362e5a688b01c7fffdbbf290798511497270", + "block_type": "paragraph", + "char_count": 3597, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 60, + "char_end": 3597, + "char_start": 0, + "fragment_sha256": "ce642ffaa15a4ce68d28f0fbe48e1087076db0278324f114b4a08bd1f7bdaea5", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "28 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED SALES, MARKETING AND OPERATIONS; ADJUSTED GENERAL AND ADMINISTRATIVE; AND ADJUSTED TECHNOLOGY AND DEVELOPMENT EXPENSES TO THEIR CORRESPONDING GAAP MEASURES (Unaudited) Three Months Ended (in millions) March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Sales, marketing and operations (GAAP)(1) $ 113 $ 89 $ 85 $ 124 $ 188 Direct Selling Costs(2) (34) (26) (28) (58) (85) Holding costs included in contribution profit(3)(4) (13) (10) (13) (39) (54) Stock-based compensation (5) (4) (4) (4) (4) Intangibles amortization expense(5) (2) \u2014 (1) (1) (1) Depreciation and amortization, excluding amortization of intangibles \u2014 \u2014 (1) (2) (2) Adjusted Sales, Marketing and Operations (Non- GAAP)(6) $ 59 $ 49 $ 38 $ 20 $ 42 General and administrative (GAAP) $ 47 $ 48 $ 48 $ 44 $ 66 Stock-based compensation (16) (16) (15) (5) (27) Depreciation and amortization, excluding amortization of intangibles \u2014 \u2014 (1) \u2014 (1) Other (1) 1 \u2014 (1) 1 Adjusted General and Administrative (Non-GAAP)(6) $ 30 $ 33 $ 32 $ 38 $ 39 Technology and development (GAAP) $ 41 $ 46 $ 42 $ 39 $ 40 Stock-based compensation (12) (12) (12) (12) (11) Intangibles amortization expense(5) \u2014 (2) (1) \u2014 (1) Depreciation and amortization, excluding amortization of intangibles (11) (15) (7) (7) (9) Adjusted Technology and Development (Non- GAAP)(6) $ 18 $ 17 $ 22 $ 20 $ 19 Note: Advertising expenses(1) $ 27 $ 17 $ 16 $ 15 $ 27 (1) Advertising expenses included in Sales, marketing and operations. (2) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (3) Represents holding costs incurred in the period presented on homes sold in the period presented as well as holding costs incurred in prior periods on homes sold in the period presented (\u201cResale Cohort Holding Costs.\u201d) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations in the period in which they are incurred (\u201cGAAP Holding Costs.\u201d) (4) The table below presents the timing difference within Adjusted Sales, marketing and operations related to holding costs. The amount of GAAP Holding Costs recognized during the period may be in excess of/ (less than) the amount of Resale Cohort Holding costs related to homes sold in the relevant period and included in Contribution Profit. Three Months Ended March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Total GAAP Holding Costs $ 11 $ 13 $ 12 $ 12 $ 28 Holding costs on sales - Current Period (5) (3) (4) (6) (13) Holding costs on sales - Prior Periods (8) (7) (9) (33) (41) Less: Resale Cohort Holding Costs (13) (10) (13) (39) (54) GAAP Holding Costs in excess of / (less than) Resale Holding Costs included in Contribution Profit $ (2) $ 3 $ (1) $ (27) $ (26) (5) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (6) The sum of Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, and Adjusted Technology and Development expenses is equal to Total Adjusted Operated Expenses (Non-GAAP). 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MLS Clearance Rate is defined as the number of daily contracts that enter pending status on the Multiple Listing Service (i.e. market listings), filtered for Opendoor\u2019s markets and buybox, divided by the number of active listings on the Multiple Listing Service, filtered for the same markets and buybox. Appendix Trailing 7-Day MLS Clearance Rate1 MLS Data Filtered to Opendoor Markets and Buybox Trailing 7-Day MLS Contracts MLS Data Filtered to Opendoor Markets and Buybox Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 30 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b65", + "block_sequence": 65, + "block_sha256": "b295d65ed0f3a8bface30ee360a130454da8a2cc088244aafca769f48ec72d2f", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 65, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "41ceacf57e74290ebf203a5152b1dd809eef3659470dfbe35c23370380bcb8c9", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": 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Jun Jul Aug Sep Oct Nov Dec 31" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b67", + "block_sequence": 67, + "block_sha256": "46cb4e7802e2b9a68a3b5739edd24d4af0d8bf38a6564863624a0807718bf037", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", + "block_sequence": 67, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "8b028cad5ce519bedeeab081ed842bcb968fae113ee8d7c67b7e88bca0ec1b90", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q24opendoorsh032.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b68", + "block_sequence": 68, + "block_sha256": "2ceb16d832301d99e0e72550634c920cd7712f842d329592167621fde98a6e95", + 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["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#p1", "passage_kind": "narrative", "passage_sequence": 1, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/exhibit9921q24opendoorsh.htm", "table_id": null, "text": "Document generated by Workiva Inc exhibit9921q24opendoorsh\n\nLetter to Shareholders 1Q24 Gavin & Christine Whitlock Austin, TX Exhibit 99.2\n\nSusan Hickman Sold: Venice, Florida 2 I’ve sold houses many times before, but this was my first time selling on my own. This was the easiest process. My friends asked, ‘You already sold the home?’ and I said, ‘Yes, to Opendoor! You wouldn’t believe it: I walked around the house with my phone camera… it was the easiest thing I’ve ever done!’ – Susan Hickman After Susan Hickman turned 60 in the fall of 2023, her life became a bit more exciting: her daughter became pregnant, and she was ecstatic to soon become “Grandma”. There was just one problem: Susan’s family lived in Nashville, Tennessee, but she resided in a home she owned in Venice, Florida. Florida had been home for Susan for quite some time. It’s where her friends lived and where she planted roots after several moves throughout her life. The thought of moving for the first time on her own was intimidating, particularly with the uncertainty of the current market. The opportunity to move closer to her family before her grandchild arrived pushed Susan to research options for selling her Florida home. She found Opendoor and was surprised and relieved by the certainty and ease the cash offer provided alongside the hassle-free experience that allowed her to skip home showings. Susan’s decision to move was expedited when her daughter’s home in Nashville was tragically hit by a tornado, and she needed a new place to live. With speed, certainty, and simplicity top of mind, Susan decided to sell her Florida home to Opendoor. The sale closed just three weeks after she received her Opendoor cash offer, and she used the proceeds to quickly purchase a new home in Nashville. Susan looks forward to her new chapter where she can be present for her growing family thanks to Opendoor."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b10"], "char_count": 2470, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "525df240d0f6cb708eeb28e2e72e3e70d521947ea58d08f57aa9a42b7c7cb7f7", "derivation_id": "43f2627d88f6943d504cdae05c9d871cae62a7db7a60d5ac1f36a7a195528eb8", "document_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "block_sequence": 10, "char_end": 2470, "char_start": 0, "fragment_sha256": "8e4574fbc30da3aff3f09121f7e18c5db2280626cf9ed5453dfac8edf7113cd5", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#p2", "passage_kind": "narrative", "passage_sequence": 2, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/exhibit9921q24opendoorsh.htm", "table_id": null, "text": "Note: Adjusted Operating Expenses, Contribution Profit, Contribution Margin, Adjusted Net Loss, and Adjusted EBITDA are non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” following the financial tables below for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures. 3 Business Highlights 1Q24 Revenue $1.2 billion 1Q24 Acquisitions 3,458 1Q24 Contribution Margin 4.8% As we entered 2024, we outlined our commitment to three key operating principles: focus, execution, and results. Our first quarter performance reflects our continued progress along this path, with revenue, Contribution Profit, and Adjusted EBITDA results ahead of our guidance and acquisitions nearly doubling versus last year. We continue to focus on what we can control, and our north star remains rescaling the business in a durable and sustainable way. We remain on track to meaningfully ramp acquisitions year-over-year and deliver Contribution Margin within our target annual range of 5% to 7% in 2024. In addition, the progress we made on driving efficiencies across our business last year is allowing us to better leverage our fixed cost base as we continue to scale and drive toward positive Adjusted Net Income. Financial highlights from the first quarter include: ● Purchased 3,458 homes, up 98% versus 1Q23. The year-over-year increase was driven by a combination of lower spreads and continued growth in our partnership channels. ● Sold 3,078 homes which generated $1.2 billion of revenue, above our guidance range of $1.05 billion to $1.10 billion. ● Delivered gross profit of $114 million, representing a 9.7% gross margin. Contribution Profit was $57 million, representing a 4.8% Contribution Margin, above the high end of our implied Contribution Margin guidance range of 3.8% to 4.5%. Notably, the homes we purchased subsequent to the housing reset (homes we made offers on in July of 2022 and after, or our “new book”) have produced quarterly Contribution Margins within or above our annual target margin range for seven consecutive quarters, demonstrating the health of our unit economics across seasons and market environments. ● Recognized Net Loss of $(109) million and Adjusted Net Loss of $(80) million. Adjusted EBITDA Loss was $(50) million, ahead of our guidance range of $(80) million to $(70) million, driven by strong revenue and Contribution Margin and ongoing cost discipline while ramping volumes."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b12"], "char_count": 2667, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a0bf85b27d45677a875833b29a9d4b36387318524743dcb2aa051f8dae6a17e2", "derivation_id": "43f2627d88f6943d504cdae05c9d871cae62a7db7a60d5ac1f36a7a195528eb8", "document_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "block_sequence": 12, "char_end": 2667, "char_start": 0, "fragment_sha256": "ebc1b0d24344174095d964d00ca905a9ebc70988b5d5d3a707830a50b9d42e27", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/exhibit9921q24opendoorsh.htm", "table_id": null, "text": "4 Business Highlights 1. Opendoor has not provided a quantitative reconciliation of forecasted Contribution Profit (Loss) to forecasted GAAP gross profit (loss) nor a reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss) and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. For more information regarding the non-GAAP financial measures discussed in this shareholder letter, please see “Use of Non-GAAP Financial Measures” following the financial tables below. 3Q23 Sequential Growth in Acquisitions 17% Last year, we focused our growth investments on expanding our partnership channels across online real estate platforms, agents, and homebuilders, which we continue to expect to be accretive to acquisition volumes. At the end of February, our eXp Realty partnership went live, enabling eXp Realty’s agents to easily request an Opendoor cash offer on qualifying properties directly within their eXp dashboard to present alongside the option of a market listing for their client’s home. In addition to driving incremental acquisitions, we expect this partnership to build our brand awareness within the agent community and serve as another avenue for sellers to learn about the benefits of our flagship cash offer. Listings in our buybox were up 6% year-over-year in the first quarter but remain 15% below pre-COVID levels. We more than doubled our market share in the first quarter versus 1Q23 and increased market share sequentially from 4Q23. While the number of potential sellers in the market may vary throughout the year, which impacts our top-of-funnel, we are driving growth and increasing market penetration through the spreads we incorporate into our offers, increased awareness of our offering, and expansions across our partnership channels. The simplicity and certainty of our product offering continues to attract home sellers to choose Opendoor. Looking ahead, we expect the following results for the second quarter of 2024: ● Revenue is expected to be between $1.4 and $1.5 billion ● Contribution Profit1 is expected to be between $75 and $85 million, or Contribution Margin between 5.4% and 5.7% ● Adjusted EBITDA1 is expected to be between $(35) and $(25) million"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b14"], "char_count": 2228, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "25b0411db298601aa84b6fbf2f9dd9f43c3acda8eebbf13f3fac6d7fc8c96a85", "derivation_id": "43f2627d88f6943d504cdae05c9d871cae62a7db7a60d5ac1f36a7a195528eb8", "document_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "block_sequence": 14, "char_end": 2228, "char_start": 0, "fragment_sha256": "146ab4a9a7110de1b4ec016b9c681b6979418229613a89a5b2df13529f4c8ddd", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/exhibit9921q24opendoorsh.htm", "table_id": null, "text": "5 Business Highlights 2Q24 Acquisition Guidance 4,500+ Additionally, we ended the first quarter with 2,611 homes under contract to purchase, up 24% versus the end of 2023. These dynamics set us up to accelerate our acquisitions to over 4,500 during 2Q24. We are pleased with our results for the first quarter, and our approach to 2024 remains unchanged. With growing volumes that are generating healthy unit economics and a more efficient cost structure in place, we remain focused on achieving sustainable growth as we drive the business towards positive Adjusted Net Income. The NAR Settlement: Consumers Desire Change The proposed National Association of Realtors (“NAR”) settlement represents an important move towards giving consumers more transparency and choice, principles central to how we’ve built our business and aligned with our values of providing consumers with greater certainty, simplicity, and control. We expect the unbundling of buyer broker commissions and increased transparency around transaction costs on the part of home buyers to drive down fees, although the extent of and timeline for that change is hard to call. In the near-term, this settlement should have a neutral to positive impact on our business. Our business model does not rely on earning revenue from commissions paid to buyers’ agents; instead, those commissions are a cost to us that we pay when we resell our homes. In the long-term, this settlement could catalyze several key changes in the industry, and we are well-positioned to navigate these potential developments: ● Lower transaction costs. For many years, sellers have attempted to negotiate fees down, with varying degrees of success. Increased transparency on buyer broker commissions could result in a similar transition, from 2.5% to 3% today to something much lower. If commissions decline or direct sales to buyers increase, Opendoor could pass these cost savings back to consumers in the form of lower spreads – offering higher cash proceeds to sellers and enabling more customers to say yes – at the same margin. Annual Contribution Margin Target 5% to 7% 1Q24 Homes Under Contract to Purchase at Quarter End 2,611 2,114 1,137 2,611 1,661 1Q23 2Q23 3Q23 4Q23 1Q24 1,390"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b16", "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b18"], "char_count": 3492, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9335809383d134f9a741174192fd4b697bd7111aa777c00e6360d3a451a962e9", "derivation_id": "43f2627d88f6943d504cdae05c9d871cae62a7db7a60d5ac1f36a7a195528eb8", "document_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "block_sequence": 16, "char_end": 1233, "char_start": 0, "fragment_sha256": "4c00cb44d3803f39619f400366f22cf3848725e17f62faea993b909f4d2b52a9", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "block_sequence": 18, "char_end": 2257, "char_start": 0, "fragment_sha256": "4575c907fb26ec071b0429d6d3695f8c5e10dbee664db712182acb2bb25bac23", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/exhibit9921q24opendoorsh.htm", "table_id": null, "text": "● More transactions. We believe that consumers will be more likely to move as the costs to transact decrease, and Opendoor has the opportunity to be at the center of this transition to a more liquid and lower-fee market. ● And more direct transactions. We expect to see more consumers decide to transact directly instead of listing on the MLS. Opendoor has been building for this future for the last decade, and we believe we are well positioned to capitalize on this change. Our self-touring platform allows consumers to access homes directly – and our unique direct buying offering makes it seamless to evaluate and purchase a home directly from us if consumers aren’t already working with an agent. As for our agent partners and community, our Opendoor for Agents loyalty program and referral offering will continue to offer certainty, transparency, and speed, especially as agents navigate these shifting conditions. Our business succeeds when consumers are happy – happy with our offers on their homes and happy with the experience they have with us – not from hefty commissions and complexities weaved into a highly stressful transaction. We’ve been on this path from the beginning and welcome the change. 6 Business Highlights\n\n7 Financial Highlights 1Q24 Revenue $1.2 billion 1Q24 Homes Acquired 3,458 1,747 3,683 3,458 2,680 1Q23 2Q23 3Q23 4Q23 1Q24 $870 $3,120 $980 $1,976 1Q23 2Q23 3Q23 4Q23 1Q24 2. Old book includes those homes we made offers on in June of 2022 and prior. $1,181 3,136 Our first quarter results reflect our continued execution on sustainably rescaling the business in a durable fashion. In the first quarter, we exceeded the high end of our guidance for revenue, Contribution Margin, and Adjusted EBITDA, and our acquisition volumes are up almost 100% year-over-year. We continue to focus on growing our volumes, generating strong unit economics, and operating with cost discipline, all while offering a seamless, simple, and certain experience for sellers and buyers. GROWTH In the first quarter, we delivered $1.2 billion of revenue, up 36% versus 4Q23 and down 62% versus 1Q23. Revenue exceeded the high end of our guidance range of $1.05 billion to $1.1 billion. The sequential increase followed the growth in acquisitions each quarter last year and benefited from an acceleration in market clearance rates in the quarter, following typical seasonal patterns. Overall, we sold 3,078 homes in 1Q24, up 30% versus 4Q23, with revenue per home sold up 4% versus the prior quarter. On the acquisition front, we purchased 3,458 homes in the first quarter, down 6% versus 4Q23 and up 98% versus 1Q23. As a reminder, we reduced spreads throughout 2023 as our cost structure and pricing accuracy improvements were partially passed through to our sellers, increasing conversion and acquisition volumes year-over-year. During this time, we also made significant progress with many of our partnership channels, widening our top-of-funnel reach. UNIT ECONOMICS GAAP Gross Profit was $114 million in 1Q24, versus $72 million in 4Q23 and $170 million in 1Q23. Adjusted Gross Profit (Loss), which aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the home is sold, was $104 million in 1Q24, versus $66 million in 4Q23 and $(102) million in 1Q23. The improvement in Adjusted Gross Profit year-over-year is due to the significant decrease in the net impairment charges now that the old book2 of inventory is effectively behind us."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b20"], "char_count": 2073, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "644c36bc71d0c68df9a4ebc58e58409e8c906cb698bfc454be0b1d75cbfc5823", "derivation_id": "43f2627d88f6943d504cdae05c9d871cae62a7db7a60d5ac1f36a7a195528eb8", "document_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "block_sequence": 20, "char_end": 2073, "char_start": 0, "fragment_sha256": "f8b85881e2e7b6fcb843462ebb96e6785d7f41124b49c74c1ceb76200d775fd8", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/exhibit9921q24opendoorsh.htm", "table_id": null, "text": "Contribution Profit (Loss) was $57 million in the first quarter, versus $30 million in the 4Q23 and $(241) million in 1Q23. Contribution Margin of 4.8% came in above our implied guidance range of 3.8% to 4.5%, and compares to 3.4% in 4Q23 and (7.7)% in 1Q23. Contribution Margin improvement was expected, driven by fewer old book home sales. We continue to expect to deliver within our 5% to 7% annual Contribution Margin target for the full year 2024. NET LOSS AND ADJUSTED EBITDA GAAP Net Loss was $(109) million in 1Q24, versus $(91) million in 4Q23 and $(101) million in 1Q23. Adjusted Net Loss was $(80) million in 1Q24, versus $(97) million in 4Q23 and $(409) million in 1Q23. GAAP Operating Expenses were $201 million in 1Q24, versus $187 million in 4Q23 and $294 million in 1Q23. Adjusted Operating Expenses, which we define as the delta between Contribution Profit (Loss) and Adjusted EBITDA, were $107 million in 1Q24, up from $99 million in 4Q23 and $100 million in 1Q23. This sequential increase was expected as we ramped our marketing spend by nearly 60% versus 4Q23. The outperformance against our guidance of $120 million is a result of more moderate hiring than anticipated as we rescaled our operations with discipline ahead of expectations for increasing volumes. Adjusted EBITDA was $(50) million in 1Q24, ahead of the high end of our guidance range, compared to $(69) million in 4Q23 and $(341) million in 1Q23. This metric came in ahead of our expectations due to strong revenue performance, unit margin outperformance, and cost discipline, which led to lower than expected Adjusted Operating Expenses. INVENTORY We ended the quarter with 5,706 homes in inventory on our balance sheet, representing $1.9 billion in net inventory, which was up 6% from 4Q23 and down 11% from 1Q23. The health of our inventory portfolio remains strong relative to the market. As of March 31, 2024, 15% of our homes had been listed 8 Financial Highlights 1Q24 Contribution Margin 4.8% 1Q24 Adj. Operating Expenses $107 million $78 $99$100 $107 $92 1Q23 2Q23 3Q23 4Q23 1Q24"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b22"], "char_count": 2077, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "bf6a70570780ed9dbb647acd30834a7a36383b2a7e0059524c71038e71ff011e", "derivation_id": "43f2627d88f6943d504cdae05c9d871cae62a7db7a60d5ac1f36a7a195528eb8", "document_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "block_sequence": 22, "char_end": 2077, "char_start": 0, "fragment_sha256": "e48f1aaf92bf7b7742a83b6be4109e498e1f08876d98fd7882a342790136bee4", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/exhibit9921q24opendoorsh.htm", "table_id": null, "text": "on the market for more than 120 days, compared to 19% for the broader market, as adjusted for our buybox. OTHER BALANCE SHEET ITEMS We ended the first quarter with $1.3 billion in capital, which includes $1.0 billion in unrestricted cash and marketable securities and $181 million of equity invested in homes and related assets, net of inventory valuation adjustments. This compares to $1.3 billion in capital as of the end of the year, which included $1.1 billion in unrestricted cash and marketable securities and $161 million of equity invested in homes and related assets, net of inventory valuation adjustments. At quarter-end, we had $8.0 billion in non-recourse, asset-backed borrowing capacity, comprising $3.8 billion of senior revolving credit facilities and $4.2 billion of senior and mezzanine term debt facilities, of which total committed borrowing capacity was $2.5 billion. Today, we established an at-the-market (“ATM”) equity offering program to give us flexibility and optionality in managing our capital structure. The ATM program allows us to sell up to $200 million in equity through open market transactions and is available until May 2027. We are making progress towards achieving positive Adjusted Net Income, and as we demonstrated with our convertible note repurchases in 2023, we are managing our balance sheet with discipline. We will continue to be prudent with our cost of capital. HOUSING MACRO The U.S. economy continues to show steady growth, unemployment remains low, and, while inflation has slowed from its peak, it remains above the Federal Reserve’s target 2% inflation rate. Since the start of the year, 30-year fixed mortgage rates have climbed by approximately 50 basis points as recent economic data suggests that interest rate decreases are less imminent than previously expected. In the first quarter of 2024, housing market transactions were at an annual rate of approximately four million, below the 10-year 9 Financial Highlights 1Q24 Total Capital $1.3 billion 1Q24 Cash, Cash Equivalents, and Marketable Securities $1.0 billion"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b24"], "char_count": 2214, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "47d50e9210a805ebae46714a02b2900854688ec6fa5496fecbd9de3801759af8", "derivation_id": "43f2627d88f6943d504cdae05c9d871cae62a7db7a60d5ac1f36a7a195528eb8", "document_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "block_sequence": 24, "char_end": 2214, "char_start": 0, "fragment_sha256": "666a610f862898b37cd8f74a854bd3e5aa81482be6b9701d5083e58bb23237ec", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/exhibit9921q24opendoorsh.htm", "table_id": null, "text": "average of over five million annual transactions. This is due to a combination of many homeowners locked into existing low-rate mortgages and home buyer affordability constraints. Against that backdrop, we have continued to observe balanced supply and demand, which has translated through to stable short-term home prices. We expect transaction volumes to gradually increase as mortgage rates eventually decline and demographic factors contribute to natural home turnover. In the interim, we look to drive growth by gaining market share through increased brand awareness and expansions across our partnership channels. We will continue to preserve flexibility in setting spreads to operate against a range of macroeconomic outcomes in 2024. SEASONALITY Seasonality is top of mind as we enter the spring home selling season. While the housing market has been anything but “normal” the last few years given COVID, a record low interest rate environment, and a once-in-forty-year rate shock, seasonality is reflected in the housing market every year. Consumer behavior drives changes in home selling and buying demand throughout the year and is a key input into how we manage our inventory and set spreads. As such, we thought it would be helpful to provide a short primer on how seasonal trends in the residential real estate market impact our business decisions as we balance growth, margin, and risk quarter-to-quarter. ● Spreads. As a reminder, our spread is reflective of multiple factors, including our Contribution Margin target and expected home price changes over our holding period. During the fourth and first quarters, we generally expect to embed lower spreads into our offers, given these homes will be sold into the second and third quarters which typically realize higher home price appreciation (HPA) during the holding period (“selling season”). Conversely, during the second and third quarters, we generally operate with higher spreads given those homes will be sold into the fourth and first quarters which typically see lower HPA during the holding period. ● Acquisition Volumes. There are three primary inputs that drive quarterly acquisition volumes – market transaction 10 Financial Highlights"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b26"], "char_count": 2105, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a74ec47dece7d03b283c27dcba1f3aafc6cbd69776add967dabc38823ed73980", "derivation_id": "43f2627d88f6943d504cdae05c9d871cae62a7db7a60d5ac1f36a7a195528eb8", "document_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "block_sequence": 26, "char_end": 2105, "char_start": 0, "fragment_sha256": "f294218b725054e7a6ed4cbdcd21ea822c791973acfa334ae9f981e0b3ada23c", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/exhibit9921q24opendoorsh.htm", "table_id": null, "text": "volumes, spreads, and marketing spend. Market transaction volumes peak in the second and third quarters and trough in the fourth and first quarters, and our marketing dollars tend to be most cost-effective leading into the periods when there are more consumers in the market. In a typical year, the combined effect of higher market transaction volumes and marketing spend offsets higher spreads, resulting in higher acquisitions in the second and third quarters. Conversely, during the fourth and first quarters, acquisition volumes tend to be lower because of lower market transaction volumes and marketing dollars despite generally lower spreads. This seasonal dynamic between market transaction volumes and home price movements is incorporated into how we both deploy our advertising dollars and adjust our spreads to maximize annual Contribution Profit dollars while operating within our risk guardrails. We have an annual Contribution Margin target of 5% to 7% because we expect some quarter-to-quarter margin volatility based on market seasonality and business targets to balance growth, margin, and risk. By maintaining quarterly Contribution Margin flexibility, we are able to mitigate spread volatility, which improves our value proposition by delivering greater consistency in our cash offers to customers. GUIDANCE We expect the following results for the second quarter of 2024: ● Revenue is expected to be between $1.4 billion and $1.5 billion ● Contribution Profit1 is expected to be between $75 million and $85 million, or Contribution Margin between 5.4% and 5.7% ● Adjusted EBITDA1 is expected to be between $(35) million to $(25) million ● Stock-based compensation expense is expected to be approximately $35 million We expect our first quarter acquisition volumes will be the lowest quarter of purchases for the year. As previously mentioned, acquisition contract volumes increased during the first quarter, with 11 Financial Highlights 2Q24 Revenue Guidance $1.4 to $1.5 billion 2Q24 Contribution Profit1 Guidance $75 to $85 million 2Q24 Adjusted EBITDA1 Guidance $(35) to $(25) million"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b28", "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b30"], "char_count": 1592, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1baf528c83a875823b0513364fbdea0f0312be4d59f57b1ffc43d7d3a53f1929", "derivation_id": "43f2627d88f6943d504cdae05c9d871cae62a7db7a60d5ac1f36a7a195528eb8", "document_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "block_sequence": 28, "char_end": 1107, "char_start": 0, "fragment_sha256": "224a27f4caa65681f664efef1e13ba8df2fcd4e7ec393a333d24297fe87e9e3d", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "block_sequence": 30, "char_end": 483, "char_start": 0, "fragment_sha256": "111cd3b63a50116678c313191b412a4f4e02cfb375aa6073490d78dab899f494", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/exhibit9921q24opendoorsh.htm", "table_id": null, "text": "12 Financial Highlights homes under contract at quarter-end up 24% versus year-end. Contract pacing, alongside continued marketing spend and seasonal tailwinds from the spring selling season, should result in home acquisitions of over 4,500 in 2Q24. Given the selling season typically peaks during the second quarter, we expect acquisitions to be flat or modestly decline on a sequential basis in the third quarter. We remain on track to significantly reduce Adjusted Net Losses this year as we grow acquisitions year-over-year while operating within our target annual Contribution Margin range. CONCLUSION From the very start, we’ve built Opendoor with consumers at the center of all that we do. Consumers are indicating they’re ready for a change, and our direct sell and buy experience is uniquely positioned to provide it. We’re empowering consumers with more control and a simple, certain, and transparent offering during one of life’s most important transactions. We are energized for the future as we remain focused on execution – rescaling the business in a sustainable way – and delivering results.\n\n13Raleigh-Durham, NC Carrie Wheeler, CEO Christy Schwartz, Interim CFO CONFERENCE CALL INFORMATION Opendoor will host a conference call to discuss its financial results on May 2, 2024 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. May 2nd, 2024 at 2 p.m. PT investor.opendoor.com LIVE WEBCAST"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b32", "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b34"], "char_count": 102, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "31bac900624e0ee3799906ca020009d0a8c13dc17ab50a8f2615780e5dd8e091", "derivation_id": "43f2627d88f6943d504cdae05c9d871cae62a7db7a60d5ac1f36a7a195528eb8", "document_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "block_sequence": 32, "char_end": 67, "char_start": 0, "fragment_sha256": "b1d88b89efd7c230c0b30c3a2915ea92f71a32bf0ac2f318b42874ca8f595cf5", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "block_sequence": 34, "char_end": 33, "char_start": 0, "fragment_sha256": "0f9787309522bb82cc14cb43961debc1c3d6b803387d7514e82cb2d983fcd910", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#p11", "passage_kind": "narrative", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/exhibit9921q24opendoorsh.htm", "table_id": null, "text": "/ Opendoor/ OpendoorHQ Company / Opendoor-com investor.opendoor.com\n\n15 Definitions & Financial Tables"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b36"], "char_count": 2960, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c7d1a9d68cc13ca8888c725004b9fabf57c0534705293b289d835f13e17cc806", "derivation_id": "43f2627d88f6943d504cdae05c9d871cae62a7db7a60d5ac1f36a7a195528eb8", "document_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "block_sequence": 36, "char_end": 2960, "char_start": 0, "fragment_sha256": "7ad1c2695160a3f4e27c99658173cb62a20aae0141ceba917250bed19d6358cd", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/exhibit9921q24opendoorsh.htm", "table_id": null, "text": "This shareholder letter contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including, without limitation, statements regarding: current and future health and stability of the real estate housing market and general economy; volatility of mortgage interest rates and expectations regarding the future shifts in behavior by consumers and partners; the health and status of our financial condition and whether we will be able to rescale our business in 2024; anticipated future results of operations or financial performance, including our second quarter of 2024 and full year outlook, our ability to deliver Contribution Margin within our target annual range, and our ability to achieve Adjusted Net Income breakeven and other long-term performance targets; the expected impact of the NAR settlement on our business; our expectations regarding the impact of trends in seasonality on the real estate industry and our business; priorities of the Company to achieve future financial and business goals; our ability to continue to effectively navigate the markets in which we operate; anticipated future and ongoing impacts and benefits of acquisitions, advertising, partnership channel expansions, product innovations and other business decisions; health of our balance sheet to weather ongoing market transitions; our ability to adopt an effective approach to manage economic and industry risk, as well as inventory health; our expectations with respect to the future success of our partnerships and our ability to drive significant growth in sales volumes through such partnerships; business strategy and plans, including any plans to expand into additional markets, market opportunity and expansion and objectives of management for future operations, including statements regarding the benefits and timing of the roll out of new markets, products or technology; and the expected diversification of funding sources. Forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “vision”, “will”, or “would”, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b36"], "char_count": 3968, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "cb962fbaeffb63826fa8a787bacdc2f6eede77595184812d1750b5bd51e71438", "derivation_id": "43f2627d88f6943d504cdae05c9d871cae62a7db7a60d5ac1f36a7a195528eb8", "document_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "block_sequence": 36, "char_end": 6928, "char_start": 2960, "fragment_sha256": "7ad1c2695160a3f4e27c99658173cb62a20aae0141ceba917250bed19d6358cd", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#p13", "passage_kind": "narrative", "passage_sequence": 13, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/exhibit9921q24opendoorsh.htm", "table_id": null, "text": "The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this shareholder letter include but are not limited to: the current and future health and stability of the economy, financial conditions and the residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory) that may reduce demand for our products and services, lower our profitability or reduce our access to future financings; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and real estate partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our technology platform, including our automated pricing and valuation technology; ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; any future impact of pandemics or epidemics, including any future resurgences of COVID-19 and its variants, or other public health crises on our ability to operate, demand for our products and services, or other general economic conditions; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; changes in laws or government regulation affecting our business; and the impact of pending or any future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 15, 2024, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 16 Forward-Looking Statements"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b38"], "char_count": 3173, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "79a7529fba8f5f4389b2442dacb090d1ea586bb1a7aedda2a797cdf9812db1ac", "derivation_id": "43f2627d88f6943d504cdae05c9d871cae62a7db7a60d5ac1f36a7a195528eb8", "document_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "block_sequence": 38, "char_end": 3173, "char_start": 0, "fragment_sha256": "97d080afd31c4495ad687b26fcf69151af2196494a62a407f03153607fd7ce60", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#p14", "passage_kind": "narrative", "passage_sequence": 14, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/exhibit9921q24opendoorsh.htm", "table_id": null, "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company’s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit (Loss), Contribution Profit (Loss), Adjusted Net Loss, Adjusted EBITDA, Adjusted Operating Expenses, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non- GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results. Adjusted Gross Profit (Loss) and Contribution Profit (Loss) To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit (Loss) and Contribution Profit (Loss), which are non-GAAP financial measures. We believe that Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit (Loss) provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit. 17 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b40"], "char_count": 1878, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ccc14353f7fb87f4bd34afc6a35c739a2d67bc17bce4762c5de999973e189423", "derivation_id": "43f2627d88f6943d504cdae05c9d871cae62a7db7a60d5ac1f36a7a195528eb8", "document_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "block_sequence": 40, "char_end": 1878, "char_start": 0, "fragment_sha256": "68c356aa3a0e3fea890934d098412e08bae9940d519684fc9d830a6fe93c60a9", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#p15", "passage_kind": "narrative", "passage_sequence": 15, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/exhibit9921q24opendoorsh.htm", "table_id": null, "text": "Adjusted Gross Profit (Loss) / Margin We calculate Adjusted Gross Profit (Loss) as gross profit (loss) under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit (Loss) helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution Profit (Loss) / Margin We calculate Contribution Profit (Loss) as Adjusted Gross Profit (Loss), minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit (Loss) helps management assess inflows and outflows directly associated with a specific resale cohort. 18 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b42"], "char_count": 3166, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8219d676412a926b8d1301ca39afd634b981157a73b0e9ab1bc81aba3c403e13", "derivation_id": "43f2627d88f6943d504cdae05c9d871cae62a7db7a60d5ac1f36a7a195528eb8", "document_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "block_sequence": 42, "char_end": 3166, "char_start": 0, "fragment_sha256": "8f3e9c512b295540f123fd1ca560cbf186d60a0e177d9d68e1d7b9340bf9dfe0", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#p16", "passage_kind": "narrative", "passage_sequence": 16, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/exhibit9921q24opendoorsh.htm", "table_id": null, "text": "19 Adjusted Net Loss and Adjusted EBITDA / Margin We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net income (loss). We calculate Adjusted Net Loss as GAAP net income (loss) adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring. It excludes (gain) loss on extinguishment of debt as these expenses or gains were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities and the 0.25% convertible senior notes due in 2026 (the \"2026 Notes\") early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue. Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b44"], "char_count": 3975, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6f2a17ebd57ebbde1e2415b2c2838b1adf8fdef381d23b480acabf38b4640df3", "derivation_id": "43f2627d88f6943d504cdae05c9d871cae62a7db7a60d5ac1f36a7a195528eb8", "document_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "block_sequence": 44, "char_end": 3975, "char_start": 0, "fragment_sha256": "14af94e9289ec7c58b2169240725633240e413cfd9996dfc82860697ce72d50e", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#p17", "passage_kind": "narrative", "passage_sequence": 17, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/exhibit9921q24opendoorsh.htm", "table_id": null, "text": "20 Adjusted Operating Expense We also present Adjusted Operating Expense, which is a non-GAAP financial measure that bridges the difference between Contribution Profit and Adjusted EBITDA. We believe this measure provides investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to contribution profit and certain charges that are non-cash, or not directly related to our revenue-generating operations are removed. Adjusted Operating Expense is a supplemental measure of our operating expenditures and has important limitations. For example, this measure excludes the impact of certain costs required to be recorded under GAAP. This measure removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to contribution margin. This measure could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, this measure should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of this measure to the most directly comparable GAAP financial measure, which is operating expenses. We calculate Adjusted Operating Expense as GAAP operating expense adjusted to exclude direct selling costs and holding costs included in determining Contribution Profit (Loss). The measure also excludes non-cash expenses of stock-based compensation, depreciation and amortization, and intangibles amortization. It also excludes expenses that are not directly related to our revenue-generating operations such as restructuring charges. Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, Adjusted Technology and Development We also present Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, and Adjusted Technology and Development, which are non-GAAP financial measures that provide investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to contribution profit and certain charges that are non-cash are removed. These supplemental measures of our operating expenditures have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. Specifically, Adjusted Sales, Marketing and Operations removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to contribution margin. These measures could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which are Sales, marketing and operations expense, General and administrative expense and Technology and development expense. We calculate Adjusted Sales, Marketing and Operations as GAAP sales, marketing and operations expenses to exclude direct selling costs and holding costs included in determining Contribution Profit. This measure also excludes non-cash expenses of stock-based compensation and depreciation and amortization associated with sales, marketing and operations assets. We calculate Adjusted General and Administrative as GAAP general and administrative expenses to exclude non-cash expenses of stock-based compensation, depreciation, and amortization of intangibles associated with general and administrative assets. It also excludes expenses that are not directly related to our revenue-generating operations."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b44"], "char_count": 243, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "59701cb6091410b3385c2e65e10bdb0e4c210476ea5244e1012cd7daa9722345", "derivation_id": "43f2627d88f6943d504cdae05c9d871cae62a7db7a60d5ac1f36a7a195528eb8", "document_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "block_sequence": 44, "char_end": 4218, "char_start": 3975, "fragment_sha256": "14af94e9289ec7c58b2169240725633240e413cfd9996dfc82860697ce72d50e", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#p18", "passage_kind": "narrative", "passage_sequence": 18, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/exhibit9921q24opendoorsh.htm", "table_id": null, "text": "We calculate Adjusted Technology and Development as GAAP technology and development expenses to exclude non-cash expenses of stock-based compensation, depreciation and amortization associated with technology and development assets. Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b46", "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b48"], "char_count": 2549, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b3b997a6f74798e46263de5ed8fae7e304d9e6b8de0b6d8a8c42003ebdb0f60a", "derivation_id": "43f2627d88f6943d504cdae05c9d871cae62a7db7a60d5ac1f36a7a195528eb8", "document_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "block_sequence": 46, "char_end": 1315, "char_start": 0, "fragment_sha256": "5b49ed27f8b61849e6d1e414adbb9a085368a56d8289d88bd9132e114486d766", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "block_sequence": 48, "char_end": 1232, "char_start": 0, "fragment_sha256": "69d3b6e32e0fa3d821a3212b62739454438e2f4c9e898bf8734459a9bb584c47", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#p19", "passage_kind": "narrative", "passage_sequence": 19, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/exhibit9921q24opendoorsh.htm", "table_id": null, "text": "21 Three Months Ended March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Revenue $ 1,181 $ 870 $ 980 $ 1,976 $ 3,120 Gross profit $ 114 $ 72 $ 96 $ 149 $ 170 Gross Margin 9.7 % 8.3 % 9.8 % 7.5 % 5.4 % Net (loss) income $ (109) $ (91) $ (106) $ 23 $ (101) Number of markets (at period end) 50 50 53 53 53 Homes sold 3,078 2,364 2,687 5,383 8,274 Homes purchased 3,458 3,683 3,136 2,680 1,747 Homes in inventory (at period end) 5,706 5,326 4,007 3,558 6,261 Inventory (at period end) $ 1,881 $ 1,775 $ 1,311 $ 1,149 $ 2,118 Percentage of homes “on the market” for greater than 120 days (at period end) 15 % 18 % 12 % 24 % 59 % Non-GAAP Financial Highlights (1) Contribution Profit (Loss) $ 57 $ 30 $ 43 $ (90) $ (241) Contribution Margin 4.8 % 3.4 % 4.4 % (4.6) % (7.7) % Adjusted EBITDA $ (50) $ (69) $ (49) $ (168) $ (341) Adjusted EBITDA Margin (4.2) % (7.9) % (5.0) % (8.5) % (10.9) % Adjusted Net Loss $ (80) $ (97) $ (75) $ (197) $ (409) OPENDOOR TECHNOLOGIES INC. FINANCIAL HIGHLIGHTS AND OPERATING METRICS (In millions, except percentages, homes sold, number of markets, homes purchased, and homes in inventory) (Unaudited) (1) See “—Use of Non-GAAP Financial Measures” for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures.\n\n22 Three Months Ended March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 REVENUE $ 1,181 $ 870 $ 980 $ 1,976 $ 3,120 COST OF REVENUE 1,067 798 884 1,827 2,950 GROSS PROFIT 114 72 96 149 170 OPERATING EXPENSES: Sales, marketing and operations 113 89 85 124 188 General and administrative 47 48 48 44 66 Technology and development 41 46 42 39 40 Restructuring — 4 — 10 — Total operating expenses 201 187 175 217 294 LOSS FROM OPERATIONS (87) (115) (79) (68) (124) GAIN ON EXTINGUISHMENT OF DEBT — 34 — 104 78 INTEREST EXPENSE (37) (37) (47) (53) (74) OTHER INCOME – Net 15 27 20 41 19 (LOSS) INCOME BEFORE INCOME TAXES (109) (91) (106) 24 (101) INCOME TAX EXPENSE — — — (1) — NET (LOSS) INCOME $ (109) $ (91) $ (106) $ 23 $ (101) Net (loss) income per share attributable to common shareholders: Basic $ (0.16) $ (0.14) $ (0.16) $ 0.04 $ (0.16) Diluted $ (0.16) $ (0.14) $ (0.16) $ 0.03 $ (0.16) Weighted-average shares outstanding: Basic 682,457 672,662 662,149 646,062 641,916 Diluted 682,457 672,662 662,149 667,159 641,916 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited)"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b50", "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b52"], "char_count": 3538, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5ca771a932cfbfe9dddfa3f00172e3173eaf83857c4d472ffaf96b136e15ca4c", "derivation_id": "43f2627d88f6943d504cdae05c9d871cae62a7db7a60d5ac1f36a7a195528eb8", "document_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "block_sequence": 50, "char_end": 1334, "char_start": 0, "fragment_sha256": "a6c5d9c7b4849c79c2fcbe11d47ebad9c608985690479de3142e56e264c98b90", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "block_sequence": 52, "char_end": 2202, "char_start": 0, "fragment_sha256": "1973c738a22224136e3b3ea2cded438956ba38e8c82cce2152d83139a1b143d6", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#p20", "passage_kind": "narrative", "passage_sequence": 20, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/exhibit9921q24opendoorsh.htm", "table_id": null, "text": "23 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) March 31, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 953 $ 999 Restricted cash 333 541 Marketable securities 37 69 Escrow receivable 15 9 Real estate inventory, net 1,881 1,775 Other current assets 65 52 Total current assets 3,284 3,445 PROPERTY AND EQUIPMENT – Net 66 66 RIGHT OF USE ASSETS 23 25 GOODWILL 4 4 INTANGIBLES – Net 4 5 OTHER ASSETS 23 22 TOTAL ASSETS $ 3,404 $ 3,567 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 69 $ 64 Interest payable 1 1 Lease liabilities - current portion 4 5 Total current liabilities 74 70 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 2,036 2,134 CONVERTIBLE SENIOR NOTES 376 376 LEASE LIABILITIES – Net of current portion 18 19 OTHER LIABILITIES 1 1 Total liabilities 2,505 2,600 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 688,560,794 and 677,636,163 shares issued, respectively; 688,560,794 and 677,636,163 shares — — Additional paid-in capital 4,341 4,301 Accumulated deficit (3,442) (3,333) Accumulated other comprehensive loss — (1) Total shareholders’ equity 899 967 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 3,404 $ 3,567\n\n24 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Three Months Ended March 31, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (109) $ (101) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: Depreciation and amortization 14 22 Amortization of right of use asset 2 2 Stock-based compensation 33 42 Inventory valuation adjustment 7 23 Change in fair value of equity securities 2 (1) Other 2 — Proceeds from sale and principal collections of mortgage loans held for sale — 1 Gain on extinguishment of debt — (78) Changes in operating assets and liabilities: Escrow receivable (6) (12) Real estate inventory (114) 2,306 Other assets (13) (10) Accounts payable and other accrued liabilities 6 (22) Interest payable — (8) Lease liabilities (2) (2) Net cash (used in) provided by operating activities (178) 2,162 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (8) (8) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 30 38 Net cash provided by investing activities 22 30 CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of convertible senior notes — (101) Proceeds from exercise of stock options — 1 Proceeds from issuance of common stock for ESPP 2 1 Proceeds from non-recourse asset-backed debt — 224 Principal payments on non-recourse asset-backed debt (100) (1,446) Payment for early extinguishment of debt — (4) Net cash used in financing activities (98) (1,325) Net (decrease) increase in cash, cash equivalents, and restricted cash (254) 867 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 1,540 1,791 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $ 1,286 $ 2,658 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $ 34 $ 74 DISCLOSURES OF NONCASH ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 5 $ 6 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 953 $ 1,143 Restricted cash 333 1,515 Cash, cash equivalents, and restricted cash $ 1,286 $ 2,658"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b54"], "char_count": 2322, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9817033b0d9bcc366edf370e23cee292ed84a4368660021fb9d582134de3fdf5", "derivation_id": "43f2627d88f6943d504cdae05c9d871cae62a7db7a60d5ac1f36a7a195528eb8", "document_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "block_sequence": 54, "char_end": 2322, "char_start": 0, "fragment_sha256": "2b3d318a8861c8ef9c2a89c464d08e92c8f11ea840114b35c13ef1f59e70afad", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#p21", "passage_kind": "narrative", "passage_sequence": 21, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/exhibit9921q24opendoorsh.htm", "table_id": null, "text": "25 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT (LOSS) AND CONTRIBUTION PROFIT (LOSS) TO OUR GROSS PROFIT (LOSS) (Unaudited) Three Months Ended (in millions, except percentages and homes sold, or as noted) March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Revenue (GAAP) $ 1,181 $ 870 $ 980 $ 1,976 $ 3,120 Gross profit (GAAP) $ 114 $ 72 $ 96 $ 149 $ 170 Gross Margin 9.7 % 8.3 % 9.8 % 7.5 % 5.4 % Adjustments: Inventory valuation adjustment – Current Period͏(1)(2) 7 11 17 14 23 Inventory valuation adjustment – Prior Periods͏(1)(3) (17) (17) (29) (156) (295) Adjusted Gross Profit (Loss) $ 104 $ 66 $ 84 $ 7 $ (102) Adjusted Gross Margin 8.8 % 7.6 % 8.6 % 0.4 % (3.3) % Adjustments: Direct selling costs(4) (34) (26) (28) (58) (85) Holding costs on sales – Current Period͏(5)(6) (5) (3) (4) (6) (13) Holding costs on sales – Prior Periods͏(5)(7) (8) (7) (9) (33) (41) Contribution Profit (Loss) $ 57 $ 30 $ 43 $ (90) $ (241) Homes sold in period 3,078 2,364 2,687 5,383 8,274 Contribution Profit (Loss) per Home Sold (in thousands) $ 19 $ 13 $ 16 $ (17) $ (29) Contribution Margin 4.8 % 3.4 % 4.4 % (4.6) % (7.7) % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b56"], "char_count": 2791, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "bd0356b1b093c41cd9510a3506c9acb797bb9241bdd477b87c3d0a1579e4e970", "derivation_id": "43f2627d88f6943d504cdae05c9d871cae62a7db7a60d5ac1f36a7a195528eb8", "document_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "block_sequence": 56, "char_end": 2791, "char_start": 0, "fragment_sha256": "10c6ab1bb74698bc7b3d3e0bcc71d167afe21686f224cf60dc342f62e90ebb0d", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#p22", "passage_kind": "narrative", "passage_sequence": 22, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/exhibit9921q24opendoorsh.htm", "table_id": null, "text": "26 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED NET LOSS AND ADJUSTED EBITDA TO OUR NET (LOSS) INCOME (Unaudited) Three Months Ended (in millions, except percentages) March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Revenue (GAAP) $ 1,181 $ 870 $ 980 $ 1,976 $ 3,120 Net (loss) income (GAAP) $ (109) $ (91) $ (106) $ 23 $ (101) Adjustments: Stock-based compensation 33 32 31 21 42 Equity securities fair value adjustment(1) 2 (3) 11 (6) (1) Intangibles amortization expense(2) 2 2 2 1 2 Inventory valuation adjustment – Current Period͏(3)(4) 7 11 17 14 23 Inventory valuation adjustment — Prior Periods͏(3)(5) (17) (17) (29) (156) (295) Restructuring(6) — 4 — 10 — Gain on extinguishment of debt — (34) — (104) (78) Other(7) 2 (1) (1) — (1) Adjusted Net Loss $ (80) $ (97) $ (75) $ (197) $ (409) Adjustments: Depreciation and amortization, excluding amortization of intangibles 11 15 9 9 12 Property financing(8) 32 32 38 44 60 Other interest expense(9) 5 5 9 9 14 Interest income(10) (18) (24) (30) (34) (18) Income tax expense — — — 1 — Adjusted EBITDA $ (50) $ (69) $ (49) $ (168) $ (341) Adjusted EBITDA Margin (4.2) % (7.9) % (5.0) % (8.5) % (10.9) % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuring costs consist primarily of severance and employee termination benefits and bonuses. (7) Includes primarily gain or loss on the sale of available for sale securities, sublease income, gain or loss on the disposal of property and equipment, and income from equity method investments. (8) Includes interest expense on our non-recourse asset-backed debt facilities. (9) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset- backed debt facilities, and interest expense related to the 2026 Notes outstanding. (10) Consists mainly of interest earned on cash, cash equivalents, restricted cash, and marketable securities."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b58"], "char_count": 1953, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "133baf91accf45d76908d1ca59d35c4cf846410c29c4fd7c2c3da49bbb2cf439", "derivation_id": "43f2627d88f6943d504cdae05c9d871cae62a7db7a60d5ac1f36a7a195528eb8", "document_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "block_sequence": 58, "char_end": 1953, "char_start": 0, "fragment_sha256": "f873d39b940b7a29d444a3ef186814025cf243d9dc6d28be3766029f38699ee5", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#p23", "passage_kind": "narrative", "passage_sequence": 23, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/exhibit9921q24opendoorsh.htm", "table_id": null, "text": "27 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED OPERATING EXPENSES TO OUR OPERATING EXPENSES (Unaudited) Three Months Ended (in millions, except percentages) March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 OPERATING EXPENSES: Sales, marketing and operations 113 89 85 124 188,000 188 General and administrative 47 48 48 44 66 Technology and development 41 46 42 39 40 Restructuring — 4 — 10 — Total Operating Expenses (GAAP) $ 201 $ 187 $ 175 $ 217 $ 294 Operating Expenses (GAAP) $ 201 $ 187 $ 175 $ 217 $ 294 Adjustments: Direct Selling Costs(1) (34) (26) (28) (58) (85) Holding costs included in contribution profit(2) (13) (10) (13) (39) (54) Stock-based compensation (33) (32) (31) (21) (42) Intangibles amortization expense(3) (2) (2) (2) (1) (2) Restructuring — (4) — (10) — Depreciation and amortization, excluding amortization of intangibles (11) (15) (9) (9) (12) Other (1) 1 — (1) 1 Total Adjusted Operating Expenses (Non-GAAP) $ 107 $ 99 $ 92 $ 78 $ 100 (1) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (2) Represents holding costs incurred in the period presented on homes sold in the period presented as well as holding costs incurred in prior periods on homes sold in the period presented (“Resale Cohort Holding Costs.”) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations in the period in which they are incurred (“GAAP Holding Costs.”) (3) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#b60"], "char_count": 3597, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "2fb6e6106d91a7bdb7187ce07c19362e5a688b01c7fffdbbf290798511497270", "derivation_id": "43f2627d88f6943d504cdae05c9d871cae62a7db7a60d5ac1f36a7a195528eb8", "document_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "block_sequence": 60, "char_end": 3597, "char_start": 0, "fragment_sha256": "ce642ffaa15a4ce68d28f0fbe48e1087076db0278324f114b4a08bd1f7bdaea5", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#p24", "passage_kind": "narrative", "passage_sequence": 24, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000084:exhibit9921q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/exhibit9921q24opendoorsh.htm", "table_id": null, "text": "28 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED SALES, MARKETING AND OPERATIONS; ADJUSTED GENERAL AND ADMINISTRATIVE; AND ADJUSTED TECHNOLOGY AND DEVELOPMENT EXPENSES TO THEIR CORRESPONDING GAAP MEASURES (Unaudited) Three Months Ended (in millions) March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Sales, marketing and operations (GAAP)(1) $ 113 $ 89 $ 85 $ 124 $ 188 Direct Selling Costs(2) (34) (26) (28) (58) (85) Holding costs included in contribution profit(3)(4) (13) (10) (13) (39) (54) Stock-based compensation (5) (4) (4) (4) (4) Intangibles amortization expense(5) (2) — (1) (1) (1) Depreciation and amortization, excluding amortization of intangibles — — (1) (2) (2) Adjusted Sales, Marketing and Operations (Non- GAAP)(6) $ 59 $ 49 $ 38 $ 20 $ 42 General and administrative (GAAP) $ 47 $ 48 $ 48 $ 44 $ 66 Stock-based compensation (16) (16) (15) (5) (27) Depreciation and amortization, excluding amortization of intangibles — — (1) — (1) Other (1) 1 — (1) 1 Adjusted General and Administrative (Non-GAAP)(6) $ 30 $ 33 $ 32 $ 38 $ 39 Technology and development (GAAP) $ 41 $ 46 $ 42 $ 39 $ 40 Stock-based compensation (12) (12) (12) (12) (11) Intangibles amortization expense(5) — (2) (1) — (1) Depreciation and amortization, excluding amortization of intangibles (11) (15) (7) (7) (9) Adjusted Technology and Development (Non- GAAP)(6) $ 18 $ 17 $ 22 $ 20 $ 19 Note: Advertising expenses(1) $ 27 $ 17 $ 16 $ 15 $ 27 (1) Advertising expenses included in Sales, marketing and operations. (2) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (3) Represents holding costs incurred in the period presented on homes sold in the period presented as well as holding costs incurred in prior periods on homes sold in the period presented (“Resale Cohort Holding Costs.”) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations in the period in which they are incurred (“GAAP Holding Costs.”) (4) The table below presents the timing difference within Adjusted Sales, marketing and operations related to holding costs. The amount of GAAP Holding Costs recognized during the period may be in excess of/ (less than) the amount of Resale Cohort Holding costs related to homes sold in the relevant period and included in Contribution Profit. Three Months Ended March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Total GAAP Holding Costs $ 11 $ 13 $ 12 $ 12 $ 28 Holding costs on sales - Current Period (5) (3) (4) (6) (13) Holding costs on sales - Prior Periods (8) (7) (9) (33) (41) Less: Resale Cohort Holding Costs (13) (10) (13) (39) (54) GAAP Holding Costs in excess of / (less than) Resale Holding Costs included in Contribution Profit $ (2) $ 3 $ (1) $ (27) $ (26) (5) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (6) The sum of Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, and Adjusted Technology and Development expenses is equal to Total Adjusted Operated Expenses (Non-GAAP). 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MLS Clearance Rate is defined as the number of daily contracts that enter pending status on the Multiple Listing Service (i.e. market listings), filtered for Opendoor’s markets and buybox, divided by the number of active listings on the Multiple Listing Service, filtered for the same markets and buybox. Appendix Trailing 7-Day MLS Clearance Rate1 MLS Data Filtered to Opendoor Markets and Buybox Trailing 7-Day MLS Contracts MLS Data Filtered to Opendoor Markets and Buybox Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 30 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec\n\nTrailing 7-Day MLS New Listings MLS Data Filtered to Opendoor Markets and Buybox Appendix Trailing 7-Day MLS Active Listings MLS Data Filtered to Opendoor Markets and Buybox Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 31\n\nAppendix 30-Day Rolling Home Price Appreciation (HPA) Weighted to Opendoor Markets; Non-Seasonally Adjusted Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 32"} diff --git a/data/normalized/sec/0001801169/8-K/2024-05-02_0001801169-24-000084/norm_0001801169_0001801169-24-000084_exhibit993q12024formxexh.htm.json b/data/normalized/sec/0001801169/8-K/2024-05-02_0001801169-24-000084/norm_0001801169_0001801169-24-000084_exhibit993q12024formxexh.htm.json 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NON-GAAP MEASURES & KEY METRICS (Unaudited) Period Ended ($ in millions, except markets, homes purchased, homes sold, homes in inventory, and margins) Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Key Metrics Total Markets (at period end) 50 50 53 53 53 Total Revenue $ 1,181 $ 870 $ 980 $ 1,976 $ 3,120 Gross profit $ 114 $ 72 $ 96 $ 149 $ 170 Net (loss) income $ (109) $ (91) $ (106) $ 23 $ (101) Inventory (at period end) $ 1,881 $ 1,775 $ 1,311 $ 1,149 $ 2,118 Non-GAAP Financial Measures Adjusted Gross Profit (Loss) $ 104 $ 66 $ 84 $ 7 $ (102) Selling Costs (34) (26) (28) (58) (85) Holding Costs (13) (10) (13) (39) (54) Contribution Profit (Loss) $ 57 $ 30 $ 43 $ (90) $ (241) Adjusted EBITDA $ (50) $ (69) $ (49) $ (168) $ (341) Adjusted Net Loss $ (80) $ (97) $ (75) $ (197) $ (409) Margins Total Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Gross profit 9.7 % 8.3 % 9.8 % 7.5 % 5.4 % Adjusted Gross Profit (Loss) 8.8 % 7.6 % 8.6 % 0.4 % (3.3) % Contribution Profit (Loss) 4.8 % 3.4 % 4.4 % (4.6) % (7.7) % Net (loss) income (9.2) % (10.5) % (10.8) % 1.2 % (3.2) % Adjusted EBITDA (4.2) % (7.9) % (5.0) % (8.5) % (10.9) % Adjusted Net Loss (6.8) % (11.1) % (7.7) % (10.0) % (13.1) % Inventory Rollforward Homes in Inventory (at beginning of period) 5,326 4,007 3,558 6,261 12,788 Homes Purchased 3,458 3,683 3,136 2,680 1,747 Homes Sold (3,078) (2,364) (2,687) (5,383) (8,274) Homes in Inventory (at period end) 5,706 5,326 4,007 3,558 6,261 Exhibit 99.3" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm#b7", + "block_sequence": 7, + "block_sha256": "d0f0bf3520d098baa84840d5508c43c90d24f3634a683ce61cc028dca38fdeba", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm", + "block_sequence": 7, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "2316dbed6dad9c4e8171390f6bd955c3eab713844e9d7ccdeda560801d02358f", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm#s2", + "table": null, + "text": "exhibit993q12024formxexh002.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm#b8", + "block_sequence": 8, + "block_sha256": "6ce4d202904c598c12cb8a3fe1107c6b558eb5df0c6f1e8ff37046f60d3c9f76", + "block_type": "paragraph", + "char_count": 843, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm", + "block_sequence": 8, + "char_end": 843, + "char_start": 0, + "fragment_sha256": "26936162e22b861468b368a8b3aae9ccfa5467e2ed432a4b4ea6a404be3670bf", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. 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CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) March 31, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 953 $ 999 Restricted cash 333 541 Marketable securities 37 69 Escrow receivable 15 9 Real estate inventory, net 1,881 1,775 Other current assets 65 52 Total current assets 3,284 3,445 PROPERTY AND EQUIPMENT \u2013 Net 66 66 RIGHT OF USE ASSETS 23 25 GOODWILL 4 4 INTANGIBLES \u2013 Net 4 5 OTHER ASSETS 23 22 TOTAL ASSETS $ 3,404 $ 3,567 LIABILITIES AND SHAREHOLDERS\u2019 EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 69 $ 64 Interest payable 1 1 Lease liabilities - current portion 4 5 Total current liabilities 74 70 NON-RECOURSE ASSET-BACKED DEBT \u2013 Net of current portion 2,036 2,134 CONVERTIBLE SENIOR NOTES 376 376 LEASE LIABILITIES \u2013 Net of current portion 18 19 OTHER LIABILITIES 1 1 Total liabilities 2,505 2,600 SHAREHOLDERS\u2019 EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 688,560,794 and 677,636,163 shares issued, respectively; 688,560,794 and 677,636,163 shares outstanding, respectively \u2014 \u2014 Additional paid-in capital 4,341 4,301 Accumulated deficit (3,442) (3,333) Accumulated other comprehensive loss \u2014 (1) Total shareholders\u2019 equity 899 967 TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY $ 3,404 $ 3,567" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm#b11", + "block_sequence": 11, + "block_sha256": "6438be4fe6c89c26ee0e445193ddabdfa35be3d594bb473b35d5bf04fba3897e", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm", + "block_sequence": 11, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "94c0d4b4b8766b9d497498dfe2dcbf81737cd2072086aa699cefbe0a21a2f1a3", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm#s2", + "table": null, + "text": "exhibit993q12024formxexh004.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm#b12", + "block_sequence": 12, + "block_sha256": "4cfaa7122c606921b302859c954ebf6c9dc39c49ee0e9361f65ecab481aa49a1", + "block_type": "paragraph", + "char_count": 2016, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm", + "block_sequence": 12, + "char_end": 2016, + "char_start": 0, + "fragment_sha256": "c2d8f96db8738a0cf08481b5a414275a55cf410118fd863cecacdc24539d46d6", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Three Months Ended March 31, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (109) $ (101) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: Depreciation and amortization 14 22 Amortization of right of use asset 2 2 Stock-based compensation 33 42 Inventory valuation adjustment 7 23 Change in fair value of equity securities 2 (1) Other 2 \u2014 Proceeds from sale and principal collections of mortgage loans held for sale \u2014 1 Gain on extinguishment of debt \u2014 (78) Changes in operating assets and liabilities: Escrow receivable (6) (12) Real estate inventory (114) 2,306 Other assets (13) (10) Accounts payable and other accrued liabilities 6 (22) Interest payable \u2014 (8) Lease liabilities (2) (2) Net cash (used in) provided by operating activities (178) 2,162 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (8) (8) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 30 38 Net cash provided by investing activities 22 30 CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of convertible senior notes \u2014 (101) Proceeds from exercise of stock options \u2014 1 Proceeds from issuance of common stock for ESPP 2 1 Proceeds from non-recourse asset-backed debt \u2014 224 Principal payments on non-recourse asset-backed debt (100) (1,446) Payment for early extinguishment of debt \u2014 (4) Net cash used in financing activities (98) (1,325) Net (decrease) increase in cash, cash equivalents, and restricted cash (254) 867 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 Beginning of period 1,540 1,791 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 End of period $ 1,286 $ 2,658 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION \u2013 Cash paid during the period for interest $ 34 $ 74 DISCLOSURES OF NONCASH ACTIVITIES: Stock-based compensation expense 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NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Gross Profit (Loss) and Contribution Profit (Loss) to our Gross Profit Three Months Ended (in millions, except percentages and homes sold, or as noted) March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Revenue (GAAP) $ 1,181 $ 870 $ 980 $ 1,976 $ 3,120 Gross profit (GAAP) $ 114 $ 72 $ 96 $ 149 $ 170 Gross Margin 9.7 % 8.3 % 9.8 % 7.5 % 5.4 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f (1)(2) 7 11 17 14 23 Inventory valuation adjustment \u2013 Prior Periods\u034f (1)(3) (17) (17) (29) (156) (295) Adjusted Gross Profit (Loss) $ 104 $ 66 $ 84 $ 7 $ (102) Adjusted Gross Margin 8.8 % 7.6 % 8.6 % 0.4 % (3.3) % Adjustments: Direct selling costs (4) (34) (26) (28) (58) (85) Holding costs on sales \u2013 Current Period\u034f (5)(6) (5) (3) (4) (6) (13) Holding costs on sales \u2013 Prior Periods\u034f (5)(7) (8) (7) (9) (33) (41) Contribution Profit (Loss) $ 57 $ 30 $ 43 $ (90) $ (241) Homes sold in period 3,078 2,364 2,687 5,383 8,274 Contribution Profit (Loss) per Home Sold (in thousands) $ 19 $ 13 $ 16 $ (17) $ (29) Contribution Margin 4.8 % 3.4 % 4.4 % (4.6) % (7.7) % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. 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(2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuring costs consist primarily of severance and employee termination benefits and bonuses. (7) Includes primarily gain or loss on the sale of available for sale securities, sublease income, gain or loss on the disposal of property and equipment, and income from equity method investments. (8) Includes interest expense on our non-recourse asset-backed debt facilities. (9) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, and interest expense related to the 2026 Notes outstanding. 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NON-GAAP MEASURES & KEY METRICS (Unaudited) Period Ended ($ in millions, except markets, homes purchased, homes sold, homes in inventory, and margins) Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Key Metrics Total Markets (at period end) 50 50 53 53 53 Total Revenue $ 1,181 $ 870 $ 980 $ 1,976 $ 3,120 Gross profit $ 114 $ 72 $ 96 $ 149 $ 170 Net (loss) income $ (109) $ (91) $ (106) $ 23 $ (101) Inventory (at period end) $ 1,881 $ 1,775 $ 1,311 $ 1,149 $ 2,118 Non-GAAP Financial Measures Adjusted Gross Profit (Loss) $ 104 $ 66 $ 84 $ 7 $ (102) Selling Costs (34) (26) (28) (58) (85) Holding Costs (13) (10) (13) (39) (54) Contribution Profit (Loss) $ 57 $ 30 $ 43 $ (90) $ (241) Adjusted EBITDA $ (50) $ (69) $ (49) $ (168) $ (341) Adjusted Net Loss $ (80) $ (97) $ (75) $ (197) $ (409) Margins Total Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Gross profit 9.7 % 8.3 % 9.8 % 7.5 % 5.4 % Adjusted Gross Profit (Loss) 8.8 % 7.6 % 8.6 % 0.4 % (3.3) % Contribution Profit (Loss) 4.8 % 3.4 % 4.4 % (4.6) % (7.7) % Net (loss) income (9.2) % (10.5) % (10.8) % 1.2 % (3.2) % Adjusted EBITDA (4.2) % (7.9) % (5.0) % (8.5) % (10.9) % Adjusted Net Loss (6.8) % (11.1) % (7.7) % (10.0) % (13.1) % Inventory Rollforward Homes in Inventory (at beginning of period) 5,326 4,007 3,558 6,261 12,788 Homes Purchased 3,458 3,683 3,136 2,680 1,747 Homes Sold (3,078) (2,364) (2,687) (5,383) (8,274) Homes in Inventory (at period end) 5,706 5,326 4,007 3,558 6,261 Exhibit 99.3"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm#b8", "norm:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm#b10"], "char_count": 2198, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "70520a6021f13039b6e1cd9957f84e48dc489bb77e9ba8859303a38ee89e01d7", "derivation_id": "06ff11f44187470bf722abbaa3d05259849a7c187dac8dba1d29a3f8c2b8cdd0", "document_id": "norm:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm", "block_sequence": 8, "char_end": 843, "char_start": 0, "fragment_sha256": "26936162e22b861468b368a8b3aae9ccfa5467e2ed432a4b4ea6a404be3670bf", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm", "block_sequence": 10, "char_end": 1353, "char_start": 0, "fragment_sha256": "9dc23565926cb61105404673aab1e5f30e333f8b31a79b7205159b1d742b1bf2", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm#p2", "passage_kind": "narrative", "passage_sequence": 2, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/exhibit993q12024formxexh.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited) Three Months Ended March 31, 2024 2023 REVENUE $ 1,181 $ 3,120 COST OF REVENUE 1,067 2,950 GROSS PROFIT 114 170 OPERATING EXPENSES: Sales, marketing and operations 113 188 General and administrative 47 66 Technology and development 41 40 Total operating expenses 201 294 LOSS FROM OPERATIONS (87) (124) GAIN ON EXTINGUISHMENT OF DEBT — 78 INTEREST EXPENSE (37) (74) OTHER INCOME – Net 15 19 LOSS BEFORE INCOME TAXES (109) (101) INCOME TAX EXPENSE — — NET LOSS $ (109) $ (101) Net loss per share attributable to common shareholders: Basic $ (0.16) $ (0.16) Diluted $ (0.16) $ (0.16) Weighted-average shares outstanding: Basic 682,457 641,916 Diluted 682,457 641,916\n\nOPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) March 31, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 953 $ 999 Restricted cash 333 541 Marketable securities 37 69 Escrow receivable 15 9 Real estate inventory, net 1,881 1,775 Other current assets 65 52 Total current assets 3,284 3,445 PROPERTY AND EQUIPMENT – Net 66 66 RIGHT OF USE ASSETS 23 25 GOODWILL 4 4 INTANGIBLES – Net 4 5 OTHER ASSETS 23 22 TOTAL ASSETS $ 3,404 $ 3,567 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 69 $ 64 Interest payable 1 1 Lease liabilities - current portion 4 5 Total current liabilities 74 70 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 2,036 2,134 CONVERTIBLE SENIOR NOTES 376 376 LEASE LIABILITIES – Net of current portion 18 19 OTHER LIABILITIES 1 1 Total liabilities 2,505 2,600 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 688,560,794 and 677,636,163 shares issued, respectively; 688,560,794 and 677,636,163 shares outstanding, respectively — — Additional paid-in capital 4,341 4,301 Accumulated deficit (3,442) (3,333) Accumulated other comprehensive loss — (1) Total shareholders’ equity 899 967 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 3,404 $ 3,567"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm#b12"], "char_count": 2016, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "4cfaa7122c606921b302859c954ebf6c9dc39c49ee0e9361f65ecab481aa49a1", "derivation_id": "06ff11f44187470bf722abbaa3d05259849a7c187dac8dba1d29a3f8c2b8cdd0", "document_id": "norm:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm", "block_sequence": 12, "char_end": 2016, "char_start": 0, "fragment_sha256": "c2d8f96db8738a0cf08481b5a414275a55cf410118fd863cecacdc24539d46d6", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/exhibit993q12024formxexh.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Three Months Ended March 31, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (109) $ (101) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: Depreciation and amortization 14 22 Amortization of right of use asset 2 2 Stock-based compensation 33 42 Inventory valuation adjustment 7 23 Change in fair value of equity securities 2 (1) Other 2 — Proceeds from sale and principal collections of mortgage loans held for sale — 1 Gain on extinguishment of debt — (78) Changes in operating assets and liabilities: Escrow receivable (6) (12) Real estate inventory (114) 2,306 Other assets (13) (10) Accounts payable and other accrued liabilities 6 (22) Interest payable — (8) Lease liabilities (2) (2) Net cash (used in) provided by operating activities (178) 2,162 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (8) (8) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 30 38 Net cash provided by investing activities 22 30 CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of convertible senior notes — (101) Proceeds from exercise of stock options — 1 Proceeds from issuance of common stock for ESPP 2 1 Proceeds from non-recourse asset-backed debt — 224 Principal payments on non-recourse asset-backed debt (100) (1,446) Payment for early extinguishment of debt — (4) Net cash used in financing activities (98) (1,325) Net (decrease) increase in cash, cash equivalents, and restricted cash (254) 867 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 1,540 1,791 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $ 1,286 $ 2,658 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $ 34 $ 74 DISCLOSURES OF NONCASH ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 5 $ 6"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm#b14", "norm:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm#b16"], "char_count": 2530, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "594560365a05e9e398436d521ebc5a29e859f611f7a6637ff9c32074f2c8884d", "derivation_id": "06ff11f44187470bf722abbaa3d05259849a7c187dac8dba1d29a3f8c2b8cdd0", "document_id": "norm:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm", "block_sequence": 14, "char_end": 182, "char_start": 0, "fragment_sha256": "70873ad68e0d0277d3770f1629818f4173c0b9038f7b75dc2cf7177aa3d1ed50", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm", "block_sequence": 16, "char_end": 2346, "char_start": 0, "fragment_sha256": "25b1cfbd066e53cbba7abbe118b4d51990e15647cbae2e6e480c3085af8e95dc", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/exhibit993q12024formxexh.htm", "table_id": null, "text": "RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 953 $ 1,143 Restricted cash 333 1,515 Cash, cash equivalents, and restricted cash $ 1,286 $ 2,658\n\nOPENDOOR TECHNOLOGIES INC. NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Gross Profit (Loss) and Contribution Profit (Loss) to our Gross Profit Three Months Ended (in millions, except percentages and homes sold, or as noted) March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Revenue (GAAP) $ 1,181 $ 870 $ 980 $ 1,976 $ 3,120 Gross profit (GAAP) $ 114 $ 72 $ 96 $ 149 $ 170 Gross Margin 9.7 % 8.3 % 9.8 % 7.5 % 5.4 % Adjustments: Inventory valuation adjustment – Current Period͏ (1)(2) 7 11 17 14 23 Inventory valuation adjustment – Prior Periods͏ (1)(3) (17) (17) (29) (156) (295) Adjusted Gross Profit (Loss) $ 104 $ 66 $ 84 $ 7 $ (102) Adjusted Gross Margin 8.8 % 7.6 % 8.6 % 0.4 % (3.3) % Adjustments: Direct selling costs (4) (34) (26) (28) (58) (85) Holding costs on sales – Current Period͏ (5)(6) (5) (3) (4) (6) (13) Holding costs on sales – Prior Periods͏ (5)(7) (8) (7) (9) (33) (41) Contribution Profit (Loss) $ 57 $ 30 $ 43 $ (90) $ (241) Homes sold in period 3,078 2,364 2,687 5,383 8,274 Contribution Profit (Loss) per Home Sold (in thousands) $ 19 $ 13 $ 16 $ (17) $ (29) Contribution Margin 4.8 % 3.4 % 4.4 % (4.6) % (7.7) % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow- related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm#b18"], "char_count": 2815, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b35d15c2a6f53082db452137b8924be80152b7e56610d1b8e3a3be7a9d55ab78", "derivation_id": "06ff11f44187470bf722abbaa3d05259849a7c187dac8dba1d29a3f8c2b8cdd0", "document_id": "norm:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm", "block_sequence": 18, "char_end": 2815, "char_start": 0, "fragment_sha256": "beae4460f51fe6b8439cd4324142c361ad95327cf6c3f6291dafd967915e0681", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000084:exhibit993q12024formxexh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/exhibit993q12024formxexh.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our Net (Loss) Income Three Months Ended (in millions, except percentages) March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Revenue (GAAP) $ 1,181 $ 870 $ 980 $ 1,976 $ 3,120 Net (loss) income (GAAP) $ (109) $ (91) $ (106) $ 23 $ (101) Adjustments: Stock-based compensation 33 32 31 21 42 Equity securities fair value adjustment(1) 2 (3) 11 (6) (1) Intangibles amortization expense(2) 2 2 2 1 2 Inventory valuation adjustment – Current Period͏(3)(4) 7 11 17 14 23 Inventory valuation adjustment — Prior Periods͏(3)(5) (17) (17) (29) (156) (295) Restructuring(6) — 4 — 10 — Gain on extinguishment of debt — (34) — (104) (78) Other(7) 2 (1) (1) — (1) Adjusted Net Loss $ (80) $ (97) $ (75) $ (197) $ (409) Adjustments: Depreciation and amortization, excluding amortization of intangibles 11 15 9 9 12 Property financing(8) 32 32 38 44 60 Other interest expense(9) 5 5 9 9 14 Interest income(10) (18) (24) (30) (34) (18) Income tax expense — — — 1 — Adjusted EBITDA $ (50) $ (69) $ (49) $ (168) $ (341) Adjusted EBITDA Margin (4.2) % (7.9) % (5.0) % (8.5) % (10.9) % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuring costs consist primarily of severance and employee termination benefits and bonuses. (7) Includes primarily gain or loss on the sale of available for sale securities, sublease income, gain or loss on the disposal of property and equipment, and income from equity method investments. (8) Includes interest expense on our non-recourse asset-backed debt facilities. (9) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, and interest expense related to the 2026 Notes outstanding. 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Emerging growth company \u2610 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:open-20240502.htm#b20", + "block_sequence": 20, + "block_sha256": "5307a7e048eb396b1c5276f7cf16cf2e9f1135d2d24aedc7fff830e4d32b3091", + "block_type": "heading", + "char_count": 9, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:open-20240502.htm", + "block_sequence": 20, + "char_end": 9, + "char_start": 0, + "fragment_sha256": "8dffb782385f2f3d67fc274056b6c21f38598d994cb3a74b02b658a5d0c5aa0f", + "heading_path": [ + "UNITED STATES", + "Item 2.02" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:open-20240502.htm#s12", + "table": null, + "text": "Item 2.02" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:open-20240502.htm#b21", + "block_sequence": 21, + "block_sha256": "58c5517f0aa14eebc720b301fc7cce224252190d0c71fc33fdbe6ac5f8920c71", + "block_type": "heading", + "char_count": 45, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:open-20240502.htm", + "block_sequence": 21, + "char_end": 45, + "char_start": 0, + "fragment_sha256": "8d84f9abf7be045af6a2d5ce6eb4873d8d34fec79713685c930ef9adf0f4d08d", + "heading_path": [ + "UNITED STATES", + "Item 2.02", + "Results of Operations and Financial Condition" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:open-20240502.htm#s13", + "table": null, + "text": "Results of Operations and Financial Condition" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:open-20240502.htm#b22", + "block_sequence": 22, + "block_sha256": "457ee14834002924d17b3866e3a26237f44cfec8bdab11f7d7ac54bb93015693", + "block_type": "paragraph", + "char_count": 335, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:open-20240502.htm", + "block_sequence": 22, + "char_end": 335, + "char_start": 0, + "fragment_sha256": "29c837d724a32b5b8357a8cba255afd7ffefe370ace8de94005a7d310075013f", + "heading_path": [ + "UNITED STATES", + "Item 2.02", + "Results of Operations and Financial Condition" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:open-20240502.htm#s13", + "table": null, + "text": "On May 2, 2024, Opendoor Technologies Inc. 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A copy of the press release and the shareholder letter is furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K." + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:open-20240502.htm#b23", + "block_sequence": 23, + "block_sha256": "b89696dd562dc98e2d1749a869ddb9e170e8ec4b569de938d823dcf31e61ed4a", + "block_type": "heading", + "char_count": 34, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:open-20240502.htm", + "block_sequence": 23, + "char_end": 34, + "char_start": 0, + "fragment_sha256": "fcec0789832f49277de82434595e218c54afde9c84449c5911f7736e0ddd34bf", + "heading_path": [ + "UNITED STATES", + "Item 7.01 Regulation FD Disclosure" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000084:open-20240502.htm#s14", + "table": null, + "text": "Item 7.01 Regulation FD Disclosure" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:open-20240502.htm#b24", + "block_sequence": 24, + "block_sha256": "74e56d370b8c4c801f0c81520373311027fac8e58a5d9298c308e23a1f34e77f", + "block_type": "paragraph", + "char_count": 766, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:open-20240502.htm", + "block_sequence": 24, + "char_end": 766, + "char_start": 0, + "fragment_sha256": "16ccca5678d4af4b2fcdfb25a1d4431464c2ce2d835302b4c0a495e3ae066ff8", + "heading_path": [ + "UNITED STATES", + "Item 7.01 Regulation FD Disclosure" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000084:open-20240502.htm#s14", + "table": null, + "text": "On May 2, 2024, the Company posted an earnings supplement (the \u201cSupplement\u201d) in the \u201cInvestor Relations\u201d portion of its website at investor.opendoor.com. A copy of the Supplement is attached to this Current Report on Form 8-K as Exhibit 99.3. The information contained in Items 2.02 and 7.01 of this Current Report (including Exhibits 99.1, 99.2, and 99.3 attached hereto) shall not be deemed \u201cfiled\u201d for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing." + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:open-20240502.htm#b25", + "block_sequence": 25, + "block_sha256": "ceb51f1f84b7628f894076641909a6ff2852ffbb2bd4591f0389564d97779dc4", + "block_type": "heading", + "char_count": 9, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:open-20240502.htm", + "block_sequence": 25, + "char_end": 9, + "char_start": 0, + "fragment_sha256": 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Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-24-000084:open-20240502.htm#b22"], "char_count": 335, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "457ee14834002924d17b3866e3a26237f44cfec8bdab11f7d7ac54bb93015693", "derivation_id": "07cba053a82fbf631c6a7a93981bb7454d300c5a46038857835491ff27d2132d", "document_id": "norm:0001801169:0001801169-24-000084:open-20240502.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 2.02", "Results of Operations and Financial Condition"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:open-20240502.htm", "block_sequence": 22, "char_end": 335, "char_start": 0, "fragment_sha256": "29c837d724a32b5b8357a8cba255afd7ffefe370ace8de94005a7d310075013f", "heading_path": ["UNITED STATES", "Item 2.02", "Results of Operations and Financial Condition"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:open-20240502.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:open-20240502.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-24-000084:open-20240502.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/open-20240502.htm", "table_id": null, "text": "On May 2, 2024, Opendoor Technologies Inc. (the “Company”) issued a press release and a shareholder letter announcing its financial results for the first quarter ended March 31, 2024. A copy of the press release and the shareholder letter is furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-24-000084:open-20240502.htm#b24"], "char_count": 766, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "74e56d370b8c4c801f0c81520373311027fac8e58a5d9298c308e23a1f34e77f", "derivation_id": "07cba053a82fbf631c6a7a93981bb7454d300c5a46038857835491ff27d2132d", "document_id": "norm:0001801169:0001801169-24-000084:open-20240502.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 7.01 Regulation FD Disclosure"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:open-20240502.htm", "block_sequence": 24, "char_end": 766, "char_start": 0, "fragment_sha256": "16ccca5678d4af4b2fcdfb25a1d4431464c2ce2d835302b4c0a495e3ae066ff8", "heading_path": ["UNITED STATES", "Item 7.01 Regulation FD Disclosure"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:open-20240502.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:open-20240502.htm#s14", "source_artifact_id": "sec:0001801169:0001801169-24-000084:open-20240502.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/open-20240502.htm", "table_id": null, "text": "On May 2, 2024, the Company posted an earnings supplement (the “Supplement”) in the “Investor Relations” portion of its website at investor.opendoor.com. A copy of the Supplement is attached to this Current Report on Form 8-K as Exhibit 99.3. The information contained in Items 2.02 and 7.01 of this Current Report (including Exhibits 99.1, 99.2, and 99.3 attached hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-24-000084:open-20240502.htm#b27"], "char_count": 12, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1bb512677b8189f063271298af785857c211249e9a13edc9cf8a2d4545faefd7", "derivation_id": "07cba053a82fbf631c6a7a93981bb7454d300c5a46038857835491ff27d2132d", "document_id": "norm:0001801169:0001801169-24-000084:open-20240502.htm", "document_type": 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"norm:0001801169:0001801169-24-000084:open-20240502.htm#b28", "text": "| | | |\n| --- | --- | --- |\n| Exhibit No. | | Description |\n| | | |\n| 99.1 | | Press Release issued by Opendoor Technologies Inc. on May 2, 2024 |\n| 99.2 | | Shareholder Letter issued by Opendoor Technologies Inc. on May 2, 2024 |\n| 99.3 | | Supplement entitled “Financial Supplement” issued by Opendoor Technologies Inc. on May 2, 2024 |\n| 104 | | Cover Page Interactive Data File (Cover page XBRL tags are embedded within the Inline XBRL document) |"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-24-000084:open-20240502.htm#b31"], "char_count": 319, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f6306021bebf9057ccb78a296dcd1aa7179c037d0d2f7c4dac670444cce741e7", "derivation_id": "07cba053a82fbf631c6a7a93981bb7454d300c5a46038857835491ff27d2132d", "document_id": "norm:0001801169:0001801169-24-000084:open-20240502.htm", "document_type": 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Opendoor Technologies Inc. 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(Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported financial results for its first quarter ended March 31, 2024. Opendoor\u2019s first quarter 2024 financial results and management commentary can be accessed through the Company\u2019s shareholder letter on the \u201cQuarterly Reports\u201d page of Opendoor\u2019s investor relations website at https://investor.opendoor.com. \u201cOur first quarter results exceeded the high end of our guidance across revenue, Contribution Margin, and Adjusted EBITDA. Our product continues to resonate with customers, as we more than doubled our market share year-over-year and continued to deliver industry-leading seller NPS. We entered the second quarter with strong momentum, and we are meaningfully ramping acquisitions in 2024. Led by our operating principles of focus, execution, and results, we remain on track to durably rescale the business in 2024 while delivering Contribution Margin within our target annual range,\u201d said Carrie Wheeler, CEO of Opendoor. Wheeler continued, \u201cThe proposed NAR settlement underscores a growing consumer preference for an alternative approach to the traditional home selling and buying process \u2013 one that gives them more control. As the largest digital platform for residential real estate transactions, Opendoor was built for this moment, and we remain steadfast in our mission to power life\u2019s progress, one move at a time. 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with 3,078 total homes sold, down (63)% versus 1Q23 and up 30% versus 4Q23 \u2022Gross profit of $114 million, versus $170 million in 1Q23 and $72 million in 4Q23; Gross Margin of 9.7%, versus 5.4% in 1Q23 and 8.3% in 4Q23 \u2022Net loss of $(109) million, versus $(101) million in 1Q23 and $(91) million in 4Q23 \u2022Inventory balance of $1.9 billion, representing 5,706 homes, down (11)% versus 1Q23 and up 6% versus 4Q23 \u2022Purchased 3,458 homes, up 98% versus 1Q23 and down (6)% versus 4Q23 \u2022Ended the quarter with 2,611 homes under contract for purchase, up 130% versus 1Q23 and up 24% versus 4Q23" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b10", + "block_sequence": 10, + "block_sha256": "3df3d0bf1a9889fbab461edc97ccf75079eec59494edddef045558d3d41caa05", + "block_type": "heading", + "char_count": 24, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", + "block_sequence": 10, + "char_end": 24, + "char_start": 0, + "fragment_sha256": "943bbcf18422484b9130cae6afb0679081ce82f5868e3e860adb504abd95d5b3", + "heading_path": [ + "EX-99.1", + "First Quarter 2024 Key Highlights", + "Non-GAAP Key Highlights*" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s6", + "table": null, + "text": "Non-GAAP Key Highlights*" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b11", + "block_sequence": 11, + "block_sha256": "fabfd8736546c8dc71ba18aac5302b677017f340801d76b84fd18c3b6ff29a19", + "block_type": "paragraph", + "char_count": 586, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", + "block_sequence": 11, + "char_end": 586, + "char_start": 0, + "fragment_sha256": "42a021e885c5bc408e80ffe5386e9b389dee8b03534a7e2d9ee376b46176f89a", + "heading_path": [ + "EX-99.1", + "First Quarter 2024 Key Highlights", + "Non-GAAP Key Highlights*" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s6", + "table": null, + "text": "\u2022Contribution Profit (Loss) of $57 million, versus $(241) million in 1Q23 and $30 million in 4Q23; Contribution Margin of 4.8%, versus (7.7)% in 1Q23 and 3.4% in 4Q23 \u2022Adjusted EBITDA of $(50) million, versus $(341) million in 1Q23 and $(69) million in 4Q23; Adjusted EBITDA Margin of (4.2)%, versus (10.9)% in 1Q23 and (7.9)% in 4Q23 \u2022Adjusted Net Loss of $(80) million, versus $(409) million in 1Q23 and $(97) million in 4Q23 *See \u201c\u2014Use of Non-GAAP Financial Measures\u201d below for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures." + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b12", + "block_sequence": 12, + "block_sha256": "0472338473cf3a7e1ea2f64d3204d7b713fa370d5fcff0c3ae24b8b2ddd98688", + "block_type": "heading", + "char_count": 37, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", + "block_sequence": 12, + "char_end": 37, + "char_start": 0, + "fragment_sha256": "a4e9a69a9b8e7d12472f7dbcb77fcbca4959dd32a13bc363fc21ef84d1ef16d4", + "heading_path": [ + "EX-99.1", + "Second Quarter 2024 Financial Outlook" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s7", + "table": null, + "text": "Second Quarter 2024 Financial Outlook" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b13", + "block_sequence": 13, + "block_sha256": "fe1fdbc16bf148142338e4b176f6a37b2ae31b43552283316368ab4d5e673a41", + "block_type": "paragraph", + "char_count": 186, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", + "block_sequence": 13, + "char_end": 186, + "char_start": 0, + "fragment_sha256": "def92189ff9138f884963e29a38fca0f5940256feada90e52a48fa03f75e963d", + "heading_path": [ + "EX-99.1", + "Second Quarter 2024 Financial Outlook" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s7", + "table": null, + "text": "\u20222Q24 revenue guidance of $1.4 billion to $1.5 billion \u20222Q24 Contribution Profit1 guidance of $75 million to $85 million \u20222Q24 Adjusted EBITDA1 guidance of $(35) million to $(25) million" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b14", + "block_sequence": 14, + "block_sha256": "a6d5472b2970d188397362cbeb120c141dfa00ea685622341f4da2accca23ec9", + "block_type": "heading", + "char_count": 35, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", + "block_sequence": 14, + "char_end": 35, + "char_start": 0, + "fragment_sha256": "8f4803ade21027cea3732425b5d91aff522b9219c7b3a8bb471d178586335c09", + "heading_path": [ + "EX-99.1", + "Second Quarter 2024 Financial Outlook", + "Conference Call and Webcast Details" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s8", + "table": null, + "text": "Conference Call and Webcast Details" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b15", + "block_sequence": 15, + "block_sha256": "cdc6a2496f9d5df85c11af0752c1953c27be9dc99f1b4b1291f7c07c50214b99", + "block_type": "paragraph", + "char_count": 323, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", + "block_sequence": 15, + "char_end": 323, + "char_start": 0, + "fragment_sha256": "6a9a8c3b8acbdd200adb00c6c5fc5406a2a2d2abd2d58882f589e6567a0d0be4", + "heading_path": [ + "EX-99.1", + "Second Quarter 2024 Financial Outlook", + "Conference Call and Webcast Details" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s8", + "table": null, + "text": "Opendoor will host a conference call to discuss its financial results on May 2, 2024, at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. 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Since 2014, Opendoor has provided people across the U.S. with a simple and certain way to buy and sell a home. Opendoor currently operates in markets nationwide. For more information, please visit www.opendoor.com" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b18", + "block_sequence": 18, + "block_sha256": "1d8469bf9c663edb3c938b337e8eb7b6386c9f6dc8633427fe813d5f0ad02182", + "block_type": "heading", + "char_count": 26, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", + "block_sequence": 18, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "1c1b2c1ff491441a71c1994c5ace986494b37cd4881e2f3417345dd8ad104d6e", + "heading_path": [ + "EX-99.1", + "Second Quarter 2024 Financial Outlook", + "Conference Call and Webcast Details", + "About Opendoor", + "Forward Looking Statements" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s10", + "table": null, + "text": "Forward Looking Statements" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b19", + "block_sequence": 19, + "block_sha256": "528650881427df693371c2601c604cb9348cd3bf0c5fc2fd2a143621cb55a4cf", + "block_type": "paragraph", + "char_count": 6726, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", + "block_sequence": 19, + "char_end": 6726, + "char_start": 0, + "fragment_sha256": "af49b28cef15566069391774b62d66c65443926b50d7191bc4e375d98c8873e3", + "heading_path": [ + "EX-99.1", + "Second Quarter 2024 Financial Outlook", + "Conference Call and Webcast Details", + "About Opendoor", + "Forward Looking Statements" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s10", + "table": null, + "text": "This press release contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the current and future health and stability of the real estate housing market and general economy; anticipated future results of operations and financial performance, including our second quarter 2024 financial outlook and our ability to deliver Contribution Margin within our target annual range; the health and status of our financial condition and whether we will be able to ramp acquisitions in the second quarter of 2024 and rescale our business in 2024; and business strategy and plans, including plans to continue to invest in our products. These forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cguidance\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201coutlook\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cvision\u201d, \u201cwill\u201d, or \u201cwould\u201d, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this press release include but are not limited to: the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturn or slowdown; changes in general economic and financial conditions (including federal monetary policy, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory) that may reduce demand for our products and services, lower our 1 Opendoor has not provided a quantitative reconciliation of forecasted Contribution Profit (Loss) to forecasted GAAP gross profit (loss) nor a reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss) and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company\u2019s control. For more information regarding the non-GAAP financial measures discussed in this press release, please see \u201cUse of Non-GAAP Financial Measures\u201d following the financial tables below. profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our digital platform, including our automated pricing and valuation technology; our ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our ability to protect our brand and intellectual property; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; any future impact of pandemics or epidemics, including any future resurgences of COVID-19 and its variants, or other public health crises on our ability to operate, demand for our products and services, or general economic conditions; changes in laws or government regulation affecting our business; and the impact of pending or future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \u201cRisk Factors\u201d in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 15, 2024, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. 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The Company believes these non-GAAP financial measures including Adjusted Gross Profit (Loss), Contribution Profit (Loss), Adjusted Net Loss, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results." + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b48", + "block_sequence": 48, + "block_sha256": "6c96b44255eb532f553bee515107dc9732bacfe39728b4b1790e3d0fc9ef7445", + "block_type": "heading", + "char_count": 59, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", + "block_sequence": 48, + "char_end": 59, + "char_start": 0, + "fragment_sha256": "ef99143ea4377a43b53a0c3a16fae140a638f8d95bcebc4d8096b326cfce2617", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s19", + "table": null, + "text": "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b49", + "block_sequence": 49, + "block_sha256": "99087c1e116fa1faa2eca446abf50bf44a5436115438c99218632685ac51b312", + "block_type": "paragraph", + "char_count": 1779, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", + "block_sequence": 49, + "char_end": 1779, + "char_start": 0, + "fragment_sha256": "103e55e0521ddb0b96d04c944fc2c9527ddb1f004f0d3aa90c6c615ca6688cb6", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s19", + "table": null, + "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit (Loss) and Contribution Profit (Loss), which are non-GAAP financial measures. We believe that Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit (Loss) provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit." + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b50", + "block_sequence": 50, + "block_sha256": "aa2c104275b1e2d71ee4d2a4b524835cf35e0b5c7ba24c35bb7d198132a3a36a", + "block_type": "heading", + "char_count": 37, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", + "block_sequence": 50, + "char_end": 37, + "char_start": 0, + "fragment_sha256": "19cff3a2715bc1902e26881a91ac5e024acdea861b5971f629bd6e07ce0975e9", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", + "Adjusted Gross Profit (Loss) / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s20", + "table": null, + "text": "Adjusted Gross Profit (Loss) / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b51", + "block_sequence": 51, + "block_sha256": "97f2b700d544adc28fc9091d3f4cf36768685721f410d917fedba80b7da70496", + "block_type": "paragraph", + "char_count": 997, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", + "block_sequence": 51, + "char_end": 997, + "char_start": 0, + "fragment_sha256": "19f4a0207c01620d2fd0d1b17a896adcf772df99dc1551b16b86380d187e2e4f", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", + "Adjusted Gross Profit (Loss) / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s20", + "table": null, + "text": "We calculate Adjusted Gross Profit (Loss) as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit (Loss) helps management assess home pricing, service fees and renovation performance for a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b52", + "block_sequence": 52, + "block_sha256": "3c9261d497c08c54862c1d93dcef265e24e035674c6bdad752d75e665effba7d", + "block_type": "heading", + "char_count": 35, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", + "block_sequence": 52, + "char_end": 35, + "char_start": 0, + "fragment_sha256": "f3a65d065f6c43cacd06f7cdadb6433c87027c7ea27d84c32f00d5a5c9715288", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", + "Contribution Profit (Loss) / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s21", + "table": null, + "text": "Contribution Profit (Loss) / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b53", + "block_sequence": 53, + "block_sha256": "9d10503bd5e83fe3b32832c6fa07cff8ee6e86308078a6695cb56de249426319", + "block_type": "paragraph", + "char_count": 784, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", + "block_sequence": 53, + "char_end": 784, + "char_start": 0, + "fragment_sha256": "34e4f21e7c28478bfda95d94f1c4be13815675f3954034f744f1915fa24fffa0", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", + "Contribution Profit (Loss) / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s21", + "table": null, + "text": "We calculate Contribution Profit (Loss) as Adjusted Gross Profit (Loss), minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit (Loss) helps management assess inflows and outflows directly associated with a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b54", + "block_sequence": 54, + "block_sha256": "7460ff5afa74595bed1ed49c4ec349f88984782302cbab9cee3bae99ec2b46cd", + "block_type": "page_header", + "char_count": 26, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", + "block_sequence": 54, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "b8b8062826f34c01775f668e5b2cc75d457b8d2c8832287c6f571c29eac5c67b", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", + "Contribution Profit (Loss) / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s21", + "table": null, + "text": 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"211ba6f2660ac980adfb7cfda1a5cd3d738824ffb95c0fb434bb18fff2f3ecf1", + "block_type": "paragraph", + "char_count": 1141, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", + "block_sequence": 61, + "char_end": 1141, + "char_start": 0, + "fragment_sha256": "ce88b8aac746f34d55660daab329c6ba1c14a78be0074e39afe53bfa66f95905", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s22", + "table": null, + "text": "(1)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2)Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3)Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5)Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented." + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b62", + "block_sequence": 62, + "block_sha256": "37935488b247cdf343c0c8144ff521e96ad9f18f66bbb30d6e7419e323a258dd", + "block_type": "heading", + "char_count": 37, + "level": 8, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", + "block_sequence": 62, + "char_end": 37, + "char_start": 0, + "fragment_sha256": "a34f0fa36b4a64dc2e88e4f29b646c75e81b6238c2f3a7ba70bd93dfd5171121", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s23", + "table": null, + "text": "Adjusted Net Loss and Adjusted EBITDA" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b63", + "block_sequence": 63, + "block_sha256": "b4aaaa97c8bc5b3da30daf9173b461064dd4a277f0283dd1b22a20576981af59", + "block_type": "paragraph", + "char_count": 1556, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", + "block_sequence": 63, + "char_end": 1556, + "char_start": 0, + "fragment_sha256": "c5002eabc7eb01f25ed5f6195757f4f7ca36140f79fcc3e3f988255afa80b3bd", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s23", + "table": null, + "text": "We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net income (loss)." + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b64", + "block_sequence": 64, + "block_sha256": "236a9f2403017a5277b663ccb31ec43d8c2bfa477b0ef7a6739ae4ae9f4de383", + "block_type": "heading", + "char_count": 17, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", + "block_sequence": 64, + "char_end": 17, + "char_start": 0, + "fragment_sha256": "b8fea0efbc2ee5e70631f015f99f4bc0284f100f8a60109c90d8e6632c07df6a", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted Net Loss" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s24", + "table": null, + "text": "Adjusted Net Loss" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b65", + "block_sequence": 65, + "block_sha256": "758862764892621947037340ea113473b61021876933d4f96f4114a269f0bcf3", + "block_type": "paragraph", + "char_count": 1135, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", + "block_sequence": 65, + "char_end": 1135, + "char_start": 0, + "fragment_sha256": "845bb5577e7996a0282a149a8704edaced5b04bdd62afa2aaea5a44e5e01d10f", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted Net Loss" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s24", + "table": null, + "text": "We calculate Adjusted Net Loss as GAAP net (loss) income adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring. It excludes (gain) loss on extinguishment of debt as these expenses or gains were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities and the 0.25% convertible senior notes due in 2026 (the \"2026 Notes\") early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date." + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b66", + "block_sequence": 66, + "block_sha256": "e21a9b231049964de5ed48be4f1552178df178466705ae25a8ad92f9d827c980", + "block_type": "heading", + "char_count": 24, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", + "block_sequence": 66, + "char_end": 24, + "char_start": 0, + "fragment_sha256": "1c89ec92d3ba6360cdf9ddbcebb86f641bde4c2f9f1431c9fe5a20eef78ea4af", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted EBITDA / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s25", + "table": null, + "text": "Adjusted EBITDA / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b67", + "block_sequence": 67, + "block_sha256": "b499c3554d32b422470ba6d1a9516cd42043cc3e9d71ed72fda11ebf9faa4d6d", + "block_type": "paragraph", + "char_count": 607, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", + "block_sequence": 67, + "char_end": 607, + "char_start": 0, + "fragment_sha256": "85811fbb8214425418cdd60c1fe3e79c8d7c4374e27c50135262dd8631aa7306", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted EBITDA / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s25", + "table": null, + "text": "We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue. The following table presents a reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our net (loss) income, which is the most directly comparable GAAP measure, for the periods indicated:" + }, + { + "block_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b68", + "block_sequence": 68, + "block_sha256": "f22ca43e9db09ba719f802623ca15a850991334c01cf6fb371ab07e4733d5312", + "block_type": "table", + "char_count": 2973, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", + "block_sequence": 68, + "char_end": 2973, + "char_start": 0, + "fragment_sha256": "12b79e16d3bb2e1e9964d2e930451920083d9dc892311fc5749074df167449cd", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted EBITDA / Margin" + ], + "table_index": 5, + "tag_name": "table" + }, + "section_id": 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Led by our operating principles of focus, execution, and results, we remain on track to durably rescale the business in 2024 while delivering Contribution Margin within our target annual range,” said Carrie Wheeler, CEO of Opendoor. Wheeler continued, “The proposed NAR settlement underscores a growing consumer preference for an alternative approach to the traditional home selling and buying process – one that gives them more control. As the largest digital platform for residential real estate transactions, Opendoor was built for this moment, and we remain steadfast in our mission to power life’s progress, one move at a time. 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with 3,078 total homes sold, down (63)% versus 1Q23 and up 30% versus 4Q23 •Gross profit of $114 million, versus $170 million in 1Q23 and $72 million in 4Q23; Gross Margin of 9.7%, versus 5.4% in 1Q23 and 8.3% in 4Q23 •Net loss of $(109) million, versus $(101) million in 1Q23 and $(91) million in 4Q23 •Inventory balance of $1.9 billion, representing 5,706 homes, down (11)% versus 1Q23 and up 6% versus 4Q23 •Purchased 3,458 homes, up 98% versus 1Q23 and down (6)% versus 4Q23 •Ended the quarter with 2,611 homes under contract for purchase, up 130% versus 1Q23 and up 24% versus 4Q23"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b11"], "char_count": 586, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "fabfd8736546c8dc71ba18aac5302b677017f340801d76b84fd18c3b6ff29a19", "derivation_id": "9276857842712c51ea81a71dcd97e8f3a60f08f4acbbdb4828458b1f827df5d7", "document_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "First Quarter 2024 Key Highlights", "Non-GAAP Key Highlights*"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "block_sequence": 11, "char_end": 586, "char_start": 0, "fragment_sha256": "42a021e885c5bc408e80ffe5386e9b389dee8b03534a7e2d9ee376b46176f89a", "heading_path": ["EX-99.1", "First Quarter 2024 Key Highlights", "Non-GAAP Key Highlights*"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s6", "source_artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/q12024formxex991earningsre.htm", "table_id": null, "text": "•Contribution Profit (Loss) of $57 million, versus $(241) million in 1Q23 and $30 million in 4Q23; Contribution Margin of 4.8%, versus (7.7)% in 1Q23 and 3.4% in 4Q23 •Adjusted EBITDA of $(50) million, versus $(341) million in 1Q23 and $(69) million in 4Q23; Adjusted EBITDA Margin of (4.2)%, versus (10.9)% in 1Q23 and (7.9)% in 4Q23 •Adjusted Net Loss of $(80) million, versus $(409) million in 1Q23 and $(97) million in 4Q23 *See “—Use of Non-GAAP Financial Measures” below for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b13"], "char_count": 186, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "fe1fdbc16bf148142338e4b176f6a37b2ae31b43552283316368ab4d5e673a41", "derivation_id": "9276857842712c51ea81a71dcd97e8f3a60f08f4acbbdb4828458b1f827df5d7", "document_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EX-99.1", "Second Quarter 2024 Financial Outlook"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "block_sequence": 13, "char_end": 186, "char_start": 0, "fragment_sha256": "def92189ff9138f884963e29a38fca0f5940256feada90e52a48fa03f75e963d", "heading_path": ["EX-99.1", "Second Quarter 2024 Financial Outlook"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s7", "source_artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/q12024formxex991earningsre.htm", "table_id": null, "text": "•2Q24 revenue guidance of $1.4 billion to $1.5 billion •2Q24 Contribution Profit1 guidance of $75 million to $85 million •2Q24 Adjusted EBITDA1 guidance of $(35) million to $(25) million"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b15"], "char_count": 323, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "cdc6a2496f9d5df85c11af0752c1953c27be9dc99f1b4b1291f7c07c50214b99", "derivation_id": "9276857842712c51ea81a71dcd97e8f3a60f08f4acbbdb4828458b1f827df5d7", "document_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Second Quarter 2024 Financial Outlook", "Conference Call and Webcast Details"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "block_sequence": 15, "char_end": 323, "char_start": 0, "fragment_sha256": "6a9a8c3b8acbdd200adb00c6c5fc5406a2a2d2abd2d58882f589e6567a0d0be4", "heading_path": ["EX-99.1", "Second Quarter 2024 Financial Outlook", "Conference Call and Webcast Details"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s8", "source_artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/q12024formxex991earningsre.htm", "table_id": null, "text": "Opendoor will host a conference call to discuss its financial results on May 2, 2024, at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b17"], "char_count": 281, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "38e239818561675df5e3717d042db8fe371bef892c1e7731a147dc922e1434de", "derivation_id": "9276857842712c51ea81a71dcd97e8f3a60f08f4acbbdb4828458b1f827df5d7", "document_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Second Quarter 2024 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "block_sequence": 17, "char_end": 281, "char_start": 0, "fragment_sha256": "66bb5025da374386f27704bd560e4635c0dc27502a2c836968cce3318904ee41", "heading_path": ["EX-99.1", "Second Quarter 2024 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s9", "source_artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/q12024formxex991earningsre.htm", "table_id": null, "text": "Opendoor’s mission is to power life’s progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple and certain way to buy and sell a home. Opendoor currently operates in markets nationwide. For more information, please visit www.opendoor.com"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b19"], "char_count": 3026, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "bef5dec4a23830ad3427393a96625a13c29ce0af9f1409df9062870df0365a57", "derivation_id": "9276857842712c51ea81a71dcd97e8f3a60f08f4acbbdb4828458b1f827df5d7", "document_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Second Quarter 2024 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor", "Forward Looking Statements"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "block_sequence": 19, "char_end": 3026, "char_start": 0, "fragment_sha256": "af49b28cef15566069391774b62d66c65443926b50d7191bc4e375d98c8873e3", "heading_path": ["EX-99.1", "Second Quarter 2024 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor", "Forward Looking Statements"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s10", "source_artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/q12024formxex991earningsre.htm", "table_id": null, "text": "This press release contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the current and future health and stability of the real estate housing market and general economy; anticipated future results of operations and financial performance, including our second quarter 2024 financial outlook and our ability to deliver Contribution Margin within our target annual range; the health and status of our financial condition and whether we will be able to ramp acquisitions in the second quarter of 2024 and rescale our business in 2024; and business strategy and plans, including plans to continue to invest in our products. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “vision”, “will”, or “would”, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this press release include but are not limited to: the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturn or slowdown; changes in general economic and financial conditions (including federal monetary policy, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory) that may reduce demand for our products and services, lower our 1 Opendoor has not provided a quantitative reconciliation of forecasted Contribution Profit (Loss) to forecasted GAAP gross profit (loss) nor a reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss) and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b19"], "char_count": 3699, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7a9df23644cb074a940a59825892bef1f7bd2cef698ccbf168db625d139dbf27", "derivation_id": "9276857842712c51ea81a71dcd97e8f3a60f08f4acbbdb4828458b1f827df5d7", "document_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Second Quarter 2024 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor", "Forward Looking Statements"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "block_sequence": 19, "char_end": 6725, "char_start": 3026, "fragment_sha256": "af49b28cef15566069391774b62d66c65443926b50d7191bc4e375d98c8873e3", "heading_path": ["EX-99.1", "Second Quarter 2024 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor", "Forward Looking Statements"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s10", "source_artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/q12024formxex991earningsre.htm", "table_id": null, "text": "For more information regarding the non-GAAP financial measures discussed in this press release, please see “Use of Non-GAAP Financial Measures” following the financial tables below. profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our digital platform, including our automated pricing and valuation technology; our ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our ability to protect our brand and intellectual property; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; any future impact of pandemics or epidemics, including any future resurgences of COVID-19 and its variants, or other public health crises on our ability to operate, demand for our products and services, or general economic conditions; changes in laws or government regulation affecting our business; and the impact of pending or future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 15, 2024, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. 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| | | 9 | | | |\n| | | | | | | | | |\n| Real estate inventory, net | | 1,881 | | | 1,775 | | | |\n| Other current assets | | 65 | | | 52 | | | |\n| Total current assets | | 3,284 | | | 3,445 | | | |\n| PROPERTY AND EQUIPMENT – Net | | 66 | | | 66 | | | |\n| RIGHT OF USE ASSETS | | 23 | | | 25 | | | |\n| GOODWILL | | 4 | | | 4 | | | |\n| INTANGIBLES – Net | | 4 | | | 5 | | | |\n| OTHER ASSETS | | 23 | | | 22 | | | |\n| TOTAL ASSETS | | $ | 3,404 | | | $ | 3,567 | |\n| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | |\n| CURRENT LIABILITIES: | | | | | | | | |\n| Accounts payable and other accrued liabilities | | $ | 69 | | | $ | 64 | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| Interest payable | | 1 | | | 1 | | | |\n| Lease liabilities - current portion | | 4 | | | 5 | | | |\n| Total current liabilities | | 74 | | | 70 | | | |\n| NON-RECOURSE ASSET-BACKED DEBT – Net of current portion | | 2,036 | | | 2,134 | | | |\n| CONVERTIBLE SENIOR 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| | |\n| Change in fair value of equity securities | 2 | | | (1) | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Other | 2 | | | — | | | |\n| | | | | | | | |\n| Proceeds from sale and principal collections of mortgage loans held for sale | — | | | 1 | | | |\n| Gain on extinguishment of debt | — | | | (78) | | | |\n| Changes in operating assets and liabilities: | | | | | | | |\n| Escrow receivable | (6) | | | (12) | | | |\n| Real estate inventory | (114) | | | 2,306 | | | |\n| Other assets | (13) | | | (10) | | | |\n| Accounts payable and other accrued liabilities | 6 | | | (22) | | | |\n| Interest payable | — | | | (8) | | | |\n| Lease liabilities | (2) | | | (2) | | | |\n| Net cash (used in) provided by operating activities | (178) | | | 2,162 | | | |\n| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | |\n| Purchase of property and equipment | (8) | | | (8) | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from sales, maturities, redemptions and paydowns of marketable securities | 30 | | | 38 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Net cash provided by investing activities | 22 | | | 30 | | | |\n| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Repurchase of convertible senior notes | — | | | (101) | | | |\n| | | | | | | | |\n| Proceeds from exercise of stock options | — | | | 1 | | | |\n| Proceeds from issuance of common stock for ESPP | 2 | | | 1 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from non-recourse asset-backed debt | — | | | 224 | | | |\n| Principal payments on non-recourse asset-backed debt | (100) | | | (1,446) | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Payment for early extinguishment of debt | — | | | (4) | | | |\n| Net cash used in financing activities | (98) | | | (1,325) | | | |\n| Net (decrease) increase in cash, cash equivalents, and restricted cash | (254) | | | 867 | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period | 1,540 | | | 1,791 | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period | $ | 1,286 | | | $ | 2,658 | |\n| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest | $ | 34 | | | $ | 74 | |\n| DISCLOSURES OF NONCASH ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Stock-based compensation expense capitalized for internally developed software | $ | 5 | | | $ | 6 | |\n| | | | | | | | |\n| RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: | | | | | | | |\n| Cash and cash equivalents | $ | 953 | | | $ | 1,143 | |\n| Restricted cash | 333 | | | 1,515 | 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references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit (Loss), Contribution Profit (Loss), Adjusted Net Loss, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b49"], "char_count": 1779, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "99087c1e116fa1faa2eca446abf50bf44a5436115438c99218632685ac51b312", "derivation_id": "9276857842712c51ea81a71dcd97e8f3a60f08f4acbbdb4828458b1f827df5d7", "document_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "block_sequence": 49, "char_end": 1779, "char_start": 0, "fragment_sha256": "103e55e0521ddb0b96d04c944fc2c9527ddb1f004f0d3aa90c6c615ca6688cb6", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#p22", "passage_kind": "narrative", "passage_sequence": 22, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s19", "source_artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/q12024formxex991earningsre.htm", "table_id": null, "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit (Loss) and Contribution Profit (Loss), which are non-GAAP financial measures. We believe that Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit (Loss) provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b51"], "char_count": 997, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "97f2b700d544adc28fc9091d3f4cf36768685721f410d917fedba80b7da70496", "derivation_id": "9276857842712c51ea81a71dcd97e8f3a60f08f4acbbdb4828458b1f827df5d7", "document_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", "Adjusted Gross Profit (Loss) / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "block_sequence": 51, "char_end": 997, "char_start": 0, "fragment_sha256": "19f4a0207c01620d2fd0d1b17a896adcf772df99dc1551b16b86380d187e2e4f", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", "Adjusted Gross Profit (Loss) / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#p23", "passage_kind": "narrative", "passage_sequence": 23, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s20", "source_artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/q12024formxex991earningsre.htm", "table_id": null, "text": "We calculate Adjusted Gross Profit (Loss) as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit (Loss) helps management assess home pricing, service fees and renovation performance for a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b53"], "char_count": 784, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9d10503bd5e83fe3b32832c6fa07cff8ee6e86308078a6695cb56de249426319", "derivation_id": "9276857842712c51ea81a71dcd97e8f3a60f08f4acbbdb4828458b1f827df5d7", "document_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", "Contribution Profit (Loss) / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "block_sequence": 53, "char_end": 784, "char_start": 0, "fragment_sha256": "34e4f21e7c28478bfda95d94f1c4be13815675f3954034f744f1915fa24fffa0", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", "Contribution Profit (Loss) / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#p24", "passage_kind": "narrative", "passage_sequence": 24, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s21", "source_artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/q12024formxex991earningsre.htm", "table_id": null, "text": "We calculate Contribution Profit (Loss) as Adjusted Gross Profit (Loss), minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit (Loss) helps management assess inflows and outflows directly associated with a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b56", "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b57", "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b58"], "char_count": 276, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7a7bb63b41abea2228ef5f36f6d5c357ada941cbc670e5226f4cdf924c354165", "derivation_id": "9276857842712c51ea81a71dcd97e8f3a60f08f4acbbdb4828458b1f827df5d7", "document_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "block_sequence": 56, "char_end": 49, "char_start": 0, "fragment_sha256": "3c79d34b912ccd5810676229fdb23c57e7c959da948f20c2113ffe85c0e18da8", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "block_sequence": 57, "char_end": 11, "char_start": 0, "fragment_sha256": "2a7680d26ab0fd2298dd52fd36b9d301e5103004cef230dbf5fbd1eabb314fa8", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "block_sequence": 58, "char_end": 212, "char_start": 0, "fragment_sha256": "4d176f3d4aff23ca7f9b037412f44ef0953184a57d6c29c5562a16df9d71bde2", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#p25", "passage_kind": "narrative", "passage_sequence": 25, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s22", "source_artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/q12024formxex991earningsre.htm", "table_id": null, "text": "(In millions, except percentages, and homes sold)\n\n(Unaudited)\n\nThe following table presents a reconciliation of our Adjusted Gross Profit (Loss) and Contribution Profit (Loss) to our gross profit, which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b59"], "char_count": 2577, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d687b28e58d41d2b5baf68f07be7c0356f45f211904a04b039394520737e5880", "derivation_id": "9276857842712c51ea81a71dcd97e8f3a60f08f4acbbdb4828458b1f827df5d7", "document_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "block_sequence": 59, "char_end": 2272, "char_start": 0, "fragment_sha256": "e5a6867e8b940f47ca43df16ccab58c07cc297aa5f19cb55526b294b5a50d3c9", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": 4, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#p26", "passage_kind": "table", "passage_sequence": 26, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s22", "source_artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/q12024formxex991earningsre.htm", "table_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b59", "text": "| | | | | | | | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended | | | | | | | | | | | | | | | | | | | | | | |\n| (in millions, except percentages and homes sold, or as noted) | | March 31, 2024 | | December 31, 2023 | | September 30, 2023 | | June 30, 2023 | | March 31, 2023 | | | | | | | | | | | | | | |\n| Revenue (GAAP) | | $ | 1,181 | | | $ | 870 | | | $ | 980 | | | $ | 1,976 | | | $ | 3,120 | | | | | |\n| Gross profit (GAAP) | | $ | 114 | | | $ | 72 | | | $ | 96 | | | $ | 149 | | | $ | 170 | | | | | |\n| Gross Margin | | 9.7 | % | | 8.3 | % | | 9.8 | % | | 7.5 | % | | 5.4 | % | | | | | | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | |\n| Inventory valuation adjustment – Current Period(1)(2) | | 7 | | | 11 | | | 17 | | | 14 | | | 23 | | | | | | | | | | |\n| Inventory valuation adjustment – Prior Periods(1)(3) | | (17) | | | (17) | | | (29) | | | (156) | | | (295) | | | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | |\n| Adjusted Gross Profit (Loss) | | $ | 104 | | | $ | 66 | | | $ | 84 | | | $ | 7 | | | $ | (102) | | | | | |\n| Adjusted Gross Margin | | 8.8 | % | | 7.6 | % | | 8.6 | % | | 0.4 | % | | (3.3) | % | | | | | | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | |\n| Direct selling costs(4) | | (34) | | | (26) | | | (28) | | | (58) | | | (85) | | | | | | | | | | |\n| Holding costs on sales – Current Period(5)(6) | | (5) | | | (3) | | | (4) | | | (6) | | | (13) | | | | | | | | | | |\n| Holding costs on sales – Prior Periods(5)(7) | | (8) | | | (7) | | | (9) | | | (33) | | | (41) | | | | | | | | | | |\n| Contribution Profit (Loss) | | $ | 57 | | | $ | 30 | | | $ | 43 | | | $ | (90) | | | $ | (241) | | | | | |\n| Homes sold in period | | 3,078 | | | 2,364 | | | 2,687 | | | 5,383 | | | 8,274 | | | | | | | | | | |\n| Contribution Profit (Loss) per Home Sold (in thousands) | | $ | 19 | | | $ | 13 | | | $ | 16 | | | $ | (17) | | | $ | (29) | | | | | |\n| Contribution Margin | | 4.8 | % | | 3.4 | % | | 4.4 | % | | (4.6) | % | | (7.7) | % | | | | | | | | | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b60", "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b61"], "char_count": 1159, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8926b6f25d6c58e464e7fd95b8b8edd9a9baab2b62eb80402737cce1835fe8a4", "derivation_id": "9276857842712c51ea81a71dcd97e8f3a60f08f4acbbdb4828458b1f827df5d7", "document_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "block_sequence": 60, "char_end": 16, "char_start": 0, "fragment_sha256": "7fdbb5bd0c91a386038a54dafc306bd55a27c3242e1540451c2885fb5da9076a", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "block_sequence": 61, "char_end": 1141, "char_start": 0, "fragment_sha256": "ce88b8aac746f34d55660daab329c6ba1c14a78be0074e39afe53bfa66f95905", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#p27", "passage_kind": "narrative", "passage_sequence": 27, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s22", "source_artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/q12024formxex991earningsre.htm", "table_id": null, "text": "________________\n\n(1)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2)Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3)Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5)Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b63"], "char_count": 1556, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b4aaaa97c8bc5b3da30daf9173b461064dd4a277f0283dd1b22a20576981af59", "derivation_id": "9276857842712c51ea81a71dcd97e8f3a60f08f4acbbdb4828458b1f827df5d7", "document_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "block_sequence": 63, "char_end": 1556, "char_start": 0, "fragment_sha256": "c5002eabc7eb01f25ed5f6195757f4f7ca36140f79fcc3e3f988255afa80b3bd", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#p28", "passage_kind": "narrative", "passage_sequence": 28, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s23", "source_artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/q12024formxex991earningsre.htm", "table_id": null, "text": "We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net income (loss)."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b65"], "char_count": 1135, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "758862764892621947037340ea113473b61021876933d4f96f4114a269f0bcf3", "derivation_id": "9276857842712c51ea81a71dcd97e8f3a60f08f4acbbdb4828458b1f827df5d7", "document_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted Net Loss"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "block_sequence": 65, "char_end": 1135, "char_start": 0, "fragment_sha256": "845bb5577e7996a0282a149a8704edaced5b04bdd62afa2aaea5a44e5e01d10f", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted Net Loss"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#p29", "passage_kind": "narrative", "passage_sequence": 29, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s24", "source_artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/q12024formxex991earningsre.htm", "table_id": null, "text": "We calculate Adjusted Net Loss as GAAP net (loss) income adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring. It excludes (gain) loss on extinguishment of debt as these expenses or gains were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities and the 0.25% convertible senior notes due in 2026 (the \"2026 Notes\") early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b67"], "char_count": 607, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b499c3554d32b422470ba6d1a9516cd42043cc3e9d71ed72fda11ebf9faa4d6d", "derivation_id": "9276857842712c51ea81a71dcd97e8f3a60f08f4acbbdb4828458b1f827df5d7", "document_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "block_sequence": 67, "char_end": 607, "char_start": 0, "fragment_sha256": "85811fbb8214425418cdd60c1fe3e79c8d7c4374e27c50135262dd8631aa7306", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#p30", "passage_kind": "narrative", "passage_sequence": 30, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/q12024formxex991earningsre.htm", "table_id": null, "text": "We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue. The following table presents a reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our net (loss) income, which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b68"], "char_count": 3314, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a2fd1b87fe2bd2cf820697c29591d680f9f0def630e566da413b965a7314dca4", "derivation_id": "9276857842712c51ea81a71dcd97e8f3a60f08f4acbbdb4828458b1f827df5d7", "document_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000084", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "block_sequence": 68, "char_end": 2973, "char_start": 0, "fragment_sha256": "12b79e16d3bb2e1e9964d2e930451920083d9dc892311fc5749074df167449cd", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "table_index": 5, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#p31", "passage_kind": "table", "passage_sequence": 31, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/q12024formxex991earningsre.htm", "table_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#b68", "text": "| | | | | | | | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended | | | | | | | | | | | | | | | | | | | | | | |\n| (in millions, except percentages) | | March 31, 2024 | | December 31, 2023 | | September 30, 2023 | | June 30, 2023 | | March 31, 2023 | | | | | | | | | | | | | | |\n| Revenue (GAAP) | | $ | 1,181 | | | $ | 870 | | | $ | 980 | | | $ | 1,976 | | | $ | 3,120 | | | | | |\n| Net (loss) income (GAAP) | | $ | (109) | | | $ | (91) | | | $ | (106) | | | $ | 23 | | | $ | (101) | | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | |\n| Stock-based compensation | | 33 | | | 32 | | | 31 | | | 21 | | | 42 | | | | | | | | | | |\n| Equity securities fair value adjustment(1) | | 2 | | | (3) | | | 11 | | | (6) | | | (1) | | | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | |\n| Intangibles amortization expense(2) | | 2 | | | 2 | | | 2 | | | 1 | | | 2 | | | | | | | | | | |\n| Inventory valuation adjustment – Current Period(3)(4) | | 7 | | | 11 | | | 17 | | | 14 | | | 23 | | | | | | | | | | |\n| Inventory valuation adjustment — Prior Periods(3)(5) | | (17) | | | (17) | | | (29) | | | (156) | | | (295) | | | | | | | | | | |\n| Restructuring(6) | | — | | | 4 | | | — | | | 10 | | | — | | | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | |\n| Gain on extinguishment of debt | | — | | | (34) | | | — | | | (104) | | | (78) | | | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | |\n| Other(7) | | 2 | | | (1) | | | (1) | | | — | | | (1) | | | | | | | | | | |\n| Adjusted Net Loss | | $ | (80) | | | $ | (97) | | | $ | (75) | | | $ | (197) | | | $ | (409) | | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | |\n| Depreciation and amortization, excluding amortization of intangibles | | 11 | | | 15 | | | 9 | | | 9 | | | 12 | | | | | | | | | | |\n| Property financing(8) | | 32 | | | 32 | | | 38 | | | 44 | | | 60 | | | | | | | | | | |\n| Other interest expense(9) | | 5 | | | 5 | | | 9 | | | 9 | | | 14 | | | | | | | | | | |\n| Interest income(10) | | (18) | | | (24) | | | (30) | | | (34) | | | (18) | | | | | | | | | | |\n| Income tax expense | | — | | | — | | | — | | | 1 | | | — | | | | | | | | | | |\n| Adjusted EBITDA | | $ | (50) | | | $ | (69) | | | $ | (49) | | | $ | (168) | | | $ | (341) | | | | | |\n| Adjusted EBITDA Margin | | (4.2) | % | | (7.9) | % | | (5.0) | % | | (8.5) | % | | (10.9) | % | | | | | | | | | |"} +{"artifact_role": "ex99-01", "block_ids": 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"fragment_sha256": "01a5d119f92b50d9d83ad785b58a9ac1b7fbdebc21a0c1c499423ffd74d337a6", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "block_sequence": 70, "char_end": 1578, "char_start": 0, "fragment_sha256": "7895949376bb549705b241724b9328212b8dfb1d34b667dca802c4a6df30a537", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#p32", "passage_kind": "narrative", "passage_sequence": 32, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-24-000084:q12024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000084/q12024formxex991earningsre.htm", "table_id": null, "text": "________________\n\n(1)Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2)Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4)Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5)Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6)Restructuring costs consist primarily of severance and employee termination benefits and bonuses. (7)Includes primarily gain or loss on the sale of available for sale securities, sublease income, gain or loss on the disposal of property and equipment, and income from equity method investments. (8)Includes interest expense on our non-recourse asset-backed debt facilities. (9)Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, and interest expense related to the 2026 Notes outstanding. (10)Consists mainly of interest earned on cash, cash equivalents, restricted cash and marketable securities."} diff --git a/data/normalized/sec/0001801169/8-K/2024-05-02_0001801169-24-000086/norm_0001801169_0001801169-24-000086_exhibit991boardofdirectors.htm.json b/data/normalized/sec/0001801169/8-K/2024-05-02_0001801169-24-000086/norm_0001801169_0001801169-24-000086_exhibit991boardofdirectors.htm.json new file mode 100644 index 0000000000000000000000000000000000000000..c34034ed650212491962802fa76e8de558fe7abc --- /dev/null +++ b/data/normalized/sec/0001801169/8-K/2024-05-02_0001801169-24-000086/norm_0001801169_0001801169-24-000086_exhibit991boardofdirectors.htm.json @@ -0,0 +1,104 @@ +{ + "acceptance_datetime": "2024-05-02T16:20:36.000Z", + "amends_accession": null, + "artifact_role": "ex99-01", + "blocks": [ + { + "block_id": "norm:0001801169:0001801169-24-000086:exhibit991boardofdirectors.htm#b0", + "block_sequence": 0, + "block_sha256": "c0a20959c4639b8bd3b51a369c422e7bfd5ecb71ae46097c37a2d3d2278b07de", + "block_type": "paragraph", + "char_count": 3368, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000086:exhibit991boardofdirectors.htm", + "block_sequence": 0, + "char_end": 3368, + "char_start": 0, + "fragment_sha256": "555a60c7caaaf19513ae111ad7ed599b22243dba5c2e1cb8da9f3f3a735d9944", + "heading_path": [], + "table_index": null, + "tag_name": "document" + }, + "section_id": "norm:0001801169:0001801169-24-000086:exhibit991boardofdirectors.htm#s0", + "table": null, + "text": "EX-99.1 2 exhibit991boardofdirectors.htm EX-99.1 Document created using Wdesk Copyright 2024 Workiva Document Exhibit 99.1 Eric Feder joins Opendoor Board of Directors SAN FRANCISCO, MAY 2, 2024 \u2013 Opendoor Technologies Inc. (\u201cOpendoor\u201d) (Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today announced that Eric Feder, President of LENX and a senior executive at Lennar Corporation, has been appointed to its Board of Directors, effective as of May 1, 2024. \u201cWe are delighted to have Eric Feder join our Board,\u201d said Carrie Wheeler, Opendoor CEO and Board Director. \u201cEric is a seasoned executive in residential real estate and will bring his deep industry and operating expertise to our team. We look forward to leveraging his insights into the housing sector, capital markets capabilities, and unique touch points regarding innovation taking place in the industry. In addition, Eric\u2019s appointment is an important milestone in our long-standing relationship with Lennar as a key shareholder and homebuilder partner. \u201cI am pleased to join the Board of Opendoor,\u201d said Mr. Feder. \u201cThroughout my time at Lennar, I\u2019ve had a front-row seat to the work Opendoor is doing to make the home selling and buying process more simple and certain. I look forward to supporting the team as they continue their journey to lead the future of real estate.\u201d Mr. Feder has been President of LENX, LLC since 2019, and a senior operating executive at Lennar Corporation, one of the country\u2019s leading homebuilders, since 2008. He oversees Lennar Corporation\u2019s innovation platform and has helped identify, structure and execute Lennar Corporation\u2019s investments in the real estate technology space. He has served on the board of directors of Hippo Holdings Inc., a publicly traded insurance company focusing on property and casualty insurance, since 2018. Prior to his current role at Lennar, Mr. Feder was Vice Chairman at Rialto Capital, a leading investment management platform focused on real estate, from 2008 to 2018, where he provided oversight of over $6 billion of direct real estate investments and non-performing loan acquisitions. Additionally, on April 30, 2024, Jason Kilar provided a written notice to the Board of his intent to resign from the Board, effective at the conclusion of the Company\u2019s annual meeting of stockholders on June 14, 2024. Following this resignation and appointment of Mr. Feder, the Board will comprise eight directors, seven of whom are independent. Ms. Wheeler added, \u201cOn behalf of the Board, I thank Jason for his many valuable contributions to Opendoor during the past five years. With Jason\u2019s decades of experience steering high growth consumer companies, he has been an invaluable partner to the entire leadership team. His consistent focus on the consumer and push to create a best-in-class digital experience have been critical as we build a durable and generational company that is the leading online platform for home sellers and buyers.\u201d About Opendoor Opendoor\u2019s mission is to power life\u2019s progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple and certain way to buy and sell a home. Opendoor currently operates in markets nationwide. For more information, please visit www.opendoor.com. 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"https://www.sec.gov/Archives/edgar/data/1801169/000180116924000086/exhibit991boardofdirectors.htm", "table_id": null, "text": "EX-99.1 2 exhibit991boardofdirectors.htm EX-99.1 Document created using Wdesk Copyright 2024 Workiva Document Exhibit 99.1 Eric Feder joins Opendoor Board of Directors SAN FRANCISCO, MAY 2, 2024 – Opendoor Technologies Inc. (“Opendoor”) (Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today announced that Eric Feder, President of LENX and a senior executive at Lennar Corporation, has been appointed to its Board of Directors, effective as of May 1, 2024. “We are delighted to have Eric Feder join our Board,” said Carrie Wheeler, Opendoor CEO and Board Director. “Eric is a seasoned executive in residential real estate and will bring his deep industry and operating expertise to our team. We look forward to leveraging his insights into the housing sector, capital markets capabilities, and unique touch points regarding innovation taking place in the industry. In addition, Eric’s appointment is an important milestone in our long-standing relationship with Lennar as a key shareholder and homebuilder partner. “I am pleased to join the Board of Opendoor,” said Mr. Feder. “Throughout my time at Lennar, I’ve had a front-row seat to the work Opendoor is doing to make the home selling and buying process more simple and certain. I look forward to supporting the team as they continue their journey to lead the future of real estate.” Mr. Feder has been President of LENX, LLC since 2019, and a senior operating executive at Lennar Corporation, one of the country’s leading homebuilders, since 2008. He oversees Lennar Corporation’s innovation platform and has helped identify, structure and execute Lennar Corporation’s investments in the real estate technology space. He has served on the board of directors of Hippo Holdings Inc., a publicly traded insurance company focusing on property and casualty insurance, since 2018. Prior to his current role at Lennar, Mr. Feder was Vice Chairman at Rialto Capital, a leading investment management platform focused on real estate, from 2008 to 2018, where he provided oversight of over $6 billion of direct real estate investments and non-performing loan acquisitions. Additionally, on April 30, 2024, Jason Kilar provided a written notice to the Board of his intent to resign from the Board, effective at the conclusion of the Company’s annual meeting of stockholders on June 14, 2024. Following this resignation and appointment of Mr. Feder, the Board will comprise eight directors, seven of whom are independent. Ms. Wheeler added, “On behalf of the Board, I thank Jason for his many valuable contributions to Opendoor during the past five years. With Jason’s decades of experience steering high growth consumer companies, he has been an invaluable partner to the entire leadership team. 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Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-24-000086:open-20240502.htm#b23"], "char_count": 427, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "009e15771189b41fe3908bcfd16fa0331fcd7ff10b9d1b45e0c82ba2392d800d", "derivation_id": "52f05947a9b2bd589913fca4022452bbfbe4400eea281598f2bf4a08245a315d", "document_id": "norm:0001801169:0001801169-24-000086:open-20240502.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000086", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 5.02", "Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers", "Departure of Director"], "items": ["5.02", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000086:open-20240502.htm", "block_sequence": 23, "char_end": 427, "char_start": 0, "fragment_sha256": "6823834a5c46aaee60643bf0de3c4728e2b30050968f26277791efb54e416f74", "heading_path": ["UNITED STATES", "Item 5.02", "Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers", "Departure of Director"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000086:open-20240502.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000086:open-20240502.htm#s14", "source_artifact_id": "sec:0001801169:0001801169-24-000086:open-20240502.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000086/open-20240502.htm", "table_id": null, "text": "On April 30, 2024, Jason Kilar provided a written notice to Opendoor Technologies Inc. (the “Company”) of his intent to resign from the Board of Directors (the “Board”), and all committees thereof, as applicable, effective at the conclusion of the Company’s annual meeting of stockholders on June 14, 2024. Mr. Kilar’s resignation was not due to any disagreement with the Company, its management, or other members of the Board."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-24-000086:open-20240502.htm#b25"], "char_count": 2265, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e4d44bb45c6d4bcad0fb3d058ad6cc543b75901b1eff1b40dfdc6fe3323474c9", "derivation_id": "52f05947a9b2bd589913fca4022452bbfbe4400eea281598f2bf4a08245a315d", "document_id": "norm:0001801169:0001801169-24-000086:open-20240502.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000086", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 5.02", "Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers", "Departure of Director", "Appointment of Director"], "items": ["5.02", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000086:open-20240502.htm", "block_sequence": 25, "char_end": 2265, "char_start": 0, "fragment_sha256": "80009d63edda6a5418ef9a29c8d0a3da7a9f69a08ac80dc1e0ed20b9cdbde787", "heading_path": ["UNITED STATES", "Item 5.02", "Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers", "Departure of Director", "Appointment of Director"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000086:open-20240502.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000086:open-20240502.htm#s15", "source_artifact_id": "sec:0001801169:0001801169-24-000086:open-20240502.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000086/open-20240502.htm", "table_id": null, "text": "On April 30, 2024, the Board approved the appointment of Eric Feder to the Board, effective as of May 1, 2024. Mr. Feder was appointed as a Class III director for a term expiring at the Company’s 2026 annual meeting of stockholders. Mr. Feder has been President of LENX, LLC since 2019, and a senior operating executive at Lennar Corporation, one of the country’s leading homebuilders, since 2008. He oversees Lennar Corporation’s innovation platform and has helped identify, structure and execute Lennar Corporation’s investments in the real estate technology space. He has served on the board of directors of Hippo Holdings Inc., a publicly traded insurance company focusing on property and casualty insurance, since 2018. Prior to his current role at Lennar, Mr. Feder was Vice Chairman at Rialto Capital, a leading investment management platform focused on real estate, from 2008 to 2018, where he provided oversight of over $6 billion of direct real estate investments and non-performing loan acquisitions. In connection with his appointment, Mr. Feder has entered into the Company’s standard form of indemnification agreement for directors and officers. Mr. Feder will be compensated as a member of the Board under the terms of the Company’s Non-Employee Director Compensation Policy (the “Policy”), which provides for (i) an annual cash retainer of (a) $50,000 for serving on the Board and (b) additional cash compensation for service on any committees of the Board pursuant to the Policy, should the Board appoint Mr. Feder to any committees in the future, and (ii) an annual grant, on the date of the Company’s annual meeting of stockholders, of restricted stock units (“RSUs”) for that number of shares of common stock equal to $200,000 divided by the Share Price (as defined in the Policy), rounded to the nearest whole share (the “Annual Grant”) and that vests in a single installment on the earlier to occur of (a) the Company’s next annual meeting of stockholders or (b) the first anniversary of the date of grant of the Annual Grant, subject to the director’s continued service on the Board through such vesting date. Pursuant to the Policy, upon his appointment to the Board, Mr. Feder received a prorated Annual Grant of 10,293 RSUs on May 1, 2024."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-24-000086:open-20240502.htm#b27"], "char_count": 216, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a612e1d44633ea465a6f32a1de5c98b16899fc286974848648f7a429d8ec1ea6", "derivation_id": "52f05947a9b2bd589913fca4022452bbfbe4400eea281598f2bf4a08245a315d", "document_id": "norm:0001801169:0001801169-24-000086:open-20240502.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000086", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 8.01 Other Events."], "items": ["5.02", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000086:open-20240502.htm", "block_sequence": 27, "char_end": 216, "char_start": 0, "fragment_sha256": "f96dfd55a6bb86b17ead573ffa397369427da7c670729687d20e854aa1054ff3", "heading_path": ["UNITED STATES", "Item 8.01 Other Events."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000086:open-20240502.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-05-02", "section_id": "norm:0001801169:0001801169-24-000086:open-20240502.htm#s16", "source_artifact_id": "sec:0001801169:0001801169-24-000086:open-20240502.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000086/open-20240502.htm", "table_id": null, "text": "On May 2, 2024, the Company issued a press release announcing the director departure and director appointment. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by this reference."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-24-000086:open-20240502.htm#b30"], "char_count": 12, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1bb512677b8189f063271298af785857c211249e9a13edc9cf8a2d4545faefd7", "derivation_id": "52f05947a9b2bd589913fca4022452bbfbe4400eea281598f2bf4a08245a315d", "document_id": "norm:0001801169:0001801169-24-000086:open-20240502.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2024-05-02", "filing_id": "sec:0001801169:0001801169-24-000086", "flags": ["short_passage"], "form": "8-K", "heading_path": ["UNITED STATES", "Item 9.01", "Financial Statements and Exhibits."], "items": ["5.02", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000086:open-20240502.htm", "block_sequence": 30, "char_end": 12, "char_start": 0, 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Opendoor Technologies Inc. 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Emerging growth company \u2610 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o" + }, + { + "block_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#b20", + "block_sequence": 20, + "block_sha256": "d67343becebe4f8540fe52b4a337f11871cf46307ea61e7d3f9f9742b6749e4d", + "block_type": "heading", + "char_count": 9, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000101:open-20240614.htm", + "block_sequence": 20, + "char_end": 9, + "char_start": 0, + "fragment_sha256": "19962a4bb31af796b47403c357cea483d28275d4264cfa8f351faf3dd0e9671f", + "heading_path": [ + "UNITED STATES", + "Item 5.07" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#s12", + "table": null, + "text": "Item 5.07" + }, + { + "block_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#b21", + "block_sequence": 21, + "block_sha256": "ecda6fa32ca441a4554c1adb6e7f36fa656d89c2b7a637b1a4cff5fcd3f50952", + "block_type": "heading", + "char_count": 51, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000101:open-20240614.htm", + "block_sequence": 21, + "char_end": 51, + "char_start": 0, + "fragment_sha256": "b833c55faaf665c79d2f2dc296942dc5bf2e820d82bacd5f25abc517a5a74a5e", + "heading_path": [ + "UNITED STATES", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#s13", + "table": null, + "text": "Submission of Matters to a Vote of Security Holders" + }, + { + "block_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#b22", + "block_sequence": 22, + "block_sha256": "698a0d0826994e9d0d36821f8fa7d1585cf460aab3ea2843bb5ede773804eac3", + "block_type": "paragraph", + "char_count": 1045, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000101:open-20240614.htm", + "block_sequence": 22, + "char_end": 1045, + "char_start": 0, + "fragment_sha256": "f0f9f2d02f3caa628448819625c9af78778c5b1c4daee8f303f9bc204c613d62", + "heading_path": [ + "UNITED STATES", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#s13", + "table": null, + "text": "Opendoor Technologies Inc. (the \u201cCompany\u201d) held its 2024 Annual Meeting of Stockholders on June 14, 2024 (the \u201cMeeting\u201d). A total of 505,822,596 shares of the Company's common stock were present virtually or represented by proxy at the Meeting, representing approximately 73.14% of the Company\u2019s outstanding common stock as of April 17, 2024, the Company\u2019s record date. The final voting results for the proposals considered and voted upon at the Meeting, all of which were described in the Company\u2019s definitive proxy statement filed with the Securities and Exchange Commission on April 24, 2024, as supplemented by the proxy supplement filed on May 2, 2024, are as follows: Proposal No. 1: The Company\u2019s stockholders elected each of Dana Hamilton, Cipora Herman and Glenn Solomon, to hold office as Class I directors and to serve a three-year term ending at the 2027 Annual Meeting of Stockholders, or until their successors are duly elected and qualified, subject to their earlier removal or resignation. The result of such vote was as follows:" + }, + { + "block_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#b23", + "block_sequence": 23, + "block_sha256": "cafe1f689df90ab3d439143cd859b7268471ad66f06e8044bc062c7859fb4f78", + "block_type": "table", + "char_count": 244, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000101:open-20240614.htm", + "block_sequence": 23, + "char_end": 244, + "char_start": 0, + "fragment_sha256": "4b339493fc8be7640ded521f9794d4b67254f6e4a18719e179abae7d00829a05", + "heading_path": [ + "UNITED STATES", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders" + ], + "table_index": 3, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#s13", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.95, + "markdown": "| | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| Nominees | | For | | Withhold | | Broker Non-Votes |\n| Dana Hamilton | | 352,848,127 | | 1,736,821 | | 151,237,648 |\n| Cipora Herman | | 294,547,284 | | 60,037,664 | | 151,237,648 |\n| Glenn Solomon | | 271,980,358 | | 82,604,590 | | 151,237,648 |", + "n_cols": 7, + "n_rows": 4, + "plain_text": "Nominees | | For | | Withhold | | Broker Non-Votes\nDana Hamilton | | 352,848,127 | | 1,736,821 | | 151,237,648\nCipora Herman | | 294,547,284 | | 60,037,664 | | 151,237,648\nGlenn Solomon | | 271,980,358 | | 82,604,590 | | 151,237,648", + "rows": [ + [ + "Nominees", + "", + "For", + "", + "Withhold", + "", + "Broker Non-Votes" + ], + [ + "Dana Hamilton", + "", + "352,848,127", + "", + "1,736,821", + "", + "151,237,648" + ], + [ + "Cipora Herman", + "", + "294,547,284", + "", + "60,037,664", + "", + "151,237,648" + ], + [ + "Glenn Solomon", + "", + "271,980,358", + "", + "82,604,590", + "", + "151,237,648" + ] + ], + "table_index": 3, + "table_kind": "data" + }, + "text": "Nominees | | For | | Withhold | | Broker Non-Votes\nDana Hamilton | | 352,848,127 | | 1,736,821 | | 151,237,648\nCipora Herman | | 294,547,284 | | 60,037,664 | | 151,237,648\nGlenn Solomon | | 271,980,358 | | 82,604,590 | | 151,237,648" + }, + { + "block_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#b24", + "block_sequence": 24, + "block_sha256": "007d900093bde6267f471b1ebee44fbfd233ae1775835b2d8efa942a003830da", + "block_type": "paragraph", + "char_count": 222, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000101:open-20240614.htm", + "block_sequence": 24, + "char_end": 222, + "char_start": 0, + "fragment_sha256": "812026b149b039431d66c9ce56b9f71fbf8da1f1424f2299965c1af80f44328b", + "heading_path": [ + "UNITED STATES", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#s13", + "table": null, + "text": "Proposal No. 2: The Company\u2019s stockholders ratified Deloitte & Touche LLP as the Company\u2019s independent registered public accounting firm for the fiscal year ending December 31, 2024. The result of such vote was as follows:" + }, + { + "block_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#b25", + "block_sequence": 25, + "block_sha256": "8f7c2e56f4f75a262489960326bdc4e7a5fd544af719672c4dd7b3b3fff69f46", + "block_type": "table", + "char_count": 75, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000101:open-20240614.htm", + "block_sequence": 25, + "char_end": 75, + "char_start": 0, + "fragment_sha256": "43660d730e75852c769278e4942f28d2e256b189ffbc7542ccb9098a84aa69d7", + "heading_path": [ + "UNITED STATES", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders" + ], + "table_index": 4, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#s13", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.95, + "markdown": "| | | | | | |\n| --- | --- | --- | --- | --- | --- |\n| For | | Against | | Abstain | |\n| 501,926,302 | | 3,183,335 | | 712,959 | |", + "n_cols": 6, + "n_rows": 2, + "plain_text": "For | | Against | | Abstain | \n501,926,302 | | 3,183,335 | | 712,959 | ", + "rows": [ + [ + "For", + "", + "Against", + "", + "Abstain", + "" + ], + [ + "501,926,302", + "", + "3,183,335", + "", + "712,959", + "" + ] + ], + "table_index": 4, + "table_kind": "data" + }, + "text": "For | | Against | | Abstain | \n501,926,302 | | 3,183,335 | | 712,959 | " + }, + { + "block_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#b26", + "block_sequence": 26, + "block_sha256": "21059242a51b053f1809e730f61b42aa199231ccab283797f4a1ff18eb821586", + "block_type": "paragraph", + "char_count": 302, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000101:open-20240614.htm", + "block_sequence": 26, + "char_end": 302, + "char_start": 0, + "fragment_sha256": "9734cf03da8cc90029a64b5647c6a38ed1f66dc6329adfa2ccdbd3f3675a78dc", + "heading_path": [ + "UNITED STATES", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#s13", + "table": null, + "text": "As a routine proposal under applicable rules, no broker non-votes were recorded in connection with this proposal. Proposal No. 3: The Company\u2019s stockholders approved, on an advisory (non-binding) basis, the compensation of the Company's named executive officers. The result of such vote was as follows:" + }, + { + "block_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#b27", + "block_sequence": 27, + "block_sha256": "3166d6fa9abc16fb4e3c363b7a1032ec0a16d211b14d19c0896016ee87ff00ae", + "block_type": "table", + "char_count": 109, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000101:open-20240614.htm", + "block_sequence": 27, + "char_end": 109, + "char_start": 0, + "fragment_sha256": "e6170f775db33c66813dd4cd95ab60841e21d042e5edb21daba4c0aede580899", + "heading_path": [ + "UNITED STATES", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders" + ], + "table_index": 5, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#s13", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.95, + "markdown": "| | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| For | | Against | | Abstain | | Broker Non-Votes |\n| 321,927,543 | | 32,164,184 | | 493,221 | | 151,237,648 |", + "n_cols": 7, + "n_rows": 2, + "plain_text": "For | | Against | | Abstain | | Broker Non-Votes\n321,927,543 | | 32,164,184 | | 493,221 | | 151,237,648", + "rows": [ + [ + "For", + "", + "Against", + "", + "Abstain", + "", + "Broker Non-Votes" + ], + [ + "321,927,543", + "", + "32,164,184", + "", + "493,221", + "", + "151,237,648" + ] + ], + "table_index": 5, + "table_kind": "data" + }, + "text": "For | | Against | | Abstain | | Broker Non-Votes\n321,927,543 | | 32,164,184 | | 493,221 | | 151,237,648" + }, + { + "block_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#b28", + "block_sequence": 28, + "block_sha256": "d4735e3a265e16eee03f59718b9b5d03019c07d8b6c51f90da3a666eec13ab35", + "block_type": "heading", + "char_count": 1, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000101:open-20240614.htm", + "block_sequence": 28, + "char_end": 1, + "char_start": 0, + "fragment_sha256": "c7f907368e44bbc5ff89addb6a7211acac04721f9737f89f3f43f2e50f716a0a", + "heading_path": [ + "UNITED STATES", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders", + "2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#s14", + "table": null, + "text": "2" + }, + { + "block_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#b29", + "block_sequence": 29, + "block_sha256": "642e510766e16f8a11cf440c0658d263396e5791ed944157344e27a66c50fddf", + "block_type": "heading", + "char_count": 10, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000101:open-20240614.htm", + "block_sequence": 29, + "char_end": 10, + "char_start": 0, + "fragment_sha256": "1183d7c283221712938e578bf748dd95edee73049619b8b1aff3163482ad1bde", + "heading_path": [ + "UNITED STATES", + "SIGNATURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#s15", + "table": null, + "text": "SIGNATURES" + }, + { + "block_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#b30", + "block_sequence": 30, + "block_sha256": "8e21ce58d053296e7bfe36980e6eb57c00e07ececc162ef3a4ac2b0491cbdd21", + "block_type": "paragraph", + "char_count": 305, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000101:open-20240614.htm", + "block_sequence": 30, + "char_end": 305, + "char_start": 0, + "fragment_sha256": "460f2e259815c2da87525cb01287d0562b3b5f4a5815e9c0cfbf914a4d058907", + "heading_path": [ + "UNITED STATES", + "SIGNATURES" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#s15", + "table": null, + "text": "Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Opendoor Technologies Inc. Date: June 17, 2024 By: /s/ Carrie Wheeler Name: Carrie Wheeler Title: Chief Executive Officer" + }, + { + "block_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#b31", + "block_sequence": 31, + "block_sha256": "4e07408562bedb8b60ce05c1decfe3ad16b72230967de01f640b7e4729b49fce", + "block_type": "heading", + "char_count": 1, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000101:open-20240614.htm", + "block_sequence": 31, + "char_end": 1, + "char_start": 0, + "fragment_sha256": "4d07e9d4b93e525cc9198e24c3b58992f960dcae097a7c4a8be3f1c83cdc4187", + "heading_path": [ + "UNITED STATES", + "SIGNATURES", + "3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#s16", + "table": null, + "text": "3" + } + ], + "cik": 1801169, + "cik10": "0001801169", + "company_name": "Opendoor Technologies Inc.", + "config_hash": "a8e88d258eb39664414697e0926a7d29600e676d9810ec79743c3c9490c9d4a1", + 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(17 CFR 240.14a-12) |\n| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |\n| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-24-000101:open-20240614.htm#b17"], "char_count": 59, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "158f08935ab82af0bb7ed4dcc58e11bbcfe3077fe10f37c7dcad6525b90995a4", "derivation_id": "dbfa02b20519d9ce858d09f83da2d3997bdc411194bf635b104dd6aaf46e59cf", "document_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2024-06-17", "filing_id": "sec:0001801169:0001801169-24-000101", "flags": ["short_passage"], "form": "8-K", "heading_path": ["UNITED STATES", "N/A"], "items": ["5.07"], "locators": [{"artifact_id": 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"passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-06-14", "section_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#s11", "source_artifact_id": "sec:0001801169:0001801169-24-000101:open-20240614.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000101/open-20240614.htm", "table_id": null, "text": "Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-24-000101:open-20240614.htm#b22"], "char_count": 1045, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "698a0d0826994e9d0d36821f8fa7d1585cf460aab3ea2843bb5ede773804eac3", "derivation_id": "dbfa02b20519d9ce858d09f83da2d3997bdc411194bf635b104dd6aaf46e59cf", "document_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2024-06-17", "filing_id": "sec:0001801169:0001801169-24-000101", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders"], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000101:open-20240614.htm", "block_sequence": 22, "char_end": 1045, "char_start": 0, "fragment_sha256": "f0f9f2d02f3caa628448819625c9af78778c5b1c4daee8f303f9bc204c613d62", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-06-14", "section_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-24-000101:open-20240614.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000101/open-20240614.htm", "table_id": null, "text": "Opendoor Technologies Inc. (the “Company”) held its 2024 Annual Meeting of Stockholders on June 14, 2024 (the “Meeting”). A total of 505,822,596 shares of the Company's common stock were present virtually or represented by proxy at the Meeting, representing approximately 73.14% of the Company’s outstanding common stock as of April 17, 2024, the Company’s record date. The final voting results for the proposals considered and voted upon at the Meeting, all of which were described in the Company’s definitive proxy statement filed with the Securities and Exchange Commission on April 24, 2024, as supplemented by the proxy supplement filed on May 2, 2024, are as follows: Proposal No. 1: The Company’s stockholders elected each of Dana Hamilton, Cipora Herman and Glenn Solomon, to hold office as Class I directors and to serve a three-year term ending at the 2027 Annual Meeting of Stockholders, or until their successors are duly elected and qualified, subject to their earlier removal or resignation. The result of such vote was as follows:"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-24-000101:open-20240614.htm#b23"], "char_count": 327, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "55b6a16d17d2a3b55f9de2a75224b8471b99c6eb469a2e1f158ed0bc6bb3310b", "derivation_id": "dbfa02b20519d9ce858d09f83da2d3997bdc411194bf635b104dd6aaf46e59cf", "document_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2024-06-17", "filing_id": "sec:0001801169:0001801169-24-000101", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders"], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000101:open-20240614.htm", "block_sequence": 23, "char_end": 244, "char_start": 0, "fragment_sha256": "4b339493fc8be7640ded521f9794d4b67254f6e4a18719e179abae7d00829a05", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders"], "table_index": 3, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#p9", "passage_kind": "table", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-06-14", "section_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-24-000101:open-20240614.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000101/open-20240614.htm", "table_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#b23", "text": "| | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| Nominees | | For | | Withhold | | Broker Non-Votes |\n| Dana Hamilton | | 352,848,127 | | 1,736,821 | | 151,237,648 |\n| Cipora Herman | | 294,547,284 | | 60,037,664 | | 151,237,648 |\n| Glenn Solomon | | 271,980,358 | | 82,604,590 | | 151,237,648 |"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-24-000101:open-20240614.htm#b24"], "char_count": 222, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "007d900093bde6267f471b1ebee44fbfd233ae1775835b2d8efa942a003830da", "derivation_id": "dbfa02b20519d9ce858d09f83da2d3997bdc411194bf635b104dd6aaf46e59cf", "document_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2024-06-17", "filing_id": "sec:0001801169:0001801169-24-000101", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders"], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000101:open-20240614.htm", "block_sequence": 24, "char_end": 222, "char_start": 0, "fragment_sha256": "812026b149b039431d66c9ce56b9f71fbf8da1f1424f2299965c1af80f44328b", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-06-14", "section_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-24-000101:open-20240614.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000101/open-20240614.htm", "table_id": null, "text": "Proposal No. 2: The Company’s stockholders ratified Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024. The result of such vote was as follows:"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-24-000101:open-20240614.htm#b25"], "char_count": 141, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "3a9d0cc34e75a7143e932afa0eb4609947fd59e8a2819e07e6fbcf05783ba26d", "derivation_id": "dbfa02b20519d9ce858d09f83da2d3997bdc411194bf635b104dd6aaf46e59cf", "document_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2024-06-17", "filing_id": "sec:0001801169:0001801169-24-000101", "flags": ["short_passage"], "form": "8-K", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders"], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000101:open-20240614.htm", "block_sequence": 25, "char_end": 75, "char_start": 0, "fragment_sha256": "43660d730e75852c769278e4942f28d2e256b189ffbc7542ccb9098a84aa69d7", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders"], "table_index": 4, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#p11", "passage_kind": "table", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-06-14", "section_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-24-000101:open-20240614.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000101/open-20240614.htm", "table_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#b25", "text": "| | | | | | |\n| --- | --- | --- | --- | --- | --- |\n| For | | Against | | Abstain | |\n| 501,926,302 | | 3,183,335 | | 712,959 | |"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-24-000101:open-20240614.htm#b26"], "char_count": 302, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "21059242a51b053f1809e730f61b42aa199231ccab283797f4a1ff18eb821586", "derivation_id": "dbfa02b20519d9ce858d09f83da2d3997bdc411194bf635b104dd6aaf46e59cf", "document_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2024-06-17", "filing_id": "sec:0001801169:0001801169-24-000101", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders"], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000101:open-20240614.htm", "block_sequence": 26, "char_end": 302, "char_start": 0, "fragment_sha256": "9734cf03da8cc90029a64b5647c6a38ed1f66dc6329adfa2ccdbd3f3675a78dc", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-06-14", "section_id": "norm:0001801169:0001801169-24-000101:open-20240614.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-24-000101:open-20240614.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000101/open-20240614.htm", "table_id": null, "text": "As a routine proposal under applicable rules, no broker non-votes were recorded in connection with this proposal. Proposal No. 3: The Company’s stockholders approved, on an advisory (non-binding) basis, the compensation of the Company's named executive officers. 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Opendoor Technologies Inc. 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Opendoor made a difficult, uncomfortable situation easy. \u2013 Charlene Pinckney When Charlene Pinckney\u2019s two daughters graduated college earlier this year, she knew it was time for her next life journey: selling her home and downsizing. However, she hadn\u2019t sold a home before, and she was in a time crunch to access her home equity. That\u2019s when she discovered Opendoor. After researching her options online, Charlene entered her address and received an all-cash offer. As she reviewed the details and learned more about the process, she decided Opendoor was the right choice for selling her home to make her next move a reality. She closed quickly and found a cozy new home just a few miles away. \u201cIt was fast,\u201d she said. \u201cAnd when I needed to move the closing date up a few days, Opendoor did that for me.\u201d As a first-time home seller, Charlene was concerned about the typical stresses that come with the traditional process \u2013 especially staging and showings. But with Opendoor, she avoided those hassles and found peace of mind with a simple, certain, and fast sale. Today, she\u2019s debt-free and pursuing her next chapter with financial freedom and less unwanted space to take care of. With the stress of her home sale behind her, she\u2019s starting to enjoy new hobbies like gardening and traveling. \u201cI can\u2019t wait to tell my friends that I Opendoor\u2019d my home!\u201d she said. Scan here to watch her story" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b9", + "block_sequence": 9, + "block_sha256": "dbb4328d1200c99feae888732bc1ee458d76d2d3c01a8c34abfd9dd56b0e9408", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 9, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "5ebb736e079d605de200b548cb72f40b8804f4bcd18945152855e232af176e09", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "exhibit992-q22024form8xk003.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b10", + "block_sequence": 10, + "block_sha256": "468a27e836ee95f0924905d5c8bed2a9e6cf7f574b6a62f54b4d70df723f4bad", + "block_type": "paragraph", + "char_count": 1850, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 10, + "char_end": 1850, + "char_start": 0, + "fragment_sha256": "9372db3a3a9aa77b389c82950c4189afaec996d748c990baa9fdcb2efc98f638", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "Note: Adjusted Operating Expenses, Adjusted Gross Profit, Contribution Profit, Contribution Margin, Adjusted Net Loss, and Adjusted EBITDA are non-GAAP financial measures. See \u201cUse of Non-GAAP Financial Measures\u201d following the financial tables below for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures. 3 Quarter in Review\u2026 2Q24 Revenue $1.5 billion 2Q24 Acquisitions 4,771 2Q24 Contribution Margin 6.3% At Opendoor, our vision is to transform the residential real estate market by building a generational and profitable business that customers love. This commitment has earned us a Net Promoter Score (NPS) of over 80 from our sellers. We are working to create a future where every customer starts their home selling journey with an Opendoor offer. In the second quarter, acquisition volumes, revenue, Contribution Profit, and Adjusted EBITDA all exceeded guidance due to strong execution and operating and cost discipline across the business. Financial highlights from the second quarter include: \u25cf Purchased 4,771 homes, outperforming our guidance of over 4,500, and up 78% versus 2Q23. \u25cf Sold 4,078 homes, which generated over $1.5 billion of revenue, just above the high end of our guidance range of $1.4 billion to $1.5 billion. \u25cf Delivered gross profit of $129 million, representing an 8.5% gross margin. Contribution Profit was $95 million, representing a 6.3% Contribution Margin, above the high end of our Contribution Margin guidance range of 5.4% to 5.7%. \u25cf Recognized Net Loss of $(92) million, as compared to Net Income of $23 million in 2Q23. Adjusted Net Loss was $(31) million, as compared to $(197) million in 2Q23. \u25cf Adjusted EBITDA Loss was $(5) million, as compared to $(168) million in 2Q23 and significantly ahead of our guidance range of $(35) million to $(25) million." + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b11", + "block_sequence": 11, + "block_sha256": "4fb3a777349bb19d864d3635e1804f42b5762365a34ef3310b6535a99ce90745", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 11, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "74a4f45d488c9defcc7dd752cedefdb779bb4599e76418e45d004b32723b50d9", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "exhibit992-q22024form8xk004.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b12", + "block_sequence": 12, + "block_sha256": "89c45b5957ce633a58a1319b2b1fd1667371c6bf0c75400a25b04de350cbbad8", + "block_type": "paragraph", + "char_count": 2317, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 12, + "char_end": 2317, + "char_start": 0, + "fragment_sha256": "8d14e2fb58b99d98bd023383787ce685572bb73a41b551844784b37bcd4095e8", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "4 \u2026and the Path Ahead We remain focused on optimizing the business while balancing growth, margin, and risk. As we have shared before, there are three main drivers to increase volumes: 1) growing our top of funnel to reach more sellers; 2) expanding our product offering to convert more customers; and 3) reducing spreads to increase conversion. Our progress demonstrates our continued focus on controlling what we can control. \u25cf Growing our top of funnel. We aim to bring more consumers to the Opendoor platform by continuing to expand our distribution channels, including building awareness through advertising and growing and deepening our partnerships. \u25cf Expanding our product offering. We continue to broaden our suite of products in order to facilitate the transaction that best suits our customers\u2019 specific needs. \u25cf Reducing spreads. We strive to durably reduce our spreads via improvements to our pricing platform and cost structure, and, over the longer-term, the addition of adjacent services. As we outlined last quarter, we operate our business to be responsive to macroeconomic factors. Changes in leading indicators are reflected in our pricing strategies, which can impact our spread levels. During the second half of the second quarter, we observed signals in leading macro metrics that indicated slowing in the housing market. Delistings began to rise and are currently at a higher level for this time of year than we\u2019ve seen in our ten-year operating history. Second quarter market clearance rates, or the percent of listed homes that enter into a sales contract per day, have been declining more than seasonally typical. These dynamics resulted in softness in month-over-month home price appreciation (HPA), which entered negative territory in June, two months earlier than in a typical year. In response to these signals, we began increasing our spreads more than anticipated, pressuring acquisition volumes. We also increased home-level price drops to maintain our resale targets, impacting Contribution Margin in the near term. There are reasons to believe the macro environment could improve in the second half of the year, including increasing prospects of easing interest rates, which should provide tailwinds for our business. However, we are providing guidance based on current conditions." + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b13", + "block_sequence": 13, + "block_sha256": "1933c2ec4428d1b2b66a675e25d77539bb0858597568a2f7923239e5a4f77f54", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 13, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "ed88ad4dfe0d12e8301549322c5a4a6ac4c47f1547feb334b4c981115f2d1b84", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "exhibit992-q22024form8xk005.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b14", + "block_sequence": 14, + "block_sha256": "21e4bc0f6bae26209b4adcf6fd6c2453c991c21c7a61a8f396c9f52e74f7e728", + "block_type": "paragraph", + "char_count": 2037, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 14, + "char_end": 2037, + "char_start": 0, + "fragment_sha256": "a1b7b1ba9166c29611b73af8f734ebe89abb3203a9ae491b3615c0c79edbc0b4", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "5 1. Opendoor has not provided a quantitative reconciliation of forecasted Contribution Profit (Loss) to forecasted GAAP gross profit (loss) nor a reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss) and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company\u2019s control. For more information regarding the non-GAAP financial measures discussed in this shareholder letter, please see \u201cUse of Non-GAAP Financial Measures\u201d following the financial tables below. 3Q23 Sequential Growth in Acquisitions 17% We expect the following results for the third quarter of 2024: \u25cf Revenue is expected to be between $1.2 billion and $1.3 billion \u25cf Contribution Profit1 is expected to be between $35 million and $45 million, or Contribution Margin between 2.9% and 3.5% \u25cf Adjusted EBITDA1 is expected to be between $(70) million and $(60) million We are committed to both increasing acquisitions and reducing Adjusted Net Losses this year as compared to 2023. Our north star remains rescaling the business in a durable and sustainable way. We continue to increase brand awareness, improve the customer experience, expand our product offerings, and drive structural efficiencies across our platform. While we expect the current macro environment to be temporary, the improvements we are driving across the business are enduring. Opendoor is reinventing one of life\u2019s most important transactions, and we remain steadfast in our vision of helping people move with simplicity and certainty. We are proud of our progress and believe we are well-positioned for the future. \u2026and the Path Ahead" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b15", + "block_sequence": 15, + "block_sha256": "91d7755360657309d35c7b351505c12195e7c0c74dae9b9604fc53b2cc1ae4a3", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 15, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "e7029884725d02e20d2f6f8a3f735418b27c436d297c5a1a8e6e81f7d4de87a9", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "exhibit992-q22024form8xk006.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b16", + "block_sequence": 16, + "block_sha256": "8ec2244029cee72e0cbe1b8d5b279fc556d93ddc9ee6e37c3c0de1a1dfa34705", + "block_type": "paragraph", + "char_count": 2184, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 16, + "char_end": 2184, + "char_start": 0, + "fragment_sha256": "d2ab9475ca5deb36480b4f821684e4e57a2c7ef615f5d520984353d89613e12f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "6 Business Highlights In the second quarter, we continued to focus on executing against the growth levers we control. While the challenging macro environment masks the impact of the structural improvements we have made to our spreads, our progress broadening our top of funnel and delivering products that delight customers sets us up for future success. Growing our Top of Funnel Our total addressable market is massive \u2013 our buybox across our markets currently sits north of $650 billion \u2013 and we\u2019re just scratching the surface in terms of market penetration. One of the most important growth levers we have is making more customers aware of the benefits of Opendoor\u2019s product offering. Thus far in 2024, 28% of true sellers, or consumers within our buybox that went on to list or sell their home, had previously entered their address on our website. While more than one in four sellers come to us first, we still have a significant opportunity to get all sellers to start with Opendoor. To increase brand awareness with potential sellers, we have strategically shifted more of our marketing dollars from direct response to brand media spend. As a result of our marketing investments, aided awareness and consideration have reached their highest levels in Opendoor history. Increasing awareness not only expands the number of customers in our funnel, but it also increases conversion. We have 45% average awareness in some of our most mature markets, and we believe that higher intent customers find us when our brand awareness is stronger. For example, these more mature markets have seen 33% higher conversion from offer to contract as compared to some of our newer markets that have 26% average awareness. Moreover, we launched more than half of our markets during 2021 and 2022, ahead of the 2022 market reset when we began reducing marketing and inventory levels. Average awareness in those markets sits at just 19% today, presenting the potential for over 75% in offer-to-contract conversion improvements. We believe the combination of consistent marketing and expanding brand awareness across markets should provide meaningful embedded tailwinds that we can unlock over time." + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b17", + "block_sequence": 17, + "block_sha256": "ffe3a64c7f071b0a2e02dec2505040dc82d5f45876364cd6b157a787d7333592", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 17, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "b8815befcc8d8c3a8d09043ec0c18bdcc6c02f2ab54b82099070c7c7c5459de5", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "exhibit992-q22024form8xk007.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b18", + "block_sequence": 18, + "block_sha256": "21ce2d99e7cbd871a31499eaa1ecba20f052d467128851f9f84db3d97a659062", + "block_type": "paragraph", + "char_count": 1348, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 18, + "char_end": 1348, + "char_start": 0, + "fragment_sha256": "4732185ed239aa4f84d049c506880adc40978a9a4fe9bb1415ebf97cdfc5e7a5", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "Expanding Our Suite of Services We are intently focused on developing innovative, seller-focused products. Once we get a customer into the funnel, we aim to provide a suite of products that can meet each seller\u2019s specific needs. While many sellers are looking for the simplicity and certainty of our all-cash offer product, we have found that other sellers are interested in price discovery via listing on the MLS. To better serve these customers, we expanded our List with Opendoor product from 17 markets at the start of the year to nearly all of our markets by the end of the second quarter. This product release gives sellers the choice to weigh the options of a simple and certain sale directly to Opendoor or listing on the market. If a customer chooses List with Opendoor, we connect them with a local Opendoor partner agent to list their home on the MLS, and we charge a listing fee. If they don\u2019t find the price they want, they can still complete their sale by accepting Opendoor\u2019s flagship cash offer, which is valid for 30 days. Since launching this listing product, we have observed a 9% uplift in NPS, proving that offering multiple selling solutions is resonating with customers. Over time, this capital-light product has the potential to be accretive to total acquisition volumes and margins. 7 Business Highlights List with Opendoor" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b19", + "block_sequence": 19, + "block_sha256": "fc4311c5ed41a504adac86d83c1790b759ae5f9a089a61e9b33e43ea6d56185c", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 19, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "ce68db60a302248d56e4ffe7bfa3731bdc4633a8821cb634ba0d2fed720fc6d3", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "exhibit992-q22024form8xk008.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b20", + "block_sequence": 20, + "block_sha256": "bdc708374c02835c931a676f0d55a8ad9a13b5faebcafe17c0230ed40f9ea543", + "block_type": "paragraph", + "char_count": 2021, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 20, + "char_end": 2021, + "char_start": 0, + "fragment_sha256": "d416e941f4186f86181451baeb2a5af89b79dc6913e32005de97616b0837fda2", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "8 Financial Highlights 2Q24 Revenue $1.5 billion 2Q24 Homes Acquired 4,771 3,683 4,771 2,680 2Q23 3Q23 4Q23 1Q24 2Q24 $870 $980 2Q23 3Q23 4Q23 1Q24 2Q24 $1,976 $1,511 3,136 $1,181 3,458 In the second quarter, acquisitions, revenue, Contribution Margin, and Adjusted EBITDA each exceeded the high end of our guidance ranges. These results demonstrate continued progress toward rescaling the business with attractive and sustainable unit economics and cost discipline, as well as the value of Opendoor\u2019s seamless, simple, and certain customer experience. GROWTH In the second quarter, we delivered over $1.5 billion of revenue, coming in just above the high end of the guidance range of $1.4 billion to $1.5 billion and representing 4,078 homes sold. On the acquisition side, we purchased 4,771 homes in the second quarter, up 38% sequentially and up 78% versus 2Q23. Year-over-year acquisition growth was attributable to lower spreads, increased marketing and brand media spend, and contributions from partnership channels. UNIT ECONOMICS GAAP Gross Profit was $129 million in 2Q24, versus $114 million in 1Q24 and $149 million in 2Q23. Adjusted Gross Profit, which aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the home is sold, was $154 million in 2Q24, versus $104 million in 1Q24 and $7 million in 2Q23. Contribution Profit (Loss) was $95 million in the second quarter, versus $57 million in 1Q24 and $(90) million in 2Q23. Contribution Margin of 6.3% came in above our guidance range of 5.4% to 5.7% and compares to 4.8% in 1Q24 and (4.6)% in 2Q23. The outperformance on margin was partially due to our resale mix, as we sold through newly listed homes with shorter holding periods more quickly than anticipated. NET LOSS AND ADJUSTED EBITDA GAAP Net Loss was $(92) million in 2Q24 versus $(109) million in 1Q24 and $23 million in 2Q23. Adjusted Net Loss was $(31) million in 2Q24 versus $(80) million in 1Q24 and $(197) million in 2Q23. 2Q24 Contribution Margin 6.3%" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b21", + "block_sequence": 21, + "block_sha256": "198030a52ef0b35e5aa2a55953e52cce337a06c9a66fda83c4c2ae076f16470a", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 21, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "04aadf465f8abee8341a3d564a458ac7f41841f786fb475e516a6ca3bf56a13d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "exhibit992-q22024form8xk009.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b22", + "block_sequence": 22, + "block_sha256": "82dcd3c10ba1d70e7492b4115247a1b928777276e0d15643345b90e55142cc20", + "block_type": "paragraph", + "char_count": 2827, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 22, + "char_end": 2827, + "char_start": 0, + "fragment_sha256": "507c95506d3dc264ac484f80dfa762dbd20dd41cd6f116507987a8814957f873", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "GAAP Operating Expenses were $201 million in 2Q24, flat versus $201 million in 1Q24 and down from $217 million in 2Q23. Adjusted Operating Expenses, defined as the delta between Contribution Profit (Loss) and Adjusted EBITDA, were $100 million in 2Q24, down from $107 million in 1Q24 and up from $78 million in 2Q23. The outperformance versus guidance on Adjusted Operating Expenses was due to a pullback in marketing spend, coupled with lower than expected fixed expenses related to reduced hiring. Excluding the impact from timing adjustments (expenses related to the holding costs associated with selling down and rebuilding inventory), Adjusted Operating Expenses are down year-over-year, demonstrating our ability to drive growth while leveraging our fixed cost base. Adjusted EBITDA was $(5) million in 2Q24, ahead of the high end of our guidance range of $(35) million to $(25) million, and compares to $(50) million in 1Q24 and $(168) million in 2Q23. As a percentage of revenue, Adjusted EBITDA was (0.3)% in 2Q24 versus (4.2)% in 1Q24 and (8.5)% in 2Q23. Adjusted EBITDA exceeded our expectations due to margin outperformance and ongoing cost discipline. INVENTORY We ended the second quarter with 6,399 homes in inventory on our balance sheet, representing $2.2 billion in net inventory, which was up 19% from 1Q24 and up 94% from 2Q23 as we have ramped our acquisition pace over the last year. Additionally, as of June 30, 2024, 14% of our homes had been listed on the market for more than 120 days, compared to 15% for the broader market, as adjusted for our buybox. OTHER BALANCE SHEET ITEMS We ended the quarter with $1.2 billion in capital, which includes $809 million in unrestricted cash and marketable securities and $300 million of equity invested in homes and related assets, net of inventory valuation adjustments. This compares to $1.3 billion in capital as of the end of 1Q24, which included $1.0 billion in unrestricted cash and marketable securities and $181 million of equity invested in homes and related assets, net of inventory valuation adjustments. 9 Financial Highlights 2Q24 Contribution Margin 6.3% $(20.7)k 2Q24 Trailing Twelve Month Contribution Profit per Home $18,377 $3.0k $(18.8)k $18.4k $(13.7)k 2Q23 3Q23 4Q23 1Q24 2Q24 2Q24 Adj. Operating Expenses $100 million $92 $107 $78 $100 2Q23 3Q23 4Q23 1Q24 2Q24 $(38.1)k $99 2Q24 Trailing Twelve Month Adjusted EBITDA per Home $(14,141) $(24.9)k $(36.1)k $(14.1)k $(33.5)k 2Q23 3Q23 4Q23 1Q24 2Q24 (5.5)% 2Q24 Trailing Twelve Month Contribution Margin 4.9% 0.8% (4.9)% 4.9% (3.7)% 2Q23 3Q23 4Q23 1Q24 2Q24 $(48.1)k 2Q24 Trailing Twelve Month Adjusted Net Income per Home $(23,194) $(47.2)k $(41.6)k 2Q23 3Q23 4Q23 1Q24 2Q24 $(33.3)k $(23.2)k 2Q24 Total Capital $1.2 billion 2Q24 Cash, Cash Equivalents, and Marketable Securities $809 million" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b23", + "block_sequence": 23, + "block_sha256": "d48b02be6287a78dc4526784bedeeb58ffa8f285677d403978ec44b9f544e3b3", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 23, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "0af83f81e6881474ec1dca6034c5becd2f1686305b3b08bcada0a6b46adb8230", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "exhibit992-q22024form8xk010.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b24", + "block_sequence": 24, + "block_sha256": "220ed1ebff447a879a05d43616873a4efc0ff6717dae80dc3ac7d7236c776189", + "block_type": "paragraph", + "char_count": 2205, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 24, + "char_end": 2205, + "char_start": 0, + "fragment_sha256": "f77d63ff31a8cf7fb341064cebc6f24984b39b69ac049fdd1f4b7fcd9539b823", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "10 Financial Highlights At quarter-end, we had $7.0 billion in non-recourse, asset-backed borrowing capacity, comprising $3.0 billion of senior revolving credit facilities and $4.0 billion of senior and mezzanine term debt facilities, of which total committed borrowing capacity was $2.3 billion. MAINSTAY Today, we announced that our business line, Mainstay, is becoming an independent, privately-held company in conjunction with an outside equity investment led by Khosla Ventures. Although Opendoor will retain less than 50% ownership on a fully diluted basis, it will continue to be the largest shareholder, enabling Opendoor to benefit from any future upside in the business. Mainstay is a comprehensive market intelligence and transaction platform for the single-family rental industry, which we started in order to better serve enterprise customers. This transaction sets up both Opendoor and Mainstay to focus on building their respective businesses with dedicated teams and resources. HOUSING MACRO The housing market remains challenging as mortgage rates continue to be elevated and volatile, keeping sellers on the sidelines and straining housing affordability for buyers. In the second quarter, overall volumes in the U.S. housing market remained depressed, with seasonally adjusted annual existing home sales of just over four million, slightly below last year\u2019s levels and well below the ten-year average of over five million annual transactions. New listings are hovering around decade lows, and in the back half of the second quarter, we saw an uptick in delistings, which are now at decade highs for this time of year. Additionally, clearance rates have slowed more quickly than is seasonally typical, down nearly 30% in 2Q24 versus 2Q23 levels. As a result, month-over-month home price appreciation made a meaningful departure to the downside, underperforming 2023 levels and crossing into slightly negative territory by mid-June, earlier than we\u2019ve seen in the last decade outside of 2020. Further, increasing delisting rates suggest that reported home price appreciation numbers are inflated relative to historical levels with many sellers failing to find an attractive clearing price." + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b25", + "block_sequence": 25, + "block_sha256": "e50c84490bee0a375c0f45d0bc4025b3a0f05cd9d0a6cab82371ec711f40bd45", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 25, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "be0eec30da5c72a9601432395a8366f39348ed882010438bff8731f2683e92fb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "exhibit992-q22024form8xk011.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b26", + "block_sequence": 26, + "block_sha256": "2c0df5e9a40eb16d89355ae1e38e4d0c05118c0c6e3f4ff60467dd396d1651f5", + "block_type": "paragraph", + "char_count": 2103, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 26, + "char_end": 2103, + "char_start": 0, + "fragment_sha256": "6a8cfa9f9688411c2bfbffb06d3b05a328f162ac5e0977ea47f377dfb0db40bd", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "11 Financial Highlights Notwithstanding the weak housing market, the U.S. economy overall continues to show signs of resilience despite elevated interest rates. Inflation has been trending downward, which has increased the probability and quantum of expected rate cuts meaningfully. Today, the pricing of federal-funds rate futures indicates a high probability of at least a 50 basis point reduction in the rate by the end of the year. This dynamic could provide a boost to various sectors, including housing market activity. While we are not underwriting a rosier macro outlook, we believe that we are well positioned to benefit from any potential tailwinds from positive changes in interest rates. We remain flexible in setting spreads dynamically, with the goal of optimizing our performance against the vectors of growth, margin, and risk. We believe this decision-making framework will allow us to act nimbly and respond to a range of macroeconomic outcomes. GUIDANCE We expect the following results for the third quarter of 2024: \u25cf Revenue is expected to be between $1.2 billion and $1.3 billion \u25cf Contribution Profit1 is expected to be between $35 million and $45 million, or Contribution Margin between 2.9% and 3.5% \u25cf Adjusted EBITDA1 is expected to be between $(70) million to $(60) million \u25cf Stock-based compensation expense is expected to be approximately $35 million Outlook for the third quarter reflects the expected reduction in Adjusted Operating Expenses as a result of the Mainstay transaction, which closed on July 31, 2024. In the first half of 2024, Mainstay\u2019s business had a de minimis impact on Opendoor\u2019s revenue and Contribution Profit and incurred approximately $17 million of Adjusted Operating Expenses. Going forward, Mainstay will run independently from Opendoor, and Opendoor will maintain less than 50% ownership on a fully diluted basis. The Company is in the process of assessing the financial statement impact of the 3Q24 Revenue Guidance $1.2 to $1.3 billion 3Q24 Contribution Profit1 Guidance $35 to $45 million 3Q24 Adjusted EBITDA1 Guidance $(70) to $(60) million" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b27", + "block_sequence": 27, + "block_sha256": "a09cf884982cc729ed5e87e8c010ffd019f7b2cd3d187b9928a44752d5c24292", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 27, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "c2497f73ac044f5366edb073d3cc2152040d3b125dc135b2a3d0f2b1573f8f0f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "exhibit992-q22024form8xk012.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b28", + "block_sequence": 28, + "block_sha256": "464c987a3e6c230766d1fc380853b8340ca4fdeb32cb05cf38fbdca908df915c", + "block_type": "paragraph", + "char_count": 1552, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 28, + "char_end": 1552, + "char_start": 0, + "fragment_sha256": "72f6b425c4206f89ebc1b4daa9173ddbe1e9fa7b662b4ab3207b599d7c089a47", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "12 Financial Highlights fundraise, but we do not anticipate recognizing Mainstay\u2019s ongoing financial results in Opendoor\u2019s income or loss from operations going forward. Given the macro factors highlighted above, we widened our spreads more than previously anticipated and slowed marketing spend to ensure our dollars are being spent efficiently. These dynamics and actions are expected to result in 3Q24 home acquisitions that are up slightly year-over-year. We will continue to acquire homes at spreads we believe are appropriate as we manage our business amid various macro backdrops. Additionally, if the current macro conditions persist, there is a risk to achieving our 5% to 7% annual Contribution Margin target for 2024. As always, we will continue to assess our cost structure to mitigate losses. We remain committed to making meaningful progress in increasing acquisitions and reducing Adjusted Net Losses year-over-year in 2024. CONCLUSION At Opendoor, we are building products and perfecting the customer experience to bring efficiency and transparency to a trillion dollar industry. The traditional real estate process is still broken for the millions of people who move every year \u2013 solving this is our purpose. Opendoor provides the only platform at scale for a home seller to transact directly and for a home buyer to have an e-commerce-like transaction experience. While we\u2019re a small piece of the pie today, we are committed to creating products and services that compel everyone to start their home selling and buying journey with us." + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b29", + "block_sequence": 29, + "block_sha256": "de2ddcc30e5b4c60c3dfec78739b0a7958b3eb608d937555049d34cadb891059", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 29, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "f9f08b70f61d94225037b882bcff4db37487128d82bddbb210f8bb0569bf520e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "exhibit992-q22024form8xk013.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b30", + "block_sequence": 30, + "block_sha256": "5c033297d7676930af62ee426c07a4dd10a69f5fe063c671046707a4a57a9791", + "block_type": "paragraph", + "char_count": 487, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 30, + "char_end": 487, + "char_start": 0, + "fragment_sha256": "fe82fb1d0cc54378ca761527860ef9b29579e64d3d0cf64b99f4f90a28cec881", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "13Raleigh-Durham, NC Carrie Wheeler, CEO Christy Schwartz, Interim CFO CONFERENCE CALL INFORMATION Opendoor will host a conference call to discuss its financial results on August 1, 2024 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. August 1, 2024 at 2 p.m. PT investor.opendoor.com LIVE WEBCAST" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b31", + "block_sequence": 31, + "block_sha256": "1cd08b77171daaf7f3506035ce4540a4962e50ad3265e6a5be48f0e7794e959e", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 31, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "1ca5fdca83cf923f0d75e29065c392693a51f2183203d2d1e3062946aea2cb69", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "exhibit992-q22024form8xk014.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b32", + "block_sequence": 32, + "block_sha256": "11d3631a045838fcf6e4076997e149a251d3df8659a21ede15625ead6b74cdef", + "block_type": "paragraph", + "char_count": 67, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 32, + "char_end": 67, + "char_start": 0, + "fragment_sha256": "b1d88b89efd7c230c0b30c3a2915ea92f71a32bf0ac2f318b42874ca8f595cf5", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "/ Opendoor/ OpendoorHQ Company / Opendoor-com investor.opendoor.com" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b33", + "block_sequence": 33, + "block_sha256": "6e081c1f8e62e24758d132645efacc38d0382c23597604abded104187e73e493", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 33, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "a23d0a92310cdb6d91d6415793929ec91036939f80cc85dbd0486a0bf3c0b933", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "exhibit992-q22024form8xk015.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b34", + "block_sequence": 34, + "block_sha256": "e36d5c7cc06437a0ff543d7a06001731d3d5a914ffd455f43cb99b43e57ad984", + "block_type": "paragraph", + "char_count": 33, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 34, + "char_end": 33, + "char_start": 0, + "fragment_sha256": "0f9787309522bb82cc14cb43961debc1c3d6b803387d7514e82cb2d983fcd910", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "15 Definitions & Financial Tables" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b35", + "block_sequence": 35, + "block_sha256": "0f0d89f7267490ac11f1a09665d9be44de395db7702a9e5d28c8fe7e6e01c71d", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 35, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "c5a92bb13225d483e2d687e145ec35c5079c446de52f2db4b0a8a4620fe7d7cf", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "exhibit992-q22024form8xk016.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b36", + "block_sequence": 36, + "block_sha256": "cf0dc3f037a78936a456e31792526c0d9d471eb1b26eb4c0e3a3dfcdbd54e480", + "block_type": "paragraph", + "char_count": 7239, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 36, + "char_end": 7239, + "char_start": 0, + "fragment_sha256": "1c1e964b0479a1c988195090e3eb7c8371b4b7a0ccb3dee831be7c5e73535584", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "This shareholder letter contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including, without limitation, statements regarding: current and future health and stability of the real estate housing market and general economy; volatility of mortgage interest rates and expectations regarding the future shifts in behavior by consumers and partners; the health and status of our financial condition, whether we will be able to rescale our business and whether we will be able to increase acquisitions and improve Adjusted Net Loss through the remainder of 2024 in a potentially slowing housing market; anticipated future results of operations or financial performance, including our third quarter of 2024 and full-year outlook and our ability to balance growth, margin and risk in a challenging environment, our ability to deliver Contribution Margin within our target annual range and our ability to achieve other long-term performance targets; whether we are able to reduce Adjusted Operating Expenses in the third quarter of 2024 as a result of the Mainstay transaction; our expectations regarding the impact of trends in seasonality on the real estate industry and our business; priorities of the Company to achieve future financial and business goals; our ability to continue to effectively navigate the markets in which we operate; anticipated future and ongoing impacts and benefits of acquisitions, advertising, partnership channel expansions, product innovations and other business decisions; health of our balance sheet to weather ongoing market transitions; our ability to adopt an effective approach to manage economic and industry risk, as well as inventory health; our expectations with respect to the future success of our partnerships and our ability to drive significant growth in sales volumes through such partnerships; business strategy and plans, including any plans to expand into additional markets, market opportunity and expansion and objectives of management for future operations, including statements regarding the benefits and timing of the roll out of new markets, products or technology; and the expected diversification of funding sources. Forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cguidance\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201coutlook\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cvision\u201d, \u201cwill\u201d, or \u201cwould\u201d, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this shareholder letter include but are not limited to: the current and future health and stability of the economy, financial conditions and the residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that may impact demand for our products and services, lower our profitability or reduce our access to future financings; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and real estate partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our technology platform, including our automated pricing and valuation technology; ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; any future impact of pandemics or epidemics, including any future resurgences of COVID-19 and its variants, or other public health crises on our ability to operate, demand for our products and services, or other general economic conditions; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; changes in laws or government regulation affecting our business; and the impact of pending or any future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \u201cRisk Factors\u201d in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 15, 2024, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 16 Forward-Looking Statements" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b37", + "block_sequence": 37, + "block_sha256": "3bde03351a9651d637fd89df9416ecc3db97def526a01ceb6a3f661ac5360e09", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 37, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "94516a73a4bd4952db5053febfa7e68b4bcc4e2a0cf64ea8b902ddcae6754d87", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "exhibit992-q22024form8xk017.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b38", + "block_sequence": 38, + "block_sha256": "79a7529fba8f5f4389b2442dacb090d1ea586bb1a7aedda2a797cdf9812db1ac", + "block_type": "paragraph", + "char_count": 3173, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 38, + "char_end": 3173, + "char_start": 0, + "fragment_sha256": "97d080afd31c4495ad687b26fcf69151af2196494a62a407f03153607fd7ce60", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company\u2019s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit (Loss), Contribution Profit (Loss), Adjusted Net Loss, Adjusted EBITDA, Adjusted Operating Expenses, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non- GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results. Adjusted Gross Profit (Loss) and Contribution Profit (Loss) To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit (Loss) and Contribution Profit (Loss), which are non-GAAP financial measures. We believe that Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit (Loss) provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit. 17 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b39", + "block_sequence": 39, + "block_sha256": "3e0b402716fa10a26d71f0d578d5894dd724891ce283f0d14451867b7161cce0", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 39, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "7c9216ab95f8ceaa354b4a4851087bbb3551cb3fbb799117bbd0bb3f22b9b33b", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "exhibit992-q22024form8xk018.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b40", + "block_sequence": 40, + "block_sha256": "da634038ccfb838de792f35f353efa31727bf5f8ada1073fe9a8f72f0c93613a", + "block_type": "paragraph", + "char_count": 1861, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 40, + "char_end": 1861, + "char_start": 0, + "fragment_sha256": "3591ce37e3b7a588d028423c6ae7e478ad3fb842fc94c45dfee53f1b875da71c", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "Adjusted Gross Profit (Loss) / Margin We calculate Adjusted Gross Profit (Loss) as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. Adjusted Gross Margin is Adjusted Gross Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit (Loss) helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution Profit (Loss) / Margin We calculate Contribution Profit (Loss) as Adjusted Gross Profit (Loss), minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit (Loss) helps management assess inflows and outflows directly associated with a specific resale cohort. 18 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b41", + "block_sequence": 41, + "block_sha256": "0e911f75f784eb300c063610228b55674e5114c482193355209860584f7c4897", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 41, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "1fa044a95017f8877282ed0a983f9afe4eb3afbf28f007f2b44ea01dd7a74f2f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "exhibit992-q22024form8xk019.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b42", + "block_sequence": 42, + "block_sha256": "8949af27920044f1f6b7f8bb7f7c9158f4ef251d15840285495b958e7218265e", + "block_type": "paragraph", + "char_count": 3166, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 42, + "char_end": 3166, + "char_start": 0, + "fragment_sha256": "1ea4274be30144350c440455324cfb34a01d645ca14da6d8a848ea1e63316fb5", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "19 Adjusted Net Loss and Adjusted EBITDA / Margin We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net (loss) income. We calculate Adjusted Net Loss as GAAP net (loss) income adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring. It excludes loss (gain) on extinguishment of debt as these expenses or gains were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities and the 0.25% convertible senior notes due in 2026 (the \"2026 Notes\") early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue. Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b43", + "block_sequence": 43, + "block_sha256": "9347418c00a2ede6015328ce049b0b6a7991d12fa33c174b6c52c8ed43c29d61", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 43, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "3496797321350b6d8fac9792ec7709bd5d6e0ad2ca5726148175ba5a1a6ad602", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "exhibit992-q22024form8xk020.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b44", + "block_sequence": 44, + "block_sha256": "ca7460674bbae6c8a7094e104b96c8e9e6d23d7c95ea8c781c4923d6d2695e12", + "block_type": "paragraph", + "char_count": 4232, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 44, + "char_end": 4232, + "char_start": 0, + "fragment_sha256": "ea04bd8ea70ea083c6669e2d604413d2269378345deda7cef2f682b12be8e7db", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "20 Adjusted Operating Expense We also present Adjusted Operating Expense, which is a non-GAAP financial measure that bridges the difference between Contribution Profit and Adjusted EBITDA. We believe this measure provides investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to Contribution Profit (Loss) and certain charges that are non-cash, or not directly related to our revenue-generating operations are removed. Adjusted Operating Expense is a supplemental measure of our operating expenditures and has important limitations. For example, this measure excludes the impact of certain costs required to be recorded under GAAP. This measure removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to Contribution Margin. This measure could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, this measure should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of this measure to the most directly comparable GAAP financial measure, which is operating expenses. We calculate Adjusted Operating Expense as GAAP operating expense adjusted to exclude direct selling costs and holding costs included in determining Contribution Profit (Loss). The measure also excludes non-cash expenses of stock-based compensation, depreciation and amortization, and intangibles amortization. It also excludes expenses that are not directly related to our revenue-generating operations such as restructuring charges. Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, Adjusted Technology and Development We also present Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, and Adjusted Technology and Development, which are non-GAAP financial measures that provide investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to contribution profit and certain charges that are non-cash are removed. These supplemental measures of our operating expenditures have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. Specifically, Adjusted Sales, Marketing and Operations removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to contribution margin. These measures could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which are Sales, marketing and operations expense, General and administrative expense and Technology and development expense. We calculate Adjusted Sales, Marketing and Operations as GAAP sales, marketing and operations expenses to exclude direct selling costs and holding costs included in determining Contribution Profit (Loss). This measure also excludes non-cash expenses of stock-based compensation and depreciation and amortization associated with sales, marketing and operations assets. We calculate Adjusted General and Administrative as GAAP general and administrative expenses to exclude non-cash expenses of stock-based compensation, depreciation and amortization of intangibles associated with general and administrative assets. It also excludes expenses that are not directly related to our revenue-generating operations. We calculate Adjusted Technology and Development as GAAP technology and development expenses to exclude non-cash expenses of stock-based compensation, depreciation and amortization associated with technology and development assets. 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FINANCIAL HIGHLIGHTS AND OPERATING METRICS (In millions, except percentages, homes sold, number of markets, homes purchased, and homes in inventory) (Unaudited) (1) See \u201c\u2014Use of Non-GAAP Financial Measures\u201d for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures." + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b47", + "block_sequence": 47, + "block_sha256": "4d20e7ad6777daeb836f53ff473f6385eacb12dd5dad5efefaa947bed4dde7c3", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 47, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "4c820aa91abac4295777dde32ee03b9e87c89af1dc20e1d8ae54fb303f353fea", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "exhibit992-q22024form8xk022.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b48", + "block_sequence": 48, + "block_sha256": "11b6f3d50906270328066ee2a1ee05e7e6ae49c8445eabb62fd67524d2a0bf63", + "block_type": "paragraph", + "char_count": 1483, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 48, + "char_end": 1483, + "char_start": 0, + "fragment_sha256": "9bb4a453112bf91f380aaad3f551ded65c07732a85dead6f39ab7d6c7da1d446", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "22 Three Months Ended Six Months Ended June 30, June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 2024 2023 REVENUE $ 1,511 $ 1,181 $ 870 $ 980 $ 1,976 $ 2,692 $ 5,096 COST OF REVENUE 1,382 1,067 798 884 1,827 2,449 4,777 GROSS PROFIT 129 114 72 96 149 243 319 OPERATING EXPENSES: Sales, marketing and operations 116 113 89 85 124 229 312 General and administrative 48 47 48 48 44 95 110 Technology and development 37 41 46 42 39 78 79 Restructuring \u2014 \u2014 4 \u2014 10 \u2014 10 Total operating expenses 201 201 187 175 217 402 511 LOSS FROM OPERATIONS (72) (87) (115) (79) (68) (159) (192) (LOSS) GAIN ON EXTINGUISHMENT OF DEBT (1) \u2014 34 \u2014 104 (1) 182 INTEREST EXPENSE (30) (37) (37) (47) (53) (67) (127) OTHER INCOME \u2013 Net 12 15 27 20 41 27 60 (LOSS) INCOME BEFORE INCOME TAXES (91) (109) (91) (106) 24 (200) (77) INCOME TAX EXPENSE (1) \u2014 \u2014 \u2014 (1) (1) (1) NET (LOSS) INCOME $ (92) $ (109) $ (91) $ (106) $ 23 $ (201) $ (78) Net (loss) income per share attributable to common shareholders: Basic $ (0.13) $ (0.16) $ (0.14) $ (0.16) $ 0.04 $ (0.29) $ (0.12) Diluted $ (0.13) $ (0.16) $ (0.14) $ (0.16) $ 0.03 $ (0.29) $ (0.12) Weighted-average shares outstanding: Basic 693,445 682,457 672,662 662,149 646,062 687,951 646,750 Diluted 693,445 682,457 672,662 662,149 667,159 687,951 646,750 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited)" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b49", + "block_sequence": 49, + "block_sha256": "248ddf301ac0ab474e2d756818c0645b1a92e8c6c8a8b95f8f4939dc880f5d39", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 49, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "114603534b0b68a2bbf1ebaadeb30046542b0589932621911c332068c226aa7a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "exhibit992-q22024form8xk023.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b50", + "block_sequence": 50, + "block_sha256": "84d3e08ccadf878d8499ab1af16ec0a5a10551bddf37f84305c5db15acba97a2", + "block_type": "paragraph", + "char_count": 1415, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 50, + "char_end": 1415, + "char_start": 0, + "fragment_sha256": "d5504dcaad2ee72862e0c751942c0a7c540f869fa88bf86322c1f0920a5d8558", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "23 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) June 30, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 790 $ 999 Restricted cash 121 541 Marketable securities 19 69 Escrow receivable 24 9 Real estate inventory, net 2,234 1,775 Other current assets 61 52 Total current assets 3,249 3,445 PROPERTY AND EQUIPMENT \u2013 Net 71 66 RIGHT OF USE ASSETS 23 25 GOODWILL 4 4 INTANGIBLES \u2013 Net 2 5 OTHER ASSETS 23 22 TOTAL ASSETS $ 3,372 $ 3,567 LIABILITIES AND SHAREHOLDERS\u2019 EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 73 $ 64 Non-recourse asset-backed debt \u2013 current portion 315 \u2014 Interest payable 1 1 Lease liabilities \u2013 current portion 4 5 Total current liabilities 393 70 NON-RECOURSE ASSET-BACKED DEBT \u2013 Net of current portion 1,739 2,134 CONVERTIBLE SENIOR NOTES 377 376 LEASE LIABILITIES \u2013 Net of current portion 18 19 OTHER LIABILITIES \u2014 1 Total liabilities 2,527 2,600 SHAREHOLDERS\u2019 EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 698,843,166 and 677,636,163 shares issued, respectively; 698,843,166 and 677,636,163 shares outstanding, respectively \u2014 \u2014 Additional paid-in capital 4,379 4,301 Accumulated deficit (3,534) (3,333) Accumulated other comprehensive loss \u2014 (1) Total shareholders\u2019 equity 845 967 TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY $ 3,372 $ 3,567" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b51", + "block_sequence": 51, + "block_sha256": "716d23661986afe3b8a89a874452f9f07a636c9bdec0dac512d07a87f972371b", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 51, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "19ba030d136d3245d54dfaae466281549c6d333b158c48de6f8267613d4590c8", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "exhibit992-q22024form8xk024.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b52", + "block_sequence": 52, + "block_sha256": "c80f9e5aa44ff3e7223b2e5351382b26614675fb320cbf58a89e70e1f0942e1a", + "block_type": "paragraph", + "char_count": 2272, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 52, + "char_end": 2272, + "char_start": 0, + "fragment_sha256": "ad81ecbefdddeb0ce1bad14afb3fba71138e3145ecf80e90fc02fccf0aca9363", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "24 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Six Months Ended June 30, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (201) $ (78) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: Depreciation and amortization 26 39 Amortization of right of use asset 3 4 Stock-based compensation 66 63 Inventory valuation adjustment 41 37 Change in fair value of equity securities 4 (7) Other 3 (1) Proceeds from sale and principal collections of mortgage loans held for sale \u2014 1 Loss (gain) on extinguishment of debt 1 (182) Changes in operating assets and liabilities: Escrow receivable (15) 17 Real estate inventory (498) 3,259 Other assets (10) (3) Accounts payable and other accrued liabilities 7 (31) Interest payable \u2014 (10) Lease liabilities (4) (6) Net cash (used in) provided by operating activities (577) 3,102 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (16) (17) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 47 61 Proceeds from sale of non-marketable equity securities \u2014 1 Net cash provided by investing activities 31 45 CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of convertible senior notes \u2014 (270) Proceeds from exercise of stock options \u2014 2 Proceeds from issuance of common stock for ESPP 2 1 Proceeds from non-recourse asset-backed debt 217 236 Principal payments on non-recourse asset-backed debt (302) (2,099) Payment for early extinguishment of debt \u2014 (4) Net cash used in financing activities (83) (2,134) NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (629) 1,013 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 Beginning of period 1,540 1,791 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 End of period $ 911 $ 2,804 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION \u2013 Cash paid during the period for interest $ 62 $ 126 DISCLOSURES OF NONCASH ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 10 $ 10 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 790 $ 1,120 Restricted cash 121 1,684 Cash, cash equivalents, and restricted cash $ 911 $ 2,804" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b53", + "block_sequence": 53, + "block_sha256": "38ed9d91b60d2df49806d38f6e40c5c2aa3a583716b7b76ce1502e35bde0c9ec", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 53, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "c857f675cfeb6924e9f312980586c55801eb530d37adbbd1c479bf77b0a030e4", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "exhibit992-q22024form8xk025.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b54", + "block_sequence": 54, + "block_sha256": "cf4ae300a4baeec48aafd3ea3668b9159b3cc34a910425b552bec7f5250fe486", + "block_type": "paragraph", + "char_count": 2498, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 54, + "char_end": 2498, + "char_start": 0, + "fragment_sha256": "e4cf86d5e3434e26fa123ab3a6c93da18af0309a45282381885dfd217f0b6ac9", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "25 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT AND CONTRIBUTION PROFIT (LOSS) TO OUR GROSS PROFIT (Unaudited) Three Months Ended Six Months Ended June 30, (in millions, except percentages and homes sold, or as noted) June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 2024 2023 Revenue (GAAP) $ 1,511 $ 1,181 $ 870 $ 980 $ 1,976 $ 2,692 $ 5,096 Gross profit (GAAP) $ 129 $ 114 $ 72 $ 96 $ 149 $ 243 $ 319 Gross Margin 8.5 % 9.7 % 8.3 % 9.8 % 7.5 % 9.0 % 6.3 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f(1)(2) 34 7 11 17 14 38 18 Inventory valuation adjustment \u2013 Prior Periods\u034f(1)(3) (9) (17) (17) (29) (156) (23) (432) Adjusted Gross Profit (Loss) $ 154 $ 104 $ 66 $ 84 $ 7 $ 258 $ (95) Adjusted Gross Margin 10.2 % 8.8 % 7.6 % 8.6 % 0.4 % 9.6 % (1.9) % Adjustments: Direct selling costs(4) (43) (34) (26) (28) (58) (77) (143) Holding costs on sales \u2013 Current Period\u034f(5)(6) (5) (5) (3) (4) (6) (16) (31) Holding costs on sales \u2013 Prior Periods\u034f(5)(7) (11) (8) (7) (9) (33) (13) (62) Contribution Profit (Loss) $ 95 $ 57 $ 30 $ 43 $ (90) $ 152 $ (331) Homes sold in period 4,078 3,078 2,364 2,687 5,383 7,156 13,657 Contribution Profit (Loss) per Home Sold (in thousands) $ 23 $ 19 $ 13 $ 16 $ (17) $ 21 $ (24) Contribution Margin 6.3 % 4.8 % 3.4 % 4.4 % (4.6) % 5.6 % (6.5) % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented." + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b55", + "block_sequence": 55, + "block_sha256": "dcdc3feb5486afb0f940afeae0c2ccecd2bb286ce55ce75a0c305a8f50dad951", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 55, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "4e6da7499b27ed9e510b68b3a27788d2741de0b83d6bd11f06507999cac4cffb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "exhibit992-q22024form8xk026.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b56", + "block_sequence": 56, + "block_sha256": "9c1dc879704c18e48f696ad99dfd706577342de96632b16af0978fe4c867e7fc", + "block_type": "paragraph", + "char_count": 3071, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 56, + "char_end": 3071, + "char_start": 0, + "fragment_sha256": "b98ac1f3c3f0aa5987b3558510a8ecb201d07f15107d0c765371b493d06795a9", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "26 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED NET LOSS AND ADJUSTED EBITDA TO OUR NET (LOSS) INCOME (Unaudited) Three Months Ended Six Months Ended June 30, (in millions, except percentages) June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 2024 2023 Revenue (GAAP) $ 1,511 $ 1,181 $ 870 $ 980 $ 1,976 $ 2,692 $ 5,096 Net (loss) income (GAAP) $ (92) $ (109) $ (91) $ (106) $ 23 $ (201) $ (78) Adjustments: Stock-based compensation 33 33 32 31 21 66 63 Equity securities fair value adjustment(1) 2 2 (3) 11 (6) 4 (7) Intangibles amortization expense(2) 1 2 2 2 1 3 3 Inventory valuation adjustment \u2013 Current Period\u034f(3)(4) 34 7 11 17 14 38 18 Inventory valuation adjustment \u2014 Prior Periods\u034f(3)(5) (9) (17) (17) (29) (156) (23) (432) Restructuring(6) \u2014 \u2014 4 \u2014 10 \u2014 10 Loss (gain) on extinguishment of debt 1 \u2014 (34) \u2014 (104) 1 (182) Other(7) (1) 2 (1) (1) \u2014 1 (1) Adjusted Net Loss $ (31) $ (80) $ (97) $ (75) $ (197) $ (111) $ (606) Adjustments: Depreciation and amortization, excluding amortization of intangibles 7 11 15 9 9 18 21 Property financing(8) 26 32 32 38 44 58 104 Other interest expense(9) 4 5 5 9 9 9 23 Interest income(10) (12) (18) (24) (30) (34) (30) (52) Income tax expense 1 \u2014 \u2014 \u2014 1 1 1 Adjusted EBITDA $ (5) $ (50) $ (69) $ (49) $ (168) $ (55) $ (509) Adjusted EBITDA Margin (0.3) % (4.2) % (7.9) % (5.0) % (8.5) % (2.0) % (10.0) % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuring costs consist primarily of severance and employee termination benefits and bonuses incurred in connection with employees\u2019 roles being eliminated. (7) Includes primarily gain or loss on the sale of available for sale securities, sublease income, gain or loss on the disposal of property and equipment, income from equity method investments, and gain on lease termination. (8) Includes interest expense on our non-recourse asset-backed debt facilities. (9) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset- backed debt facilities, and interest expense related to the 2026 Notes outstanding. (10) Consists mainly of interest earned on cash, cash equivalents, restricted cash, and marketable securities." + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b57", + "block_sequence": 57, + "block_sha256": "0df2e30d33950b3b3487d254da115fb7db91fe320a9788c90a80e0ed25dc2f9e", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 57, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "11e41452ee3020ff7de70bb81f9e76f070e09ddab9c62472b22f838baa807167", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "exhibit992-q22024form8xk027.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b58", + "block_sequence": 58, + "block_sha256": "7fa44eaa11e34e1b2997cfc1b1f13382c2a4d4bf931144b56d521232e6fb75b8", + "block_type": "paragraph", + "char_count": 1953, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 58, + "char_end": 1953, + "char_start": 0, + "fragment_sha256": "3f0305394024fd48d19f06060d92768936b65077b057cc5f5a4054079a6d190a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "27 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED OPERATING EXPENSES TO OUR OPERATING EXPENSES (Unaudited) Three Months Ended (in millions, except percentages) June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 OPERATING EXPENSES: Sales, marketing and operations 116 113 89 85 124,000 124 General and administrative 48 47 48 48 44 Technology and development 37 41 46 42 39 Restructuring \u2014 \u2014 4 \u2014 10 Total Operating Expenses (GAAP) $ 201 $ 201 $ 187 $ 175 $ 217 Operating Expenses (GAAP) $ 201 $ 201 $ 187 $ 175 $ 217 Adjustments: Direct Selling Costs(1) (43) (34) (26) (28) (58) Holding costs included in contribution profit(2) (16) (13) (10) (13) (39) Stock-based compensation (33) (33) (32) (31) (21) Intangibles amortization expense(3) (1) (2) (2) (2) (1) Restructuring \u2014 \u2014 (4) \u2014 (10) Depreciation and amortization, excluding amortization of intangibles (7) (11) (15) (9) (9) Other (1) (1) 1 \u2014 (1) Total Adjusted Operating Expenses (Non-GAAP) $ 100 $ 107 $ 99 $ 92 $ 78 (1) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (2) Represents holding costs incurred in the period presented on homes sold in the period presented as well as holding costs incurred in prior periods on homes sold in the period presented (\u201cResale Cohort Holding Costs.\u201d) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations in the period in which they are incurred (\u201cGAAP Holding Costs.\u201d) (3) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized." + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b59", + "block_sequence": 59, + "block_sha256": "efdc8474e333c3b92fbc43cc495fd1f2eef8ea78de43105da2ec25ed2a36019f", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 59, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "8a02e16400787037bfae0536e7510d8162b0864dcddedced868ebe345edb3cbc", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "exhibit992-q22024form8xk028.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b60", + "block_sequence": 60, + "block_sha256": "d7fdf5dc64059995357ed16d62736920dafca9af6532b69842800480701ebe25", + "block_type": "paragraph", + "char_count": 3587, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 60, + "char_end": 3587, + "char_start": 0, + "fragment_sha256": "db9e2ebe0752059010bf47fcb05317a10ac0286fca46c0cd0e571c2cccd97cf5", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "28 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED SALES, MARKETING AND OPERATIONS; ADJUSTED GENERAL AND ADMINISTRATIVE; AND ADJUSTED TECHNOLOGY AND DEVELOPMENT EXPENSES TO THEIR CORRESPONDING GAAP MEASURES (Unaudited) Three Months Ended (in millions) June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Sales, marketing and operations (GAAP)(1) $ 116 $ 113 $ 89 $ 85 $ 124 Direct Selling Costs(2) (43) (34) (26) (28) (58) Holding costs included in contribution profit(3)(4) (16) (13) (10) (13) (39) Stock-based compensation (4) (5) (4) (4) (4) Intangibles amortization expense(5) (1) (2) \u2014 (1) (1) Depreciation and amortization, excluding amortization of intangibles \u2014 \u2014 \u2014 (1) (2) Adjusted Sales, Marketing and Operations (Non- GAAP)(6) $ 52 $ 59 $ 49 $ 38 $ 20 General and administrative (GAAP) $ 48 $ 47 $ 48 $ 48 $ 44 Stock-based compensation (17) (16) (16) (15) (5) Depreciation and amortization, excluding amortization of intangibles \u2014 \u2014 \u2014 (1) \u2014 Other (1) (1) 1 \u2014 (1) Adjusted General and Administrative (Non-GAAP)(6) $ 30 $ 30 $ 33 $ 32 $ 38 Technology and development (GAAP) $ 37 $ 41 $ 46 $ 42 $ 39 Stock-based compensation (12) (12) (12) (12) (12) Intangibles amortization expense(5) \u2014 \u2014 (2) (1) \u2014 Depreciation and amortization, excluding amortization of intangibles (7) (11) (15) (7) (7) Adjusted Technology and Development (Non- GAAP)(6) $ 18 $ 18 $ 17 $ 22 $ 20 Note: Advertising expenses(1) $ 21 $ 27 $ 17 $ 16 $ 15 (1) Advertising expenses included in Sales, marketing and operations. (2) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (3) Represents holding costs incurred in the period presented on homes sold in the period presented as well as holding costs incurred in prior periods on homes sold in the period presented (\u201cResale Cohort Holding Costs.\u201d) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations in the period in which they are incurred (\u201cGAAP Holding Costs.\u201d) (4) The table below presents the timing difference within Adjusted Sales, marketing and operations related to holding costs. The amount of GAAP Holding Costs recognized during the period may be in excess of/ (less than) the amount of Resale Cohort Holding costs related to homes sold in the relevant period and included in Contribution Profit. Three Months Ended June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Total GAAP Holding Costs $ 17 $ 11 $ 13 $ 12 $ 12 Holding costs on sales - Current Period (5) (5) (3) (4) (6) Holding costs on sales - Prior Periods (11) (8) (7) (9) (33) Less: Resale Cohort Holding Costs (16) (13) (10) (13) (39) GAAP Holding Costs in excess of / (less than) Resale Holding Costs included in Contribution Profit $ 1 $ (2) $ 3 $ (1) $ (27) (5) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (6) The sum of Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, and Adjusted Technology and Development expenses is equal to Total Adjusted Operated Expenses (Non-GAAP). Refer to the \"Reconciliation of our Adjusted Operating Expenses to our Operating Expenses\" table on Page 27." + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b61", + "block_sequence": 61, + "block_sha256": "b0c747f4c92b9a08798321b5689960a3876a3839ff87843ba2bebeeecce64505", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 61, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "144202a2425d22ba5cb76dbca0566573b1d597b35f4d1f255d29800ed1e882f7", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "exhibit992-q22024form8xk029.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b62", + "block_sequence": 62, + "block_sha256": "a33f15f3a5248897c6e133e4069842addac5a3034a4891eef472226e6812f09c", + "block_type": "paragraph", + "char_count": 11, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 62, + "char_end": 11, + "char_start": 0, + "fragment_sha256": "e85cbbd6af893e3fa8a70e518f972a15574244f0c44f788c8aade11efc812397", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "Appendix 29" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b63", + "block_sequence": 63, + "block_sha256": "dbe0c1fa36c0363586f917ef2b363fabe21d383b26708669921572c89cd92fe9", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 63, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "72cded4e783729c1c1532611da85c51c9a585750c669a1ae33e013e309f0ecc0", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "exhibit992-q22024form8xk030.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b64", + "block_sequence": 64, + "block_sha256": "b1fa4c9db5b08bc1a7e81f8d74a3109464c771c1b17a37d62c1d26234073568a", + "block_type": "paragraph", + "char_count": 577, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 64, + "char_end": 577, + "char_start": 0, + "fragment_sha256": "19dcff913ca15d50004164307084dfb89bf6292e9803bb9ec71377a761c432f1", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "1. MLS Clearance Rate is defined as the number of daily contracts that enter pending status on the Multiple Listing Service (i.e. market listings), filtered for Opendoor\u2019s markets and buybox, divided by the number of active listings on the Multiple Listing Service, filtered for the same markets and buybox. Appendix Trailing 7-Day MLS Clearance Rate1 MLS Data Filtered to Opendoor Markets and Buybox Trailing 7-Day MLS Contracts MLS Data Filtered to Opendoor Markets and Buybox Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 30 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b65", + "block_sequence": 65, + "block_sha256": "194cabd16212ff90804ed713fd52264d47a7a791f668333dbf1fadf2fcc833d8", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 65, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "467980a681718c2442512f70ef7f9fd998ab7618c0fca9581ee10957734c0f27", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "exhibit992-q22024form8xk031.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b66", + "block_sequence": 66, + "block_sha256": "670112236516e9dfa71321892dee8096966794e989b55b7b1a81f90e0dbc2f2f", + "block_type": "paragraph", + "char_count": 272, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 66, + "char_end": 272, + "char_start": 0, + "fragment_sha256": "292a99df68f5ec24e90a532a42d47cbd612dab4bd30b278b623af05e8ad9b066", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "Trailing 7-Day MLS New Listings MLS Data Filtered to Opendoor Markets and Buybox Appendix Trailing 7-Day MLS Active Listings MLS Data Filtered to Opendoor Markets and Buybox Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 31" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b67", + "block_sequence": 67, + "block_sha256": "c5dce3eb09e92c03cd8398a86dc4ae179cd5fe8880f1e3ae6c3edce86eba59fe", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", + "block_sequence": 67, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "6ee713b00a6a740efc6397f3a2ef7cc7406a0e0b821616e6f046b0392ad2c99c", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", + "table": null, + "text": "exhibit992-q22024form8xk032.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b68", + "block_sequence": 68, + "block_sha256": "f0cfc8af06ddeba403c05edd5400f9aecc173ffc6294c0b8152750166cb3d59e", + 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see it… I didn’t have to do any of that. Opendoor made a difficult, uncomfortable situation easy. – Charlene Pinckney When Charlene Pinckney’s two daughters graduated college earlier this year, she knew it was time for her next life journey: selling her home and downsizing. However, she hadn’t sold a home before, and she was in a time crunch to access her home equity. That’s when she discovered Opendoor. After researching her options online, Charlene entered her address and received an all-cash offer. As she reviewed the details and learned more about the process, she decided Opendoor was the right choice for selling her home to make her next move a reality. She closed quickly and found a cozy new home just a few miles away. “It was fast,” she said. “And when I needed to move the closing date up a few days, Opendoor did that for me.” As a first-time home seller, Charlene was concerned about the typical stresses that come with the traditional process – especially staging and showings. But with Opendoor, she avoided those hassles and found peace of mind with a simple, certain, and fast sale. Today, she’s debt-free and pursuing her next chapter with financial freedom and less unwanted space to take care of. With the stress of her home sale behind her, she’s starting to enjoy new hobbies like gardening and traveling. “I can’t wait to tell my friends that I Opendoor’d my home!” she said. Scan here to watch her story"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b10"], "char_count": 1850, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "468a27e836ee95f0924905d5c8bed2a9e6cf7f574b6a62f54b4d70df723f4bad", "derivation_id": "57a4cde7bb5454820bf4de77c2fe7a055f8379b8c67d538ff403f8312c65d04d", "document_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "block_sequence": 10, "char_end": 1850, "char_start": 0, "fragment_sha256": "9372db3a3a9aa77b389c82950c4189afaec996d748c990baa9fdcb2efc98f638", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#p2", "passage_kind": "narrative", "passage_sequence": 2, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/exhibit992-q22024form8xk.htm", "table_id": null, "text": "Note: Adjusted Operating Expenses, Adjusted Gross Profit, Contribution Profit, Contribution Margin, Adjusted Net Loss, and Adjusted EBITDA are non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” following the financial tables below for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures. 3 Quarter in Review… 2Q24 Revenue $1.5 billion 2Q24 Acquisitions 4,771 2Q24 Contribution Margin 6.3% At Opendoor, our vision is to transform the residential real estate market by building a generational and profitable business that customers love. This commitment has earned us a Net Promoter Score (NPS) of over 80 from our sellers. We are working to create a future where every customer starts their home selling journey with an Opendoor offer. In the second quarter, acquisition volumes, revenue, Contribution Profit, and Adjusted EBITDA all exceeded guidance due to strong execution and operating and cost discipline across the business. Financial highlights from the second quarter include: ● Purchased 4,771 homes, outperforming our guidance of over 4,500, and up 78% versus 2Q23. ● Sold 4,078 homes, which generated over $1.5 billion of revenue, just above the high end of our guidance range of $1.4 billion to $1.5 billion. ● Delivered gross profit of $129 million, representing an 8.5% gross margin. Contribution Profit was $95 million, representing a 6.3% Contribution Margin, above the high end of our Contribution Margin guidance range of 5.4% to 5.7%. ● Recognized Net Loss of $(92) million, as compared to Net Income of $23 million in 2Q23. Adjusted Net Loss was $(31) million, as compared to $(197) million in 2Q23. ● Adjusted EBITDA Loss was $(5) million, as compared to $(168) million in 2Q23 and significantly ahead of our guidance range of $(35) million to $(25) million."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b12"], "char_count": 2317, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "89c45b5957ce633a58a1319b2b1fd1667371c6bf0c75400a25b04de350cbbad8", "derivation_id": "57a4cde7bb5454820bf4de77c2fe7a055f8379b8c67d538ff403f8312c65d04d", "document_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "block_sequence": 12, "char_end": 2317, "char_start": 0, "fragment_sha256": "8d14e2fb58b99d98bd023383787ce685572bb73a41b551844784b37bcd4095e8", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/exhibit992-q22024form8xk.htm", "table_id": null, "text": "4 …and the Path Ahead We remain focused on optimizing the business while balancing growth, margin, and risk. As we have shared before, there are three main drivers to increase volumes: 1) growing our top of funnel to reach more sellers; 2) expanding our product offering to convert more customers; and 3) reducing spreads to increase conversion. Our progress demonstrates our continued focus on controlling what we can control. ● Growing our top of funnel. We aim to bring more consumers to the Opendoor platform by continuing to expand our distribution channels, including building awareness through advertising and growing and deepening our partnerships. ● Expanding our product offering. We continue to broaden our suite of products in order to facilitate the transaction that best suits our customers’ specific needs. ● Reducing spreads. We strive to durably reduce our spreads via improvements to our pricing platform and cost structure, and, over the longer-term, the addition of adjacent services. As we outlined last quarter, we operate our business to be responsive to macroeconomic factors. Changes in leading indicators are reflected in our pricing strategies, which can impact our spread levels. During the second half of the second quarter, we observed signals in leading macro metrics that indicated slowing in the housing market. Delistings began to rise and are currently at a higher level for this time of year than we’ve seen in our ten-year operating history. Second quarter market clearance rates, or the percent of listed homes that enter into a sales contract per day, have been declining more than seasonally typical. These dynamics resulted in softness in month-over-month home price appreciation (HPA), which entered negative territory in June, two months earlier than in a typical year. In response to these signals, we began increasing our spreads more than anticipated, pressuring acquisition volumes. We also increased home-level price drops to maintain our resale targets, impacting Contribution Margin in the near term. There are reasons to believe the macro environment could improve in the second half of the year, including increasing prospects of easing interest rates, which should provide tailwinds for our business. However, we are providing guidance based on current conditions."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b14"], "char_count": 2037, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "21e4bc0f6bae26209b4adcf6fd6c2453c991c21c7a61a8f396c9f52e74f7e728", "derivation_id": "57a4cde7bb5454820bf4de77c2fe7a055f8379b8c67d538ff403f8312c65d04d", "document_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "block_sequence": 14, "char_end": 2037, "char_start": 0, "fragment_sha256": "a1b7b1ba9166c29611b73af8f734ebe89abb3203a9ae491b3615c0c79edbc0b4", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/exhibit992-q22024form8xk.htm", "table_id": null, "text": "5 1. Opendoor has not provided a quantitative reconciliation of forecasted Contribution Profit (Loss) to forecasted GAAP gross profit (loss) nor a reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss) and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. For more information regarding the non-GAAP financial measures discussed in this shareholder letter, please see “Use of Non-GAAP Financial Measures” following the financial tables below. 3Q23 Sequential Growth in Acquisitions 17% We expect the following results for the third quarter of 2024: ● Revenue is expected to be between $1.2 billion and $1.3 billion ● Contribution Profit1 is expected to be between $35 million and $45 million, or Contribution Margin between 2.9% and 3.5% ● Adjusted EBITDA1 is expected to be between $(70) million and $(60) million We are committed to both increasing acquisitions and reducing Adjusted Net Losses this year as compared to 2023. Our north star remains rescaling the business in a durable and sustainable way. We continue to increase brand awareness, improve the customer experience, expand our product offerings, and drive structural efficiencies across our platform. While we expect the current macro environment to be temporary, the improvements we are driving across the business are enduring. Opendoor is reinventing one of life’s most important transactions, and we remain steadfast in our vision of helping people move with simplicity and certainty. We are proud of our progress and believe we are well-positioned for the future. …and the Path Ahead"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b16"], "char_count": 2184, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8ec2244029cee72e0cbe1b8d5b279fc556d93ddc9ee6e37c3c0de1a1dfa34705", "derivation_id": "57a4cde7bb5454820bf4de77c2fe7a055f8379b8c67d538ff403f8312c65d04d", "document_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "block_sequence": 16, "char_end": 2184, "char_start": 0, "fragment_sha256": "d2ab9475ca5deb36480b4f821684e4e57a2c7ef615f5d520984353d89613e12f", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/exhibit992-q22024form8xk.htm", "table_id": null, "text": "6 Business Highlights In the second quarter, we continued to focus on executing against the growth levers we control. While the challenging macro environment masks the impact of the structural improvements we have made to our spreads, our progress broadening our top of funnel and delivering products that delight customers sets us up for future success. Growing our Top of Funnel Our total addressable market is massive – our buybox across our markets currently sits north of $650 billion – and we’re just scratching the surface in terms of market penetration. One of the most important growth levers we have is making more customers aware of the benefits of Opendoor’s product offering. Thus far in 2024, 28% of true sellers, or consumers within our buybox that went on to list or sell their home, had previously entered their address on our website. While more than one in four sellers come to us first, we still have a significant opportunity to get all sellers to start with Opendoor. To increase brand awareness with potential sellers, we have strategically shifted more of our marketing dollars from direct response to brand media spend. As a result of our marketing investments, aided awareness and consideration have reached their highest levels in Opendoor history. Increasing awareness not only expands the number of customers in our funnel, but it also increases conversion. We have 45% average awareness in some of our most mature markets, and we believe that higher intent customers find us when our brand awareness is stronger. For example, these more mature markets have seen 33% higher conversion from offer to contract as compared to some of our newer markets that have 26% average awareness. Moreover, we launched more than half of our markets during 2021 and 2022, ahead of the 2022 market reset when we began reducing marketing and inventory levels. Average awareness in those markets sits at just 19% today, presenting the potential for over 75% in offer-to-contract conversion improvements. We believe the combination of consistent marketing and expanding brand awareness across markets should provide meaningful embedded tailwinds that we can unlock over time."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b18", "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b20"], "char_count": 3371, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "21ad98158d28a1c86fd3072ef5f2c02fae20a50409f79c89a74645cfe6971643", "derivation_id": "57a4cde7bb5454820bf4de77c2fe7a055f8379b8c67d538ff403f8312c65d04d", "document_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "block_sequence": 18, "char_end": 1348, "char_start": 0, "fragment_sha256": "4732185ed239aa4f84d049c506880adc40978a9a4fe9bb1415ebf97cdfc5e7a5", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "block_sequence": 20, "char_end": 2021, "char_start": 0, "fragment_sha256": "d416e941f4186f86181451baeb2a5af89b79dc6913e32005de97616b0837fda2", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/exhibit992-q22024form8xk.htm", "table_id": null, "text": "Expanding Our Suite of Services We are intently focused on developing innovative, seller-focused products. Once we get a customer into the funnel, we aim to provide a suite of products that can meet each seller’s specific needs. While many sellers are looking for the simplicity and certainty of our all-cash offer product, we have found that other sellers are interested in price discovery via listing on the MLS. To better serve these customers, we expanded our List with Opendoor product from 17 markets at the start of the year to nearly all of our markets by the end of the second quarter. This product release gives sellers the choice to weigh the options of a simple and certain sale directly to Opendoor or listing on the market. If a customer chooses List with Opendoor, we connect them with a local Opendoor partner agent to list their home on the MLS, and we charge a listing fee. If they don’t find the price they want, they can still complete their sale by accepting Opendoor’s flagship cash offer, which is valid for 30 days. Since launching this listing product, we have observed a 9% uplift in NPS, proving that offering multiple selling solutions is resonating with customers. Over time, this capital-light product has the potential to be accretive to total acquisition volumes and margins. 7 Business Highlights List with Opendoor\n\n8 Financial Highlights 2Q24 Revenue $1.5 billion 2Q24 Homes Acquired 4,771 3,683 4,771 2,680 2Q23 3Q23 4Q23 1Q24 2Q24 $870 $980 2Q23 3Q23 4Q23 1Q24 2Q24 $1,976 $1,511 3,136 $1,181 3,458 In the second quarter, acquisitions, revenue, Contribution Margin, and Adjusted EBITDA each exceeded the high end of our guidance ranges. These results demonstrate continued progress toward rescaling the business with attractive and sustainable unit economics and cost discipline, as well as the value of Opendoor’s seamless, simple, and certain customer experience. GROWTH In the second quarter, we delivered over $1.5 billion of revenue, coming in just above the high end of the guidance range of $1.4 billion to $1.5 billion and representing 4,078 homes sold. On the acquisition side, we purchased 4,771 homes in the second quarter, up 38% sequentially and up 78% versus 2Q23. Year-over-year acquisition growth was attributable to lower spreads, increased marketing and brand media spend, and contributions from partnership channels. UNIT ECONOMICS GAAP Gross Profit was $129 million in 2Q24, versus $114 million in 1Q24 and $149 million in 2Q23. Adjusted Gross Profit, which aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the home is sold, was $154 million in 2Q24, versus $104 million in 1Q24 and $7 million in 2Q23. Contribution Profit (Loss) was $95 million in the second quarter, versus $57 million in 1Q24 and $(90) million in 2Q23. Contribution Margin of 6.3% came in above our guidance range of 5.4% to 5.7% and compares to 4.8% in 1Q24 and (4.6)% in 2Q23. The outperformance on margin was partially due to our resale mix, as we sold through newly listed homes with shorter holding periods more quickly than anticipated. NET LOSS AND ADJUSTED EBITDA GAAP Net Loss was $(92) million in 2Q24 versus $(109) million in 1Q24 and $23 million in 2Q23. Adjusted Net Loss was $(31) million in 2Q24 versus $(80) million in 1Q24 and $(197) million in 2Q23. 2Q24 Contribution Margin 6.3%"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b22"], "char_count": 2827, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "82dcd3c10ba1d70e7492b4115247a1b928777276e0d15643345b90e55142cc20", "derivation_id": "57a4cde7bb5454820bf4de77c2fe7a055f8379b8c67d538ff403f8312c65d04d", "document_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "block_sequence": 22, "char_end": 2827, "char_start": 0, "fragment_sha256": "507c95506d3dc264ac484f80dfa762dbd20dd41cd6f116507987a8814957f873", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/exhibit992-q22024form8xk.htm", "table_id": null, "text": "GAAP Operating Expenses were $201 million in 2Q24, flat versus $201 million in 1Q24 and down from $217 million in 2Q23. Adjusted Operating Expenses, defined as the delta between Contribution Profit (Loss) and Adjusted EBITDA, were $100 million in 2Q24, down from $107 million in 1Q24 and up from $78 million in 2Q23. The outperformance versus guidance on Adjusted Operating Expenses was due to a pullback in marketing spend, coupled with lower than expected fixed expenses related to reduced hiring. Excluding the impact from timing adjustments (expenses related to the holding costs associated with selling down and rebuilding inventory), Adjusted Operating Expenses are down year-over-year, demonstrating our ability to drive growth while leveraging our fixed cost base. Adjusted EBITDA was $(5) million in 2Q24, ahead of the high end of our guidance range of $(35) million to $(25) million, and compares to $(50) million in 1Q24 and $(168) million in 2Q23. As a percentage of revenue, Adjusted EBITDA was (0.3)% in 2Q24 versus (4.2)% in 1Q24 and (8.5)% in 2Q23. Adjusted EBITDA exceeded our expectations due to margin outperformance and ongoing cost discipline. INVENTORY We ended the second quarter with 6,399 homes in inventory on our balance sheet, representing $2.2 billion in net inventory, which was up 19% from 1Q24 and up 94% from 2Q23 as we have ramped our acquisition pace over the last year. Additionally, as of June 30, 2024, 14% of our homes had been listed on the market for more than 120 days, compared to 15% for the broader market, as adjusted for our buybox. OTHER BALANCE SHEET ITEMS We ended the quarter with $1.2 billion in capital, which includes $809 million in unrestricted cash and marketable securities and $300 million of equity invested in homes and related assets, net of inventory valuation adjustments. This compares to $1.3 billion in capital as of the end of 1Q24, which included $1.0 billion in unrestricted cash and marketable securities and $181 million of equity invested in homes and related assets, net of inventory valuation adjustments. 9 Financial Highlights 2Q24 Contribution Margin 6.3% $(20.7)k 2Q24 Trailing Twelve Month Contribution Profit per Home $18,377 $3.0k $(18.8)k $18.4k $(13.7)k 2Q23 3Q23 4Q23 1Q24 2Q24 2Q24 Adj. Operating Expenses $100 million $92 $107 $78 $100 2Q23 3Q23 4Q23 1Q24 2Q24 $(38.1)k $99 2Q24 Trailing Twelve Month Adjusted EBITDA per Home $(14,141) $(24.9)k $(36.1)k $(14.1)k $(33.5)k 2Q23 3Q23 4Q23 1Q24 2Q24 (5.5)% 2Q24 Trailing Twelve Month Contribution Margin 4.9% 0.8% (4.9)% 4.9% (3.7)% 2Q23 3Q23 4Q23 1Q24 2Q24 $(48.1)k 2Q24 Trailing Twelve Month Adjusted Net Income per Home $(23,194) $(47.2)k $(41.6)k 2Q23 3Q23 4Q23 1Q24 2Q24 $(33.3)k $(23.2)k 2Q24 Total Capital $1.2 billion 2Q24 Cash, Cash Equivalents, and Marketable Securities $809 million"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b24"], "char_count": 2205, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "220ed1ebff447a879a05d43616873a4efc0ff6717dae80dc3ac7d7236c776189", "derivation_id": "57a4cde7bb5454820bf4de77c2fe7a055f8379b8c67d538ff403f8312c65d04d", "document_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "block_sequence": 24, "char_end": 2205, "char_start": 0, "fragment_sha256": "f77d63ff31a8cf7fb341064cebc6f24984b39b69ac049fdd1f4b7fcd9539b823", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/exhibit992-q22024form8xk.htm", "table_id": null, "text": "10 Financial Highlights At quarter-end, we had $7.0 billion in non-recourse, asset-backed borrowing capacity, comprising $3.0 billion of senior revolving credit facilities and $4.0 billion of senior and mezzanine term debt facilities, of which total committed borrowing capacity was $2.3 billion. MAINSTAY Today, we announced that our business line, Mainstay, is becoming an independent, privately-held company in conjunction with an outside equity investment led by Khosla Ventures. Although Opendoor will retain less than 50% ownership on a fully diluted basis, it will continue to be the largest shareholder, enabling Opendoor to benefit from any future upside in the business. Mainstay is a comprehensive market intelligence and transaction platform for the single-family rental industry, which we started in order to better serve enterprise customers. This transaction sets up both Opendoor and Mainstay to focus on building their respective businesses with dedicated teams and resources. HOUSING MACRO The housing market remains challenging as mortgage rates continue to be elevated and volatile, keeping sellers on the sidelines and straining housing affordability for buyers. In the second quarter, overall volumes in the U.S. housing market remained depressed, with seasonally adjusted annual existing home sales of just over four million, slightly below last year’s levels and well below the ten-year average of over five million annual transactions. New listings are hovering around decade lows, and in the back half of the second quarter, we saw an uptick in delistings, which are now at decade highs for this time of year. Additionally, clearance rates have slowed more quickly than is seasonally typical, down nearly 30% in 2Q24 versus 2Q23 levels. As a result, month-over-month home price appreciation made a meaningful departure to the downside, underperforming 2023 levels and crossing into slightly negative territory by mid-June, earlier than we’ve seen in the last decade outside of 2020. Further, increasing delisting rates suggest that reported home price appreciation numbers are inflated relative to historical levels with many sellers failing to find an attractive clearing price."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b26"], "char_count": 2103, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "2c0df5e9a40eb16d89355ae1e38e4d0c05118c0c6e3f4ff60467dd396d1651f5", "derivation_id": "57a4cde7bb5454820bf4de77c2fe7a055f8379b8c67d538ff403f8312c65d04d", "document_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "block_sequence": 26, "char_end": 2103, "char_start": 0, "fragment_sha256": "6a8cfa9f9688411c2bfbffb06d3b05a328f162ac5e0977ea47f377dfb0db40bd", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/exhibit992-q22024form8xk.htm", "table_id": null, "text": "11 Financial Highlights Notwithstanding the weak housing market, the U.S. economy overall continues to show signs of resilience despite elevated interest rates. Inflation has been trending downward, which has increased the probability and quantum of expected rate cuts meaningfully. Today, the pricing of federal-funds rate futures indicates a high probability of at least a 50 basis point reduction in the rate by the end of the year. This dynamic could provide a boost to various sectors, including housing market activity. While we are not underwriting a rosier macro outlook, we believe that we are well positioned to benefit from any potential tailwinds from positive changes in interest rates. We remain flexible in setting spreads dynamically, with the goal of optimizing our performance against the vectors of growth, margin, and risk. We believe this decision-making framework will allow us to act nimbly and respond to a range of macroeconomic outcomes. GUIDANCE We expect the following results for the third quarter of 2024: ● Revenue is expected to be between $1.2 billion and $1.3 billion ● Contribution Profit1 is expected to be between $35 million and $45 million, or Contribution Margin between 2.9% and 3.5% ● Adjusted EBITDA1 is expected to be between $(70) million to $(60) million ● Stock-based compensation expense is expected to be approximately $35 million Outlook for the third quarter reflects the expected reduction in Adjusted Operating Expenses as a result of the Mainstay transaction, which closed on July 31, 2024. In the first half of 2024, Mainstay’s business had a de minimis impact on Opendoor’s revenue and Contribution Profit and incurred approximately $17 million of Adjusted Operating Expenses. Going forward, Mainstay will run independently from Opendoor, and Opendoor will maintain less than 50% ownership on a fully diluted basis. The Company is in the process of assessing the financial statement impact of the 3Q24 Revenue Guidance $1.2 to $1.3 billion 3Q24 Contribution Profit1 Guidance $35 to $45 million 3Q24 Adjusted EBITDA1 Guidance $(70) to $(60) million"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b28"], "char_count": 1552, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "464c987a3e6c230766d1fc380853b8340ca4fdeb32cb05cf38fbdca908df915c", "derivation_id": "57a4cde7bb5454820bf4de77c2fe7a055f8379b8c67d538ff403f8312c65d04d", "document_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "block_sequence": 28, "char_end": 1552, "char_start": 0, "fragment_sha256": "72f6b425c4206f89ebc1b4daa9173ddbe1e9fa7b662b4ab3207b599d7c089a47", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/exhibit992-q22024form8xk.htm", "table_id": null, "text": "12 Financial Highlights fundraise, but we do not anticipate recognizing Mainstay’s ongoing financial results in Opendoor’s income or loss from operations going forward. Given the macro factors highlighted above, we widened our spreads more than previously anticipated and slowed marketing spend to ensure our dollars are being spent efficiently. These dynamics and actions are expected to result in 3Q24 home acquisitions that are up slightly year-over-year. We will continue to acquire homes at spreads we believe are appropriate as we manage our business amid various macro backdrops. Additionally, if the current macro conditions persist, there is a risk to achieving our 5% to 7% annual Contribution Margin target for 2024. As always, we will continue to assess our cost structure to mitigate losses. We remain committed to making meaningful progress in increasing acquisitions and reducing Adjusted Net Losses year-over-year in 2024. CONCLUSION At Opendoor, we are building products and perfecting the customer experience to bring efficiency and transparency to a trillion dollar industry. The traditional real estate process is still broken for the millions of people who move every year – solving this is our purpose. Opendoor provides the only platform at scale for a home seller to transact directly and for a home buyer to have an e-commerce-like transaction experience. While we’re a small piece of the pie today, we are committed to creating products and services that compel everyone to start their home selling and buying journey with us."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b30", "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b32", "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b34"], "char_count": 591, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "184ff68e660d903e163c5c21b2ccad853936a0b1ea6910d9317d0756dc59ed95", "derivation_id": "57a4cde7bb5454820bf4de77c2fe7a055f8379b8c67d538ff403f8312c65d04d", "document_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "block_sequence": 30, "char_end": 487, "char_start": 0, "fragment_sha256": "fe82fb1d0cc54378ca761527860ef9b29579e64d3d0cf64b99f4f90a28cec881", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "block_sequence": 32, "char_end": 67, "char_start": 0, "fragment_sha256": "b1d88b89efd7c230c0b30c3a2915ea92f71a32bf0ac2f318b42874ca8f595cf5", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "block_sequence": 34, "char_end": 33, "char_start": 0, "fragment_sha256": "0f9787309522bb82cc14cb43961debc1c3d6b803387d7514e82cb2d983fcd910", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#p11", "passage_kind": "narrative", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/exhibit992-q22024form8xk.htm", "table_id": null, "text": "13Raleigh-Durham, NC Carrie Wheeler, CEO Christy Schwartz, Interim CFO CONFERENCE CALL INFORMATION Opendoor will host a conference call to discuss its financial results on August 1, 2024 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. August 1, 2024 at 2 p.m. PT investor.opendoor.com LIVE WEBCAST\n\n/ Opendoor/ OpendoorHQ Company / Opendoor-com investor.opendoor.com\n\n15 Definitions & Financial Tables"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b36"], "char_count": 3215, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "94b73c7cdb4fa73f25dc419017422ad74b0b4ec33ca59e92094fe130c953927f", "derivation_id": "57a4cde7bb5454820bf4de77c2fe7a055f8379b8c67d538ff403f8312c65d04d", "document_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "block_sequence": 36, "char_end": 3215, "char_start": 0, "fragment_sha256": "1c1e964b0479a1c988195090e3eb7c8371b4b7a0ccb3dee831be7c5e73535584", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/exhibit992-q22024form8xk.htm", "table_id": null, "text": "This shareholder letter contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including, without limitation, statements regarding: current and future health and stability of the real estate housing market and general economy; volatility of mortgage interest rates and expectations regarding the future shifts in behavior by consumers and partners; the health and status of our financial condition, whether we will be able to rescale our business and whether we will be able to increase acquisitions and improve Adjusted Net Loss through the remainder of 2024 in a potentially slowing housing market; anticipated future results of operations or financial performance, including our third quarter of 2024 and full-year outlook and our ability to balance growth, margin and risk in a challenging environment, our ability to deliver Contribution Margin within our target annual range and our ability to achieve other long-term performance targets; whether we are able to reduce Adjusted Operating Expenses in the third quarter of 2024 as a result of the Mainstay transaction; our expectations regarding the impact of trends in seasonality on the real estate industry and our business; priorities of the Company to achieve future financial and business goals; our ability to continue to effectively navigate the markets in which we operate; anticipated future and ongoing impacts and benefits of acquisitions, advertising, partnership channel expansions, product innovations and other business decisions; health of our balance sheet to weather ongoing market transitions; our ability to adopt an effective approach to manage economic and industry risk, as well as inventory health; our expectations with respect to the future success of our partnerships and our ability to drive significant growth in sales volumes through such partnerships; business strategy and plans, including any plans to expand into additional markets, market opportunity and expansion and objectives of management for future operations, including statements regarding the benefits and timing of the roll out of new markets, products or technology; and the expected diversification of funding sources. Forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “vision”, “will”, or “would”, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b36"], "char_count": 3993, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "fde1b06136c05af6f0cd5dfed5ffa1be82931172c2823924425204c0f98bc534", "derivation_id": "57a4cde7bb5454820bf4de77c2fe7a055f8379b8c67d538ff403f8312c65d04d", "document_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "block_sequence": 36, "char_end": 7208, "char_start": 3215, "fragment_sha256": "1c1e964b0479a1c988195090e3eb7c8371b4b7a0ccb3dee831be7c5e73535584", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#p13", "passage_kind": "narrative", "passage_sequence": 13, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/exhibit992-q22024form8xk.htm", "table_id": null, "text": "The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this shareholder letter include but are not limited to: the current and future health and stability of the economy, financial conditions and the residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that may impact demand for our products and services, lower our profitability or reduce our access to future financings; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and real estate partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our technology platform, including our automated pricing and valuation technology; ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; any future impact of pandemics or epidemics, including any future resurgences of COVID-19 and its variants, or other public health crises on our ability to operate, demand for our products and services, or other general economic conditions; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; changes in laws or government regulation affecting our business; and the impact of pending or any future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 15, 2024, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b36"], "char_count": 29, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0d2e4980dd799d4f31a55fe12b1af5bf9c7b6ab7149c61f75802b5b0bb8f13cf", "derivation_id": "57a4cde7bb5454820bf4de77c2fe7a055f8379b8c67d538ff403f8312c65d04d", "document_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "block_sequence": 36, "char_end": 7237, "char_start": 7208, "fragment_sha256": "1c1e964b0479a1c988195090e3eb7c8371b4b7a0ccb3dee831be7c5e73535584", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#p14", "passage_kind": "narrative", "passage_sequence": 14, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/exhibit992-q22024form8xk.htm", "table_id": null, "text": "16 Forward-Looking Statements"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b38"], "char_count": 3173, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "79a7529fba8f5f4389b2442dacb090d1ea586bb1a7aedda2a797cdf9812db1ac", "derivation_id": "57a4cde7bb5454820bf4de77c2fe7a055f8379b8c67d538ff403f8312c65d04d", "document_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "block_sequence": 38, "char_end": 3173, "char_start": 0, "fragment_sha256": "97d080afd31c4495ad687b26fcf69151af2196494a62a407f03153607fd7ce60", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#p15", "passage_kind": "narrative", "passage_sequence": 15, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/exhibit992-q22024form8xk.htm", "table_id": null, "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company’s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit (Loss), Contribution Profit (Loss), Adjusted Net Loss, Adjusted EBITDA, Adjusted Operating Expenses, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non- GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results. Adjusted Gross Profit (Loss) and Contribution Profit (Loss) To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit (Loss) and Contribution Profit (Loss), which are non-GAAP financial measures. We believe that Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit (Loss) provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit. 17 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b40"], "char_count": 1861, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "da634038ccfb838de792f35f353efa31727bf5f8ada1073fe9a8f72f0c93613a", "derivation_id": "57a4cde7bb5454820bf4de77c2fe7a055f8379b8c67d538ff403f8312c65d04d", "document_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "block_sequence": 40, "char_end": 1861, "char_start": 0, "fragment_sha256": "3591ce37e3b7a588d028423c6ae7e478ad3fb842fc94c45dfee53f1b875da71c", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#p16", "passage_kind": "narrative", "passage_sequence": 16, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/exhibit992-q22024form8xk.htm", "table_id": null, "text": "Adjusted Gross Profit (Loss) / Margin We calculate Adjusted Gross Profit (Loss) as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. Adjusted Gross Margin is Adjusted Gross Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit (Loss) helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution Profit (Loss) / Margin We calculate Contribution Profit (Loss) as Adjusted Gross Profit (Loss), minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit (Loss) helps management assess inflows and outflows directly associated with a specific resale cohort. 18 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b42"], "char_count": 3166, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8949af27920044f1f6b7f8bb7f7c9158f4ef251d15840285495b958e7218265e", "derivation_id": "57a4cde7bb5454820bf4de77c2fe7a055f8379b8c67d538ff403f8312c65d04d", "document_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "block_sequence": 42, "char_end": 3166, "char_start": 0, "fragment_sha256": "1ea4274be30144350c440455324cfb34a01d645ca14da6d8a848ea1e63316fb5", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#p17", "passage_kind": "narrative", "passage_sequence": 17, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/exhibit992-q22024form8xk.htm", "table_id": null, "text": "19 Adjusted Net Loss and Adjusted EBITDA / Margin We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net (loss) income. We calculate Adjusted Net Loss as GAAP net (loss) income adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring. It excludes loss (gain) on extinguishment of debt as these expenses or gains were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities and the 0.25% convertible senior notes due in 2026 (the \"2026 Notes\") early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue. Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b44"], "char_count": 3988, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0218b2ad4656cf4dfba6c95765bddbd073ac69d52864726158ce79e3341820d0", "derivation_id": "57a4cde7bb5454820bf4de77c2fe7a055f8379b8c67d538ff403f8312c65d04d", "document_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "block_sequence": 44, "char_end": 3988, "char_start": 0, "fragment_sha256": "ea04bd8ea70ea083c6669e2d604413d2269378345deda7cef2f682b12be8e7db", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#p18", "passage_kind": "narrative", "passage_sequence": 18, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/exhibit992-q22024form8xk.htm", "table_id": null, "text": "20 Adjusted Operating Expense We also present Adjusted Operating Expense, which is a non-GAAP financial measure that bridges the difference between Contribution Profit and Adjusted EBITDA. We believe this measure provides investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to Contribution Profit (Loss) and certain charges that are non-cash, or not directly related to our revenue-generating operations are removed. Adjusted Operating Expense is a supplemental measure of our operating expenditures and has important limitations. For example, this measure excludes the impact of certain costs required to be recorded under GAAP. This measure removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to Contribution Margin. This measure could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, this measure should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of this measure to the most directly comparable GAAP financial measure, which is operating expenses. We calculate Adjusted Operating Expense as GAAP operating expense adjusted to exclude direct selling costs and holding costs included in determining Contribution Profit (Loss). The measure also excludes non-cash expenses of stock-based compensation, depreciation and amortization, and intangibles amortization. It also excludes expenses that are not directly related to our revenue-generating operations such as restructuring charges. Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, Adjusted Technology and Development We also present Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, and Adjusted Technology and Development, which are non-GAAP financial measures that provide investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to contribution profit and certain charges that are non-cash are removed. These supplemental measures of our operating expenditures have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. Specifically, Adjusted Sales, Marketing and Operations removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to contribution margin. These measures could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which are Sales, marketing and operations expense, General and administrative expense and Technology and development expense. We calculate Adjusted Sales, Marketing and Operations as GAAP sales, marketing and operations expenses to exclude direct selling costs and holding costs included in determining Contribution Profit (Loss). This measure also excludes non-cash expenses of stock-based compensation and depreciation and amortization associated with sales, marketing and operations assets. We calculate Adjusted General and Administrative as GAAP general and administrative expenses to exclude non-cash expenses of stock-based compensation, depreciation and amortization of intangibles associated with general and administrative assets. It also excludes expenses that are not directly related to our revenue-generating operations."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b44"], "char_count": 243, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "59701cb6091410b3385c2e65e10bdb0e4c210476ea5244e1012cd7daa9722345", "derivation_id": "57a4cde7bb5454820bf4de77c2fe7a055f8379b8c67d538ff403f8312c65d04d", "document_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "block_sequence": 44, "char_end": 4231, "char_start": 3988, "fragment_sha256": "ea04bd8ea70ea083c6669e2d604413d2269378345deda7cef2f682b12be8e7db", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#p19", "passage_kind": "narrative", "passage_sequence": 19, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/exhibit992-q22024form8xk.htm", "table_id": null, "text": "We calculate Adjusted Technology and Development as GAAP technology and development expenses to exclude non-cash expenses of stock-based compensation, depreciation and amortization associated with technology and development assets. Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b46", "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b48"], "char_count": 2789, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e50546dfcd85dca835a1358fadf36ed640b8a9943a690e1fd5341628a24d94eb", "derivation_id": "57a4cde7bb5454820bf4de77c2fe7a055f8379b8c67d538ff403f8312c65d04d", "document_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "block_sequence": 46, "char_end": 1304, "char_start": 0, "fragment_sha256": "2597deff15df4d7f1b310348142dee94649c7d0d3237c74730acdd7bca5685bf", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "block_sequence": 48, "char_end": 1483, "char_start": 0, "fragment_sha256": "9bb4a453112bf91f380aaad3f551ded65c07732a85dead6f39ab7d6c7da1d446", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#p20", "passage_kind": "narrative", "passage_sequence": 20, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/exhibit992-q22024form8xk.htm", "table_id": null, "text": "21 Three Months Ended June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Revenue $ 1,511 $ 1,181 $ 870 $ 980 $ 1,976 Gross profit $ 129 $ 114 $ 72 $ 96 $ 149 Gross Margin 8.5 % 9.7 % 8.3 % 9.8 % 7.5 % Net (loss) income $ (92) $ (109) $ (91) $ (106) $ 23 Number of markets (at period end) 50 50 50 53 53 Homes sold 4,078 3,078 2,364 2,687 5,383 Homes purchased 4,771 3,458 3,683 3,136 2,680 Homes in inventory (at period end) 6,399 5,706 5,326 4,007 3,558 Inventory (at period end) $ 2,234 $ 1,881 $ 1,775 $ 1,311 $ 1,149 Percentage of homes “on the market” for greater than 120 days (at period end) 14 % 15 % 18 % 12 % 24 % Non-GAAP Financial Highlights (1) Contribution Profit (Loss) $ 95 $ 57 $ 30 $ 43 $ (90) Contribution Margin 6.3 % 4.8 % 3.4 % 4.4 % (4.6) % Adjusted EBITDA $ (5) $ (50) $ (69) $ (49) $ (168) Adjusted EBITDA Margin (0.3) % (4.2) % (7.9) % (5.0) % (8.5) % Adjusted Net Loss $ (31) $ (80) $ (97) $ (75) $ (197) OPENDOOR TECHNOLOGIES INC. FINANCIAL HIGHLIGHTS AND OPERATING METRICS (In millions, except percentages, homes sold, number of markets, homes purchased, and homes in inventory) (Unaudited) (1) See “—Use of Non-GAAP Financial Measures” for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures.\n\n22 Three Months Ended Six Months Ended June 30, June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 2024 2023 REVENUE $ 1,511 $ 1,181 $ 870 $ 980 $ 1,976 $ 2,692 $ 5,096 COST OF REVENUE 1,382 1,067 798 884 1,827 2,449 4,777 GROSS PROFIT 129 114 72 96 149 243 319 OPERATING EXPENSES: Sales, marketing and operations 116 113 89 85 124 229 312 General and administrative 48 47 48 48 44 95 110 Technology and development 37 41 46 42 39 78 79 Restructuring — — 4 — 10 — 10 Total operating expenses 201 201 187 175 217 402 511 LOSS FROM OPERATIONS (72) (87) (115) (79) (68) (159) (192) (LOSS) GAIN ON EXTINGUISHMENT OF DEBT (1) — 34 — 104 (1) 182 INTEREST EXPENSE (30) (37) (37) (47) (53) (67) (127) OTHER INCOME – Net 12 15 27 20 41 27 60 (LOSS) INCOME BEFORE INCOME TAXES (91) (109) (91) (106) 24 (200) (77) INCOME TAX EXPENSE (1) — — — (1) (1) (1) NET (LOSS) INCOME $ (92) $ (109) $ (91) $ (106) $ 23 $ (201) $ (78) Net (loss) income per share attributable to common shareholders: Basic $ (0.13) $ (0.16) $ (0.14) $ (0.16) $ 0.04 $ (0.29) $ (0.12) Diluted $ (0.13) $ (0.16) $ (0.14) $ (0.16) $ 0.03 $ (0.29) $ (0.12) Weighted-average shares outstanding: Basic 693,445 682,457 672,662 662,149 646,062 687,951 646,750 Diluted 693,445 682,457 672,662 662,149 667,159 687,951 646,750 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited)"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b50", "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b52"], "char_count": 3689, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "62e67e0d3e7ad4923b1345bba9565e3d0402c7bcc6edb47160f82870c7232ada", "derivation_id": "57a4cde7bb5454820bf4de77c2fe7a055f8379b8c67d538ff403f8312c65d04d", "document_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "block_sequence": 50, "char_end": 1415, "char_start": 0, "fragment_sha256": "d5504dcaad2ee72862e0c751942c0a7c540f869fa88bf86322c1f0920a5d8558", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "block_sequence": 52, "char_end": 2272, "char_start": 0, "fragment_sha256": "ad81ecbefdddeb0ce1bad14afb3fba71138e3145ecf80e90fc02fccf0aca9363", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#p21", "passage_kind": "narrative", "passage_sequence": 21, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/exhibit992-q22024form8xk.htm", "table_id": null, "text": "23 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) June 30, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 790 $ 999 Restricted cash 121 541 Marketable securities 19 69 Escrow receivable 24 9 Real estate inventory, net 2,234 1,775 Other current assets 61 52 Total current assets 3,249 3,445 PROPERTY AND EQUIPMENT – Net 71 66 RIGHT OF USE ASSETS 23 25 GOODWILL 4 4 INTANGIBLES – Net 2 5 OTHER ASSETS 23 22 TOTAL ASSETS $ 3,372 $ 3,567 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 73 $ 64 Non-recourse asset-backed debt – current portion 315 — Interest payable 1 1 Lease liabilities – current portion 4 5 Total current liabilities 393 70 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 1,739 2,134 CONVERTIBLE SENIOR NOTES 377 376 LEASE LIABILITIES – Net of current portion 18 19 OTHER LIABILITIES — 1 Total liabilities 2,527 2,600 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 698,843,166 and 677,636,163 shares issued, respectively; 698,843,166 and 677,636,163 shares outstanding, respectively — — Additional paid-in capital 4,379 4,301 Accumulated deficit (3,534) (3,333) Accumulated other comprehensive loss — (1) Total shareholders’ equity 845 967 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 3,372 $ 3,567\n\n24 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Six Months Ended June 30, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (201) $ (78) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: Depreciation and amortization 26 39 Amortization of right of use asset 3 4 Stock-based compensation 66 63 Inventory valuation adjustment 41 37 Change in fair value of equity securities 4 (7) Other 3 (1) Proceeds from sale and principal collections of mortgage loans held for sale — 1 Loss (gain) on extinguishment of debt 1 (182) Changes in operating assets and liabilities: Escrow receivable (15) 17 Real estate inventory (498) 3,259 Other assets (10) (3) Accounts payable and other accrued liabilities 7 (31) Interest payable — (10) Lease liabilities (4) (6) Net cash (used in) provided by operating activities (577) 3,102 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (16) (17) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 47 61 Proceeds from sale of non-marketable equity securities — 1 Net cash provided by investing activities 31 45 CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of convertible senior notes — (270) Proceeds from exercise of stock options — 2 Proceeds from issuance of common stock for ESPP 2 1 Proceeds from non-recourse asset-backed debt 217 236 Principal payments on non-recourse asset-backed debt (302) (2,099) Payment for early extinguishment of debt — (4) Net cash used in financing activities (83) (2,134) NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (629) 1,013 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 1,540 1,791 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $ 911 $ 2,804 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $ 62 $ 126 DISCLOSURES OF NONCASH ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 10 $ 10 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 790 $ 1,120 Restricted cash 121 1,684 Cash, cash equivalents, and restricted cash $ 911 $ 2,804"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b54"], "char_count": 2498, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "cf4ae300a4baeec48aafd3ea3668b9159b3cc34a910425b552bec7f5250fe486", "derivation_id": "57a4cde7bb5454820bf4de77c2fe7a055f8379b8c67d538ff403f8312c65d04d", "document_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "block_sequence": 54, "char_end": 2498, "char_start": 0, "fragment_sha256": "e4cf86d5e3434e26fa123ab3a6c93da18af0309a45282381885dfd217f0b6ac9", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#p22", "passage_kind": "narrative", "passage_sequence": 22, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/exhibit992-q22024form8xk.htm", "table_id": null, "text": "25 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT AND CONTRIBUTION PROFIT (LOSS) TO OUR GROSS PROFIT (Unaudited) Three Months Ended Six Months Ended June 30, (in millions, except percentages and homes sold, or as noted) June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 2024 2023 Revenue (GAAP) $ 1,511 $ 1,181 $ 870 $ 980 $ 1,976 $ 2,692 $ 5,096 Gross profit (GAAP) $ 129 $ 114 $ 72 $ 96 $ 149 $ 243 $ 319 Gross Margin 8.5 % 9.7 % 8.3 % 9.8 % 7.5 % 9.0 % 6.3 % Adjustments: Inventory valuation adjustment – Current Period͏(1)(2) 34 7 11 17 14 38 18 Inventory valuation adjustment – Prior Periods͏(1)(3) (9) (17) (17) (29) (156) (23) (432) Adjusted Gross Profit (Loss) $ 154 $ 104 $ 66 $ 84 $ 7 $ 258 $ (95) Adjusted Gross Margin 10.2 % 8.8 % 7.6 % 8.6 % 0.4 % 9.6 % (1.9) % Adjustments: Direct selling costs(4) (43) (34) (26) (28) (58) (77) (143) Holding costs on sales – Current Period͏(5)(6) (5) (5) (3) (4) (6) (16) (31) Holding costs on sales – Prior Periods͏(5)(7) (11) (8) (7) (9) (33) (13) (62) Contribution Profit (Loss) $ 95 $ 57 $ 30 $ 43 $ (90) $ 152 $ (331) Homes sold in period 4,078 3,078 2,364 2,687 5,383 7,156 13,657 Contribution Profit (Loss) per Home Sold (in thousands) $ 23 $ 19 $ 13 $ 16 $ (17) $ 21 $ (24) Contribution Margin 6.3 % 4.8 % 3.4 % 4.4 % (4.6) % 5.6 % (6.5) % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b56"], "char_count": 3071, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9c1dc879704c18e48f696ad99dfd706577342de96632b16af0978fe4c867e7fc", "derivation_id": "57a4cde7bb5454820bf4de77c2fe7a055f8379b8c67d538ff403f8312c65d04d", "document_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "block_sequence": 56, "char_end": 3071, "char_start": 0, "fragment_sha256": "b98ac1f3c3f0aa5987b3558510a8ecb201d07f15107d0c765371b493d06795a9", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#p23", "passage_kind": "narrative", "passage_sequence": 23, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/exhibit992-q22024form8xk.htm", "table_id": null, "text": "26 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED NET LOSS AND ADJUSTED EBITDA TO OUR NET (LOSS) INCOME (Unaudited) Three Months Ended Six Months Ended June 30, (in millions, except percentages) June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 2024 2023 Revenue (GAAP) $ 1,511 $ 1,181 $ 870 $ 980 $ 1,976 $ 2,692 $ 5,096 Net (loss) income (GAAP) $ (92) $ (109) $ (91) $ (106) $ 23 $ (201) $ (78) Adjustments: Stock-based compensation 33 33 32 31 21 66 63 Equity securities fair value adjustment(1) 2 2 (3) 11 (6) 4 (7) Intangibles amortization expense(2) 1 2 2 2 1 3 3 Inventory valuation adjustment – Current Period͏(3)(4) 34 7 11 17 14 38 18 Inventory valuation adjustment — Prior Periods͏(3)(5) (9) (17) (17) (29) (156) (23) (432) Restructuring(6) — — 4 — 10 — 10 Loss (gain) on extinguishment of debt 1 — (34) — (104) 1 (182) Other(7) (1) 2 (1) (1) — 1 (1) Adjusted Net Loss $ (31) $ (80) $ (97) $ (75) $ (197) $ (111) $ (606) Adjustments: Depreciation and amortization, excluding amortization of intangibles 7 11 15 9 9 18 21 Property financing(8) 26 32 32 38 44 58 104 Other interest expense(9) 4 5 5 9 9 9 23 Interest income(10) (12) (18) (24) (30) (34) (30) (52) Income tax expense 1 — — — 1 1 1 Adjusted EBITDA $ (5) $ (50) $ (69) $ (49) $ (168) $ (55) $ (509) Adjusted EBITDA Margin (0.3) % (4.2) % (7.9) % (5.0) % (8.5) % (2.0) % (10.0) % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuring costs consist primarily of severance and employee termination benefits and bonuses incurred in connection with employees’ roles being eliminated. (7) Includes primarily gain or loss on the sale of available for sale securities, sublease income, gain or loss on the disposal of property and equipment, income from equity method investments, and gain on lease termination. (8) Includes interest expense on our non-recourse asset-backed debt facilities. (9) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset- backed debt facilities, and interest expense related to the 2026 Notes outstanding. (10) Consists mainly of interest earned on cash, cash equivalents, restricted cash, and marketable securities."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b58"], "char_count": 1953, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7fa44eaa11e34e1b2997cfc1b1f13382c2a4d4bf931144b56d521232e6fb75b8", "derivation_id": "57a4cde7bb5454820bf4de77c2fe7a055f8379b8c67d538ff403f8312c65d04d", "document_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "block_sequence": 58, "char_end": 1953, "char_start": 0, "fragment_sha256": "3f0305394024fd48d19f06060d92768936b65077b057cc5f5a4054079a6d190a", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#p24", "passage_kind": "narrative", "passage_sequence": 24, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/exhibit992-q22024form8xk.htm", "table_id": null, "text": "27 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED OPERATING EXPENSES TO OUR OPERATING EXPENSES (Unaudited) Three Months Ended (in millions, except percentages) June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 OPERATING EXPENSES: Sales, marketing and operations 116 113 89 85 124,000 124 General and administrative 48 47 48 48 44 Technology and development 37 41 46 42 39 Restructuring — — 4 — 10 Total Operating Expenses (GAAP) $ 201 $ 201 $ 187 $ 175 $ 217 Operating Expenses (GAAP) $ 201 $ 201 $ 187 $ 175 $ 217 Adjustments: Direct Selling Costs(1) (43) (34) (26) (28) (58) Holding costs included in contribution profit(2) (16) (13) (10) (13) (39) Stock-based compensation (33) (33) (32) (31) (21) Intangibles amortization expense(3) (1) (2) (2) (2) (1) Restructuring — — (4) — (10) Depreciation and amortization, excluding amortization of intangibles (7) (11) (15) (9) (9) Other (1) (1) 1 — (1) Total Adjusted Operating Expenses (Non-GAAP) $ 100 $ 107 $ 99 $ 92 $ 78 (1) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (2) Represents holding costs incurred in the period presented on homes sold in the period presented as well as holding costs incurred in prior periods on homes sold in the period presented (“Resale Cohort Holding Costs.”) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations in the period in which they are incurred (“GAAP Holding Costs.”) (3) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#b60"], "char_count": 3587, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d7fdf5dc64059995357ed16d62736920dafca9af6532b69842800480701ebe25", "derivation_id": "57a4cde7bb5454820bf4de77c2fe7a055f8379b8c67d538ff403f8312c65d04d", "document_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "block_sequence": 60, "char_end": 3587, "char_start": 0, "fragment_sha256": "db9e2ebe0752059010bf47fcb05317a10ac0286fca46c0cd0e571c2cccd97cf5", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#p25", "passage_kind": "narrative", "passage_sequence": 25, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000138:exhibit992-q22024form8xk.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/exhibit992-q22024form8xk.htm", "table_id": null, "text": "28 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED SALES, MARKETING AND OPERATIONS; ADJUSTED GENERAL AND ADMINISTRATIVE; AND ADJUSTED TECHNOLOGY AND DEVELOPMENT EXPENSES TO THEIR CORRESPONDING GAAP MEASURES (Unaudited) Three Months Ended (in millions) June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Sales, marketing and operations (GAAP)(1) $ 116 $ 113 $ 89 $ 85 $ 124 Direct Selling Costs(2) (43) (34) (26) (28) (58) Holding costs included in contribution profit(3)(4) (16) (13) (10) (13) (39) Stock-based compensation (4) (5) (4) (4) (4) Intangibles amortization expense(5) (1) (2) — (1) (1) Depreciation and amortization, excluding amortization of intangibles — — — (1) (2) Adjusted Sales, Marketing and Operations (Non- GAAP)(6) $ 52 $ 59 $ 49 $ 38 $ 20 General and administrative (GAAP) $ 48 $ 47 $ 48 $ 48 $ 44 Stock-based compensation (17) (16) (16) (15) (5) Depreciation and amortization, excluding amortization of intangibles — — — (1) — Other (1) (1) 1 — (1) Adjusted General and Administrative (Non-GAAP)(6) $ 30 $ 30 $ 33 $ 32 $ 38 Technology and development (GAAP) $ 37 $ 41 $ 46 $ 42 $ 39 Stock-based compensation (12) (12) (12) (12) (12) Intangibles amortization expense(5) — — (2) (1) — Depreciation and amortization, excluding amortization of intangibles (7) (11) (15) (7) (7) Adjusted Technology and Development (Non- GAAP)(6) $ 18 $ 18 $ 17 $ 22 $ 20 Note: Advertising expenses(1) $ 21 $ 27 $ 17 $ 16 $ 15 (1) Advertising expenses included in Sales, marketing and operations. (2) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (3) Represents holding costs incurred in the period presented on homes sold in the period presented as well as holding costs incurred in prior periods on homes sold in the period presented (“Resale Cohort Holding Costs.”) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations in the period in which they are incurred (“GAAP Holding Costs.”) (4) The table below presents the timing difference within Adjusted Sales, marketing and operations related to holding costs. The amount of GAAP Holding Costs recognized during the period may be in excess of/ (less than) the amount of Resale Cohort Holding costs related to homes sold in the relevant period and included in Contribution Profit. Three Months Ended June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Total GAAP Holding Costs $ 17 $ 11 $ 13 $ 12 $ 12 Holding costs on sales - Current Period (5) (5) (3) (4) (6) Holding costs on sales - Prior Periods (11) (8) (7) (9) (33) Less: Resale Cohort Holding Costs (16) (13) (10) (13) (39) GAAP Holding Costs in excess of / (less than) Resale Holding Costs included in Contribution Profit $ 1 $ (2) $ 3 $ (1) $ (27) (5) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (6) The sum of Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, and Adjusted Technology and Development expenses is equal to Total Adjusted Operated Expenses (Non-GAAP). 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MLS Clearance Rate is defined as the number of daily contracts that enter pending status on the Multiple Listing Service (i.e. market listings), filtered for Opendoor’s markets and buybox, divided by the number of active listings on the Multiple Listing Service, filtered for the same markets and buybox. Appendix Trailing 7-Day MLS Clearance Rate1 MLS Data Filtered to Opendoor Markets and Buybox Trailing 7-Day MLS Contracts MLS Data Filtered to Opendoor Markets and Buybox Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 30 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec\n\nTrailing 7-Day MLS New Listings MLS Data Filtered to Opendoor Markets and Buybox Appendix Trailing 7-Day MLS Active Listings MLS Data Filtered to Opendoor Markets and Buybox Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 31\n\nAppendix 30-Day Rolling Home Price Appreciation (HPA) Weighted to Opendoor Markets; Non-Seasonally Adjusted Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 32 Trailing 28-Day MLS Daily Delisting Rate MLS Data Filtered to Opendoor Markets and Buybox; excludes California markets Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec"} diff --git 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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Six Months Ended June 30, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (201) $ (78) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: Depreciation and amortization 26 39 Amortization of right of use asset 3 4 Stock-based compensation 66 63 Inventory valuation adjustment 41 37 Change in fair value of equity securities 4 (7) Other 3 (1) Proceeds from sale and principal collections of mortgage loans held for sale \u2014 1 Loss (gain) on extinguishment of debt 1 (182) Changes in operating assets and liabilities: Escrow receivable (15) 17 Real estate inventory (498) 3,259 Other assets (10) (3) Accounts payable and other accrued liabilities 7 (31) Interest payable \u2014 (10) Lease liabilities (4) (6) Net cash (used in) provided by operating activities (577) 3,102 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and 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NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Gross Profit and Contribution Profit (Loss) to our Gross Profit Three Months Ended (in millions, except percentages and homes sold, or as noted) June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Revenue (GAAP) $ 1,511 $ 1,181 $ 870 $ 980 $ 1,976 Gross profit (GAAP) $ 129 $ 114 $ 72 $ 96 $ 149 Gross Margin 8.5 % 9.7 % 8.3 % 9.8 % 7.5 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f (1)(2) 34 7 11 17 14 Inventory valuation adjustment \u2013 Prior Periods\u034f (1)(3) (9) (17) (17) (29) (156) Adjusted Gross Profit $ 154 $ 104 $ 66 $ 84 $ 7 Adjusted Gross Margin 10.2 % 8.8 % 7.6 % 8.6 % 0.4 % Adjustments: Direct selling costs (4) (43) (34) (26) (28) (58) Holding costs on sales \u2013 Current Period\u034f (5)(6) (5) (5) (3) (4) (6) Holding costs on sales \u2013 Prior Periods\u034f (5)(7) (11) (8) (7) (9) (33) Contribution Profit (Loss) $ 95 $ 57 $ 30 $ 43 $ (90) Homes sold in period 4,078 3,078 2,364 2,687 5,383 Contribution Profit (Loss) per Home Sold (in thousands) $ 23 $ 19 $ 13 $ 16 $ (17) Contribution Margin 6.3 % 4.8 % 3.4 % 4.4 % (4.6) % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. 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"544a9bf4539994fa333656aaf25f0bc08b15e47c1636320329898b96c4f12dd4", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:exhibit993q22024formxexh.htm#p1", "passage_kind": "narrative", "passage_sequence": 1, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:exhibit993q22024formxexh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000138:exhibit993q22024formxexh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/exhibit993q22024formxexh.htm", "table_id": null, "text": "Document generated by Workiva Inc exhibit993q22024formxexh\n\nOPENDOOR TECHNOLOGIES INC. NON-GAAP MEASURES & KEY METRICS (Unaudited) Period Ended ($ in millions, except markets, homes purchased, homes sold, homes in inventory, and margins) Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Key Metrics Total Markets (at period end) 50 50 50 53 53 Total Revenue $ 1,511 $ 1,181 $ 870 $ 980 $ 1,976 Gross profit $ 129 $ 114 $ 72 $ 96 $ 149 Net (loss) income $ (92) $ (109) $ (91) $ (106) $ 23 Inventory (at period end) $ 2,234 $ 1,881 $ 1,775 $ 1,311 $ 1,149 Non-GAAP Financial Measures Adjusted Gross Profit $ 154 $ 104 $ 66 $ 84 $ 7 Selling Costs (43) (34) (26) (28) (58) Holding Costs (16) (13) (10) (13) (39) Contribution Profit (Loss) $ 95 $ 57 $ 30 $ 43 $ (90) Adjusted EBITDA $ (5) $ (50) $ (69) $ (49) $ (168) Adjusted Net Loss $ (31) $ (80) $ (97) $ (75) $ (197) Margins Total Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Gross profit 8.5 % 9.7 % 8.3 % 9.8 % 7.5 % Adjusted Gross Profit 10.2 % 8.8 % 7.6 % 8.6 % 0.4 % Contribution Profit (Loss) 6.3 % 4.8 % 3.4 % 4.4 % (4.6) % Net (loss) income (6.1) % (9.2) % (10.5) % (10.8) % 1.2 % Adjusted EBITDA (0.3) % (4.2) % (7.9) % (5.0) % (8.5) % Adjusted Net Loss (2.1) % (6.8) % (11.1) % (7.7) % (10.0) % Inventory Rollforward Homes in Inventory (at beginning of period) 5,706 5,326 4,007 3,558 6,261 Homes Purchased 4,771 3,458 3,683 3,136 2,680 Homes Sold (4,078) (3,078) (2,364) (2,687) (5,383) Homes in Inventory (at period end) 6,399 5,706 5,326 4,007 3,558 Exhibit 99.3"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-24-000138:exhibit993q22024formxexh.htm#b8", "norm:0001801169:0001801169-24-000138:exhibit993q22024formxexh.htm#b10"], "char_count": 2544, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "99f2f13c3259461b25d310ba58e598aaa943229681e993f1c541cae257630baf", "derivation_id": "118b00081ec59648a1ec96e7cb9d18f1eaa91f449fd1bfac1d49b575fc240a19", "document_id": "norm:0001801169:0001801169-24-000138:exhibit993q22024formxexh.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit993q22024formxexh.htm", "block_sequence": 8, "char_end": 1134, "char_start": 0, "fragment_sha256": "136063eed0fa4af86307889845566ee611df37479f599c26f6064b9e4f5e5f00", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit993q22024formxexh.htm", "block_sequence": 10, "char_end": 1408, "char_start": 0, "fragment_sha256": "84e6898a9b7d9ad180657d5c2e7630c88070f18a55f165363cb76c3cce875373", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:exhibit993q22024formxexh.htm#p2", "passage_kind": "narrative", "passage_sequence": 2, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:exhibit993q22024formxexh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000138:exhibit993q22024formxexh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/exhibit993q22024formxexh.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 REVENUE $ 1,511 $ 1,976 $ 2,692 $ 5,096 COST OF REVENUE 1,382 1,827 2,449 4,777 GROSS PROFIT 129 149 243 319 OPERATING EXPENSES: Sales, marketing and operations 116 124 229 312 General and administrative 48 44 95 110 Technology and development 37 39 78 79 Restructuring — 10 — 10 Total operating expenses 201 217 402 511 LOSS FROM OPERATIONS (72) (68) (159) (192) (LOSS) GAIN ON EXTINGUISHMENT OF DEBT (1) 104 (1) 182 INTEREST EXPENSE (30) (53) (67) (127) OTHER INCOME – Net 12 41 27 60 (LOSS) INCOME BEFORE INCOME TAXES (91) 24 (200) (77) INCOME TAX EXPENSE (1) (1) (1) (1) NET (LOSS) INCOME $ (92) $ 23 $ (201) $ (78) Net (loss) income per share attributable to common shareholders: Basic $ (0.13) $ 0.04 $ (0.29) $ (0.12) Diluted $ (0.13) $ 0.03 $ (0.29) $ (0.12) Weighted-average shares outstanding: Basic 693,445 646,062 687,951 646,750 Diluted 693,445 667,159 687,951 646,750\n\nOPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) June 30, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 790 $ 999 Restricted cash 121 541 Marketable securities 19 69 Escrow receivable 24 9 Real estate inventory, net 2,234 1,775 Other current assets 61 52 Total current assets 3,249 3,445 PROPERTY AND EQUIPMENT – Net 71 66 RIGHT OF USE ASSETS 23 25 GOODWILL 4 4 INTANGIBLES – Net 2 5 OTHER ASSETS 23 22 TOTAL ASSETS $ 3,372 $ 3,567 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 73 $ 64 Non-recourse asset-backed debt – current portion 315 — Interest payable 1 1 Lease liabilities – current portion 4 5 Total current liabilities 393 70 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 1,739 2,134 CONVERTIBLE SENIOR NOTES 377 376 LEASE LIABILITIES – Net of current portion 18 19 OTHER LIABILITIES — 1 Total liabilities 2,527 2,600 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 698,843,166 and 677,636,163 shares issued, respectively; 698,843,166 and 677,636,163 shares outstanding, respectively — — Additional paid-in capital 4,379 4,301 Accumulated deficit (3,534) (3,333) Accumulated other comprehensive loss — (1) Total shareholders’ equity 845 967 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 3,372 $ 3,567"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-24-000138:exhibit993q22024formxexh.htm#b12"], "char_count": 1999, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d6b8ec1ef460da14511ac25d0a1b36c9cbc595f8a218d02268ba61be423399a6", "derivation_id": "118b00081ec59648a1ec96e7cb9d18f1eaa91f449fd1bfac1d49b575fc240a19", "document_id": "norm:0001801169:0001801169-24-000138:exhibit993q22024formxexh.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit993q22024formxexh.htm", "block_sequence": 12, "char_end": 1999, "char_start": 0, "fragment_sha256": "634fca89534e71264b91684d1658a6f811d5ce28a7c77b391aecade7819c783c", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:exhibit993q22024formxexh.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:exhibit993q22024formxexh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000138:exhibit993q22024formxexh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/exhibit993q22024formxexh.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Six Months Ended June 30, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (201) $ (78) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: Depreciation and amortization 26 39 Amortization of right of use asset 3 4 Stock-based compensation 66 63 Inventory valuation adjustment 41 37 Change in fair value of equity securities 4 (7) Other 3 (1) Proceeds from sale and principal collections of mortgage loans held for sale — 1 Loss (gain) on extinguishment of debt 1 (182) Changes in operating assets and liabilities: Escrow receivable (15) 17 Real estate inventory (498) 3,259 Other assets (10) (3) Accounts payable and other accrued liabilities 7 (31) Interest payable — (10) Lease liabilities (4) (6) Net cash (used in) provided by operating activities (577) 3,102 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (16) (17) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 47 61 Proceeds from sale of non-marketable equity securities — 1 Net cash provided by investing activities 31 45 CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of convertible senior notes — (270) Proceeds from exercise of stock options — 2 Proceeds from issuance of common stock for ESPP 2 1 Proceeds from non-recourse asset-backed debt 217 236 Principal payments on non-recourse asset-backed debt (302) (2,099) Payment for early extinguishment of debt — (4) Net cash used in financing activities (83) (2,134) NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (629) 1,013 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 1,540 1,791 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $ 911 $ 2,804 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $ 62 $ 126 DISCLOSURES OF NONCASH ACTIVITIES:"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-24-000138:exhibit993q22024formxexh.htm#b14", "norm:0001801169:0001801169-24-000138:exhibit993q22024formxexh.htm#b16"], "char_count": 2589, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e8021a1a2081e83db1c0b6bf790a0b204ab2abc6d6b6f2117bcbb9ec88f27ce1", "derivation_id": "118b00081ec59648a1ec96e7cb9d18f1eaa91f449fd1bfac1d49b575fc240a19", "document_id": "norm:0001801169:0001801169-24-000138:exhibit993q22024formxexh.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit993q22024formxexh.htm", "block_sequence": 14, "char_end": 269, "char_start": 0, "fragment_sha256": "e132aa50f8fc6cdbde23331445d8e781c8b5f4ad5718b7610a9778142b07500d", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000138:exhibit993q22024formxexh.htm", "block_sequence": 16, "char_end": 2318, "char_start": 0, "fragment_sha256": "2bcf4941b74946b6ed820a1e3b30f11735d4c187f164c77ef4e5b45e91b859d7", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:exhibit993q22024formxexh.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:exhibit993q22024formxexh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000138:exhibit993q22024formxexh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/exhibit993q22024formxexh.htm", "table_id": null, "text": "Stock-based compensation expense capitalized for internally developed software $ 10 $ 10 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 790 $ 1,120 Restricted cash 121 1,684 Cash, cash equivalents, and restricted cash $ 911 $ 2,804\n\nOPENDOOR TECHNOLOGIES INC. NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Gross Profit and Contribution Profit (Loss) to our Gross Profit Three Months Ended (in millions, except percentages and homes sold, or as noted) June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Revenue (GAAP) $ 1,511 $ 1,181 $ 870 $ 980 $ 1,976 Gross profit (GAAP) $ 129 $ 114 $ 72 $ 96 $ 149 Gross Margin 8.5 % 9.7 % 8.3 % 9.8 % 7.5 % Adjustments: Inventory valuation adjustment – Current Period͏ (1)(2) 34 7 11 17 14 Inventory valuation adjustment – Prior Periods͏ (1)(3) (9) (17) (17) (29) (156) Adjusted Gross Profit $ 154 $ 104 $ 66 $ 84 $ 7 Adjusted Gross Margin 10.2 % 8.8 % 7.6 % 8.6 % 0.4 % Adjustments: Direct selling costs (4) (43) (34) (26) (28) (58) Holding costs on sales – Current Period͏ (5)(6) (5) (5) (3) (4) (6) Holding costs on sales – Prior Periods͏ (5)(7) (11) (8) (7) (9) (33) Contribution Profit (Loss) $ 95 $ 57 $ 30 $ 43 $ (90) Homes sold in period 4,078 3,078 2,364 2,687 5,383 Contribution Profit (Loss) per Home Sold (in thousands) $ 23 $ 19 $ 13 $ 16 $ (17) Contribution Margin 6.3 % 4.8 % 3.4 % 4.4 % (4.6) % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. 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Opendoor Technologies Inc. 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(Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported financial results for its second quarter ended June 30, 2024. Opendoor\u2019s second quarter 2024 financial results and management commentary can be accessed through the Company\u2019s shareholder letter on the \u201cQuarterly Reports\u201d page of Opendoor\u2019s investor relations website at https://investor.opendoor.com. \u201cWe are proud of our second quarter performance and the progress we\u2019ve made in building a platform where all customers can begin their home selling journey. Revenue, Contribution Margin, and Adjusted EBITDA exceeded the high end of our guidance, and our acquisitions outperformed expectations, growing nearly 80% year-over-year. We continue to make meaningful progress increasing brand awareness, delivering industry-leading seller NPS, expanding our product offerings, and driving structural efficiencies across our platform that we expect will benefit the Company for years to come,\u201d said Carrie Wheeler, CEO of Opendoor. Wheeler continued, \u201cDuring the back half of the second quarter, we began responding to signals that indicated additional slowing in the housing market. We are making decisions that appropriately balance growth, margin, and risk in what continues to be a challenging environment. While the housing cycle will eventually recover, the improvements we are making in the business are enduring. 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with 4,078 total homes sold, down (24)% versus 2Q23 and up 32% versus 1Q24 \u2022Gross profit of $129 million, versus $149 million in 2Q23 and $114 million in 1Q24; Gross Margin of 8.5%, versus 7.5% in 2Q23 and 9.7% in 1Q24 \u2022Net (loss) income of $(92) million, versus $23 million in 2Q23 and $(109) million in 1Q24 \u2022Inventory balance of $2.2 billion, representing 6,399 homes, up 94% versus 2Q23 and up 19% versus 1Q24 \u2022Purchased 4,771 homes, up 78% versus 2Q23 and up 38% versus 1Q24 \u2022Ended the quarter with 1,793 homes under contract for purchase, up 29% versus 2Q23 and down (31)% versus 1Q24" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b10", + "block_sequence": 10, + "block_sha256": "3df3d0bf1a9889fbab461edc97ccf75079eec59494edddef045558d3d41caa05", + "block_type": "heading", + "char_count": 24, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 10, + "char_end": 24, + "char_start": 0, + "fragment_sha256": "943bbcf18422484b9130cae6afb0679081ce82f5868e3e860adb504abd95d5b3", + "heading_path": [ + "EX-99.1", + "Second Quarter 2024 Key Highlights", + "Non-GAAP Key Highlights*" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s6", + "table": null, + "text": "Non-GAAP Key Highlights*" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b11", + "block_sequence": 11, + "block_sha256": "e4bd86745ba5dfa73fbf1f7b583ecfd681bca286c03f1d91239de3e1e00a2c43", + "block_type": "paragraph", + "char_count": 583, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 11, + "char_end": 583, + "char_start": 0, + "fragment_sha256": "9cb5e810aa649de376d18ee270a36a92069df3e2df1a60a61120f2963629a6b8", + "heading_path": [ + "EX-99.1", + "Second Quarter 2024 Key Highlights", + "Non-GAAP Key Highlights*" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s6", + "table": null, + "text": "\u2022Contribution Profit (Loss) of $95 million, versus $(90) million in 2Q23 and $57 million in 1Q24; Contribution Margin of 6.3%, versus (4.6)% in 2Q23 and 4.8% in 1Q24 \u2022Adjusted EBITDA of $(5) million, versus $(168) million in 2Q23 and $(50) million in 1Q24; Adjusted EBITDA Margin of (0.3)%, versus (8.5)% in 2Q23 and (4.2)% in 1Q24 \u2022Adjusted Net Loss of $(31) million, versus $(197) million in 2Q23 and $(80) million in 1Q24 *See \u201c\u2014Use of Non-GAAP Financial Measures\u201d below for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures." + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b12", + "block_sequence": 12, + "block_sha256": "a6c390a570c62c086b1b8e5326649e5ed3a25e3047b5b1c37d509b483bdab19b", + "block_type": "heading", + "char_count": 36, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 12, + "char_end": 36, + "char_start": 0, + "fragment_sha256": "a6fc8a2181492205bf0c48c4f40011b54230d272c76073e2f38b2f7cb560df9b", + "heading_path": [ + "EX-99.1", + "Third Quarter 2024 Financial Outlook" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s7", + "table": null, + "text": "Third Quarter 2024 Financial Outlook" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b13", + "block_sequence": 13, + "block_sha256": "6a4db453fa67373e02629a114eeca9ed48aff5b4b8cf4b5cef26c9c11fcd4b39", + "block_type": "paragraph", + "char_count": 186, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 13, + "char_end": 186, + "char_start": 0, + "fragment_sha256": "1dfb718fca973d3f16c37037dd2fbbf71120cb8e31a8ee3fbc084e97e27b41b2", + "heading_path": [ + "EX-99.1", + "Third Quarter 2024 Financial Outlook" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s7", + "table": null, + "text": "\u20223Q24 revenue guidance of $1.2 billion to $1.3 billion \u20223Q24 Contribution Profit1 guidance of $35 million to $45 million \u20223Q24 Adjusted EBITDA1 guidance of $(70) million to $(60) million" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b14", + "block_sequence": 14, + "block_sha256": "a6d5472b2970d188397362cbeb120c141dfa00ea685622341f4da2accca23ec9", + "block_type": "heading", + "char_count": 35, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 14, + "char_end": 35, + "char_start": 0, + "fragment_sha256": "8f4803ade21027cea3732425b5d91aff522b9219c7b3a8bb471d178586335c09", + "heading_path": [ + "EX-99.1", + "Third Quarter 2024 Financial Outlook", + "Conference Call and Webcast Details" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s8", + "table": null, + "text": "Conference Call and Webcast Details" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b15", + "block_sequence": 15, + "block_sha256": "3e290191852fc82b38706e36e6aec5e1f56e016086cc7823830699078da0557d", + "block_type": "paragraph", + "char_count": 326, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 15, + "char_end": 326, + "char_start": 0, + "fragment_sha256": "75d37132dc48d6506ec528c82269a209bfb93022e1e21fdaa62bfc2febc092c7", + "heading_path": [ + "EX-99.1", + "Third Quarter 2024 Financial Outlook", + "Conference Call and Webcast Details" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s8", + "table": null, + "text": "Opendoor will host a conference call to discuss its financial results on August 1, 2024, at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call." + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b16", + "block_sequence": 16, + "block_sha256": "bee3b0c71ab4d6d3fe30831f8a6898f49de6dcbb44cd92a09d86856b2468a886", + "block_type": "heading", + "char_count": 14, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 16, + "char_end": 14, + "char_start": 0, + "fragment_sha256": "920fab729a6a3043d5c186fc3b8f7fe487f8806437d22467636912f884c0f8cd", + "heading_path": [ + "EX-99.1", + "Third Quarter 2024 Financial Outlook", + "Conference Call and Webcast Details", + "About Opendoor" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s9", + "table": null, + "text": "About Opendoor" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b17", + "block_sequence": 17, + "block_sha256": "38e239818561675df5e3717d042db8fe371bef892c1e7731a147dc922e1434de", + "block_type": "paragraph", + "char_count": 281, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 17, + "char_end": 281, + "char_start": 0, + "fragment_sha256": "66bb5025da374386f27704bd560e4635c0dc27502a2c836968cce3318904ee41", + "heading_path": [ + "EX-99.1", + "Third Quarter 2024 Financial Outlook", + "Conference Call and Webcast Details", + "About Opendoor" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s9", + "table": null, + "text": "Opendoor\u2019s mission is to power life\u2019s progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple and certain way to buy and sell a home. Opendoor currently operates in markets nationwide. For more information, please visit www.opendoor.com" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b18", + "block_sequence": 18, + "block_sha256": "1d8469bf9c663edb3c938b337e8eb7b6386c9f6dc8633427fe813d5f0ad02182", + "block_type": "heading", + "char_count": 26, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 18, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "1c1b2c1ff491441a71c1994c5ace986494b37cd4881e2f3417345dd8ad104d6e", + "heading_path": [ + "EX-99.1", + "Third Quarter 2024 Financial Outlook", + "Conference Call and Webcast Details", + "About Opendoor", + "Forward Looking Statements" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s10", + "table": null, + "text": "Forward Looking Statements" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b19", + "block_sequence": 19, + "block_sha256": "659a0dc719239d2f461b7135ea86bf050fdd050acca92e24e99c6c1118f9a8ca", + "block_type": "paragraph", + "char_count": 6916, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 19, + "char_end": 6916, + "char_start": 0, + "fragment_sha256": "e46dea51c6ffcd028d5d4ebee5823ccd7faeca0e7b953e9389eda3cf61a4d4d5", + "heading_path": [ + "EX-99.1", + "Third Quarter 2024 Financial Outlook", + "Conference Call and Webcast Details", + "About Opendoor", + "Forward Looking Statements" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s10", + "table": null, + "text": "This press release contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the current and future health and stability of the real estate housing market and general economy; anticipated future results of operations and financial performance, including our third quarter 2024 financial outlook and our ability to balance growth, margin and risk in a challenging environment; the health and status of our financial condition and whether we will be able to increase acquisitions and improve Adjusted Net Loss through the remainder of 2024 in a potentially slowing housing market; whether efficiencies we have implemented across our platform will result in future benefits; and business strategy and plans, including plans to continue to invest in our products. These forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cguidance\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201coutlook\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cvision\u201d, \u201cwill\u201d, or \u201cwould\u201d, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this press release include but are not limited to: the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturn or slowdown; changes in general economic and financial conditions (including federal monetary policy, interest rates, 1 Opendoor has not provided a quantitative reconciliation of forecasted Contribution Profit (Loss) to forecasted GAAP gross profit (loss) nor a reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss) and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company\u2019s control. For more information regarding the non-GAAP financial measures discussed in this press release, please see \u201cUse of Non-GAAP Financial Measures\u201d following the financial tables below. inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that may impact demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our digital platform, including our automated pricing and valuation technology; our ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our ability to protect our brand and intellectual property; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; any future impact of pandemics or epidemics, including any future resurgences of COVID-19 and its variants, or other public health crises on our ability to operate, demand for our products and services, or general economic conditions; changes in laws or government regulation affecting our business; and the impact of pending or future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \u201cRisk Factors\u201d in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 15, 2024, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations." + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b20", + "block_sequence": 20, + "block_sha256": "7c01aec3b1d2f2fdb66a623063b725388e004a3a64d940279efe58ee27921384", + "block_type": "heading", + "char_count": 19, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 20, + "char_end": 19, + "char_start": 0, + "fragment_sha256": "9ba52728f44301164611b7fb592f102c23975d9f32fe5ca4522dc1f57ee1d01a", + "heading_path": [ + "EX-99.1", + "Third Quarter 2024 Financial Outlook", + "Conference Call and Webcast Details", + "About Opendoor", + "Contact Information" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s11", + "table": null, + "text": "Contact Information" + }, + { + "block_id": 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equivalents, and restricted cash | $ | 911 | | | $ | 2,804 | " + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b46", + "block_sequence": 46, + "block_sha256": "f01dcca04a180fe8b33e7e553c28d81ff0239330406c2d2236d709babc9f6d4a", + "block_type": "heading", + "char_count": 34, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 46, + "char_end": 34, + "char_start": 0, + "fragment_sha256": "325529143802c5dd84d60e1fde34470c75d4ef6f06a0a5d45444aef66e0cebbd", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s18", + "table": null, + "text": "Use of Non-GAAP Financial Measures" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b47", + "block_sequence": 47, + 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The Company believes these non-GAAP financial measures including Adjusted Gross Profit (Loss), Contribution Profit (Loss), Adjusted Net Loss, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results." + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b48", + "block_sequence": 48, + "block_sha256": "6c96b44255eb532f553bee515107dc9732bacfe39728b4b1790e3d0fc9ef7445", + "block_type": "heading", + "char_count": 59, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 48, + "char_end": 59, + "char_start": 0, + "fragment_sha256": "ef99143ea4377a43b53a0c3a16fae140a638f8d95bcebc4d8096b326cfce2617", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s19", + "table": null, + "text": "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b49", + "block_sequence": 49, + "block_sha256": "99087c1e116fa1faa2eca446abf50bf44a5436115438c99218632685ac51b312", + "block_type": "paragraph", + "char_count": 1779, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 49, + "char_end": 1779, + "char_start": 0, + "fragment_sha256": "103e55e0521ddb0b96d04c944fc2c9527ddb1f004f0d3aa90c6c615ca6688cb6", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s19", + "table": null, + "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit (Loss) and Contribution Profit (Loss), which are non-GAAP financial measures. We believe that Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit (Loss) provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit." + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b50", + "block_sequence": 50, + "block_sha256": "aa2c104275b1e2d71ee4d2a4b524835cf35e0b5c7ba24c35bb7d198132a3a36a", + "block_type": "heading", + "char_count": 37, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 50, + "char_end": 37, + "char_start": 0, + "fragment_sha256": "19cff3a2715bc1902e26881a91ac5e024acdea861b5971f629bd6e07ce0975e9", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", + "Adjusted Gross Profit (Loss) / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s20", + "table": null, + "text": "Adjusted Gross Profit (Loss) / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b51", + "block_sequence": 51, + "block_sha256": "4627db57e506b3f89eff0c96e1db4c6f7cf39a36c373f2fddd07d9bbf7acc11c", + "block_type": "paragraph", + "char_count": 987, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 51, + "char_end": 987, + "char_start": 0, + "fragment_sha256": "29bafa6056c4c78af30771825e7d6f6f00c82d0d5bf607e168c10ab6e238a781", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", + "Adjusted Gross Profit (Loss) / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s20", + "table": null, + "text": "We calculate Adjusted Gross Profit (Loss) as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. Adjusted Gross Margin is Adjusted Gross Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit (Loss) helps management assess home pricing, service fees and renovation performance for a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b52", + "block_sequence": 52, + "block_sha256": "3c9261d497c08c54862c1d93dcef265e24e035674c6bdad752d75e665effba7d", + "block_type": "heading", + "char_count": 35, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 52, + "char_end": 35, + "char_start": 0, + "fragment_sha256": "f3a65d065f6c43cacd06f7cdadb6433c87027c7ea27d84c32f00d5a5c9715288", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", + "Contribution Profit (Loss) / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s21", + "table": null, + "text": "Contribution Profit (Loss) / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b53", + "block_sequence": 53, + "block_sha256": "9d10503bd5e83fe3b32832c6fa07cff8ee6e86308078a6695cb56de249426319", + "block_type": "paragraph", + "char_count": 784, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 53, + "char_end": 784, + "char_start": 0, + "fragment_sha256": "34e4f21e7c28478bfda95d94f1c4be13815675f3954034f744f1915fa24fffa0", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", + "Contribution Profit (Loss) / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s21", + "table": null, + "text": "We calculate Contribution Profit (Loss) as Adjusted Gross Profit (Loss), minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit (Loss) helps management assess inflows and outflows directly associated with a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b54", + "block_sequence": 54, + "block_sha256": "7460ff5afa74595bed1ed49c4ec349f88984782302cbab9cee3bae99ec2b46cd", + "block_type": "page_header", + "char_count": 26, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 54, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "b8b8062826f34c01775f668e5b2cc75d457b8d2c8832287c6f571c29eac5c67b", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", + "Contribution Profit (Loss) / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s21", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC." + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b55", + "block_sequence": 55, + "block_sha256": "b45fca062928c1cb7a7bd0ce5614493735536c7c2e0ce6f1b705c21b79953fe2", + "block_type": "heading", + "char_count": 43, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 55, + "char_end": 43, + "char_start": 0, + "fragment_sha256": "624f45f319e6a58f1b913dc28eeefe1aabeb8b4f220964125c47963129d78d78", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s22", + "table": null, + "text": "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b56", + "block_sequence": 56, + "block_sha256": "e7bd0ccd72aefae52d4da33fa05bd486df144362ed87c427c907aa03cfff6ce6", + "block_type": "paragraph", + "char_count": 49, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 56, + "char_end": 49, + "char_start": 0, + "fragment_sha256": "3c79d34b912ccd5810676229fdb23c57e7c959da948f20c2113ffe85c0e18da8", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s22", + "table": null, + "text": "(In millions, except percentages, and homes sold)" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b57", + "block_sequence": 57, + "block_sha256": "f9aa17ccb15e3a675fca6f8c1e57bf3db93b3cf876860608fe8d12b3aa8a8174", + "block_type": "paragraph", + "char_count": 11, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 57, + "char_end": 11, + "char_start": 0, + "fragment_sha256": "2a7680d26ab0fd2298dd52fd36b9d301e5103004cef230dbf5fbd1eabb314fa8", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s22", + "table": null, + "text": "(Unaudited)" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b58", + "block_sequence": 58, + "block_sha256": "ea4dffabb6e4bf5639ec928f31a6ba31e596b644bd79ecbb537216a683fdda34", + "block_type": "paragraph", + "char_count": 212, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 58, + "char_end": 212, + "char_start": 0, + "fragment_sha256": "4d176f3d4aff23ca7f9b037412f44ef0953184a57d6c29c5562a16df9d71bde2", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s22", + "table": null, + "text": "The following table presents a reconciliation of our Adjusted Gross Profit (Loss) and Contribution Profit (Loss) to our gross profit, which is the most directly comparable GAAP measure, for the periods indicated:" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b59", + "block_sequence": 59, + "block_sha256": "afd80ab221b41e35192f4406f8c7474a9bdf49261b835588bacc957a80cf5426", + "block_type": "table", + "char_count": 2643, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 59, + "char_end": 2643, + "char_start": 0, + "fragment_sha256": "4b76e9ecf8394d1fa9eb6f771096afa90a64647304cdc83c1d0bdb7e81c2efa0", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": 4, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s22", + "table": { + "caption": null, + "flags": [ + "wide_table" + ], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.95, + "markdown": "| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended | | Six Months Ended June 30, | | | | | | | | | | | | | | | | | | | | | | | | |\n| (in millions, except percentages and homes sold, or as noted) | | June 30, 2024 | | March 31, 2024 | | December 31, 2023 | | September 30, 2023 | | June 30, 2023 | | 2024 | | 2023 | | | | | | | | | | | | | | |\n| Revenue (GAAP) | | $ | 1,511 | | | $ | 1,181 | | | $ | 870 | | | $ | 980 | | | $ | 1,976 | | | $ | 2,692 | | | $ | 5,096 | |\n| Gross profit (GAAP) | | $ | 129 | | | $ | 114 | | | $ | 72 | | | $ | 96 | | | $ | 149 | | | $ | 243 | | | $ | 319 | |\n| Gross Margin | | 8.5 | % | | 9.7 | % | | 8.3 | % | | 9.8 | % | | 7.5 | % | | 9.0 | % | | 6.3 | % | | | | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Inventory valuation adjustment \u2013 Current Period(1)(2) | | 34 | | | 7 | | | 11 | | | 17 | | | 14 | | | 38 | | | 18 | | | | | | | | |\n| Inventory valuation adjustment \u2013 Prior Periods(1)(3) | | (9) | | | (17) | | | (17) | | | (29) | | | (156) | | | (23) | | | (432) | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Adjusted Gross Profit (Loss) | | $ | 154 | | | $ | 104 | | | $ | 66 | | | $ | 84 | | | $ | 7 | | | $ | 258 | | | $ | (95) | |\n| Adjusted Gross Margin | | 10.2 | % | | 8.8 | % | | 7.6 | % | | 8.6 | % | | 0.4 | % | | 9.6 | % | | (1.9) | % | | | | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Direct selling costs(4) | | (43) | | | (34) | | | (26) | | | (28) | | | (58) | | | (77) | | | (143) | | | | | | | | |\n| Holding costs on sales \u2013 Current Period(5)(6) | | (5) | | | (5) | | | (3) | | | (4) | | | (6) | | | (16) | | | (31) | | | | | | | | |\n| Holding costs on sales \u2013 Prior Periods(5)(7) | | (11) | | | (8) | | | (7) | | | (9) | | | (33) | | | (13) | | | (62) | | | | | | | | |\n| Contribution Profit (Loss) | | $ | 95 | | | $ | 57 | | | $ | 30 | | | $ | 43 | | | $ | (90) | | | $ | 152 | | | $ | (331) | |\n| Homes sold in period | | 4,078 | | | 3,078 | | | 2,364 | | | 2,687 | | | 5,383 | | | 7,156 | | | 13,657 | | | | | | | | |\n| 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| (9) | | | (33) | | | (13) | | | (62) | | | | | | | | \nContribution Profit (Loss) | | $ | 95 | | | $ | 57 | | | $ | 30 | | | $ | 43 | | | $ | (90) | | | $ | 152 | | | $ | (331) | \nHomes sold in period | | 4,078 | | | 3,078 | | | 2,364 | | | 2,687 | | | 5,383 | | | 7,156 | | | 13,657 | | | | | | | | \nContribution Profit (Loss) per Home Sold (in thousands) | | $ | 23 | | | $ | 19 | | | $ | 13 | | | $ | 16 | | | $ | (17) | | | $ | 21 | | | $ | (24) | \nContribution Margin | | 6.3 | % | | 4.8 | % | | 3.4 | % | | 4.4 | % | | (4.6) | % | | 5.6 | % | | (6.5) | % | | | | | | | " + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b60", + "block_sequence": 60, + "block_sha256": "4cf00d828a49141d245df4e3d22e42f6ceb9cf545bc53f0f5984d2aa792cbd44", + "block_type": "other", + "char_count": 16, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 60, + "char_end": 16, + "char_start": 0, + "fragment_sha256": "7fdbb5bd0c91a386038a54dafc306bd55a27c3242e1540451c2885fb5da9076a", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s22", + "table": null, + "text": "________________" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b61", + "block_sequence": 61, + "block_sha256": "211ba6f2660ac980adfb7cfda1a5cd3d738824ffb95c0fb434bb18fff2f3ecf1", + "block_type": "paragraph", + "char_count": 1141, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 61, + "char_end": 1141, + "char_start": 0, + "fragment_sha256": "ce88b8aac746f34d55660daab329c6ba1c14a78be0074e39afe53bfa66f95905", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s22", + "table": null, + "text": "(1)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2)Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3)Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5)Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented." + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b62", + "block_sequence": 62, + "block_sha256": "37935488b247cdf343c0c8144ff521e96ad9f18f66bbb30d6e7419e323a258dd", + "block_type": "heading", + "char_count": 37, + "level": 8, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 62, + "char_end": 37, + "char_start": 0, + "fragment_sha256": "a34f0fa36b4a64dc2e88e4f29b646c75e81b6238c2f3a7ba70bd93dfd5171121", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s23", + "table": null, + "text": "Adjusted Net Loss and Adjusted EBITDA" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b63", + "block_sequence": 63, + "block_sha256": "6520745ef47807f9731f13b6de69ba9ba7e3cc071d5c28941f92e9054d1e2cf7", + "block_type": "paragraph", + "char_count": 1556, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 63, + "char_end": 1556, + "char_start": 0, + "fragment_sha256": "9feb992e6c6ec00bf31731241c1b1b7f7e28de4b0477d788b7b20228a0da5958", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s23", + "table": null, + "text": "We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net (loss) income." + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b64", + "block_sequence": 64, + "block_sha256": "236a9f2403017a5277b663ccb31ec43d8c2bfa477b0ef7a6739ae4ae9f4de383", + "block_type": "heading", + "char_count": 17, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 64, + "char_end": 17, + "char_start": 0, + "fragment_sha256": "b8fea0efbc2ee5e70631f015f99f4bc0284f100f8a60109c90d8e6632c07df6a", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted Net Loss" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s24", + "table": null, + "text": "Adjusted Net Loss" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b65", + "block_sequence": 65, + "block_sha256": "4654811cd23a888fe812fbe8df9211c9799f4c558e515108fcb917bad0f0e259", + "block_type": "paragraph", + "char_count": 1135, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 65, + "char_end": 1135, + "char_start": 0, + "fragment_sha256": "79dc97c4d9eba814828509eebc81f1d43d41b6b4ad41ed5f67f924f61fd6a32a", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted Net Loss" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s24", + "table": null, + "text": "We calculate Adjusted Net Loss as GAAP net (loss) income adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring. It excludes loss (gain) on extinguishment of debt as these expenses or gains were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities and the 0.25% convertible senior notes due in 2026 (the \"2026 Notes\") early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date." + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b66", + "block_sequence": 66, + "block_sha256": "e21a9b231049964de5ed48be4f1552178df178466705ae25a8ad92f9d827c980", + "block_type": "heading", + "char_count": 24, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 66, + "char_end": 24, + "char_start": 0, + "fragment_sha256": "1c89ec92d3ba6360cdf9ddbcebb86f641bde4c2f9f1431c9fe5a20eef78ea4af", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted EBITDA / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s25", + "table": null, + "text": "Adjusted EBITDA / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b67", + "block_sequence": 67, + "block_sha256": "b499c3554d32b422470ba6d1a9516cd42043cc3e9d71ed72fda11ebf9faa4d6d", + "block_type": "paragraph", + "char_count": 607, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 67, + "char_end": 607, + "char_start": 0, + "fragment_sha256": "85811fbb8214425418cdd60c1fe3e79c8d7c4374e27c50135262dd8631aa7306", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted EBITDA / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s25", + "table": null, + "text": "We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue. The following table presents a reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our net (loss) income, which is the most directly comparable GAAP measure, for the periods indicated:" + }, + { + "block_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b68", + "block_sequence": 68, + "block_sha256": "35b9217f7e8867a70f57a2c9d000ca7af637b5e3893a1ea53cd20c9d7bd94a43", + "block_type": "table", + "char_count": 3451, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", + "block_sequence": 68, + "char_end": 3451, + "char_start": 0, + "fragment_sha256": "2bea16327f9bdf0e1deffa62e8896b69083d25d8685e80fb3ee13c3b058f85d4", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted EBITDA / Margin" + ], + "table_index": 5, + "tag_name": "table" + }, + "section_id": 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(Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported financial results for its second quarter ended June 30, 2024. Opendoor’s second quarter 2024 financial results and management commentary can be accessed through the Company’s shareholder letter on the “Quarterly Reports” page of Opendoor’s investor relations website at https://investor.opendoor.com. “We are proud of our second quarter performance and the progress we’ve made in building a platform where all customers can begin their home selling journey. Revenue, Contribution Margin, and Adjusted EBITDA exceeded the high end of our guidance, and our acquisitions outperformed expectations, growing nearly 80% year-over-year. We continue to make meaningful progress increasing brand awareness, delivering industry-leading seller NPS, expanding our product offerings, and driving structural efficiencies across our platform that we expect will benefit the Company for years to come,” said Carrie Wheeler, CEO of Opendoor. Wheeler continued, “During the back half of the second quarter, we began responding to signals that indicated additional slowing in the housing market. We are making decisions that appropriately balance growth, margin, and risk in what continues to be a challenging environment. While the housing cycle will eventually recover, the improvements we are making in the business are enduring. We continue to expect to make meaningful progress in both increasing acquisitions and reducing Adjusted Net Losses this year, as compared to 2023.”"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b9"], "char_count": 663, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5cbf64abcdb860d3aaa4a46660b88b0612688fa51d7ad9acd951f396ea73f5c8", "derivation_id": "7396ea5c62c2219c3c7859de29630768bfe23afbfa2e2330507820c329b8f821", "document_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Second Quarter 2024 Key Highlights"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "block_sequence": 9, "char_end": 663, "char_start": 0, "fragment_sha256": "1eb1dc583b10cb573f2f2b5f3d0819b9f2ca1ac3ce5705d59cd6fd520de9b5b0", "heading_path": ["EX-99.1", "Second Quarter 2024 Key Highlights"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s5", "source_artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/q22024formxex991earningsre.htm", "table_id": null, "text": "•Revenue of $1.5 billion, down (24)% versus 2Q23 and up 28% versus 1Q24; with 4,078 total homes sold, down (24)% versus 2Q23 and up 32% versus 1Q24 •Gross profit of $129 million, versus $149 million in 2Q23 and $114 million in 1Q24; Gross Margin of 8.5%, versus 7.5% in 2Q23 and 9.7% in 1Q24 •Net (loss) income of $(92) million, versus $23 million in 2Q23 and $(109) million in 1Q24 •Inventory balance of $2.2 billion, representing 6,399 homes, up 94% versus 2Q23 and up 19% versus 1Q24 •Purchased 4,771 homes, up 78% versus 2Q23 and up 38% versus 1Q24 •Ended the quarter with 1,793 homes under contract for purchase, up 29% versus 2Q23 and down (31)% versus 1Q24"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b11"], "char_count": 583, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e4bd86745ba5dfa73fbf1f7b583ecfd681bca286c03f1d91239de3e1e00a2c43", "derivation_id": "7396ea5c62c2219c3c7859de29630768bfe23afbfa2e2330507820c329b8f821", "document_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Second Quarter 2024 Key Highlights", "Non-GAAP Key Highlights*"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "block_sequence": 11, "char_end": 583, "char_start": 0, "fragment_sha256": "9cb5e810aa649de376d18ee270a36a92069df3e2df1a60a61120f2963629a6b8", "heading_path": ["EX-99.1", "Second Quarter 2024 Key Highlights", "Non-GAAP Key Highlights*"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s6", "source_artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/q22024formxex991earningsre.htm", "table_id": null, "text": "•Contribution Profit (Loss) of $95 million, versus $(90) million in 2Q23 and $57 million in 1Q24; Contribution Margin of 6.3%, versus (4.6)% in 2Q23 and 4.8% in 1Q24 •Adjusted EBITDA of $(5) million, versus $(168) million in 2Q23 and $(50) million in 1Q24; Adjusted EBITDA Margin of (0.3)%, versus (8.5)% in 2Q23 and (4.2)% in 1Q24 •Adjusted Net Loss of $(31) million, versus $(197) million in 2Q23 and $(80) million in 1Q24 *See “—Use of Non-GAAP Financial Measures” below for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b13"], "char_count": 186, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6a4db453fa67373e02629a114eeca9ed48aff5b4b8cf4b5cef26c9c11fcd4b39", "derivation_id": "7396ea5c62c2219c3c7859de29630768bfe23afbfa2e2330507820c329b8f821", "document_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EX-99.1", "Third Quarter 2024 Financial Outlook"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "block_sequence": 13, "char_end": 186, "char_start": 0, "fragment_sha256": "1dfb718fca973d3f16c37037dd2fbbf71120cb8e31a8ee3fbc084e97e27b41b2", "heading_path": ["EX-99.1", "Third Quarter 2024 Financial Outlook"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s7", "source_artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/q22024formxex991earningsre.htm", "table_id": null, "text": "•3Q24 revenue guidance of $1.2 billion to $1.3 billion •3Q24 Contribution Profit1 guidance of $35 million to $45 million •3Q24 Adjusted EBITDA1 guidance of $(70) million to $(60) million"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b15"], "char_count": 326, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "3e290191852fc82b38706e36e6aec5e1f56e016086cc7823830699078da0557d", "derivation_id": "7396ea5c62c2219c3c7859de29630768bfe23afbfa2e2330507820c329b8f821", "document_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Third Quarter 2024 Financial Outlook", "Conference Call and Webcast Details"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "block_sequence": 15, "char_end": 326, "char_start": 0, "fragment_sha256": "75d37132dc48d6506ec528c82269a209bfb93022e1e21fdaa62bfc2febc092c7", "heading_path": ["EX-99.1", "Third Quarter 2024 Financial Outlook", "Conference Call and Webcast Details"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s8", "source_artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/q22024formxex991earningsre.htm", "table_id": null, "text": "Opendoor will host a conference call to discuss its financial results on August 1, 2024, at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b17"], "char_count": 281, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "38e239818561675df5e3717d042db8fe371bef892c1e7731a147dc922e1434de", "derivation_id": "7396ea5c62c2219c3c7859de29630768bfe23afbfa2e2330507820c329b8f821", "document_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Third Quarter 2024 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "block_sequence": 17, "char_end": 281, "char_start": 0, "fragment_sha256": "66bb5025da374386f27704bd560e4635c0dc27502a2c836968cce3318904ee41", "heading_path": ["EX-99.1", "Third Quarter 2024 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s9", "source_artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/q22024formxex991earningsre.htm", "table_id": null, "text": "Opendoor’s mission is to power life’s progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple and certain way to buy and sell a home. Opendoor currently operates in markets nationwide. For more information, please visit www.opendoor.com"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b19"], "char_count": 3005, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "46a7958e6cec01181b96a33963acf9e125b14e30c926bf2a9abab6eeb18db06c", "derivation_id": "7396ea5c62c2219c3c7859de29630768bfe23afbfa2e2330507820c329b8f821", "document_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Third Quarter 2024 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor", "Forward Looking Statements"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "block_sequence": 19, "char_end": 3005, "char_start": 0, "fragment_sha256": "e46dea51c6ffcd028d5d4ebee5823ccd7faeca0e7b953e9389eda3cf61a4d4d5", "heading_path": ["EX-99.1", "Third Quarter 2024 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor", "Forward Looking Statements"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s10", "source_artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/q22024formxex991earningsre.htm", "table_id": null, "text": "This press release contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the current and future health and stability of the real estate housing market and general economy; anticipated future results of operations and financial performance, including our third quarter 2024 financial outlook and our ability to balance growth, margin and risk in a challenging environment; the health and status of our financial condition and whether we will be able to increase acquisitions and improve Adjusted Net Loss through the remainder of 2024 in a potentially slowing housing market; whether efficiencies we have implemented across our platform will result in future benefits; and business strategy and plans, including plans to continue to invest in our products. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “vision”, “will”, or “would”, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this press release include but are not limited to: the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturn or slowdown; changes in general economic and financial conditions (including federal monetary policy, interest rates, 1 Opendoor has not provided a quantitative reconciliation of forecasted Contribution Profit (Loss) to forecasted GAAP gross profit (loss) nor a reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss) and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b19"], "char_count": 3910, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "572115df8e7547652dbc3c263182d07b0ffe8230152d271b2d0394bb71c169f5", "derivation_id": "7396ea5c62c2219c3c7859de29630768bfe23afbfa2e2330507820c329b8f821", "document_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Third Quarter 2024 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor", "Forward Looking Statements"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "block_sequence": 19, "char_end": 6915, "char_start": 3005, "fragment_sha256": "e46dea51c6ffcd028d5d4ebee5823ccd7faeca0e7b953e9389eda3cf61a4d4d5", "heading_path": ["EX-99.1", "Third Quarter 2024 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor", "Forward Looking Statements"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s10", "source_artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/q22024formxex991earningsre.htm", "table_id": null, "text": "For more information regarding the non-GAAP financial measures discussed in this press release, please see “Use of Non-GAAP Financial Measures” following the financial tables below. inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that may impact demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our digital platform, including our automated pricing and valuation technology; our ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our ability to protect our brand and intellectual property; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; any future impact of pandemics or epidemics, including any future resurgences of COVID-19 and its variants, or other public health crises on our ability to operate, demand for our products and services, or general economic conditions; changes in laws or government regulation affecting our business; and the impact of pending or future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 15, 2024, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b22"], "char_count": 22, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1fca5db4805e704f936c70a5ce68bb999b63ace81a390acfc45a23251080aea9", "derivation_id": "7396ea5c62c2219c3c7859de29630768bfe23afbfa2e2330507820c329b8f821", "document_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EX-99.1", "Third Quarter 2024 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor", "Contact Information", "Investors:"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": 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--- | --- | --- | --- |\n| | Six Months Ended June 30, | | | | | | |\n| | 2024 | | 2023 | | | | |\n| CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | |\n| Net loss | $ | (201) | | | $ | (78) | |\n| Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: | | | | | | | |\n| Depreciation and amortization | 26 | | | 39 | | | |\n| Amortization of right of use asset | 3 | | | 4 | | | |\n| | | | | | | | |\n| Stock-based compensation | 66 | | | 63 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Inventory valuation adjustment | 41 | | | 37 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Change in fair value of equity securities | 4 | | | (7) | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Other | 3 | | | (1) | | | |\n| | | | | | | | |\n| Proceeds from sale and principal collections of mortgage loans held for sale | — | | | 1 | | | |\n| Loss (gain) on extinguishment of debt | 1 | | | (182) | | | |\n| Changes in operating assets and liabilities: | | | | | | | |\n| Escrow receivable | (15) | | | 17 | | | |\n| Real estate inventory | (498) | | | 3,259 | | | |\n| Other assets | (10) | | | (3) | | | |\n| Accounts payable and other accrued liabilities | 7 | | | (31) | | | |\n| Interest payable | — | | | (10) | | | |\n| Lease liabilities | (4) | | | (6) | | | |\n| Net cash (used in) provided by operating activities | (577) | | | 3,102 | | | |\n| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | |\n| Purchase of property and equipment | (16) | | | (17) | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from sales, maturities, redemptions and paydowns of marketable securities | 47 | | | 61 | | | |\n| | | | | | | | |\n| Proceeds from sale of non-marketable equity securities | — | | | 1 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Net cash provided by investing activities | 31 | | | 45 | | | |\n| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Repurchase of convertible senior notes | — | | | (270) | | | |\n| | | | | | | | |\n| Proceeds from exercise of stock options | — | | | 2 | | | |\n| Proceeds from issuance of common stock for ESPP | 2 | | | 1 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from non-recourse asset-backed debt | 217 | | | 236 | | | |\n| Principal payments on non-recourse asset-backed debt | (302) | | | (2,099) | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Payment for early extinguishment of debt | — | | | (4) | | | |\n| Net cash used in financing activities | (83) | | | (2,134) | | | |\n| NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (629) | | | 1,013 | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – 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"parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#p21", "passage_kind": "narrative", "passage_sequence": 21, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s18", "source_artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/q22024formxex991earningsre.htm", "table_id": null, "text": "To provide investors with additional information regarding the Company’s financial results, this press release includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit (Loss), Contribution Profit (Loss), Adjusted Net Loss, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b49"], "char_count": 1779, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "99087c1e116fa1faa2eca446abf50bf44a5436115438c99218632685ac51b312", "derivation_id": "7396ea5c62c2219c3c7859de29630768bfe23afbfa2e2330507820c329b8f821", "document_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "block_sequence": 49, "char_end": 1779, "char_start": 0, "fragment_sha256": "103e55e0521ddb0b96d04c944fc2c9527ddb1f004f0d3aa90c6c615ca6688cb6", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#p22", "passage_kind": "narrative", "passage_sequence": 22, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s19", "source_artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/q22024formxex991earningsre.htm", "table_id": null, "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit (Loss) and Contribution Profit (Loss), which are non-GAAP financial measures. We believe that Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit (Loss) provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b51"], "char_count": 987, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "4627db57e506b3f89eff0c96e1db4c6f7cf39a36c373f2fddd07d9bbf7acc11c", "derivation_id": "7396ea5c62c2219c3c7859de29630768bfe23afbfa2e2330507820c329b8f821", "document_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", "Adjusted Gross Profit (Loss) / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "block_sequence": 51, "char_end": 987, "char_start": 0, "fragment_sha256": "29bafa6056c4c78af30771825e7d6f6f00c82d0d5bf607e168c10ab6e238a781", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", "Adjusted Gross Profit (Loss) / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#p23", "passage_kind": "narrative", "passage_sequence": 23, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s20", "source_artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/q22024formxex991earningsre.htm", "table_id": null, "text": "We calculate Adjusted Gross Profit (Loss) as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. Adjusted Gross Margin is Adjusted Gross Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit (Loss) helps management assess home pricing, service fees and renovation performance for a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b53"], "char_count": 784, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9d10503bd5e83fe3b32832c6fa07cff8ee6e86308078a6695cb56de249426319", "derivation_id": "7396ea5c62c2219c3c7859de29630768bfe23afbfa2e2330507820c329b8f821", "document_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", "Contribution Profit (Loss) / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "block_sequence": 53, "char_end": 784, "char_start": 0, "fragment_sha256": "34e4f21e7c28478bfda95d94f1c4be13815675f3954034f744f1915fa24fffa0", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", "Contribution Profit (Loss) / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#p24", "passage_kind": "narrative", "passage_sequence": 24, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s21", "source_artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/q22024formxex991earningsre.htm", "table_id": null, "text": "We calculate Contribution Profit (Loss) as Adjusted Gross Profit (Loss), minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit (Loss) helps management assess inflows and outflows directly associated with a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b56", "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b57", "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b58"], "char_count": 276, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7a7bb63b41abea2228ef5f36f6d5c357ada941cbc670e5226f4cdf924c354165", "derivation_id": "7396ea5c62c2219c3c7859de29630768bfe23afbfa2e2330507820c329b8f821", "document_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "block_sequence": 56, "char_end": 49, "char_start": 0, "fragment_sha256": "3c79d34b912ccd5810676229fdb23c57e7c959da948f20c2113ffe85c0e18da8", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "block_sequence": 57, "char_end": 11, "char_start": 0, "fragment_sha256": "2a7680d26ab0fd2298dd52fd36b9d301e5103004cef230dbf5fbd1eabb314fa8", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "block_sequence": 58, "char_end": 212, "char_start": 0, "fragment_sha256": "4d176f3d4aff23ca7f9b037412f44ef0953184a57d6c29c5562a16df9d71bde2", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#p25", "passage_kind": "narrative", "passage_sequence": 25, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s22", "source_artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/q22024formxex991earningsre.htm", "table_id": null, "text": "(In millions, except percentages, and homes sold)\n\n(Unaudited)\n\nThe following table presents a reconciliation of our Adjusted Gross Profit (Loss) and Contribution Profit (Loss) to our gross profit, which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b59"], "char_count": 2984, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0fbf32be38e5af06a19dc58bd6c62b6c19689a3bffd948fe9bfe2a71f0177cd9", "derivation_id": "7396ea5c62c2219c3c7859de29630768bfe23afbfa2e2330507820c329b8f821", "document_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "block_sequence": 59, "char_end": 2643, "char_start": 0, "fragment_sha256": "4b76e9ecf8394d1fa9eb6f771096afa90a64647304cdc83c1d0bdb7e81c2efa0", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": 4, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#p26", "passage_kind": "table", "passage_sequence": 26, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s22", "source_artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/q22024formxex991earningsre.htm", "table_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b59", "text": "| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended | | Six Months Ended June 30, | | | | | | | | | | | | | | | | | | | | | | | | |\n| (in millions, except percentages and homes sold, or as noted) | | June 30, 2024 | | March 31, 2024 | | December 31, 2023 | | September 30, 2023 | | June 30, 2023 | | 2024 | | 2023 | | | | | | | | | | | | | | |\n| Revenue (GAAP) | | $ | 1,511 | | | $ | 1,181 | | | $ | 870 | | | $ | 980 | | | $ | 1,976 | | | $ | 2,692 | | | $ | 5,096 | |\n| Gross profit (GAAP) | | $ | 129 | | | $ | 114 | | | $ | 72 | | | $ | 96 | | | $ | 149 | | | $ | 243 | | | $ | 319 | |\n| Gross Margin | | 8.5 | % | | 9.7 | % | | 8.3 | % | | 9.8 | % | | 7.5 | % | | 9.0 | % | | 6.3 | % | | | | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Inventory valuation adjustment – Current Period(1)(2) | | 34 | | | 7 | | | 11 | | | 17 | | | 14 | | | 38 | | | 18 | | | | | | | | |\n| Inventory valuation adjustment – Prior Periods(1)(3) | | (9) | | | (17) | | | (17) | | | (29) | | | (156) | | | (23) | | | (432) | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Adjusted Gross Profit (Loss) | | $ | 154 | | | $ | 104 | | | $ | 66 | | | $ | 84 | | | $ | 7 | | | $ | 258 | | | $ | (95) | |\n| Adjusted Gross Margin | | 10.2 | % | | 8.8 | % | | 7.6 | % | | 8.6 | % | | 0.4 | % | | 9.6 | % | | (1.9) | % | | | | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Direct selling costs(4) | | (43) | | | (34) | | | (26) | | | (28) | | | (58) | | | (77) | | | (143) | | | | | | | | |\n| Holding costs on sales – Current Period(5)(6) | | (5) | | | (5) | | | (3) | | | (4) | | | (6) | | | (16) | | | (31) | | | | | | | | |\n| Holding costs on sales – Prior Periods(5)(7) | | (11) | | | (8) | | | (7) | | | (9) | | | (33) | | | (13) | | | (62) | | | | | | | | |\n| Contribution Profit (Loss) | | $ | 95 | | | $ | 57 | | | $ | 30 | | | $ | 43 | | | $ | (90) | | | $ | 152 | | | $ | (331) | |\n| Homes sold in period | | 4,078 | | | 3,078 | | | 2,364 | | | 2,687 | | | 5,383 | | | 7,156 | | | 13,657 | | | | | | | | |\n| Contribution Profit (Loss) per Home Sold (in thousands) | | $ | 23 | | | $ | 19 | | | $ | 13 | | | $ | 16 | | | $ | (17) | | | $ | 21 | | | $ | (24) | |\n| Contribution Margin | | 6.3 | % | | 4.8 | % | | 3.4 | % | | 4.4 | % | | (4.6) | % | | 5.6 | % | | (6.5) | % | | | | | | | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b60", "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b61"], "char_count": 1159, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8926b6f25d6c58e464e7fd95b8b8edd9a9baab2b62eb80402737cce1835fe8a4", "derivation_id": "7396ea5c62c2219c3c7859de29630768bfe23afbfa2e2330507820c329b8f821", "document_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "block_sequence": 60, "char_end": 16, "char_start": 0, "fragment_sha256": "7fdbb5bd0c91a386038a54dafc306bd55a27c3242e1540451c2885fb5da9076a", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "block_sequence": 61, "char_end": 1141, "char_start": 0, "fragment_sha256": "ce88b8aac746f34d55660daab329c6ba1c14a78be0074e39afe53bfa66f95905", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#p27", "passage_kind": "narrative", "passage_sequence": 27, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s22", "source_artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/q22024formxex991earningsre.htm", "table_id": null, "text": "________________\n\n(1)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2)Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3)Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5)Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b63"], "char_count": 1556, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6520745ef47807f9731f13b6de69ba9ba7e3cc071d5c28941f92e9054d1e2cf7", "derivation_id": "7396ea5c62c2219c3c7859de29630768bfe23afbfa2e2330507820c329b8f821", "document_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "block_sequence": 63, "char_end": 1556, "char_start": 0, "fragment_sha256": "9feb992e6c6ec00bf31731241c1b1b7f7e28de4b0477d788b7b20228a0da5958", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#p28", "passage_kind": "narrative", "passage_sequence": 28, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s23", "source_artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/q22024formxex991earningsre.htm", "table_id": null, "text": "We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net (loss) income."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b65"], "char_count": 1135, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "4654811cd23a888fe812fbe8df9211c9799f4c558e515108fcb917bad0f0e259", "derivation_id": "7396ea5c62c2219c3c7859de29630768bfe23afbfa2e2330507820c329b8f821", "document_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted Net Loss"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "block_sequence": 65, "char_end": 1135, "char_start": 0, "fragment_sha256": "79dc97c4d9eba814828509eebc81f1d43d41b6b4ad41ed5f67f924f61fd6a32a", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted Net Loss"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#p29", "passage_kind": "narrative", "passage_sequence": 29, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s24", "source_artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/q22024formxex991earningsre.htm", "table_id": null, "text": "We calculate Adjusted Net Loss as GAAP net (loss) income adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring. It excludes loss (gain) on extinguishment of debt as these expenses or gains were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities and the 0.25% convertible senior notes due in 2026 (the \"2026 Notes\") early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b67"], "char_count": 607, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b499c3554d32b422470ba6d1a9516cd42043cc3e9d71ed72fda11ebf9faa4d6d", "derivation_id": "7396ea5c62c2219c3c7859de29630768bfe23afbfa2e2330507820c329b8f821", "document_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "block_sequence": 67, "char_end": 607, "char_start": 0, "fragment_sha256": "85811fbb8214425418cdd60c1fe3e79c8d7c4374e27c50135262dd8631aa7306", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#p30", "passage_kind": "narrative", "passage_sequence": 30, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/q22024formxex991earningsre.htm", "table_id": null, "text": "We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue. The following table presents a reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our net (loss) income, which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b68"], "char_count": 3828, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1e569c7eb67731e43f0087cde249e4ea1d5a0b13c183405c8680d194d9231078", "derivation_id": "7396ea5c62c2219c3c7859de29630768bfe23afbfa2e2330507820c329b8f821", "document_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "block_sequence": 68, "char_end": 3451, "char_start": 0, "fragment_sha256": "2bea16327f9bdf0e1deffa62e8896b69083d25d8685e80fb3ee13c3b058f85d4", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "table_index": 5, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#p31", "passage_kind": "table", "passage_sequence": 31, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/q22024formxex991earningsre.htm", "table_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b68", "text": "| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended | | Six Months Ended June 30, | | | | | | | | | | | | | | | | | | | | | | | | |\n| (in millions, except percentages) | | June 30, 2024 | | March 31, 2024 | | December 31, 2023 | | September 30, 2023 | | June 30, 2023 | | 2024 | | 2023 | | | | | | | | | | | | | | |\n| Revenue (GAAP) | | $ | 1,511 | | | $ | 1,181 | | | $ | 870 | | | $ | 980 | | | $ | 1,976 | | | $ | 2,692 | | | $ | 5,096 | |\n| Net (loss) income (GAAP) | | $ | (92) | | | $ | (109) | | | $ | (91) | | | $ | (106) | | | $ | 23 | | | $ | (201) | | | $ | (78) | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Stock-based compensation | | 33 | | | 33 | | | 32 | | | 31 | | | 21 | | | 66 | | | 63 | | | | | | | | |\n| Equity securities fair value adjustment(1) | | 2 | | | 2 | | | (3) | | | 11 | | | (6) | | | 4 | | | (7) | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Intangibles amortization expense(2) | | 1 | | | 2 | | | 2 | | | 2 | | | 1 | | | 3 | | | 3 | | | | | | | | |\n| Inventory valuation adjustment – Current Period(3)(4) | | 34 | | | 7 | | | 11 | | | 17 | | | 14 | | | 38 | | | 18 | | | | | | | | |\n| Inventory valuation adjustment — Prior Periods(3)(5) | | (9) | | | (17) | | | (17) | | | (29) | | | (156) | | | (23) | | | (432) | | | | | | | | |\n| Restructuring(6) | | — | | | — | | | 4 | | | — | | | 10 | | | — | | | 10 | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Loss (gain) on extinguishment of debt | | 1 | | | — | | | (34) | | | — | | | (104) | | | 1 | | | (182) | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Other(7) | | (1) | | | 2 | | | (1) | | | (1) | | | — | | | 1 | | | (1) | | | | | | | | |\n| Adjusted Net Loss | | $ | (31) | | | $ | (80) | | | $ | (97) | | | $ | (75) | | | $ | (197) | | | $ | (111) | | | $ | (606) | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Depreciation and amortization, excluding amortization of intangibles | | 7 | | | 11 | | | 15 | | | 9 | | | 9 | | | 18 | | | 21 | | | | | | | | |\n| Property financing(8) | | 26 | | | 32 | | | 32 | | | 38 | | | 44 | | | 58 | | | 104 | | | | | | | | |\n| Other interest expense(9) | | 4 | | | 5 | | | 5 | | | 9 | | | 9 | | | 9 | | | 23 | | | | | | | | |\n| Interest income(10) | | (12) | | | (18) | | | (24) | | | (30) | | | (34) | | | (30) | | | (52) | | | | | | | | |\n| Income tax expense | | 1 | | | — | | | — | | | — | | | 1 | | | 1 | | | 1 | | | | | | | | |\n| Adjusted EBITDA | | $ | (5) | | | $ | (50) | | | $ | (69) | | | $ | (49) | | | $ | (168) | | | $ | (55) | | | $ | (509) | |\n| Adjusted EBITDA Margin | | (0.3) | % | | (4.2) | % | | (7.9) | % | | (5.0) | % | | (8.5) | % | | (2.0) | % | | (10.0) | % | | | | | | | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b69", "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#b70"], "char_count": 1685, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "57d0fbd188d4254626c87defba8a138aaa809859a1d6ff075274914e7306fbf3", "derivation_id": "7396ea5c62c2219c3c7859de29630768bfe23afbfa2e2330507820c329b8f821", "document_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-08-01", "filing_id": "sec:0001801169:0001801169-24-000138", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "block_sequence": 69, "char_end": 16, "char_start": 0, "fragment_sha256": "01a5d119f92b50d9d83ad785b58a9ac1b7fbdebc21a0c1c499423ffd74d337a6", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "block_sequence": 70, "char_end": 1667, "char_start": 0, "fragment_sha256": "96d44233285884783978b8df08780724da022fb8e46cf7cbc0d485bec12b1ba7", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#p32", "passage_kind": "narrative", "passage_sequence": 32, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-08-01", "section_id": "norm:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-24-000138:q22024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000138/q22024formxex991earningsre.htm", "table_id": null, "text": "________________\n\n(1)Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2)Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4)Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5)Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6)Restructuring costs consist primarily of severance and employee termination benefits and bonuses incurred in connection with employees’ roles being eliminated. (7)Includes primarily gain or loss on the sale of available for sale securities, sublease income, gain or loss on the disposal of property and equipment, income from equity method investments, and gain on lease termination. (8)Includes interest expense on our non-recourse asset-backed debt facilities. (9)Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, and interest expense related to the 2026 Notes outstanding. (10)Consists mainly of interest earned on cash, cash equivalents, restricted cash and marketable securities."} diff --git a/data/normalized/sec/0001801169/8-K/2024-09-12_0001801169-24-000153/norm_0001801169_0001801169-24-000153_exhibit991boardofdirectors.htm.json b/data/normalized/sec/0001801169/8-K/2024-09-12_0001801169-24-000153/norm_0001801169_0001801169-24-000153_exhibit991boardofdirectors.htm.json new file mode 100644 index 0000000000000000000000000000000000000000..9da1bf629043cefd7e8f28388c8ac7aae8d74c9e --- /dev/null +++ b/data/normalized/sec/0001801169/8-K/2024-09-12_0001801169-24-000153/norm_0001801169_0001801169-24-000153_exhibit991boardofdirectors.htm.json @@ -0,0 +1,104 @@ +{ + "acceptance_datetime": "2024-09-12T16:09:16.000Z", + "amends_accession": null, + "artifact_role": "ex99-01", + "blocks": [ + { + "block_id": "norm:0001801169:0001801169-24-000153:exhibit991boardofdirectors.htm#b0", + "block_sequence": 0, + "block_sha256": "f2db15da9b01bcf3ed0cef45ff60c4daa7be60221994d6e5bd5f53c4ec622f0b", + "block_type": "paragraph", + "char_count": 3598, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000153:exhibit991boardofdirectors.htm", + "block_sequence": 0, + "char_end": 3598, + "char_start": 0, + "fragment_sha256": "305c55fd9f02184b43f088f8488df06f5a3fac2f2375067ef20ad2e2df85910b", + "heading_path": [], + "table_index": null, + "tag_name": "document" + }, + "section_id": "norm:0001801169:0001801169-24-000153:exhibit991boardofdirectors.htm#s0", + "table": null, + "text": "EX-99.1 2 exhibit991boardofdirectors.htm EX-99.1 Document created using Wdesk Copyright 2024 Workiva Document Exhibit 99.1 David Benson joins Opendoor Board of Directors SAN FRANCISCO, SEPTEMBER 12, 2024 \u2013 Opendoor Technologies Inc. (\u201cOpendoor\u201d) (Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today announced that David Benson, former President of Fannie Mae, has been appointed to its Board of Directors (\u201cBoard\u201d), effective immediately. Mr. Benson will also serve on the Audit Committee of the Board. \u201cI am thrilled to welcome David to our Board. He is a deeply respected executive who brings to our team three decades of leadership in the single-family residential real estate space, along with deep understanding of the capital markets and regulatory landscape,\u201d said Carrie Wheeler, Opendoor CEO and Board Director. \u201cI know that we will benefit from his industry insights and operating expertise as we continue building the largest, most trusted e-commerce platform for residential real estate transactions.\u201d \u201cI am pleased to join the Board of Opendoor,\u201d said Mr. Benson. \u201cOpendoor has an impressive track record of bringing innovative and customer-centric solutions to residential real estate. I am eager to collaborate with the Board and management team to build further on Opendoor\u2019s progress in bringing certainty and efficiency to the home buying and selling process.\u201d Mr. Benson most recently served as President of Fannie Mae, the largest provider of mortgage credit in the United States with over $4 trillion assets, from August 2018 until his retirement in May 2024. As President, Mr. Benson oversaw each of Fannie Mae\u2019s business units, single-family residential and multifamily, as well as several corporate functions, including Finance, IT, Operations, Strategy, Human Resources and Communications. During his time at Fannie Mae, Mr. Benson played a critical leadership role in modernizing the company\u2019s business model and leading it to record levels of profitability. In addition, Mr. Benson pioneered the formation of Common Securitization Solutions, a cloud-native platform that enables the $7 trillion mortgage-backed securities market to achieve enhanced levels of liquidity and standardization. Mr. Benson joined Fannie Mae in 2002, and prior to his role as President served in a range of leadership roles, including as Executive Vice President and Chief Financial Officer, Executive Vice President\u2014Capital Markets, Securitization & Corporate Strategy, and as Treasurer. Mr. Benson also served as Interim Chief Executive Officer and a member of the board of directors during part of 2022, as Interim Chief Financial Officer during part of 2021, and as the interim head of Fannie Mae\u2019s Single-Family business earlier in 2021. Prior to joining Fannie Mae, Mr. Benson was Managing Director in the fixed income division of Merrill Lynch & Co., Inc., where, from 1988 through 2002, he served in several capacities in the areas of risk management, trading, debt syndication and e-commerce. About Opendoor Opendoor is a leading e-commerce platform for residential real estate transactions whose mission is to power life\u2019s progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple and certain way to sell and buy a home. Opendoor is a team of problem solvers, innovators and operators who are leading the future of real estate. Opendoor currently operates in markets nationwide. For more information, please visit www.opendoor.com. 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(“Opendoor”) (Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today announced that David Benson, former President of Fannie Mae, has been appointed to its Board of Directors (“Board”), effective immediately. Mr. Benson will also serve on the Audit Committee of the Board. “I am thrilled to welcome David to our Board. He is a deeply respected executive who brings to our team three decades of leadership in the single-family residential real estate space, along with deep understanding of the capital markets and regulatory landscape,” said Carrie Wheeler, Opendoor CEO and Board Director. “I know that we will benefit from his industry insights and operating expertise as we continue building the largest, most trusted e-commerce platform for residential real estate transactions.” “I am pleased to join the Board of Opendoor,” said Mr. Benson. “Opendoor has an impressive track record of bringing innovative and customer-centric solutions to residential real estate. I am eager to collaborate with the Board and management team to build further on Opendoor’s progress in bringing certainty and efficiency to the home buying and selling process.” Mr. Benson most recently served as President of Fannie Mae, the largest provider of mortgage credit in the United States with over $4 trillion assets, from August 2018 until his retirement in May 2024. As President, Mr. Benson oversaw each of Fannie Mae’s business units, single-family residential and multifamily, as well as several corporate functions, including Finance, IT, Operations, Strategy, Human Resources and Communications. During his time at Fannie Mae, Mr. Benson played a critical leadership role in modernizing the company’s business model and leading it to record levels of profitability. In addition, Mr. Benson pioneered the formation of Common Securitization Solutions, a cloud-native platform that enables the $7 trillion mortgage-backed securities market to achieve enhanced levels of liquidity and standardization. Mr. Benson joined Fannie Mae in 2002, and prior to his role as President served in a range of leadership roles, including as Executive Vice President and Chief Financial Officer, Executive Vice President—Capital Markets, Securitization & Corporate Strategy, and as Treasurer. Mr. Benson also served as Interim Chief Executive Officer and a member of the board of directors during part of 2022, as Interim Chief Financial Officer during part of 2021, and as the interim head of Fannie Mae’s Single-Family business earlier in 2021. 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In addition, Mr. Benson helped to pioneer the formation of Common Securitization Solutions, a cloud-native platform that enables the $7 trillion mortgage-backed securities market to achieve enhanced levels of liquidity and standardization. Mr. Benson also served as Interim Chief Executive Officer from May 2022 to December 2022, as a member of the board of directors from May 2022 to December 2022, as Interim Chief Financial Officer from May 2021 to November 2021, and as the interim head of Fannie Mae\u2019s Single-Family business from January 2021 to May 2021. Mr. Benson joined Fannie Mae in 2002, and prior to his role as President, served in a range of leadership roles, including as Executive Vice President and Chief Financial Officer, Executive Vice President\u2014Capital Markets, Securitization & Corporate Strategy, and as Treasurer. Prior to joining Fannie Mae, Mr. Benson was Managing Director in the fixed income division of Merrill Lynch & Co., Inc., where, from 1988 through 2002, he served in several capacities in the areas of risk management, trading, debt syndication and e-commerce. Mr. Benson earned his B.S. in Psychobiology from the University of California, Los Angeles, his M.B.A. from Stanford University and his M.D. from Harvard Medical School. In connection with his appointment, Mr. Benson has entered into the Company\u2019s standard form of indemnification agreement for directors and officers. Mr. Benson will be compensated as a member of the Board under the terms of the Company\u2019s Non-Employee Director Compensation Policy (the \u201cPolicy\u201d), which provides for (i) an annual cash retainer of (a) $50,000 for serving on the Board and (b) $10,000 for his service as a member of the Company\u2019s Audit Committee and (ii) an annual grant, on the date of the Company\u2019s annual meeting of stockholders, of restricted stock units (\u201cRSUs\u201d) for that number of shares of common stock equal to $200,000 divided by the Share Price (as defined in the Policy), rounded to the nearest whole share (the \u201cAnnual Grant\u201d) and that vests in a single installment on the earlier to occur of (a) the Company\u2019s next annual meeting of stockholders or (b) the first anniversary of the date of grant of the Annual Grant, subject to the director\u2019s continued service on the Board through such vesting date. Pursuant to the Policy, upon his appointment to the Board, Mr. Benson received a prorated Annual Grant of 78,432 RSUs on September 11, 2024." + }, + { + "block_id": "norm:0001801169:0001801169-24-000153:open-20240911.htm#b24", + "block_sequence": 24, + "block_sha256": "a3a5f47cef070db2ab5b79acb75ccdb30051976f44c49d17876345c3760ca049", + "block_type": "heading", + "char_count": 23, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000153:open-20240911.htm", + "block_sequence": 24, + "char_end": 23, + "char_start": 0, + "fragment_sha256": "6ad4c30b01c5f7f0e66d6fac0113c736f6dd557db999a7448acabec9b8fb2eda", + "heading_path": [ + "UNITED STATES", + "Item 8.01 Other Events." + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000153:open-20240911.htm#s15", + "table": null, + "text": "Item 8.01 Other Events." + }, + { + "block_id": "norm:0001801169:0001801169-24-000153:open-20240911.htm#b25", + "block_sequence": 25, + "block_sha256": "3a08c0748b1c3e2593018f5f43f6467b3faa2c2856fd5ca397d6691c185dbd9a", + "block_type": "paragraph", + "char_count": 200, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000153:open-20240911.htm", + "block_sequence": 25, + "char_end": 200, + "char_start": 0, + "fragment_sha256": "dce518f033a2a8113f8bf728abad89e6859d58806a4f4a46857e9db3c21c2edd", + "heading_path": [ + "UNITED STATES", + "Item 8.01 Other Events." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000153:open-20240911.htm#s15", + "table": null, + "text": "On September 12, 2024, the Company issued a press release announcing the director appointment. 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"company_name": "Opendoor Technologies Inc.", "content_sha256": "1cedb6b0b4276528db71c05e6865869a2cddd8e2ffef4416adb0a98d741a2bd6", "derivation_id": "e185b4e5713bdd53ddab2acf6de0bab46dcf1eab0a144e50962e4717714d4f75", "document_id": "norm:0001801169:0001801169-24-000153:open-20240911.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2024-09-12", "filing_id": "sec:0001801169:0001801169-24-000153", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "N/A"], "items": ["5.02", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000153:open-20240911.htm", "block_sequence": 19, "char_end": 517, "char_start": 0, "fragment_sha256": "0f1d2504263bbe20bcbb1e090981b779b3d60c0e8276428f633793f5c90c8e03", "heading_path": ["UNITED STATES", "N/A"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": 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Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-24-000153:open-20240911.htm#b23"], "char_count": 3268, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9425195d9c2bb830a69a359ae35f0c51c90a023d74610b98085264f81d7ff96c", "derivation_id": "e185b4e5713bdd53ddab2acf6de0bab46dcf1eab0a144e50962e4717714d4f75", "document_id": "norm:0001801169:0001801169-24-000153:open-20240911.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2024-09-12", "filing_id": "sec:0001801169:0001801169-24-000153", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 5.02", "Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.", "Appointment of Director"], "items": ["5.02", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000153:open-20240911.htm", "block_sequence": 23, "char_end": 3268, "char_start": 0, "fragment_sha256": "60d2b8db813b9974b5ebe46932631c36438eb52decbb0b4f3077b4dd4aaedded", "heading_path": ["UNITED STATES", "Item 5.02", "Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.", "Appointment of Director"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000153:open-20240911.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-09-11", "section_id": "norm:0001801169:0001801169-24-000153:open-20240911.htm#s14", "source_artifact_id": "sec:0001801169:0001801169-24-000153:open-20240911.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000153/open-20240911.htm", "table_id": null, "text": "On September 11, 2024, the Board of Directors (the “Board”) of Opendoor Technologies Inc. (the “Company”) approved the appointment of David Benson to the Board, effective immediately. Mr. Benson was appointed as a Class III director for a term expiring at the Company’s 2026 annual meeting of stockholders. Mr. Benson was also appointed to the Audit Committee of the Board, effective immediately. Mr. Benson most recently served as President of Fannie Mae, the largest provider of mortgage credit in the United States with over $4 trillion assets, from August 2018 until his retirement in May 2024. As President, Mr. Benson oversaw each of Fannie Mae’s business units, single-family residential and multifamily, as well as several corporate functions, including Finance, IT, Operations, Strategy, Human Resources and Communications. In addition, Mr. Benson helped to pioneer the formation of Common Securitization Solutions, a cloud-native platform that enables the $7 trillion mortgage-backed securities market to achieve enhanced levels of liquidity and standardization. Mr. Benson also served as Interim Chief Executive Officer from May 2022 to December 2022, as a member of the board of directors from May 2022 to December 2022, as Interim Chief Financial Officer from May 2021 to November 2021, and as the interim head of Fannie Mae’s Single-Family business from January 2021 to May 2021. Mr. Benson joined Fannie Mae in 2002, and prior to his role as President, served in a range of leadership roles, including as Executive Vice President and Chief Financial Officer, Executive Vice President—Capital Markets, Securitization & Corporate Strategy, and as Treasurer. Prior to joining Fannie Mae, Mr. Benson was Managing Director in the fixed income division of Merrill Lynch & Co., Inc., where, from 1988 through 2002, he served in several capacities in the areas of risk management, trading, debt syndication and e-commerce. Mr. Benson earned his B.S. in Psychobiology from the University of California, Los Angeles, his M.B.A. from Stanford University and his M.D. from Harvard Medical School. In connection with his appointment, Mr. Benson has entered into the Company’s standard form of indemnification agreement for directors and officers. Mr. Benson will be compensated as a member of the Board under the terms of the Company’s Non-Employee Director Compensation Policy (the “Policy”), which provides for (i) an annual cash retainer of (a) $50,000 for serving on the Board and (b) $10,000 for his service as a member of the Company’s Audit Committee and (ii) an annual grant, on the date of the Company’s annual meeting of stockholders, of restricted stock units (“RSUs”) for that number of shares of common stock equal to $200,000 divided by the Share Price (as defined in the Policy), rounded to the nearest whole share (the “Annual Grant”) and that vests in a single installment on the earlier to occur of (a) the Company’s next annual meeting of stockholders or (b) the first anniversary of the date of grant of the Annual Grant, subject to the director’s continued service on the Board through such vesting date. Pursuant to the Policy, upon his appointment to the Board, Mr. Benson received a prorated Annual Grant of 78,432 RSUs on September 11, 2024."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-24-000153:open-20240911.htm#b25"], "char_count": 200, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "3a08c0748b1c3e2593018f5f43f6467b3faa2c2856fd5ca397d6691c185dbd9a", "derivation_id": "e185b4e5713bdd53ddab2acf6de0bab46dcf1eab0a144e50962e4717714d4f75", "document_id": "norm:0001801169:0001801169-24-000153:open-20240911.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2024-09-12", "filing_id": "sec:0001801169:0001801169-24-000153", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 8.01 Other Events."], "items": ["5.02", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000153:open-20240911.htm", "block_sequence": 25, "char_end": 200, "char_start": 0, "fragment_sha256": "dce518f033a2a8113f8bf728abad89e6859d58806a4f4a46857e9db3c21c2edd", "heading_path": ["UNITED STATES", "Item 8.01 Other Events."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000153:open-20240911.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-09-11", "section_id": "norm:0001801169:0001801169-24-000153:open-20240911.htm#s15", "source_artifact_id": "sec:0001801169:0001801169-24-000153:open-20240911.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000153/open-20240911.htm", "table_id": null, "text": "On September 12, 2024, the Company issued a press release announcing the director appointment. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by this reference."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-24-000153:open-20240911.htm#b28"], "char_count": 12, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1bb512677b8189f063271298af785857c211249e9a13edc9cf8a2d4545faefd7", "derivation_id": "e185b4e5713bdd53ddab2acf6de0bab46dcf1eab0a144e50962e4717714d4f75", "document_id": "norm:0001801169:0001801169-24-000153:open-20240911.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2024-09-12", "filing_id": "sec:0001801169:0001801169-24-000153", "flags": ["short_passage"], "form": "8-K", "heading_path": ["UNITED STATES", "Item 9.01", "Financial Statements and Exhibits."], "items": ["5.02", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000153:open-20240911.htm", "block_sequence": 28, "char_end": 12, "char_start": 0, 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Opendoor Technologies Inc. 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(previously Google Inc.), a global technology company, since February 2023 and served as Vice President of Finance, Commerce, Payments and NBU at Alphabet Inc. from July 2021 to February 2023. Previously, he served as a Vice President in various capacities at eBay Inc., an e-commerce company, from March 2015 to June 2021. Mr. Freiha received his Bachelor of Science in psychology from U.C. Davis. In connection with his appointment as Chief Financial Officer, Mr. Freiha and the Company entered into an offer letter, dated September 30, 2024 (the \u201cFreiha Offer Letter\u201d). Pursuant to the Freiha Offer Letter, Mr. Freiha is entitled to an annual base salary of $500,000 and is eligible to participate in an annual cash incentive program established by the compensation committee of the board of directors of the Company (the \u201cBoard\u201d), with a target bonus amount of 50% of the base salary paid. In lieu of the foregoing annual bonus in 2024, Mr. Freiha will receive a guaranteed, one-time bonus of $750,000 (the \u201cSign-on Payment\u201d) which will be paid in two equal installments. If Mr. Freiha terminates his employment with the Company or if he is terminated for cause, in either case prior to the one-year anniversary of his start date, he must repay any amounts he received of such Sign-on Payment. In addition, subject to the approval of the Board, the Freiha Offer Letter provides that Mr. Freiha will be granted an award of 3,875,000 restricted stock units (\u201cRSUs\u201d). Approximately one-third of the RSUs will vest on November 15, 2025, with the remaining vesting quarterly over the two year period thereafter. The Freiha Offer Letter further provides that Mr. Freiha will be entitled to severance upon certain qualifying terminations of employment as outlined in the Company\u2019s Executive Severance Plan, which was filed with the Company\u2019s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (the \u201cSeverance Plan\u201d). Pursuant to the Freiha Offer Letter, Mr. Freiha will participate as a Tier 2 Executive (as defined in the Severance Plan). In addition, Mr. Freiha will enter into an Indemnification Agreement based on the form previously approved by the Board and entered into with the Company\u2019s other executive officers. Mr. Freiha does not have any family relationships with any of the Company\u2019s directors or executive officers. Mr. Freiha is not party to any transactions of the type listed in Item 404(a) of Regulation S-K. The Company anticipates Ms. Schwartz will remain employed at the Company through May 2, 2025, and will serve as the Company\u2019s Chief Accounting Officer following her resignation as interim Chief Financial Officer effective November 4, 2024. In connection with this transition, Ms. Schwartz and the Company executed a transition agreement, dated September 30, 2024 (the \u201cSchwartz Transition Agreement\u201d). Pursuant to the Schwartz Transition Agreement, Ms. Schwartz will continue to be employed with the Company through May 2, 2025, on substantially the same terms and with substantially the same compensation. If Ms. Schwartz\u2019s employment terminates on May 2, 2025, or Ms. Schwartz\u2019s employment is terminated by the Company without cause prior to May 2, 2025, she will be entitled to her base salary and equity vesting through May 2, 2025 plus the severance compensation to which she would be entitled to under the Severance Plan as a result of a termination without cause. The foregoing summary of the material terms of Mr. Freiha\u2019s and Ms. Schwartz\u2019s employment with the Company is qualified by the actual terms of the Freiha Offer Letter and the Schwartz Transition Agreement, each of which will be filed as exhibits to the Company\u2019s Quarterly Report on Form 10-Q for the three months ending September 30, 2024 and are incorporated by reference herein." + }, + { + "block_id": "norm:0001801169:0001193125-24-230175:d844934d8k.htm#b21", + "block_sequence": 21, + "block_sha256": "44295c0de504babc0bd924aea11c28e2fce16651c8639a2c15cd80d7ed36a7d8", + "block_type": "heading", + "char_count": 24, + "level": 3, + "locator": { + "artifact_id": "sec:0001801169:0001193125-24-230175:d844934d8k.htm", + "block_sequence": 21, + "char_end": 24, + "char_start": 0, + "fragment_sha256": "47fa350cd47b41612f542ee147bdfc1189515bb9e4b0856b2131f0d3a1095442", + "heading_path": [ + "N/A", + "Item 8.01. 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"norm:0001801169:0001193125-24-230175:d844934d8k.htm#b17", "text": "| | | | | |\n| --- | --- | --- | --- | --- |\n| Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |\n| Common stock, $0.0001 par value per share | | OPEN | | The Nasdaq Stock Market LLC |"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001193125-24-230175:d844934d8k.htm#b18"], "char_count": 517, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d1ab1f0e65a97a1333e70f74d30be16b71c9b9a974d8b346a5adbc5e065995ec", "derivation_id": "6ba6b5a4efdbdad37fe9cbe72e3a9ff508337963c9fde7682c9269458c9571ee", "document_id": "norm:0001801169:0001193125-24-230175:d844934d8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2024-10-01", "filing_id": "sec:0001801169:0001193125-24-230175", "flags": [], "form": "8-K", "heading_path": ["N/A"], "items": ["5.02", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-24-230175:d844934d8k.htm", "block_sequence": 18, "char_end": 517, "char_start": 0, "fragment_sha256": "4cc2f7b511bdcb57fddd4986dd89d6837fcc696f3584eb8582c94a7dff3dd015", "heading_path": ["N/A"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-24-230175:d844934d8k.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-09-30", "section_id": "norm:0001801169:0001193125-24-230175:d844934d8k.htm#s11", "source_artifact_id": "sec:0001801169:0001193125-24-230175:d844934d8k.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312524230175/d844934d8k.htm", "table_id": null, "text": "Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001193125-24-230175:d844934d8k.htm#b20"], "char_count": 3998, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5491a76accb2a323b933dd5c172fddb18fe84aa7e2506918d880e9fec29a57cf", "derivation_id": "6ba6b5a4efdbdad37fe9cbe72e3a9ff508337963c9fde7682c9269458c9571ee", "document_id": "norm:0001801169:0001193125-24-230175:d844934d8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2024-10-01", "filing_id": "sec:0001801169:0001193125-24-230175", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers."], "items": ["5.02", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-24-230175:d844934d8k.htm", "block_sequence": 20, "char_end": 3998, "char_start": 0, "fragment_sha256": "bb31680554ae070e02a6e836b4d937408f7e8288b2013ed4b4fa49582858f625", "heading_path": ["N/A", "Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-24-230175:d844934d8k.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-09-30", "section_id": "norm:0001801169:0001193125-24-230175:d844934d8k.htm#s12", "source_artifact_id": "sec:0001801169:0001193125-24-230175:d844934d8k.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312524230175/d844934d8k.htm", "table_id": null, "text": "On October 1, 2024 Opendoor Technologies Inc. (the “Company”) announced the appointment of Selim F. Freiha as the Chief Financial Officer of the Company effective as of November 4, 2024, replacing Christy Schwartz, the Company’s interim Chief Financial Officer who will resign from such position on November 4, 2024, but will continue as the Company’s Chief Accounting Officer on the terms described below. Mr. Freiha, age 53, has served as the Vice President, Finance, Capital Allocation and Planning at Alphabet Inc. (previously Google Inc.), a global technology company, since February 2023 and served as Vice President of Finance, Commerce, Payments and NBU at Alphabet Inc. from July 2021 to February 2023. Previously, he served as a Vice President in various capacities at eBay Inc., an e-commerce company, from March 2015 to June 2021. Mr. Freiha received his Bachelor of Science in psychology from U.C. Davis. In connection with his appointment as Chief Financial Officer, Mr. Freiha and the Company entered into an offer letter, dated September 30, 2024 (the “Freiha Offer Letter”). Pursuant to the Freiha Offer Letter, Mr. Freiha is entitled to an annual base salary of $500,000 and is eligible to participate in an annual cash incentive program established by the compensation committee of the board of directors of the Company (the “Board”), with a target bonus amount of 50% of the base salary paid. In lieu of the foregoing annual bonus in 2024, Mr. Freiha will receive a guaranteed, one-time bonus of $750,000 (the “Sign-on Payment”) which will be paid in two equal installments. If Mr. Freiha terminates his employment with the Company or if he is terminated for cause, in either case prior to the one-year anniversary of his start date, he must repay any amounts he received of such Sign-on Payment. In addition, subject to the approval of the Board, the Freiha Offer Letter provides that Mr. Freiha will be granted an award of 3,875,000 restricted stock units (“RSUs”). Approximately one-third of the RSUs will vest on November 15, 2025, with the remaining vesting quarterly over the two year period thereafter. The Freiha Offer Letter further provides that Mr. Freiha will be entitled to severance upon certain qualifying terminations of employment as outlined in the Company’s Executive Severance Plan, which was filed with the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (the “Severance Plan”). Pursuant to the Freiha Offer Letter, Mr. Freiha will participate as a Tier 2 Executive (as defined in the Severance Plan). In addition, Mr. Freiha will enter into an Indemnification Agreement based on the form previously approved by the Board and entered into with the Company’s other executive officers. Mr. Freiha does not have any family relationships with any of the Company’s directors or executive officers. Mr. Freiha is not party to any transactions of the type listed in Item 404(a) of Regulation S-K. The Company anticipates Ms. Schwartz will remain employed at the Company through May 2, 2025, and will serve as the Company’s Chief Accounting Officer following her resignation as interim Chief Financial Officer effective November 4, 2024. In connection with this transition, Ms. Schwartz and the Company executed a transition agreement, dated September 30, 2024 (the “Schwartz Transition Agreement”). Pursuant to the Schwartz Transition Agreement, Ms. Schwartz will continue to be employed with the Company through May 2, 2025, on substantially the same terms and with substantially the same compensation. If Ms. Schwartz’s employment terminates on May 2, 2025, or Ms. Schwartz’s employment is terminated by the Company without cause prior to May 2, 2025, she will be entitled to her base salary and equity vesting through May 2, 2025 plus the severance compensation to which she would be entitled to under the Severance Plan as a result of a termination without cause. The foregoing summary of the material terms of Mr. Freiha’s and Ms."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001193125-24-230175:d844934d8k.htm#b20"], "char_count": 313, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1e6d13db6de1476bb18d9fff75594dbfcb303f50882b2fd661c4590ca512d376", "derivation_id": "6ba6b5a4efdbdad37fe9cbe72e3a9ff508337963c9fde7682c9269458c9571ee", "document_id": "norm:0001801169:0001193125-24-230175:d844934d8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2024-10-01", "filing_id": "sec:0001801169:0001193125-24-230175", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 5.02. 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Other Events."], "items": ["5.02", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-24-230175:d844934d8k.htm", "block_sequence": 22, "char_end": 142, "char_start": 0, "fragment_sha256": "fcde1bd2f4c8226a87f329b0151c7cf236ec3f5b5d7af1cfa30db819a0dbdd07", "heading_path": ["N/A", "Item 8.01. Other Events."], "table_index": null, "tag_name": "p"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-24-230175:d844934d8k.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-09-30", "section_id": "norm:0001801169:0001193125-24-230175:d844934d8k.htm#s13", "source_artifact_id": "sec:0001801169:0001193125-24-230175:d844934d8k.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312524230175/d844934d8k.htm", "table_id": null, "text": "On October 1, 2024, the Company announced that Shrisha Radhakrishna will join the Company in November as Chief Technology and Product Officer."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001193125-24-230175:d844934d8k.htm#b25"], "char_count": 250, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "85f9f810d16630fa075230248614c67e1df589c4baea921fdc6cd78cddc9581d", "derivation_id": "6ba6b5a4efdbdad37fe9cbe72e3a9ff508337963c9fde7682c9269458c9571ee", "document_id": "norm:0001801169:0001193125-24-230175:d844934d8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2024-10-01", "filing_id": "sec:0001801169:0001193125-24-230175", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 9.01. Financial Statements and Exhibits."], "items": ["5.02", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-24-230175:d844934d8k.htm", "block_sequence": 25, "char_end": 199, "char_start": 0, "fragment_sha256": "5606385b89f6348c1a4a32f28dc98ec10c4d822a565cbd2446b89d68296bb81e", "heading_path": ["N/A", "Item 9.01. Financial Statements and Exhibits."], "table_index": 3, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001193125-24-230175:d844934d8k.htm#p10", "passage_kind": "table", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-09-30", "section_id": "norm:0001801169:0001193125-24-230175:d844934d8k.htm#s15", "source_artifact_id": "sec:0001801169:0001193125-24-230175:d844934d8k.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000119312524230175/d844934d8k.htm", "table_id": "norm:0001801169:0001193125-24-230175:d844934d8k.htm#b25", "text": "| | | |\n| --- | --- | --- |\n| Exhibit No. | | Description |\n| | | |\n| 99.1 | | Press Release, dated October 1, 2024 |\n| | | |\n| 104 | | Cover Page Interactive Data File (Cover page XBRL tags are embedded within the Inline XBRL document) |"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001193125-24-230175:d844934d8k.htm#b26"], "char_count": 449, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "01efd073e09a437261303962180d04aef8eecdf194c8546fb5ec8e1481c104f1", "derivation_id": "6ba6b5a4efdbdad37fe9cbe72e3a9ff508337963c9fde7682c9269458c9571ee", "document_id": "norm:0001801169:0001193125-24-230175:d844934d8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2024-10-01", "filing_id": "sec:0001801169:0001193125-24-230175", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 9.01. Financial Statements and Exhibits."], "items": ["5.02", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001193125-24-230175:d844934d8k.htm", "block_sequence": 26, "char_end": 449, "char_start": 0, "fragment_sha256": "14907c5edcfa342a61defdd2bfbec2fe79d026dc5c1dbc7a0fdb69d9c42363ee", "heading_path": ["N/A", "Item 9.01. 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Opendoor Technologies Inc. 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(\u0093Opendoor\u0094) (Nasdaq: OPEN), the leading e-commerce platform for residential real estate transactions, today announced the appointments of Selim Freiha as Chief Financial Officer and Shrisha Radhakrishna as Chief Technology & Product Officer. \u0093The addition of Selim and Shrisha to our executive team will be instrumental as we continue shaping the future of real estate,\u0094 said Carrie Wheeler, CEO of Opendoor. \u0093Shrisha\u0092s exceptional track record in building transformative digital solutions aligns perfectly with Opendoor\u0092s commitment to creating seamless and innovative customer experiences. Selim brings a wealth of knowledge from the world\u0092s leading tech and e-commerce platforms, making him an ideal fit to help drive our next chapter of growth and financial performance.\u0094 About Selim Freiha Selim has extensive experience leading finance at global tech and e-commerce platforms. He joins Opendoor from Alphabet Inc., where he served as Vice President, leading Corporate Financial Planning & Analysis, and prior to that led Finance for Google Commerce and Payments. Prior to Alphabet Inc., Selim spent 17 years at eBay in roles such as Head of Corporate FP&A, CFO of eBay Markets, and VP, Investor Relations. Selim has a long history of partnering with product and tech teams to drive disciplined growth while enabling investment in innovation. \u0093I\u0092ve followed Opendoor closely over the past decade, and the company\u0092s mission of simplifying real estate transactions is one that deeply resonates with me,\u0094 said Freiha. \u0093I\u0092m energized to help propel the next phase of growth and financial performance at Opendoor, and to continue delivering value for both customers and shareholders.\u0094 About Shrisha Radhakrishna Shrisha is a visionary leader with a proven ability to develop digital platforms that address real-world problems while leading global engineering teams. Most recently, he served as Chief Technology & Product Officer at LegalZoom, where he led the company\u0092s transition to a modern, technology-driven platform, revolutionizing legal services for small businesses. Prior to that, Shrisha spent over a decade at Intuit, where he pioneered the development of QuickBooks Self-Employed and QuickBooks Online\u0097two of the fastest-growing products in Intuit\u0092s history. His work transformed financial management for millions of small businesses worldwide. \u0093Opendoor is not just changing real estate\u0097it\u0092s pushing the industry into the future,\u0094 said Radhakrishna. \u0093I\u0092m thrilled to join this exceptional team and continue building customer-centric solutions that simplify the complex processes of buying and selling homes. Our goal is to make moving easier for everyone, and I can\u0092t wait to help drive that forward.\u0094 Selim and Shrisha will join the Opendoor executive team in November. About Opendoor Opendoor is the leading e-commerce platform for residential real estate transactions whose purpose is to power life\u0092s progress, one move at a time. 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Radhakrishna as Chief Technology & Product Officer Alphabet Inc. and eBay vet named Chief Financial Officer LegalZoom and Intuit vet named Chief Technology & Product Officer SAN FRANCISCO, Oct. 1, 2024 – Opendoor Technologies Inc. (“Opendoor”) (Nasdaq: OPEN), the leading e-commerce platform for residential real estate transactions, today announced the appointments of Selim Freiha as Chief Financial Officer and Shrisha Radhakrishna as Chief Technology & Product Officer. “The addition of Selim and Shrisha to our executive team will be instrumental as we continue shaping the future of real estate,” said Carrie Wheeler, CEO of Opendoor. “Shrisha’s exceptional track record in building transformative digital solutions aligns perfectly with Opendoor’s commitment to creating seamless and innovative customer experiences. Selim brings a wealth of knowledge from the world’s leading tech and e-commerce platforms, making him an ideal fit to help drive our next chapter of growth and financial performance.” About Selim Freiha Selim has extensive experience leading finance at global tech and e-commerce platforms. He joins Opendoor from Alphabet Inc., where he served as Vice President, leading Corporate Financial Planning & Analysis, and prior to that led Finance for Google Commerce and Payments. Prior to Alphabet Inc., Selim spent 17 years at eBay in roles such as Head of Corporate FP&A, CFO of eBay Markets, and VP, Investor Relations. Selim has a long history of partnering with product and tech teams to drive disciplined growth while enabling investment in innovation. “I’ve followed Opendoor closely over the past decade, and the company’s mission of simplifying real estate transactions is one that deeply resonates with me,” said Freiha. “I’m energized to help propel the next phase of growth and financial performance at Opendoor, and to continue delivering value for both customers and shareholders.” About Shrisha Radhakrishna Shrisha is a visionary leader with a proven ability to develop digital platforms that address real-world problems while leading global engineering teams. Most recently, he served as Chief Technology & Product Officer at LegalZoom, where he led the company’s transition to a modern, technology-driven platform, revolutionizing legal services for small businesses. Prior to that, Shrisha spent over a decade at Intuit, where he pioneered the development of QuickBooks Self-Employed and QuickBooks Online—two of the fastest-growing products in Intuit’s history. His work transformed financial management for millions of small businesses worldwide. “Opendoor is not just changing real estate—it’s pushing the industry into the future,” said Radhakrishna. “I’m thrilled to join this exceptional team and continue building customer-centric solutions that simplify the complex processes of buying and selling homes. Our goal is to make moving easier for everyone, and I can’t wait to help drive that forward.” Selim and Shrisha will join the Opendoor executive team in November. About Opendoor Opendoor is the leading e-commerce platform for residential real estate transactions whose purpose is to power life’s progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple and certain way to sell and buy a home. Opendoor is a team of problem solvers, innovators and operators who are leading the future of real estate. Opendoor currently operates in markets nationwide. For more information, please visit www.opendoor.com. 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"norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "Letter to Shareholders 3Q24 Chelsea Hutchison Canby, Oregon Exhibit 99.2" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b7", + "block_sequence": 7, + "block_sha256": "3bf9eb057582bc6098c43fb807e17cc3f61365c520a5ef9033548fcbdc1c15f7", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 7, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "8a79c1b6057f46f673a210345092e155286c27704b0e3934590780cac91aca22", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q24opendoorsh002.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b8", + "block_sequence": 8, + "block_sha256": "447da3b95588c58b36b8ffca7cf27ea9a7f87fd2a6865c4b68c9f3beff909c4e", + "block_type": "paragraph", + "char_count": 1198, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 8, + "char_end": 1198, + "char_start": 0, + "fragment_sha256": "73f2fa87c585b44f10587a2c6cef732534f9f8f0a41e369c61a9635e40597d54", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "Chelsea Hutchison Sold: Canby, Oregon 2 Working with Opendoor gives you the freedom to take things off your plate. \u2013 Chelsea Hutchison Scan here to watch her story When 34-year-old Chelsea was ready to sell her home, she was concerned about the disruption it would cause her - and her beloved dogs. As someone who worked from home, she was anxious about the selling process, which would impact her busy work routine, require her to keep her home in tip-top shape for showings, and bring a lot of new people into the house. That is, until she discovered Opendoor. \u201cIn the past, I had to stay outside with the dogs while people toured my home or keep them calm while strangers walked through our house,\u201d she said. But with Opendoor, she didn\u2019t have to worry about any of that: no additional costs or time for showings and no special arrangements needed. Instead, she avoided the showing process entirely and chose a closing date that didn\u2019t disrupt her life or her loved ones. \u201cThe predictability and flexibility of not having to go through the physical work of preparing the house saved me,\u201d she said. \u201cI\u2019m so glad I Opendoor\u2019d my home, because now I can focus on getting back to doing what I love.\u201d" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b9", + "block_sequence": 9, + "block_sha256": "625ab86ddcf73d8e35e714af728994b192825fa59317457d246aae878ad5c899", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 9, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "e7343f90a79abdfaf65ca74e64ea6ae8707119d36469a10d07cd8f2c887c1403", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q24opendoorsh003.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b10", + "block_sequence": 10, + "block_sha256": "fa3627f63defb2a9b8513c95d27c832a75bc9eafde9cf3697cf0e8dc26d4da8f", + "block_type": "paragraph", + "char_count": 2310, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 10, + "char_end": 2310, + "char_start": 0, + "fragment_sha256": "fd0723482ecc1c235cae09f9f5b61effe457965fa443b94025c3362e9a1c7e7f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "Note: Adjusted Operating Expenses, Adjusted Gross Profit, Contribution Profit, Contribution Margin, Adjusted Net Loss, and Adjusted EBITDA are non-GAAP financial measures. See \u201cUse of Non-GAAP Financial Measures\u201d following the financial tables below for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures. 3 Business Highlights At Opendoor, we are committed to building the most trusted and accessible e-commerce platform in residential real estate. Today\u2019s traditional home transaction process is offline, laden with steps, and mired in uncertainty \u2013 in a word, it is broken. We see tremendous opportunity to redefine this experience by bringing simplicity, transparency, and efficiency to every step of the home buying and selling process. With advanced technology and purpose-built systems, we have empowered hundreds of thousands of customers to take control of what is often their most important financial asset, making it easy for homeowners to move forward with confidence and ease. During the third quarter, Opendoor delivered acquisition volumes, revenue, and Contribution Profit ahead of our guidance. Adjusted EBITDA also outperformed our guidance and saw marked year-over-year improvement, demonstrating strong execution while continuing to navigate a challenging housing environment. Financial highlights from the third quarter include: \u25cf Purchased 3,504 homes, up 12% versus 3Q23, and ahead of our guidance for slight year-over-year growth. \u25cf Sold 3,615 homes, which generated $1.4 billion of revenue, up 41% versus 3Q23 revenue, and above the high end of our guidance range of $1.2 billion to $1.3 billion. \u25cf Delivered gross profit of $105 million, versus $96 million in 3Q23, representing a 7.6% gross margin. Contribution Profit was $52 million, versus $43 million in 3Q23, representing a 3.8% Contribution Margin, above the high end of our guidance range of 2.9% to 3.5%. \u25cf Recognized Net Loss of $(78) million and Adjusted Net Loss of $(70) million, versus $(106) million and $(75) million in 3Q23, respectively. Adjusted EBITDA Loss was $(38) million, as compared to $(49) million in 3Q23, and ahead of our guidance range of $(70) million to $(60) million. 3Q24 Revenue $1.4 billion 3Q24 Acquisitions 3,504 3Q24 Contribution Margin 3.8%" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b11", + "block_sequence": 11, + "block_sha256": "2e6210b75e462ab4045e2ecee4301c3ac7055f46156b76e01fb63e8c970d8106", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 11, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "1f7419adbfad2c47573202cb587797c3c13bf4fc1f916ffff28fcb2d4af8a5b8", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q24opendoorsh004.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b12", + "block_sequence": 12, + "block_sha256": "a779dcb6ed723252ad1d3931085421714a1ebce8bb60eb790b273a04c9b6260e", + "block_type": "paragraph", + "char_count": 2284, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 12, + "char_end": 2284, + "char_start": 0, + "fragment_sha256": "fb5289f42a6007de526b4023ae09faa2b389b8eb1c5e3683207270f79f0c0c07", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "Proactively Managing Risk Through Spreads Back in August, market expectation was that rate reductions were on the horizon, sparking optimism for improvement in the housing market. While the Fed introduced a 50-basis point rate cut in September, mortgage rate relief was temporary, with rates recently rebounding to over 7.0%. Elevated mortgage rate levels, coupled with near-record-high home prices, have prolonged housing affordability concerns. Delisting rates have continued to climb as prospective sellers exit the market, and clearance rates have come down more than seasonally typical, indicating reduced buyer demand. As a result, existing home sales remain below four million on a seasonally adjusted annual basis, and inventory levels are increasing, currently up approximately 20% versus prior year. Overall, the housing market is on track to experience the lowest level of existing home sales since 1995. In a nutshell, this year\u2019s housing market is proving to be even more challenging than 2023. In response, we have maintained higher spread levels year-over-year through the third quarter and into the fourth quarter, which is slowing our acquisition pace. This approach allows for healthy margin performance on our acquisitions today and aligns with our risk tolerance in the current environment, helping to safeguard our balance sheet. Our ability to respond to market signals and implement dynamic spread level adjustments is one of our strengths. No one has a crystal ball as to when the market will improve \u2013 but we believe our ability to adjust in response to the latest market signals will allow us to rescale our volumes, should we see a more favorable environment in 2025 than what we have experienced in 2024. Continuing to Drive Efficiency Across Operations We remain focused on maximizing the value we can deliver to our customers while also strengthening our bottom line. Throughout the course of this year, we have taken strategic cost actions to advance this goal, including further leveraging our team in India and driving greater automation and higher productivity. Having the most efficient transaction platform is part of our ethos, and we are committed to continuing to find ways to optimize operations and maximize productivity. 4 Business Highlights" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b13", + "block_sequence": 13, + "block_sha256": "b70c29224c86681161b0529f9a8e98951ee8a8eef5f00947a0d05c100552dd88", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 13, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "3ce6d1b97c0bd95e1af72d1cc7deeed723d16995b42d5b9bdc8e628997115ce7", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q24opendoorsh005.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b14", + "block_sequence": 14, + "block_sha256": "177947cd2c4d2ab1d35d6c3d91e60fd43a17f62ca0f4e22fb9e43fbe0922cf73", + "block_type": "paragraph", + "char_count": 2176, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 14, + "char_end": 2176, + "char_start": 0, + "fragment_sha256": "e24fbe65c843f03051b22decdb8315357b2322585a1df6868d26974217243a94", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "5 3Q23 Sequential Growth in Acquisitions 17% Business Highlights Further, today we announced a reduction in force that impacted approximately 300 roles, or 17% of our workforce, as part of a reorganization aimed at prioritizing strategic growth initiatives, flattening reporting structures, and driving efficiencies. We expect the fully realized cost-savings from this reduction to be approximately $50 million on an annualized basis. This reduction, combined with progress we\u2019ve been making across other cost saving measures, are necessary as we aim to reach Adjusted Net Income profitability. We expect these actions will still allow us to scale effectively while continuing to deliver the same seamless, simple, and customer-centric experience that Opendoor is known for. Expanding our Product Suite Our core product brings millions of serious sellers to our platform by providing them with a real cash offer. While many of these customers choose to sell directly to us, we also attract visitors that are interested in price discovery through testing the market. With the introduction of seller-focused and capital-light solutions, we can provide customers with multiple ways to sell their home, better serving the customers who are already engaging with our platform. This product evolution aligns with our long-term vision for everyone to begin their home-selling journey with Opendoor. As we announced last quarter, we have now launched List with Opendoor in nearly all of our markets. This product gives sellers the option to list their home on the market by connecting them with a local Opendoor partner agent. If the seller doesn\u2019t find the price they want on the MLS, they can still complete their sale by accepting Opendoor\u2019s cash offer, which is valid for 30 days. List with Opendoor and Exclusives, our marketplace product, are both products whose economics \u2013 both for sellers and for Opendoor \u2013 are not sensitive to our spread levels. While it\u2019s still early days, these products enable us to serve customers who would otherwise not have chosen (or been able) to work with Opendoor, allowing us to help more sellers move with the confidence and ease they deserve." + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b15", + "block_sequence": 15, + "block_sha256": "f07c1fa4bf5832183f5fd13b202553203e3b037d0715b6675e4d61294e9d271e", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 15, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "eaf1240b5da301fc4f3383084bb204e201d43a164d37ae0f6b31373f62a80b5d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q24opendoorsh006.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b16", + "block_sequence": 16, + "block_sha256": "edb22fe441cf50f1c4d34b87c2aac4186abccadaa2571380b53c35ba19c55bc6", + "block_type": "paragraph", + "char_count": 901, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 16, + "char_end": 901, + "char_start": 0, + "fragment_sha256": "02cb556ba598d9e74712c07c4c7598108912787f27a15e78be4c0f0fb68749c5", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "Update on the NAR Settlement Practice changes related to the recent National Association of Realtors (\u201cNAR\u201d) settlement went into effect on August 17, 2024. We continue to believe that these actions give consumers more transparency and choice in their home transaction, aligning with our core values. In response to these policy changes, Opendoor has begun transitioning from paying buyer broker commissions to offering concessions to buyers, who, in turn, can determine how best to apply those concessions, including how to compensate their buyer agent. There is little doubt that there will continue to be changes as agents, buyers, and sellers adapt to the new rules and as new models emerge, but we believe the path we have chosen is the best approach for buyers. We will diligently monitor the activities of prominent players in the market and remain nimble in our approach. 6 Business Highlights" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b17", + "block_sequence": 17, + "block_sha256": "f51d87630ea00ca71e770155bcaef482add835ba2e1c809ac47e47b9dc9d606d", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 17, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "d8fe21c5fbb9ee7dda10d0801a2e6ea03e3ba812f8ea182984cae61eba269509", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q24opendoorsh007.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b18", + "block_sequence": 18, + "block_sha256": "1bcdbe5610ce64752206ca6f52222dde9749fca0d498e8cba252e1f0daa70c10", + "block_type": "paragraph", + "char_count": 1954, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 18, + "char_end": 1954, + "char_start": 0, + "fragment_sha256": "336d1bae1beae0717babf012b166fc81317973034f169cf418417302ed13b52a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "7 Financial Highlights 3Q24 Revenue $1.4 billion 3Q24 Homes Acquired 3,504 3,683 3,504 4,771 3Q23 4Q23 1Q24 2Q24 3Q24 $870 $980 3Q23 4Q23 1Q24 2Q24 3Q24 $1,511 $1,377 3,136 $1,181 3,458 3Q24 Contribution Margin 3.8% Our financial results in the third quarter outperformed our guidance across the board, driven by strong execution and a focus on driving efficiency across our business as we aim to reach and surpass our Adjusted Net Income milestone. GROWTH In the third quarter, we delivered $1.4 billion of revenue, above the high end of our guidance range of $1.2 billion to $1.3 billion, representing 3,615 homes sold. On the acquisition side, we purchased 3,504 homes in the third quarter, down 27% sequentially and up 12% versus 3Q23. The decline in purchases quarter-over-quarter was a result of increased spread levels in response to signals of a more challenging macro environment in the second half of the second quarter, as well as decreased marketing spend. UNIT ECONOMICS GAAP Gross Profit was $105 million in 3Q24, versus $129 million in 2Q24 and $96 million in 3Q23. Adjusted Gross Profit, which aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the home is sold, was $99 million in 3Q24, versus $154 million in 2Q24 and $84 million in 3Q23. Contribution Profit was $52 million in the third quarter, versus $95 million in 2Q24 and $43 million in 3Q23. Contribution Margin of 3.8% came in above our guidance range of 2.9% to 3.5% and compares to 6.3% in 2Q24 and 4.4% in 3Q23. NET LOSS AND ADJUSTED EBITDA GAAP Net Loss was $(78) million in 3Q24 versus $(92) million in 2Q24 and $(106) million in 3Q23. Adjusted Net Loss was $(70) million in 3Q24 versus $(31) million in 2Q24 and $(75) million in 3Q23. GAAP Operating Expenses were $172 million in 3Q24, down from $201 million in 2Q24 and $175 million in 3Q23. Adjusted Operating Expenses, defined as the delta between Contribution Profit (Loss)" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b19", + "block_sequence": 19, + "block_sha256": "6fde87d3007dd2a9d5ac7caa8872adb03ad906c53f69be83e4c20c04ddba0841", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 19, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "592fae95b99f507d8b676a8c2966de3633f2e9cfffb6712113a4d11000a868f5", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q24opendoorsh008.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b20", + "block_sequence": 20, + "block_sha256": "cdccdebff3be801c90d10e8daa19f838b1bde9b7ea83415429e1a18713ed9542", + "block_type": "paragraph", + "char_count": 2358, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 20, + "char_end": 2358, + "char_start": 0, + "fragment_sha256": "ed0e40a0f4ba95a7a898dc45ef99ad07c22904d2b0d03e09e52d21b64605cffd", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "8 Financial Highlights 3Q24 Adj. Operating Expenses $90 million $92 $107 $90 3Q23 4Q23 1Q24 2Q24 3Q24 $99 3Q24 Total Capital $1.2 billion 3Q24 Cash, Cash Equivalents, and Marketable Securities $837 million $100 and Adjusted EBITDA, were $90 million in 3Q24, down from $100 million in 2Q24 and $92 million in 3Q23. The outperformance versus guidance on Adjusted Operating Expenses was primarily due to a decrease in marketing spend, coupled with lower than expected fixed and variable expenses as we continued to exercise cost discipline across all aspects of the business. Adjusted EBITDA was $(38) million in the third quarter, ahead of the high end of our guidance range of $(70) million to $(60) million, and compares to $(5) million in 2Q24 and $(49) million in 3Q23. As a percentage of revenue, Adjusted EBITDA was (2.8)% in 3Q24 versus (0.3)% in 2Q24 and (5.0)% in 3Q23. Adjusted EBITDA exceeded our expectations due to outperformance on both margins and Adjusted Operating Expenses. INVENTORY We ended the third quarter with 6,288 homes in inventory on our balance sheet, representing $2.1 billion in net inventory, which was down 4% from 2Q24 and up 64% from 3Q23. Additionally, as of September 30, 2024, 23% of our homes had been listed on the market for more than 120 days, compared to 18% for the broader market, as adjusted for our buybox. We expect that this metric will continue to expand as resale pace slows in the fourth quarter due to typical housing seasonality and as as our resale mix shifts to longer-dated inventory in the near-term. OTHER BALANCE SHEET ITEMS We ended the quarter with $1.2 billion in capital, which is primarily composed of $837 million in unrestricted cash and marketable securities and $218 million of equity invested in homes and related assets (net of inventory valuation adjustments). This compares to $1.2 billion in capital as of the end of 2Q24, which primarily included $809 million in unrestricted cash and marketable securities and $300 million of equity invested in homes and related assets (net of inventory valuation adjustments). At quarter-end, we had $7.0 billion in non-recourse, asset-backed borrowing capacity, comprising $3.0 billion of senior revolving credit facilities and $4.0 billion of senior and mezzanine term debt facilities, of which total committed borrowing capacity was $2.3 billion." + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b21", + "block_sequence": 21, + "block_sha256": "2b9cd466cf59a57269a83ee549b234e7b9e2497a79003c0495df306c217724bc", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 21, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "b931efa935686c462a396302d67c22918be9f89d7cd10edc0deb1af5431f248f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q24opendoorsh009.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b22", + "block_sequence": 22, + "block_sha256": "8e214fb46b2211337e6b397a1ba7273b5d2fc8cd6b2c5be81341b090f4a3d4aa", + "block_type": "paragraph", + "char_count": 982, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 22, + "char_end": 982, + "char_start": 0, + "fragment_sha256": "56d9d826b041649faca5b0813340a698ce51f1691bdb6923a62b05d4eea80b91", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "9 Financial Highlights HOUSING MACRO The housing market remains under pressure as elevated mortgage rates and economic volatility continue to shape the landscape. In the third quarter, mortgage rates showed some relief, falling from 7.1% to 6.1% over the course of the quarter. However, this downward trend was short-lived, and mortgage rates rebounded to over 7.0% by late October. This reversal occurred despite the Federal Reserve's 50 basis point rate cut in September. With the mortgage rate bounce back, homeowners remain locked in to existing low-rate mortgages, and home buyers continue to face affordability constraints. This dynamic has translated into seasonally adjusted annual sales pace of under four million homes, as compared to the decade average of over five million. The sustained high level of delistings, now at more than one delisting for every four resales, highlights the ongoing disconnect between sellers' price expectations and buyers' willingness to pay." + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b23", + "block_sequence": 23, + "block_sha256": "3f8d8bff1594c9dd87747f45b756a8f7204c42b8f389c05fd8a432b1e97b7925", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 23, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "186007d7ff13d3371b726699bd51ace2e26f42494b2e21bdc357b482d47c1cf8", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q24opendoorsh010.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b24", + "block_sequence": 24, + "block_sha256": "4a5a256ddc7ddb338a371279e1cfc71778fe34969d40a9d3934f71b630ce6c38", + "block_type": "paragraph", + "char_count": 2365, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 24, + "char_end": 2365, + "char_start": 0, + "fragment_sha256": "a0de0e879584b57da2da614fa671eec5aeeeb36012b01b0a2e8a7bb708b8a0af", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "GUIDANCE We expect the following results for the fourth quarter of 2024: \u25cf Revenue is expected to be between $925 million and $975 million \u25cf Contribution Profit1 is expected to be between $15 million and $25 million, or Contribution Margin between 1.6% and 2.6% \u25cf Adjusted EBITDA1 is expected to be between $(70) million to $(60) million \u25cf Stock-based compensation expense is expected to be between $18 million and $22 million Our fourth quarter Contribution Margin guidance reflects lower home price appreciation during the hold period due to the softer housing environment. Margins are further pressured by our slowing acquisition volumes, as our resale mix will shift from newer, higher-margin homes toward older homes with lower margins. To note, the midpoint of our revenue and margin guidance implies a full-year Contribution Margin of 4.5%, just 50 basis points shy of our annual target margin range while operating in an incredibly difficult housing environment. While we\u2019ve reduced our spreads sequentially, in-line with normal seasonality, we are still operating at elevated spreads as compared 1. Opendoor has not provided a quantitative reconciliation of forecasted Adjusted Operating Expenses to forecasted GAAP Operating Expenses, forecasted Contribution Profit (Loss) to forecasted GAAP gross profit (loss), forecasted Contribution Margin to forecasted GAAP Gross Margin, nor forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss), GAAP gross margin, operating expenses and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company\u2019s control. For more information regarding the non-GAAP financial measures discussed in this shareholder letter, please see \u201cUse of Non-GAAP Financial Measures\u201d following the financial tables below. 10 Financial Highlights 4Q24 Revenue Guidance $925 to $975 million 4Q24 Contribution Profit1 Guidance $15 to $25 million 4Q24 Adjusted EBITDA1 Guidance $(70) to $(60) million" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b25", + "block_sequence": 25, + "block_sha256": "640e8d586737bf730a6b5f5790bcf6ffa98b470dc34d4ee5a21d8953d06b81d0", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 25, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "b9ade8d7376f435de8656fb68884fa692a6897900eda8cf242c2ccc15f15b7c0", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q24opendoorsh011.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b26", + "block_sequence": 26, + "block_sha256": "992ed8171b496e3d82caf6653b14793424f0959ca44267cdab5466b79eb060f7", + "block_type": "paragraph", + "char_count": 1775, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 26, + "char_end": 1775, + "char_start": 0, + "fragment_sha256": "9bb9665e044ef1c5b30b3f69e63cbb40803ef9d16b1a23512b315362f84a6368", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "11 2. Adjusted Operating Expenses are expected to decline by $85 million on an annualized basis in the first quarter of 2025, as compared to the first quarter of 2024. Financial Highlights to this time last year given the challenging macroeconomic setting. We remain focused on balancing growth, margin, and risk amidst this backdrop, and as such, we expect to acquire over 2,200 homes during the fourth quarter. As we look to the future, we are closely monitoring leading indicators and will continue to respond nimbly to market changes. We are watching for positive macro signals, including how rate relief may improve transaction velocity, clearance rates, delisting rates, and home price appreciation, and we believe we are strategically positioned to leverage any favorable shifts in the housing market. All else equal, the cost reductions we have implemented in the second half of the year will result in a reduction of approximately $85 million in annualized Adjusted Operating Expenses2, including $50 million from our reduction in force announced today and $35 million from the separation of Mainstay we announced in August. CONCLUSION We are committed to navigating the present challenging housing market with discipline and focus. The core strengths of our business model remain unchanged: our product continues to resonate deeply with customers, we stand alone in offering a unique solution at scale for a home seller to transact directly and for a home buyer to have an e-commerce-like transaction experience, and our platform is purpose-built to improve the traditional real estate process. We have strong conviction in Opendoor\u2019s potential to revolutionize the home selling and buying experience, laying the groundwork to build a lasting, generational company." + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b27", + "block_sequence": 27, + "block_sha256": "92bcfba1d3b0259c6a9c4f5efcda34be82763b5c29edc98ab464ff2e381e0442", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 27, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "8678d68cd1b987d0ef621fbcd67c0fa665f5671d2730f6fea48d11a32177a5d7", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q24opendoorsh012.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b28", + "block_sequence": 28, + "block_sha256": "cc9c4f5eea3845b517eec6d1bd8fe4e680f305506290319e5117872e3e853fbc", + "block_type": "paragraph", + "char_count": 504, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 28, + "char_end": 504, + "char_start": 0, + "fragment_sha256": "b4a7d9e5ac9d995fb25b9b4c3f07973437f3924f2ba614c7976d0512e242f278", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "12Raleigh-Durham, NC Carrie Wheeler, CEO Christy Schwartz, Chief Accounting Officer CONFERENCE CALL INFORMATION Opendoor will host a conference call to discuss its financial results on November 7, 2024 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. November 7, 2024 at 2 p.m. PT investor.opendoor.com LIVE WEBCAST" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b29", + "block_sequence": 29, + "block_sha256": "61e1dd62679ce3609ecb02948b33b7614543b509450284bf3b77cbedea63730d", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 29, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "494457b7c33d79831ac2231940c629ff1d118ed901eca89c4d5ec1473f0e04be", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q24opendoorsh013.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b30", + "block_sequence": 30, + "block_sha256": "11d3631a045838fcf6e4076997e149a251d3df8659a21ede15625ead6b74cdef", + "block_type": "paragraph", + "char_count": 67, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 30, + "char_end": 67, + "char_start": 0, + "fragment_sha256": "b1d88b89efd7c230c0b30c3a2915ea92f71a32bf0ac2f318b42874ca8f595cf5", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "/ Opendoor/ OpendoorHQ Company / Opendoor-com investor.opendoor.com" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b31", + "block_sequence": 31, + "block_sha256": "a571cfee6458fe5d8750f59463ef500a871bab29d0f9a01da7b4c30dc0a6fccb", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 31, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "36d278bb75ab05c446ffc0c78defb224889de8220d31d20822cc9ac2ab8710b8", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q24opendoorsh014.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b32", + "block_sequence": 32, + "block_sha256": "2c63f1d7ff27e1d33b27f30c0f9e95bf7c41948cd6f97c20788fda0ea9744012", + "block_type": "paragraph", + "char_count": 33, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 32, + "char_end": 33, + "char_start": 0, + "fragment_sha256": "55d6e3e3fd8bd50d9f47dbea2357b224e23bd6f8bc3dc43551d2094ed12484e8", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "14 Definitions & Financial Tables" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b33", + "block_sequence": 33, + "block_sha256": "d66aa5a43a2968bc758e6c886fc305e2b73b3fe86e8117693a2b85dea78b86c2", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 33, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "71833edbf428386808910df56a143c01ccab6da168385382541ae7f3629e70e1", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q24opendoorsh015.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b34", + "block_sequence": 34, + "block_sha256": "5676c7a8899731e13359c37fc32e72773e6cc4b10aceffe36050a39f4abe943e", + "block_type": "paragraph", + "char_count": 7252, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 34, + "char_end": 7252, + "char_start": 0, + "fragment_sha256": "934d99d0f84014b55a8bfa8fc632b1ccc50fbb23a87561c13505658481355620", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "This shareholder letter contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including, without limitation, statements regarding: current and future health and stability of the real estate housing market and general economy; volatility of mortgage interest rates, changes in resale clearance rates, delistings and expectations regarding future behavior of consumers and partners; the health and status of our financial condition; whether we will be able to rescale our business and maintain margin performance operating with elevated spreads, and realize expected cost savings and reduce Adjusted Operating Expenses as a result of the reduction in force and other streamlining initiatives, including the separation of Mainstay, in a challenging housing market; anticipated future results of operations or financial performance, including our fourth quarter 2024, first quarter 2025 and full- year 2024 outlook and projections and our ability to balance growth, margin and risk in a challenging macroeconomic environment; our ability to achieve other long-term performance targets; our expectations regarding the impact of trends in seasonality on the real estate industry and our business; priorities of the Company to achieve future financial and business goals; our ability to continue to effectively navigate the markets in which we operate; anticipated future and ongoing impacts and benefits of acquisitions, advertising, partnership channel expansions, product innovations and other business decisions; health of our balance sheet to weather ongoing market transitions; our ability to adopt an effective approach to manage economic and industry risk, as well as inventory health; our expectations with respect to the future success of our partnerships and our ability to drive significant growth in sales volumes through such partnerships; business strategy and plans, including any plans to expand into additional markets, market opportunity and expansion and objectives of management for future operations, including statements regarding the benefits and timing of the roll out of new markets, products or technology; and the expected diversification of funding sources. Forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cguidance\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201coutlook\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cvision\u201d, \u201cwill\u201d, or \u201cwould\u201d, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward- looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward- looking statements in this shareholder letter include but are not limited to: the current and future health and stability of the economy, financial conditions and the residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that may impact demand for our products and services, lower our profitability or reduce our access to future financings; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and real estate partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our technology platform, including our automated pricing and valuation technology; ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; any future impact of pandemics or epidemics, including any future resurgences of COVID-19 and its variants, or other public health crises on our ability to operate, demand for our products and services, or other general economic conditions; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; changes in laws or government regulation affecting our business; and the impact of pending or any future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \u201cRisk Factors\u201d in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 15, 2024, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward- looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 15 Forward-Looking Statements" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b35", + "block_sequence": 35, + "block_sha256": "2d2a8a99fafe8ed9c7af03d951d266f6e8e2ba2723d791c318e3f39daf20e2a4", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 35, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "7c364e12501edbe041ddfc52dcb9eba22fee0d9da4b4919495cfad6bf6656d6b", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q24opendoorsh016.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b36", + "block_sequence": 36, + "block_sha256": "850ee1aebce6ffdf8ce8778eaa332dd650f38f5215b0f99c31b9585021d798ea", + "block_type": "paragraph", + "char_count": 3173, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 36, + "char_end": 3173, + "char_start": 0, + "fragment_sha256": "bcbbda52437292858468d014a6bdada902f843c73397ce16b7fca27358f917d4", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company\u2019s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit (Loss), Contribution Profit (Loss), Adjusted Net Loss, Adjusted EBITDA, Adjusted Operating Expenses, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non- GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results. Adjusted Gross Profit (Loss) and Contribution Profit (Loss) To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit (Loss) and Contribution Profit (Loss), which are non-GAAP financial measures. We believe that Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit (Loss) provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit. 16 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b37", + "block_sequence": 37, + "block_sha256": "2f70a6fea140ab45fd43d034d22916c05b54e1509a2734d24ef9c8f99865177c", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 37, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "54d5b3f8cae2caa96fc8ec8125c8ba5acba2dfdb2125de946c421e5b2232e1cd", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q24opendoorsh017.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b38", + "block_sequence": 38, + "block_sha256": "5ff4987a981ee32ae7f616d49aed538a9fb73e759faf63438e167634375c0194", + "block_type": "paragraph", + "char_count": 1861, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 38, + "char_end": 1861, + "char_start": 0, + "fragment_sha256": "4a71cb49c1dd5eb154a2b71fb0d79eb017bade724d5b2767f0d23f9549214c75", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "Adjusted Gross Profit (Loss) / Margin We calculate Adjusted Gross Profit (Loss) as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. Adjusted Gross Margin is Adjusted Gross Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit (Loss) helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution Profit (Loss) / Margin We calculate Contribution Profit (Loss) as Adjusted Gross Profit (Loss), minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit (Loss) helps management assess inflows and outflows directly associated with a specific resale cohort. 17 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b39", + "block_sequence": 39, + "block_sha256": "8bedd42bd38ea7ba137d481f0d341572f6d331e5c4cfbad0e54859bf25ddc303", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 39, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "65aefc6bac042a632b71773750e5c4708732d992214c5ef326cc2beab5c1b388", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q24opendoorsh018.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b40", + "block_sequence": 40, + "block_sha256": "c42d6031f0e053389203964d06271f21d0e951eb05d95243d304b837d6655dcd", + "block_type": "paragraph", + "char_count": 3148, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 40, + "char_end": 3148, + "char_start": 0, + "fragment_sha256": "a11be15f1c1202fa676397e4caac524f9ea45853ba039e38ae0faf4b598943fc", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "18 Adjusted Net Loss and Adjusted EBITDA / Margin We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss. We calculate Adjusted Net Loss as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring. It excludes loss (gain) on extinguishment of debt as these expenses or gains were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities and the 0.25% convertible senior notes due in 2026 (the \"2026 Notes\") early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue. Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b41", + "block_sequence": 41, + "block_sha256": "e8163649a68908a6c33a01938778cce6185be3a7dcebd3bb2b43a3e6c7be9e6a", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 41, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "08b16d4d32fbc85687d40c1bcd652a2d2dbf6e4b35780eb9b690822e9c22ded8", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q24opendoorsh019.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b42", + "block_sequence": 42, + "block_sha256": "d8a7c6f9b14c674e726ba776dd40e491ef6cf1c730bf88bf555782006ba7cc44", + "block_type": "paragraph", + "char_count": 4232, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 42, + "char_end": 4232, + "char_start": 0, + "fragment_sha256": "274ee324a35cecb7d7e6cf5f916c206d06d7652758b55eb752c90b4bf5e46d91", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "19 Adjusted Operating Expense We also present Adjusted Operating Expense, which is a non-GAAP financial measure that bridges the difference between Contribution Profit and Adjusted EBITDA. We believe this measure provides investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to Contribution Profit (Loss) and certain charges that are non-cash, or not directly related to our revenue-generating operations are removed. Adjusted Operating Expense is a supplemental measure of our operating expenditures and has important limitations. For example, this measure excludes the impact of certain costs required to be recorded under GAAP. This measure removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to Contribution Margin. This measure could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, this measure should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of this measure to the most directly comparable GAAP financial measure, which is operating expenses. We calculate Adjusted Operating Expense as GAAP operating expense adjusted to exclude direct selling costs and holding costs included in determining Contribution Profit (Loss). The measure also excludes non-cash expenses of stock-based compensation, depreciation and amortization, and intangibles amortization. It also excludes expenses that are not directly related to our revenue-generating operations such as restructuring charges. Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, Adjusted Technology and Development We also present Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, and Adjusted Technology and Development, which are non-GAAP financial measures that provide investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to contribution profit and certain charges that are non-cash are removed. These supplemental measures of our operating expenditures have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. Specifically, Adjusted Sales, Marketing and Operations removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to contribution margin. These measures could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which are Sales, marketing and operations expense, General and administrative expense and Technology and development expense. We calculate Adjusted Sales, Marketing and Operations as GAAP sales, marketing and operations expenses to exclude direct selling costs and holding costs included in determining Contribution Profit (Loss). This measure also excludes non-cash expenses of stock-based compensation and depreciation and amortization associated with sales, marketing and operations assets. We calculate Adjusted General and Administrative as GAAP general and administrative expenses to exclude non-cash expenses of stock-based compensation, depreciation and amortization of intangibles associated with general and administrative assets. It also excludes expenses that are not directly related to our revenue-generating operations. We calculate Adjusted Technology and Development as GAAP technology and development expenses to exclude non-cash expenses of stock-based compensation, depreciation and amortization associated with technology and development assets. Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b43", + "block_sequence": 43, + "block_sha256": "6651d9d9a8cb8422e01513febf35253d25e7d50825a6246cfc4d81e9b30c9008", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 43, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "a85e566e135b503bf6cbd2559d72c04e62c90e083cd5789e46e477b83dde4eb7", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q24opendoorsh020.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b44", + "block_sequence": 44, + "block_sha256": "cffab75c77531f77a39e4de0493bd7760bb800b8454fe91c08a7aab946d71057", + "block_type": "paragraph", + "char_count": 1289, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 44, + "char_end": 1289, + "char_start": 0, + "fragment_sha256": "fedf2bb761ae4831945a8f65a301971f0d2ca0ed0dfedff103e426c6e9a3da47", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "20 Three Months Ended September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Revenue $ 1,377 $ 1,511 $ 1,181 $ 870 $ 980 Gross profit $ 105 $ 129 $ 114 $ 72 $ 96 Gross Margin 7.6 % 8.5 % 9.7 % 8.3 % 9.8 % Net loss $ (78) $ (92) $ (109) $ (91) $ (106) Number of markets (at period end) 50 50 50 50 53 Homes sold 3,615 4,078 3,078 2,364 2,687 Homes purchased 3,504 4,771 3,458 3,683 3,136 Homes in inventory (at period end) 6,288 6,399 5,706 5,326 4,007 Inventory (at period end) $ 2,145 $ 2,234 $ 1,881 $ 1,775 $ 1,311 Percentage of homes \u201con the market\u201d for greater than 120 days (at period end) 23 % 14 % 15 % 18 % 12 % Non-GAAP Financial Highlights (1) Contribution Profit $ 52 $ 95 $ 57 $ 30 $ 43 Contribution Margin 3.8 % 6.3 % 4.8 % 3.4 % 4.4 % Adjusted EBITDA $ (38) $ (5) $ (50) $ (69) $ (49) Adjusted EBITDA Margin (2.8) % (0.3) % (4.2) % (7.9) % (5.0) % Adjusted Net Loss $ (70) $ (31) $ (80) $ (97) $ (75) OPENDOOR TECHNOLOGIES INC. FINANCIAL HIGHLIGHTS AND OPERATING METRICS (In millions, except percentages, homes sold, number of markets, homes purchased, and homes in inventory) (Unaudited) (1) See \u201c\u2014Use of Non-GAAP Financial Measures\u201d for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures." + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b45", + "block_sequence": 45, + "block_sha256": "42592739bd8c5a1e6be0b4c283d66e2d2348c9fc807ca9c06cdea6d94553a879", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 45, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "126c98a8440d827e179121f59c376312820d2b00158cf1461e6f2626a2995aee", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q24opendoorsh021.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b46", + "block_sequence": 46, + "block_sha256": "239ff51ddacd39b81a683cdab8e411a939c22e395b155e4c29edea1361c96d71", + "block_type": "paragraph", + "char_count": 1475, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 46, + "char_end": 1475, + "char_start": 0, + "fragment_sha256": "a88542724178fb0ac4ae0db41a2b5ec37982aaea991a66b4a88b86bcb7399bf7", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "21 Three Months Ended Nine Months Ended September 30, September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 2024 2023 REVENUE $ 1,377 $ 1,511 $ 1,181 $ 870 $ 980 $ 4,069 $ 6,076 COST OF REVENUE 1,272 1,382 1,067 798 884 3,721 5,661 GROSS PROFIT 105 129 114 72 96 348 415 OPERATING EXPENSES: Sales, marketing and operations 96 116 113 89 85 325 397 General and administrative 46 48 47 48 48 141 158 Technology and development 30 37 41 46 42 108 121 Restructuring \u2014 \u2014 \u2014 4 \u2014 \u2014 10 Total operating expenses 172 201 201 187 175 574 686 LOSS FROM OPERATIONS (67) (72) (87) (115) (79) (226) (271) (LOSS) GAIN ON EXTINGUISHMENT OF DEBT \u2014 (1) \u2014 34 \u2014 (1) 182 INTEREST EXPENSE (34) (30) (37) (37) (47) (101) (174) OTHER INCOME \u2013 Net 23 12 15 27 20 50 80 LOSS BEFORE INCOME TAXES (78) (91) (109) (91) (106) (278) (183) INCOME TAX EXPENSE \u2014 (1) \u2014 \u2014 \u2014 (1) (1) NET LOSS $ (78) $ (92) $ (109) $ (91) $ (106) $ (279) $ (184) Net loss per share attributable to common shareholders: Basic $ (0.11) $ (0.13) $ (0.16) $ (0.14) $ (0.16) $ (0.40) $ (0.28) Diluted $ (0.11) $ (0.13) $ (0.16) $ (0.14) $ (0.16) $ (0.40) $ (0.28) Weighted-average shares outstanding: Basic 705,359 693,445 682,457 672,662 662,149 693,796 651,939 Diluted 705,359 693,445 682,457 672,662 662,149 693,796 651,939 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited)" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b47", + "block_sequence": 47, + "block_sha256": "705551aba364b77e5fafa4f5a697cdead331b34456ec3e028332af5e7896e49a", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 47, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "5f396c7c8d13aaf0f604168f1666169547d587487e338d8fa0d500122f5f630b", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q24opendoorsh022.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b48", + "block_sequence": 48, + "block_sha256": "75d540bb10008884c0ee02df8c5092bed09c97ce2c55a8387554a3f306c42b58", + "block_type": "paragraph", + "char_count": 1419, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 48, + "char_end": 1419, + "char_start": 0, + "fragment_sha256": "6bca944d298088dc55dfc0d7d53d776a0461f7d2d17940c154cbf998ac672184", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "22 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) September 30, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 829 $ 999 Restricted cash 225 541 Marketable securities 8 69 Escrow receivable 15 9 Real estate inventory, net 2,145 1,775 Other current assets 41 52 Total current assets 3,263 3,445 PROPERTY AND EQUIPMENT \u2013 Net 59 66 RIGHT OF USE ASSETS 25 25 GOODWILL 3 4 INTANGIBLES \u2013 Net \u2014 5 OTHER ASSETS 61 22 TOTAL ASSETS $ 3,411 $ 3,567 LIABILITIES AND SHAREHOLDERS\u2019 EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 71 $ 64 Non-recourse asset-backed debt \u2013 current portion 643 \u2014 Interest payable 3 1 Lease liabilities \u2013 current portion 4 5 Total current liabilities 721 70 NON-RECOURSE ASSET-BACKED DEBT \u2013 Net of current portion 1,491 2,134 CONVERTIBLE SENIOR NOTES 377 376 LEASE LIABILITIES \u2013 Net of current portion 19 19 OTHER LIABILITIES 2 1 Total liabilities 2,610 2,600 SHAREHOLDERS\u2019 EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 711,660,871 and 677,636,163 shares issued, respectively; 711,660,871 and 677,636,163 shares outstanding, respectively \u2014 \u2014 Additional paid-in capital 4,413 4,301 Accumulated deficit (3,612) (3,333) Accumulated other comprehensive loss \u2014 (1) Total shareholders\u2019 equity 801 967 TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY $ 3,411 $ 3,567" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b49", + "block_sequence": 49, + "block_sha256": "925f2cda3c38cf3622b95e80765b1e67d3b52adc57a78992919e485650c57e20", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 49, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "e5ba457f500027e1526a03a8b38b8b1280faa42782f3071b789851ef7f22aeb1", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q24opendoorsh023.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b50", + "block_sequence": 50, + "block_sha256": "52f7ca2ec7ebe4a1d720625385322f8b45f9d6d2fffd1bef13c4bca0dc0de29d", + "block_type": "paragraph", + "char_count": 2465, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 50, + "char_end": 2465, + "char_start": 0, + "fragment_sha256": "e61ee54340ad90b741e897e75b74fb007f8839ae0896c8d69bfd49fb08dea6e8", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "23 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Nine Months Ended September 30, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (279) $ (184) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: Depreciation and amortization 37 50 Amortization of right of use asset 4 5 Stock-based compensation 91 94 Inventory valuation adjustment 51 54 Change in fair value of equity securities 7 4 Other 6 6 Proceeds from sale and principal collections of mortgage loans held for sale \u2014 1 Loss (gain) on extinguishment of debt 1 (182) Gain on deconsolidation, net (14) \u2014 Changes in operating assets and liabilities: Escrow receivable (6) 19 Real estate inventory (422) 3,082 Other assets 9 (15) Accounts payable and other accrued liabilities 4 (29) Interest payable 1 (10) Lease liabilities (5) (9) Net cash (used in) provided by operating activities (515) 2,886 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (22) (28) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 55 75 Proceeds from sale of non-marketable equity securities \u2014 1 Cash impact of deconsolidation of subsidiaries (2) \u2014 Net cash provided by investing activities 31 48 CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of convertible senior notes \u2014 (270) Proceeds from exercise of stock options \u2014 2 Proceeds from issuance of common stock for ESPP 5 2 Proceeds from non-recourse asset-backed debt 417 238 Principal payments on non-recourse asset-backed debt (424) (2,315) Payment for early extinguishment of debt \u2014 (4) Net cash used in financing activities (2) (2,347) NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (486) 587 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 Beginning of period 1,540 1,791 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 End of period $ 1,054 $ 2,378 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION \u2013 Cash paid during the period for interest $ 93 $ 169 DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 15 $ 17 Investment in non-marketable equity securities due to deconsolidation $ 39 $ \u2014 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 829 $ 1,154 Restricted cash 225 1,224 Cash, cash equivalents, and restricted cash $ 1,054 $ 2,378" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b51", + "block_sequence": 51, + "block_sha256": "f052840682e3d82e2ca5478add965d2f5fd4ba6a505c6fa4a1d88d6ec5c79972", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 51, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "039bb9657f8d2ad8c9e43e337fc4cf056141c38ec798e7e603967dd14106f8ba", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q24opendoorsh024.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b52", + "block_sequence": 52, + "block_sha256": "0a3d848ada39481a56d970312481bc2c377e2d5903f0c924d50ba8637c25676b", + "block_type": "paragraph", + "char_count": 2504, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 52, + "char_end": 2504, + "char_start": 0, + "fragment_sha256": "57a451917ce6e889916910135c69bad2b7145bc4536fd16ed33742e8cb3843f0", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "24 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT AND CONTRIBUTION PROFIT (LOSS) TO OUR GROSS PROFIT (Unaudited) Three Months Ended Nine Months Ended September 30, (in millions, except percentages and homes sold, or as noted) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 2024 2023 Revenue (GAAP) $ 1,377 $ 1,511 $ 1,181 $ 870 $ 980 $ 4,069 $ 6,076 Gross profit (GAAP) $ 105 $ 129 $ 114 $ 72 $ 96 $ 348 $ 415 Gross Margin 7.6 % 8.5 % 9.7 % 8.3 % 9.8 % 8.6 % 6.8 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f(1)(2) 10 34 7 11 17 33 24 Inventory valuation adjustment \u2013 Prior Periods\u034f(1)(3) (16) (9) (17) (17) (29) (24) (450) Adjusted Gross Profit (Loss) $ 99 $ 154 $ 104 $ 66 $ 84 $ 357 $ (11) Adjusted Gross Margin 7.2 % 10.2 % 8.8 % 7.6 % 8.6 % 8.8 % (0.2) % Adjustments: Direct selling costs(4) (32) (43) (34) (26) (28) (109) (171) Holding costs on sales \u2013 Current Period\u034f(5)(6) (6) (5) (5) (3) (4) (30) (41) Holding costs on sales \u2013 Prior Periods\u034f(5)(7) (9) (11) (8) (7) (9) (14) (65) Contribution Profit (Loss) $ 52 $ 95 $ 57 $ 30 $ 43 $ 204 $ (288) Homes sold in period 3,615 4,078 3,078 2,364 2,687 10,771 16,344 Contribution Profit (Loss) per Home Sold (in thousands) $ 14 $ 23 $ 19 $ 13 $ 16 $ 19 $ (18) Contribution Margin 3.8 % 6.3 % 4.8 % 3.4 % 4.4 % 5.0 % (4.7) % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented." + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b53", + "block_sequence": 53, + "block_sha256": "bca18d73e11d7f986c6d6db0fc6d6b4d333933eb7772f9dc0e8259c02adf4dc0", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 53, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "c1c766fae37fe509cb7e0a427b213440ab843244a00f17ccbc082ff14b256641", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q24opendoorsh025.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b54", + "block_sequence": 54, + "block_sha256": "8641a79a8adddbee16ee0186cb0f8cdb5928a531be78028daa34bc747f6774ea", + "block_type": "paragraph", + "char_count": 2949, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 54, + "char_end": 2949, + "char_start": 0, + "fragment_sha256": "ebe924eb5a835d9872fa8125aa5bf354b92b924ed5a511b0b97e973ee9a23617", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "25 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED NET LOSS AND ADJUSTED EBITDA TO OUR NET LOSS (Unaudited) Three Months Ended Nine Months Ended September 30, (in millions, except percentages) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 2024 2023 Revenue (GAAP) $ 1,377 $ 1,511 $ 1,181 $ 870 $ 980 $ 4,069 $ 6,076 Net loss (GAAP) $ (78) $ (92) $ (109) $ (91) $ (106) $ (279) $ (184) Adjustments: Stock-based compensation 25 33 33 32 31 91 94 Equity securities fair value adjustment(1) 3 2 2 (3) 11 7 4 Intangibles amortization expense(2) 1 1 2 2 2 4 5 Inventory valuation adjustment \u2013 Current Period\u034f(3)(4) 10 34 7 11 17 33 24 Inventory valuation adjustment \u2014 Prior Periods\u034f(3)(5) (16) (9) (17) (17) (29) (24) (450) Restructuring(6) \u2014 \u2014 \u2014 4 \u2014 \u2014 10 Loss (gain) on extinguishment of debt \u2014 1 \u2014 (34) \u2014 1 (182) Other(7) (15) (1) 2 (1) (1) (14) (2) Adjusted Net Loss $ (70) $ (31) $ (80) $ (97) $ (75) $ (181) $ (681) Adjustments: Depreciation and amortization, excluding amortization of intangibles 10 7 11 15 9 28 30 Property financing(8) 30 26 32 32 38 88 142 Other interest expense(9) 4 4 5 5 9 13 32 Interest income(10) (12) (12) (18) (24) (30) (42) (82) Income tax expense \u2014 1 \u2014 \u2014 \u2014 1 1 Adjusted EBITDA $ (38) $ (5) $ (50) $ (69) $ (49) $ (93) $ (558) Adjusted EBITDA Margin (2.8) % (0.3) % (4.2) % (7.9) % (5.0) % (2.3) % (9.2) % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuing costs consist primarily of severance and employee termination benefits and bonuses incurred in connection with employees' roles being eliminated. (7) Includes primarily gain on deconsolidation, net, sublease income, and income from equity method investments. (8) Includes interest expense on our non-recourse asset-backed debt facilities. (9) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset- backed debt facilities, and interest expense related to the 2026 Notes outstanding. (10) Consists mainly of interest earned on cash, cash equivalents, restricted cash, and marketable securities." + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b55", + "block_sequence": 55, + "block_sha256": "2c838662cf960c6db51f9d6b3ade3cbae6b7648ef187cc9be1250617082718d8", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 55, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "59eff5c3dc8ac32e7f968dca2755b14dea912f2249215c9e14389d4639f8abde", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q24opendoorsh026.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b56", + "block_sequence": 56, + "block_sha256": "734988a694734dde4784c26e25f9dd8a82cbe77ff0df8f5b206f2903f365cf48", + "block_type": "paragraph", + "char_count": 1951, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 56, + "char_end": 1951, + "char_start": 0, + "fragment_sha256": "66a5a38a20f294a6bc21e367c54ede78977b0fa3f3aec4c1ed441aa6d0305a50", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "26 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED OPERATING EXPENSES TO OUR OPERATING EXPENSES (Unaudited) Three Months Ended (in millions, except percentages) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 OPERATING EXPENSES: Sales, marketing and operations 96 116 113 89 85,000 85 General and administrative 46 48 47 48 48 Technology and development 30 37 41 46 42 Restructuring \u2014 \u2014 \u2014 4 \u2014 Total Operating Expenses (GAAP) $ 172 $ 201 $ 201 $ 187 $ 175 Operating Expenses (GAAP) $ 172 $ 201 $ 201 $ 187 $ 175 Adjustments: Direct Selling Costs(1) (32) (43) (34) (26) (28) Holding costs included in contribution profit(2) (15) (16) (13) (10) (13) Stock-based compensation (25) (33) (33) (32) (31) Intangibles amortization expense(3) (1) (1) (2) (2) (2) Restructuring \u2014 \u2014 \u2014 (4) \u2014 Depreciation and amortization, excluding amortization of intangibles (10) (7) (11) (15) (9) Other 1 (1) (1) 1 \u2014 Total Adjusted Operating Expenses (Non-GAAP) $ 90 $ 100 $ 107 $ 99 $ 92 (1) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (2) Represents holding costs incurred in the period presented on homes sold in the period presented as well as holding costs incurred in prior periods on homes sold in the period presented (\u201cResale Cohort Holding Costs.\u201d) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations in the period in which they are incurred (\u201cGAAP Holding Costs.\u201d) (3) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized." + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b57", + "block_sequence": 57, + "block_sha256": "56ad800e55617c33a49f9da52572af3a37c10b524897173aff3db5905ed13eef", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 57, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "374e054b6e3b7d8a0659e31ab47bcac5d5d67cbfbd9311b57870e6c54abf0211", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q24opendoorsh027.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b58", + "block_sequence": 58, + "block_sha256": "86ac35387a60b9e063de47435bf96d938cda0e3b21a98297a361b901eb1669e9", + "block_type": "paragraph", + "char_count": 3590, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 58, + "char_end": 3590, + "char_start": 0, + "fragment_sha256": "6889174b2efab44adc1a7bd2e97dbde4ad253b1a3814248eac502a72e61342c4", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "27 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED SALES, MARKETING AND OPERATIONS; ADJUSTED GENERAL AND ADMINISTRATIVE; AND ADJUSTED TECHNOLOGY AND DEVELOPMENT EXPENSES TO THEIR CORRESPONDING GAAP MEASURES (Unaudited) Three Months Ended (in millions) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Sales, marketing and operations (GAAP)(1) $ 96 $ 116 $ 113 $ 89 $ 85 Direct Selling Costs(2) (32) (43) (34) (26) (28) Holding costs included in contribution profit(3)(4) (15) (16) (13) (10) (13) Stock-based compensation (2) (4) (5) (4) (4) Intangibles amortization expense(5) (1) (1) (2) \u2014 (1) Depreciation and amortization, excluding amortization of intangibles \u2014 \u2014 \u2014 \u2014 (1) Adjusted Sales, Marketing and Operations (Non- GAAP)(6) $ 46 $ 52 $ 59 $ 49 $ 38 General and administrative (GAAP) $ 46 $ 48 $ 47 $ 48 $ 48 Stock-based compensation (16) (17) (16) (16) (15) Depreciation and amortization, excluding amortization of intangibles (2) \u2014 \u2014 \u2014 (1) Other 1 (1) (1) 1 \u2014 Adjusted General and Administrative (Non-GAAP)(6) $ 29 $ 30 $ 30 $ 33 $ 32 Technology and development (GAAP) $ 30 $ 37 $ 41 $ 46 $ 42 Stock-based compensation (7) (12) (12) (12) (12) Intangibles amortization expense(5) \u2014 \u2014 \u2014 (2) (1) Depreciation and amortization, excluding amortization of intangibles (8) (7) (11) (15) (7) Adjusted Technology and Development (Non- GAAP)(6) $ 15 $ 18 $ 18 $ 17 $ 22 Note: Advertising expenses(1) $ 15 $ 21 $ 27 $ 17 $ 16 (1) Advertising expenses included in Sales, marketing and operations. (2) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (3) Represents holding costs incurred in the period presented on homes sold in the period presented as well as holding costs incurred in prior periods on homes sold in the period presented (\u201cResale Cohort Holding Costs.\u201d) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations in the period in which they are incurred (\u201cGAAP Holding Costs.\u201d) (4) The table below presents the timing difference within Adjusted Sales, marketing and operations related to holding costs. The amount of GAAP Holding Costs recognized during the period may be in excess of/ (less than) the amount of Resale Cohort Holding costs related to homes sold in the relevant period and included in Contribution Profit. Three Months Ended September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Total GAAP Holding Costs $ 20 $ 17 $ 11 $ 13 $ 12 Holding costs on sales - Current Period (6) (5) (5) (3) (4) Holding costs on sales - Prior Periods (9) (11) (8) (7) (9) Less: Resale Cohort Holding Costs (15) (16) (13) (10) (13) GAAP Holding Costs in excess of / (less than) Resale Holding Costs included in Contribution Profit $ 5 $ 1 $ (2) $ 3 $ (1) (5) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (6) The sum of Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, and Adjusted Technology and Development expenses is equal to Total Adjusted Operated Expenses (Non-GAAP). Refer to the \"Reconciliation of our Adjusted Operating Expenses to our Operating Expenses\" table on Page 26." + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b59", + "block_sequence": 59, + "block_sha256": "4bbe8ab5be94fb4476fbe6f7bb29f1d65ae229be3d73238090e0e090a48c14e2", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 59, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "b04137054bec30ce0d34a317d96807cef8ffdde01049b527cf370d710094a350", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q24opendoorsh028.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b60", + "block_sequence": 60, + "block_sha256": "91da58b4dbc3e5f115eccedead659ffd1927a1217d08fd555dcb82f3df92bf45", + "block_type": "paragraph", + "char_count": 11, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 60, + "char_end": 11, + "char_start": 0, + "fragment_sha256": "b83b9741c4435245089a2d4dc5eac57860d3e24973d27546973a7e47e6c7f8a9", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "Appendix 28" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b61", + "block_sequence": 61, + "block_sha256": "0e2f9b0fc921d4226d04e98e04a7bdb41ba2d912f75daa678c64ad85c5f35891", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 61, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "fb46193b365856a36e1799934c577161183441c6df0b8e6c86f7fb4cfefceb6a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q24opendoorsh029.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b62", + "block_sequence": 62, + "block_sha256": "3b243f539fe1806b1bf872585ca9b3e92ef2986fd11301d7a8d9da4bbe16dc70", + "block_type": "paragraph", + "char_count": 577, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 62, + "char_end": 577, + "char_start": 0, + "fragment_sha256": "ceea00be7c4cac54f537c5ac0b96878919fa22a569a9c4a66932c13e495662d6", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "1. MLS Clearance Rate is defined as the number of daily contracts that enter pending status on the Multiple Listing Service (i.e. market listings), filtered for Opendoor\u2019s markets and buybox, divided by the number of active listings on the Multiple Listing Service, filtered for the same markets and buybox. Appendix Trailing 7-Day MLS Clearance Rate1 MLS Data Filtered to Opendoor Markets and Buybox Trailing 7-Day MLS Contracts MLS Data Filtered to Opendoor Markets and Buybox Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 29 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b63", + "block_sequence": 63, + "block_sha256": "f956111f7dbd56b77298552999a123af826b45f02f2dfba1757df59d191f87b4", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 63, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "87f2afd00bac7a1ce0273bd83aada73594e8ee2d3421c315a561c6c2cb6d23d0", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q24opendoorsh030.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b64", + "block_sequence": 64, + "block_sha256": "e233e4e3de74e37e9d39d67297b58273c23285d56aa7b4dcbd38213cd22e5095", + "block_type": "paragraph", + "char_count": 272, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 64, + "char_end": 272, + "char_start": 0, + "fragment_sha256": "da75848b91e89ceb42d4638c551b0f7a9aebe12f2369b584b8ac3a6030216f00", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "Trailing 7-Day MLS New Listings MLS Data Filtered to Opendoor Markets and Buybox Appendix Trailing 7-Day MLS Active Listings MLS Data Filtered to Opendoor Markets and Buybox Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 30" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b65", + "block_sequence": 65, + "block_sha256": "d7fe64c8c561408c2ce4468ce27d9901095b8bab463dd9c02d5006677b89af9f", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", + "block_sequence": 65, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "e3ce51da67f0ab569b09168c5457fa2eb826c5ac5391021f33ef97a24dd8eb85", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9923q24opendoorsh031.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b66", + "block_sequence": 66, + "block_sha256": "1a9d263420c1d01c6bd069f81add30520bd1dd5dc4e22aff2f7bda6c58194ffc", + 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"https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/exhibit9923q24opendoorsh.htm", "table_id": null, "text": "Document generated by Workiva Inc exhibit9923q24opendoorsh\n\nLetter to Shareholders 3Q24 Chelsea Hutchison Canby, Oregon Exhibit 99.2\n\nChelsea Hutchison Sold: Canby, Oregon 2 Working with Opendoor gives you the freedom to take things off your plate. – Chelsea Hutchison Scan here to watch her story When 34-year-old Chelsea was ready to sell her home, she was concerned about the disruption it would cause her - and her beloved dogs. As someone who worked from home, she was anxious about the selling process, which would impact her busy work routine, require her to keep her home in tip-top shape for showings, and bring a lot of new people into the house. That is, until she discovered Opendoor. “In the past, I had to stay outside with the dogs while people toured my home or keep them calm while strangers walked through our house,” she said. But with Opendoor, she didn’t have to worry about any of that: no additional costs or time for showings and no special arrangements needed. Instead, she avoided the showing process entirely and chose a closing date that didn’t disrupt her life or her loved ones. “The predictability and flexibility of not having to go through the physical work of preparing the house saved me,” she said. “I’m so glad I Opendoor’d my home, because now I can focus on getting back to doing what I love.”\n\nNote: Adjusted Operating Expenses, Adjusted Gross Profit, Contribution Profit, Contribution Margin, Adjusted Net Loss, and Adjusted EBITDA are non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” following the financial tables below for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures. 3 Business Highlights At Opendoor, we are committed to building the most trusted and accessible e-commerce platform in residential real estate. Today’s traditional home transaction process is offline, laden with steps, and mired in uncertainty – in a word, it is broken. We see tremendous opportunity to redefine this experience by bringing simplicity, transparency, and efficiency to every step of the home buying and selling process. With advanced technology and purpose-built systems, we have empowered hundreds of thousands of customers to take control of what is often their most important financial asset, making it easy for homeowners to move forward with confidence and ease. During the third quarter, Opendoor delivered acquisition volumes, revenue, and Contribution Profit ahead of our guidance. Adjusted EBITDA also outperformed our guidance and saw marked year-over-year improvement, demonstrating strong execution while continuing to navigate a challenging housing environment. Financial highlights from the third quarter include: ● Purchased 3,504 homes, up 12% versus 3Q23, and ahead of our guidance for slight year-over-year growth. ● Sold 3,615 homes, which generated $1.4 billion of revenue, up 41% versus 3Q23 revenue, and above the high end of our guidance range of $1.2 billion to $1.3 billion. ● Delivered gross profit of $105 million, versus $96 million in 3Q23, representing a 7.6% gross margin. Contribution Profit was $52 million, versus $43 million in 3Q23, representing a 3.8% Contribution Margin, above the high end of our guidance range of 2.9% to 3.5%. ● Recognized Net Loss of $(78) million and Adjusted Net Loss of $(70) million, versus $(106) million and $(75) million in 3Q23, respectively. 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While the Fed introduced a 50-basis point rate cut in September, mortgage rate relief was temporary, with rates recently rebounding to over 7.0%. Elevated mortgage rate levels, coupled with near-record-high home prices, have prolonged housing affordability concerns. Delisting rates have continued to climb as prospective sellers exit the market, and clearance rates have come down more than seasonally typical, indicating reduced buyer demand. As a result, existing home sales remain below four million on a seasonally adjusted annual basis, and inventory levels are increasing, currently up approximately 20% versus prior year. Overall, the housing market is on track to experience the lowest level of existing home sales since 1995. In a nutshell, this year’s housing market is proving to be even more challenging than 2023. In response, we have maintained higher spread levels year-over-year through the third quarter and into the fourth quarter, which is slowing our acquisition pace. This approach allows for healthy margin performance on our acquisitions today and aligns with our risk tolerance in the current environment, helping to safeguard our balance sheet. Our ability to respond to market signals and implement dynamic spread level adjustments is one of our strengths. No one has a crystal ball as to when the market will improve – but we believe our ability to adjust in response to the latest market signals will allow us to rescale our volumes, should we see a more favorable environment in 2025 than what we have experienced in 2024. Continuing to Drive Efficiency Across Operations We remain focused on maximizing the value we can deliver to our customers while also strengthening our bottom line. Throughout the course of this year, we have taken strategic cost actions to advance this goal, including further leveraging our team in India and driving greater automation and higher productivity. Having the most efficient transaction platform is part of our ethos, and we are committed to continuing to find ways to optimize operations and maximize productivity. 4 Business Highlights"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b14"], "char_count": 2176, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "177947cd2c4d2ab1d35d6c3d91e60fd43a17f62ca0f4e22fb9e43fbe0922cf73", "derivation_id": "4b8a7bc73c4e353dd672a7229cd4a4b00f161ee29a975a283f055299a193c488", "document_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "block_sequence": 14, "char_end": 2176, "char_start": 0, "fragment_sha256": "e24fbe65c843f03051b22decdb8315357b2322585a1df6868d26974217243a94", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/exhibit9923q24opendoorsh.htm", "table_id": null, "text": "5 3Q23 Sequential Growth in Acquisitions 17% Business Highlights Further, today we announced a reduction in force that impacted approximately 300 roles, or 17% of our workforce, as part of a reorganization aimed at prioritizing strategic growth initiatives, flattening reporting structures, and driving efficiencies. We expect the fully realized cost-savings from this reduction to be approximately $50 million on an annualized basis. This reduction, combined with progress we’ve been making across other cost saving measures, are necessary as we aim to reach Adjusted Net Income profitability. We expect these actions will still allow us to scale effectively while continuing to deliver the same seamless, simple, and customer-centric experience that Opendoor is known for. Expanding our Product Suite Our core product brings millions of serious sellers to our platform by providing them with a real cash offer. While many of these customers choose to sell directly to us, we also attract visitors that are interested in price discovery through testing the market. With the introduction of seller-focused and capital-light solutions, we can provide customers with multiple ways to sell their home, better serving the customers who are already engaging with our platform. This product evolution aligns with our long-term vision for everyone to begin their home-selling journey with Opendoor. As we announced last quarter, we have now launched List with Opendoor in nearly all of our markets. This product gives sellers the option to list their home on the market by connecting them with a local Opendoor partner agent. If the seller doesn’t find the price they want on the MLS, they can still complete their sale by accepting Opendoor’s cash offer, which is valid for 30 days. List with Opendoor and Exclusives, our marketplace product, are both products whose economics – both for sellers and for Opendoor – are not sensitive to our spread levels. While it’s still early days, these products enable us to serve customers who would otherwise not have chosen (or been able) to work with Opendoor, allowing us to help more sellers move with the confidence and ease they deserve."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b16", "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b18"], "char_count": 2857, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "37e15913cef348c269fa964a3aa441a6de69b1bf255290ccabcbc0689ef31414", "derivation_id": "4b8a7bc73c4e353dd672a7229cd4a4b00f161ee29a975a283f055299a193c488", "document_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "block_sequence": 16, "char_end": 901, "char_start": 0, "fragment_sha256": "02cb556ba598d9e74712c07c4c7598108912787f27a15e78be4c0f0fb68749c5", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "block_sequence": 18, "char_end": 1954, "char_start": 0, "fragment_sha256": "336d1bae1beae0717babf012b166fc81317973034f169cf418417302ed13b52a", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/exhibit9923q24opendoorsh.htm", "table_id": null, "text": "Update on the NAR Settlement Practice changes related to the recent National Association of Realtors (“NAR”) settlement went into effect on August 17, 2024. We continue to believe that these actions give consumers more transparency and choice in their home transaction, aligning with our core values. In response to these policy changes, Opendoor has begun transitioning from paying buyer broker commissions to offering concessions to buyers, who, in turn, can determine how best to apply those concessions, including how to compensate their buyer agent. There is little doubt that there will continue to be changes as agents, buyers, and sellers adapt to the new rules and as new models emerge, but we believe the path we have chosen is the best approach for buyers. We will diligently monitor the activities of prominent players in the market and remain nimble in our approach. 6 Business Highlights\n\n7 Financial Highlights 3Q24 Revenue $1.4 billion 3Q24 Homes Acquired 3,504 3,683 3,504 4,771 3Q23 4Q23 1Q24 2Q24 3Q24 $870 $980 3Q23 4Q23 1Q24 2Q24 3Q24 $1,511 $1,377 3,136 $1,181 3,458 3Q24 Contribution Margin 3.8% Our financial results in the third quarter outperformed our guidance across the board, driven by strong execution and a focus on driving efficiency across our business as we aim to reach and surpass our Adjusted Net Income milestone. GROWTH In the third quarter, we delivered $1.4 billion of revenue, above the high end of our guidance range of $1.2 billion to $1.3 billion, representing 3,615 homes sold. On the acquisition side, we purchased 3,504 homes in the third quarter, down 27% sequentially and up 12% versus 3Q23. The decline in purchases quarter-over-quarter was a result of increased spread levels in response to signals of a more challenging macro environment in the second half of the second quarter, as well as decreased marketing spend. UNIT ECONOMICS GAAP Gross Profit was $105 million in 3Q24, versus $129 million in 2Q24 and $96 million in 3Q23. Adjusted Gross Profit, which aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the home is sold, was $99 million in 3Q24, versus $154 million in 2Q24 and $84 million in 3Q23. Contribution Profit was $52 million in the third quarter, versus $95 million in 2Q24 and $43 million in 3Q23. Contribution Margin of 3.8% came in above our guidance range of 2.9% to 3.5% and compares to 6.3% in 2Q24 and 4.4% in 3Q23. NET LOSS AND ADJUSTED EBITDA GAAP Net Loss was $(78) million in 3Q24 versus $(92) million in 2Q24 and $(106) million in 3Q23. Adjusted Net Loss was $(70) million in 3Q24 versus $(31) million in 2Q24 and $(75) million in 3Q23. GAAP Operating Expenses were $172 million in 3Q24, down from $201 million in 2Q24 and $175 million in 3Q23. Adjusted Operating Expenses, defined as the delta between Contribution Profit (Loss)"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b20"], "char_count": 2358, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "cdccdebff3be801c90d10e8daa19f838b1bde9b7ea83415429e1a18713ed9542", "derivation_id": "4b8a7bc73c4e353dd672a7229cd4a4b00f161ee29a975a283f055299a193c488", "document_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "block_sequence": 20, "char_end": 2358, "char_start": 0, "fragment_sha256": "ed0e40a0f4ba95a7a898dc45ef99ad07c22904d2b0d03e09e52d21b64605cffd", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/exhibit9923q24opendoorsh.htm", "table_id": null, "text": "8 Financial Highlights 3Q24 Adj. Operating Expenses $90 million $92 $107 $90 3Q23 4Q23 1Q24 2Q24 3Q24 $99 3Q24 Total Capital $1.2 billion 3Q24 Cash, Cash Equivalents, and Marketable Securities $837 million $100 and Adjusted EBITDA, were $90 million in 3Q24, down from $100 million in 2Q24 and $92 million in 3Q23. The outperformance versus guidance on Adjusted Operating Expenses was primarily due to a decrease in marketing spend, coupled with lower than expected fixed and variable expenses as we continued to exercise cost discipline across all aspects of the business. Adjusted EBITDA was $(38) million in the third quarter, ahead of the high end of our guidance range of $(70) million to $(60) million, and compares to $(5) million in 2Q24 and $(49) million in 3Q23. As a percentage of revenue, Adjusted EBITDA was (2.8)% in 3Q24 versus (0.3)% in 2Q24 and (5.0)% in 3Q23. Adjusted EBITDA exceeded our expectations due to outperformance on both margins and Adjusted Operating Expenses. INVENTORY We ended the third quarter with 6,288 homes in inventory on our balance sheet, representing $2.1 billion in net inventory, which was down 4% from 2Q24 and up 64% from 3Q23. Additionally, as of September 30, 2024, 23% of our homes had been listed on the market for more than 120 days, compared to 18% for the broader market, as adjusted for our buybox. We expect that this metric will continue to expand as resale pace slows in the fourth quarter due to typical housing seasonality and as as our resale mix shifts to longer-dated inventory in the near-term. OTHER BALANCE SHEET ITEMS We ended the quarter with $1.2 billion in capital, which is primarily composed of $837 million in unrestricted cash and marketable securities and $218 million of equity invested in homes and related assets (net of inventory valuation adjustments). This compares to $1.2 billion in capital as of the end of 2Q24, which primarily included $809 million in unrestricted cash and marketable securities and $300 million of equity invested in homes and related assets (net of inventory valuation adjustments). At quarter-end, we had $7.0 billion in non-recourse, asset-backed borrowing capacity, comprising $3.0 billion of senior revolving credit facilities and $4.0 billion of senior and mezzanine term debt facilities, of which total committed borrowing capacity was $2.3 billion."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b22", "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b24"], "char_count": 3349, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "85330db6bade14a2ef5ccd10ceb1f9951b4757ff6d83a159cc7137355a7acaca", "derivation_id": "4b8a7bc73c4e353dd672a7229cd4a4b00f161ee29a975a283f055299a193c488", "document_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "block_sequence": 22, "char_end": 982, "char_start": 0, "fragment_sha256": "56d9d826b041649faca5b0813340a698ce51f1691bdb6923a62b05d4eea80b91", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "block_sequence": 24, "char_end": 2365, "char_start": 0, "fragment_sha256": "a0de0e879584b57da2da614fa671eec5aeeeb36012b01b0a2e8a7bb708b8a0af", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/exhibit9923q24opendoorsh.htm", "table_id": null, "text": "9 Financial Highlights HOUSING MACRO The housing market remains under pressure as elevated mortgage rates and economic volatility continue to shape the landscape. In the third quarter, mortgage rates showed some relief, falling from 7.1% to 6.1% over the course of the quarter. However, this downward trend was short-lived, and mortgage rates rebounded to over 7.0% by late October. This reversal occurred despite the Federal Reserve's 50 basis point rate cut in September. With the mortgage rate bounce back, homeowners remain locked in to existing low-rate mortgages, and home buyers continue to face affordability constraints. This dynamic has translated into seasonally adjusted annual sales pace of under four million homes, as compared to the decade average of over five million. The sustained high level of delistings, now at more than one delisting for every four resales, highlights the ongoing disconnect between sellers' price expectations and buyers' willingness to pay.\n\nGUIDANCE We expect the following results for the fourth quarter of 2024: ● Revenue is expected to be between $925 million and $975 million ● Contribution Profit1 is expected to be between $15 million and $25 million, or Contribution Margin between 1.6% and 2.6% ● Adjusted EBITDA1 is expected to be between $(70) million to $(60) million ● Stock-based compensation expense is expected to be between $18 million and $22 million Our fourth quarter Contribution Margin guidance reflects lower home price appreciation during the hold period due to the softer housing environment. Margins are further pressured by our slowing acquisition volumes, as our resale mix will shift from newer, higher-margin homes toward older homes with lower margins. To note, the midpoint of our revenue and margin guidance implies a full-year Contribution Margin of 4.5%, just 50 basis points shy of our annual target margin range while operating in an incredibly difficult housing environment. While we’ve reduced our spreads sequentially, in-line with normal seasonality, we are still operating at elevated spreads as compared 1. Opendoor has not provided a quantitative reconciliation of forecasted Adjusted Operating Expenses to forecasted GAAP Operating Expenses, forecasted Contribution Profit (Loss) to forecasted GAAP gross profit (loss), forecasted Contribution Margin to forecasted GAAP Gross Margin, nor forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss), GAAP gross margin, operating expenses and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. For more information regarding the non-GAAP financial measures discussed in this shareholder letter, please see “Use of Non-GAAP Financial Measures” following the financial tables below. 10 Financial Highlights 4Q24 Revenue Guidance $925 to $975 million 4Q24 Contribution Profit1 Guidance $15 to $25 million 4Q24 Adjusted EBITDA1 Guidance $(70) to $(60) million"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b26"], "char_count": 1775, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "992ed8171b496e3d82caf6653b14793424f0959ca44267cdab5466b79eb060f7", "derivation_id": "4b8a7bc73c4e353dd672a7229cd4a4b00f161ee29a975a283f055299a193c488", "document_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "block_sequence": 26, "char_end": 1775, "char_start": 0, "fragment_sha256": "9bb9665e044ef1c5b30b3f69e63cbb40803ef9d16b1a23512b315362f84a6368", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/exhibit9923q24opendoorsh.htm", "table_id": null, "text": "11 2. Adjusted Operating Expenses are expected to decline by $85 million on an annualized basis in the first quarter of 2025, as compared to the first quarter of 2024. Financial Highlights to this time last year given the challenging macroeconomic setting. We remain focused on balancing growth, margin, and risk amidst this backdrop, and as such, we expect to acquire over 2,200 homes during the fourth quarter. As we look to the future, we are closely monitoring leading indicators and will continue to respond nimbly to market changes. We are watching for positive macro signals, including how rate relief may improve transaction velocity, clearance rates, delisting rates, and home price appreciation, and we believe we are strategically positioned to leverage any favorable shifts in the housing market. All else equal, the cost reductions we have implemented in the second half of the year will result in a reduction of approximately $85 million in annualized Adjusted Operating Expenses2, including $50 million from our reduction in force announced today and $35 million from the separation of Mainstay we announced in August. CONCLUSION We are committed to navigating the present challenging housing market with discipline and focus. The core strengths of our business model remain unchanged: our product continues to resonate deeply with customers, we stand alone in offering a unique solution at scale for a home seller to transact directly and for a home buyer to have an e-commerce-like transaction experience, and our platform is purpose-built to improve the traditional real estate process. We have strong conviction in Opendoor’s potential to revolutionize the home selling and buying experience, laying the groundwork to build a lasting, generational company."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b28", "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b30", "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b32"], "char_count": 608, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "beb929d783637eb769ba024575f5cd47d767387a010161f08f53b02efb508068", "derivation_id": "4b8a7bc73c4e353dd672a7229cd4a4b00f161ee29a975a283f055299a193c488", "document_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "block_sequence": 28, "char_end": 504, "char_start": 0, "fragment_sha256": "b4a7d9e5ac9d995fb25b9b4c3f07973437f3924f2ba614c7976d0512e242f278", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "block_sequence": 30, "char_end": 67, "char_start": 0, "fragment_sha256": "b1d88b89efd7c230c0b30c3a2915ea92f71a32bf0ac2f318b42874ca8f595cf5", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "block_sequence": 32, "char_end": 33, "char_start": 0, "fragment_sha256": "55d6e3e3fd8bd50d9f47dbea2357b224e23bd6f8bc3dc43551d2094ed12484e8", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/exhibit9923q24opendoorsh.htm", "table_id": null, "text": "12Raleigh-Durham, NC Carrie Wheeler, CEO Christy Schwartz, Chief Accounting Officer CONFERENCE CALL INFORMATION Opendoor will host a conference call to discuss its financial results on November 7, 2024 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. November 7, 2024 at 2 p.m. PT investor.opendoor.com LIVE WEBCAST\n\n/ Opendoor/ OpendoorHQ Company / Opendoor-com investor.opendoor.com\n\n14 Definitions & Financial Tables"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b34"], "char_count": 3226, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "4b5734b7abab93cba2e20ad28ba4be1d2d319b87136e227e28e0df8f4f0640d5", "derivation_id": "4b8a7bc73c4e353dd672a7229cd4a4b00f161ee29a975a283f055299a193c488", "document_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "block_sequence": 34, "char_end": 3226, "char_start": 0, "fragment_sha256": "934d99d0f84014b55a8bfa8fc632b1ccc50fbb23a87561c13505658481355620", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/exhibit9923q24opendoorsh.htm", "table_id": null, "text": "This shareholder letter contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including, without limitation, statements regarding: current and future health and stability of the real estate housing market and general economy; volatility of mortgage interest rates, changes in resale clearance rates, delistings and expectations regarding future behavior of consumers and partners; the health and status of our financial condition; whether we will be able to rescale our business and maintain margin performance operating with elevated spreads, and realize expected cost savings and reduce Adjusted Operating Expenses as a result of the reduction in force and other streamlining initiatives, including the separation of Mainstay, in a challenging housing market; anticipated future results of operations or financial performance, including our fourth quarter 2024, first quarter 2025 and full- year 2024 outlook and projections and our ability to balance growth, margin and risk in a challenging macroeconomic environment; our ability to achieve other long-term performance targets; our expectations regarding the impact of trends in seasonality on the real estate industry and our business; priorities of the Company to achieve future financial and business goals; our ability to continue to effectively navigate the markets in which we operate; anticipated future and ongoing impacts and benefits of acquisitions, advertising, partnership channel expansions, product innovations and other business decisions; health of our balance sheet to weather ongoing market transitions; our ability to adopt an effective approach to manage economic and industry risk, as well as inventory health; our expectations with respect to the future success of our partnerships and our ability to drive significant growth in sales volumes through such partnerships; business strategy and plans, including any plans to expand into additional markets, market opportunity and expansion and objectives of management for future operations, including statements regarding the benefits and timing of the roll out of new markets, products or technology; and the expected diversification of funding sources. Forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “vision”, “will”, or “would”, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward- looking statements."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b34"], "char_count": 3995, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "28c470dafda7a5db9b7f37d9993a221addb280ee2537a842477efbf171dd9619", "derivation_id": "4b8a7bc73c4e353dd672a7229cd4a4b00f161ee29a975a283f055299a193c488", "document_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "block_sequence": 34, "char_end": 7221, "char_start": 3226, "fragment_sha256": "934d99d0f84014b55a8bfa8fc632b1ccc50fbb23a87561c13505658481355620", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/exhibit9923q24opendoorsh.htm", "table_id": null, "text": "The factors that could cause or contribute to actual future events to differ materially from the forward- looking statements in this shareholder letter include but are not limited to: the current and future health and stability of the economy, financial conditions and the residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that may impact demand for our products and services, lower our profitability or reduce our access to future financings; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and real estate partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our technology platform, including our automated pricing and valuation technology; ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; any future impact of pandemics or epidemics, including any future resurgences of COVID-19 and its variants, or other public health crises on our ability to operate, demand for our products and services, or other general economic conditions; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; changes in laws or government regulation affecting our business; and the impact of pending or any future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 15, 2024, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward- looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b34"], "char_count": 29, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "625d09f92f470fc2a4d0b36ab42e0f936057161019cc535e18c473385b362904", "derivation_id": "4b8a7bc73c4e353dd672a7229cd4a4b00f161ee29a975a283f055299a193c488", "document_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "block_sequence": 34, "char_end": 7250, "char_start": 7221, "fragment_sha256": "934d99d0f84014b55a8bfa8fc632b1ccc50fbb23a87561c13505658481355620", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#p11", "passage_kind": "narrative", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/exhibit9923q24opendoorsh.htm", "table_id": null, "text": "15 Forward-Looking Statements"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b36"], "char_count": 3173, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "850ee1aebce6ffdf8ce8778eaa332dd650f38f5215b0f99c31b9585021d798ea", "derivation_id": "4b8a7bc73c4e353dd672a7229cd4a4b00f161ee29a975a283f055299a193c488", "document_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "block_sequence": 36, "char_end": 3173, "char_start": 0, "fragment_sha256": "bcbbda52437292858468d014a6bdada902f843c73397ce16b7fca27358f917d4", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/exhibit9923q24opendoorsh.htm", "table_id": null, "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company’s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit (Loss), Contribution Profit (Loss), Adjusted Net Loss, Adjusted EBITDA, Adjusted Operating Expenses, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non- GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results. Adjusted Gross Profit (Loss) and Contribution Profit (Loss) To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit (Loss) and Contribution Profit (Loss), which are non-GAAP financial measures. We believe that Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit (Loss) provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit. 16 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b38"], "char_count": 1861, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5ff4987a981ee32ae7f616d49aed538a9fb73e759faf63438e167634375c0194", "derivation_id": "4b8a7bc73c4e353dd672a7229cd4a4b00f161ee29a975a283f055299a193c488", "document_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "block_sequence": 38, "char_end": 1861, "char_start": 0, "fragment_sha256": "4a71cb49c1dd5eb154a2b71fb0d79eb017bade724d5b2767f0d23f9549214c75", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#p13", "passage_kind": "narrative", "passage_sequence": 13, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/exhibit9923q24opendoorsh.htm", "table_id": null, "text": "Adjusted Gross Profit (Loss) / Margin We calculate Adjusted Gross Profit (Loss) as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. Adjusted Gross Margin is Adjusted Gross Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit (Loss) helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution Profit (Loss) / Margin We calculate Contribution Profit (Loss) as Adjusted Gross Profit (Loss), minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit (Loss) helps management assess inflows and outflows directly associated with a specific resale cohort. 17 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b40"], "char_count": 3148, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c42d6031f0e053389203964d06271f21d0e951eb05d95243d304b837d6655dcd", "derivation_id": "4b8a7bc73c4e353dd672a7229cd4a4b00f161ee29a975a283f055299a193c488", "document_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "block_sequence": 40, "char_end": 3148, "char_start": 0, "fragment_sha256": "a11be15f1c1202fa676397e4caac524f9ea45853ba039e38ae0faf4b598943fc", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#p14", "passage_kind": "narrative", "passage_sequence": 14, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/exhibit9923q24opendoorsh.htm", "table_id": null, "text": "18 Adjusted Net Loss and Adjusted EBITDA / Margin We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss. We calculate Adjusted Net Loss as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring. It excludes loss (gain) on extinguishment of debt as these expenses or gains were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities and the 0.25% convertible senior notes due in 2026 (the \"2026 Notes\") early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue. Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b42"], "char_count": 3988, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a2b971928c037d4f400069ba09d1e63207682e8d9ae21d58861275c033e6935c", "derivation_id": "4b8a7bc73c4e353dd672a7229cd4a4b00f161ee29a975a283f055299a193c488", "document_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "block_sequence": 42, "char_end": 3988, "char_start": 0, "fragment_sha256": "274ee324a35cecb7d7e6cf5f916c206d06d7652758b55eb752c90b4bf5e46d91", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#p15", "passage_kind": "narrative", "passage_sequence": 15, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/exhibit9923q24opendoorsh.htm", "table_id": null, "text": "19 Adjusted Operating Expense We also present Adjusted Operating Expense, which is a non-GAAP financial measure that bridges the difference between Contribution Profit and Adjusted EBITDA. We believe this measure provides investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to Contribution Profit (Loss) and certain charges that are non-cash, or not directly related to our revenue-generating operations are removed. Adjusted Operating Expense is a supplemental measure of our operating expenditures and has important limitations. For example, this measure excludes the impact of certain costs required to be recorded under GAAP. This measure removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to Contribution Margin. This measure could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, this measure should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of this measure to the most directly comparable GAAP financial measure, which is operating expenses. We calculate Adjusted Operating Expense as GAAP operating expense adjusted to exclude direct selling costs and holding costs included in determining Contribution Profit (Loss). The measure also excludes non-cash expenses of stock-based compensation, depreciation and amortization, and intangibles amortization. It also excludes expenses that are not directly related to our revenue-generating operations such as restructuring charges. Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, Adjusted Technology and Development We also present Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, and Adjusted Technology and Development, which are non-GAAP financial measures that provide investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to contribution profit and certain charges that are non-cash are removed. These supplemental measures of our operating expenditures have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. Specifically, Adjusted Sales, Marketing and Operations removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to contribution margin. These measures could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which are Sales, marketing and operations expense, General and administrative expense and Technology and development expense. We calculate Adjusted Sales, Marketing and Operations as GAAP sales, marketing and operations expenses to exclude direct selling costs and holding costs included in determining Contribution Profit (Loss). This measure also excludes non-cash expenses of stock-based compensation and depreciation and amortization associated with sales, marketing and operations assets. We calculate Adjusted General and Administrative as GAAP general and administrative expenses to exclude non-cash expenses of stock-based compensation, depreciation and amortization of intangibles associated with general and administrative assets. It also excludes expenses that are not directly related to our revenue-generating operations."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b42"], "char_count": 243, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "59701cb6091410b3385c2e65e10bdb0e4c210476ea5244e1012cd7daa9722345", "derivation_id": "4b8a7bc73c4e353dd672a7229cd4a4b00f161ee29a975a283f055299a193c488", "document_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "block_sequence": 42, "char_end": 4231, "char_start": 3988, "fragment_sha256": "274ee324a35cecb7d7e6cf5f916c206d06d7652758b55eb752c90b4bf5e46d91", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#p16", "passage_kind": "narrative", "passage_sequence": 16, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/exhibit9923q24opendoorsh.htm", "table_id": null, "text": "We calculate Adjusted Technology and Development as GAAP technology and development expenses to exclude non-cash expenses of stock-based compensation, depreciation and amortization associated with technology and development assets. Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b44", "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b46"], "char_count": 2766, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "56d2fe5f29dfd1f92eef4fef2bd3bac22b4a1d7bea49a755ee6708df81a9abc1", "derivation_id": "4b8a7bc73c4e353dd672a7229cd4a4b00f161ee29a975a283f055299a193c488", "document_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "block_sequence": 44, "char_end": 1289, "char_start": 0, "fragment_sha256": "fedf2bb761ae4831945a8f65a301971f0d2ca0ed0dfedff103e426c6e9a3da47", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "block_sequence": 46, "char_end": 1475, "char_start": 0, "fragment_sha256": "a88542724178fb0ac4ae0db41a2b5ec37982aaea991a66b4a88b86bcb7399bf7", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#p17", "passage_kind": "narrative", "passage_sequence": 17, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/exhibit9923q24opendoorsh.htm", "table_id": null, "text": "20 Three Months Ended September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Revenue $ 1,377 $ 1,511 $ 1,181 $ 870 $ 980 Gross profit $ 105 $ 129 $ 114 $ 72 $ 96 Gross Margin 7.6 % 8.5 % 9.7 % 8.3 % 9.8 % Net loss $ (78) $ (92) $ (109) $ (91) $ (106) Number of markets (at period end) 50 50 50 50 53 Homes sold 3,615 4,078 3,078 2,364 2,687 Homes purchased 3,504 4,771 3,458 3,683 3,136 Homes in inventory (at period end) 6,288 6,399 5,706 5,326 4,007 Inventory (at period end) $ 2,145 $ 2,234 $ 1,881 $ 1,775 $ 1,311 Percentage of homes “on the market” for greater than 120 days (at period end) 23 % 14 % 15 % 18 % 12 % Non-GAAP Financial Highlights (1) Contribution Profit $ 52 $ 95 $ 57 $ 30 $ 43 Contribution Margin 3.8 % 6.3 % 4.8 % 3.4 % 4.4 % Adjusted EBITDA $ (38) $ (5) $ (50) $ (69) $ (49) Adjusted EBITDA Margin (2.8) % (0.3) % (4.2) % (7.9) % (5.0) % Adjusted Net Loss $ (70) $ (31) $ (80) $ (97) $ (75) OPENDOOR TECHNOLOGIES INC. FINANCIAL HIGHLIGHTS AND OPERATING METRICS (In millions, except percentages, homes sold, number of markets, homes purchased, and homes in inventory) (Unaudited) (1) See “—Use of Non-GAAP Financial Measures” for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures.\n\n21 Three Months Ended Nine Months Ended September 30, September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 2024 2023 REVENUE $ 1,377 $ 1,511 $ 1,181 $ 870 $ 980 $ 4,069 $ 6,076 COST OF REVENUE 1,272 1,382 1,067 798 884 3,721 5,661 GROSS PROFIT 105 129 114 72 96 348 415 OPERATING EXPENSES: Sales, marketing and operations 96 116 113 89 85 325 397 General and administrative 46 48 47 48 48 141 158 Technology and development 30 37 41 46 42 108 121 Restructuring — — — 4 — — 10 Total operating expenses 172 201 201 187 175 574 686 LOSS FROM OPERATIONS (67) (72) (87) (115) (79) (226) (271) (LOSS) GAIN ON EXTINGUISHMENT OF DEBT — (1) — 34 — (1) 182 INTEREST EXPENSE (34) (30) (37) (37) (47) (101) (174) OTHER INCOME – Net 23 12 15 27 20 50 80 LOSS BEFORE INCOME TAXES (78) (91) (109) (91) (106) (278) (183) INCOME TAX EXPENSE — (1) — — — (1) (1) NET LOSS $ (78) $ (92) $ (109) $ (91) $ (106) $ (279) $ (184) Net loss per share attributable to common shareholders: Basic $ (0.11) $ (0.13) $ (0.16) $ (0.14) $ (0.16) $ (0.40) $ (0.28) Diluted $ (0.11) $ (0.13) $ (0.16) $ (0.14) $ (0.16) $ (0.40) $ (0.28) Weighted-average shares outstanding: Basic 705,359 693,445 682,457 672,662 662,149 693,796 651,939 Diluted 705,359 693,445 682,457 672,662 662,149 693,796 651,939 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited)"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b48", "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b50"], "char_count": 3886, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "513ee12117ec7d3e5138ccf8245f2405402416aaf476cf4f42fa9d06f256de9d", "derivation_id": "4b8a7bc73c4e353dd672a7229cd4a4b00f161ee29a975a283f055299a193c488", "document_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "block_sequence": 48, "char_end": 1419, "char_start": 0, "fragment_sha256": "6bca944d298088dc55dfc0d7d53d776a0461f7d2d17940c154cbf998ac672184", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "block_sequence": 50, "char_end": 2465, "char_start": 0, "fragment_sha256": "e61ee54340ad90b741e897e75b74fb007f8839ae0896c8d69bfd49fb08dea6e8", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#p18", "passage_kind": "narrative", "passage_sequence": 18, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/exhibit9923q24opendoorsh.htm", "table_id": null, "text": "22 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) September 30, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 829 $ 999 Restricted cash 225 541 Marketable securities 8 69 Escrow receivable 15 9 Real estate inventory, net 2,145 1,775 Other current assets 41 52 Total current assets 3,263 3,445 PROPERTY AND EQUIPMENT – Net 59 66 RIGHT OF USE ASSETS 25 25 GOODWILL 3 4 INTANGIBLES – Net — 5 OTHER ASSETS 61 22 TOTAL ASSETS $ 3,411 $ 3,567 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 71 $ 64 Non-recourse asset-backed debt – current portion 643 — Interest payable 3 1 Lease liabilities – current portion 4 5 Total current liabilities 721 70 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 1,491 2,134 CONVERTIBLE SENIOR NOTES 377 376 LEASE LIABILITIES – Net of current portion 19 19 OTHER LIABILITIES 2 1 Total liabilities 2,610 2,600 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 711,660,871 and 677,636,163 shares issued, respectively; 711,660,871 and 677,636,163 shares outstanding, respectively — — Additional paid-in capital 4,413 4,301 Accumulated deficit (3,612) (3,333) Accumulated other comprehensive loss — (1) Total shareholders’ equity 801 967 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 3,411 $ 3,567\n\n23 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Nine Months Ended September 30, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (279) $ (184) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: Depreciation and amortization 37 50 Amortization of right of use asset 4 5 Stock-based compensation 91 94 Inventory valuation adjustment 51 54 Change in fair value of equity securities 7 4 Other 6 6 Proceeds from sale and principal collections of mortgage loans held for sale — 1 Loss (gain) on extinguishment of debt 1 (182) Gain on deconsolidation, net (14) — Changes in operating assets and liabilities: Escrow receivable (6) 19 Real estate inventory (422) 3,082 Other assets 9 (15) Accounts payable and other accrued liabilities 4 (29) Interest payable 1 (10) Lease liabilities (5) (9) Net cash (used in) provided by operating activities (515) 2,886 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (22) (28) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 55 75 Proceeds from sale of non-marketable equity securities — 1 Cash impact of deconsolidation of subsidiaries (2) — Net cash provided by investing activities 31 48 CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of convertible senior notes — (270) Proceeds from exercise of stock options — 2 Proceeds from issuance of common stock for ESPP 5 2 Proceeds from non-recourse asset-backed debt 417 238 Principal payments on non-recourse asset-backed debt (424) (2,315) Payment for early extinguishment of debt — (4) Net cash used in financing activities (2) (2,347) NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (486) 587 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 1,540 1,791 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $ 1,054 $ 2,378 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $ 93 $ 169 DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 15 $ 17 Investment in non-marketable equity securities due to deconsolidation $ 39 $ — RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 829 $ 1,154 Restricted cash 225 1,224 Cash, cash equivalents, and restricted cash $ 1,054 $ 2,378"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b52"], "char_count": 2504, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0a3d848ada39481a56d970312481bc2c377e2d5903f0c924d50ba8637c25676b", "derivation_id": "4b8a7bc73c4e353dd672a7229cd4a4b00f161ee29a975a283f055299a193c488", "document_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "block_sequence": 52, "char_end": 2504, "char_start": 0, "fragment_sha256": "57a451917ce6e889916910135c69bad2b7145bc4536fd16ed33742e8cb3843f0", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#p19", "passage_kind": "narrative", "passage_sequence": 19, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/exhibit9923q24opendoorsh.htm", "table_id": null, "text": "24 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT AND CONTRIBUTION PROFIT (LOSS) TO OUR GROSS PROFIT (Unaudited) Three Months Ended Nine Months Ended September 30, (in millions, except percentages and homes sold, or as noted) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 2024 2023 Revenue (GAAP) $ 1,377 $ 1,511 $ 1,181 $ 870 $ 980 $ 4,069 $ 6,076 Gross profit (GAAP) $ 105 $ 129 $ 114 $ 72 $ 96 $ 348 $ 415 Gross Margin 7.6 % 8.5 % 9.7 % 8.3 % 9.8 % 8.6 % 6.8 % Adjustments: Inventory valuation adjustment – Current Period͏(1)(2) 10 34 7 11 17 33 24 Inventory valuation adjustment – Prior Periods͏(1)(3) (16) (9) (17) (17) (29) (24) (450) Adjusted Gross Profit (Loss) $ 99 $ 154 $ 104 $ 66 $ 84 $ 357 $ (11) Adjusted Gross Margin 7.2 % 10.2 % 8.8 % 7.6 % 8.6 % 8.8 % (0.2) % Adjustments: Direct selling costs(4) (32) (43) (34) (26) (28) (109) (171) Holding costs on sales – Current Period͏(5)(6) (6) (5) (5) (3) (4) (30) (41) Holding costs on sales – Prior Periods͏(5)(7) (9) (11) (8) (7) (9) (14) (65) Contribution Profit (Loss) $ 52 $ 95 $ 57 $ 30 $ 43 $ 204 $ (288) Homes sold in period 3,615 4,078 3,078 2,364 2,687 10,771 16,344 Contribution Profit (Loss) per Home Sold (in thousands) $ 14 $ 23 $ 19 $ 13 $ 16 $ 19 $ (18) Contribution Margin 3.8 % 6.3 % 4.8 % 3.4 % 4.4 % 5.0 % (4.7) % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b54"], "char_count": 2949, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8641a79a8adddbee16ee0186cb0f8cdb5928a531be78028daa34bc747f6774ea", "derivation_id": "4b8a7bc73c4e353dd672a7229cd4a4b00f161ee29a975a283f055299a193c488", "document_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "block_sequence": 54, "char_end": 2949, "char_start": 0, "fragment_sha256": "ebe924eb5a835d9872fa8125aa5bf354b92b924ed5a511b0b97e973ee9a23617", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#p20", "passage_kind": "narrative", "passage_sequence": 20, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/exhibit9923q24opendoorsh.htm", "table_id": null, "text": "25 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED NET LOSS AND ADJUSTED EBITDA TO OUR NET LOSS (Unaudited) Three Months Ended Nine Months Ended September 30, (in millions, except percentages) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 2024 2023 Revenue (GAAP) $ 1,377 $ 1,511 $ 1,181 $ 870 $ 980 $ 4,069 $ 6,076 Net loss (GAAP) $ (78) $ (92) $ (109) $ (91) $ (106) $ (279) $ (184) Adjustments: Stock-based compensation 25 33 33 32 31 91 94 Equity securities fair value adjustment(1) 3 2 2 (3) 11 7 4 Intangibles amortization expense(2) 1 1 2 2 2 4 5 Inventory valuation adjustment – Current Period͏(3)(4) 10 34 7 11 17 33 24 Inventory valuation adjustment — Prior Periods͏(3)(5) (16) (9) (17) (17) (29) (24) (450) Restructuring(6) — — — 4 — — 10 Loss (gain) on extinguishment of debt — 1 — (34) — 1 (182) Other(7) (15) (1) 2 (1) (1) (14) (2) Adjusted Net Loss $ (70) $ (31) $ (80) $ (97) $ (75) $ (181) $ (681) Adjustments: Depreciation and amortization, excluding amortization of intangibles 10 7 11 15 9 28 30 Property financing(8) 30 26 32 32 38 88 142 Other interest expense(9) 4 4 5 5 9 13 32 Interest income(10) (12) (12) (18) (24) (30) (42) (82) Income tax expense — 1 — — — 1 1 Adjusted EBITDA $ (38) $ (5) $ (50) $ (69) $ (49) $ (93) $ (558) Adjusted EBITDA Margin (2.8) % (0.3) % (4.2) % (7.9) % (5.0) % (2.3) % (9.2) % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuing costs consist primarily of severance and employee termination benefits and bonuses incurred in connection with employees' roles being eliminated. (7) Includes primarily gain on deconsolidation, net, sublease income, and income from equity method investments. (8) Includes interest expense on our non-recourse asset-backed debt facilities. (9) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset- backed debt facilities, and interest expense related to the 2026 Notes outstanding. (10) Consists mainly of interest earned on cash, cash equivalents, restricted cash, and marketable securities."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b56"], "char_count": 1951, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "734988a694734dde4784c26e25f9dd8a82cbe77ff0df8f5b206f2903f365cf48", "derivation_id": "4b8a7bc73c4e353dd672a7229cd4a4b00f161ee29a975a283f055299a193c488", "document_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "block_sequence": 56, "char_end": 1951, "char_start": 0, "fragment_sha256": "66a5a38a20f294a6bc21e367c54ede78977b0fa3f3aec4c1ed441aa6d0305a50", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#p21", "passage_kind": "narrative", "passage_sequence": 21, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/exhibit9923q24opendoorsh.htm", "table_id": null, "text": "26 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED OPERATING EXPENSES TO OUR OPERATING EXPENSES (Unaudited) Three Months Ended (in millions, except percentages) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 OPERATING EXPENSES: Sales, marketing and operations 96 116 113 89 85,000 85 General and administrative 46 48 47 48 48 Technology and development 30 37 41 46 42 Restructuring — — — 4 — Total Operating Expenses (GAAP) $ 172 $ 201 $ 201 $ 187 $ 175 Operating Expenses (GAAP) $ 172 $ 201 $ 201 $ 187 $ 175 Adjustments: Direct Selling Costs(1) (32) (43) (34) (26) (28) Holding costs included in contribution profit(2) (15) (16) (13) (10) (13) Stock-based compensation (25) (33) (33) (32) (31) Intangibles amortization expense(3) (1) (1) (2) (2) (2) Restructuring — — — (4) — Depreciation and amortization, excluding amortization of intangibles (10) (7) (11) (15) (9) Other 1 (1) (1) 1 — Total Adjusted Operating Expenses (Non-GAAP) $ 90 $ 100 $ 107 $ 99 $ 92 (1) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (2) Represents holding costs incurred in the period presented on homes sold in the period presented as well as holding costs incurred in prior periods on homes sold in the period presented (“Resale Cohort Holding Costs.”) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations in the period in which they are incurred (“GAAP Holding Costs.”) (3) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#b58"], "char_count": 3590, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "86ac35387a60b9e063de47435bf96d938cda0e3b21a98297a361b901eb1669e9", "derivation_id": "4b8a7bc73c4e353dd672a7229cd4a4b00f161ee29a975a283f055299a193c488", "document_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "block_sequence": 58, "char_end": 3590, "char_start": 0, "fragment_sha256": "6889174b2efab44adc1a7bd2e97dbde4ad253b1a3814248eac502a72e61342c4", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#p22", "passage_kind": "narrative", "passage_sequence": 22, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000176:exhibit9923q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/exhibit9923q24opendoorsh.htm", "table_id": null, "text": "27 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED SALES, MARKETING AND OPERATIONS; ADJUSTED GENERAL AND ADMINISTRATIVE; AND ADJUSTED TECHNOLOGY AND DEVELOPMENT EXPENSES TO THEIR CORRESPONDING GAAP MEASURES (Unaudited) Three Months Ended (in millions) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Sales, marketing and operations (GAAP)(1) $ 96 $ 116 $ 113 $ 89 $ 85 Direct Selling Costs(2) (32) (43) (34) (26) (28) Holding costs included in contribution profit(3)(4) (15) (16) (13) (10) (13) Stock-based compensation (2) (4) (5) (4) (4) Intangibles amortization expense(5) (1) (1) (2) — (1) Depreciation and amortization, excluding amortization of intangibles — — — — (1) Adjusted Sales, Marketing and Operations (Non- GAAP)(6) $ 46 $ 52 $ 59 $ 49 $ 38 General and administrative (GAAP) $ 46 $ 48 $ 47 $ 48 $ 48 Stock-based compensation (16) (17) (16) (16) (15) Depreciation and amortization, excluding amortization of intangibles (2) — — — (1) Other 1 (1) (1) 1 — Adjusted General and Administrative (Non-GAAP)(6) $ 29 $ 30 $ 30 $ 33 $ 32 Technology and development (GAAP) $ 30 $ 37 $ 41 $ 46 $ 42 Stock-based compensation (7) (12) (12) (12) (12) Intangibles amortization expense(5) — — — (2) (1) Depreciation and amortization, excluding amortization of intangibles (8) (7) (11) (15) (7) Adjusted Technology and Development (Non- GAAP)(6) $ 15 $ 18 $ 18 $ 17 $ 22 Note: Advertising expenses(1) $ 15 $ 21 $ 27 $ 17 $ 16 (1) Advertising expenses included in Sales, marketing and operations. (2) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (3) Represents holding costs incurred in the period presented on homes sold in the period presented as well as holding costs incurred in prior periods on homes sold in the period presented (“Resale Cohort Holding Costs.”) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations in the period in which they are incurred (“GAAP Holding Costs.”) (4) The table below presents the timing difference within Adjusted Sales, marketing and operations related to holding costs. The amount of GAAP Holding Costs recognized during the period may be in excess of/ (less than) the amount of Resale Cohort Holding costs related to homes sold in the relevant period and included in Contribution Profit. Three Months Ended September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Total GAAP Holding Costs $ 20 $ 17 $ 11 $ 13 $ 12 Holding costs on sales - Current Period (6) (5) (5) (3) (4) Holding costs on sales - Prior Periods (9) (11) (8) (7) (9) Less: Resale Cohort Holding Costs (15) (16) (13) (10) (13) GAAP Holding Costs in excess of / (less than) Resale Holding Costs included in Contribution Profit $ 5 $ 1 $ (2) $ 3 $ (1) (5) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (6) The sum of Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, and Adjusted Technology and Development expenses is equal to Total Adjusted Operated Expenses (Non-GAAP). 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MLS Clearance Rate is defined as the number of daily contracts that enter pending status on the Multiple Listing Service (i.e. market listings), filtered for Opendoor’s markets and buybox, divided by the number of active listings on the Multiple Listing Service, filtered for the same markets and buybox. Appendix Trailing 7-Day MLS Clearance Rate1 MLS Data Filtered to Opendoor Markets and Buybox Trailing 7-Day MLS Contracts MLS Data Filtered to Opendoor Markets and Buybox Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 29 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec\n\nTrailing 7-Day MLS New Listings MLS Data Filtered to Opendoor Markets and Buybox Appendix Trailing 7-Day MLS Active Listings MLS Data Filtered to Opendoor Markets and Buybox Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 30\n\nAppendix 30-Day Rolling Home Price Appreciation (HPA) Weighted to Opendoor Markets; Non-Seasonally Adjusted Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 31 Trailing 28-Day MLS Daily Delisting Rate MLS Data Filtered to Opendoor Markets and Buybox; excludes California markets Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec"} diff --git 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NON-GAAP MEASURES & KEY METRICS (Unaudited) Period Ended ($ in millions, except markets, homes purchased, homes sold, homes in inventory, and margins) Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Key Metrics Total Markets (at period end) 50 50 50 50 53 Total Revenue $ 1,377 $ 1,511 $ 1,181 $ 870 $ 980 Gross profit $ 105 $ 129 $ 114 $ 72 $ 96 Net loss $ (78) $ (92) $ (109) $ (91) $ (106) Inventory (at period end) $ 2,145 $ 2,234 $ 1,881 $ 1,775 $ 1,311 Non-GAAP Financial Measures Adjusted Gross Profit $ 99 $ 154 $ 104 $ 66 $ 84 Selling Costs (32) (43) (34) (26) (28) Holding Costs (15) (16) (13) (10) (13) Contribution Profit $ 52 $ 95 $ 57 $ 30 $ 43 Adjusted EBITDA $ (38) $ (5) $ (50) $ (69) $ (49) Adjusted Net Loss $ (70) $ (31) $ (80) $ (97) $ (75) Margins Total Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Gross profit 7.6 % 8.5 % 9.7 % 8.3 % 9.8 % Adjusted Gross Profit 7.2 % 10.2 % 8.8 % 7.6 % 8.6 % Contribution Profit 3.8 % 6.3 % 4.8 % 3.4 % 4.4 % Net loss (5.7) % (6.1) % (9.2) % (10.5) % (10.8) % Adjusted EBITDA (2.8) % (0.3) % (4.2) % (7.9) % (5.0) % Adjusted Net Loss (5.1) % (2.1) % (6.8) % (11.1) % (7.7) % Inventory Rollforward Homes in Inventory (at beginning of period) 6,399 5,706 5,326 4,007 3,558 Homes Purchased 3,504 4,771 3,458 3,683 3,136 Homes Sold (3,615) (4,078) (3,078) (2,364) (2,687) Homes in Inventory (at period end) 6,288 6,399 5,706 5,326 4,007 Exhibit 99.3" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm#b7", + "block_sequence": 7, + "block_sha256": "0de058911af223b929ebb380ed9ae266f93e4160279596b7e11909b6d09afc3c", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm", + "block_sequence": 7, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "8f71d3f8574c68f334580b0881b087885bd9582d7e564c549fbe0106f3a0514f", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm#s2", + "table": null, + "text": "exhibit993q32024formxexh002.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm#b8", + "block_sequence": 8, + "block_sha256": "f8b4b3cd3cb33041476b7c046710b604fbd8fa4f2ead75c77f60c942b0842a0c", + "block_type": "paragraph", + "char_count": 1118, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm", + "block_sequence": 8, + "char_end": 1118, + "char_start": 0, + "fragment_sha256": "875fd92bacc9efd8a3d38008eaadb54ef248e40782ab6b600ead371e52555242", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 REVENUE $ 1,377 $ 980 $ 4,069 $ 6,076 COST OF REVENUE 1,272 884 3,721 5,661 GROSS PROFIT 105 96 348 415 OPERATING EXPENSES: Sales, marketing and operations 96 85 325 397 General and administrative 46 48 141 158 Technology and development 30 42 108 121 Restructuring \u2014 \u2014 \u2014 10 Total operating expenses 172 175 574 686 LOSS FROM OPERATIONS (67) (79) (226) (271) (LOSS) GAIN ON EXTINGUISHMENT OF DEBT \u2014 \u2014 (1) 182 INTEREST EXPENSE (34) (47) (101) (174) OTHER INCOME \u2013 Net 23 20 50 80 LOSS BEFORE INCOME TAXES (78) (106) (278) (183) INCOME TAX EXPENSE \u2014 \u2014 (1) (1) NET LOSS $ (78) $ (106) $ (279) $ (184) Net loss per share attributable to common shareholders: Basic $ (0.11) $ (0.16) $ (0.40) $ (0.28) Diluted $ (0.11) $ (0.16) $ (0.40) $ (0.28) Weighted-average shares outstanding: Basic 705,359 662,149 693,796 651,939 Diluted 705,359 662,149 693,796 651,939" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm#b9", + "block_sequence": 9, + "block_sha256": "ae5b6e2f97582c27eb323a0a681167f3b19abd4a96a722b11587387ccfdbc73d", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm", + "block_sequence": 9, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "8053417ab3c3a4b49583d0d3628d67788aaf789810e6f150d04dcb07e72373b4", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm#s2", + "table": null, + "text": "exhibit993q32024formxexh003.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm#b10", + "block_sequence": 10, + "block_sha256": "edfd30f5dd4d41b6f74e3bb5790d79f4489e1fb460409e6ce6966a2ddc1e8acd", + "block_type": "paragraph", + "char_count": 1412, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm", + "block_sequence": 10, + "char_end": 1412, + "char_start": 0, + "fragment_sha256": "4f951e40cb81557c40555d4daf80a7e2e13bb5166a708579e56a32ae51264fb0", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) September 30, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 829 $ 999 Restricted cash 225 541 Marketable securities 8 69 Escrow receivable 15 9 Real estate inventory, net 2,145 1,775 Other current assets 41 52 Total current assets 3,263 3,445 PROPERTY AND EQUIPMENT \u2013 Net 59 66 RIGHT OF USE ASSETS 25 25 GOODWILL 3 4 INTANGIBLES \u2013 Net \u2014 5 OTHER ASSETS 61 22 TOTAL ASSETS $ 3,411 $ 3,567 LIABILITIES AND SHAREHOLDERS\u2019 EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 71 $ 64 Non-recourse asset-backed debt \u2013 current portion 643 \u2014 Interest payable 3 1 Lease liabilities \u2013 current portion 4 5 Total current liabilities 721 70 NON-RECOURSE ASSET-BACKED DEBT \u2013 Net of current portion 1,491 2,134 CONVERTIBLE SENIOR NOTES 377 376 LEASE LIABILITIES \u2013 Net of current portion 19 19 OTHER LIABILITIES 2 1 Total liabilities 2,610 2,600 SHAREHOLDERS\u2019 EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 711,660,871 and 677,636,163 shares issued, respectively; 711,660,871 and 677,636,163 shares outstanding, respectively \u2014 \u2014 Additional paid-in capital 4,413 4,301 Accumulated deficit (3,612) (3,333) Accumulated other comprehensive loss \u2014 (1) Total shareholders\u2019 equity 801 967 TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY $ 3,411 $ 3,567" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm#b11", + "block_sequence": 11, + "block_sha256": "b1c0702dec8cfc6e3b85fcb759c46cfccf517a9751f8aba596fff75558a0124e", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm", + "block_sequence": 11, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "a5f487425366f64aeedb8177a9214e8986616ecf8e1daaf369506616a70fab3c", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm#s2", + "table": null, + "text": "exhibit993q32024formxexh004.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm#b12", + "block_sequence": 12, + "block_sha256": "52dfe27a808c7964b9ab4103d7dadc5451842abb7ccefc617e8ecd7069619ab6", + "block_type": "paragraph", + "char_count": 1949, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm", + "block_sequence": 12, + "char_end": 1949, + "char_start": 0, + "fragment_sha256": "c5c4c91369e793c3be978f894abbcd64e3408e10c8d93cb722d99a41b326d21c", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Nine Months Ended September 30, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (279) $ (184) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: Depreciation and amortization 37 50 Amortization of right of use asset 4 5 Stock-based compensation 91 94 Inventory valuation adjustment 51 54 Change in fair value of equity securities 7 4 Other 6 6 Proceeds from sale and principal collections of mortgage loans held for sale \u2014 1 Loss (gain) on extinguishment of debt 1 (182) Gain on deconsolidation, net (14) \u2014 Changes in operating assets and liabilities: Escrow receivable (6) 19 Real estate inventory (422) 3,082 Other assets 9 (15) Accounts payable and other accrued liabilities 4 (29) Interest payable 1 (10) Lease liabilities (5) (9) Net cash (used in) provided by operating activities (515) 2,886 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (22) (28) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 55 75 Proceeds from sale of non-marketable equity securities \u2014 1 Cash impact of deconsolidation of subsidiaries (2) \u2014 Net cash provided by investing activities 31 48 CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of convertible senior notes \u2014 (270) Proceeds from exercise of stock options \u2014 2 Proceeds from issuance of common stock for ESPP 5 2 Proceeds from non-recourse asset-backed debt 417 238 Principal payments on non-recourse asset-backed debt (424) (2,315) Payment for early extinguishment of debt \u2014 (4) Net cash used in financing activities (2) (2,347) NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (486) 587 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 Beginning of period 1,540 1,791 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 End of period $ 1,054 $ 2,378" + }, + { + "block_id": 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NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Gross Profit and Contribution Profit to our Gross Profit Three Months Ended (in millions, except percentages and homes sold, or as noted) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Revenue (GAAP) $ 1,377 $ 1,511 $ 1,181 $ 870 $ 980 Gross profit (GAAP) $ 105 $ 129 $ 114 $ 72 $ 96 Gross Margin 7.6 % 8.5 % 9.7 % 8.3 % 9.8 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f (1)(2) 10 34 7 11 17 Inventory valuation adjustment \u2013 Prior Periods\u034f (1)(3) (16) (9) (17) (17) (29) Adjusted Gross Profit $ 99 $ 154 $ 104 $ 66 $ 84 Adjusted Gross Margin 7.2 % 10.2 % 8.8 % 7.6 % 8.6 % Adjustments: Direct selling costs (4) (32) (43) (34) (26) (28) Holding costs on sales \u2013 Current Period\u034f (5)(6) (6) (5) (5) (3) (4) Holding costs on sales \u2013 Prior Periods\u034f (5)(7) (9) (11) (8) (7) (9) Contribution Profit $ 52 $ 95 $ 57 $ 30 $ 43 Homes sold in period 3,615 4,078 3,078 2,364 2,687 Contribution Profit per Home Sold (in thousands) $ 14 $ 23 $ 19 $ 13 $ 16 Contribution Margin 3.8 % 6.3 % 4.8 % 3.4 % 4.4 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow- related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. 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NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our Net Loss Three Months Ended (in millions, except percentages) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Revenue (GAAP) $ 1,377 $ 1,511 $ 1,181 $ 870 $ 980 Net loss (GAAP) $ (78) $ (92) $ (109) $ (91) $ (106) Adjustments: Stock-based compensation 25 33 33 32 31 Equity securities fair value adjustment(1) 3 2 2 (3) 11 Intangibles amortization expense(2) 1 1 2 2 2 Inventory valuation adjustment \u2013 Current Period\u034f(3)(4) 10 34 7 11 17 Inventory valuation adjustment \u2014 Prior Periods\u034f(3)(5) (16) (9) (17) (17) (29) Restructuring(6) \u2014 \u2014 \u2014 4 \u2014 Loss (gain) on extinguishment of debt \u2014 1 \u2014 (34) \u2014 Other(7) (15) (1) 2 (1) (1) Adjusted Net Loss $ (70) $ (31) $ (80) $ (97) $ (75) Adjustments: Depreciation and amortization, excluding amortization of intangibles 10 7 11 15 9 Property financing(8) 30 26 32 32 38 Other interest expense(9) 4 4 5 5 9 Interest income(10) (12) (12) (18) (24) (30) Income tax expense \u2014 1 \u2014 \u2014 \u2014 Adjusted EBITDA $ (38) $ (5) $ (50) $ (69) $ (49) Adjusted EBITDA Margin (2.8) % (0.3) % (4.2) % (7.9) % (5.0) % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuing costs consist primarily of severance and employee termination benefits and bonuses incurred in connection with employees' roles being eliminated. (7) Includes primarily gain on deconsolidation, net, sublease income, and income from equity method investments. (8) Includes interest expense on our non-recourse asset-backed debt facilities. (9) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, and interest expense related to the 2026 Notes outstanding. 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NON-GAAP MEASURES & KEY METRICS (Unaudited) Period Ended ($ in millions, except markets, homes purchased, homes sold, homes in inventory, and margins) Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Key Metrics Total Markets (at period end) 50 50 50 50 53 Total Revenue $ 1,377 $ 1,511 $ 1,181 $ 870 $ 980 Gross profit $ 105 $ 129 $ 114 $ 72 $ 96 Net loss $ (78) $ (92) $ (109) $ (91) $ (106) Inventory (at period end) $ 2,145 $ 2,234 $ 1,881 $ 1,775 $ 1,311 Non-GAAP Financial Measures Adjusted Gross Profit $ 99 $ 154 $ 104 $ 66 $ 84 Selling Costs (32) (43) (34) (26) (28) Holding Costs (15) (16) (13) (10) (13) Contribution Profit $ 52 $ 95 $ 57 $ 30 $ 43 Adjusted EBITDA $ (38) $ (5) $ (50) $ (69) $ (49) Adjusted Net Loss $ (70) $ (31) $ (80) $ (97) $ (75) Margins Total Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Gross profit 7.6 % 8.5 % 9.7 % 8.3 % 9.8 % Adjusted Gross Profit 7.2 % 10.2 % 8.8 % 7.6 % 8.6 % Contribution Profit 3.8 % 6.3 % 4.8 % 3.4 % 4.4 % Net loss (5.7) % (6.1) % (9.2) % (10.5) % (10.8) % Adjusted EBITDA (2.8) % (0.3) % (4.2) % (7.9) % (5.0) % Adjusted Net Loss (5.1) % (2.1) % (6.8) % (11.1) % (7.7) % Inventory Rollforward Homes in Inventory (at beginning of period) 6,399 5,706 5,326 4,007 3,558 Homes Purchased 3,504 4,771 3,458 3,683 3,136 Homes Sold (3,615) (4,078) (3,078) (2,364) (2,687) Homes in Inventory (at period end) 6,288 6,399 5,706 5,326 4,007 Exhibit 99.3\n\nOPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 REVENUE $ 1,377 $ 980 $ 4,069 $ 6,076 COST OF REVENUE 1,272 884 3,721 5,661 GROSS PROFIT 105 96 348 415 OPERATING EXPENSES: Sales, marketing and operations 96 85 325 397 General and administrative 46 48 141 158 Technology and development 30 42 108 121 Restructuring — — — 10 Total operating expenses 172 175 574 686 LOSS FROM OPERATIONS (67) (79) (226) (271) (LOSS) GAIN ON EXTINGUISHMENT OF DEBT — — (1) 182 INTEREST EXPENSE (34) (47) (101) (174) OTHER INCOME – Net 23 20 50 80 LOSS BEFORE INCOME TAXES (78) (106) (278) (183) INCOME TAX EXPENSE — — (1) (1) NET LOSS $ (78) $ (106) $ (279) $ (184) Net loss per share attributable to common shareholders: Basic $ (0.11) $ (0.16) $ (0.40) $ (0.28) Diluted $ (0.11) $ (0.16) $ (0.40) $ (0.28) Weighted-average shares outstanding: Basic 705,359 662,149 693,796 651,939 Diluted 705,359 662,149 693,796 651,939"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm#b10", "norm:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm#b12"], "char_count": 3363, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c55d2eea874df6da0cfa8239e8bdff6adfee286bd8407f6938649a200f2929d3", "derivation_id": "7c57a1c64a97d9096c590f3078da109b1935a6c54e43692ed87719c55d9e0f50", "document_id": "norm:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm", "block_sequence": 10, "char_end": 1412, "char_start": 0, "fragment_sha256": "4f951e40cb81557c40555d4daf80a7e2e13bb5166a708579e56a32ae51264fb0", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm", "block_sequence": 12, "char_end": 1949, "char_start": 0, "fragment_sha256": "c5c4c91369e793c3be978f894abbcd64e3408e10c8d93cb722d99a41b326d21c", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm#p2", "passage_kind": "narrative", "passage_sequence": 2, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/exhibit993q32024formxexh.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) September 30, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 829 $ 999 Restricted cash 225 541 Marketable securities 8 69 Escrow receivable 15 9 Real estate inventory, net 2,145 1,775 Other current assets 41 52 Total current assets 3,263 3,445 PROPERTY AND EQUIPMENT – Net 59 66 RIGHT OF USE ASSETS 25 25 GOODWILL 3 4 INTANGIBLES – Net — 5 OTHER ASSETS 61 22 TOTAL ASSETS $ 3,411 $ 3,567 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 71 $ 64 Non-recourse asset-backed debt – current portion 643 — Interest payable 3 1 Lease liabilities – current portion 4 5 Total current liabilities 721 70 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 1,491 2,134 CONVERTIBLE SENIOR NOTES 377 376 LEASE LIABILITIES – Net of current portion 19 19 OTHER LIABILITIES 2 1 Total liabilities 2,610 2,600 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 711,660,871 and 677,636,163 shares issued, respectively; 711,660,871 and 677,636,163 shares outstanding, respectively — — Additional paid-in capital 4,413 4,301 Accumulated deficit (3,612) (3,333) Accumulated other comprehensive loss — (1) Total shareholders’ equity 801 967 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 3,411 $ 3,567\n\nOPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Nine Months Ended September 30, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (279) $ (184) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: Depreciation and amortization 37 50 Amortization of right of use asset 4 5 Stock-based compensation 91 94 Inventory valuation adjustment 51 54 Change in fair value of equity securities 7 4 Other 6 6 Proceeds from sale and principal collections of mortgage loans held for sale — 1 Loss (gain) on extinguishment of debt 1 (182) Gain on deconsolidation, net (14) — Changes in operating assets and liabilities: Escrow receivable (6) 19 Real estate inventory (422) 3,082 Other assets 9 (15) Accounts payable and other accrued liabilities 4 (29) Interest payable 1 (10) Lease liabilities (5) (9) Net cash (used in) provided by operating activities (515) 2,886 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (22) (28) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 55 75 Proceeds from sale of non-marketable equity securities — 1 Cash impact of deconsolidation of subsidiaries (2) — Net cash provided by investing activities 31 48 CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of convertible senior notes — (270) Proceeds from exercise of stock options — 2 Proceeds from issuance of common stock for ESPP 5 2 Proceeds from non-recourse asset-backed debt 417 238 Principal payments on non-recourse asset-backed debt (424) (2,315) Payment for early extinguishment of debt — (4) Net cash used in financing activities (2) (2,347) NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (486) 587 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 1,540 1,791 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $ 1,054 $ 2,378"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm#b14", "norm:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm#b16"], "char_count": 2809, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "14db1520e6edec1c441de8d41eb9e8e1f6e536dc9e3ffa641f2a6535adc056b7", "derivation_id": "7c57a1c64a97d9096c590f3078da109b1935a6c54e43692ed87719c55d9e0f50", "document_id": "norm:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm", "block_sequence": 14, "char_end": 512, "char_start": 0, "fragment_sha256": "f721c7f679d1303e7bb824f388757407a34bd20f8d3206ec3974289f1d09f412", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm", "block_sequence": 16, "char_end": 2295, "char_start": 0, "fragment_sha256": "c69f8330df3ebe199244abba451aeb12d050984d6605773b01d36211262f156e", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-24-000176:exhibit993q32024formxexh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/exhibit993q32024formxexh.htm", "table_id": null, "text": "SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $ 93 $ 169 DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 15 $ 17 Investment in non-marketable equity securities due to deconsolidation $ 39 $ — RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 829 $ 1,154 Restricted cash 225 1,224 Cash, cash equivalents, and restricted cash $ 1,054 $ 2,378\n\nOPENDOOR TECHNOLOGIES INC. NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Gross Profit and Contribution Profit to our Gross Profit Three Months Ended (in millions, except percentages and homes sold, or as noted) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Revenue (GAAP) $ 1,377 $ 1,511 $ 1,181 $ 870 $ 980 Gross profit (GAAP) $ 105 $ 129 $ 114 $ 72 $ 96 Gross Margin 7.6 % 8.5 % 9.7 % 8.3 % 9.8 % Adjustments: Inventory valuation adjustment – Current Period͏ (1)(2) 10 34 7 11 17 Inventory valuation adjustment – Prior Periods͏ (1)(3) (16) (9) (17) (17) (29) Adjusted Gross Profit $ 99 $ 154 $ 104 $ 66 $ 84 Adjusted Gross Margin 7.2 % 10.2 % 8.8 % 7.6 % 8.6 % Adjustments: Direct selling costs (4) (32) (43) (34) (26) (28) Holding costs on sales – Current Period͏ (5)(6) (6) (5) (5) (3) (4) Holding costs on sales – Prior Periods͏ (5)(7) (9) (11) (8) (7) (9) Contribution Profit $ 52 $ 95 $ 57 $ 30 $ 43 Homes sold in period 3,615 4,078 3,078 2,364 2,687 Contribution Profit per Home Sold (in thousands) $ 14 $ 23 $ 19 $ 13 $ 16 Contribution Margin 3.8 % 6.3 % 4.8 % 3.4 % 4.4 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow- related fees and transfer taxes. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. 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NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our Net Loss Three Months Ended (in millions, except percentages) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Revenue (GAAP) $ 1,377 $ 1,511 $ 1,181 $ 870 $ 980 Net loss (GAAP) $ (78) $ (92) $ (109) $ (91) $ (106) Adjustments: Stock-based compensation 25 33 33 32 31 Equity securities fair value adjustment(1) 3 2 2 (3) 11 Intangibles amortization expense(2) 1 1 2 2 2 Inventory valuation adjustment – Current Period͏(3)(4) 10 34 7 11 17 Inventory valuation adjustment — Prior Periods͏(3)(5) (16) (9) (17) (17) (29) Restructuring(6) — — — 4 — Loss (gain) on extinguishment of debt — 1 — (34) — Other(7) (15) (1) 2 (1) (1) Adjusted Net Loss $ (70) $ (31) $ (80) $ (97) $ (75) Adjustments: Depreciation and amortization, excluding amortization of intangibles 10 7 11 15 9 Property financing(8) 30 26 32 32 38 Other interest expense(9) 4 4 5 5 9 Interest income(10) (12) (12) (18) (24) (30) Income tax expense — 1 — — — Adjusted EBITDA $ (38) $ (5) $ (50) $ (69) $ (49) Adjusted EBITDA Margin (2.8) % (0.3) % (4.2) % (7.9) % (5.0) % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets have useful lives ranging from 1 to 5 years and amortization is expected until the intangible assets are fully amortized. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuing costs consist primarily of severance and employee termination benefits and bonuses incurred in connection with employees' roles being eliminated. (7) Includes primarily gain on deconsolidation, net, sublease income, and income from equity method investments. (8) Includes interest expense on our non-recourse asset-backed debt facilities. (9) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, and interest expense related to the 2026 Notes outstanding. 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A copy of the press release and the shareholder letter is furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K." + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:open-20241107.htm#b23", + "block_sequence": 23, + "block_sha256": "b89696dd562dc98e2d1749a869ddb9e170e8ec4b569de938d823dcf31e61ed4a", + "block_type": "heading", + "char_count": 34, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:open-20241107.htm", + "block_sequence": 23, + "char_end": 34, + "char_start": 0, + "fragment_sha256": "a51decb91527b48b94bca3310140812e64c815eb2b1c266de68f0bf476ec2ba4", + "heading_path": [ + "UNITED STATES", + "Item 7.01 Regulation FD Disclosure" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-24-000176:open-20241107.htm#s14", + "table": null, + "text": "Item 7.01 Regulation FD Disclosure" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:open-20241107.htm#b24", + "block_sequence": 24, + "block_sha256": "d1ea3f3eaef93110aaa341a694948d29c923147073f2cf5a7a5a56c4c8dccc6d", + "block_type": "paragraph", + "char_count": 771, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:open-20241107.htm", + "block_sequence": 24, + "char_end": 771, + "char_start": 0, + "fragment_sha256": "1e82e49612ba781dbacd1924e4f53ac9540448f7d66e9472d68bf689c9ce41e8", + "heading_path": [ + "UNITED STATES", + "Item 7.01 Regulation FD Disclosure" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000176:open-20241107.htm#s14", + "table": null, + "text": "On November 7, 2024, the Company posted an earnings supplement (the \u201cSupplement\u201d) in the \u201cInvestor Relations\u201d portion of its website at investor.opendoor.com. 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Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-24-000176:open-20241107.htm#b22"], "char_count": 344, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "418fdf7ad0daf959c104d4f9a0ac2185f906e1961462ff32952efce9faf4dd46", "derivation_id": "c633b5435a3c33b1064e155f0da3cc5c0579006e0fd3548d5a95030ede21e98d", "document_id": "norm:0001801169:0001801169-24-000176:open-20241107.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 2.02", "Results of Operations and Financial Condition"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:open-20241107.htm", "block_sequence": 22, "char_end": 344, "char_start": 0, "fragment_sha256": "97b4120202dda097993caed6e77fde5dc4ba1c1fb742f8388ba78b867816380b", "heading_path": ["UNITED STATES", "Item 2.02", "Results of Operations and Financial Condition"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:open-20241107.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:open-20241107.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-24-000176:open-20241107.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/open-20241107.htm", "table_id": null, "text": "On November 7, 2024, Opendoor Technologies Inc. (the “Company”) issued a press release and a shareholder letter announcing its financial results for the third quarter ended September 30, 2024. A copy of the press release and the shareholder letter is furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-24-000176:open-20241107.htm#b24"], "char_count": 771, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d1ea3f3eaef93110aaa341a694948d29c923147073f2cf5a7a5a56c4c8dccc6d", "derivation_id": "c633b5435a3c33b1064e155f0da3cc5c0579006e0fd3548d5a95030ede21e98d", "document_id": "norm:0001801169:0001801169-24-000176:open-20241107.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 7.01 Regulation FD Disclosure"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:open-20241107.htm", "block_sequence": 24, "char_end": 771, "char_start": 0, "fragment_sha256": "1e82e49612ba781dbacd1924e4f53ac9540448f7d66e9472d68bf689c9ce41e8", "heading_path": ["UNITED STATES", "Item 7.01 Regulation FD Disclosure"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:open-20241107.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:open-20241107.htm#s14", "source_artifact_id": "sec:0001801169:0001801169-24-000176:open-20241107.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/open-20241107.htm", "table_id": null, "text": "On November 7, 2024, the Company posted an earnings supplement (the “Supplement”) in the “Investor Relations” portion of its website at investor.opendoor.com. A copy of the Supplement is attached to this Current Report on Form 8-K as Exhibit 99.3. The information contained in Items 2.02 and 7.01 of this Current Report (including Exhibits 99.1, 99.2, and 99.3 attached hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-24-000176:open-20241107.htm#b27"], "char_count": 12, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1bb512677b8189f063271298af785857c211249e9a13edc9cf8a2d4545faefd7", "derivation_id": "c633b5435a3c33b1064e155f0da3cc5c0579006e0fd3548d5a95030ede21e98d", "document_id": "norm:0001801169:0001801169-24-000176:open-20241107.htm", "document_type": 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"norm:0001801169:0001801169-24-000176:open-20241107.htm#b28", "text": "| | | |\n| --- | --- | --- |\n| Exhibit No. | | Description |\n| | | |\n| 99.1 | | Press Release issued by Opendoor Technologies Inc. on November 7, 2024 |\n| 99.2 | | Shareholder Letter issued by Opendoor Technologies Inc. on November 7, 2024 |\n| 99.3 | | Supplement entitled “Financial Supplement” issued by Opendoor Technologies Inc. on November 7, 2024 |\n| 104 | | Cover Page Interactive Data File (Cover page XBRL tags are embedded within the Inline XBRL document) |"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-24-000176:open-20241107.htm#b31"], "char_count": 317, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e7738e3358361e7f4ae612c4fbff30dd0b9b52855d19839bbad1e11e65f6f325", "derivation_id": "c633b5435a3c33b1064e155f0da3cc5c0579006e0fd3548d5a95030ede21e98d", "document_id": "norm:0001801169:0001801169-24-000176:open-20241107.htm", 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Opendoor Technologies Inc. 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(Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported financial results for its third quarter ended September 30, 2024. Opendoor\u2019s third quarter 2024 financial results and management commentary can be accessed through the Company\u2019s shareholder letter on the \u201cQuarterly Reports\u201d page of Opendoor\u2019s investor relations website at https://investor.opendoor.com/financials-filings/quarterly-reports. \u201cOpendoor\u2019s third quarter acquisition volumes, revenue, Contribution Profit, and Adjusted EBITDA all exceeded our guidance, notwithstanding persistent housing market headwinds. In August, many anticipated that interest rate cuts would bring buyers and sellers back to the market. However, mortgage rates remain stubbornly high and the housing market continues to be challenged by high delistings, low clearance, and strained affordability,\u201d said Carrie Wheeler, CEO of Opendoor. Wheeler continued, \u201cWe are focused on what we can control, operating our business as efficiently as possible, and streamlining our cost structure while managing risk. The combination of the actions we took in the second half of this year will result in annualized savings of approximately $85 million as we enter 2025. 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with 3,615 total homes sold, up 35% versus 3Q23 and down (11)% versus 2Q24 \u2022Gross profit of $105 million, versus $96 million in 3Q23 and $129 million in 2Q24; Gross Margin of 7.6%, versus 9.8% in 3Q23 and 8.5% in 2Q24 \u2022Net loss of $(78) million, versus $(106) million in 3Q23 and $(92) million in 2Q24 \u2022Inventory balance of $2.1 billion, representing 6,288 homes, up 64% versus 3Q23 and down (4)% versus 2Q24 \u2022Purchased 3,504 homes, up 12% versus 3Q23 and down (27)% versus 2Q24 \u2022Ended the quarter with 1,006 homes under contract for purchase, down (39)% versus 3Q23 and down (44)% versus 2Q24" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b10", + "block_sequence": 10, + "block_sha256": "3df3d0bf1a9889fbab461edc97ccf75079eec59494edddef045558d3d41caa05", + "block_type": "heading", + "char_count": 24, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", + "block_sequence": 10, + "char_end": 24, + "char_start": 0, + "fragment_sha256": "943bbcf18422484b9130cae6afb0679081ce82f5868e3e860adb504abd95d5b3", + "heading_path": [ + "EX-99.1", + "Third Quarter 2024 Key Highlights", + "Non-GAAP Key Highlights*" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s6", + "table": null, + "text": "Non-GAAP Key Highlights*" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b11", + "block_sequence": 11, + "block_sha256": "a5df6bebb390e4501d1b4ce7d56bdb7e43466c42b40887f46a05a6154fcaf299", + "block_type": "paragraph", + "char_count": 570, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", + "block_sequence": 11, + "char_end": 570, + "char_start": 0, + "fragment_sha256": "dab31322e5afd3c4b0fd9e86f5492bcc28a98927789575cedc52656f8c99913d", + "heading_path": [ + "EX-99.1", + "Third Quarter 2024 Key Highlights", + "Non-GAAP Key Highlights*" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s6", + "table": null, + "text": "\u2022Contribution Profit of $52 million, versus $43 million in 3Q23 and $95 million in 2Q24; Contribution Margin of 3.8%, versus 4.4% in 3Q23 and 6.3% in 2Q24 \u2022Adjusted EBITDA of $(38) million, versus $(49) million in 3Q23 and $(5) million in 2Q24; Adjusted EBITDA Margin of (2.8)%, versus (5.0)% in 3Q23 and (0.3)% in 2Q24 \u2022Adjusted Net Loss of $(70) million, versus $(75) million in 3Q23 and $(31) million in 2Q24 *See \u201c\u2014Use of Non-GAAP Financial Measures\u201d below for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures." + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b12", + "block_sequence": 12, + "block_sha256": "b350350407d648c97c00b8528110a12bcc3341c75c1c4f17214c83eef8d60289", + "block_type": "heading", + "char_count": 37, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", + "block_sequence": 12, + "char_end": 37, + "char_start": 0, + "fragment_sha256": "9e560882490b9011b7757a3c0807d3c42c299906718f53508aee7f90c83abc04", + "heading_path": [ + "EX-99.1", + "Fourth Quarter 2024 Financial Outlook" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s7", + "table": null, + "text": "Fourth Quarter 2024 Financial Outlook" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b13", + "block_sequence": 13, + "block_sha256": "f85a2fbd8da9fd42fe8720cf8f0a0736a82d5ceff054e96d3005d3f15c09b67b", + "block_type": "paragraph", + "char_count": 186, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", + "block_sequence": 13, + "char_end": 186, + "char_start": 0, + "fragment_sha256": "0ba4dbe3abd790c5268baaaf5aa18f3d62ae893e2dbc85ce33458aecb9455660", + "heading_path": [ + "EX-99.1", + "Fourth Quarter 2024 Financial Outlook" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s7", + "table": null, + "text": "\u20224Q24 revenue guidance of $925 million to $975 million \u20224Q24 Contribution Profit1 guidance of $15 million to $25 million \u20224Q24 Adjusted EBITDA1 guidance of $(70) million to $(60) million" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b14", + "block_sequence": 14, + "block_sha256": "a6d5472b2970d188397362cbeb120c141dfa00ea685622341f4da2accca23ec9", + "block_type": "heading", + "char_count": 35, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", + "block_sequence": 14, + "char_end": 35, + "char_start": 0, + "fragment_sha256": "8f4803ade21027cea3732425b5d91aff522b9219c7b3a8bb471d178586335c09", + "heading_path": [ + "EX-99.1", + "Fourth Quarter 2024 Financial Outlook", + "Conference Call and Webcast Details" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s8", + "table": null, + "text": "Conference Call and Webcast Details" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b15", + "block_sequence": 15, + "block_sha256": "0247837aceb54d6d131c54b7b93ef3a01ebdc0f62bd0eaab5100a9f1225a5def", + "block_type": "paragraph", + "char_count": 328, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", + "block_sequence": 15, + "char_end": 328, + "char_start": 0, + "fragment_sha256": "f2104843442533639a783514c5410e08babb7cfd984c9ad0950f0be106c5704e", + "heading_path": [ + "EX-99.1", + "Fourth Quarter 2024 Financial Outlook", + "Conference Call and Webcast Details" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s8", + "table": null, + "text": "Opendoor will host a conference call to discuss its financial results on November 7, 2024, at 2:00 p.m. Pacific Time. 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Since 2014, Opendoor has provided people across the U.S. with a simple and certain way to sell and buy a home. Opendoor is a team of problem solvers, innovators, and operators who are leading the future of real estate. Opendoor currently operates in markets nationwide. 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All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the current and future health and stability of the real estate housing market and general economy; anticipated future results of operations and financial performance, including our fourth quarter 2024 and 2025 financial outlook; our ability to operate efficiently and proactively manage our cost structure in a challenging housing market; our ability to realize cost savings as a result of certain streamlining initiatives; the volatility of mortgage interest rates, changes in resale clearance rates and delistings; our product offerings and improvements; the health and status of our financial condition and whether we will be able to rescale when housing market conditions improve; whether efficiencies we have implemented across our platform will result in future benefits; our competitive positioning; and business strategy and plans, including plans to continue to invest in and enhance our products. These forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cguidance\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201coutlook\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cvision\u201d, \u201cwill\u201d, or \u201cwould\u201d, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this 1 Opendoor has not provided a quantitative reconciliation of forecasted Contribution Profit (Loss) to forecasted GAAP gross profit (loss) nor a reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss) and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company\u2019s control. For more information regarding the non-GAAP financial measures discussed in this press release, please see \u201cUse of Non-GAAP Financial Measures\u201d following the financial tables below. press release include but are not limited to: the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturn or slowdown; changes in general economic and financial conditions (including federal monetary policy, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that may impact demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our digital platform, including our automated pricing and valuation technology; our ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our ability to protect our brand and intellectual property; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; any future impact of pandemics or epidemics, including any future resurgences of COVID-19 and its variants, or other public health crises on our ability to operate, demand for our products and services, or general economic conditions; changes in laws or government regulation affecting our business; and the impact of pending or future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \u201cRisk Factors\u201d in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 15, 2024, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. 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equivalents, and restricted cash | $ | 1,054 | | | $ | 2,378 | " + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b46", + "block_sequence": 46, + "block_sha256": "f01dcca04a180fe8b33e7e553c28d81ff0239330406c2d2236d709babc9f6d4a", + "block_type": "heading", + "char_count": 34, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", + "block_sequence": 46, + "char_end": 34, + "char_start": 0, + "fragment_sha256": "325529143802c5dd84d60e1fde34470c75d4ef6f06a0a5d45444aef66e0cebbd", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s18", + "table": null, + "text": "Use of Non-GAAP Financial Measures" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b47", + "block_sequence": 47, + 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The Company believes these non-GAAP financial measures including Adjusted Gross Profit (Loss), Contribution Profit (Loss), Adjusted Net Loss, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results." + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b48", + "block_sequence": 48, + "block_sha256": "6c96b44255eb532f553bee515107dc9732bacfe39728b4b1790e3d0fc9ef7445", + "block_type": "heading", + "char_count": 59, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", + "block_sequence": 48, + "char_end": 59, + "char_start": 0, + "fragment_sha256": "ef99143ea4377a43b53a0c3a16fae140a638f8d95bcebc4d8096b326cfce2617", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s19", + "table": null, + "text": "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b49", + "block_sequence": 49, + "block_sha256": "99087c1e116fa1faa2eca446abf50bf44a5436115438c99218632685ac51b312", + "block_type": "paragraph", + "char_count": 1779, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", + "block_sequence": 49, + "char_end": 1779, + "char_start": 0, + "fragment_sha256": "103e55e0521ddb0b96d04c944fc2c9527ddb1f004f0d3aa90c6c615ca6688cb6", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s19", + "table": null, + "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit (Loss) and Contribution Profit (Loss), which are non-GAAP financial measures. We believe that Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit (Loss) provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit." + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b50", + "block_sequence": 50, + "block_sha256": "aa2c104275b1e2d71ee4d2a4b524835cf35e0b5c7ba24c35bb7d198132a3a36a", + "block_type": "heading", + "char_count": 37, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", + "block_sequence": 50, + "char_end": 37, + "char_start": 0, + "fragment_sha256": "19cff3a2715bc1902e26881a91ac5e024acdea861b5971f629bd6e07ce0975e9", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", + "Adjusted Gross Profit (Loss) / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s20", + "table": null, + "text": "Adjusted Gross Profit (Loss) / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b51", + "block_sequence": 51, + "block_sha256": "4627db57e506b3f89eff0c96e1db4c6f7cf39a36c373f2fddd07d9bbf7acc11c", + "block_type": "paragraph", + "char_count": 987, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", + "block_sequence": 51, + "char_end": 987, + "char_start": 0, + "fragment_sha256": "29bafa6056c4c78af30771825e7d6f6f00c82d0d5bf607e168c10ab6e238a781", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", + "Adjusted Gross Profit (Loss) / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s20", + "table": null, + "text": "We calculate Adjusted Gross Profit (Loss) as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. Adjusted Gross Margin is Adjusted Gross Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit (Loss) helps management assess home pricing, service fees and renovation performance for a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b52", + "block_sequence": 52, + "block_sha256": "3c9261d497c08c54862c1d93dcef265e24e035674c6bdad752d75e665effba7d", + "block_type": "heading", + "char_count": 35, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", + "block_sequence": 52, + "char_end": 35, + "char_start": 0, + "fragment_sha256": "f3a65d065f6c43cacd06f7cdadb6433c87027c7ea27d84c32f00d5a5c9715288", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", + "Contribution Profit (Loss) / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s21", + "table": null, + "text": "Contribution Profit (Loss) / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b53", + "block_sequence": 53, + "block_sha256": "9d10503bd5e83fe3b32832c6fa07cff8ee6e86308078a6695cb56de249426319", + "block_type": "paragraph", + "char_count": 784, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", + "block_sequence": 53, + "char_end": 784, + "char_start": 0, + "fragment_sha256": "34e4f21e7c28478bfda95d94f1c4be13815675f3954034f744f1915fa24fffa0", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", + "Contribution Profit (Loss) / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s21", + "table": null, + "text": "We calculate Contribution Profit (Loss) as Adjusted Gross Profit (Loss), minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit (Loss) helps management assess inflows and outflows directly associated with a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b54", + "block_sequence": 54, + "block_sha256": "7460ff5afa74595bed1ed49c4ec349f88984782302cbab9cee3bae99ec2b46cd", + "block_type": "page_header", + "char_count": 26, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", + "block_sequence": 54, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "b8b8062826f34c01775f668e5b2cc75d457b8d2c8832287c6f571c29eac5c67b", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", + "Contribution Profit (Loss) / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s21", + "table": null, + "text": 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"paragraph", + "char_count": 11, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", + "block_sequence": 57, + "char_end": 11, + "char_start": 0, + "fragment_sha256": "2a7680d26ab0fd2298dd52fd36b9d301e5103004cef230dbf5fbd1eabb314fa8", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s22", + "table": null, + "text": "(Unaudited)" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b58", + "block_sequence": 58, + "block_sha256": "ea4dffabb6e4bf5639ec928f31a6ba31e596b644bd79ecbb537216a683fdda34", + "block_type": "paragraph", + "char_count": 212, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", + "block_sequence": 58, + "char_end": 212, + "char_start": 0, + "fragment_sha256": "4d176f3d4aff23ca7f9b037412f44ef0953184a57d6c29c5562a16df9d71bde2", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s22", + "table": null, + "text": "The following table presents a reconciliation of our Adjusted Gross Profit (Loss) and Contribution Profit (Loss) to our gross profit, which is the most directly comparable GAAP measure, for the periods indicated:" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b59", + "block_sequence": 59, + "block_sha256": "e201c361e52c2c686862127f578b5cab48e94ad57e306f111d3cca078a401458", + "block_type": "table", + "char_count": 2649, + "level": null, + "locator": { + "artifact_id": 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millions, except percentages and homes sold, or as noted) | | September 30, 2024 | | June 30, 2024 | | March 31, 2024 | | December 31, 2023 | | September 30, 2023 | | 2024 | | 2023 | | | | | | | | | | | | | | |\n| Revenue (GAAP) | | $ | 1,377 | | | $ | 1,511 | | | $ | 1,181 | | | $ | 870 | | | $ | 980 | | | $ | 4,069 | | | $ | 6,076 | |\n| Gross profit (GAAP) | | $ | 105 | | | $ | 129 | | | $ | 114 | | | $ | 72 | | | $ | 96 | | | $ | 348 | | | $ | 415 | |\n| Gross Margin | | 7.6 | % | | 8.5 | % | | 9.7 | % | | 8.3 | % | | 9.8 | % | | 8.6 | % | | 6.8 | % | | | | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Inventory valuation adjustment \u2013 Current Period(1)(2) | | 10 | | | 34 | | | 7 | | | 11 | | | 17 | | | 33 | | | 24 | | | | | | | | |\n| Inventory valuation adjustment \u2013 Prior Periods(1)(3) | | (16) | | | (9) | | | (17) | | | (17) | | | (29) | | | (24) | | | (450) | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Adjusted Gross Profit (Loss) | | $ | 99 | | | $ | 154 | | | $ | 104 | | | $ | 66 | | | $ | 84 | | | $ | 357 | | | $ | (11) | |\n| Adjusted Gross Margin | | 7.2 | % | | 10.2 | % | | 8.8 | % | | 7.6 | % | | 8.6 | % | | 8.8 | % | | (0.2) | % | | | | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Direct selling costs(4) | | (32) | | | (43) | | | (34) | | | (26) | | | (28) | | | (109) | | | (171) | | | | | | | | |\n| Holding costs on sales \u2013 Current Period(5)(6) | | (6) | | | (5) | | | (5) | | | (3) | | | (4) | | | (30) | | | (41) | | | | | | | | |\n| Holding costs on sales \u2013 Prior Periods(5)(7) | | (9) | | | (11) | | | (8) | | | (7) | | | (9) | | | (14) | | | (65) | | | | | | | | |\n| Contribution Profit (Loss) | | $ | 52 | | | $ | 95 | | | $ | 57 | | | $ | 30 | | | $ | 43 | | | $ | 204 | | | $ | (288) | |\n| Homes sold in period | | 3,615 | | | 4,078 | | | 3,078 | | | 2,364 | | | 2,687 | | | 10,771 | | | 16,344 | | | | | | | | |\n| 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(2)Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3)Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5)Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented." + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b62", + "block_sequence": 62, + "block_sha256": "37935488b247cdf343c0c8144ff521e96ad9f18f66bbb30d6e7419e323a258dd", + "block_type": "heading", + "char_count": 37, + "level": 8, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", + "block_sequence": 62, + "char_end": 37, + "char_start": 0, + "fragment_sha256": "a34f0fa36b4a64dc2e88e4f29b646c75e81b6238c2f3a7ba70bd93dfd5171121", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s23", + "table": null, + "text": "Adjusted Net Loss and Adjusted EBITDA" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b63", + "block_sequence": 63, + "block_sha256": "30e3586e1712e96c1479714394b97d9b879cbd2828d27d768e91ef2ae245842e", + "block_type": "paragraph", + "char_count": 1547, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", + "block_sequence": 63, + "char_end": 1547, + "char_start": 0, + "fragment_sha256": "7706d48b137d6e7b0ab2c4ceab76543290744a23e3e13ab4eefb764ac2d958be", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s23", + "table": null, + "text": "We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss." + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b64", + "block_sequence": 64, + "block_sha256": "236a9f2403017a5277b663ccb31ec43d8c2bfa477b0ef7a6739ae4ae9f4de383", + "block_type": "heading", + "char_count": 17, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", + "block_sequence": 64, + "char_end": 17, + "char_start": 0, + "fragment_sha256": "b8fea0efbc2ee5e70631f015f99f4bc0284f100f8a60109c90d8e6632c07df6a", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted Net Loss" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s24", + "table": null, + "text": "Adjusted Net Loss" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b65", + "block_sequence": 65, + "block_sha256": "b6c04903582609a8c722eea94c3b0b70f6946488c64b4872bd2dc8d0f8f0e66f", + "block_type": "paragraph", + "char_count": 1126, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", + "block_sequence": 65, + "char_end": 1126, + "char_start": 0, + "fragment_sha256": "3da62a63892d836ee8806600d8f6a7aeefb385c0d76ce75601caeb41a7783703", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted Net Loss" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s24", + "table": null, + "text": "We calculate Adjusted Net Loss as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring. It excludes loss (gain) on extinguishment of debt as these expenses or gains were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities and the 0.25% convertible senior notes due in 2026 (the \"2026 Notes\") early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date." + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b66", + "block_sequence": 66, + "block_sha256": "e21a9b231049964de5ed48be4f1552178df178466705ae25a8ad92f9d827c980", + "block_type": "heading", + "char_count": 24, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", + "block_sequence": 66, + "char_end": 24, + "char_start": 0, + "fragment_sha256": "1c89ec92d3ba6360cdf9ddbcebb86f641bde4c2f9f1431c9fe5a20eef78ea4af", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted EBITDA / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s25", + "table": null, + "text": "Adjusted EBITDA / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b67", + "block_sequence": 67, + "block_sha256": "dfcdd3eb3c508d47aa6b0f99c68aa27a5d519764353000222958249f2ccea5c0", + "block_type": "paragraph", + "char_count": 598, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", + "block_sequence": 67, + "char_end": 598, + "char_start": 0, + "fragment_sha256": "5135a3b97c981df6efad923b048790a4619dfd8dcc1ca0a7753ee0ae98b619c6", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted EBITDA / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s25", + "table": null, + "text": "We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue. The following table presents a reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our net loss, which is the most directly comparable GAAP measure, for the periods indicated:" + }, + { + "block_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b68", + "block_sequence": 68, + "block_sha256": "8ce01e4449f98d90d6dab5bbc860ccf61a32b9c69686159b5782ff0814c686e2", + "block_type": "table", + "char_count": 3451, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", + "block_sequence": 68, + "char_end": 3451, + "char_start": 0, + "fragment_sha256": "ecf05ca15c246693b0ddf14f55e34ee7d8fdc916dca53b2eb6a4d5d12232ecb7", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted EBITDA / Margin" + ], + "table_index": 5, + "tag_name": "table" + }, + "section_id": 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"https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/q32024formxex991earningsre.htm", "table_id": null, "text": "SAN FRANCISCO, California - November 7, 2024 - Opendoor Technologies Inc. (Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported financial results for its third quarter ended September 30, 2024. Opendoor’s third quarter 2024 financial results and management commentary can be accessed through the Company’s shareholder letter on the “Quarterly Reports” page of Opendoor’s investor relations website at https://investor.opendoor.com/financials-filings/quarterly-reports. “Opendoor’s third quarter acquisition volumes, revenue, Contribution Profit, and Adjusted EBITDA all exceeded our guidance, notwithstanding persistent housing market headwinds. In August, many anticipated that interest rate cuts would bring buyers and sellers back to the market. However, mortgage rates remain stubbornly high and the housing market continues to be challenged by high delistings, low clearance, and strained affordability,” said Carrie Wheeler, CEO of Opendoor. Wheeler continued, “We are focused on what we can control, operating our business as efficiently as possible, and streamlining our cost structure while managing risk. The combination of the actions we took in the second half of this year will result in annualized savings of approximately $85 million as we enter 2025. With a simplified organization and ongoing enhancements in our core products, we are well-positioned to rescale the business as conditions improve.”"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b9"], "char_count": 665, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "59fea0448ebefdaaccb4155333850a5051f7dc9e26aa928dc9eaf76c221706dd", "derivation_id": "43228b7de327203e36529e04107ed58e9c44cf7565cb056fb95c3fe192a26e1c", "document_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Third Quarter 2024 Key Highlights"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "block_sequence": 9, "char_end": 665, "char_start": 0, "fragment_sha256": "9a277788670a8df388c09442538002f310456fd3ab07b70b0ceb4047c81ef2ca", "heading_path": ["EX-99.1", "Third Quarter 2024 Key Highlights"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s5", "source_artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/q32024formxex991earningsre.htm", "table_id": null, "text": "•Revenue of $1.4 billion, up 41% versus 3Q23 and down (9)% versus 2Q24; with 3,615 total homes sold, up 35% versus 3Q23 and down (11)% versus 2Q24 •Gross profit of $105 million, versus $96 million in 3Q23 and $129 million in 2Q24; Gross Margin of 7.6%, versus 9.8% in 3Q23 and 8.5% in 2Q24 •Net loss of $(78) million, versus $(106) million in 3Q23 and $(92) million in 2Q24 •Inventory balance of $2.1 billion, representing 6,288 homes, up 64% versus 3Q23 and down (4)% versus 2Q24 •Purchased 3,504 homes, up 12% versus 3Q23 and down (27)% versus 2Q24 •Ended the quarter with 1,006 homes under contract for purchase, down (39)% versus 3Q23 and down (44)% versus 2Q24"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b11"], "char_count": 570, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a5df6bebb390e4501d1b4ce7d56bdb7e43466c42b40887f46a05a6154fcaf299", "derivation_id": "43228b7de327203e36529e04107ed58e9c44cf7565cb056fb95c3fe192a26e1c", "document_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Third Quarter 2024 Key Highlights", "Non-GAAP Key Highlights*"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "block_sequence": 11, "char_end": 570, "char_start": 0, "fragment_sha256": "dab31322e5afd3c4b0fd9e86f5492bcc28a98927789575cedc52656f8c99913d", "heading_path": ["EX-99.1", "Third Quarter 2024 Key Highlights", "Non-GAAP Key Highlights*"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s6", "source_artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/q32024formxex991earningsre.htm", "table_id": null, "text": "•Contribution Profit of $52 million, versus $43 million in 3Q23 and $95 million in 2Q24; Contribution Margin of 3.8%, versus 4.4% in 3Q23 and 6.3% in 2Q24 •Adjusted EBITDA of $(38) million, versus $(49) million in 3Q23 and $(5) million in 2Q24; Adjusted EBITDA Margin of (2.8)%, versus (5.0)% in 3Q23 and (0.3)% in 2Q24 •Adjusted Net Loss of $(70) million, versus $(75) million in 3Q23 and $(31) million in 2Q24 *See “—Use of Non-GAAP Financial Measures” below for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b13"], "char_count": 186, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f85a2fbd8da9fd42fe8720cf8f0a0736a82d5ceff054e96d3005d3f15c09b67b", "derivation_id": "43228b7de327203e36529e04107ed58e9c44cf7565cb056fb95c3fe192a26e1c", "document_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EX-99.1", "Fourth Quarter 2024 Financial Outlook"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "block_sequence": 13, "char_end": 186, "char_start": 0, "fragment_sha256": "0ba4dbe3abd790c5268baaaf5aa18f3d62ae893e2dbc85ce33458aecb9455660", "heading_path": ["EX-99.1", "Fourth Quarter 2024 Financial Outlook"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s7", "source_artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/q32024formxex991earningsre.htm", "table_id": null, "text": "•4Q24 revenue guidance of $925 million to $975 million •4Q24 Contribution Profit1 guidance of $15 million to $25 million •4Q24 Adjusted EBITDA1 guidance of $(70) million to $(60) million"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b15"], "char_count": 328, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0247837aceb54d6d131c54b7b93ef3a01ebdc0f62bd0eaab5100a9f1225a5def", "derivation_id": "43228b7de327203e36529e04107ed58e9c44cf7565cb056fb95c3fe192a26e1c", "document_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Fourth Quarter 2024 Financial Outlook", "Conference Call and Webcast Details"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "block_sequence": 15, "char_end": 328, "char_start": 0, "fragment_sha256": "f2104843442533639a783514c5410e08babb7cfd984c9ad0950f0be106c5704e", "heading_path": ["EX-99.1", "Fourth Quarter 2024 Financial Outlook", "Conference Call and Webcast Details"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s8", "source_artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/q32024formxex991earningsre.htm", "table_id": null, "text": "Opendoor will host a conference call to discuss its financial results on November 7, 2024, at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b17"], "char_count": 467, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "23200c058f7f66c1228eb5b03aff2b58dbc6b38a7b992cc2006f4eff7328e0dc", "derivation_id": "43228b7de327203e36529e04107ed58e9c44cf7565cb056fb95c3fe192a26e1c", "document_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Fourth Quarter 2024 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "block_sequence": 17, "char_end": 467, "char_start": 0, "fragment_sha256": "83febafb9943f89dcd230addff9d30800853c3bc51b4c0e06336429ae3355c85", "heading_path": ["EX-99.1", "Fourth Quarter 2024 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s9", "source_artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/q32024formxex991earningsre.htm", "table_id": null, "text": "Opendoor is a leading e-commerce platform for residential real estate transactions whose mission is to power life’s progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple and certain way to sell and buy a home. Opendoor is a team of problem solvers, innovators, and operators who are leading the future of real estate. Opendoor currently operates in markets nationwide. For more information, please visit www.opendoor.com"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b19"], "char_count": 2920, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a1337994bdcbb98069cc382f93b28fd44f684edfcf75e856d6745b7cde901205", "derivation_id": "43228b7de327203e36529e04107ed58e9c44cf7565cb056fb95c3fe192a26e1c", "document_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Fourth Quarter 2024 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor", "Forward Looking Statements"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "block_sequence": 19, "char_end": 2920, "char_start": 0, "fragment_sha256": "8d7d248ebcf5ab546a0e948aea48429afe6f599df22ec9435a782918bfda077a", "heading_path": ["EX-99.1", "Fourth Quarter 2024 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor", "Forward Looking Statements"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s10", "source_artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/q32024formxex991earningsre.htm", "table_id": null, "text": "This press release contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the current and future health and stability of the real estate housing market and general economy; anticipated future results of operations and financial performance, including our fourth quarter 2024 and 2025 financial outlook; our ability to operate efficiently and proactively manage our cost structure in a challenging housing market; our ability to realize cost savings as a result of certain streamlining initiatives; the volatility of mortgage interest rates, changes in resale clearance rates and delistings; our product offerings and improvements; the health and status of our financial condition and whether we will be able to rescale when housing market conditions improve; whether efficiencies we have implemented across our platform will result in future benefits; our competitive positioning; and business strategy and plans, including plans to continue to invest in and enhance our products. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “vision”, “will”, or “would”, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this 1 Opendoor has not provided a quantitative reconciliation of forecasted Contribution Profit (Loss) to forecasted GAAP gross profit (loss) nor a reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss) and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b19"], "char_count": 3875, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0166d03cb675cb1b65e61b462f2852c0912727eeb1351112834a9de4c742ff44", "derivation_id": "43228b7de327203e36529e04107ed58e9c44cf7565cb056fb95c3fe192a26e1c", "document_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Fourth Quarter 2024 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor", "Forward Looking Statements"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "block_sequence": 19, "char_end": 6795, "char_start": 2920, "fragment_sha256": "8d7d248ebcf5ab546a0e948aea48429afe6f599df22ec9435a782918bfda077a", "heading_path": ["EX-99.1", "Fourth Quarter 2024 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor", "Forward Looking Statements"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s10", "source_artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/q32024formxex991earningsre.htm", "table_id": null, "text": "For more information regarding the non-GAAP financial measures discussed in this press release, please see “Use of Non-GAAP Financial Measures” following the financial tables below. press release include but are not limited to: the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturn or slowdown; changes in general economic and financial conditions (including federal monetary policy, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that may impact demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our digital platform, including our automated pricing and valuation technology; our ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our ability to protect our brand and intellectual property; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; any future impact of pandemics or epidemics, including any future resurgences of COVID-19 and its variants, or other public health crises on our ability to operate, demand for our products and services, or general economic conditions; changes in laws or government regulation affecting our business; and the impact of pending or future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 15, 2024, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. 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"table", "passage_sequence": 14, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s14", "source_artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/q32024formxex991earningsre.htm", "table_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b29", "text": "| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| | | September 30, 2024 | | June 30, 2024 | | March 31, 2024 | | December 31, 2023 | | September 30, 2023 | | | | | | | | | | | | | | | | | | |\n| 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of homes “on the market” for greater than 120 days (at period end) | | 23 | % | | 14 | % | | 15 | % | | 18 | % | | 12 | % | | | | | | | | | | | | | |\n| Non-GAAP Financial Highlights (1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Contribution Profit | | $ | 52 | | | $ | 95 | | | $ | 57 | | | $ | 30 | | | $ | 43 | | | | | | | | | |\n| Contribution Margin | | 3.8 | % | | 6.3 | % | | 4.8 | % | | 3.4 | % | | 4.4 | % | | | | | | | | | | | | | |\n| Adjusted EBITDA | | $ | (38) | | | $ | (5) | | | $ | (50) | | | $ | (69) | | | $ | (49) | | | | | | | | | |\n| Adjusted EBITDA Margin | | (2.8) | % | | (0.3) | % | | (4.2) | % | | (7.9) | % | | (5.0) | % | | | | | | | | | | | | | |\n| Adjusted Net Loss | | $ | (70) | | | $ | (31) | | | $ | (80) | | | $ | (97) | | | $ | (75) | | | | | | | | | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b30"], "char_count": 155, "cik10": "0001801169", "company_name": "Opendoor 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--- | --- | --- | --- |\n| | Nine Months Ended September 30, | | | | | | |\n| | 2024 | | 2023 | | | | |\n| CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | |\n| Net loss | $ | (279) | | | $ | (184) | |\n| Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: | | | | | | | |\n| Depreciation and amortization | 37 | | | 50 | | | |\n| Amortization of right of use asset | 4 | | | 5 | | | |\n| | | | | | | | |\n| Stock-based compensation | 91 | | | 94 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Inventory valuation adjustment | 51 | | | 54 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Change in fair value of equity securities | 7 | | | 4 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Other | 6 | | | 6 | | | |\n| | | | | | | | |\n| Proceeds from sale and principal collections of mortgage loans held for sale | — | | | 1 | | | |\n| Loss (gain) on extinguishment of debt | 1 | | | (182) | | | |\n| Gain on deconsolidation, net | (14) | | | — | | | |\n| Changes in operating assets and liabilities: | | | | | | | |\n| Escrow receivable | (6) | | | 19 | | | |\n| Real estate inventory | (422) | | | 3,082 | | | |\n| Other assets | 9 | | | (15) | | | |\n| Accounts payable and other accrued liabilities | 4 | | | (29) | | | |\n| Interest payable | 1 | | | (10) | | | |\n| Lease liabilities | (5) | | | (9) | | | |\n| Net cash (used in) provided by operating activities | (515) | | | 2,886 | | | |\n| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | |\n| Purchase of property and equipment | (22) | | | (28) | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from sales, maturities, redemptions and paydowns of marketable securities | 55 | | | 75 | | | |\n| | | | | | | | |\n| Proceeds from sale of non-marketable equity securities | — | | | 1 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Cash impact of deconsolidation of subsidiaries | (2) | | | — | | | |\n| Net cash provided by investing activities | 31 | | | 48 | | | |\n| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Repurchase of convertible senior notes | — | | | (270) | | | |\n| | | | | | | | |\n| Proceeds from exercise of stock options | — | | | 2 | | | |\n| Proceeds from issuance of common stock for ESPP | 5 | | | 2 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from non-recourse asset-backed debt | 417 | | | 238 | | | |\n| Principal payments on non-recourse asset-backed debt | (424) | | | (2,315) | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Payment for early extinguishment of debt | — | | | (4) | | | |\n| Net cash used in financing activities | (2) | | | (2,347) | | | |\n| NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (486) | | | 587 | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period | 1,540 | | | 1,791 | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period | $ | 1,054 | | | $ | 2,378 | |\n| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest | $ | 93 | | | $ | 169 | |\n| DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Stock-based compensation expense capitalized for internally developed software | $ | 15 | | | $ | 17 | |\n| | | | | | | | |\n| Investment in non-marketable equity securities due to deconsolidation | $ | 39 | | | $ | — | |\n| RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: | | | | | | | |\n| Cash and cash equivalents | $ | 829 | | | $ | 1,154 | |\n| Restricted cash | 225 | | | 1,224 | | | |\n| Cash, cash equivalents, and restricted cash | $ | 1,054 | | | $ | 2,378 | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b47"], "char_count": 1248, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9822d56f5674c1b74b7162e884dc9517b5627987ed2c304122a6a27758091121", "derivation_id": "43228b7de327203e36529e04107ed58e9c44cf7565cb056fb95c3fe192a26e1c", "document_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "block_sequence": 47, "char_end": 1248, "char_start": 0, "fragment_sha256": "cc75492a6823ed04f3677c8d3edecef049ffdb9d064851075b2bb0062f80e0ea", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#p22", "passage_kind": "narrative", "passage_sequence": 22, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s18", "source_artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/q32024formxex991earningsre.htm", "table_id": null, "text": "To provide investors with additional information regarding the Company’s financial results, this press release includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit (Loss), Contribution Profit (Loss), Adjusted Net Loss, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b49"], "char_count": 1779, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "99087c1e116fa1faa2eca446abf50bf44a5436115438c99218632685ac51b312", "derivation_id": "43228b7de327203e36529e04107ed58e9c44cf7565cb056fb95c3fe192a26e1c", "document_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "block_sequence": 49, "char_end": 1779, "char_start": 0, "fragment_sha256": "103e55e0521ddb0b96d04c944fc2c9527ddb1f004f0d3aa90c6c615ca6688cb6", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#p23", "passage_kind": "narrative", "passage_sequence": 23, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s19", "source_artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/q32024formxex991earningsre.htm", "table_id": null, "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit (Loss) and Contribution Profit (Loss), which are non-GAAP financial measures. We believe that Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit (Loss) provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b51"], "char_count": 987, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "4627db57e506b3f89eff0c96e1db4c6f7cf39a36c373f2fddd07d9bbf7acc11c", "derivation_id": "43228b7de327203e36529e04107ed58e9c44cf7565cb056fb95c3fe192a26e1c", "document_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", "Adjusted Gross Profit (Loss) / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "block_sequence": 51, "char_end": 987, "char_start": 0, "fragment_sha256": "29bafa6056c4c78af30771825e7d6f6f00c82d0d5bf607e168c10ab6e238a781", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", "Adjusted Gross Profit (Loss) / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#p24", "passage_kind": "narrative", "passage_sequence": 24, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s20", "source_artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/q32024formxex991earningsre.htm", "table_id": null, "text": "We calculate Adjusted Gross Profit (Loss) as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. Adjusted Gross Margin is Adjusted Gross Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit (Loss) helps management assess home pricing, service fees and renovation performance for a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b53"], "char_count": 784, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9d10503bd5e83fe3b32832c6fa07cff8ee6e86308078a6695cb56de249426319", "derivation_id": "43228b7de327203e36529e04107ed58e9c44cf7565cb056fb95c3fe192a26e1c", "document_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", "Contribution Profit (Loss) / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "block_sequence": 53, "char_end": 784, "char_start": 0, "fragment_sha256": "34e4f21e7c28478bfda95d94f1c4be13815675f3954034f744f1915fa24fffa0", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit (Loss) and Contribution Profit (Loss)", "Contribution Profit (Loss) / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#p25", "passage_kind": "narrative", "passage_sequence": 25, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s21", "source_artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/q32024formxex991earningsre.htm", "table_id": null, "text": "We calculate Contribution Profit (Loss) as Adjusted Gross Profit (Loss), minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit (Loss) helps management assess inflows and outflows directly associated with a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b56", "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b57", "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b58"], "char_count": 276, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7a7bb63b41abea2228ef5f36f6d5c357ada941cbc670e5226f4cdf924c354165", "derivation_id": "43228b7de327203e36529e04107ed58e9c44cf7565cb056fb95c3fe192a26e1c", "document_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "block_sequence": 56, "char_end": 49, "char_start": 0, "fragment_sha256": "3c79d34b912ccd5810676229fdb23c57e7c959da948f20c2113ffe85c0e18da8", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "block_sequence": 57, "char_end": 11, "char_start": 0, "fragment_sha256": "2a7680d26ab0fd2298dd52fd36b9d301e5103004cef230dbf5fbd1eabb314fa8", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "block_sequence": 58, "char_end": 212, "char_start": 0, "fragment_sha256": "4d176f3d4aff23ca7f9b037412f44ef0953184a57d6c29c5562a16df9d71bde2", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#p26", "passage_kind": "narrative", "passage_sequence": 26, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s22", "source_artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/q32024formxex991earningsre.htm", "table_id": null, "text": "(In millions, except percentages, and homes sold)\n\n(Unaudited)\n\nThe following table presents a reconciliation of our Adjusted Gross Profit (Loss) and Contribution Profit (Loss) to our gross profit, which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b59"], "char_count": 2990, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "984a8585fe69f5cff9e5b34aea5127f40250f3d815efe819a1c1c7f8834265da", "derivation_id": "43228b7de327203e36529e04107ed58e9c44cf7565cb056fb95c3fe192a26e1c", "document_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": 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"table_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b59", "text": "| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended | | Nine Months Ended September 30, | | | | | | | | | | | | | | | | | | | | | | | | |\n| (in millions, except percentages and homes sold, or as noted) | | September 30, 2024 | | June 30, 2024 | | March 31, 2024 | | December 31, 2023 | | September 30, 2023 | | 2024 | | 2023 | | | | | | | | | | | | | | |\n| Revenue (GAAP) | | $ | 1,377 | | | $ | 1,511 | | | $ | 1,181 | | | $ | 870 | | | $ | 980 | | | $ | 4,069 | | | $ | 6,076 | |\n| Gross profit (GAAP) | | $ | 105 | | | $ | 129 | | | $ | 114 | | | $ | 72 | | | $ | 96 | | | $ | 348 | | | $ | 415 | |\n| Gross Margin | | 7.6 | % | | 8.5 | % | | 9.7 | % | | 8.3 | % | | 9.8 | % | | 8.6 | % | | 6.8 | % | | | | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Inventory valuation adjustment – Current Period(1)(2) | | 10 | | | 34 | | | 7 | | | 11 | | | 17 | | | 33 | | | 24 | | | | | | | | |\n| Inventory valuation adjustment – Prior Periods(1)(3) | | (16) | | | (9) | | | (17) | | | (17) | | | (29) | | | (24) | | | (450) | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Adjusted Gross Profit (Loss) | | $ | 99 | | | $ | 154 | | | $ | 104 | | | $ | 66 | | | $ | 84 | | | $ | 357 | | | $ | (11) | |\n| Adjusted Gross Margin | | 7.2 | % | | 10.2 | % | | 8.8 | % | | 7.6 | % | | 8.6 | % | | 8.8 | % | | (0.2) | % | | | | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Direct selling costs(4) | | (32) | | | (43) | | | (34) | | | (26) | | | (28) | | | (109) | | | (171) | | | | | | | | |\n| Holding costs on sales – Current Period(5)(6) | | (6) | | | (5) | | | (5) | | | (3) | | | (4) | | | (30) | | | (41) | | | | | | | | |\n| Holding costs on sales – Prior Periods(5)(7) | | (9) | | | (11) | | | (8) | | | (7) | | | (9) | | | (14) | | | (65) | | | | | | | | |\n| Contribution Profit (Loss) | | $ | 52 | | | $ | 95 | | | $ | 57 | | | $ | 30 | | | $ | 43 | | | $ | 204 | | | $ | (288) | |\n| Homes sold in period | | 3,615 | | | 4,078 | | | 3,078 | | | 2,364 | | | 2,687 | | | 10,771 | | | 16,344 | | | | | | | | |\n| Contribution Profit (Loss) per Home Sold (in thousands) | | $ | 14 | | | $ | 23 | | | $ | 19 | | | $ | 13 | | | $ | 16 | | | $ | 19 | | | $ | (18) | |\n| Contribution Margin | | 3.8 | % | | 6.3 | % | | 4.8 | % | | 3.4 | % | | 4.4 | % | | 5.0 | % | | (4.7) | % | | | | | | | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b60", "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b61"], "char_count": 1159, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8926b6f25d6c58e464e7fd95b8b8edd9a9baab2b62eb80402737cce1835fe8a4", "derivation_id": "43228b7de327203e36529e04107ed58e9c44cf7565cb056fb95c3fe192a26e1c", "document_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "block_sequence": 60, "char_end": 16, "char_start": 0, "fragment_sha256": "7fdbb5bd0c91a386038a54dafc306bd55a27c3242e1540451c2885fb5da9076a", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "block_sequence": 61, "char_end": 1141, "char_start": 0, "fragment_sha256": "ce88b8aac746f34d55660daab329c6ba1c14a78be0074e39afe53bfa66f95905", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#p28", "passage_kind": "narrative", "passage_sequence": 28, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s22", "source_artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/q32024formxex991earningsre.htm", "table_id": null, "text": "________________\n\n(1)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2)Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3)Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. (5)Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b63"], "char_count": 1547, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "30e3586e1712e96c1479714394b97d9b879cbd2828d27d768e91ef2ae245842e", "derivation_id": "43228b7de327203e36529e04107ed58e9c44cf7565cb056fb95c3fe192a26e1c", "document_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "block_sequence": 63, "char_end": 1547, "char_start": 0, "fragment_sha256": "7706d48b137d6e7b0ab2c4ceab76543290744a23e3e13ab4eefb764ac2d958be", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#p29", "passage_kind": "narrative", "passage_sequence": 29, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s23", "source_artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/q32024formxex991earningsre.htm", "table_id": null, "text": "We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b65"], "char_count": 1126, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b6c04903582609a8c722eea94c3b0b70f6946488c64b4872bd2dc8d0f8f0e66f", "derivation_id": "43228b7de327203e36529e04107ed58e9c44cf7565cb056fb95c3fe192a26e1c", "document_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted Net Loss"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "block_sequence": 65, "char_end": 1126, "char_start": 0, "fragment_sha256": "3da62a63892d836ee8806600d8f6a7aeefb385c0d76ce75601caeb41a7783703", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted Net Loss"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#p30", "passage_kind": "narrative", "passage_sequence": 30, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s24", "source_artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/q32024formxex991earningsre.htm", "table_id": null, "text": "We calculate Adjusted Net Loss as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring. It excludes loss (gain) on extinguishment of debt as these expenses or gains were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities and the 0.25% convertible senior notes due in 2026 (the \"2026 Notes\") early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b67"], "char_count": 598, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "dfcdd3eb3c508d47aa6b0f99c68aa27a5d519764353000222958249f2ccea5c0", "derivation_id": "43228b7de327203e36529e04107ed58e9c44cf7565cb056fb95c3fe192a26e1c", "document_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "block_sequence": 67, "char_end": 598, "char_start": 0, "fragment_sha256": "5135a3b97c981df6efad923b048790a4619dfd8dcc1ca0a7753ee0ae98b619c6", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#p31", "passage_kind": "narrative", "passage_sequence": 31, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/q32024formxex991earningsre.htm", "table_id": null, "text": "We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue. The following table presents a reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our net loss, which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b68"], "char_count": 3828, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a0339ff1f21640beb06a8306b518e26d29f3d114828534f31536231587370f3c", "derivation_id": "43228b7de327203e36529e04107ed58e9c44cf7565cb056fb95c3fe192a26e1c", "document_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2024-11-07", "filing_id": "sec:0001801169:0001801169-24-000176", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "block_sequence": 68, "char_end": 3451, "char_start": 0, "fragment_sha256": "ecf05ca15c246693b0ddf14f55e34ee7d8fdc916dca53b2eb6a4d5d12232ecb7", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "table_index": 5, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#p32", "passage_kind": "table", "passage_sequence": 32, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2024-11-07", "section_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116924000176/q32024formxex991earningsre.htm", "table_id": "norm:0001801169:0001801169-24-000176:q32024formxex991earningsre.htm#b68", "text": "| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended | | Nine Months Ended September 30, | | | | | | | | | | | | | | | | | | | | | | | | |\n| (in millions, except percentages) | | September 30, 2024 | | June 30, 2024 | | March 31, 2024 | | December 31, 2023 | | September 30, 2023 | | 2024 | | 2023 | | | | | | | | | | | | | | |\n| Revenue (GAAP) | | $ | 1,377 | | | $ | 1,511 | | | $ | 1,181 | | | $ | 870 | | | $ | 980 | | | $ | 4,069 | | | $ | 6,076 | |\n| Net loss (GAAP) | | $ | (78) | | | $ | (92) | | | $ | (109) | | | $ | (91) | | | $ | (106) | | | $ | (279) | | | $ | (184) | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Stock-based compensation | | 25 | | | 33 | | | 33 | | | 32 | | | 31 | | | 91 | | | 94 | | | | | | | | |\n| Equity securities fair value adjustment(1) | | 3 | | | 2 | | | 2 | | | (3) | | | 11 | | | 7 | | | 4 | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Intangibles amortization expense(2) | | 1 | | | 1 | | | 2 | | | 2 | | | 2 | | | 4 | | | 5 | | | | | | | | |\n| Inventory valuation adjustment – Current Period(3)(4) | | 10 | | | 34 | | | 7 | | | 11 | | | 17 | | | 33 | | | 24 | | | | | | | | |\n| Inventory valuation adjustment — Prior Periods(3)(5) | | (16) | | | (9) | | | (17) | | | (17) | | | (29) | | | (24) | | | (450) | | | | | | | | |\n| Restructuring(6) | | — | | | — | | | — | | | 4 | | | — | | | — | | | 10 | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Loss (gain) on extinguishment of debt | | — | | | 1 | | | — | | | (34) | | | — | | | 1 | | | (182) | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Other(7) | | (15) | | | (1) | | | 2 | | | (1) | | | (1) | | | (14) | | | (2) | | | | | | | | |\n| Adjusted Net Loss | | $ | (70) | | | $ | (31) | | | $ | (80) | | | $ | (97) | | | $ | (75) | | | $ | (181) | | | $ | (681) | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Depreciation and amortization, excluding amortization of intangibles | | 10 | | | 7 | | | 11 | | | 15 | | | 9 | | | 28 | | | 30 | | | | | | | | |\n| Property financing(8) | | 30 | | | 26 | | | 32 | | | 32 | | | 38 | | | 88 | | | 142 | | | | | | | | |\n| Other interest expense(9) | | 4 | | | 4 | | | 5 | | | 5 | | | 9 | | | 13 | | | 32 | | | | | | | | |\n| Interest income(10) | | (12) | | | (12) | | | (18) | | | (24) | | 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+ }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b8", + "block_sequence": 8, + "block_sha256": "3ce6f97ed943790a1e02ec1c3779e8bd52468d426e18d586c2b4803a57acde81", + "block_type": "paragraph", + "char_count": 2248, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 8, + "char_end": 2248, + "char_start": 0, + "fragment_sha256": "066052f1f65c5718ef4d7ea4f8ae65b0113e515d7cddf3afba855517e35691e9", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 4Q24 At Opendoor, we are on a mission to transform the U.S. residential real estate industry. In 2024, we took decisive steps to simplify our business and sharpen our strategic focus to drive the Company towards sustainable, profitable growth. While home acquisitions grew in the first half of the year, macro signals indicated potential destabilization late in the second quarter. In response, we proactively raised spreads to mitigate risk, driving lower acquisitions in the second half of the year. We also took actions to better align our operations with our current scale and profitability targets. In the third quarter, we completed the separation of Mainstay from our business, and in the fourth quarter, we launched a cost-efficiency program alongside a workforce reduction. In 2024, we demonstrated strong execution despite persistent macro headwinds. We purchased over 30% more homes than in the prior year, delivered a full-year gross margin of 8.4%, up from 7.0% in 2023, and achieved a Contribution Margin of 4.7%, up from (3.7)% in 2023 and just shy of our annual target range, all while significantly reducing our Adjusted Net Losses. The progress we made in 2024 was reflected in our fourth quarter results, which demonstrated year-over-year improvement in revenue, Contribution Profit, and Adjusted EBITDA. Specifically, we: Opendoor Shareholders, 2 A letter from our CEO Note: Adjusted Operating Expenses, Adjusted Gross Profit, Contribution Profit, Contribution Margin, Adjusted Net Loss, and Adjusted EBITDA are non-GAAP financial measures. See \u201cUse of Non-GAAP Financial Measures\u201d following the financial tables below for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures. Sold 2,822 homes, generating $1.1 billion in revenue, up 25% versus 4Q23. Net Loss was $(113) million (versus $(91) million in 4Q23), with Adjusted Net Loss of $(77) million (versus $(97) million in 4Q23). Adjusted EBITDA Loss was $(49) million (versus $(69) million in 4Q23). Gross profit reached $85 million (versus $72 million in 4Q23), representing a 7.8% gross margin. Contribution Profit was $38 million (versus $30 million in 4Q23), representing a 3.5% Contribution Margin." + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b9", + "block_sequence": 9, + "block_sha256": "4a43218443f40f1a85daa010ae5bb541c8ab3815099abec7e1508fa5ac620e06", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 9, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "38149235f46806a4be7738ba5af3eb40b83f4f05ad8514b988b86ecd01b4210b", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9924q24opendoorsh003.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b10", + "block_sequence": 10, + "block_sha256": "8276d95327138289a903402e17a45a6334e5955dd8ed41c8acdbd4ac47537718", + "block_type": "paragraph", + "char_count": 1635, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 10, + "char_end": 1635, + "char_start": 0, + "fragment_sha256": "88f6001c27e849f0c773706d696518ad22f2a1c41c893fa7482cf983dcd7355c", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 4Q24 We are committed to achieving sustainable, profitable growth. Four key focus areas which we expect will improve the profitability of our cash offer business are: As we enter 2025, we are observing a particularly slow start to the year, with signs of a worsening macro environment compared to 20241. On the supply side, clearance rates, or how quickly homes go under contract, are pacing approximately 25% below last year. And, while the number of new listings coming on to the market remains in-line with last year's levels, active listings have risen nearly 20% year-over-year amid a slowing market. On the demand side, visits to new listings are down about 20% compared to last year, and delistings have climbed over 30% to decade highs as more sellers exit the market. With no near-term rate relief in sight, the lock-in effect of low mortgage rates and affordability challenges for buyers are likely to persist. To strengthen our business on our path to profitability, we are further refining our approach. This includes optimizing for Contribution Profit dollars and pursuing incremental monetization opportunities to enhance resilience throughout market cycles and drive long-term value. 3 Driving Towards Profitability: 1All macroeconomic indicators referenced here reflect MLS data filtered to Opendoor markets and buybox. 1. Setting spread levels to optimize for Contribution Margin amid the ongoing macroeconomic environment. Throughout the year, we will continuously monitor key macroeconomic indicators and make prudent adjustments to spreads, with a bias towards optimizing for Contribution Profit." + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b11", + "block_sequence": 11, + "block_sha256": "e1ac0153d185a84002fdad96d264a6e496299dbb9527bbd0ec12003cd69889b6", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 11, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "bfe3ab81c26e7d77858d37d31ebe1421dd09f1c9e9ba2efd1bd8f4de784a1679", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9924q24opendoorsh004.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b12", + "block_sequence": 12, + "block_sha256": "b5fa33223b7e46021d663c9eef7247bd608e7c97e94821bbb81646a88bb4fdf3", + "block_type": "paragraph", + "char_count": 1853, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 12, + "char_end": 1853, + "char_start": 0, + "fragment_sha256": "99a6c8de7ede3c6488e53eb3e99686d2b1d3c850c457af54c31e993e05c9f292", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 4Q24 3. Refining our marketing strategy to further align with seasonal buying and selling patterns. We expect to focus our marketing efforts during periods when our spreads tend to be lower. Accordingly, we expect to acquire more homes in Q4 and Q1, positioning us to sell those homes in the spring and summer selling seasons (Q2 and Q3) when buying demand typically peaks. Conversely, we plan to reduce our focus on marketing in Q2 and Q3, resulting in fewer acquisitions in those quarters, and thus fewer resales in Q4 and Q1 when there is lower demand and lower home price appreciation. This approach more closely aligns our marketing spend with how our spreads change throughout the year and should enable us to better capitalize on typical seasonal price swings and maximize value in every transaction. 4 2. Improving the customer experience through product and process enhancements, driving higher conversion. We implemented improvements to our pricing models, including adjusting price segmentation methodology and market-level spread accuracy, to better differentiate spreads across price points. By making these pricing and model adjustments, we expect to more effectively distribute spreads and expand conversion. Pricing Models Seller Engagement We also continue to refine how we engage with sellers on our platform. We have a large base of registered sellers who have received an offer from Opendoor but have yet to sell. Over 70% of our 2024 acquisition contracts were from sellers who did not act on their initial offer but subsequently acted on a refreshed offer, so our ability to re-engage this customer base could represent an important source of future acquisition growth. For 2025, we are strengthening these re-engagement strategies to ensure Opendoor remains top of mind when those sellers are ready to transact." + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b13", + "block_sequence": 13, + "block_sha256": "0570b04269bc49ec988d92d30735e9e61a589818f0de3a8476e6f4c7d1190728", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 13, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "80696e8c967932fca41eebac7cd1bfb791595d059b5f59ad12dd706161bc8b98", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9924q24opendoorsh005.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b14", + "block_sequence": 14, + "block_sha256": "767b3da2c3bd571fbffc52c3bf875add5d77e81d5c4cd67470f2b3c3f1a05fb0", + "block_type": "paragraph", + "char_count": 1137, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 14, + "char_end": 1137, + "char_start": 0, + "fragment_sha256": "6f70f3dbab2adcab5d7df19f0e01157191f029c4618b1e323aaccbe0e8c7382f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 4Q24 4. Operating with discipline. We entered 2025 with a leaner, flatter, and more efficient organization. We will continue our transformation efforts and identify incremental cost-efficiency opportunities over the course of the year. 5 Click to watch Campaign Consistent with this shift, in the fourth quarter, we launched the \u201cWhatever the Reason, Whatever the Season\u201d campaign to help flatten the seasonality curve in what is traditionally a lower-volume quarter for home transactions. By engaging sellers with relevant, compelling solutions, we aim to drive consistent demand and momentum, even during slower periods. Over the past decade, the success of our cash offer business has created a powerful, high-intent seller funnel. This year, we are enhancing the customer experience to better monetize this unique asset and serve more sellers in an effort to solidify our position as the \u201cBest Place to Sell.\u201d To capitalize on this advantage, we are refining our List with Opendoor and Marketplace products, as well as expanding solutions for sellers outside of our buybox. Incremental Future Growth Opportunities:" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b15", + "block_sequence": 15, + "block_sha256": "eb7ddd10ada3911af4a3233fb88729a1e148deac3c6e366943046cdabcea81e3", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 15, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "529b7d7be235183369f6d859e281cc56654f41ac1890856c1404471d2ea0fdb4", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9924q24opendoorsh006.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b16", + "block_sequence": 16, + "block_sha256": "ec572b85eecc9550516c35fece314a0958b35d859b4ac0aa1342d46a535d34a0", + "block_type": "paragraph", + "char_count": 1652, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 16, + "char_end": 1652, + "char_start": 0, + "fragment_sha256": "8c886fbee69aa60dfc7917439be1c8e5ac711e57763967030847f13d6bc4ecc1", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 4Q24 6 We continue to be driven by our mission to reinvent the real estate experience and make selling and buying seamless, convenient, and certain. Importantly, positive customer feedback validates how uniquely valuable our product and experience are. Our focus remains on reaching profitability over time through ongoing operating efficiency improvements and the optimization of Contribution Margin. Longer term, we expect that our efforts to leverage our platform and the strong infrastructure we have put in place will result in our ability to build a profitable, sustainable business that delivers innovative solutions for home sellers, buyers, and agents. Thank you for your trust and partnership as we continue building the future of real estate together. Carrie Wheeler, CEO In addition, many high-intent sellers visit our website daily, and we're expanding our approach to help those who may fall outside of our buybox continue to move forward in their selling journey. We see opportunities to help more customers successfully transact by providing our high quality seller leads to agents. With the scale of our seller funnel, we are uniquely positioned to offer a suite of solutions tailored to meet their needs. Our List with Opendoor and Marketplace products allow us to serve more sellers, unlock new revenue opportunities, and reduce our exposure to macro volatility. In 2024, we expanded List with Opendoor to nearly all Opendoor markets and launched Marketplace in Charlotte and Raleigh, offering more options for sellers to navigate their home-selling journey. In 2025, we plan to enhance and expand these offerings." + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b17", + "block_sequence": 17, + "block_sha256": "524ba5966cd3afe6c1d9fc1b857966e37cc19b964ec0a233741fd3674177c649", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 17, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "b140363a418ec964ed267630bc8965e20235ff45834b11d6ee73a2e1c5ab4b8e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9924q24opendoorsh007.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b18", + "block_sequence": 18, + "block_sha256": "3b242ca2128724b52d44653935ceabecd8f80b880e3285d16d2e76c234b671c5", + "block_type": "paragraph", + "char_count": 2520, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 18, + "char_end": 2520, + "char_start": 0, + "fragment_sha256": "0616c2c7d818e59b6d84ff8fa36ffc02cfc9143b68a57f286cb3a7326610811e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 4Q24 Unit Economics GAAP Gross Profit was $85 million in 4Q24, versus $72 million in 4Q23. GAAP Gross Margin was 7.8% in 4Q24, versus 8.3% in 4Q23. Adjusted Gross Profit was $75 million in 4Q24, versus $66 million in 4Q23. For the full year, GAAP Gross Profit was $433 million, versus $487 million in 2023. GAAP Gross Margin was 8.4% in 2024, versus 7.0% in 2023. Adjusted Gross Profit was $432 million for the year, versus $55 million in 2023, as we saw a significant reduction in our inventory valuation adjustments. Contribution Profit was $38 million in the fourth quarter, versus $30 million in 4Q23. Contribution Margin of 3.5% compares to 3.4% in 4Q23. For the full year, Contribution Profit was $242 million versus $(258) million in 2023, or an improvement of $500 million. Contribution Margin was 4.7%, versus (3.7)% in 2023, despite the challenging macro environment. GAAP Operating Expenses were $179 million in 4Q24, down from $187 million in 4Q23. For the full year, GAAP Operating Expenses were $753 million, versus $873 million in 2023. Adjusted Operating Expenses, defined as the delta between Contribution Profit (Loss) and Adjusted EBITDA, were $87 million in 4Q24, down from $99 million in 4Q23. For the full year, Adjusted Operating Expenses were $384 million, versus $369 million in 2023. Growth In the fourth quarter, we delivered $1.1 billion of revenue, up 25% versus 4Q23, representing 2,822 homes sold. Revenue for the full year was $5.2 billion, compared to $6.9 billion in 2023, due primarily to a lower starting inventory balance entering 2024. On the acquisition side, we purchased 2,951 homes in the fourth quarter, versus 3,683 homes in 4Q23 as spread levels remained elevated compared to the same time last year. However, we were able to accelerate our pace of acquisition as we moved through the quarter, driven by improvements in conversion at given spread levels. These gains in conversion were enabled by enhancements to our product flow and improvements to our pricing models. For the full year, we acquired 14,684 homes, up 31% versus 2023, driven by lower spreads in the first half as compared to the same period in the prior year, combined with improved conversion despite higher spreads in the second half of the year, as a result of the aforementioned durable model enhancements we have been rolling out. 7 We exceeded the high end of our outlook for acquisitions, revenue, Contribution Margin, and Adjusted EBITDA in the fourth quarter. Financial Highlights" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b19", + "block_sequence": 19, + "block_sha256": "969c797690fce4bfc389e768e0bc0c78953b968bfb7049f306eef55c647819c8", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 19, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "2474d099db9b9da8e1a34f8dcac63c2ecdf2f899c3f8d7729003a9d84cac3d2b", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9924q24opendoorsh008.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b20", + "block_sequence": 20, + "block_sha256": "b0f637491dac804c524cc32516d7a1beffc7ab96507f8e5521b9bcc2d91dcbc6", + "block_type": "paragraph", + "char_count": 1721, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 20, + "char_end": 1721, + "char_start": 0, + "fragment_sha256": "d59ca579ebcf5512a2e30abe83d2ac8ba9dc8f9d4ef7a99a8e6e3d7658b3c52f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 4Q24 Inventory and Other Balance Sheet Items We ended the year with 6,417 homes, representing $2.2 billion in net inventory, up 22% from 4Q23, and $1.1 billion in capital, which is primarily composed of $679 million in unrestricted cash and marketable securities and $306 million of equity invested in homes and related assets (net of inventory valuation adjustments). At year-end, we had $6.9 billion in non-recourse, asset-backed borrowing capacity, comprising $3.0 billion of senior revolving credit facilities and $3.9 billion of senior and mezzanine term debt facilities, of which total committed borrowing capacity was $2.2 billion. In early 2025, we strengthened our capital position by amending and extending the term of certain debt facilities. We successfully renewed three revolving credit facilities and one term debt facility at consistent or improved credit spreads. Additionally, both of our mezzanine facilities were extended through at least 2027. The successful extension of these credit facilities is a testament to the ongoing support and confidence of our capital partners and positions us well to continue executing on our business plan. Net Loss and Adjusted EBITDA GAAP Net Loss was $(113) million in 4Q24, versus $(91) million in 4Q23. Adjusted Net Loss was $(77) million in 4Q24, versus $(97) million in 4Q23. GAAP Net Loss was $(392) million for the full year, versus $(275) million in 2023. Full year Adjusted Net Loss improved significantly to $(258) million, versus $(778) million in 2023. Adjusted EBITDA loss improved to $(49) million in 4Q24, compared to $(69) million in 4Q23. Adjusted EBITDA loss was $(142) million for the full year, versus $(627) million in 2023. 8" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b21", + "block_sequence": 21, + "block_sha256": "2882cfc6b24dc679cbe5b30125013d3951c40e2a7ded9bde4bf3070c6c6a6873", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 21, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "e7308536584d85a142df783d46862bb53e741643e9953a7735f91a4aeaef3b3c", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9924q24opendoorsh009.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b22", + "block_sequence": 22, + "block_sha256": "3ccc5a8bb7dd6ada531b8b6186d8c839442aa0d812965360908e8dd89a6555dc", + "block_type": "paragraph", + "char_count": 2535, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 22, + "char_end": 2535, + "char_start": 0, + "fragment_sha256": "3273656919ae9fea7fab77b3a98cfb40b67c63a904c22d4b7564ff6ca567c749", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 4Q24 We expect home acquisitions to be over 3,500 in the first quarter, or up slightly year-over-year. Normalizing for bulk purchases made in 1Q24 that are not expected to repeat this quarter, acquisition growth would be up over 10% year-over-year. Given adjustments to our marketing strategy, coupled with recent increases in spreads given the challenging macro environment, we expect to see a sequential decline in acquisitions in the second quarter of this year. While we continue to believe 5% to 7% is an appropriate annual Contribution Margin target, seasonality and market conditions will result in variability in margins quarter to quarter. Finally, we believe that the successful implementation of our 2025 priorities will allow us to meaningfully improve our Adjusted Net Loss for the year as compared to 2024. 9 Guidance As we enter 2025, we are focused on ensuring attractive unit economics in our cash offer business, operating with strong cost discipline, and making progress on our path to profitability, notwithstanding the persistent macro real estate pressures. We expect the following results for the first quarter of 2025: 2 Opendoor has not provided a quantitative reconciliation of forecasted forecasted Contribution Profit (Loss) to forecasted GAAP gross profit (loss), forecasted Contribution Margin to forecasted GAAP Gross Margin, nor forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss), GAAP gross margin, operating expenses and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company\u2019s control. For more information regarding the non-GAAP financial measures discussed in this shareholder letter, please see \u201cUse of Non-GAAP Financial Measures\u201d following the financial tables below. Revenue is expected to be between $1.0 billion and $1.075 billion Contribution Profit2 is expected to be between $40 million and $50 million, or Contribution Margin2 of 4.0% to 4.7% Non-cash stock-based compensation expense is expected to range from $13 million to $15 million Adjusted EBITDA2 loss is expected to be between $(50) million to $(40) million" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b23", + "block_sequence": 23, + "block_sha256": "88a95943872f6d94277ca35f8ed00316c0c110d7e73b78ffdab95ca10b72c3d9", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 23, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "34d4ff607677a4fd534582ac2e4730a9219538a7ed23e9282b355c19771d01a3", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9924q24opendoorsh010.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b24", + "block_sequence": 24, + "block_sha256": "466e8a91827b876829bda9de84da8228e63cef930b5fb6c7e1d267f55e9c7cb2", + "block_type": "paragraph", + "char_count": 1623, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 24, + "char_end": 1623, + "char_start": 0, + "fragment_sha256": "721aec0fab9834c1a84eca749b2425e6c2dcfda4113dc63045d32094bc60d327", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 4Q24 \u201cWorking with Opendoor was the least stressful way to sell.\u201d 10 Customer Story Breona Calvert | Bowie, Maryland Sold to Opendoor When California-based military member Breona Calvert received an exciting job offer in Maryland, the 38-year-old knew it was time to start a new chapter. After 20 years of service, she was ready to move her family across the country \u2014 but it was her first time selling a home, and she was on a time crunch as she was due to report into her new role quickly. That\u2019s when the first-time seller turned to Opendoor. \u201cIt was the least stressful way to sell,\u201d she said. \u201cMy kids had lived in that home their whole lives, and the last thing I wanted was to add to their anxiety.\u201d From moving away from neighbors to feeling unsure of how everything would go, it was undoubtedly an emotional time for the Calvert family. Breona credits Opendoor for removing a huge weight from her shoulders, giving her more time to focus on her family\u2019s new East Coast home and key considerations like schools and neighborhood safety. \u201cWith Opendoor, we could take our time packing,\u201d she said. That allowed her to be more strategic about what they would bring with her during the cross-country move \u2013 and what they would leave behind. \u201cAs soon as I did my part, Opendoor did theirs so I could enter the next phase of my life. I\u2019m very happy with the decision to go with Opendoor. I went with my gut with this one.\u201d \u201cI couldn\u2019t stage my home and get it ready for showings in such a short time,\u201d Breona said. \u201cFor me, selling my home was about convenience and stresslessness for me and my family.\u201d" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b25", + "block_sequence": 25, + "block_sha256": "4c89300b0616054808280114626d93469148313a2c2d8f3615de642bcbaf7640", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 25, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "e09b7498eaa2baf2605221999f9900d040f6d782b078428d835248db56b75d16", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9924q24opendoorsh011.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b26", + "block_sequence": 26, + "block_sha256": "3144ac84bd09a06054c6eb9f56e929bcf877d766ffc5dbaafa1adb1ff30e8b28", + "block_type": "paragraph", + "char_count": 507, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 26, + "char_end": 507, + "char_start": 0, + "fragment_sha256": "6b4e72599a82b319b7d25dacba9345c9ea0c897a3e464d22827e5d9f62466da6", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 4Q24 Carrie Wheeler, CEO Selim Freiha, Chief Financial Officer Opendoor will host a conference call to discuss its financial results on February 27, 2025 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. February 27, 2025 at 2 p.m. PT investor.opendoor.com Conference Call Information 11 Live Webcast" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b27", + "block_sequence": 27, + "block_sha256": "8b536dd911feed9d83c8ff61b3694b444c1df02aab30532e795107c282588a9b", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 27, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "87bf56a7b4624c22169b9b641d2ad8bcd83991bec3dcf2585e3c0d7aa19d7b5d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9924q24opendoorsh012.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b28", + "block_sequence": 28, + "block_sha256": "22fdb7c62f9c1c0dbca62a69d4e4f95372b8276ae7375bc7f9da623ee54bf9a2", + "block_type": "paragraph", + "char_count": 90, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 28, + "char_end": 90, + "char_start": 0, + "fragment_sha256": "1b65154027202f87563d9fbc8b9222b822ab042e5b056c1d2e84a029caf6b0cb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 4Q24/ Opendoor/ OpendoorHQ Company / Opendoor-com investor.opendoor.com" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b29", + "block_sequence": 29, + "block_sha256": "d3a1a9bbdcc40cca706d6344e1aa671379dd6e41d6c327cb0ed8c8b2b1291d44", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 29, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "4816a64831fe29014313d3c83d528e2f2a13383dafe72c926b623777bd4f0f75", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9924q24opendoorsh013.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b30", + "block_sequence": 30, + "block_sha256": "dcce0046a0a2fcc356858f2beae73a2af0d003334389637a856474801e19939a", + "block_type": "paragraph", + "char_count": 58, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 30, + "char_end": 58, + "char_start": 0, + "fragment_sha256": "f26d5f91423cac33e11be3a7e62f429cedf4de153c5ba3a969318f1547126f49", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 4Q24 Definitions & Financial Tables 1 5" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b31", + "block_sequence": 31, + "block_sha256": "fe4b714279ee65fd9e990a0770555e4a76ad19fe698696fd763a874eaf46dd9d", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 31, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "c127e0ab91a97240086954b71456d6efcfa5fc6d7fe186f737b74061e820138e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9924q24opendoorsh014.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b32", + "block_sequence": 32, + "block_sha256": "d2d54bb5f909bfd906c90efe9c86c1377a0cb62d32fd236830ae4bcc042b2378", + "block_type": "paragraph", + "char_count": 7093, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 32, + "char_end": 7093, + "char_start": 0, + "fragment_sha256": "3eafadb4b23b9ba7964af428839c48d22fe085b7ebd6cc4e075d4e472ba27fb9", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "This shareholder letter contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including, without limitation, statements regarding: current and future health and stability of the real estate housing market and general economy; volatility of mortgage interest rates, changes in resale clearance rates, delistings and expectations regarding future behavior of consumers and partners; the health and status of our financial condition; our ongoing transformation efforts and cost-efficiency opportunities; whether our efforts to optimize spread and adjusting our marketing strategy for seasonality trends will improve profitability; whether we are able to capitalize on our seller funnel and expand solutions for sellers outside our buybox; anticipated future results of operations or financial performance, including our first quarter and full-year 2025 outlook and projections; our ability to achieve other long- term performance targets; our expectations regarding the impact of trends in seasonality on the real estate industry and our business; priorities of the Company to achieve future financial and business goals; our ability to continue to effectively navigate the markets in which we operate; anticipated future and ongoing impacts and benefits of acquisitions, advertising, product innovations and other business decisions; health of our balance sheet to weather ongoing market transitions; our ability to adopt an effective approach to manage economic and industry risk, as well as inventory health; business strategy and plans, including any plans to expand into additional markets, market opportunity and expansion and objectives of management for future operations, including statements regarding the benefits and timing of the roll out of new markets, products or technology; and the expected benefits of refinancing efforts. Forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cguidance\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201coutlook\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cvision\u201d, \u201cwill\u201d, or \u201cwould\u201d, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this shareholder letter include but are not limited to: the current and future health and stability of the economy, financial conditions and the residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, the imposition of tariffs and price or exchange controls, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that may impact demand for our products and services, lower our profitability or reduce our access to future financings; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and real estate partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our digital platform, including our automated pricing and valuation technology; our ability to realize expected benefits from our restructuring and cost reduction efforts; our ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; any future impact of pandemics, epidemics, or other public health crises on our ability to operate, demand for our products and services, or other general economic conditions; the impact of the regulatory environment and potential regulatory instability associated with the new U.S. presidential administration within our industry and complexities with compliance related to such environment; changes in laws or government regulation affecting our business; and the impact of pending or future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \u201cRisk Factors\u201d in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on or about February 27, 2025, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 14 Forward-Looking Statements" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b33", + "block_sequence": 33, + "block_sha256": "017fc25a6806e671c0ba1a1a0254c9c1863168f279c07e233d9118e7d92cef65", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 33, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "0598c26ff47518b58aee2b159a01ba032fc5310d226c329ed67659f3ce1b3823", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9924q24opendoorsh015.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b34", + "block_sequence": 34, + "block_sha256": "5bca777c6be4335b8228569b62c7b4a9a64f60d34c47626605e2093736d74712", + "block_type": "paragraph", + "char_count": 3138, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 34, + "char_end": 3138, + "char_start": 0, + "fragment_sha256": "f6f62abc23de91de28bfbdf60785823a7ddc52478130221a7b24f38c684dc904", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company\u2019s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit (Loss), Adjusted Net Loss, Adjusted EBITDA, Adjusted Operating Expenses, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non- GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results. Adjusted Gross Profit and Contribution Profit (Loss) To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit and Contribution Profit (Loss), which are non-GAAP financial measures. We believe that Adjusted Gross Profit and Contribution Profit (Loss) are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit (Loss) provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit and Contribution Profit (Loss) are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit. 15 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b35", + "block_sequence": 35, + "block_sha256": "1fd331b841f10c321beb640ce56f7c67258b85e5bab418147a281c2954ebec43", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 35, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "17600e3908a8664d7845f696203c41dfa26ca0dff0844cac22c20a0b7a62b1fe", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9924q24opendoorsh016.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b36", + "block_sequence": 36, + "block_sha256": "738bb029aa93ba3eeddcdc76fb76d967dcf43f0a5996b15b43ceef58e04ce0c9", + "block_type": "paragraph", + "char_count": 1826, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 36, + "char_end": 1826, + "char_start": 0, + "fragment_sha256": "b97e623da90d039b8b6890692990d7e79a452a7c330a3d0076d4ff5a2412bbe5", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "Adjusted Gross Profit / Margin We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. Adjusted Gross Margin is Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution Profit (Loss) / Margin We calculate Contribution Profit (Loss) as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit (Loss) helps management assess inflows and outflows directly associated with a specific resale cohort. 16 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b37", + "block_sequence": 37, + "block_sha256": "5be61e232c5d25567982708c1ff93b36b460a77b1171597ddce0e24e69113ce6", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 37, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "9bf5b91b75c2f40da28d838742aa420d4975819b6b85d2eff0156db26158eeeb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9924q24opendoorsh017.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b38", + "block_sequence": 38, + "block_sha256": "5a96752d3f337c7d824f2ee95bb96cb01c8713fd5401e90e115db28122d6fad1", + "block_type": "paragraph", + "char_count": 3179, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 38, + "char_end": 3179, + "char_start": 0, + "fragment_sha256": "3f8208ed5c4354ad8e1ee816fee2db1c801ff3153bedcc57238c1609eed01e2d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "17 Adjusted Net Loss and Adjusted EBITDA / Margin We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss. We calculate Adjusted Net Loss as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring and legal contingency accruals. It excludes loss (gain) on extinguishment of debt as these expenses or gains were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities and the 0.25% convertible senior notes due in 2026 (the \"2026 Notes\") early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue. Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b39", + "block_sequence": 39, + "block_sha256": "2001f78a522421a91371afba3e1363d001c36d75ab6927d4fa356ef3d07b46ea", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 39, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "42be4fe76b96bad7d40624e2a388ca50d9f6acb641a6bc8e9ca1c3ed4eb6f48f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9924q24opendoorsh018.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b40", + "block_sequence": 40, + "block_sha256": "acb8fda770c52a1f7dad86aa81df792bfa03e86cd6a680a854933c9060892c37", + "block_type": "paragraph", + "char_count": 4310, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 40, + "char_end": 4310, + "char_start": 0, + "fragment_sha256": "50433013630fcc268a5372e07be7006b668f72c04ba4dab0f6015628d47f0bd1", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "18 Adjusted Operating Expense We also present Adjusted Operating Expense, which is a non-GAAP financial measure that bridges the difference between Contribution Profit and Adjusted EBITDA. We believe this measure provides investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to Contribution Profit (Loss) and certain charges that are non-cash, or not directly related to our revenue-generating operations are removed. Adjusted Operating Expense is a supplemental measure of our operating expenditures and has important limitations. For example, this measure excludes the impact of certain costs required to be recorded under GAAP. This measure removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to Contribution Margin. This measure could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, this measure should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of this measure to the most directly comparable GAAP financial measure, which is operating expenses. We calculate Adjusted Operating Expense as GAAP operating expense adjusted to exclude direct selling costs and holding costs included in determining Contribution Profit (Loss). The measure also excludes non-cash expenses of stock-based compensation, depreciation and amortization, and intangibles amortization. It also excludes expenses that are not directly related to our revenue-generating operations such as restructuring charges and legal contingency accruals. Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, Adjusted Technology and Development We also present Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, and Adjusted Technology and Development, which are non-GAAP financial measures that provide investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to contribution profit and certain charges that are non-cash are removed. These supplemental measures of our operating expenditures have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. Specifically, Adjusted Sales, Marketing and Operations removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to Contribution Margin. These measures could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which are Sales, marketing and operations expense, General and administrative expense and Technology and development expense. We calculate Adjusted Sales, Marketing and Operations as GAAP sales, marketing and operations expenses to exclude direct selling costs and holding costs included in determining Contribution Profit (Loss). This measure also excludes non-cash expenses of stock-based compensation, depreciation and amortization of intangibles associated with sales, marketing and operations assets. We calculate Adjusted General and Administrative as GAAP general and administrative expenses to exclude non-cash expenses of stock-based compensation, depreciation and amortization of intangibles associated with general and administrative assets. It also excludes expenses that are not directly related to our revenue-generating operations such as legal contingency accruals. We calculate Adjusted Technology and Development as GAAP technology and development expenses to exclude non-cash expenses of stock-based compensation, depreciation and amortization associated with technology and development assets. Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b41", + "block_sequence": 41, + "block_sha256": "df2565ac08fec09301f47b9ccf75f2e4e6a558018d3ea5ebadaaa03a8043a87d", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 41, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "18f20558b44ba509d253401ce954e3ee01e10eb238c2fd4403ddf7f3e65519b9", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9924q24opendoorsh019.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b42", + "block_sequence": 42, + "block_sha256": "89b51cc8f6f12be7a58a300e673accacf00226ef49d347fb9c503145aa49022f", + "block_type": "paragraph", + "char_count": 1535, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 42, + "char_end": 1535, + "char_start": 0, + "fragment_sha256": "4aa218467bdc5b4fdd6525c62d445af1e7c21ea2050e9a195984a32ca6754c4c", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "19 Three Months Ended Year Ended December 31, December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 2024 2023 Revenue $ 1,084 $ 1,377 $ 1,511 $ 1,181 $ 870 $ 5,153 $ 6,946 Gross profit $ 85 $ 105 $ 129 $ 114 $ 72 $ 433 $ 487 Gross Margin 7.8 % 7.6 % 8.5 % 9.7 % 8.3 % 8.4 % 7.0 % Net loss $ (113) $ (78) $ (92) $ (109) $ (91) $ (392) $ (275) Number of markets (at period end) 50 50 50 50 50 50 50 Homes sold 2,822 3,615 4,078 3,078 2,364 13,593 18,708 Homes purchased 2,951 3,504 4,771 3,458 3,683 14,684 11,246 Homes in inventory (at period end) 6,417 6,288 6,399 5,706 5,326 6,417 5,326 Inventory (at period end) $ 2,159 $ 2,145 $ 2,234 $ 1,881 $ 1,775 $ 2,159 $ 1,775 Percentage of homes \u201con the market\u201d for greater than 120 days (at period end) 46 % 23 % 14 % 15 % 18 % 46 % 18 % Non-GAAP Financial Highlights (1) Contribution Profit (Loss) $ 38 $ 52 $ 95 $ 57 $ 30 $ 242 $ (258) Contribution Margin 3.5 % 3.8 % 6.3 % 4.8 % 3.4 % 4.7 % (3.7) % Adjusted EBITDA $ (49) $ (38) $ (5) $ (50) $ (69) $ (142) $ (627) Adjusted EBITDA Margin (4.5) % (2.8) % (0.3) % (4.2) % (7.9) % (2.8) % (9.0) % Adjusted Net Loss $ (77) $ (70) $ (31) $ (80) $ (97) $ (258) $ (778) OPENDOOR TECHNOLOGIES INC. FINANCIAL HIGHLIGHTS AND OPERATING METRICS (In millions, except percentages, homes sold, number of markets, homes purchased, and homes in inventory) (Unaudited) (1) See \u201c\u2014Use of Non-GAAP Financial Measures\u201d for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures." + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b43", + "block_sequence": 43, + "block_sha256": "0652da46f955fec710c1d3e021fa2b8419ffb68ad7fe6217c5e87592c679ae97", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 43, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "c10770b6e736e1b9e8a9e824f1a81d02e0df22b50e5c61b3d469b90f2ddcc5c4", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9924q24opendoorsh020.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b44", + "block_sequence": 44, + "block_sha256": "355088efcece88a88a2a76794ec2fa162f174a7d5cd9cdcd0b99be40c3e8bc3b", + "block_type": "paragraph", + "char_count": 1473, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 44, + "char_end": 1473, + "char_start": 0, + "fragment_sha256": "35ae719612fe5d0fbe9cdd3ab7235c48598b2fa73401410d73dd4fba36e69d57", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "20 Three Months Ended Year Ended December 31, December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 2024 2023 REVENUE $ 1,084 $ 1,377 $ 1,511 $ 1,181 $ 870 $ 5,153 $ 6,946 COST OF REVENUE 999 1,272 1,382 1,067 798 4,720 6,459 GROSS PROFIT 85 105 129 114 72 433 487 OPERATING EXPENSES: Sales, marketing and operations 88 96 116 113 89 413 486 General and administrative 41 46 48 47 48 182 206 Technology and development 33 30 37 41 46 141 167 Restructuring 17 \u2014 \u2014 \u2014 4 17 14 Total operating expenses 179 172 201 201 187 753 873 LOSS FROM OPERATIONS (94) (67) (72) (87) (115) (320) (386) (LOSS) GAIN ON EXTINGUISHMENT OF DEBT (1) \u2014 (1) \u2014 34 (2) 216 INTEREST EXPENSE (32) (34) (30) (37) (37) (133) (211) OTHER INCOME \u2013 Net 14 23 12 15 27 64 107 LOSS BEFORE INCOME TAXES (113) (78) (91) (109) (91) (391) (274) INCOME TAX EXPENSE \u2014 \u2014 (1) \u2014 \u2014 (1) (1) NET LOSS $ (113) $ (78) $ (92) $ (109) $ (91) $ (392) $ (275) Net loss per share attributable to common shareholders: Basic $ (0.16) $ (0.11) $ (0.13) $ (0.16) $ (0.14) $ (0.56) $ (0.42) Diluted $ (0.16) $ (0.11) $ (0.13) $ (0.16) $ (0.14) $ (0.56) $ (0.42) Weighted-average shares outstanding: Basic 716,317 705,359 693,445 682,457 672,662 699,457 657,111 Diluted 716,317 705,359 693,445 682,457 672,662 699,457 657,111 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited)" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b45", + "block_sequence": 45, + "block_sha256": "a3feb4ab9f2a0bb6a0cb2fb06a13912d643addf4a6252000f469286a11423b9f", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 45, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "68e4e7db2b556339e1e20f7b33afe5123de44fdf8bf180c8a80b745ac15e0432", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9924q24opendoorsh021.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b46", + "block_sequence": 46, + "block_sha256": "48d028d3a0d03f1ce3ba22806ca1a513e76f4c7471146ba615ff9f5751f09505", + "block_type": "paragraph", + "char_count": 1416, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 46, + "char_end": 1416, + "char_start": 0, + "fragment_sha256": "5c2b478ce85a8eb4d030958dbc65ff2724a071d86b8c4eda80762254749c90ca", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "21 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) December 31, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 671 $ 999 Restricted cash 92 541 Marketable securities 8 69 Escrow receivable 6 9 Real estate inventory, net 2,159 1,775 Other current assets 61 52 Total current assets 2,997 3,445 PROPERTY AND EQUIPMENT \u2013 Net 48 66 RIGHT OF USE ASSETS 18 25 GOODWILL 3 4 INTANGIBLES \u2013 Net \u2014 5 OTHER ASSETS 60 22 TOTAL ASSETS $ 3,126 $ 3,567 LIABILITIES AND SHAREHOLDERS\u2019 EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 92 $ 64 Non-recourse asset-backed debt \u2013 current portion 432 \u2014 Interest payable 3 1 Lease liabilities \u2013 current portion 2 5 Total current liabilities 529 70 NON-RECOURSE ASSET-BACKED DEBT \u2013 Net of current portion 1,492 2,134 CONVERTIBLE SENIOR NOTES 378 376 LEASE LIABILITIES \u2013 Net of current portion 13 19 OTHER LIABILITIES 1 1 Total liabilities 2,413 2,600 SHAREHOLDERS\u2019 EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 719,990,121 and 677,636,163 shares issued, respectively; 719,990,121 and 677,636,163 shares outstanding, respectively \u2014 \u2014 Additional paid-in capital 4,438 4,301 Accumulated deficit (3,725) (3,333) Accumulated other comprehensive loss \u2014 (1) Total shareholders\u2019 equity 713 967 TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY $ 3,126 $ 3,567" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b47", + "block_sequence": 47, + "block_sha256": "7f490c578666a22bb1bcc87926f49fa523fd410cfec7b34502c8a5fa7cad6011", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 47, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "281a1df48329c64ed0b33f990fff954b3ab6b3d1bcdbbef3b678b3eee19c5c08", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9924q24opendoorsh022.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b48", + "block_sequence": 48, + "block_sha256": "86882b7952df6fe7c56a886ce19b8cb6bb3ca7e258bc6cdc9ea35559cd9b9fca", + "block_type": "paragraph", + "char_count": 2584, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 48, + "char_end": 2584, + "char_start": 0, + "fragment_sha256": "c690a3e79b2cb349b14aea0d9fa4f3d921682939a863d358765d1666d0b4a5b5", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "22 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Year Ended December 31, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (392) $ (275) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: Depreciation and amortization 48 65 Amortization of right of use asset 5 7 Stock-based compensation 114 126 Inventory valuation adjustment 57 65 Change in fair value of equity securities 7 1 Other 7 13 Proceeds from sale and principal collections of mortgage loans held for sale \u2014 1 Loss (gain) on early extinguishment of debt 2 (216) Gain on deconsolidation, net (14) \u2014 Changes in operating assets and liabilities: Escrow receivable 3 21 Real estate inventory (449) 2,613 Other assets (10) (19) Accounts payable and other accrued liabilities 31 (38) Interest payable 2 (10) Lease liabilities (6) (10) Net cash (used in) provided by operating activities (595) 2,344 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (25) (37) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 55 80 Proceeds from sale of non-marketable equity securities \u2014 1 Cash impact of deconsolidation of subsidiaries (2) \u2014 Net cash provided by investing activities 28 44 CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of convertible senior notes \u2014 (362) Settlement of capped calls related to convertible senior notes 2 \u2014 Proceeds from exercise of stock options \u2014 3 Proceeds from issuance of common stock for ESPP 5 2 Proceeds from non-recourse asset-backed debt 498 238 Principal payments on non-recourse asset-backed debt (715) (2,515) Payment of loan origination fees and debt issuance costs \u2014 (1) Payment for early extinguishment of debt \u2014 (4) Net cash used in financing activities (210) (2,639) NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (777) (251) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 Beginning of period 1,540 1,791 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 End of period $ 763 $ 1,540 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION \u2013 Cash paid during the period for interest $ 121 $ 203 DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 15 $ 23 Investment in non-marketable equity securities due to deconsolidation $ 39 $ \u2014 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 671 $ 999 Restricted cash 92 541 Cash, cash equivalents, and restricted cash $ 763 $ 1,540" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b49", + "block_sequence": 49, + "block_sha256": "b750ef73a42b823a6ee191d2e7f60bcade915aa3225fa79b91d166ccf8d7ce2a", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 49, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "d2ccbf8db70daad1c4abf6c97e2865ea641c96df75cf889dd401b89b6b2dc93d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9924q24opendoorsh023.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b50", + "block_sequence": 50, + "block_sha256": "92ee5a211f59911f17b9bea5ef27287e17bfb2fc31f5a7ea543b41a84125a531", + "block_type": "paragraph", + "char_count": 2539, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 50, + "char_end": 2539, + "char_start": 0, + "fragment_sha256": "8bad148077b25fc9f7b0471ad694647043f98eeba031ced366333c9d6ed5c5a9", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "23 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT AND CONTRIBUTION PROFIT (LOSS) TO OUR GROSS PROFIT (Unaudited) Three Months Ended Year Ended December 31, (in millions, except percentages and homes sold, or as noted) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 2024 2023 Revenue (GAAP) $ 1,084 $ 1,377 $ 1,511 $ 1,181 $ 870 $ 5,153 $ 6,946 Gross profit (GAAP) $ 85 $ 105 $ 129 $ 114 $ 72 $ 433 $ 487 Gross Margin 7.8 % 7.6 % 8.5 % 9.7 % 8.3 % 8.4 % 7.0 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f(1)(2) 6 10 34 7 11 25 23 Inventory valuation adjustment \u2013 Prior Periods\u034f(1)(3) (16) (16) (9) (17) (17) (26) (455) Adjusted Gross Profit $ 75 $ 99 $ 154 $ 104 $ 66 $ 432 $ 55 Adjusted Gross Margin 6.9 % 7.2 % 10.2 % 8.8 % 7.6 % 8.4 % 0.8 % Adjustments: Direct selling costs(4) (23) (32) (43) (34) (26) (132) (197) Holding costs on sales \u2013 Current Period\u034f(5)(6) (4) (6) (5) (5) (3) (44) (50) Holding costs on sales \u2013 Prior Periods\u034f(5)(7) (10) (9) (11) (8) (7) (14) (66) Contribution Profit (Loss) $ 38 $ 52 $ 95 $ 57 $ 30 $ 242 $ (258) Homes sold in period 2,822 3,615 4,078 3,078 2,364 13,593 18,708 Contribution Profit (Loss) per Home Sold (in thousands) $ 13 $ 14 $ 23 $ 19 $ 13 $ 18 $ (14) Contribution Margin 3.5 % 3.8 % 6.3 % 4.8 % 3.4 % 4.7 % (3.7) % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes, and are included in Sales, marketing and operations. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented." + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b51", + "block_sequence": 51, + "block_sha256": "111293c51c24f6039d337cbde9fd0175b19a95f346e95f9f86bcb51bcf0c4390", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 51, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "1b8c996791c1ee632a9c24783d50e6474d3dc4101ec12e5bbe87e89b49398f8c", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9924q24opendoorsh024.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b52", + "block_sequence": 52, + "block_sha256": "b0825996987c783a81369942e52d0c8e68e2ca115c9cafaa6ce5189ef914603f", + "block_type": "paragraph", + "char_count": 3263, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 52, + "char_end": 3263, + "char_start": 0, + "fragment_sha256": "77c689c2d56ac11bb0ed131c22fd4889867ddcd26b25327218a7ed9690a6460e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "24 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED NET LOSS AND ADJUSTED EBITDA TO OUR NET LOSS (Unaudited) Three Months Ended Year Ended December 31, (in millions, except percentages) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 2024 2023 Revenue (GAAP) $ 1,084 $ 1,377 $ 1,511 $ 1,181 $ 870 $ 5,153 $ 6,946 Net loss (GAAP) $ (113) $ (78) $ (92) $ (109) $ (91) $ (392) $ (275) Adjustments: Stock-based compensation 23 25 33 33 32 114 126 Equity securities fair value adjustment(1) \u2014 3 2 2 (3) 7 1 Intangibles amortization expense(2) \u2014 1 1 2 2 4 7 Inventory valuation adjustment \u2013 Current Period\u034f(3)(4) 6 10 34 7 11 25 23 Inventory valuation adjustment \u2014 Prior Periods\u034f(3)(5) (16) (16) (9) (17) (17) (26) (455) Restructuring(6) 17 \u2014 \u2014 \u2014 4 17 14 Loss (gain) on extinguishment of debt 1 \u2014 1 \u2014 (34) 2 (216) Legal contingency accrual and related expenses 5 \u2014 \u2014 \u2014 \u2014 5 \u2014 Other(7) \u2014 (15) (1) 2 (1) (14) (3) Adjusted Net Loss $ (77) $ (70) $ (31) $ (80) $ (97) $ (258) $ (778) Adjustments: Depreciation and amortization, excluding amortization of intangibles 7 10 7 11 15 35 45 Property financing(8) 28 30 26 32 32 116 174 Other interest expense(9) 4 4 4 5 5 17 37 Interest income(10) (11) (12) (12) (18) (24) (53) (106) Income tax expense \u2014 \u2014 1 \u2014 \u2014 1 1 Adjusted EBITDA $ (49) $ (38) $ (5) $ (50) $ (69) $ (142) $ (627) Adjusted EBITDA Margin (4.5) % (2.8) % (0.3) % (4.2) % (7.9) % (2.8) % (9.0) % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets had useful lives ranging from 1 to 5 years and amortization was expected until the intangible assets were fully amortized in 2024. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuring costs consist primarily of severance and employee termination benefits and bonuses incurred in connection with the elimination of employees\u2019 roles. Additionally, these costs include expenses related to the termination of certain non-cancelable leases and consulting fees incurred during the restructuring process. (7) Includes primarily gain on deconsolidation, net, sublease income, impairment of internally developed software projects related to restructuring, and income from equity method investments. (8) Includes interest expense on our non-recourse asset-backed debt facilities. (9) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset- backed debt facilities, and interest expense related to the 2026 Notes outstanding. (10) Consists mainly of interest earned on cash, cash equivalents, restricted cash, and marketable securities." + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b53", + "block_sequence": 53, + "block_sha256": "3a0136ede3863f02db342301853c65ce9cbbf4a8ef2291714e904ffadddd636a", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 53, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "9978134b1e69a21b6228f6606b7e0a8f6de84eeec6d55487144c6b233233e111", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9924q24opendoorsh025.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b54", + "block_sequence": 54, + "block_sha256": "2a5e6d03b247e7533be98b5b7902ea3a921219d8d3c8a3d064001b9a62f2f54f", + "block_type": "paragraph", + "char_count": 2054, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 54, + "char_end": 2054, + "char_start": 0, + "fragment_sha256": "55b2397c6f61b11ade1652ca221d481c8badba709e8d2d2676eba478ed205857", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "25 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED OPERATING EXPENSES TO OUR OPERATING EXPENSES (Unaudited) Three Months Ended (in millions, except percentages) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 OPERATING EXPENSES: Sales, marketing and operations 88 96 116 113 89,000 89 General and administrative 41 46 48 47 48 Technology and development 33 30 37 41 46 Restructuring 17 \u2014 \u2014 \u2014 4 Total Operating Expenses (GAAP) $ 179 $ 172 $ 201 $ 201 $ 187 Operating Expenses (GAAP) $ 179 $ 172 $ 201 $ 201 $ 187 Adjustments: Direct Selling Costs(1) (23) (32) (43) (34) (26) Holding costs included in contribution profit(2) (14) (15) (16) (13) (10) Stock-based compensation (23) (25) (33) (33) (32) Intangibles amortization expense(3) \u2014 (1) (1) (2) (2) Restructuring (17) \u2014 \u2014 \u2014 (4) Legal contingency accrual (5) \u2014 \u2014 \u2014 \u2014 Depreciation and amortization, excluding amortization of intangibles (7) (10) (7) (11) (15) Other (3) 1 (1) (1) 1 Total Adjusted Operating Expenses (Non-GAAP) $ 87 $ 90 $ 100 $ 107 $ 99 (1) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes, and are included in Sales, marketing and operations. (2) Represents holding costs incurred in the period presented on homes sold in the period presented as well as holding costs incurred in prior periods on homes sold in the period presented (\u201cResale Cohort Holding Costs.\u201d) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations in the period in which they are incurred (\u201cGAAP Holding Costs.\u201d) (3) Represents amortization of acquisition-related intangible assets. The acquired intangible assets had useful lives ranging from 1 to 5 years and amortization was expected until the intangible assets were fully amortized in 2024." + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b55", + "block_sequence": 55, + "block_sha256": "03482677e2e8bc40d14c5743bee8f0dc331a5004d96ddfd3e307f53f116da8f5", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 55, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "ce0102498ec5e29a10e4f586bc86298cbbddcd625bf9f056f75e1f65703aea26", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9924q24opendoorsh026.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b56", + "block_sequence": 56, + "block_sha256": "09d404aa5d3877302ed4c9e10b79e69e36a03d050be986e1bf77fec94cbaeeb1", + "block_type": "paragraph", + "char_count": 3641, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 56, + "char_end": 3641, + "char_start": 0, + "fragment_sha256": "6c26066eb3a454c74d654c2cbd8c1198dbf84fb0aa42d97c86af903eb23d4a7a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "26 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED SALES, MARKETING AND OPERATIONS; ADJUSTED GENERAL AND ADMINISTRATIVE; AND ADJUSTED TECHNOLOGY AND DEVELOPMENT EXPENSES TO THEIR CORRESPONDING GAAP MEASURES (Unaudited) Three Months Ended (in millions) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Sales, marketing and operations (GAAP)(1) $ 88 $ 96 $ 116 $ 113 $ 89 Direct Selling Costs(2) (23) (32) (43) (34) (26) Holding costs included in contribution profit(3)(4) (14) (15) (16) (13) (10) Stock-based compensation (2) (2) (4) (5) (4) Intangibles amortization expense(5) \u2014 (1) (1) (2) \u2014 Adjusted Sales, Marketing and Operations (Non- GAAP)(6) $ 49 $ 46 $ 52 $ 59 $ 49 General and administrative (GAAP) $ 41 $ 46 $ 48 $ 47 $ 48 Stock-based compensation (13) (16) (17) (16) (16) Legal contingency accrual and related expenses (5) \u2014 \u2014 \u2014 \u2014 Depreciation and amortization, excluding amortization of intangibles \u2014 (2) \u2014 \u2014 \u2014 Other \u2014 1 (1) (1) 1 Adjusted General and Administrative (Non-GAAP)(6) $ 23 $ 29 $ 30 $ 30 $ 33 Technology and development (GAAP) $ 33 $ 30 $ 37 $ 41 $ 46 Stock-based compensation (8) (7) (12) (12) (12) Intangibles amortization expense(5) \u2014 \u2014 \u2014 \u2014 (2) Depreciation and amortization, excluding amortization of intangibles (7) (8) (7) (11) (15) Other (3) \u2014 \u2014 \u2014 \u2014 Adjusted Technology and Development (Non- GAAP)(6) $ 15 $ 15 $ 18 $ 18 $ 17 Note: Advertising expenses(1) $ 23 $ 15 $ 21 $ 27 $ 17 (1) Advertising expenses are included in Sales, marketing and operations. (2) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes and are included in Sales, marketing and operations. (3) Represents holding costs incurred in the period presented on homes sold in the period presented as well as holding costs incurred in prior periods on homes sold in the period presented (\u201cResale Cohort Holding Costs.\u201d) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations in the period in which they are incurred (\u201cGAAP Holding Costs.\u201d) (4) The table below presents the timing difference within Adjusted Sales, marketing and operations related to holding costs. The amount of GAAP Holding Costs recognized during the period may be in excess of/ (less than) the amount of Resale Cohort Holding costs related to homes sold in the relevant period and included in Contribution Profit. Three Months Ended December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Total GAAP Holding Costs $ 21 $ 20 $ 17 $ 11 $ 13 Holding costs on sales - Current Period (4) (6) (5) (5) (3) Holding costs on sales - Prior Periods (10) (9) (11) (8) (7) Less: Resale Cohort Holding Costs (14) (15) (16) (13) (10) GAAP Holding Costs in excess of / (less than) Resale Holding Costs included in Contribution Profit $ 7 $ 5 $ 1 $ (2) $ 3 (5) Represents amortization of acquisition-related intangible assets. The acquired intangible assets had useful lives ranging from 1 to 5 years and amortization was expected until the intangible assets were fully amortized in 2024. (6) The sum of Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, and Adjusted Technology and Development expenses is equal to Total Adjusted Operated Expenses (Non-GAAP). Refer to the \"Reconciliation of our Adjusted Operating Expenses to our Operating Expenses\" table on Page 25." + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b57", + "block_sequence": 57, + "block_sha256": "7d8b137148e248b5154681a0da60ce5078b5abfe839ab2fb8284da549561c3b3", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 57, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "a8d65529175ab8e1353f5736d3a392578341920454f3860427970cd572a93b1a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9924q24opendoorsh027.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b58", + "block_sequence": 58, + "block_sha256": "e91926f8412f9f45427c01f86f531e719c9459552b3f8fd954660af723c6ef8d", + "block_type": "paragraph", + "char_count": 36, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 58, + "char_end": 36, + "char_start": 0, + "fragment_sha256": "f214d7546dd049e2a0f49c801b6f27de47d35cff41547da7df7211a05dd35a30", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 4Q24 Appendix 1 5" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b59", + "block_sequence": 59, + "block_sha256": "3b342e9eaafeb02311c38dcc8ac02369a533cd16937b336f38475af22fe6bf94", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 59, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "3949c278cf42af2f33bcd7e39a3bfe959673458bd070ae2c13682b89848aeede", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "exhibit9924q24opendoorsh028.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b60", + "block_sequence": 60, + "block_sha256": "9994d6a1639ae14871339f7ad523da5243a056e2cbbe133f735cd7699cceee60", + "block_type": "paragraph", + "char_count": 601, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 60, + "char_end": 601, + "char_start": 0, + "fragment_sha256": "e274926bba265db3b056152479c336ed0f85efbaae2007ce7cb6885f9518c7f1", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 4Q24 1. MLS Clearance Rate is defined as the number of daily contracts that enter pending status on the Multiple Listing Service (i.e. market listings), filtered for Opendoor\u2019s markets and buybox, divided by the number of active listings on the Multiple Listing Service, filtered for the same markets and buybox. Appendix Trailing 7-Day MLS Clearance Rate1 MLS Data Filtered to Opendoor Markets and Buybox Trailing 7-Day MLS Contracts MLS Data Filtered to Opendoor Markets and Buybox Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 28 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b61", + "block_sequence": 61, + "block_sha256": "7983ab4e7b5fb8ed2d55e65e5b56607e25d39d5ed8ea5ac9dcc85ea10489c403", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", + "block_sequence": 61, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "8cd9974d732a095964a15922190447fa4840e494c28f50216193509c61416dc1", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", + "table": null, + "text": 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In 2024, we took decisive steps to simplify our business and sharpen our strategic focus to drive the Company towards sustainable, profitable growth. While home acquisitions grew in the first half of the year, macro signals indicated potential destabilization late in the second quarter. In response, we proactively raised spreads to mitigate risk, driving lower acquisitions in the second half of the year. We also took actions to better align our operations with our current scale and profitability targets. In the third quarter, we completed the separation of Mainstay from our business, and in the fourth quarter, we launched a cost-efficiency program alongside a workforce reduction. In 2024, we demonstrated strong execution despite persistent macro headwinds. We purchased over 30% more homes than in the prior year, delivered a full-year gross margin of 8.4%, up from 7.0% in 2023, and achieved a Contribution Margin of 4.7%, up from (3.7)% in 2023 and just shy of our annual target range, all while significantly reducing our Adjusted Net Losses. The progress we made in 2024 was reflected in our fourth quarter results, which demonstrated year-over-year improvement in revenue, Contribution Profit, and Adjusted EBITDA. Specifically, we: Opendoor Shareholders, 2 A letter from our CEO Note: Adjusted Operating Expenses, Adjusted Gross Profit, Contribution Profit, Contribution Margin, Adjusted Net Loss, and Adjusted EBITDA are non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” following the financial tables below for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures. Sold 2,822 homes, generating $1.1 billion in revenue, up 25% versus 4Q23. Net Loss was $(113) million (versus $(91) million in 4Q23), with Adjusted Net Loss of $(77) million (versus $(97) million in 4Q23). Adjusted EBITDA Loss was $(49) million (versus $(69) million in 4Q23). Gross profit reached $85 million (versus $72 million in 4Q23), representing a 7.8% gross margin. Contribution Profit was $38 million (versus $30 million in 4Q23), representing a 3.5% Contribution Margin."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b10"], "char_count": 1635, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8276d95327138289a903402e17a45a6334e5955dd8ed41c8acdbd4ac47537718", "derivation_id": "6c46f8876c97237de397297445c22a10cf42ff8dcf784ee6390d2288d1da3e6d", "document_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "block_sequence": 10, "char_end": 1635, "char_start": 0, "fragment_sha256": "88f6001c27e849f0c773706d696518ad22f2a1c41c893fa7482cf983dcd7355c", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#p2", "passage_kind": "narrative", "passage_sequence": 2, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/exhibit9924q24opendoorsh.htm", "table_id": null, "text": "Shareholder Letter 4Q24 We are committed to achieving sustainable, profitable growth. Four key focus areas which we expect will improve the profitability of our cash offer business are: As we enter 2025, we are observing a particularly slow start to the year, with signs of a worsening macro environment compared to 20241. On the supply side, clearance rates, or how quickly homes go under contract, are pacing approximately 25% below last year. And, while the number of new listings coming on to the market remains in-line with last year's levels, active listings have risen nearly 20% year-over-year amid a slowing market. On the demand side, visits to new listings are down about 20% compared to last year, and delistings have climbed over 30% to decade highs as more sellers exit the market. With no near-term rate relief in sight, the lock-in effect of low mortgage rates and affordability challenges for buyers are likely to persist. To strengthen our business on our path to profitability, we are further refining our approach. This includes optimizing for Contribution Profit dollars and pursuing incremental monetization opportunities to enhance resilience throughout market cycles and drive long-term value. 3 Driving Towards Profitability: 1All macroeconomic indicators referenced here reflect MLS data filtered to Opendoor markets and buybox. 1. Setting spread levels to optimize for Contribution Margin amid the ongoing macroeconomic environment. Throughout the year, we will continuously monitor key macroeconomic indicators and make prudent adjustments to spreads, with a bias towards optimizing for Contribution Profit."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b12"], "char_count": 1853, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b5fa33223b7e46021d663c9eef7247bd608e7c97e94821bbb81646a88bb4fdf3", "derivation_id": "6c46f8876c97237de397297445c22a10cf42ff8dcf784ee6390d2288d1da3e6d", "document_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "block_sequence": 12, "char_end": 1853, "char_start": 0, "fragment_sha256": "99a6c8de7ede3c6488e53eb3e99686d2b1d3c850c457af54c31e993e05c9f292", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/exhibit9924q24opendoorsh.htm", "table_id": null, "text": "Shareholder Letter 4Q24 3. Refining our marketing strategy to further align with seasonal buying and selling patterns. We expect to focus our marketing efforts during periods when our spreads tend to be lower. Accordingly, we expect to acquire more homes in Q4 and Q1, positioning us to sell those homes in the spring and summer selling seasons (Q2 and Q3) when buying demand typically peaks. Conversely, we plan to reduce our focus on marketing in Q2 and Q3, resulting in fewer acquisitions in those quarters, and thus fewer resales in Q4 and Q1 when there is lower demand and lower home price appreciation. This approach more closely aligns our marketing spend with how our spreads change throughout the year and should enable us to better capitalize on typical seasonal price swings and maximize value in every transaction. 4 2. Improving the customer experience through product and process enhancements, driving higher conversion. We implemented improvements to our pricing models, including adjusting price segmentation methodology and market-level spread accuracy, to better differentiate spreads across price points. By making these pricing and model adjustments, we expect to more effectively distribute spreads and expand conversion. Pricing Models Seller Engagement We also continue to refine how we engage with sellers on our platform. We have a large base of registered sellers who have received an offer from Opendoor but have yet to sell. Over 70% of our 2024 acquisition contracts were from sellers who did not act on their initial offer but subsequently acted on a refreshed offer, so our ability to re-engage this customer base could represent an important source of future acquisition growth. For 2025, we are strengthening these re-engagement strategies to ensure Opendoor remains top of mind when those sellers are ready to transact."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b14", "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b16"], "char_count": 2791, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f653d479186ab42d869779b07731ac93af2986908b3b9d1c87e2673b65abf838", "derivation_id": "6c46f8876c97237de397297445c22a10cf42ff8dcf784ee6390d2288d1da3e6d", "document_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "block_sequence": 14, "char_end": 1137, "char_start": 0, "fragment_sha256": "6f70f3dbab2adcab5d7df19f0e01157191f029c4618b1e323aaccbe0e8c7382f", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "block_sequence": 16, "char_end": 1652, "char_start": 0, "fragment_sha256": "8c886fbee69aa60dfc7917439be1c8e5ac711e57763967030847f13d6bc4ecc1", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/exhibit9924q24opendoorsh.htm", "table_id": null, "text": "Shareholder Letter 4Q24 4. Operating with discipline. We entered 2025 with a leaner, flatter, and more efficient organization. We will continue our transformation efforts and identify incremental cost-efficiency opportunities over the course of the year. 5 Click to watch Campaign Consistent with this shift, in the fourth quarter, we launched the “Whatever the Reason, Whatever the Season” campaign to help flatten the seasonality curve in what is traditionally a lower-volume quarter for home transactions. By engaging sellers with relevant, compelling solutions, we aim to drive consistent demand and momentum, even during slower periods. Over the past decade, the success of our cash offer business has created a powerful, high-intent seller funnel. This year, we are enhancing the customer experience to better monetize this unique asset and serve more sellers in an effort to solidify our position as the “Best Place to Sell.” To capitalize on this advantage, we are refining our List with Opendoor and Marketplace products, as well as expanding solutions for sellers outside of our buybox. Incremental Future Growth Opportunities:\n\nShareholder Letter 4Q24 6 We continue to be driven by our mission to reinvent the real estate experience and make selling and buying seamless, convenient, and certain. Importantly, positive customer feedback validates how uniquely valuable our product and experience are. Our focus remains on reaching profitability over time through ongoing operating efficiency improvements and the optimization of Contribution Margin. Longer term, we expect that our efforts to leverage our platform and the strong infrastructure we have put in place will result in our ability to build a profitable, sustainable business that delivers innovative solutions for home sellers, buyers, and agents. Thank you for your trust and partnership as we continue building the future of real estate together. Carrie Wheeler, CEO In addition, many high-intent sellers visit our website daily, and we're expanding our approach to help those who may fall outside of our buybox continue to move forward in their selling journey. We see opportunities to help more customers successfully transact by providing our high quality seller leads to agents. With the scale of our seller funnel, we are uniquely positioned to offer a suite of solutions tailored to meet their needs. Our List with Opendoor and Marketplace products allow us to serve more sellers, unlock new revenue opportunities, and reduce our exposure to macro volatility. In 2024, we expanded List with Opendoor to nearly all Opendoor markets and launched Marketplace in Charlotte and Raleigh, offering more options for sellers to navigate their home-selling journey. In 2025, we plan to enhance and expand these offerings."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b18"], "char_count": 2520, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "3b242ca2128724b52d44653935ceabecd8f80b880e3285d16d2e76c234b671c5", "derivation_id": "6c46f8876c97237de397297445c22a10cf42ff8dcf784ee6390d2288d1da3e6d", "document_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "block_sequence": 18, "char_end": 2520, "char_start": 0, "fragment_sha256": "0616c2c7d818e59b6d84ff8fa36ffc02cfc9143b68a57f286cb3a7326610811e", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/exhibit9924q24opendoorsh.htm", "table_id": null, "text": "Shareholder Letter 4Q24 Unit Economics GAAP Gross Profit was $85 million in 4Q24, versus $72 million in 4Q23. GAAP Gross Margin was 7.8% in 4Q24, versus 8.3% in 4Q23. Adjusted Gross Profit was $75 million in 4Q24, versus $66 million in 4Q23. For the full year, GAAP Gross Profit was $433 million, versus $487 million in 2023. GAAP Gross Margin was 8.4% in 2024, versus 7.0% in 2023. Adjusted Gross Profit was $432 million for the year, versus $55 million in 2023, as we saw a significant reduction in our inventory valuation adjustments. Contribution Profit was $38 million in the fourth quarter, versus $30 million in 4Q23. Contribution Margin of 3.5% compares to 3.4% in 4Q23. For the full year, Contribution Profit was $242 million versus $(258) million in 2023, or an improvement of $500 million. Contribution Margin was 4.7%, versus (3.7)% in 2023, despite the challenging macro environment. GAAP Operating Expenses were $179 million in 4Q24, down from $187 million in 4Q23. For the full year, GAAP Operating Expenses were $753 million, versus $873 million in 2023. Adjusted Operating Expenses, defined as the delta between Contribution Profit (Loss) and Adjusted EBITDA, were $87 million in 4Q24, down from $99 million in 4Q23. For the full year, Adjusted Operating Expenses were $384 million, versus $369 million in 2023. Growth In the fourth quarter, we delivered $1.1 billion of revenue, up 25% versus 4Q23, representing 2,822 homes sold. Revenue for the full year was $5.2 billion, compared to $6.9 billion in 2023, due primarily to a lower starting inventory balance entering 2024. On the acquisition side, we purchased 2,951 homes in the fourth quarter, versus 3,683 homes in 4Q23 as spread levels remained elevated compared to the same time last year. However, we were able to accelerate our pace of acquisition as we moved through the quarter, driven by improvements in conversion at given spread levels. These gains in conversion were enabled by enhancements to our product flow and improvements to our pricing models. For the full year, we acquired 14,684 homes, up 31% versus 2023, driven by lower spreads in the first half as compared to the same period in the prior year, combined with improved conversion despite higher spreads in the second half of the year, as a result of the aforementioned durable model enhancements we have been rolling out. 7 We exceeded the high end of our outlook for acquisitions, revenue, Contribution Margin, and Adjusted EBITDA in the fourth quarter. Financial Highlights"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b20"], "char_count": 1721, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b0f637491dac804c524cc32516d7a1beffc7ab96507f8e5521b9bcc2d91dcbc6", "derivation_id": "6c46f8876c97237de397297445c22a10cf42ff8dcf784ee6390d2288d1da3e6d", "document_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "block_sequence": 20, "char_end": 1721, "char_start": 0, "fragment_sha256": "d59ca579ebcf5512a2e30abe83d2ac8ba9dc8f9d4ef7a99a8e6e3d7658b3c52f", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/exhibit9924q24opendoorsh.htm", "table_id": null, "text": "Shareholder Letter 4Q24 Inventory and Other Balance Sheet Items We ended the year with 6,417 homes, representing $2.2 billion in net inventory, up 22% from 4Q23, and $1.1 billion in capital, which is primarily composed of $679 million in unrestricted cash and marketable securities and $306 million of equity invested in homes and related assets (net of inventory valuation adjustments). At year-end, we had $6.9 billion in non-recourse, asset-backed borrowing capacity, comprising $3.0 billion of senior revolving credit facilities and $3.9 billion of senior and mezzanine term debt facilities, of which total committed borrowing capacity was $2.2 billion. In early 2025, we strengthened our capital position by amending and extending the term of certain debt facilities. We successfully renewed three revolving credit facilities and one term debt facility at consistent or improved credit spreads. Additionally, both of our mezzanine facilities were extended through at least 2027. The successful extension of these credit facilities is a testament to the ongoing support and confidence of our capital partners and positions us well to continue executing on our business plan. Net Loss and Adjusted EBITDA GAAP Net Loss was $(113) million in 4Q24, versus $(91) million in 4Q23. Adjusted Net Loss was $(77) million in 4Q24, versus $(97) million in 4Q23. GAAP Net Loss was $(392) million for the full year, versus $(275) million in 2023. Full year Adjusted Net Loss improved significantly to $(258) million, versus $(778) million in 2023. Adjusted EBITDA loss improved to $(49) million in 4Q24, compared to $(69) million in 4Q23. Adjusted EBITDA loss was $(142) million for the full year, versus $(627) million in 2023. 8"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b22"], "char_count": 2535, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "3ccc5a8bb7dd6ada531b8b6186d8c839442aa0d812965360908e8dd89a6555dc", "derivation_id": "6c46f8876c97237de397297445c22a10cf42ff8dcf784ee6390d2288d1da3e6d", "document_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "block_sequence": 22, "char_end": 2535, "char_start": 0, "fragment_sha256": "3273656919ae9fea7fab77b3a98cfb40b67c63a904c22d4b7564ff6ca567c749", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/exhibit9924q24opendoorsh.htm", "table_id": null, "text": "Shareholder Letter 4Q24 We expect home acquisitions to be over 3,500 in the first quarter, or up slightly year-over-year. Normalizing for bulk purchases made in 1Q24 that are not expected to repeat this quarter, acquisition growth would be up over 10% year-over-year. Given adjustments to our marketing strategy, coupled with recent increases in spreads given the challenging macro environment, we expect to see a sequential decline in acquisitions in the second quarter of this year. While we continue to believe 5% to 7% is an appropriate annual Contribution Margin target, seasonality and market conditions will result in variability in margins quarter to quarter. Finally, we believe that the successful implementation of our 2025 priorities will allow us to meaningfully improve our Adjusted Net Loss for the year as compared to 2024. 9 Guidance As we enter 2025, we are focused on ensuring attractive unit economics in our cash offer business, operating with strong cost discipline, and making progress on our path to profitability, notwithstanding the persistent macro real estate pressures. We expect the following results for the first quarter of 2025: 2 Opendoor has not provided a quantitative reconciliation of forecasted forecasted Contribution Profit (Loss) to forecasted GAAP gross profit (loss), forecasted Contribution Margin to forecasted GAAP Gross Margin, nor forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss), GAAP gross margin, operating expenses and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. For more information regarding the non-GAAP financial measures discussed in this shareholder letter, please see “Use of Non-GAAP Financial Measures” following the financial tables below. Revenue is expected to be between $1.0 billion and $1.075 billion Contribution Profit2 is expected to be between $40 million and $50 million, or Contribution Margin2 of 4.0% to 4.7% Non-cash stock-based compensation expense is expected to range from $13 million to $15 million Adjusted EBITDA2 loss is expected to be between $(50) million to $(40) million"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b24"], "char_count": 1623, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "466e8a91827b876829bda9de84da8228e63cef930b5fb6c7e1d267f55e9c7cb2", "derivation_id": "6c46f8876c97237de397297445c22a10cf42ff8dcf784ee6390d2288d1da3e6d", "document_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "block_sequence": 24, "char_end": 1623, "char_start": 0, "fragment_sha256": "721aec0fab9834c1a84eca749b2425e6c2dcfda4113dc63045d32094bc60d327", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/exhibit9924q24opendoorsh.htm", "table_id": null, "text": "Shareholder Letter 4Q24 “Working with Opendoor was the least stressful way to sell.” 10 Customer Story Breona Calvert | Bowie, Maryland Sold to Opendoor When California-based military member Breona Calvert received an exciting job offer in Maryland, the 38-year-old knew it was time to start a new chapter. After 20 years of service, she was ready to move her family across the country — but it was her first time selling a home, and she was on a time crunch as she was due to report into her new role quickly. That’s when the first-time seller turned to Opendoor. “It was the least stressful way to sell,” she said. “My kids had lived in that home their whole lives, and the last thing I wanted was to add to their anxiety.” From moving away from neighbors to feeling unsure of how everything would go, it was undoubtedly an emotional time for the Calvert family. Breona credits Opendoor for removing a huge weight from her shoulders, giving her more time to focus on her family’s new East Coast home and key considerations like schools and neighborhood safety. “With Opendoor, we could take our time packing,” she said. That allowed her to be more strategic about what they would bring with her during the cross-country move – and what they would leave behind. “As soon as I did my part, Opendoor did theirs so I could enter the next phase of my life. I’m very happy with the decision to go with Opendoor. I went with my gut with this one.” “I couldn’t stage my home and get it ready for showings in such a short time,” Breona said. “For me, selling my home was about convenience and stresslessness for me and my family.”"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b26", "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b28", "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b30"], "char_count": 659, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c9b72a69b033bcf3178df524a5d81d545fb1666dc95431e06d7b775f435e1145", "derivation_id": "6c46f8876c97237de397297445c22a10cf42ff8dcf784ee6390d2288d1da3e6d", "document_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "block_sequence": 26, "char_end": 507, "char_start": 0, "fragment_sha256": "6b4e72599a82b319b7d25dacba9345c9ea0c897a3e464d22827e5d9f62466da6", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "block_sequence": 28, "char_end": 90, "char_start": 0, "fragment_sha256": "1b65154027202f87563d9fbc8b9222b822ab042e5b056c1d2e84a029caf6b0cb", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "block_sequence": 30, "char_end": 58, "char_start": 0, "fragment_sha256": "f26d5f91423cac33e11be3a7e62f429cedf4de153c5ba3a969318f1547126f49", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/exhibit9924q24opendoorsh.htm", "table_id": null, "text": "Shareholder Letter 4Q24 Carrie Wheeler, CEO Selim Freiha, Chief Financial Officer Opendoor will host a conference call to discuss its financial results on February 27, 2025 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. February 27, 2025 at 2 p.m. PT investor.opendoor.com Conference Call Information 11 Live Webcast\n\nShareholder Letter 4Q24/ Opendoor/ OpendoorHQ Company / Opendoor-com investor.opendoor.com\n\nShareholder Letter 4Q24 Definitions & Financial Tables 1 5"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b32"], "char_count": 2884, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f7fee70fb2009b2ce69ac98f891bc0e0fa43680e8d5f0b7280f570fa6b51db5a", "derivation_id": "6c46f8876c97237de397297445c22a10cf42ff8dcf784ee6390d2288d1da3e6d", "document_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "block_sequence": 32, "char_end": 2884, "char_start": 0, "fragment_sha256": "3eafadb4b23b9ba7964af428839c48d22fe085b7ebd6cc4e075d4e472ba27fb9", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/exhibit9924q24opendoorsh.htm", "table_id": null, "text": "This shareholder letter contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including, without limitation, statements regarding: current and future health and stability of the real estate housing market and general economy; volatility of mortgage interest rates, changes in resale clearance rates, delistings and expectations regarding future behavior of consumers and partners; the health and status of our financial condition; our ongoing transformation efforts and cost-efficiency opportunities; whether our efforts to optimize spread and adjusting our marketing strategy for seasonality trends will improve profitability; whether we are able to capitalize on our seller funnel and expand solutions for sellers outside our buybox; anticipated future results of operations or financial performance, including our first quarter and full-year 2025 outlook and projections; our ability to achieve other long- term performance targets; our expectations regarding the impact of trends in seasonality on the real estate industry and our business; priorities of the Company to achieve future financial and business goals; our ability to continue to effectively navigate the markets in which we operate; anticipated future and ongoing impacts and benefits of acquisitions, advertising, product innovations and other business decisions; health of our balance sheet to weather ongoing market transitions; our ability to adopt an effective approach to manage economic and industry risk, as well as inventory health; business strategy and plans, including any plans to expand into additional markets, market opportunity and expansion and objectives of management for future operations, including statements regarding the benefits and timing of the roll out of new markets, products or technology; and the expected benefits of refinancing efforts. Forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “vision”, “will”, or “would”, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b32"], "char_count": 3834, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ddf63df5a2c420d7b74fd958c30d279914b8b1482ae5080c17bec2d484b90575", "derivation_id": "6c46f8876c97237de397297445c22a10cf42ff8dcf784ee6390d2288d1da3e6d", "document_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "block_sequence": 32, "char_end": 6718, "char_start": 2884, "fragment_sha256": "3eafadb4b23b9ba7964af428839c48d22fe085b7ebd6cc4e075d4e472ba27fb9", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#p11", "passage_kind": "narrative", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/exhibit9924q24opendoorsh.htm", "table_id": null, "text": "The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this shareholder letter include but are not limited to: the current and future health and stability of the economy, financial conditions and the residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, the imposition of tariffs and price or exchange controls, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that may impact demand for our products and services, lower our profitability or reduce our access to future financings; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and real estate partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our digital platform, including our automated pricing and valuation technology; our ability to realize expected benefits from our restructuring and cost reduction efforts; our ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; any future impact of pandemics, epidemics, or other public health crises on our ability to operate, demand for our products and services, or other general economic conditions; the impact of the regulatory environment and potential regulatory instability associated with the new U.S. presidential administration within our industry and complexities with compliance related to such environment; changes in laws or government regulation affecting our business; and the impact of pending or future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on or about February 27, 2025, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b32"], "char_count": 373, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "63476008dd637d6ffafd4f2c531f9ba1437d1206c52044234e8e58e7f1fd985e", "derivation_id": "6c46f8876c97237de397297445c22a10cf42ff8dcf784ee6390d2288d1da3e6d", "document_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "block_sequence": 32, "char_end": 7091, "char_start": 6718, "fragment_sha256": "3eafadb4b23b9ba7964af428839c48d22fe085b7ebd6cc4e075d4e472ba27fb9", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/exhibit9924q24opendoorsh.htm", "table_id": null, "text": "Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 14 Forward-Looking Statements"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b34"], "char_count": 3138, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5bca777c6be4335b8228569b62c7b4a9a64f60d34c47626605e2093736d74712", "derivation_id": "6c46f8876c97237de397297445c22a10cf42ff8dcf784ee6390d2288d1da3e6d", "document_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "block_sequence": 34, "char_end": 3138, "char_start": 0, "fragment_sha256": "f6f62abc23de91de28bfbdf60785823a7ddc52478130221a7b24f38c684dc904", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#p13", "passage_kind": "narrative", "passage_sequence": 13, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/exhibit9924q24opendoorsh.htm", "table_id": null, "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company’s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit (Loss), Adjusted Net Loss, Adjusted EBITDA, Adjusted Operating Expenses, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non- GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results. Adjusted Gross Profit and Contribution Profit (Loss) To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit and Contribution Profit (Loss), which are non-GAAP financial measures. We believe that Adjusted Gross Profit and Contribution Profit (Loss) are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit (Loss) provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit and Contribution Profit (Loss) are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit. 15 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b36"], "char_count": 1826, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "738bb029aa93ba3eeddcdc76fb76d967dcf43f0a5996b15b43ceef58e04ce0c9", "derivation_id": "6c46f8876c97237de397297445c22a10cf42ff8dcf784ee6390d2288d1da3e6d", "document_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "block_sequence": 36, "char_end": 1826, "char_start": 0, "fragment_sha256": "b97e623da90d039b8b6890692990d7e79a452a7c330a3d0076d4ff5a2412bbe5", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#p14", "passage_kind": "narrative", "passage_sequence": 14, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/exhibit9924q24opendoorsh.htm", "table_id": null, "text": "Adjusted Gross Profit / Margin We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. Adjusted Gross Margin is Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution Profit (Loss) / Margin We calculate Contribution Profit (Loss) as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit (Loss) helps management assess inflows and outflows directly associated with a specific resale cohort. 16 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b38"], "char_count": 3179, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5a96752d3f337c7d824f2ee95bb96cb01c8713fd5401e90e115db28122d6fad1", "derivation_id": "6c46f8876c97237de397297445c22a10cf42ff8dcf784ee6390d2288d1da3e6d", "document_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "block_sequence": 38, "char_end": 3179, "char_start": 0, "fragment_sha256": "3f8208ed5c4354ad8e1ee816fee2db1c801ff3153bedcc57238c1609eed01e2d", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#p15", "passage_kind": "narrative", "passage_sequence": 15, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/exhibit9924q24opendoorsh.htm", "table_id": null, "text": "17 Adjusted Net Loss and Adjusted EBITDA / Margin We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss. We calculate Adjusted Net Loss as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring and legal contingency accruals. It excludes loss (gain) on extinguishment of debt as these expenses or gains were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities and the 0.25% convertible senior notes due in 2026 (the \"2026 Notes\") early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue. Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b40"], "char_count": 3937, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "231051c2be4daddf437fafc3f04acac91b68640660114df5ebd286da93d7673c", "derivation_id": "6c46f8876c97237de397297445c22a10cf42ff8dcf784ee6390d2288d1da3e6d", "document_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "block_sequence": 40, "char_end": 3937, "char_start": 0, "fragment_sha256": "50433013630fcc268a5372e07be7006b668f72c04ba4dab0f6015628d47f0bd1", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#p16", "passage_kind": "narrative", "passage_sequence": 16, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/exhibit9924q24opendoorsh.htm", "table_id": null, "text": "18 Adjusted Operating Expense We also present Adjusted Operating Expense, which is a non-GAAP financial measure that bridges the difference between Contribution Profit and Adjusted EBITDA. We believe this measure provides investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to Contribution Profit (Loss) and certain charges that are non-cash, or not directly related to our revenue-generating operations are removed. Adjusted Operating Expense is a supplemental measure of our operating expenditures and has important limitations. For example, this measure excludes the impact of certain costs required to be recorded under GAAP. This measure removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to Contribution Margin. This measure could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, this measure should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of this measure to the most directly comparable GAAP financial measure, which is operating expenses. We calculate Adjusted Operating Expense as GAAP operating expense adjusted to exclude direct selling costs and holding costs included in determining Contribution Profit (Loss). The measure also excludes non-cash expenses of stock-based compensation, depreciation and amortization, and intangibles amortization. It also excludes expenses that are not directly related to our revenue-generating operations such as restructuring charges and legal contingency accruals. Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, Adjusted Technology and Development We also present Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, and Adjusted Technology and Development, which are non-GAAP financial measures that provide investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to contribution profit and certain charges that are non-cash are removed. These supplemental measures of our operating expenditures have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. Specifically, Adjusted Sales, Marketing and Operations removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to Contribution Margin. These measures could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which are Sales, marketing and operations expense, General and administrative expense and Technology and development expense. We calculate Adjusted Sales, Marketing and Operations as GAAP sales, marketing and operations expenses to exclude direct selling costs and holding costs included in determining Contribution Profit (Loss). This measure also excludes non-cash expenses of stock-based compensation, depreciation and amortization of intangibles associated with sales, marketing and operations assets. We calculate Adjusted General and Administrative as GAAP general and administrative expenses to exclude non-cash expenses of stock-based compensation, depreciation and amortization of intangibles associated with general and administrative assets."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b40"], "char_count": 372, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d4c2946f2d757bf431f0b09ef21c10a54063324333a1de38caddfde128dde021", "derivation_id": "6c46f8876c97237de397297445c22a10cf42ff8dcf784ee6390d2288d1da3e6d", "document_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "block_sequence": 40, "char_end": 4309, "char_start": 3937, "fragment_sha256": "50433013630fcc268a5372e07be7006b668f72c04ba4dab0f6015628d47f0bd1", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#p17", "passage_kind": "narrative", "passage_sequence": 17, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/exhibit9924q24opendoorsh.htm", "table_id": null, "text": "It also excludes expenses that are not directly related to our revenue-generating operations such as legal contingency accruals. We calculate Adjusted Technology and Development as GAAP technology and development expenses to exclude non-cash expenses of stock-based compensation, depreciation and amortization associated with technology and development assets. Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b42"], "char_count": 1535, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "89b51cc8f6f12be7a58a300e673accacf00226ef49d347fb9c503145aa49022f", "derivation_id": "6c46f8876c97237de397297445c22a10cf42ff8dcf784ee6390d2288d1da3e6d", "document_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "block_sequence": 42, "char_end": 1535, "char_start": 0, "fragment_sha256": "4aa218467bdc5b4fdd6525c62d445af1e7c21ea2050e9a195984a32ca6754c4c", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#p18", "passage_kind": "narrative", "passage_sequence": 18, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/exhibit9924q24opendoorsh.htm", "table_id": null, "text": "19 Three Months Ended Year Ended December 31, December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 2024 2023 Revenue $ 1,084 $ 1,377 $ 1,511 $ 1,181 $ 870 $ 5,153 $ 6,946 Gross profit $ 85 $ 105 $ 129 $ 114 $ 72 $ 433 $ 487 Gross Margin 7.8 % 7.6 % 8.5 % 9.7 % 8.3 % 8.4 % 7.0 % Net loss $ (113) $ (78) $ (92) $ (109) $ (91) $ (392) $ (275) Number of markets (at period end) 50 50 50 50 50 50 50 Homes sold 2,822 3,615 4,078 3,078 2,364 13,593 18,708 Homes purchased 2,951 3,504 4,771 3,458 3,683 14,684 11,246 Homes in inventory (at period end) 6,417 6,288 6,399 5,706 5,326 6,417 5,326 Inventory (at period end) $ 2,159 $ 2,145 $ 2,234 $ 1,881 $ 1,775 $ 2,159 $ 1,775 Percentage of homes “on the market” for greater than 120 days (at period end) 46 % 23 % 14 % 15 % 18 % 46 % 18 % Non-GAAP Financial Highlights (1) Contribution Profit (Loss) $ 38 $ 52 $ 95 $ 57 $ 30 $ 242 $ (258) Contribution Margin 3.5 % 3.8 % 6.3 % 4.8 % 3.4 % 4.7 % (3.7) % Adjusted EBITDA $ (49) $ (38) $ (5) $ (50) $ (69) $ (142) $ (627) Adjusted EBITDA Margin (4.5) % (2.8) % (0.3) % (4.2) % (7.9) % (2.8) % (9.0) % Adjusted Net Loss $ (77) $ (70) $ (31) $ (80) $ (97) $ (258) $ (778) OPENDOOR TECHNOLOGIES INC. FINANCIAL HIGHLIGHTS AND OPERATING METRICS (In millions, except percentages, homes sold, number of markets, homes purchased, and homes in inventory) (Unaudited) (1) See “—Use of Non-GAAP Financial Measures” for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b44", "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b46"], "char_count": 2891, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "534b1d999ac49f5d2981544732912f4f7d948c59f9ff9a7811c29c5793843ac9", "derivation_id": "6c46f8876c97237de397297445c22a10cf42ff8dcf784ee6390d2288d1da3e6d", "document_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "block_sequence": 44, "char_end": 1473, "char_start": 0, "fragment_sha256": "35ae719612fe5d0fbe9cdd3ab7235c48598b2fa73401410d73dd4fba36e69d57", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "block_sequence": 46, "char_end": 1416, "char_start": 0, "fragment_sha256": "5c2b478ce85a8eb4d030958dbc65ff2724a071d86b8c4eda80762254749c90ca", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#p19", "passage_kind": "narrative", "passage_sequence": 19, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/exhibit9924q24opendoorsh.htm", "table_id": null, "text": "20 Three Months Ended Year Ended December 31, December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 2024 2023 REVENUE $ 1,084 $ 1,377 $ 1,511 $ 1,181 $ 870 $ 5,153 $ 6,946 COST OF REVENUE 999 1,272 1,382 1,067 798 4,720 6,459 GROSS PROFIT 85 105 129 114 72 433 487 OPERATING EXPENSES: Sales, marketing and operations 88 96 116 113 89 413 486 General and administrative 41 46 48 47 48 182 206 Technology and development 33 30 37 41 46 141 167 Restructuring 17 — — — 4 17 14 Total operating expenses 179 172 201 201 187 753 873 LOSS FROM OPERATIONS (94) (67) (72) (87) (115) (320) (386) (LOSS) GAIN ON EXTINGUISHMENT OF DEBT (1) — (1) — 34 (2) 216 INTEREST EXPENSE (32) (34) (30) (37) (37) (133) (211) OTHER INCOME – Net 14 23 12 15 27 64 107 LOSS BEFORE INCOME TAXES (113) (78) (91) (109) (91) (391) (274) INCOME TAX EXPENSE — — (1) — — (1) (1) NET LOSS $ (113) $ (78) $ (92) $ (109) $ (91) $ (392) $ (275) Net loss per share attributable to common shareholders: Basic $ (0.16) $ (0.11) $ (0.13) $ (0.16) $ (0.14) $ (0.56) $ (0.42) Diluted $ (0.16) $ (0.11) $ (0.13) $ (0.16) $ (0.14) $ (0.56) $ (0.42) Weighted-average shares outstanding: Basic 716,317 705,359 693,445 682,457 672,662 699,457 657,111 Diluted 716,317 705,359 693,445 682,457 672,662 699,457 657,111 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited)\n\n21 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) December 31, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 671 $ 999 Restricted cash 92 541 Marketable securities 8 69 Escrow receivable 6 9 Real estate inventory, net 2,159 1,775 Other current assets 61 52 Total current assets 2,997 3,445 PROPERTY AND EQUIPMENT – Net 48 66 RIGHT OF USE ASSETS 18 25 GOODWILL 3 4 INTANGIBLES – Net — 5 OTHER ASSETS 60 22 TOTAL ASSETS $ 3,126 $ 3,567 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 92 $ 64 Non-recourse asset-backed debt – current portion 432 — Interest payable 3 1 Lease liabilities – current portion 2 5 Total current liabilities 529 70 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 1,492 2,134 CONVERTIBLE SENIOR NOTES 378 376 LEASE LIABILITIES – Net of current portion 13 19 OTHER LIABILITIES 1 1 Total liabilities 2,413 2,600 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 719,990,121 and 677,636,163 shares issued, respectively; 719,990,121 and 677,636,163 shares outstanding, respectively — — Additional paid-in capital 4,438 4,301 Accumulated deficit (3,725) (3,333) Accumulated other comprehensive loss — (1) Total shareholders’ equity 713 967 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 3,126 $ 3,567"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b48"], "char_count": 2584, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "86882b7952df6fe7c56a886ce19b8cb6bb3ca7e258bc6cdc9ea35559cd9b9fca", "derivation_id": "6c46f8876c97237de397297445c22a10cf42ff8dcf784ee6390d2288d1da3e6d", "document_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "block_sequence": 48, "char_end": 2584, "char_start": 0, "fragment_sha256": "c690a3e79b2cb349b14aea0d9fa4f3d921682939a863d358765d1666d0b4a5b5", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#p20", "passage_kind": "narrative", "passage_sequence": 20, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/exhibit9924q24opendoorsh.htm", "table_id": null, "text": "22 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Year Ended December 31, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (392) $ (275) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: Depreciation and amortization 48 65 Amortization of right of use asset 5 7 Stock-based compensation 114 126 Inventory valuation adjustment 57 65 Change in fair value of equity securities 7 1 Other 7 13 Proceeds from sale and principal collections of mortgage loans held for sale — 1 Loss (gain) on early extinguishment of debt 2 (216) Gain on deconsolidation, net (14) — Changes in operating assets and liabilities: Escrow receivable 3 21 Real estate inventory (449) 2,613 Other assets (10) (19) Accounts payable and other accrued liabilities 31 (38) Interest payable 2 (10) Lease liabilities (6) (10) Net cash (used in) provided by operating activities (595) 2,344 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (25) (37) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 55 80 Proceeds from sale of non-marketable equity securities — 1 Cash impact of deconsolidation of subsidiaries (2) — Net cash provided by investing activities 28 44 CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of convertible senior notes — (362) Settlement of capped calls related to convertible senior notes 2 — Proceeds from exercise of stock options — 3 Proceeds from issuance of common stock for ESPP 5 2 Proceeds from non-recourse asset-backed debt 498 238 Principal payments on non-recourse asset-backed debt (715) (2,515) Payment of loan origination fees and debt issuance costs — (1) Payment for early extinguishment of debt — (4) Net cash used in financing activities (210) (2,639) NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (777) (251) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 1,540 1,791 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $ 763 $ 1,540 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $ 121 $ 203 DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 15 $ 23 Investment in non-marketable equity securities due to deconsolidation $ 39 $ — RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 671 $ 999 Restricted cash 92 541 Cash, cash equivalents, and restricted cash $ 763 $ 1,540"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b50"], "char_count": 2539, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "92ee5a211f59911f17b9bea5ef27287e17bfb2fc31f5a7ea543b41a84125a531", "derivation_id": "6c46f8876c97237de397297445c22a10cf42ff8dcf784ee6390d2288d1da3e6d", "document_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "block_sequence": 50, "char_end": 2539, "char_start": 0, "fragment_sha256": "8bad148077b25fc9f7b0471ad694647043f98eeba031ced366333c9d6ed5c5a9", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#p21", "passage_kind": "narrative", "passage_sequence": 21, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/exhibit9924q24opendoorsh.htm", "table_id": null, "text": "23 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT AND CONTRIBUTION PROFIT (LOSS) TO OUR GROSS PROFIT (Unaudited) Three Months Ended Year Ended December 31, (in millions, except percentages and homes sold, or as noted) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 2024 2023 Revenue (GAAP) $ 1,084 $ 1,377 $ 1,511 $ 1,181 $ 870 $ 5,153 $ 6,946 Gross profit (GAAP) $ 85 $ 105 $ 129 $ 114 $ 72 $ 433 $ 487 Gross Margin 7.8 % 7.6 % 8.5 % 9.7 % 8.3 % 8.4 % 7.0 % Adjustments: Inventory valuation adjustment – Current Period͏(1)(2) 6 10 34 7 11 25 23 Inventory valuation adjustment – Prior Periods͏(1)(3) (16) (16) (9) (17) (17) (26) (455) Adjusted Gross Profit $ 75 $ 99 $ 154 $ 104 $ 66 $ 432 $ 55 Adjusted Gross Margin 6.9 % 7.2 % 10.2 % 8.8 % 7.6 % 8.4 % 0.8 % Adjustments: Direct selling costs(4) (23) (32) (43) (34) (26) (132) (197) Holding costs on sales – Current Period͏(5)(6) (4) (6) (5) (5) (3) (44) (50) Holding costs on sales – Prior Periods͏(5)(7) (10) (9) (11) (8) (7) (14) (66) Contribution Profit (Loss) $ 38 $ 52 $ 95 $ 57 $ 30 $ 242 $ (258) Homes sold in period 2,822 3,615 4,078 3,078 2,364 13,593 18,708 Contribution Profit (Loss) per Home Sold (in thousands) $ 13 $ 14 $ 23 $ 19 $ 13 $ 18 $ (14) Contribution Margin 3.5 % 3.8 % 6.3 % 4.8 % 3.4 % 4.7 % (3.7) % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes, and are included in Sales, marketing and operations. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b52"], "char_count": 3263, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b0825996987c783a81369942e52d0c8e68e2ca115c9cafaa6ce5189ef914603f", "derivation_id": "6c46f8876c97237de397297445c22a10cf42ff8dcf784ee6390d2288d1da3e6d", "document_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "block_sequence": 52, "char_end": 3263, "char_start": 0, "fragment_sha256": "77c689c2d56ac11bb0ed131c22fd4889867ddcd26b25327218a7ed9690a6460e", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#p22", "passage_kind": "narrative", "passage_sequence": 22, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/exhibit9924q24opendoorsh.htm", "table_id": null, "text": "24 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED NET LOSS AND ADJUSTED EBITDA TO OUR NET LOSS (Unaudited) Three Months Ended Year Ended December 31, (in millions, except percentages) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 2024 2023 Revenue (GAAP) $ 1,084 $ 1,377 $ 1,511 $ 1,181 $ 870 $ 5,153 $ 6,946 Net loss (GAAP) $ (113) $ (78) $ (92) $ (109) $ (91) $ (392) $ (275) Adjustments: Stock-based compensation 23 25 33 33 32 114 126 Equity securities fair value adjustment(1) — 3 2 2 (3) 7 1 Intangibles amortization expense(2) — 1 1 2 2 4 7 Inventory valuation adjustment – Current Period͏(3)(4) 6 10 34 7 11 25 23 Inventory valuation adjustment — Prior Periods͏(3)(5) (16) (16) (9) (17) (17) (26) (455) Restructuring(6) 17 — — — 4 17 14 Loss (gain) on extinguishment of debt 1 — 1 — (34) 2 (216) Legal contingency accrual and related expenses 5 — — — — 5 — Other(7) — (15) (1) 2 (1) (14) (3) Adjusted Net Loss $ (77) $ (70) $ (31) $ (80) $ (97) $ (258) $ (778) Adjustments: Depreciation and amortization, excluding amortization of intangibles 7 10 7 11 15 35 45 Property financing(8) 28 30 26 32 32 116 174 Other interest expense(9) 4 4 4 5 5 17 37 Interest income(10) (11) (12) (12) (18) (24) (53) (106) Income tax expense — — 1 — — 1 1 Adjusted EBITDA $ (49) $ (38) $ (5) $ (50) $ (69) $ (142) $ (627) Adjusted EBITDA Margin (4.5) % (2.8) % (0.3) % (4.2) % (7.9) % (2.8) % (9.0) % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets had useful lives ranging from 1 to 5 years and amortization was expected until the intangible assets were fully amortized in 2024. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuring costs consist primarily of severance and employee termination benefits and bonuses incurred in connection with the elimination of employees’ roles. Additionally, these costs include expenses related to the termination of certain non-cancelable leases and consulting fees incurred during the restructuring process. (7) Includes primarily gain on deconsolidation, net, sublease income, impairment of internally developed software projects related to restructuring, and income from equity method investments. (8) Includes interest expense on our non-recourse asset-backed debt facilities. (9) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset- backed debt facilities, and interest expense related to the 2026 Notes outstanding. (10) Consists mainly of interest earned on cash, cash equivalents, restricted cash, and marketable securities."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b54"], "char_count": 2054, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "2a5e6d03b247e7533be98b5b7902ea3a921219d8d3c8a3d064001b9a62f2f54f", "derivation_id": "6c46f8876c97237de397297445c22a10cf42ff8dcf784ee6390d2288d1da3e6d", "document_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "block_sequence": 54, "char_end": 2054, "char_start": 0, "fragment_sha256": "55b2397c6f61b11ade1652ca221d481c8badba709e8d2d2676eba478ed205857", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#p23", "passage_kind": "narrative", "passage_sequence": 23, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/exhibit9924q24opendoorsh.htm", "table_id": null, "text": "25 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED OPERATING EXPENSES TO OUR OPERATING EXPENSES (Unaudited) Three Months Ended (in millions, except percentages) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 OPERATING EXPENSES: Sales, marketing and operations 88 96 116 113 89,000 89 General and administrative 41 46 48 47 48 Technology and development 33 30 37 41 46 Restructuring 17 — — — 4 Total Operating Expenses (GAAP) $ 179 $ 172 $ 201 $ 201 $ 187 Operating Expenses (GAAP) $ 179 $ 172 $ 201 $ 201 $ 187 Adjustments: Direct Selling Costs(1) (23) (32) (43) (34) (26) Holding costs included in contribution profit(2) (14) (15) (16) (13) (10) Stock-based compensation (23) (25) (33) (33) (32) Intangibles amortization expense(3) — (1) (1) (2) (2) Restructuring (17) — — — (4) Legal contingency accrual (5) — — — — Depreciation and amortization, excluding amortization of intangibles (7) (10) (7) (11) (15) Other (3) 1 (1) (1) 1 Total Adjusted Operating Expenses (Non-GAAP) $ 87 $ 90 $ 100 $ 107 $ 99 (1) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes, and are included in Sales, marketing and operations. (2) Represents holding costs incurred in the period presented on homes sold in the period presented as well as holding costs incurred in prior periods on homes sold in the period presented (“Resale Cohort Holding Costs.”) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations in the period in which they are incurred (“GAAP Holding Costs.”) (3) Represents amortization of acquisition-related intangible assets. The acquired intangible assets had useful lives ranging from 1 to 5 years and amortization was expected until the intangible assets were fully amortized in 2024."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#b56"], "char_count": 3641, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "09d404aa5d3877302ed4c9e10b79e69e36a03d050be986e1bf77fec94cbaeeb1", "derivation_id": "6c46f8876c97237de397297445c22a10cf42ff8dcf784ee6390d2288d1da3e6d", "document_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "block_sequence": 56, "char_end": 3641, "char_start": 0, "fragment_sha256": "6c26066eb3a454c74d654c2cbd8c1198dbf84fb0aa42d97c86af903eb23d4a7a", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#p24", "passage_kind": "narrative", "passage_sequence": 24, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000016:exhibit9924q24opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/exhibit9924q24opendoorsh.htm", "table_id": null, "text": "26 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED SALES, MARKETING AND OPERATIONS; ADJUSTED GENERAL AND ADMINISTRATIVE; AND ADJUSTED TECHNOLOGY AND DEVELOPMENT EXPENSES TO THEIR CORRESPONDING GAAP MEASURES (Unaudited) Three Months Ended (in millions) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Sales, marketing and operations (GAAP)(1) $ 88 $ 96 $ 116 $ 113 $ 89 Direct Selling Costs(2) (23) (32) (43) (34) (26) Holding costs included in contribution profit(3)(4) (14) (15) (16) (13) (10) Stock-based compensation (2) (2) (4) (5) (4) Intangibles amortization expense(5) — (1) (1) (2) — Adjusted Sales, Marketing and Operations (Non- GAAP)(6) $ 49 $ 46 $ 52 $ 59 $ 49 General and administrative (GAAP) $ 41 $ 46 $ 48 $ 47 $ 48 Stock-based compensation (13) (16) (17) (16) (16) Legal contingency accrual and related expenses (5) — — — — Depreciation and amortization, excluding amortization of intangibles — (2) — — — Other — 1 (1) (1) 1 Adjusted General and Administrative (Non-GAAP)(6) $ 23 $ 29 $ 30 $ 30 $ 33 Technology and development (GAAP) $ 33 $ 30 $ 37 $ 41 $ 46 Stock-based compensation (8) (7) (12) (12) (12) Intangibles amortization expense(5) — — — — (2) Depreciation and amortization, excluding amortization of intangibles (7) (8) (7) (11) (15) Other (3) — — — — Adjusted Technology and Development (Non- GAAP)(6) $ 15 $ 15 $ 18 $ 18 $ 17 Note: Advertising expenses(1) $ 23 $ 15 $ 21 $ 27 $ 17 (1) Advertising expenses are included in Sales, marketing and operations. (2) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes and are included in Sales, marketing and operations. (3) Represents holding costs incurred in the period presented on homes sold in the period presented as well as holding costs incurred in prior periods on homes sold in the period presented (“Resale Cohort Holding Costs.”) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations in the period in which they are incurred (“GAAP Holding Costs.”) (4) The table below presents the timing difference within Adjusted Sales, marketing and operations related to holding costs. The amount of GAAP Holding Costs recognized during the period may be in excess of/ (less than) the amount of Resale Cohort Holding costs related to homes sold in the relevant period and included in Contribution Profit. Three Months Ended December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Total GAAP Holding Costs $ 21 $ 20 $ 17 $ 11 $ 13 Holding costs on sales - Current Period (4) (6) (5) (5) (3) Holding costs on sales - Prior Periods (10) (9) (11) (8) (7) Less: Resale Cohort Holding Costs (14) (15) (16) (13) (10) GAAP Holding Costs in excess of / (less than) Resale Holding Costs included in Contribution Profit $ 7 $ 5 $ 1 $ (2) $ 3 (5) Represents amortization of acquisition-related intangible assets. The acquired intangible assets had useful lives ranging from 1 to 5 years and amortization was expected until the intangible assets were fully amortized in 2024. (6) The sum of Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, and Adjusted Technology and Development expenses is equal to Total Adjusted Operated Expenses (Non-GAAP). 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MLS Clearance Rate is defined as the number of daily contracts that enter pending status on the Multiple Listing Service (i.e. market listings), filtered for Opendoor’s markets and buybox, divided by the number of active listings on the Multiple Listing Service, filtered for the same markets and buybox. Appendix Trailing 7-Day MLS Clearance Rate1 MLS Data Filtered to Opendoor Markets and Buybox Trailing 7-Day MLS Contracts MLS Data Filtered to Opendoor Markets and Buybox Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 28 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec\n\nShareholder Letter 4Q24 Trailing 7-Day MLS New Listings MLS Data Filtered to Opendoor Markets and Buybox Appendix Trailing 7-Day MLS Active Listings MLS Data Filtered to Opendoor Markets and Buybox Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 29\n\nShareholder Letter 4Q24 Appendix 30-Day Rolling Home Price Appreciation (HPA) Weighted to Opendoor Markets; Non-Seasonally Adjusted Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 30 Trailing 28-Day MLS Daily Delisting to Contract Ratio MLS Data Filtered to Opendoor Markets and Buybox; excludes California markets Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec"} diff --git 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NON-GAAP MEASURES & KEY METRICS (Unaudited) Period Ended ($ in millions, except markets, homes purchased, homes sold, homes in inventory, and margins) Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Key Metrics Total Markets (at period end) 50 50 50 50 50 Total Revenue $ 1,084 $ 1,377 $ 1,511 $ 1,181 $ 870 Gross profit $ 85 $ 105 $ 129 $ 114 $ 72 Net loss $ (113) $ (78) $ (92) $ (109) $ (91) Inventory (at period end) $ 2,159 $ 2,145 $ 2,234 $ 1,881 $ 1,775 Non-GAAP Financial Measures Adjusted Gross Profit $ 75 $ 99 $ 154 $ 104 $ 66 Selling Costs (23) (32) (43) (34) (26) Holding Costs (14) (15) (16) (13) (10) Contribution Profit $ 38 $ 52 $ 95 $ 57 $ 30 Adjusted EBITDA $ (49) $ (38) $ (5) $ (50) $ (69) Adjusted Net Loss $ (77) $ (70) $ (31) $ (80) $ (97) Margins Total Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Gross profit 7.8 % 7.6 % 8.5 % 9.7 % 8.3 % Adjusted Gross Profit 6.9 % 7.2 % 10.2 % 8.8 % 7.6 % Contribution Profit 3.5 % 3.8 % 6.3 % 4.8 % 3.4 % Net loss (10.4) % (5.7) % (6.1) % (9.2) % (10.5) % Adjusted EBITDA (4.5) % (2.8) % (0.3) % (4.2) % (7.9) % Adjusted Net Loss (7.1) % (5.1) % (2.1) % (6.8) % (11.1) % Inventory Rollforward Homes in Inventory (at beginning of period) 6,288 6,399 5,706 5,326 4,007 Homes Purchased 2,951 3,504 4,771 3,458 3,683 Homes Sold (2,822) (3,615) (4,078) (3,078) (2,364) Homes in Inventory (at period end) 6,417 6,288 6,399 5,706 5,326 Exhibit 99.3" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm#b7", + "block_sequence": 7, + "block_sha256": "80b719e94e37ac920cacdf4b58414c5c9f87ef4e1144800764cc354d962cc163", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm", + "block_sequence": 7, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "66cee98686ff25b3d8c6a0b881d2e7241e0c446dcc4eb443b56f5e689e4a8208", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm#s2", + "table": null, + "text": "exhibit993q42024formxexh002.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm#b8", + "block_sequence": 8, + "block_sha256": "87957d96b2ae2811991459d722966d00083ab5438b22c3a18a1db2bcfbd734dd", + "block_type": "paragraph", + "char_count": 1113, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm", + "block_sequence": 8, + "char_end": 1113, + "char_start": 0, + "fragment_sha256": "8145540a0773977cca3f041ff23af8cc14d887c369334939c97f249ed0bf6178", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 REVENUE $ 1,084 $ 870 $ 5,153 $ 6,946 COST OF REVENUE 999 798 4,720 6,459 GROSS PROFIT 85 72 433 487 OPERATING EXPENSES: Sales, marketing and operations 88 89 413 486 General and administrative 41 48 182 206 Technology and development 33 46 141 167 Restructuring 17 4 17 14 Total operating expenses 179 187 753 873 LOSS FROM OPERATIONS (94) (115) (320) (386) (LOSS) GAIN ON EXTINGUISHMENT OF DEBT (1) 34 (2) 216 INTEREST EXPENSE (32) (37) (133) (211) OTHER INCOME \u2013 Net 14 27 64 107 LOSS BEFORE INCOME TAXES (113) (91) (391) (274) INCOME TAX EXPENSE \u2014 \u2014 (1) (1) NET LOSS $ (113) $ (91) $ (392) $ (275) Net loss per share attributable to common shareholders: Basic $ (0.16) $ (0.14) $ (0.56) $ (0.42) Diluted $ (0.16) $ (0.14) $ (0.56) $ (0.42) Weighted-average shares outstanding: Basic 716,317 672,662 699,457 657,111 Diluted 716,317 672,662 699,457 657,111" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm#b9", + "block_sequence": 9, + "block_sha256": "a4eee1b06d4d83d31aaa66f3d7998f58d9dfb07bbea00c8304ce02de74e902cb", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm", + "block_sequence": 9, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "26b55492b0c715c5d09057df1012342dffefa38509b9fdad1593e000d3bf1143", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm#s2", + "table": null, + "text": "exhibit993q42024formxexh003.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm#b10", + "block_sequence": 10, + "block_sha256": "5c2433fdbd999ce98f787729fdf928364ad396247e2a8269e2dd490d1c6bd128", + "block_type": "paragraph", + "char_count": 1409, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm", + "block_sequence": 10, + "char_end": 1409, + "char_start": 0, + "fragment_sha256": "77cf9e2beffa26f077acd383346c903489bc04af6ef5c4d019349c091ec70991", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) December 31, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 671 $ 999 Restricted cash 92 541 Marketable securities 8 69 Escrow receivable 6 9 Real estate inventory, net 2,159 1,775 Other current assets 61 52 Total current assets 2,997 3,445 PROPERTY AND EQUIPMENT \u2013 Net 48 66 RIGHT OF USE ASSETS 18 25 GOODWILL 3 4 INTANGIBLES \u2013 Net \u2014 5 OTHER ASSETS 60 22 TOTAL ASSETS $ 3,126 $ 3,567 LIABILITIES AND SHAREHOLDERS\u2019 EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 92 $ 64 Non-recourse asset-backed debt \u2013 current portion 432 \u2014 Interest payable 3 1 Lease liabilities \u2013 current portion 2 5 Total current liabilities 529 70 NON-RECOURSE ASSET-BACKED DEBT \u2013 Net of current portion 1,492 2,134 CONVERTIBLE SENIOR NOTES 378 376 LEASE LIABILITIES \u2013 Net of current portion 13 19 OTHER LIABILITIES 1 1 Total liabilities 2,413 2,600 SHAREHOLDERS\u2019 EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 719,990,121 and 677,636,163 shares issued, respectively; 719,990,121 and 677,636,163 shares outstanding, respectively \u2014 \u2014 Additional paid-in capital 4,438 4,301 Accumulated deficit (3,725) (3,333) Accumulated other comprehensive loss \u2014 (1) Total shareholders\u2019 equity 713 967 TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY $ 3,126 $ 3,567" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm#b11", + "block_sequence": 11, + "block_sha256": "503ff992af9118e22dde396961c8d0707c739b5bebad6a60dfe352efc940a3ed", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm", + "block_sequence": 11, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "a3a65498607baba367d4102aa94ea3263d58ca45bffc7346a62315dbf68d6c10", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm#s2", + "table": null, + "text": "exhibit993q42024formxexh004.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm#b12", + "block_sequence": 12, + "block_sha256": "72ed4da64f114f57a2a2bca447fda7ddabbdded0e33def7ad2f2243a319b2a59", + "block_type": "paragraph", + "char_count": 1922, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm", + "block_sequence": 12, + "char_end": 1922, + "char_start": 0, + "fragment_sha256": "12366899a2650eaa8943b0423696c03c35f2e3a2dd3e05d8c089238934773076", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Year Ended December 31, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (392) $ (275) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: Depreciation and amortization 48 65 Amortization of right of use asset 5 7 Stock-based compensation 114 126 Inventory valuation adjustment 57 65 Change in fair value of equity securities 7 1 Other 7 13 Proceeds from sale and principal collections of mortgage loans held for sale \u2014 1 Loss (gain) on early extinguishment of debt 2 (216) Gain on deconsolidation, net (14) \u2014 Changes in operating assets and liabilities: Escrow receivable 3 21 Real estate inventory (449) 2,613 Other assets (10) (19) Accounts payable and other accrued liabilities 31 (38) Interest payable 2 (10) Lease liabilities (6) (10) Net cash (used in) provided by operating activities (595) 2,344 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (25) (37) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 55 80 Proceeds from sale of non-marketable equity securities \u2014 1 Cash impact of deconsolidation of subsidiaries (2) \u2014 Net cash provided by investing activities 28 44 CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of convertible senior notes \u2014 (362) Settlement of capped calls related to convertible senior notes 2 \u2014 Proceeds from exercise of stock options \u2014 3 Proceeds from issuance of common stock for ESPP 5 2 Proceeds from non-recourse asset-backed debt 498 238 Principal payments on non-recourse asset-backed debt (715) (2,515) Payment of loan origination fees and debt issuance costs \u2014 (1) Payment for early extinguishment of debt \u2014 (4) Net cash used in financing activities (210) (2,639) NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (777) (251)" + }, + { + "block_id": 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CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 671 $ 999 Restricted cash 92 541 Cash, cash equivalents, and restricted cash $ 763 $ 1,540" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm#b15", + "block_sequence": 15, + "block_sha256": "0f03ee2d45db6e1c4c1137b0cb8b66252034f8100af217bf39dfa9b3caeb52dc", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm", + "block_sequence": 15, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "5346bd9ae8889a5dd126b34e65de5576c2982dc752745e62cfacd1b0ffb9b2b8", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm#s2", + "table": null, + "text": "exhibit993q42024formxexh006.jpg" + }, + { + "block_id": 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NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Gross Profit and Contribution Profit to our Gross Profit Three Months Ended (in millions, except percentages and homes sold, or as noted) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Revenue (GAAP) $ 1,084 $ 1,377 $ 1,511 $ 1,181 $ 870 Gross profit (GAAP) $ 85 $ 105 $ 129 $ 114 $ 72 Gross Margin 7.8 % 7.6 % 8.5 % 9.7 % 8.3 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f (1)(2) 6 10 34 7 11 Inventory valuation adjustment \u2013 Prior Periods\u034f (1)(3) (16) (16) (9) (17) (17) Adjusted Gross Profit $ 75 $ 99 $ 154 $ 104 $ 66 Adjusted Gross Margin 6.9 % 7.2 % 10.2 % 8.8 % 7.6 % Adjustments: Direct selling costs (4) (23) (32) (43) (34) (26) Holding costs on sales \u2013 Current Period\u034f (5)(6) (4) (6) (5) (5) (3) Holding costs on sales \u2013 Prior Periods\u034f (5)(7) (10) (9) (11) (8) (7) Contribution Profit $ 38 $ 52 $ 95 $ 57 $ 30 Homes sold in period 2,822 3,615 4,078 3,078 2,364 Contribution Profit per Home Sold (in thousands) $ 13 $ 14 $ 23 $ 19 $ 13 Contribution Margin 3.5 % 3.8 % 6.3 % 4.8 % 3.4 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow- related fees and transfer taxes, and are included in Sales, marketing and operations. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented." + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm#b17", + "block_sequence": 17, + "block_sha256": "2a1152770212a12bdcc08d1099fcfc75aa5ddede67011edd1f56cfe486059825", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm", + "block_sequence": 17, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "a7f2a1ceaa4a808165cb56c0085eb1349af1eba168e0a7253976f14bfa40701e", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm#s2", + "table": null, + "text": "exhibit993q42024formxexh007.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm#b18", + "block_sequence": 18, + "block_sha256": "4ca7948725dca6e6acfdbef4a4ee28246d9a9ae1eb59ac0a727e568d7ece83dc", + "block_type": "paragraph", + "char_count": 3078, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm", + "block_sequence": 18, + "char_end": 3078, + "char_start": 0, + "fragment_sha256": "23daa4e0ef4144605ef7f9de164ad4f8ab4ade60448260b64016ba380755c936", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our Net Loss Three Months Ended (in millions, except percentages) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Revenue (GAAP) $ 1,084 $ 1,377 $ 1,511 $ 1,181 $ 870 Net loss (GAAP) $ (113) $ (78) $ (92) $ (109) $ (91) Adjustments: Stock-based compensation 23 25 33 33 32 Equity securities fair value adjustment(1) \u2014 3 2 2 (3) Intangibles amortization expense(2) \u2014 1 1 2 2 Inventory valuation adjustment \u2013 Current Period\u034f(3)(4) 6 10 34 7 11 Inventory valuation adjustment \u2014 Prior Periods\u034f(3)(5) (16) (16) (9) (17) (17) Restructuring(6) 17 \u2014 \u2014 \u2014 4 Loss (gain) on extinguishment of debt 1 \u2014 1 \u2014 (34) Legal contingency accrual and related expenses 5 \u2014 \u2014 \u2014 \u2014 Other(7) \u2014 (15) (1) 2 (1) Adjusted Net Loss $ (77) $ (70) $ (31) $ (80) $ (97) Adjustments: Depreciation and amortization, excluding amortization of intangibles 7 10 7 11 15 Property financing(8) 28 30 26 32 32 Other interest expense(9) 4 4 4 5 5 Interest income(10) (11) (12) (12) (18) (24) Income tax expense \u2014 \u2014 1 \u2014 \u2014 Adjusted EBITDA $ (49) $ (38) $ (5) $ (50) $ (69) Adjusted EBITDA Margin (4.5) % (2.8) % (0.3) % (4.2) % (7.9) % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets had useful lives ranging from 1 to 5 years and amortization was expected until the intangible assets were fully amortized in 2024. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuring costs consist primarily of severance and employee termination benefits and bonuses incurred in connection with the elimination of employees\u2019 roles. Additionally, these costs include expenses related to the termination of certain non-cancelable leases and consulting fees incurred during the restructuring process. (7) Includes primarily gain on deconsolidation, net, sublease income, impairment of internally developed software projects related to restructuring, and income from equity method investments. (8) Includes interest expense on our non-recourse asset-backed debt facilities. (9) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, and interest expense related to the 2026 Notes outstanding. 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NON-GAAP MEASURES & KEY METRICS (Unaudited) Period Ended ($ in millions, except markets, homes purchased, homes sold, homes in inventory, and margins) Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Key Metrics Total Markets (at period end) 50 50 50 50 50 Total Revenue $ 1,084 $ 1,377 $ 1,511 $ 1,181 $ 870 Gross profit $ 85 $ 105 $ 129 $ 114 $ 72 Net loss $ (113) $ (78) $ (92) $ (109) $ (91) Inventory (at period end) $ 2,159 $ 2,145 $ 2,234 $ 1,881 $ 1,775 Non-GAAP Financial Measures Adjusted Gross Profit $ 75 $ 99 $ 154 $ 104 $ 66 Selling Costs (23) (32) (43) (34) (26) Holding Costs (14) (15) (16) (13) (10) Contribution Profit $ 38 $ 52 $ 95 $ 57 $ 30 Adjusted EBITDA $ (49) $ (38) $ (5) $ (50) $ (69) Adjusted Net Loss $ (77) $ (70) $ (31) $ (80) $ (97) Margins Total Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Gross profit 7.8 % 7.6 % 8.5 % 9.7 % 8.3 % Adjusted Gross Profit 6.9 % 7.2 % 10.2 % 8.8 % 7.6 % Contribution Profit 3.5 % 3.8 % 6.3 % 4.8 % 3.4 % Net loss (10.4) % (5.7) % (6.1) % (9.2) % (10.5) % Adjusted EBITDA (4.5) % (2.8) % (0.3) % (4.2) % (7.9) % Adjusted Net Loss (7.1) % (5.1) % (2.1) % (6.8) % (11.1) % Inventory Rollforward Homes in Inventory (at beginning of period) 6,288 6,399 5,706 5,326 4,007 Homes Purchased 2,951 3,504 4,771 3,458 3,683 Homes Sold (2,822) (3,615) (4,078) (3,078) (2,364) Homes in Inventory (at period end) 6,417 6,288 6,399 5,706 5,326 Exhibit 99.3\n\nOPENDOOR TECHNOLOGIES INC. 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CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) December 31, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 671 $ 999 Restricted cash 92 541 Marketable securities 8 69 Escrow receivable 6 9 Real estate inventory, net 2,159 1,775 Other current assets 61 52 Total current assets 2,997 3,445 PROPERTY AND EQUIPMENT – Net 48 66 RIGHT OF USE ASSETS 18 25 GOODWILL 3 4 INTANGIBLES – Net — 5 OTHER ASSETS 60 22 TOTAL ASSETS $ 3,126 $ 3,567 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 92 $ 64 Non-recourse asset-backed debt – current portion 432 — Interest payable 3 1 Lease liabilities – current portion 2 5 Total current liabilities 529 70 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 1,492 2,134 CONVERTIBLE SENIOR NOTES 378 376 LEASE LIABILITIES – Net of current portion 13 19 OTHER LIABILITIES 1 1 Total liabilities 2,413 2,600 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 719,990,121 and 677,636,163 shares issued, respectively; 719,990,121 and 677,636,163 shares outstanding, respectively — — Additional paid-in capital 4,438 4,301 Accumulated deficit (3,725) (3,333) Accumulated other comprehensive loss — (1) Total shareholders’ equity 713 967 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 3,126 $ 3,567\n\nOPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Year Ended December 31, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (392) $ (275) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: Depreciation and amortization 48 65 Amortization of right of use asset 5 7 Stock-based compensation 114 126 Inventory valuation adjustment 57 65 Change in fair value of equity securities 7 1 Other 7 13 Proceeds from sale and principal collections of mortgage loans held for sale — 1 Loss (gain) on early extinguishment of debt 2 (216) Gain on deconsolidation, net (14) — Changes in operating assets and liabilities: Escrow receivable 3 21 Real estate inventory (449) 2,613 Other assets (10) (19) Accounts payable and other accrued liabilities 31 (38) Interest payable 2 (10) Lease liabilities (6) (10) Net cash (used in) provided by operating activities (595) 2,344 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (25) (37) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 55 80 Proceeds from sale of non-marketable equity securities — 1 Cash impact of deconsolidation of subsidiaries (2) — Net cash provided by investing activities 28 44 CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase of convertible senior notes — (362) Settlement of capped calls related to convertible senior notes 2 — Proceeds from exercise of stock options — 3 Proceeds from issuance of common stock for ESPP 5 2 Proceeds from non-recourse asset-backed debt 498 238 Principal payments on non-recourse asset-backed debt (715) (2,515) Payment of loan origination fees and debt issuance costs — (1) Payment for early extinguishment of debt — (4) Net cash used in financing activities (210) (2,639) NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (777) (251)"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm#b14", "norm:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm#b16"], "char_count": 3009, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "71d294c2328553475ef515fbb130d8eefc1d539d0de8174a048443306dae9ab3", "derivation_id": "5ce4482b84629df7986a55b1dbb36550e3e045d8193a6e5293355c44bc794030", "document_id": "norm:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm", "block_sequence": 14, "char_end": 658, "char_start": 0, "fragment_sha256": "5a4784a974628725ec17221fdbe1819c5d406c272eb41b5202818d3858a60623", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm", "block_sequence": 16, "char_end": 2349, "char_start": 0, "fragment_sha256": "909b57ca42c3a791498e278bfb6e458524a61fef7b9549d572b8e51d8849f624", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/exhibit993q42024formxexh.htm", "table_id": null, "text": "CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 1,540 1,791 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $ 763 $ 1,540 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $ 121 $ 203 DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 15 $ 23 Investment in non-marketable equity securities due to deconsolidation $ 39 $ — RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 671 $ 999 Restricted cash 92 541 Cash, cash equivalents, and restricted cash $ 763 $ 1,540\n\nOPENDOOR TECHNOLOGIES INC. NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Gross Profit and Contribution Profit to our Gross Profit Three Months Ended (in millions, except percentages and homes sold, or as noted) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Revenue (GAAP) $ 1,084 $ 1,377 $ 1,511 $ 1,181 $ 870 Gross profit (GAAP) $ 85 $ 105 $ 129 $ 114 $ 72 Gross Margin 7.8 % 7.6 % 8.5 % 9.7 % 8.3 % Adjustments: Inventory valuation adjustment – Current Period͏ (1)(2) 6 10 34 7 11 Inventory valuation adjustment – Prior Periods͏ (1)(3) (16) (16) (9) (17) (17) Adjusted Gross Profit $ 75 $ 99 $ 154 $ 104 $ 66 Adjusted Gross Margin 6.9 % 7.2 % 10.2 % 8.8 % 7.6 % Adjustments: Direct selling costs (4) (23) (32) (43) (34) (26) Holding costs on sales – Current Period͏ (5)(6) (4) (6) (5) (5) (3) Holding costs on sales – Prior Periods͏ (5)(7) (10) (9) (11) (8) (7) Contribution Profit $ 38 $ 52 $ 95 $ 57 $ 30 Homes sold in period 2,822 3,615 4,078 3,078 2,364 Contribution Profit per Home Sold (in thousands) $ 13 $ 14 $ 23 $ 19 $ 13 Contribution Margin 3.5 % 3.8 % 6.3 % 4.8 % 3.4 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow- related fees and transfer taxes, and are included in Sales, marketing and operations. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm#b18"], "char_count": 3078, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "4ca7948725dca6e6acfdbef4a4ee28246d9a9ae1eb59ac0a727e568d7ece83dc", "derivation_id": "5ce4482b84629df7986a55b1dbb36550e3e045d8193a6e5293355c44bc794030", "document_id": "norm:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm", "block_sequence": 18, "char_end": 3078, "char_start": 0, "fragment_sha256": "23daa4e0ef4144605ef7f9de164ad4f8ab4ade60448260b64016ba380755c936", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000016:exhibit993q42024formxexh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/exhibit993q42024formxexh.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our Net Loss Three Months Ended (in millions, except percentages) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Revenue (GAAP) $ 1,084 $ 1,377 $ 1,511 $ 1,181 $ 870 Net loss (GAAP) $ (113) $ (78) $ (92) $ (109) $ (91) Adjustments: Stock-based compensation 23 25 33 33 32 Equity securities fair value adjustment(1) — 3 2 2 (3) Intangibles amortization expense(2) — 1 1 2 2 Inventory valuation adjustment – Current Period͏(3)(4) 6 10 34 7 11 Inventory valuation adjustment — Prior Periods͏(3)(5) (16) (16) (9) (17) (17) Restructuring(6) 17 — — — 4 Loss (gain) on extinguishment of debt 1 — 1 — (34) Legal contingency accrual and related expenses 5 — — — — Other(7) — (15) (1) 2 (1) Adjusted Net Loss $ (77) $ (70) $ (31) $ (80) $ (97) Adjustments: Depreciation and amortization, excluding amortization of intangibles 7 10 7 11 15 Property financing(8) 28 30 26 32 32 Other interest expense(9) 4 4 4 5 5 Interest income(10) (11) (12) (12) (18) (24) Income tax expense — — 1 — — Adjusted EBITDA $ (49) $ (38) $ (5) $ (50) $ (69) Adjusted EBITDA Margin (4.5) % (2.8) % (0.3) % (4.2) % (7.9) % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets had useful lives ranging from 1 to 5 years and amortization was expected until the intangible assets were fully amortized in 2024. (3) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6) Restructuring costs consist primarily of severance and employee termination benefits and bonuses incurred in connection with the elimination of employees’ roles. Additionally, these costs include expenses related to the termination of certain non-cancelable leases and consulting fees incurred during the restructuring process. (7) Includes primarily gain on deconsolidation, net, sublease income, impairment of internally developed software projects related to restructuring, and income from equity method investments. (8) Includes interest expense on our non-recourse asset-backed debt facilities. (9) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, and interest expense related to the 2026 Notes outstanding. 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Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-25-000016:open-20250227.htm#b22"], "char_count": 354, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9ca868ecc08f0c6948397f818508a88c260d3d9c58cbfde0eb774ef11a80f445", "derivation_id": "b4b4698eb6b83ca3fc13636f9094a497d90ea70e6318d2c53d082dfdf8102443", "document_id": "norm:0001801169:0001801169-25-000016:open-20250227.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 2.02", "Results of Operations and Financial Condition"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:open-20250227.htm", "block_sequence": 22, "char_end": 354, "char_start": 0, "fragment_sha256": "38f9e41b2e3edaae73ed9cc3595393de5487f5698a4589d1dd08deb409a25eb2", "heading_path": ["UNITED STATES", "Item 2.02", "Results of Operations and Financial Condition"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:open-20250227.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:open-20250227.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-25-000016:open-20250227.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/open-20250227.htm", "table_id": null, "text": "On February 27, 2025, Opendoor Technologies Inc. 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"EX-99.1", + "Exhibit 99.1", + "Opendoor Announces Fourth Quarter and Full Year 2024 Financial Results" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s4", + "table": null, + "text": "Opendoor Announces Fourth Quarter and Full Year 2024 Financial Results" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b7", + "block_sequence": 7, + "block_sha256": "0b05bcf7417794ef1a5c616595c60d0245ae6d68b7bc4076fc00467e12c679e5", + "block_type": "paragraph", + "char_count": 1410, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", + "block_sequence": 7, + "char_end": 1410, + "char_start": 0, + "fragment_sha256": "94d10ab49eee9a2aa0db68091827da11661b28701a8b0c3d4ddefebdb63c535c", + "heading_path": [ + "EX-99.1", + "Exhibit 99.1", + "Opendoor Announces Fourth Quarter and Full Year 2024 Financial Results" 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(Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported financial results for its fourth quarter and year ended December 31, 2024. Opendoor\u2019s fourth quarter and year-end 2024 financial results and management commentary can be accessed through the Company\u2019s shareholder letter on the \u201cQuarterly Reports\u201d page of Opendoor\u2019s investor relations website at https://investor.opendoor.com/financials-filings/quarterly-reports. \"In 2024, we took decisive actions to streamline operations and optimize our cost structure to better position the Company to navigate the persistent housing market headwinds and drive toward our longer-term profitability target. As a result, we significantly reduced Adjusted Net Losses in the fourth quarter and for the year while delivering year-over-year revenue growth and improvements to Contribution Profit and Adjusted EBITDA,\" said Carrie Wheeler, CEO of Opendoor. Wheeler continued, \"We enter 2025 as a leaner, more efficient business, focused on reaching sustained profitability in the coming years as we further monetize our seller funnel and build a company that can thrive despite real estate headwinds. As the largest digital platform for home sellers, we remain committed to strengthening our position as the simplest, most certain way to sell a home.\"" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b8", + "block_sequence": 8, + "block_sha256": "18dcaf5357efb9ea2a5cc4a58b1a168e17143961d7a498a54cdc20ed1a706eae", + "block_type": "heading", + "char_count": 29, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", + "block_sequence": 8, + "char_end": 29, + "char_start": 0, + "fragment_sha256": "97ec7389f82226bf9d093510943b10918394ab52304b44f22e7be77ac6236d53", + "heading_path": [ + "EX-99.1", + "Full Year 2024 Key Highlights" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s5", + "table": null, + "text": "Full Year 2024 Key Highlights" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b9", + "block_sequence": 9, + "block_sha256": "15a60b817404af7c45c556ebcfaedd00e2513afd1c252e199ba8ebd8b7cab8c0", + "block_type": "paragraph", + "char_count": 315, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", + "block_sequence": 9, + "char_end": 315, + "char_start": 0, + "fragment_sha256": "2986949e70a772a04e53e8ab16f489bd3ad9edd1cf955e43ed53ac6b051da3a7", + "heading_path": [ + "EX-99.1", + "Full Year 2024 Key Highlights" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s5", + "table": null, + "text": "\u2022Revenue of $5.2 billion, down (26)% versus 2023; with 13,593 total homes sold, down (27)% versus 2023 \u2022Gross profit of $433 million, versus $487 million in 2023; Gross Margin of 8.4% versus 7.0% in 2023 \u2022Net loss of $(392) million, versus $(275) million in 2023 \u2022Purchased 14,684 homes, versus 11,246 homes in 2023" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b10", + "block_sequence": 10, + "block_sha256": "3df3d0bf1a9889fbab461edc97ccf75079eec59494edddef045558d3d41caa05", + "block_type": "heading", + "char_count": 24, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", + "block_sequence": 10, + "char_end": 24, + "char_start": 0, + "fragment_sha256": "6c5c4e922a07e848e902df4d2dc2a9f6d4fca0e501ffb150bf38b1eb9c1f470b", + "heading_path": [ + "EX-99.1", + "Full Year 2024 Key Highlights", + "Non-GAAP Key Highlights*" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s6", + "table": null, + "text": "Non-GAAP Key Highlights*" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b11", + "block_sequence": 11, + "block_sha256": "b642dea16f1d5434cd1d65937cc6575861c707ec22472b989729d34144d8083f", + "block_type": "paragraph", + "char_count": 476, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", + "block_sequence": 11, + "char_end": 476, + "char_start": 0, + "fragment_sha256": "10fd0aa9d8b73c844bd72e49b9a2f7ccbd8bc61bdf690ed201e702c03521b7dc", + "heading_path": [ + "EX-99.1", + "Full Year 2024 Key Highlights", + "Non-GAAP Key Highlights*" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s6", + "table": null, + "text": "\u2022Contribution Profit (Loss) of $242 million, versus $(258) million in 2023; 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with 2,822 total homes sold, up 19% versus 4Q23 and down (22)% versus 3Q24 \u2022Gross profit of $85 million, versus $72 million in 4Q23 and $105 million in 3Q24; Gross Margin of 7.8%, versus 8.3% in 4Q23 and 7.6% in 3Q24 \u2022Net loss of $(113) million, versus $(91) million in 4Q23 and $(78) million in 3Q24 \u2022Inventory balance of $2.2 billion, representing 6,417 homes, up 22% versus 4Q23 and up 1% versus 3Q24 \u2022Purchased 2,951 homes, down (20)% versus 4Q23 and down (16)% versus 3Q24 \u2022Ended the quarter with 1,705 homes under contract for purchase, down (19)% versus 4Q23 and up 69% versus 3Q24" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b14", + "block_sequence": 14, + "block_sha256": "3df3d0bf1a9889fbab461edc97ccf75079eec59494edddef045558d3d41caa05", + "block_type": "heading", + "char_count": 24, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", + "block_sequence": 14, + "char_end": 24, + "char_start": 0, + "fragment_sha256": "943bbcf18422484b9130cae6afb0679081ce82f5868e3e860adb504abd95d5b3", + "heading_path": [ + "EX-99.1", + "Fourth Quarter 2024 Key Highlights", + "Non-GAAP Key Highlights*" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s8", + "table": null, + "text": "Non-GAAP Key Highlights*" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b15", + "block_sequence": 15, + "block_sha256": "56ac3899e1c2d08404368b54874acfb623da3a3ae02787cbbd85bcd12cc5ebff", + "block_type": "paragraph", + "char_count": 571, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", + "block_sequence": 15, + "char_end": 571, + "char_start": 0, + "fragment_sha256": "e2b1e8d79d3d0dcc70b095067c2c88bc5fadc15f8835fefadcce7819f520e07c", + "heading_path": [ + "EX-99.1", + "Fourth Quarter 2024 Key Highlights", + "Non-GAAP Key Highlights*" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s8", + "table": null, + "text": "\u2022Contribution Profit of $38 million, versus $30 million in 4Q23 and $52 million in 3Q24; 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A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. 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Since 2014, Opendoor has provided people across the U.S. with a simple and certain way to sell and buy a home. Opendoor is a team of problem solvers, innovators, and operators who are leading the future of real estate. Opendoor currently operates in markets nationwide. 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All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the current and future health and stability of the real estate housing market and 1 Opendoor has not provided a quantitative reconciliation of forecasted Contribution Profit (Loss) to forecasted GAAP gross profit (loss) nor a reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss) and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company\u2019s control. For more information regarding the non-GAAP financial measures discussed in this press release, please see \u201cUse of Non-GAAP Financial Measures\u201d following the financial tables below. general economy; anticipated future results of operations and financial performance, including our first quarter and full-year 2025 financial outlook; our ability to operate efficiently, optimize our cost structure, and drive sustained profitability in a challenging housing and macroeconomic market; our ability to realize cost savings as a result of certain streamlining initiatives; our product offerings and ability to monetize our seller funnel; the future health and status of our financial condition; our ability to strengthen our competitive position as the simplest, most certain way to sell a home; and our business strategy and plans, including plans to continue to invest in and enhance our products. These forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cguidance\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201coutlook\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cvision\u201d, \u201cwill\u201d, or \u201cwould\u201d, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this press release include but are not limited to: the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, the imposition of tariffs and price or exchange controls, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that may impact demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our digital platform, including our automated pricing and valuation technology; our ability to realize expected benefits from our restructuring and cost reduction efforts; our ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our ability to protect our brand and intellectual property; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment and potential regulatory instability associated with the new U.S. presidential administration within our industry and complexities with compliance related to such environment; any future impact of pandemics, epidemics, or other public health crises on our ability to operate, demand for our products and services, or general economic conditions; changes in laws or government regulation affecting our business; and the impact of pending or future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \u201cRisk Factors\u201d in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on or about February 27, 2025, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. 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liabilities | 31 | | | (38) | | | |\n| Interest payable | 2 | | | (10) | | | |\n| Lease liabilities | (6) | | | (10) | | | |\n| Net cash (used in) provided by operating activities | (595) | | | 2,344 | | | |\n| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | |\n| Purchase of property and equipment | (25) | | | (37) | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from sales, maturities, redemptions and paydowns of marketable securities | 55 | | | 80 | | | |\n| | | | | | | | |\n| Proceeds from sale of non-marketable equity securities | \u2014 | | | 1 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Cash impact of deconsolidation of subsidiaries | (2) | | | \u2014 | | | |\n| Net cash provided by investing activities | 28 | | | 44 | | | |\n| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Repurchase of convertible senior notes | \u2014 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The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit (Loss), Adjusted Net Loss, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results." + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b52", + "block_sequence": 52, + "block_sha256": "2aa755e4a328ccac5ac81764acbe8a58bd24bda0a050047ae739653fdbcd659b", + "block_type": "heading", + "char_count": 52, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", + "block_sequence": 52, + "char_end": 52, + "char_start": 0, + "fragment_sha256": "13bdf41c7b08d697e96674b93fd92759c4239a9be4d18e45b2f4476e024227bd", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit and Contribution Profit (Loss)" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s21", + "table": null, + "text": "Adjusted Gross Profit and Contribution Profit (Loss)" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b53", + "block_sequence": 53, + "block_sha256": "6ddc0aa119f8c9170d42e268bec79782fc20e93a8359e716545a30bd13dbeba2", + "block_type": "paragraph", + "char_count": 1758, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", + "block_sequence": 53, + "char_end": 1758, + "char_start": 0, + "fragment_sha256": "1294d15fb355a8420051e7328f5380227f8ac3fab35705903c2b412efb05de36", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit and Contribution Profit (Loss)" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s21", + "table": null, + "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit and Contribution Profit (Loss), which are non-GAAP financial measures. We believe that Adjusted Gross Profit and Contribution Profit (Loss) are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit (Loss) provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit and Contribution Profit (Loss) are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit." + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b54", + "block_sequence": 54, + "block_sha256": "3a0f4b517b2973d0284f077238ba89bbd42b072b4d09fc22bba1dad3687e0f87", + "block_type": "heading", + "char_count": 30, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", + "block_sequence": 54, + "char_end": 30, + "char_start": 0, + "fragment_sha256": "ad3435f9016ffd33bd846c44952e5af35add4d543073bbf72f364b3671a517b9", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit and Contribution Profit (Loss)", + "Adjusted Gross Profit / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s22", + "table": null, + "text": "Adjusted Gross Profit / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b55", + "block_sequence": 55, + "block_sha256": "4d6022774af95a17dc18d15aa406e015335223e69ab92b2f6d95abe057dab923", + "block_type": "paragraph", + "char_count": 966, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", + "block_sequence": 55, + "char_end": 966, + "char_start": 0, + "fragment_sha256": "8f6ef1cb8e4be7eb9c5dd3a31185a77df02fc99d0674f4943e06ae2aa23fdf6f", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit and Contribution Profit (Loss)", + "Adjusted Gross Profit / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s22", + "table": null, + "text": "We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. Adjusted Gross Margin is Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b56", + "block_sequence": 56, + "block_sha256": "3c9261d497c08c54862c1d93dcef265e24e035674c6bdad752d75e665effba7d", + "block_type": "heading", + "char_count": 35, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", + "block_sequence": 56, + "char_end": 35, + "char_start": 0, + "fragment_sha256": "f3a65d065f6c43cacd06f7cdadb6433c87027c7ea27d84c32f00d5a5c9715288", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit and Contribution Profit (Loss)", + "Contribution Profit (Loss) / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s23", + "table": null, + "text": "Contribution Profit (Loss) / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b57", + "block_sequence": 57, + "block_sha256": "793b495c9bbe36c047171db5e25e8fb67100b326cd77c9fc715c78c2b399a3c6", + "block_type": "paragraph", + "char_count": 675, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", + "block_sequence": 57, + "char_end": 675, + "char_start": 0, + "fragment_sha256": "3966ccc864a4b32934c6b51fb17be3f7704b89f76d17465fd18255b2bb4da3e4", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit and Contribution Profit (Loss)", + "Contribution Profit (Loss) / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s23", + "table": null, + "text": "We calculate Contribution Profit (Loss) as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. Contribution Margin is Contribution Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit (Loss) helps management assess inflows and outflows directly associated with a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b58", + "block_sequence": 58, + "block_sha256": "7460ff5afa74595bed1ed49c4ec349f88984782302cbab9cee3bae99ec2b46cd", + "block_type": "page_header", + "char_count": 26, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", + "block_sequence": 58, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "b8b8062826f34c01775f668e5b2cc75d457b8d2c8832287c6f571c29eac5c67b", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit and Contribution Profit (Loss)", + "Contribution Profit (Loss) / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s23", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC." + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b59", + "block_sequence": 59, + "block_sha256": "b45fca062928c1cb7a7bd0ce5614493735536c7c2e0ce6f1b705c21b79953fe2", + "block_type": "heading", + "char_count": 43, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", + "block_sequence": 59, + "char_end": 43, + "char_start": 0, + "fragment_sha256": "624f45f319e6a58f1b913dc28eeefe1aabeb8b4f220964125c47963129d78d78", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s24", + "table": null, + "text": "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b60", + "block_sequence": 60, + "block_sha256": "e7bd0ccd72aefae52d4da33fa05bd486df144362ed87c427c907aa03cfff6ce6", + "block_type": "paragraph", + "char_count": 49, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", + "block_sequence": 60, + "char_end": 49, + "char_start": 0, + "fragment_sha256": "3c79d34b912ccd5810676229fdb23c57e7c959da948f20c2113ffe85c0e18da8", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s24", + "table": null, + "text": "(In millions, except percentages, and homes sold)" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b61", + "block_sequence": 61, + "block_sha256": "f9aa17ccb15e3a675fca6f8c1e57bf3db93b3cf876860608fe8d12b3aa8a8174", + "block_type": "paragraph", + "char_count": 11, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", + "block_sequence": 61, + "char_end": 11, + "char_start": 0, + "fragment_sha256": "2a7680d26ab0fd2298dd52fd36b9d301e5103004cef230dbf5fbd1eabb314fa8", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s24", + "table": null, + "text": "(Unaudited)" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b62", + "block_sequence": 62, + "block_sha256": "5127793981a117b2ac5a84c184aca1b1f9dbe0d8fbed5a309b132093a3710714", + "block_type": "paragraph", + "char_count": 205, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", + "block_sequence": 62, + "char_end": 205, + "char_start": 0, + "fragment_sha256": "e950b58f29fd1faf89d754a3a20f9aa42f0bb2d54db23c391170bcd67a135453", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s24", + "table": null, + "text": "The following table presents a reconciliation of our Adjusted Gross Profit and Contribution Profit (Loss) to our gross profit, which is the most directly comparable GAAP measure, for the periods indicated:" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b63", + "block_sequence": 63, + "block_sha256": "361b82af0b16c47cfbbeacf6cc188975761cd51e80a586ce45e7a933b4e18913", + "block_type": "table", + "char_count": 2631, + "level": null, + "locator": { + "artifact_id": 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except percentages and homes sold, or as noted) | | December 31, 2024 | | September 30, 2024 | | June 30, 2024 | | March 31, 2024 | | December 31, 2023 | | 2024 | | 2023 | | | | | | | | | | | | | | |\n| Revenue (GAAP) | | $ | 1,084 | | | $ | 1,377 | | | $ | 1,511 | | | $ | 1,181 | | | $ | 870 | | | $ | 5,153 | | | $ | 6,946 | |\n| Gross profit (GAAP) | | $ | 85 | | | $ | 105 | | | $ | 129 | | | $ | 114 | | | $ | 72 | | | $ | 433 | | | $ | 487 | |\n| Gross Margin | | 7.8 | % | | 7.6 | % | | 8.5 | % | | 9.7 | % | | 8.3 | % | | 8.4 | % | | 7.0 | % | | | | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Inventory valuation adjustment \u2013 Current Period(1)(2) | | 6 | | | 10 | | | 34 | | | 7 | | | 11 | | | 25 | | | 23 | | | | | | | | |\n| Inventory valuation adjustment \u2013 Prior Periods(1)(3) | | (16) | | | (16) | | | (9) | | | (17) | | | (17) | | | (26) | | | (455) | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Adjusted Gross Profit | | $ | 75 | | | $ | 99 | | | $ | 154 | | | $ | 104 | | | $ | 66 | | | $ | 432 | | | $ | 55 | |\n| Adjusted Gross Margin | | 6.9 | % | | 7.2 | % | | 10.2 | % | | 8.8 | % | | 7.6 | % | | 8.4 | % | | 0.8 | % | | | | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Direct selling costs(4) | | (23) | | | (32) | | | (43) | | | (34) | | | (26) | | | (132) | | | (197) | | | | | | | | |\n| Holding costs on sales \u2013 Current Period(5)(6) | | (4) | | | (6) | | | (5) | | | (5) | | | (3) | | | (44) | | | (50) | | | | | | | | |\n| Holding costs on sales \u2013 Prior Periods(5)(7) | | (10) | | | (9) | | | (11) | | | (8) | | | (7) | | | (14) | | | (66) | | | | | | | | |\n| Contribution Profit (Loss) | | $ | 38 | | | $ | 52 | | | $ | 95 | | | $ | 57 | | | $ | 30 | | | $ | 242 | | | $ | (258) | |\n| Homes sold in period | | 2,822 | | | 3,615 | | | 4,078 | | | 3,078 | | | 2,364 | | | 13,593 | | | 18,708 | | | | | | | | |\n| Contribution Profit (Loss) per Home Sold (in thousands) | | $ | 13 | | | $ | 14 | | | $ | 23 | | | $ | 19 | | | $ | 13 | | | $ | 18 | | | $ | (14) | |\n| Contribution Margin | | 3.5 | % | | 3.8 | % | | 6.3 | % | | 4.8 | % | | 3.4 | % | | 4.7 | % | | (3.7) | % | | | | | | | |", + "n_cols": 29, + "n_rows": 19, + "plain_text": " | | Three Months Ended | | Year Ended December 31, | | | | | | | | | | | | | | | | | | | | | | | | \n(in millions, except percentages and homes sold, or as noted) | | December 31, 2024 | | September 30, 2024 | | June 30, 2024 | | March 31, 2024 | | December 31, 2023 | | 2024 | | 2023 | | | | | | | | | | | | | | \nRevenue (GAAP) | | $ | 1,084 | | | $ | 1,377 | | | $ | 1,511 | | | $ | 1,181 | | | $ | 870 | | | $ | 5,153 | | | $ | 6,946 | \nGross profit (GAAP) | | $ | 85 | | | $ | 105 | | | $ | 129 | | | $ | 114 | | | $ | 72 | | | $ | 433 | | | $ | 487 | \nGross Margin | | 7.8 | % | | 7.6 | % | | 8.5 | % | | 9.7 | % | | 8.3 | % | | 8.4 | % | | 7.0 | % | | | | | | | \nAdjustments: | | | 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| | | | \nContribution Profit (Loss) | | $ | 38 | | | $ | 52 | | | $ | 95 | | | $ | 57 | | | $ | 30 | | | $ | 242 | | | $ | (258) | \nHomes sold in period | | 2,822 | | | 3,615 | | | 4,078 | | | 3,078 | | | 2,364 | | | 13,593 | | | 18,708 | | | | | | | | \nContribution Profit (Loss) per Home Sold (in thousands) | | $ | 13 | | | $ | 14 | | | $ | 23 | | | $ | 19 | | | $ | 13 | | | $ | 18 | | | $ | (14) | \nContribution Margin | | 3.5 | % | | 3.8 | % | | 6.3 | % | | 4.8 | % | | 3.4 | % | | 4.7 | % | | (3.7) | % | | | | | | | " + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b64", + "block_sequence": 64, + "block_sha256": "4cf00d828a49141d245df4e3d22e42f6ceb9cf545bc53f0f5984d2aa792cbd44", + "block_type": "other", + "char_count": 16, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", + "block_sequence": 64, + "char_end": 16, + "char_start": 0, + "fragment_sha256": 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OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s24", + "table": null, + "text": "(1)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2)Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3)Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes, and are included in Sales, marketing and operations. (5)Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented." + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b66", + "block_sequence": 66, + "block_sha256": "37935488b247cdf343c0c8144ff521e96ad9f18f66bbb30d6e7419e323a258dd", + "block_type": "heading", + "char_count": 37, + "level": 8, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", + "block_sequence": 66, + "char_end": 37, + "char_start": 0, + "fragment_sha256": "a34f0fa36b4a64dc2e88e4f29b646c75e81b6238c2f3a7ba70bd93dfd5171121", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s25", + "table": null, + "text": "Adjusted Net Loss and Adjusted EBITDA" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b67", + "block_sequence": 67, + "block_sha256": "30e3586e1712e96c1479714394b97d9b879cbd2828d27d768e91ef2ae245842e", + "block_type": "paragraph", + "char_count": 1547, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", + "block_sequence": 67, + "char_end": 1547, + "char_start": 0, + "fragment_sha256": "34336aa57fee08402987cc7b7b544a28d3af0484141ab06e687808d75804c391", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s25", + "table": null, + "text": "We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss." + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b68", + "block_sequence": 68, + "block_sha256": "236a9f2403017a5277b663ccb31ec43d8c2bfa477b0ef7a6739ae4ae9f4de383", + "block_type": "heading", + "char_count": 17, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", + "block_sequence": 68, + "char_end": 17, + "char_start": 0, + "fragment_sha256": "b8fea0efbc2ee5e70631f015f99f4bc0284f100f8a60109c90d8e6632c07df6a", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted Net Loss" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s26", + "table": null, + "text": "Adjusted Net Loss" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b69", + "block_sequence": 69, + "block_sha256": "bb525355009efe41f5086ca6032eb19a9b943239df8bd002fb1220b2b62a3306", + "block_type": "paragraph", + "char_count": 1157, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", + "block_sequence": 69, + "char_end": 1157, + "char_start": 0, + "fragment_sha256": "bab9a3259da9113583fe9b730de8c75520a2e1ef01fa47c22bf1bc645cc5e155", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted Net Loss" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s26", + "table": null, + "text": "We calculate Adjusted Net Loss as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring and legal contingency accruals. It excludes loss (gain) on extinguishment of debt as these expenses or gains were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities and the 0.25% convertible senior notes due in 2026 (the \"2026 Notes\") early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date." + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b70", + "block_sequence": 70, + "block_sha256": "e21a9b231049964de5ed48be4f1552178df178466705ae25a8ad92f9d827c980", + "block_type": "heading", + "char_count": 24, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", + "block_sequence": 70, + "char_end": 24, + "char_start": 0, + "fragment_sha256": "1c89ec92d3ba6360cdf9ddbcebb86f641bde4c2f9f1431c9fe5a20eef78ea4af", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted EBITDA / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s27", + "table": null, + "text": "Adjusted EBITDA / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b71", + "block_sequence": 71, + "block_sha256": "dfcdd3eb3c508d47aa6b0f99c68aa27a5d519764353000222958249f2ccea5c0", + "block_type": "paragraph", + "char_count": 598, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", + "block_sequence": 71, + "char_end": 598, + "char_start": 0, + "fragment_sha256": "5135a3b97c981df6efad923b048790a4619dfd8dcc1ca0a7753ee0ae98b619c6", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted EBITDA / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s27", + "table": null, + "text": "We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue. 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(Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported financial results for its fourth quarter and year ended December 31, 2024. Opendoor’s fourth quarter and year-end 2024 financial results and management commentary can be accessed through the Company’s shareholder letter on the “Quarterly Reports” page of Opendoor’s investor relations website at https://investor.opendoor.com/financials-filings/quarterly-reports. \"In 2024, we took decisive actions to streamline operations and optimize our cost structure to better position the Company to navigate the persistent housing market headwinds and drive toward our longer-term profitability target. As a result, we significantly reduced Adjusted Net Losses in the fourth quarter and for the year while delivering year-over-year revenue growth and improvements to Contribution Profit and Adjusted EBITDA,\" said Carrie Wheeler, CEO of Opendoor. 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Contribution Margin of 4.7%, versus (3.7)% in 2023 •Adjusted EBITDA of $(142) million, versus $(627) million in 2023; Adjusted EBITDA Margin of (2.8)%, versus (9.0)% in 2023 •Adjusted Net Loss of $(258) million, versus $(778) million in 2023 *See “—Use of Non-GAAP Financial Measures” below for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b13"], "char_count": 661, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e9109b58fdb536006afdf85a605a4c6883b2336a793cb2a3e48e4d3a88ac97f2", "derivation_id": "faf1c362946effc6053ec0e022431ae2aa80043d43281712751d7bf68f025a6c", "document_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Fourth Quarter 2024 Key Highlights"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "block_sequence": 13, "char_end": 661, "char_start": 0, "fragment_sha256": "dcb57fd57c60a35971f8e6afa4eb96779e6f87e48daa9ec94ff132546df227fa", "heading_path": ["EX-99.1", "Fourth Quarter 2024 Key Highlights"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s7", "source_artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/q42024formxex991earningsre.htm", "table_id": null, "text": "•Revenue of $1.1 billion, up 25% versus 4Q23 and down (21)% versus 3Q24; with 2,822 total homes sold, up 19% versus 4Q23 and down (22)% versus 3Q24 •Gross profit of $85 million, versus $72 million in 4Q23 and $105 million in 3Q24; Gross Margin of 7.8%, versus 8.3% in 4Q23 and 7.6% in 3Q24 •Net loss of $(113) million, versus $(91) million in 4Q23 and $(78) million in 3Q24 •Inventory balance of $2.2 billion, representing 6,417 homes, up 22% versus 4Q23 and up 1% versus 3Q24 •Purchased 2,951 homes, down (20)% versus 4Q23 and down (16)% versus 3Q24 •Ended the quarter with 1,705 homes under contract for purchase, down (19)% versus 4Q23 and up 69% versus 3Q24"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b15"], "char_count": 571, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "56ac3899e1c2d08404368b54874acfb623da3a3ae02787cbbd85bcd12cc5ebff", "derivation_id": "faf1c362946effc6053ec0e022431ae2aa80043d43281712751d7bf68f025a6c", "document_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Fourth Quarter 2024 Key Highlights", "Non-GAAP Key Highlights*"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "block_sequence": 15, "char_end": 571, "char_start": 0, "fragment_sha256": "e2b1e8d79d3d0dcc70b095067c2c88bc5fadc15f8835fefadcce7819f520e07c", "heading_path": ["EX-99.1", "Fourth Quarter 2024 Key Highlights", "Non-GAAP Key Highlights*"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s8", "source_artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/q42024formxex991earningsre.htm", "table_id": null, "text": "•Contribution Profit of $38 million, versus $30 million in 4Q23 and $52 million in 3Q24; Contribution Margin of 3.5%, versus 3.4% in 4Q23 and 3.8% in 3Q24 •Adjusted EBITDA of $(49) million, versus $(69) million in 4Q23 and $(38) million in 3Q24; Adjusted EBITDA Margin of (4.5)%, versus (7.9)% in 4Q23 and (2.8)% in 3Q24 •Adjusted Net Loss of $(77) million, versus $(97) million in 4Q23 and $(70) million in 3Q24 *See “—Use of Non-GAAP Financial Measures” below for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b17"], "char_count": 188, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1948fe5ea9482c8ec182c991902697fde747807e3c379326b425a2b6cedc3837", "derivation_id": "faf1c362946effc6053ec0e022431ae2aa80043d43281712751d7bf68f025a6c", "document_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EX-99.1", "First Quarter 2025 Financial Outlook"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "block_sequence": 17, "char_end": 188, "char_start": 0, "fragment_sha256": "03f815e8590428326bb74dacbebd275d6ea6360f258efb5cf71b6f49483bf73f", "heading_path": ["EX-99.1", "First Quarter 2025 Financial Outlook"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s9", "source_artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/q42024formxex991earningsre.htm", "table_id": null, "text": "•1Q25 revenue guidance of $1.0 billion to $1.075 billion •1Q25 Contribution Profit1 guidance of $40 million to $50 million •1Q25 Adjusted EBITDA1 guidance of $(50) million to $(40) million"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b19"], "char_count": 329, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e7d94a243f4c66fccdd9b5e13205c7b11256978c890fab9b2785b64bd45a28c9", "derivation_id": "faf1c362946effc6053ec0e022431ae2aa80043d43281712751d7bf68f025a6c", "document_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "First Quarter 2025 Financial Outlook", "Conference Call and Webcast Details"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "block_sequence": 19, "char_end": 329, "char_start": 0, "fragment_sha256": "744c38a2fc2a56cbc7477d34af7b9d591be6f3949f528a75c6dbc81700934e2b", "heading_path": ["EX-99.1", "First Quarter 2025 Financial Outlook", "Conference Call and Webcast Details"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s10", "source_artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/q42024formxex991earningsre.htm", "table_id": null, "text": "Opendoor will host a conference call to discuss its financial results on February 27, 2025, at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b21"], "char_count": 467, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "23200c058f7f66c1228eb5b03aff2b58dbc6b38a7b992cc2006f4eff7328e0dc", "derivation_id": "faf1c362946effc6053ec0e022431ae2aa80043d43281712751d7bf68f025a6c", "document_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "First Quarter 2025 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "block_sequence": 21, "char_end": 467, "char_start": 0, "fragment_sha256": "83febafb9943f89dcd230addff9d30800853c3bc51b4c0e06336429ae3355c85", "heading_path": ["EX-99.1", "First Quarter 2025 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s11", "source_artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/q42024formxex991earningsre.htm", "table_id": null, "text": "Opendoor is a leading e-commerce platform for residential real estate transactions whose mission is to power life’s progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple and certain way to sell and buy a home. Opendoor is a team of problem solvers, innovators, and operators who are leading the future of real estate. Opendoor currently operates in markets nationwide. For more information, please visit www.opendoor.com"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b23"], "char_count": 2858, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d95d7cc7c28beaed49e5ccb6228737845b165e5860ce603de2182c30012b6bcb", "derivation_id": "faf1c362946effc6053ec0e022431ae2aa80043d43281712751d7bf68f025a6c", "document_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "First Quarter 2025 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor", "Forward Looking Statements"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "block_sequence": 23, "char_end": 2858, "char_start": 0, "fragment_sha256": "afd4212e68f2759f5ccb87dc58b3270743c4f3c2296088f70e6af2ac45841398", "heading_path": ["EX-99.1", "First Quarter 2025 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor", "Forward Looking Statements"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s12", "source_artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/q42024formxex991earningsre.htm", "table_id": null, "text": "This press release contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the current and future health and stability of the real estate housing market and 1 Opendoor has not provided a quantitative reconciliation of forecasted Contribution Profit (Loss) to forecasted GAAP gross profit (loss) nor a reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss) and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. For more information regarding the non-GAAP financial measures discussed in this press release, please see “Use of Non-GAAP Financial Measures” following the financial tables below. general economy; anticipated future results of operations and financial performance, including our first quarter and full-year 2025 financial outlook; our ability to operate efficiently, optimize our cost structure, and drive sustained profitability in a challenging housing and macroeconomic market; our ability to realize cost savings as a result of certain streamlining initiatives; our product offerings and ability to monetize our seller funnel; the future health and status of our financial condition; our ability to strengthen our competitive position as the simplest, most certain way to sell a home; and our business strategy and plans, including plans to continue to invest in and enhance our products. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “vision”, “will”, or “would”, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b23"], "char_count": 3947, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ac9b7064e555182bcc68927c728ce49577aecf7bf8dc80fd407cd38dd8809c7c", "derivation_id": "faf1c362946effc6053ec0e022431ae2aa80043d43281712751d7bf68f025a6c", "document_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "First Quarter 2025 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor", "Forward Looking Statements"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "block_sequence": 23, "char_end": 6805, "char_start": 2858, "fragment_sha256": "afd4212e68f2759f5ccb87dc58b3270743c4f3c2296088f70e6af2ac45841398", "heading_path": ["EX-99.1", "First Quarter 2025 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor", "Forward Looking Statements"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#p11", "passage_kind": "narrative", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s12", "source_artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/q42024formxex991earningsre.htm", "table_id": null, "text": "The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this press release include but are not limited to: the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, the imposition of tariffs and price or exchange controls, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that may impact demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our digital platform, including our automated pricing and valuation technology; our ability to realize expected benefits from our restructuring and cost reduction efforts; our ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our ability to protect our brand and intellectual property; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment and potential regulatory instability associated with the new U.S. presidential administration within our industry and complexities with compliance related to such environment; any future impact of pandemics, epidemics, or other public health crises on our ability to operate, demand for our products and services, or general economic conditions; changes in laws or government regulation affecting our business; and the impact of pending or future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on or about February 27, 2025, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b23"], "char_count": 411, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "fe618f3607eef764c5b832fbf2cbb55df1b1a616906382bf7c7aa53d86b5f7be", "derivation_id": "faf1c362946effc6053ec0e022431ae2aa80043d43281712751d7bf68f025a6c", "document_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "First Quarter 2025 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor", "Forward Looking Statements"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "block_sequence": 23, "char_end": 7216, "char_start": 6805, "fragment_sha256": "afd4212e68f2759f5ccb87dc58b3270743c4f3c2296088f70e6af2ac45841398", "heading_path": ["EX-99.1", "First Quarter 2025 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor", "Forward Looking Statements"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s12", "source_artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/q42024formxex991earningsre.htm", "table_id": null, "text": "Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. 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"passage_sequence": 16, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s16", "source_artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/q42024formxex991earningsre.htm", "table_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b33", "text": "| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended | | | | Year Ended December 31, | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| | | December 31, 2024 | | September 30, 2024 | | June 30, 2024 | | March 31, 2024 | | December 31, 2023 | | | | 2024 | | 2023 | | | | | | | | | | | | | | | | |\n| Revenue | | $ | 1,084 | | | $ | 1,377 | | | $ | 1,511 | | | $ | 1,181 | | | $ | 870 | | | | | $ | 5,153 | | | $ | 6,946 | | | |\n| Gross profit | | $ | 85 | | | $ | 105 | | | $ | 129 | | | $ | 114 | | | $ | 72 | | | | | $ | 433 | | | $ | 487 | | | |\n| Gross Margin | | 7.8 | % | | 7.6 | % | | 8.5 | % | | 9.7 | % | | 8.3 | % | | | | 8.4 | % | | 7.0 | % | | | | | | | | | |\n| Net loss | | $ | (113) | | | $ | (78) | | | $ | (92) | | | $ | (109) | | | $ | (91) | | | | | $ | (392) | | | $ | (275) | | | |\n| Number of markets (at period end) | | 50 | | | 50 | | | 50 | | | 50 | | | 50 | | | | | 50 | | | 50 | | | | | | | | | | |\n| Homes sold | | 2,822 | | | 3,615 | | | 4,078 | | | 3,078 | | | 2,364 | | | | | 13,593 | | | 18,708 | | | | | | | | | | |\n| Homes purchased | | 2,951 | | | 3,504 | | | 4,771 | | | 3,458 | | | 3,683 | | | | | 14,684 | | | 11,246 | | | | | | | | | | |\n| Homes in inventory (at period end) | | 6,417 | | | 6,288 | | | 6,399 | | | 5,706 | | | 5,326 | | | | | 6,417 | | | 5,326 | | | | | | | | | | |\n| Inventory (at period end) | | $ | 2,159 | | | $ | 2,145 | | | $ | 2,234 | | | $ | 1,881 | | | $ | 1,775 | | | | | $ | 2,159 | | | $ | 1,775 | | | |\n| Percentage of homes “on the market” for greater than 120 days (at period end) | | 46 | % | | 23 | % | | 14 | % | | 15 | % | | 18 | % | | | | 46 | % | | 18 | % | | | | | | | | | |\n| Non-GAAP Financial Highlights (1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Contribution Profit (Loss) | | $ | 38 | | | $ | 52 | | | $ | 95 | | | $ | 57 | | | $ | 30 | | | | | $ | 242 | | | $ | (258) | | | |\n| Contribution Margin | | 3.5 | % | | 3.8 | % | | 6.3 | % | | 4.8 | % | | 3.4 | % | | | | 4.7 | % | | (3.7) | % | | | | | | | | | |\n| Adjusted EBITDA | | $ | (49) | | | $ | (38) | | | $ | (5) | | | $ | (50) | | | $ | (69) | | | | | $ | (142) | | | $ | (627) | | | |\n| Adjusted EBITDA Margin | | (4.5) | % | | (2.8) | % | | 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EXTINGUISHMENT OF DEBT | (1) | | | — | | | 34 | | | (2) | | | 216 | | | | | | |\n| INTEREST EXPENSE | (32) | | | (34) | | | (37) | | | (133) | | | (211) | | | | | | |\n| OTHER INCOME – Net | 14 | | | 23 | | | 27 | | | 64 | | | 107 | | | | | | |\n| LOSS BEFORE INCOME TAXES | (113) | | | (78) | | | (91) | | | (391) | | | (274) | | | | | | |\n| INCOME TAX EXPENSE | — | | | — | | | — | | | (1) | | | (1) | | | | | | |\n| NET LOSS | $ | (113) | | | $ | (78) | | | $ | (91) | | | $ | (392) | | | $ | (275) | |\n| | | | | | | | | | | | | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | |\n| Net loss per share attributable to common shareholders: | | | | | | | | | | | | | | | | | | | |\n| Basic | $ | (0.16) | | | $ | (0.11) | | | $ | (0.14) | | | $ | (0.56) | | | $ | (0.42) | |\n| Diluted | $ | (0.16) | | | $ | (0.11) | | | $ | (0.14) | | | $ | (0.56) | | | $ | (0.42) | |\n| Weighted-average shares outstanding: | | | | | | | | | | | | | | | | | | | |\n| Basic | 716,317 | | | 705,359 | | | 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PROPERTY AND EQUIPMENT – Net | | 48 | | | 66 | | | |\n| RIGHT OF USE ASSETS | | 18 | | | 25 | | | |\n| GOODWILL | | 3 | | | 4 | | | |\n| INTANGIBLES – Net | | — | | | 5 | | | |\n| OTHER ASSETS | | 60 | | | 22 | | | |\n| TOTAL ASSETS | | $ | 3,126 | | | $ | 3,567 | |\n| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | |\n| CURRENT LIABILITIES: | | | | | | | | |\n| Accounts payable and other accrued liabilities | | $ | 92 | | | $ | 64 | |\n| Non-recourse asset-backed debt – current portion | | 432 | | | — | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| Interest payable | | 3 | | | 1 | | | |\n| Lease liabilities – current portion | | 2 | | | 5 | | | |\n| Total current liabilities | | 529 | | | 70 | | | |\n| NON-RECOURSE ASSET-BACKED DEBT – Net of current portion | | 1,492 | | | 2,134 | | | |\n| CONVERTIBLE SENIOR NOTES | | 378 | | | 376 | | | |\n| | | | | | | | | |\n| LEASE LIABILITIES – Net of current portion | | 13 | | | 19 | | | |\n| OTHER LIABILITIES | | 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"source_artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/q42024formxex991earningsre.htm", "table_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b49", "text": "| | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| | Year Ended December 31, | | | | | | |\n| | 2024 | | 2023 | | | | |\n| CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | |\n| Net loss | $ | (392) | | | $ | (275) | |\n| Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities: | | | | | | | |\n| Depreciation and amortization | 48 | | | 65 | | | |\n| Amortization of right of use asset | 5 | | | 7 | | | |\n| | | | | | | | |\n| Stock-based compensation | 114 | | | 126 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Inventory valuation adjustment | 57 | | | 65 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Change in fair value of equity securities | 7 | | | 1 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Other | 7 | | | 13 | | | |\n| | | | | | | | |\n| Proceeds from sale and principal collections of mortgage loans held for sale | — | | | 1 | | | |\n| Loss (gain) on early extinguishment of debt | 2 | | | (216) | | | |\n| Gain on deconsolidation, net | (14) | | | — | | | |\n| Changes in operating assets and liabilities: | | | | | | | |\n| Escrow receivable | 3 | | | 21 | | | |\n| Real estate inventory | (449) | | | 2,613 | | | |\n| Other assets | (10) | | | (19) | | | |\n| Accounts payable and other accrued liabilities | 31 | | | (38) | | | |\n| Interest payable | 2 | | | (10) | | | |\n| Lease liabilities | (6) | | | (10) | | | |\n| Net cash (used in) provided by operating activities | (595) | | | 2,344 | | | |\n| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | |\n| Purchase of property and equipment | (25) | | | (37) | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from sales, maturities, redemptions and paydowns of marketable securities | 55 | | | 80 | | | |\n| | | | | | | | |\n| Proceeds from sale of non-marketable equity securities | — | | | 1 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Cash impact of deconsolidation of subsidiaries | (2) | | | — | | | |\n| Net cash provided by investing activities | 28 | | | 44 | | | |\n| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Repurchase of convertible senior notes | — | | | (362) | | | |\n| | | | | | | | |\n| Settlement of capped calls related to convertible senior notes | 2 | | | — | | | |\n| Proceeds from exercise of stock options | — | | | 3 | | | |\n| Proceeds from issuance of common stock for ESPP | 5 | | | 2 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from non-recourse asset-backed debt | 498 | | | 238 | | | |\n| Principal payments on non-recourse asset-backed debt | (715) | | | (2,515) | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Payment of loan origination fees and debt issuance costs | — | | | (1) | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Payment for early extinguishment of debt | — | | | (4) | | | |\n| Net cash used in financing activities | (210) | | | (2,639) | | | |\n| NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (777) | | | (251) | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period | 1,540 | | | 1,791 | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period | $ | 763 | | | $ | 1,540 | |\n| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest | $ | 121 | | | $ | 203 | |\n| DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Stock-based compensation expense capitalized for internally developed software | $ | 15 | | | $ | 23 | |\n| | | | | | | | |\n| Investment in non-marketable equity securities due to deconsolidation | $ | 39 | | | $ | — | |\n| RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: | | | | | | | |\n| Cash and cash equivalents | $ | 671 | | | $ | 999 | |\n| Restricted cash | 92 | | | 541 | | | |\n| Cash, cash equivalents, and restricted cash | $ | 763 | | | $ | 1,540 | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b51"], "char_count": 1241, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c065b838bbe4fddb2fae470fde92a61c7d1795ed86945278800942ce0e21f6aa", "derivation_id": "faf1c362946effc6053ec0e022431ae2aa80043d43281712751d7bf68f025a6c", "document_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "block_sequence": 51, "char_end": 1241, "char_start": 0, "fragment_sha256": "bf9b758acc190ff8835c16403577e9439105408fd84c86d2bbcffd263da9250e", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#p24", "passage_kind": "narrative", "passage_sequence": 24, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s20", "source_artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/q42024formxex991earningsre.htm", "table_id": null, "text": "To provide investors with additional information regarding the Company’s financial results, this press release includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit (Loss), Adjusted Net Loss, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b53"], "char_count": 1758, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6ddc0aa119f8c9170d42e268bec79782fc20e93a8359e716545a30bd13dbeba2", "derivation_id": "faf1c362946effc6053ec0e022431ae2aa80043d43281712751d7bf68f025a6c", "document_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit and Contribution Profit (Loss)"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "block_sequence": 53, "char_end": 1758, "char_start": 0, "fragment_sha256": "1294d15fb355a8420051e7328f5380227f8ac3fab35705903c2b412efb05de36", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit and Contribution Profit (Loss)"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#p25", "passage_kind": "narrative", "passage_sequence": 25, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s21", "source_artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/q42024formxex991earningsre.htm", "table_id": null, "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit and Contribution Profit (Loss), which are non-GAAP financial measures. We believe that Adjusted Gross Profit and Contribution Profit (Loss) are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit (Loss) provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit and Contribution Profit (Loss) are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b55"], "char_count": 966, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "4d6022774af95a17dc18d15aa406e015335223e69ab92b2f6d95abe057dab923", "derivation_id": "faf1c362946effc6053ec0e022431ae2aa80043d43281712751d7bf68f025a6c", "document_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit and Contribution Profit (Loss)", "Adjusted Gross Profit / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "block_sequence": 55, "char_end": 966, "char_start": 0, "fragment_sha256": "8f6ef1cb8e4be7eb9c5dd3a31185a77df02fc99d0674f4943e06ae2aa23fdf6f", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit and Contribution Profit (Loss)", "Adjusted Gross Profit / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#p26", "passage_kind": "narrative", "passage_sequence": 26, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s22", "source_artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/q42024formxex991earningsre.htm", "table_id": null, "text": "We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. Adjusted Gross Margin is Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b57"], "char_count": 675, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "793b495c9bbe36c047171db5e25e8fb67100b326cd77c9fc715c78c2b399a3c6", "derivation_id": "faf1c362946effc6053ec0e022431ae2aa80043d43281712751d7bf68f025a6c", "document_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit and Contribution Profit (Loss)", "Contribution Profit (Loss) / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "block_sequence": 57, "char_end": 675, "char_start": 0, "fragment_sha256": "3966ccc864a4b32934c6b51fb17be3f7704b89f76d17465fd18255b2bb4da3e4", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit and Contribution Profit (Loss)", "Contribution Profit (Loss) / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#p27", "passage_kind": "narrative", "passage_sequence": 27, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s23", "source_artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/q42024formxex991earningsre.htm", "table_id": null, "text": "We calculate Contribution Profit (Loss) as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. Contribution Margin is Contribution Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit (Loss) helps management assess inflows and outflows directly associated with a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b60", "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b61", "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b62"], "char_count": 269, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f5e30dd56c909f836a2b326ddb6647520926c75e466ca14b51ff32a625d71949", "derivation_id": "faf1c362946effc6053ec0e022431ae2aa80043d43281712751d7bf68f025a6c", "document_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "block_sequence": 60, "char_end": 49, "char_start": 0, "fragment_sha256": "3c79d34b912ccd5810676229fdb23c57e7c959da948f20c2113ffe85c0e18da8", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "block_sequence": 61, "char_end": 11, "char_start": 0, "fragment_sha256": "2a7680d26ab0fd2298dd52fd36b9d301e5103004cef230dbf5fbd1eabb314fa8", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "block_sequence": 62, "char_end": 205, "char_start": 0, "fragment_sha256": "e950b58f29fd1faf89d754a3a20f9aa42f0bb2d54db23c391170bcd67a135453", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#p28", "passage_kind": "narrative", "passage_sequence": 28, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s24", "source_artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/q42024formxex991earningsre.htm", "table_id": null, "text": "(In millions, except percentages, and homes sold)\n\n(Unaudited)\n\nThe following table presents a reconciliation of our Adjusted Gross Profit and Contribution Profit (Loss) to our gross profit, which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b63"], "char_count": 2972, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "42ac215befd5c0ee1e6c3d17655d2d4f6934442f5f2692cbf240b7ff661e2389", "derivation_id": "faf1c362946effc6053ec0e022431ae2aa80043d43281712751d7bf68f025a6c", "document_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": 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"table_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b63", "text": "| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended | | Year Ended December 31, | | | | | | | | | | | | | | | | | | | | | | | | |\n| (in millions, except percentages and homes sold, or as noted) | | December 31, 2024 | | September 30, 2024 | | June 30, 2024 | | March 31, 2024 | | December 31, 2023 | | 2024 | | 2023 | | | | | | | | | | | | | | |\n| Revenue (GAAP) | | $ | 1,084 | | | $ | 1,377 | | | $ | 1,511 | | | $ | 1,181 | | | $ | 870 | | | $ | 5,153 | | | $ | 6,946 | |\n| Gross profit (GAAP) | | $ | 85 | | | $ | 105 | | | $ | 129 | | | $ | 114 | | | $ | 72 | | | $ | 433 | | | $ | 487 | |\n| Gross Margin | | 7.8 | % | | 7.6 | % | | 8.5 | % | | 9.7 | % | | 8.3 | % | | 8.4 | % | | 7.0 | % | | | | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Inventory valuation adjustment – Current Period(1)(2) | | 6 | | | 10 | | | 34 | | | 7 | | | 11 | | | 25 | | | 23 | | | | | | | | |\n| Inventory valuation adjustment – Prior Periods(1)(3) | | (16) | | | (16) | | | (9) | | | (17) | | | (17) | | | (26) | | | (455) | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Adjusted Gross Profit | | $ | 75 | | | $ | 99 | | | $ | 154 | | | $ | 104 | | | $ | 66 | | | $ | 432 | | | $ | 55 | |\n| Adjusted Gross Margin | | 6.9 | % | | 7.2 | % | | 10.2 | % | | 8.8 | % | | 7.6 | % | | 8.4 | % | | 0.8 | % | | | | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Direct selling costs(4) | | (23) | | | (32) | | | (43) | | | (34) | | | (26) | | | (132) | | | (197) | | | | | | | | |\n| Holding costs on sales – Current Period(5)(6) | | (4) | | | (6) | | | (5) | | | (5) | | | (3) | | | (44) | | | (50) | | | | | | | | |\n| Holding costs on sales – Prior Periods(5)(7) | | (10) | | | (9) | | | (11) | | | (8) | | | (7) | | | (14) | | | (66) | | | | | | | | |\n| Contribution Profit (Loss) | | $ | 38 | | | $ | 52 | | | $ | 95 | | | $ | 57 | | | $ | 30 | | | $ | 242 | | | $ | (258) | |\n| Homes sold in period | | 2,822 | | | 3,615 | | | 4,078 | | | 3,078 | | | 2,364 | | | 13,593 | | | 18,708 | | | | | | | | |\n| Contribution Profit (Loss) per Home Sold (in thousands) | | $ | 13 | | | $ | 14 | | | $ | 23 | | | $ | 19 | | | $ | 13 | | | $ | 18 | | | $ | (14) | |\n| Contribution Margin | | 3.5 | % | | 3.8 | % | | 6.3 | % | | 4.8 | % | | 3.4 | % | | 4.7 | % | | (3.7) | % | | | | | | | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b64", "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b65"], "char_count": 1212, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7a9792257aa71d2ba50a96fb128937de4b1b6c49d974c0223fc87dd066f056c1", "derivation_id": "faf1c362946effc6053ec0e022431ae2aa80043d43281712751d7bf68f025a6c", "document_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "block_sequence": 64, "char_end": 16, "char_start": 0, "fragment_sha256": "7fdbb5bd0c91a386038a54dafc306bd55a27c3242e1540451c2885fb5da9076a", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "block_sequence": 65, "char_end": 1194, "char_start": 0, "fragment_sha256": "84596f301c62f158ddb79a8f7ffe388fa2255df008592ae62cf8ef1e958a36d4", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#p30", "passage_kind": "narrative", "passage_sequence": 30, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s24", "source_artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/q42024formxex991earningsre.htm", "table_id": null, "text": "________________\n\n(1)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2)Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3)Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes, and are included in Sales, marketing and operations. (5)Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b67"], "char_count": 1547, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "30e3586e1712e96c1479714394b97d9b879cbd2828d27d768e91ef2ae245842e", "derivation_id": "faf1c362946effc6053ec0e022431ae2aa80043d43281712751d7bf68f025a6c", "document_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "block_sequence": 67, "char_end": 1547, "char_start": 0, "fragment_sha256": "34336aa57fee08402987cc7b7b544a28d3af0484141ab06e687808d75804c391", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#p31", "passage_kind": "narrative", "passage_sequence": 31, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/q42024formxex991earningsre.htm", "table_id": null, "text": "We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b69"], "char_count": 1157, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "bb525355009efe41f5086ca6032eb19a9b943239df8bd002fb1220b2b62a3306", "derivation_id": "faf1c362946effc6053ec0e022431ae2aa80043d43281712751d7bf68f025a6c", "document_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted Net Loss"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "block_sequence": 69, "char_end": 1157, "char_start": 0, "fragment_sha256": "bab9a3259da9113583fe9b730de8c75520a2e1ef01fa47c22bf1bc645cc5e155", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted Net Loss"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#p32", "passage_kind": "narrative", "passage_sequence": 32, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s26", "source_artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/q42024formxex991earningsre.htm", "table_id": null, "text": "We calculate Adjusted Net Loss as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, and intangibles amortization expense. It excludes expenses that are not directly related to our revenue-generating operations such as restructuring and legal contingency accruals. It excludes loss (gain) on extinguishment of debt as these expenses or gains were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities and the 0.25% convertible senior notes due in 2026 (the \"2026 Notes\") early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b71"], "char_count": 598, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "dfcdd3eb3c508d47aa6b0f99c68aa27a5d519764353000222958249f2ccea5c0", "derivation_id": "faf1c362946effc6053ec0e022431ae2aa80043d43281712751d7bf68f025a6c", "document_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "block_sequence": 71, "char_end": 598, "char_start": 0, "fragment_sha256": "5135a3b97c981df6efad923b048790a4619dfd8dcc1ca0a7753ee0ae98b619c6", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#p33", "passage_kind": "narrative", "passage_sequence": 33, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s27", "source_artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/q42024formxex991earningsre.htm", "table_id": null, "text": "We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue. The following table presents a reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our net loss, which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b72"], "char_count": 3877, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b3667d5fd8532e86fd753425667e0f15dffe9470499d944656c6d3c5cbd2a7e9", "derivation_id": "faf1c362946effc6053ec0e022431ae2aa80043d43281712751d7bf68f025a6c", "document_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-02-27", "filing_id": "sec:0001801169:0001801169-25-000016", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "block_sequence": 72, "char_end": 3500, "char_start": 0, "fragment_sha256": "345f4f62bd3c9621823e25534ecd26b93a8b960ab9e63de30a96080a47a2c1ff", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "table_index": 5, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#p34", "passage_kind": "table", "passage_sequence": 34, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-02-27", "section_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#s27", "source_artifact_id": "sec:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000016/q42024formxex991earningsre.htm", "table_id": "norm:0001801169:0001801169-25-000016:q42024formxex991earningsre.htm#b72", "text": "| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended | | Year Ended December 31, | | | | | | | | | | | | | | | | | | | | | | | | |\n| (in millions, except percentages) | | December 31, 2024 | | September 30, 2024 | | June 30, 2024 | | March 31, 2024 | | December 31, 2023 | | 2024 | | 2023 | | | | | | | | | | | | | | |\n| Revenue (GAAP) | | $ | 1,084 | | | $ | 1,377 | | | $ | 1,511 | | | $ | 1,181 | | | $ | 870 | | | $ | 5,153 | | | $ | 6,946 | |\n| Net loss (GAAP) | | $ | (113) | | | $ | (78) | | | $ | (92) | | | $ | (109) | | | $ | (91) | | | $ | (392) | | | $ | (275) | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Stock-based compensation | | 23 | | | 25 | | | 33 | | | 33 | | | 32 | | | 114 | | | 126 | | | | | | | | |\n| Equity securities fair value adjustment(1) | | — | | | 3 | | | 2 | | | 2 | | | (3) | | | 7 | | | 1 | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Intangibles amortization expense(2) | | — | | | 1 | | | 1 | | | 2 | | | 2 | | | 4 | | | 7 | | | | | | | | |\n| Inventory valuation adjustment – Current Period(3)(4) | | 6 | | | 10 | | | 34 | | | 7 | | | 11 | | | 25 | | | 23 | | | | | | | | |\n| Inventory valuation adjustment — Prior Periods(3)(5) | | (16) | | | (16) | | | (9) | | | (17) | | | (17) | | | (26) | | | (455) | | | | | | | | |\n| Restructuring(6) | | 17 | | | — | | | — | | | — | | | 4 | | | 17 | | | 14 | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Loss (gain) on extinguishment of debt | | 1 | | | — | | | 1 | | | — | | | (34) | | | 2 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(2)Represents amortization of acquisition-related intangible assets. The acquired intangible assets had useful lives ranging from 1 to 5 years and amortization was expected until the intangible assets were fully amortized in 2024. (3)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (4)Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (5)Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (6)Restructuring costs consist primarily of severance and employee termination benefits and bonuses incurred in connection with the elimination of employees’ roles. 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+ }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b8", + "block_sequence": 8, + "block_sha256": "304b6c71c994d7e8cdc684c3649a8ccd6d28926240876ea337738b854eed2b7d", + "block_type": "paragraph", + "char_count": 2522, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 8, + "char_end": 2522, + "char_start": 0, + "fragment_sha256": "89beeadb09f8ead6cc97aa8aaaa0e5ea55a14e5f52181a2ccecbf15f3fe83181", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 1Q25 Narrowed our Net Loss to $(85) million and Adjusted Net Loss to $(63) million, versus $(109) million and $(80) million in 1Q24, respectively. Reduced our Adjusted EBITDA Loss to $(30) million, a meaningful improvement from $(50) million in 1Q24. We are relentlessly focused on our mission to reinvent the U.S. residential real estate industry: making it simpler, more convenient, and more customer-centric. Our strategic focus areas are intended to leverage the capabilities we've built over the past decade while developing our home transaction platform. Amid heightened uncertainty from shifting economic policies and the evolving tariff landscape, the broader macroeconomic environment remains challenging, and the U.S. housing market is no exception. With interest rates hovering near 7%, buyer demand is weak. Housing activity has slowed, with clearance rates, or the rate at which homes go under contract, down nearly 25% versus this time last year, and delistings up over 30%. While we expect these pressures to persist, we remain focused on delivering what matters: certainty, convenience, and control, especially when customers need it most. Against this backdrop, we have proactively widened our spreads with the goal of managing risk and preserving our margins. Our 2025 priorities are designed to take advantage of the trusted platform we\u2019ve built over the past decade, with a focus on disciplined execution and improving profitability. Acquired 3,609 homes, up 4% versus 1Q24 \u2014 demonstrating improved conversion even as we operated with higher spreads. We entered the year with a clear plan to drive towards profitability while strengthening our product experience and leadership position. Our progress is reflected in our first quarter results: Delivered $99 million of gross profit, versus $114 million in 1Q24, representing an 8.6% gross margin, and $54 million of Contribution Profit, versus $57 million in 1Q24, representing a 4.7% Contribution Margin. Opendoor Shareholders, 2 A letter from our CEO Executing Against Our Plan Sold 2,946 homes, which generated $1.2 billion of revenue, roughly in line with 1Q24 revenue. Note: Adjusted Operating Expenses, Adjusted Gross Profit, Contribution Profit, Contribution Margin, Adjusted Net Loss, and Adjusted EBITDA are non-GAAP financial measures. See \u201cUse of Non-GAAP Financial Measures\u201d following the financial tables below for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures." + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b9", + "block_sequence": 9, + "block_sha256": "99a60b869530c62f5b30adbf83317986e6773bc595eca9e1412ae2a08d5d20c3", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 9, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "52ccc0ae8f83b16c7812ae587f98af76893d6c320fd1a601006ad4b63c0ac859", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q25opendoorsh003.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b10", + "block_sequence": 10, + "block_sha256": "e7a949048f51447bbacf826c69a6231527cdbcb9ceb6458e2dfdb6dbcd8789e5", + "block_type": "paragraph", + "char_count": 2470, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 10, + "char_end": 2470, + "char_start": 0, + "fragment_sha256": "c06012951d46baaf51db879e6470283ae8a309730d1012a0e982fbf57e87839f", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 1Q25 Expansion of our Agent Partnership \u2013 our agent channel continues to be a meaningful part of our business, with agents bringing their sellers to Opendoor so that they can provide their clients the certainty and ease of a cash offer. For many listing agents, being able to present all selling options to their client is table stakes. We have built a platform that allows agents to seamlessly receive and fulfill a cash offer on behalf of their clients. Expanding on these established relationships, we\u2019re piloting a program in select markets that pairs Opendoor\u2019s customer referrals with curated, top-performing local listing agents. These agents can deliver a full suite of solutions \u2013 from cash offers to listing on the MLS \u2013 while benefiting from our high-intent seller referrals and robust marketing engine. This also improves the customer experience, as the seller now has a local expert who can help determine the best path forward for their particular needs. And for Opendoor, we have the opportunity to improve our conversion, whether that is to a cash offer or a listing, which in turn generates asset-lite revenue for us. These agents are also leveraging our platform to conduct home assessments, saving time for customers and enabling faster delivery of final underwritten offers. There will continue to be customers who come to Opendoor directly and want the self-serve experience we have pioneered, but we expect many customers will benefit from having an advisor help them navigate the selling process. We will see how our pilot evolves, but we believe that this channel will allow us to serve more sellers, monetize a greater portion of our funnel and improve conversion through a more personalized experience, and leverage our selling platform to drive more asset-lite business. For over a decade, we\u2019ve focused on simplifying the real estate transaction process. Our unique cash offer platform empowers homeowners to sell their homes with certainty. This unmatched offering has helped us build a robust funnel of high-intent sellers. Looking ahead, we have a vision to become the definitive platform for all home sellers to explore and choose their best options \u2013 whether that\u2019s accepting a cash offer or partnering with an agent to list their home. We are investing in our future by broadening our product offerings, expanding our distribution strategy, and enhancing the overall customer experience. Investing for Future Growth 3" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b11", + "block_sequence": 11, + "block_sha256": "ed97f53766a74f0a2a48f6d2ac79218e232ac3d24da6b97b45810c6918ca400c", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 11, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "ec2b1614af1fe7813eec59a21f4569d1efc07c4b42d3a4d58c95db56e550ef0b", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q25opendoorsh004.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b12", + "block_sequence": 12, + "block_sha256": "6ed140e3a798d040be61f6366af54d50bd5863c6be15b7856660431a427eeb74", + "block_type": "paragraph", + "char_count": 2430, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 12, + "char_end": 2430, + "char_start": 0, + "fragment_sha256": "dbccd63a74848a51974a86c7a4ae7824b6cee2155ac64e0aa09c6acfea985b6e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 1Q25 3. Targeted marketing As we discussed last quarter, we are aligning our advertising with seasonal dynamics, which we expect to drive greater efficiency in our marketing spend. Given typical seasonal housing patterns, we generally embed lower spreads in our offers in Q4 and Q1, as we anticipate greater home price appreciation on those acquisitions. This enables us to acquire more homes in those quarters and positions us to sell into Q2 and Q3, when buying demand tends to be strongest. Conversely, we plan to scale back marketing in Q2 and Q3, as spreads are generally higher, resulting in fewer acquisitions during those periods. Consistent with our strategy, we expect marketing spend in the second quarter to be meaningfully lower than in Q1, and we will deploy those dollars with the intention of maximizing efficiency and impact. For example, in April, we launched a creative marketing campaign that took advantage of the NFL draft, which is a key contextual marketing tentpole moment. This type of advertising has the ability to heighten brand awareness and drive outsized visit rates at efficient spend levels. 1. Pricing discipline We closely monitor a range of macroeconomic indicators to inform our spread levels. Given what we were seeing in the market, we increased the spreads embedded in our offers earlier and more aggressively than we otherwise would have with the intention of preserving our margins. While we expect this to pressure acquisition growth, we believe this is the right decision in the current environment. 2. Conversion improvements We are continuously enhancing our pricing models with the intention of more effectively allocating spreads and enhancing our conversion performance. Refinements to our price segmentation methodology and market-level spread accuracy implemented late last year have enabled improved conversion across a range of price points. We are also actively integrating new features into our algorithms to further sharpen our pricing capabilities; in the first quarter, we introduced enhancements to further refine home-level spreads to include factors like school district quality and active competition. In addition to improving the customer experience, our strategy to make progress towards profitability this year centers on four key priorities: Driving Towards Profitability 4 Opendoor Draft Campaign featured first round Draft pick, Ashton Jeanty" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b13", + "block_sequence": 13, + "block_sha256": "d60e27a8ba4c988d74dd5b58b47b494af715cf7f4f825b0551dc451e66d8c0a0", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 13, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "090f43d4136987de2e213147c2c999f1e26facd3744672ccbfe82ec1d71fe12e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q25opendoorsh005.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b14", + "block_sequence": 14, + "block_sha256": "e5fbc98e68972454b50f13996eeef9cfa5799c940caec7ecb9cacd8b274a2f46", + "block_type": "paragraph", + "char_count": 911, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 14, + "char_end": 911, + "char_start": 0, + "fragment_sha256": "c5d6507f5e639d637a44e329e3ee62a4652593ab7533f6b37dced17b53486f86", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 1Q25 We\u2019ve built a category-defining platform. Now, we\u2019re focused on delivering more options for sellers and agents, and transforming the end-to-end experience \u2013 balancing a drive to profitability with continued innovation. We look forward to updating you on our progress. 4. Operating with discipline We are building a lean, agile organization with a relentless focus on driving down costs and improving home-level unit economics across our portfolio. In the first quarter, our fixed operating expenses totaled $39 million, down $19 million versus 1Q24. By streamlining our expense base, we\u2019re positioning ourselves to be a more efficient organization over time, and we are committed to identifying further cost efficiency opportunities moving forward. Coupled with improvements in Contribution Margin, we expect lower Adjusted Net Losses in 2025 versus the prior year. 5 Carrie Wheeler, CEO" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b15", + "block_sequence": 15, + "block_sha256": "bed5ed4dabf6b4bb324d9c75b09d97d534efb132d7d17800e0ddaee9a9d32019", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 15, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "797f153995c3a054efb84407bbf44f70451ef7c05c5c17e38591877ddf60b35c", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q25opendoorsh006.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b16", + "block_sequence": 16, + "block_sha256": "05e894bd37937fc7659f445f015662c7c3a88fb8920ef00c60ab67b3129e5de3", + "block_type": "paragraph", + "char_count": 2120, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 16, + "char_end": 2120, + "char_start": 0, + "fragment_sha256": "6915bdc3cb47b9b478083bf0c38a59492d50f2578b351decab2cd0987d1e323a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 1Q25 GAAP Net Loss was $(85) million in 1Q25 versus $(109) million in 1Q24. Adjusted Net Loss was $(63) million in 1Q25, versus $(80) million in 1Q24. GAAP Operating Expenses were $155 million in 1Q25, down from $201 million in 1Q24. Adjusted Operating Expenses, defined as the delta between Contribution Profit and Adjusted EBITDA, were $84 million in 1Q25, down from $107 million in 1Q24. These reductions are a result of our efforts to optimize our cost structure and operate with greater efficiency. Adjusted EBITDA loss was $(30) million in 1Q25, ahead of the high end of our guidance range and down significantly from $(50) million in 1Q24. GAAP Gross Profit was $99 million in 1Q25, versus $114 million in 1Q24. GAAP Gross Margin was 8.6% in 1Q25, versus 9.7% in 1Q24. Adjusted Gross Profit was $100 million in 1Q25, versus $104 million in 1Q24. Contribution Profit was $54 million in the first quarter, versus $57 million in 1Q24. Contribution Margin of 4.7% came in at the high end of our guidance range and compares to 4.8% in 1Q24. In the first quarter, we delivered $1.2 billion of revenue, above the high end of our guidance range of $1.0 billion to $1.075 billion, representing 2,946 homes sold. This represents a 2% decline versus 1Q24, driven by slower clearance rates versus the prior year, partially offset by slightly higher revenue per home sold. On the acquisition side, we purchased 3,609 homes in the first quarter, surpassing our guidance of over 3,500 homes. This represents a 4% increase versus 1Q24 even despite higher spread levels incorporated into offers on these homes, underscoring the significant gains we have made in our conversion performance. 6 At the top of the year, we outlined our ambitions around improving the profitability of our cash offer business and reducing our Adjusted Net Losses. Our first quarter results show that we are off to a good start, demonstrating expense discipline and strong execution on acquisitions, revenue, Contribution Margin, and Adjusted EBITDA. Financial Highlights Volume and Revenue Unit Economics Net Loss and Adjusted EBITDA" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b17", + "block_sequence": 17, + "block_sha256": "bef3ef9db71cfbe648a02a71c4b29d5f991d5bcabdb6549962685bdcd543108e", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 17, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "f76595cb52906d5de753d229cc2480865f231811b0b0e29085214a25a3ccb314", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q25opendoorsh007.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b18", + "block_sequence": 18, + "block_sha256": "a4de2a3dc0bd4eaecc1502c9e0ebde087a19c088ca1a474f8c8b64f318bac085", + "block_type": "paragraph", + "char_count": 2712, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 18, + "char_end": 2712, + "char_start": 0, + "fragment_sha256": "a76644006ac918964ecdfa826ebb792e302e337cf65a2d4f7be091cadf2f29f6", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 1Q25 We ended the first quarter with 7,080 homes, representing $2.4 billion in net inventory, up 24% from 1Q24, and $1.0 billion in capital, which is primarily composed of $559 million in unrestricted cash and $350 million of equity invested in homes and related assets (net of inventory valuation adjustments). At quarter end, we had $7.9 billion in non-recourse, asset-backed borrowing capacity, of which $2.1 billion was outstanding. Of that capacity, $7.4 billion has a scheduled revolving or withdrawal period that ends in 2026 or later. And our total committed borrowing capacity was $2.3 billion, of which $1.8 billion has a scheduled revolving or withdrawal period ending in 2026 or later. In the first quarter, we completed the renewal and extension of both of our mezzanine term debt facilities, all three of our senior revolving credit facilities with previously scheduled revolving period end dates in 2025, and one senior term debt facility with a previously scheduled withdrawal period end date in January 2025. The successful extension of these credit facilities is testament to the ongoing support and confidence of our capital partners and positions us to continue executing on our business plan. 7 Inventory and Other Balance Sheet Items Guidance We expect the following results for the second quarter of 2025: 1 Note: Opendoor has not provided a quantitative reconciliation of forecasted Contribution Profit (Loss) to forecasted GAAP gross profit (loss), forecasted Contribution Margin to forecasted GAAP Gross Margin, nor forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss), GAAP gross margin, operating expenses and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company\u2019s control. For more information regarding the non-GAAP financial measures discussed in this shareholder letter, please see \u201cUse of Non-GAAP Financial Measures\u201d following the financial tables below. Revenue is expected to be between $1.45 billion and $1.525 billion Contribution Profit1 is expected to be between $65 million and $75 million, which implies a Contribution Margin1 of 4.5% to 4.9% Stock-based compensation expense is expected to range from $13 million to $15 million Adjusted EBITDA1 is expected to be between $10 million to $20 million" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b19", + "block_sequence": 19, + "block_sha256": "07001c18e25427fe9364be3bd1431e9dd27165e4052f7a76b69b9d8013d104de", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 19, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "3521cd015b24bf88744beb8e3905844b76ad4d00fb90bf3eb166925941f79081", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q25opendoorsh008.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b20", + "block_sequence": 20, + "block_sha256": "160b9ae38cd26aa92136bff936f2a92deed6c4299185c7ce678c6f48749f03e6", + "block_type": "paragraph", + "char_count": 1434, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 20, + "char_end": 1434, + "char_start": 0, + "fragment_sha256": "ce030f903bbb357c702b1ea3794ef1ad92f0f4087a8517c026f6f92f3fdb8ac8", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 1Q25 Additionally, we expect our second quarter acquisitions to be approximately 1,700. Our acquisition outlook is informed primarily by two dynamics: While a slowdown in acquisitions will put pressure on revenue in the second half of the year, our goal is to deliver year-over-year Contribution Margin improvements despite lower revenue levels, via continued operating efficiencies and wider spreads. It is difficult to predict how sellers and buyers will respond to this volatile environment and how the macro will evolve. The pause we are seeing from consumers in this moment necessitates operating with higher spreads; however, we are monitoring for, and preparing to react to, improving market indicators and a more favorable environment, should it materialize. 8 Given the ongoing uncertainty with respect to mortgage rates, the impact of tariffs, and negative consumer sentiment, we are taking a more cautious approach, and we have increased spreads each month this year to reflect a slowing market. We will continue to adjust our spreads in response to market conditions and typical seasonality in the housing market. We expect to materially reduce our marketing spend in the second quarter as compared to the first quarter. This reflects both higher spread levels and our planned cadence for spend allocation across the year, which we believe should result in more efficient use of our advertising dollars." + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b21", + "block_sequence": 21, + "block_sha256": "25251501436a1528fce579753ae7bbfa557c33355ccc466edbe794cad8e6135f", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 21, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "735ff137f79a33fc457b3180853dc081f2a937ea52a1e7f67a42834d0edb67eb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q25opendoorsh009.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b22", + "block_sequence": 22, + "block_sha256": "ea6f3e8b74d72821d039de7b11aa97cbbaed09fc726d72477272a817db309602", + "block_type": "paragraph", + "char_count": 494, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 22, + "char_end": 494, + "char_start": 0, + "fragment_sha256": "7a5d2cdc4c20bdc8dfea5b1e0a97a632c5aea42c7bf4b467dcb56c5222776bb9", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 1Q25 Carrie Wheeler, CEO Selim Freiha, Chief Financial Officer Opendoor will host a conference call to discuss its financial results on May 6, 2025 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. 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All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including, without limitation, statements regarding: current and future health and stability of the real estate housing market and general economy, including the effects of tariffs and shifting economic policies on the macroeconomic environment; volatility of mortgage interest rates, changes in resale clearance rates, delistings and expectations regarding future behavior of consumers and partners; impacts of changes to our acquisition rates; whether we are able to safeguard our margins by widening our spreads; the health and status of our financial condition; our ongoing transformation efforts and cost-efficiency opportunities; whether our efforts to optimize spread and adjust our marketing strategy for seasonality trends will improve profitability; anticipated future results of operations or financial performance, including our second quarter and full-year 2025 outlook and projections; our ability to achieve other long-term performance targets; our expectations regarding the impact of trends in seasonality on the real estate industry and our business; priorities of the Company to achieve future financial and business goals; our ability to continue to effectively navigate the markets in which we operate; health of our balance sheet to weather ongoing market transitions; our ability to adopt an effective approach to manage economic and industry risk, as well as inventory health; business strategy and plans, including any plans to expand into additional markets, market opportunity and expansion and objectives of management for future operations, including statements regarding the benefits and timing of the roll out of new markets, products or technology; and the expected benefits of refinancing efforts. Forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cguidance\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201coutlook\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cvision\u201d, \u201cwill\u201d, or \u201cwould\u201d, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this shareholder letter include but are not limited to: the current and future health and stability of the economy, financial conditions and the residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, the imposition of tariffs and price or exchange controls, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that may impact demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our digital platform, including our automated pricing and valuation technology; our ability to realize expected benefits from our restructuring and cost reduction efforts; our ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our ability to protect our brand and intellectual property; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; any future impact of pandemics, epidemics, or other public health crises on our ability to operate, demand for our products and services, or other general economic conditions; the impact of the regulatory environment and potential regulatory instability within our industry and complexities with compliance related to such environment; changes in laws or government regulation affecting our business; and the impact of pending or future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \u201cRisk Factors\u201d in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 27, 2025, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 12 Forward-Looking Statements" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b29", + "block_sequence": 29, + "block_sha256": "97e23ffa51fd8b83c38a10d276e522d34019e23c311fda63bf5f3954a9200043", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 29, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "254f88a0fdbc53332fdb9b7406cb11d120fb3a698b6e08a4d74502f908ffc900", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q25opendoorsh013.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b30", + "block_sequence": 30, + "block_sha256": "b09559d68df997c727a8ea74d3cc47801c38a2cd836afa562ed75ae3420eb4e5", + "block_type": "paragraph", + "char_count": 3138, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 30, + "char_end": 3138, + "char_start": 0, + "fragment_sha256": "73b2751b0f845a69d02ada8477acf214c9dfc66d1d066c84beea77a191f621cc", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company\u2019s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit (Loss), Adjusted Net Loss, Adjusted EBITDA, Adjusted Operating Expenses, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non- GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results. Adjusted Gross Profit and Contribution Profit (Loss) To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit and Contribution Profit (Loss), which are non-GAAP financial measures. We believe that Adjusted Gross Profit and Contribution Profit (Loss) are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit (Loss) provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit and Contribution Profit (Loss) are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit. 13 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b31", + "block_sequence": 31, + "block_sha256": "8f2514af6917511aed6d5d4081fc99680f54b02b37cb754be36f1292e55f7350", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 31, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "fe45fc38f424681e5283161ffa04e478aece644b58c7cf9ab3de860fbc257dbb", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q25opendoorsh014.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b32", + "block_sequence": 32, + "block_sha256": "510ba6201df4c2b364cc6ff182cebab9158b3572bcdba4e3ec680058e0399dac", + "block_type": "paragraph", + "char_count": 1826, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 32, + "char_end": 1826, + "char_start": 0, + "fragment_sha256": "b784742f74d95dabb0708f6742194d3e696a27a2fc2b20fb67684a271a810139", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "Adjusted Gross Profit / Margin We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. Adjusted Gross Margin is Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution Profit (Loss) / Margin We calculate Contribution Profit (Loss) as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit (Loss) helps management assess inflows and outflows directly associated with a specific resale cohort. 14 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b33", + "block_sequence": 33, + "block_sha256": "a08e80df4c0ffd2233ffea31a4e3f5ab4e50dc0a8fc9c9164f64b0b3d974327c", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 33, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "acaf8d4c6396fb076cb0ea87767a52eabca4cb008a811fe8efa9af53c8c92c7d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q25opendoorsh015.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b34", + "block_sequence": 34, + "block_sha256": "6dd66c11794f8daf7fb527f6d79440ccf3c010a8c2e7f0336d08b45bce78d553", + "block_type": "paragraph", + "char_count": 3280, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 34, + "char_end": 3280, + "char_start": 0, + "fragment_sha256": "3249bcdf3aee19b82db0202375e171d73599dc045ca54a4ab807f12acd9f1ffd", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "15 Adjusted Net Loss and Adjusted EBITDA / Margin We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss. We calculate Adjusted Net Loss as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, intangibles amortization expense, and the amortization of stock-based compensation capitalized to internally developed software (\"IDSW\"). It excludes expenses that are not directly related to our revenue- generating operations such as restructuring and legal contingency accruals. It excludes loss (gain) on extinguishment of debt as these expenses or gains were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities and the 0.25% convertible senior notes due in 2026 (the \"2026 Notes\") early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue. Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b35", + "block_sequence": 35, + "block_sha256": "82c8ec0d4a92310189743527929ef31593828d9b555be0c920c0d4738add4cd6", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 35, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "158d341d74d60071afbdad28480dfc5bfa6ac620c866bb4e94fd6ff5f431d8e2", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q25opendoorsh016.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b36", + "block_sequence": 36, + "block_sha256": "5f518c542905501469f610f2d0f217e073cec7345a4542bf1af641ebf6ffd4e9", + "block_type": "paragraph", + "char_count": 4446, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 36, + "char_end": 4446, + "char_start": 0, + "fragment_sha256": "d71d91ebaa977386dd5ed8f08121be8a02b279b87b22885e9dbb9224c1f1e8a6", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "16 Adjusted Operating Expense We also present Adjusted Operating Expense, which is a non-GAAP financial measure that bridges the difference between Contribution Profit and Adjusted EBITDA. We believe this measure provides investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to Contribution Profit (Loss) and certain charges that are non-cash, or not directly related to our revenue-generating operations are removed. Adjusted Operating Expense is a supplemental measure of our operating expenditures and has important limitations. For example, this measure excludes the impact of certain costs required to be recorded under GAAP. This measure removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to Contribution Margin. This measure could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, this measure should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of this measure to the most directly comparable GAAP financial measure, which is operating expenses. We calculate Adjusted Operating Expense as GAAP operating expense adjusted to exclude direct selling costs and holding costs included in determining Contribution Profit (Loss). The measure also excludes non-cash expenses of stock-based compensation, depreciation and amortization, intangibles amortization, and the amortization of stock-based compensation capitalized to IDSW. It also excludes expenses that are not directly related to our revenue-generating operations such as restructuring charges and legal contingency accruals. Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, Adjusted Technology and Development We also present Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, and Adjusted Technology and Development, which are non-GAAP financial measures that provide investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to contribution profit and certain charges that are non-cash are removed. These supplemental measures of our operating expenditures have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. Specifically, Adjusted Sales, Marketing and Operations removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to Contribution Margin. These measures could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which are Sales, marketing and operations expense, General and administrative expense and Technology and development expense. We calculate Adjusted Sales, Marketing and Operations as GAAP sales, marketing and operations expenses to exclude direct selling costs and holding costs included in determining Contribution Profit (Loss). This measure also excludes non-cash expenses of stock-based compensation, depreciation and amortization of intangibles associated with sales, marketing and operations assets. We calculate Adjusted General and Administrative as GAAP general and administrative expenses to exclude non-cash expenses of stock-based compensation, depreciation and amortization of intangibles associated with general and administrative assets. It also excludes expenses that are not directly related to our revenue-generating operations such as legal contingency accruals. We calculate Adjusted Technology and Development as GAAP technology and development expenses to exclude non-cash expenses of stock-based compensation, the amortization of stock-based compensation capitalized to IDSW, and depreciation and amortization associated with technology and development assets. Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b37", + "block_sequence": 37, + "block_sha256": "f470942f94d691fdf11d1913d651c8161b4fa4183c05e5d25227667417f3a7ce", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 37, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "a46656231b0e9881ecfdb8c5471314632e47ddb2a6213d5f67a6b5fccaa1472c", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q25opendoorsh017.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b38", + "block_sequence": 38, + "block_sha256": "e0131e0e8f068a8b507f8fdffacbc0c17c83f8cc5b3ab5353e68d94ebeb2a7cf", + "block_type": "paragraph", + "char_count": 1289, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 38, + "char_end": 1289, + "char_start": 0, + "fragment_sha256": "335df2079ce14d89154cb685e609aeaf6ee4f9e19ad938e0663a875624fa57e4", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "17 Three Months Ended March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Revenue $ 1,153 $ 1,084 $ 1,377 $ 1,511 $ 1,181 Gross profit $ 99 $ 85 $ 105 $ 129 $ 114 Gross Margin 8.6 % 7.8 % 7.6 % 8.5 % 9.7 % Net loss $ (85) $ (113) $ (78) $ (92) $ (109) Number of markets (at period end) 50 50 50 50 50 Homes sold 2,946 2,822 3,615 4,078 3,078 Homes purchased 3,609 2,951 3,504 4,771 3,458 Homes in inventory (at period end) 7,080 6,417 6,288 6,399 5,706 Inventory (at period end) $ 2,362 $ 2,159 $ 2,145 $ 2,234 $ 1,881 Percentage of homes \u201con the market\u201d for greater than 120 days (at period end) 27 % 46 % 23 % 14 % 15 % Non-GAAP Financial Highlights (1) Contribution Profit $ 54 $ 38 $ 52 $ 95 $ 57 Contribution Margin 4.7 % 3.5 % 3.8 % 6.3 % 4.8 % Adjusted EBITDA $ (30) $ (49) $ (38) $ (5) $ (50) Adjusted EBITDA Margin (2.6) % (4.5) % (2.8) % (0.3) % (4.2) % Adjusted Net Loss $ (63) $ (77) $ (70) $ (31) $ (80) OPENDOOR TECHNOLOGIES INC. FINANCIAL HIGHLIGHTS AND OPERATING METRICS (In millions, except percentages, homes sold, number of markets, homes purchased, and homes in inventory) (Unaudited) (1) See \u201c\u2014Use of Non-GAAP Financial Measures\u201d for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures." + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b39", + "block_sequence": 39, + "block_sha256": "467877999667dceb311042ea88894e569f7bec1931f01a330d9ff3d319cb19b1", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 39, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "9270d56f4be3c2785ebd2e97bb460c87b5d86aeaf6703892926a73bc4b09500b", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q25opendoorsh018.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b40", + "block_sequence": 40, + "block_sha256": "3977e8f1873d3abb10a65cc93cea7ab0d85e73f87f162b2def2768bd25e020b6", + "block_type": "paragraph", + "char_count": 1213, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 40, + "char_end": 1213, + "char_start": 0, + "fragment_sha256": "7e448e14033caa1ed7cf8748a80a161af2cf874ce1824263552abf11d4da6770", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "18 Three Months Ended March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 REVENUE $ 1,153 $ 1,084 $ 1,377 $ 1,511 $ 1,181 COST OF REVENUE 1,054 999 1,272 1,382 1,067 GROSS PROFIT 99 85 105 129 114 OPERATING EXPENSES: Sales, marketing and operations 98 88 96 116 113 General and administrative 33 41 46 48 47 Technology and development 21 33 30 37 41 Restructuring 3 17 \u2014 \u2014 \u2014 Total operating expenses 155 179 172 201 201 LOSS FROM OPERATIONS (56) (94) (67) (72) (87) LOSS ON EXTINGUISHMENT OF DEBT \u2014 (1) \u2014 (1) \u2014 INTEREST EXPENSE (33) (32) (34) (30) (37) OTHER INCOME \u2013 Net 4 14 23 12 15 LOSS BEFORE INCOME TAXES (85) (113) (78) (91) (109) INCOME TAX EXPENSE \u2014 \u2014 \u2014 (1) \u2014 NET LOSS $ (85) $ (113) $ (78) $ (92) $ (109) Net loss per share attributable to common shareholders: Basic $ (0.12) $ (0.16) $ (0.11) $ (0.13) $ (0.16) Diluted $ (0.12) $ (0.16) $ (0.11) $ (0.13) $ (0.16) Weighted-average shares outstanding: Basic 723,542 716,317 705,359 693,445 682,457 Diluted 723,542 716,317 705,359 693,445 682,457 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited)" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b41", + "block_sequence": 41, + "block_sha256": "edba86a997452b980042acfad72feebb2d98a62827b7054087b250693e17ea08", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 41, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "d5d8cbe2dfc7f28ea463aa95ca6ef150a99965f572a3f0b3f01ae831bfb062e0", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q25opendoorsh019.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b42", + "block_sequence": 42, + "block_sha256": "624c8ccf6d98981218a4fe5506bc4842bc6f086343a055d0cfc24af960b09ce6", + "block_type": "paragraph", + "char_count": 1395, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 42, + "char_end": 1395, + "char_start": 0, + "fragment_sha256": "cf1b5ddcdb083b70f4c3494178bce372428a2c68b530b54582590920c7e96292", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "19 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) March 31, 2025 December 31, 2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 559 $ 671 Restricted cash 134 92 Marketable securities \u2014 8 Escrow receivable 20 6 Real estate inventory, net 2,362 2,159 Other current assets 77 61 Total current assets 3,152 2,997 PROPERTY AND EQUIPMENT \u2013 Net 44 48 RIGHT OF USE ASSETS 17 18 GOODWILL 3 3 OTHER ASSETS 61 60 TOTAL ASSETS $ 3,277 $ 3,126 LIABILITIES AND SHAREHOLDERS\u2019 EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 102 $ 92 Non-recourse asset-backed debt \u2013 current portion 946 432 Interest payable 3 3 Lease liabilities \u2013 current portion 2 2 Total current liabilities 1,053 529 NON-RECOURSE ASSET-BACKED DEBT \u2013 Net of current portion 1,187 1,492 CONVERTIBLE SENIOR NOTES 378 378 LEASE LIABILITIES \u2013 Net of current portion 13 13 OTHER LIABILITIES 1 1 Total liabilities 2,632 2,413 SHAREHOLDERS\u2019 EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 726,835,454 and 719,990,121 shares issued, respectively; 726,835,454 and 719,990,121 shares outstanding, respectively \u2014 \u2014 Additional paid-in capital 4,455 4,438 Accumulated deficit (3,810) (3,725) Accumulated other comprehensive loss \u2014 \u2014 Total shareholders\u2019 equity 645 713 TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY $ 3,277 $ 3,126" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b43", + "block_sequence": 43, + "block_sha256": "52b28bab11e62efd2696baa96c9793d9a3eb079cc6bb568923022006acfd74c9", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 43, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "653db7d159fbe8db88c74298c8b3c592e9ad4c1d7b8f8ac73638c9eeb9d4920b", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q25opendoorsh020.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b44", + "block_sequence": 44, + "block_sha256": "1fb02d5bae0f7f4afeceee86330cdb14a23794ba07d5b2460aa1dbcac582382b", + "block_type": "paragraph", + "char_count": 1961, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 44, + "char_end": 1961, + "char_start": 0, + "fragment_sha256": "d31fbe7108beacb7cf4efdfc569f7973500883ac1976292d9710c689c7955460", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "20 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Three Months Ended March 31, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (85) $ (109) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash used in operating activities: Depreciation and amortization 10 14 Amortization of right of use asset 1 2 Stock-based compensation 14 33 Inventory valuation adjustment 13 7 Change in fair value of equity securities 3 2 Other \u2014 2 Changes in operating assets and liabilities: Escrow receivable (14) (6) Real estate inventory (212) (114) Other assets (16) (13) Accounts payable and other accrued liabilities 8 6 Lease liabilities (1) (2) Net cash used in operating activities (279) (178) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (4) (8) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 6 30 Net cash provided by investing activities 2 22 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common stock for ESPP 1 2 Proceeds from non-recourse asset-backed debt 576 \u2014 Principal payments on non-recourse asset-backed debt (362) (100) Payment of loan origination fees and debt issuance costs (8) \u2014 Net cash provided by (used in) financing activities 207 (98) NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (70) (254) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 Beginning of period 763 1,540 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 End of period $ 693 $ 1,286 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION \u2013 Cash paid during the period for interest $ 31 $ 34 DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 1 $ 5 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 559 $ 953 Restricted cash 134 333 Cash, cash equivalents, and restricted cash $ 693 $ 1,286" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b45", + "block_sequence": 45, + "block_sha256": "c2e19269e8bfdf8ce1e1b4a09a3cafd9d25d184e9d5ff430ba295d7eebbb1139", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 45, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "c462c154da904859b045a71357f954098fd3d733d30bab96b896e8b8faa9a135", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q25opendoorsh021.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b46", + "block_sequence": 46, + "block_sha256": "9212f02616df8064a02f413ec548df768d25a107abd1bfb63569590d8ef44911", + "block_type": "paragraph", + "char_count": 2374, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 46, + "char_end": 2374, + "char_start": 0, + "fragment_sha256": "16de5db3c99594cb6fbef74eaffc614a783af98ba1346e2ffebb4963fb596672", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "21 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT AND CONTRIBUTION PROFIT TO OUR GROSS PROFIT (Unaudited) Three Months Ended (in millions, except percentages and homes sold, or as noted) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Revenue (GAAP) $ 1,153 $ 1,084 $ 1,377 $ 1,511 $ 1,181 Gross profit (GAAP) $ 99 $ 85 $ 105 $ 129 $ 114 Gross Margin 8.6 % 7.8 % 7.6 % 8.5 % 9.7 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f(1)(2) 13 6 10 34 7 Inventory valuation adjustment \u2013 Prior Periods\u034f(1)(3) (12) (16) (16) (9) (17) Adjusted Gross Profit $ 100 $ 75 $ 99 $ 154 $ 104 Adjusted Gross Margin 8.7 % 6.9 % 7.2 % 10.2 % 8.8 % Adjustments: Direct selling costs(4) (29) (23) (32) (43) (34) Holding costs on sales \u2013 Current Period\u034f(5)(6) (5) (4) (6) (5) (5) Holding costs on sales \u2013 Prior Periods\u034f(5)(7) (12) (10) (9) (11) (8) Contribution Profit $ 54 $ 38 $ 52 $ 95 $ 57 Homes sold in period 2,946 2,822 3,615 4,078 3,078 Contribution Profit per Home Sold (in thousands) $ 18 $ 13 $ 14 $ 23 $ 19 Contribution Margin 4.7 % 3.5 % 3.8 % 6.3 % 4.8 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes, and are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented." + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b47", + "block_sequence": 47, + "block_sha256": "4a8108dab5a5612d214a95964e0f4361b28f859676dd2945fe314e38e37efe8f", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 47, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "2d6adf59dc543317fb6ca377a209186bbf331670d6b79e28d306a4482e2506f0", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q25opendoorsh022.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b48", + "block_sequence": 48, + "block_sha256": "10f18196d4ca1d25f3d13621e4c6863df18f47eb45625487bedb01ba336b9b81", + "block_type": "paragraph", + "char_count": 3715, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 48, + "char_end": 3715, + "char_start": 0, + "fragment_sha256": "ddd5dcebe3fc190a7ed87f123bf7d8a28ad27071047fffbfc2eb5ac6ce417988", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "22 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED NET LOSS AND ADJUSTED EBITDA TO OUR NET LOSS (Unaudited) Three Months Ended (in millions, except percentages) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Revenue (GAAP) $ 1,153 $ 1,084 $ 1,377 $ 1,511 $ 1,181 Net loss (GAAP) $ (85) $ (113) $ (78) $ (92) $ (109) Adjustments: Stock-based compensation 14 23 25 33 33 Equity securities fair value adjustment(1) 3 \u2014 3 2 2 Intangibles amortization expense(2) \u2014 \u2014 1 1 2 Amortization of stock-based compensation capitalized to IDSW(3) 3 \u2014 \u2014 \u2014 \u2014 Inventory valuation adjustment \u2013 Current Period\u034f(4)(5) 13 6 10 34 7 Inventory valuation adjustment \u2014 Prior Periods\u034f(4)(6) (12) (16) (16) (9) (17) Restructuring(7) 3 17 \u2014 \u2014 \u2014 Loss on extinguishment of debt \u2014 1 \u2014 1 \u2014 Legal contingency accrual and related expenses \u2014 5 \u2014 \u2014 \u2014 Other(8) (2) \u2014 (15) (1) 2 Adjusted Net Loss $ (63) $ (77) $ (70) $ (31) $ (80) Adjustments: Depreciation and amortization, excluding amortization of intangibles 5 7 10 7 11 Property financing(9) 29 28 30 26 32 Other interest expense(10) 4 4 4 4 5 Interest income(11) (5) (11) (12) (12) (18) Income tax expense \u2014 \u2014 \u2014 1 \u2014 Adjusted EBITDA $ (30) $ (49) $ (38) $ (5) $ (50) Adjusted EBITDA Margin (2.6) % (4.5) % (2.8) % (0.3) % (4.2) % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets had useful lives ranging from 1 to 5 years and amortization was incurred until the intangible assets were fully amortized in 2024. (3) Beginning in the quarter ended March 31, 2025, the Company revised the presentation of the amortization of stock-based compensation capitalized to IDSW to more appropriately present the full impact of all stock-based compensation expenses. This expense was previously included in \u201cDepreciation and amortization, excluding amortization of intangibles.\u201d Had this presentation been applied for the three months ended December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, Adjusted Net Loss would have improved by $3 million, $3 million, $3 million, and $4 million, respectively, with no impact to Adjusted EBITDA. (4) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (5) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (6) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (7) Restructuring costs consist primarily of severance and employee termination benefits and bonuses incurred in connection with the elimination of employees\u2019 roles. Additionally, these costs include expenses related to the termination of certain non-cancelable leases and consulting fees incurred during the restructuring process. (8) Includes primarily gain on deconsolidation, net, impairment of IDSW projects related to restructuring, related party services income, and sublease income. (9) Includes interest expense on our non-recourse asset-backed debt facilities. (10) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset- backed debt facilities, and interest expense related to the 2026 Notes outstanding. (11) Consists mainly of interest earned on cash, cash equivalents, restricted cash, and marketable securities." + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b49", + "block_sequence": 49, + "block_sha256": "21e0bd6e42f2a21674c0e8a689497957ba04bf5417423bf9ad2ecdbba0260d3b", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 49, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "16f29160875a343cc27a745c417858d5f917f2fe5e0fdc9cb8a3b6bf46e8ebe7", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q25opendoorsh023.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b50", + "block_sequence": 50, + "block_sha256": "64d5e93a7e4b75f20894960e36939a8860934cdb0b22a5425454031827a9d1ca", + "block_type": "paragraph", + "char_count": 2755, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 50, + "char_end": 2755, + "char_start": 0, + "fragment_sha256": "ed03493b9f5a09ee5ab8554c85328954dd2008964f6282bcd7904a6e72a55044", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "23 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED OPERATING EXPENSES TO OUR OPERATING EXPENSES (Unaudited) Three Months Ended (in millions, except percentages) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 OPERATING EXPENSES: Sales, marketing and operations 98 88 96 116 113,000 113 General and administrative 33 41 46 48 47 Technology and development 21 33 30 37 41 Restructuring 3 17 \u2014 \u2014 \u2014 Total Operating Expenses (GAAP) $ 155 $ 179 $ 172 $ 201 $ 201 Operating Expenses (GAAP) $ 155 $ 179 $ 172 $ 201 $ 201 Adjustments: Direct Selling Costs(1) (29) (23) (32) (43) (34) Holding costs included in contribution profit(2) (17) (14) (15) (16) (13) Stock-based compensation (14) (23) (25) (33) (33) Intangibles amortization expense(3) \u2014 \u2014 (1) (1) (2) Amortization of stock-based compensation capitalized IDSW(4) (3) \u2014 \u2014 \u2014 \u2014 Restructuring (3) (17) \u2014 \u2014 \u2014 Legal contingency accrual \u2014 (5) \u2014 \u2014 \u2014 Depreciation and amortization, excluding amortization of intangibles (5) (7) (10) (7) (11) Other \u2014 (3) 1 (1) (1) Total Adjusted Operating Expenses (Non-GAAP) $ 84 $ 87 $ 90 $ 100 $ 107 (1) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes, and are included in Sales, marketing and operations. (2) Represents holding costs incurred in the period presented on homes sold in the period presented as well as holding costs incurred in prior periods on homes sold in the period presented (\u201cResale Cohort Holding Costs.\u201d) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations in the period in which they are incurred (\u201cGAAP Holding Costs.\u201d) (3) Represents amortization of acquisition-related intangible assets. The acquired intangible assets had useful lives ranging from 1 to 5 years and amortization was expected until the intangible assets were fully amortized in 2024. (4) Beginning in the quarter ended March 31, 2025, the Company revised the presentation of the amortization of stock-based compensation capitalized to IDSW to more appropriately present the full impact of all stock-based compensation expenses. This expense was previously included in \u201cDepreciation and amortization, excluding amortization of intangibles\u201d. Had this presentation been applied for the three months ended December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, Adjusted Net Loss would have improved by $3 million, $3 million, $3 million, and $4 million, respectively, with no impact to Adjusted EBITDA." + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b51", + "block_sequence": 51, + "block_sha256": "1b9f73cbbbceb90ed9756d6d38e57be0f13eea73a21bcfcd98f25ce2bf781e7b", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 51, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "ce2c72110dc48cddd41ebbbcc71fd2336259526cb215c9c9df229261475c688c", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9921q25opendoorsh024.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b52", + "block_sequence": 52, + "block_sha256": "ce45b4d13be33dec03ab653bfdb9ecd57c5bb54efc8a00871c0ad79f63080590", + "block_type": "paragraph", + "char_count": 4295, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 52, + "char_end": 4295, + "char_start": 0, + "fragment_sha256": "8f79e2536c3a9522c70b2066e5474ee95aeb85fefdf426aee589cbf46adc92e0", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", + "table": null, + "text": "24 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED SALES, MARKETING AND OPERATIONS; ADJUSTED GENERAL AND ADMINISTRATIVE; AND ADJUSTED TECHNOLOGY AND DEVELOPMENT EXPENSES TO THEIR CORRESPONDING GAAP MEASURES (Unaudited) Three Months Ended (in millions) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Sales, marketing and operations (GAAP)(1) $ 98 $ 88 $ 96 $ 116 $ 113 Direct Selling Costs(2) (29) (23) (32) (43) (34) Holding costs included in contribution profit(3)(4) (17) (14) (15) (16) (13) Stock-based compensation (2) (2) (2) (4) (5) Intangibles amortization expense(5) \u2014 \u2014 (1) (1) (2) Adjusted Sales, Marketing and Operations (Non- GAAP)(6) $ 50 $ 49 $ 46 $ 52 $ 59 General and administrative (GAAP) $ 33 $ 41 $ 46 $ 48 $ 47 Stock-based compensation (9) (13) (16) (17) (16) Legal contingency accrual and related expenses \u2014 (5) \u2014 \u2014 \u2014 Depreciation and amortization, excluding amortization of intangibles \u2014 \u2014 (2) \u2014 \u2014 Other \u2014 \u2014 1 (1) (1) Adjusted General and Administrative (Non-GAAP)(6) $ 24 $ 23 $ 29 $ 30 $ 30 Technology and development (GAAP) $ 21 $ 33 $ 30 $ 37 $ 41 Stock-based compensation (3) (8) (7) (12) (12) Amortization of stock-based compensation capitalized to IDSW(7) (3) \u2014 \u2014 \u2014 \u2014 Depreciation and amortization, excluding amortization of intangibles (5) (7) (8) (7) (11) Other \u2014 (3) \u2014 \u2014 \u2014 Adjusted Technology and Development (Non- GAAP)(7) $ 10 $ 15 $ 15 $ 18 $ 18 Note: Advertising expenses(1) $ 24 $ 23 $ 15 $ 21 $ 27 (1) Advertising expenses are included in Sales, marketing and operations. (2) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow- related fees and transfer taxes and are included in Sales, marketing and operations. (3) Represents holding costs incurred in the period presented on homes sold in the period presented as well as holding costs incurred in prior periods on homes sold in the period presented (\u201cResale Cohort Holding Costs.\u201d) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations in the period in which they are incurred (\u201cGAAP Holding Costs.\u201d) (4) The table below presents the timing difference within Adjusted Sales, marketing and operations related to holding costs. The amount of GAAP Holding Costs recognized during the period may be in excess of/ (less than) the amount of Resale Cohort Holding costs related to homes sold in the relevant period and included in Contribution Profit. Three Months Ended March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Total GAAP Holding Costs $ 21 $ 21 $ 20 $ 17 $ 11 Holding costs on sales - Current Period (5) (4) (6) (5) (5) Holding costs on sales - Prior Periods (12) (10) (9) (11) (8) Less: Resale Cohort Holding Costs (17) (14) (15) (16) (13) GAAP Holding Costs in excess of / (less than) Resale Holding Costs included in Contribution Profit $ 4 $ 7 $ 5 $ 1 $ (2) (5) Represents amortization of acquisition-related intangible assets. The acquired intangible assets had useful lives ranging from 1 to 5 years and amortization was expected until the intangible assets were fully amortized in 2024. (6) The sum of Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, and Adjusted Technology and Development expenses is equal to Total Adjusted Operated Expenses (Non-GAAP). Refer to the \"Reconciliation of our Adjusted Operating Expenses to our Operating Expenses\" table on Page 23. (7) Beginning in the quarter ended March 31, 2025, the Company revised the presentation of the amortization of stock-based compensation capitalized to IDSW to more appropriately present the full impact of all stock-based compensation expenses. This expense was previously included in \u201cDepreciation and amortization, excluding amortization of intangibles.\u201d Had this presentation been applied for the three months ended December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, Adjusted Net Loss would have improved by $3 million, $3 million, $3 million, and $4 million, respectively, with no impact to Adjusted EBITDA." + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b53", + "block_sequence": 53, + "block_sha256": "78dc37a865d7d43fe38df7f24ac3d3fdd172afcf949cbb8089ce9b3c20073ece", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", + "block_sequence": 53, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "712b1ea1f16329d1dcb4cdf9853743e162e909064a416b17cdeab1239f2d5966", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": 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Reduced our Adjusted EBITDA Loss to $(30) million, a meaningful improvement from $(50) million in 1Q24. We are relentlessly focused on our mission to reinvent the U.S. residential real estate industry: making it simpler, more convenient, and more customer-centric. Our strategic focus areas are intended to leverage the capabilities we've built over the past decade while developing our home transaction platform. Amid heightened uncertainty from shifting economic policies and the evolving tariff landscape, the broader macroeconomic environment remains challenging, and the U.S. housing market is no exception. With interest rates hovering near 7%, buyer demand is weak. Housing activity has slowed, with clearance rates, or the rate at which homes go under contract, down nearly 25% versus this time last year, and delistings up over 30%. While we expect these pressures to persist, we remain focused on delivering what matters: certainty, convenience, and control, especially when customers need it most. Against this backdrop, we have proactively widened our spreads with the goal of managing risk and preserving our margins. Our 2025 priorities are designed to take advantage of the trusted platform we’ve built over the past decade, with a focus on disciplined execution and improving profitability. Acquired 3,609 homes, up 4% versus 1Q24 — demonstrating improved conversion even as we operated with higher spreads. We entered the year with a clear plan to drive towards profitability while strengthening our product experience and leadership position. Our progress is reflected in our first quarter results: Delivered $99 million of gross profit, versus $114 million in 1Q24, representing an 8.6% gross margin, and $54 million of Contribution Profit, versus $57 million in 1Q24, representing a 4.7% Contribution Margin. Opendoor Shareholders, 2 A letter from our CEO Executing Against Our Plan Sold 2,946 homes, which generated $1.2 billion of revenue, roughly in line with 1Q24 revenue. Note: Adjusted Operating Expenses, Adjusted Gross Profit, Contribution Profit, Contribution Margin, Adjusted Net Loss, and Adjusted EBITDA are non-GAAP financial measures. 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These agents are also leveraging our platform to conduct home assessments, saving time for customers and enabling faster delivery of final underwritten offers. There will continue to be customers who come to Opendoor directly and want the self-serve experience we have pioneered, but we expect many customers will benefit from having an advisor help them navigate the selling process. We will see how our pilot evolves, but we believe that this channel will allow us to serve more sellers, monetize a greater portion of our funnel and improve conversion through a more personalized experience, and leverage our selling platform to drive more asset-lite business. For over a decade, we’ve focused on simplifying the real estate transaction process. Our unique cash offer platform empowers homeowners to sell their homes with certainty. This unmatched offering has helped us build a robust funnel of high-intent sellers. Looking ahead, we have a vision to become the definitive platform for all home sellers to explore and choose their best options – whether that’s accepting a cash offer or partnering with an agent to list their home. We are investing in our future by broadening our product offerings, expanding our distribution strategy, and enhancing the overall customer experience. Investing for Future Growth 3"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b12"], "char_count": 2430, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6ed140e3a798d040be61f6366af54d50bd5863c6be15b7856660431a427eeb74", "derivation_id": "ac936bb87170f1c907cc46010e0ce470f742c301d535ecf4c10259e61f282712", "document_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "block_sequence": 12, "char_end": 2430, "char_start": 0, "fragment_sha256": "dbccd63a74848a51974a86c7a4ae7824b6cee2155ac64e0aa09c6acfea985b6e", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-06", "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/exhibit9921q25opendoorsh.htm", "table_id": null, "text": "Shareholder Letter 1Q25 3. Targeted marketing As we discussed last quarter, we are aligning our advertising with seasonal dynamics, which we expect to drive greater efficiency in our marketing spend. Given typical seasonal housing patterns, we generally embed lower spreads in our offers in Q4 and Q1, as we anticipate greater home price appreciation on those acquisitions. This enables us to acquire more homes in those quarters and positions us to sell into Q2 and Q3, when buying demand tends to be strongest. Conversely, we plan to scale back marketing in Q2 and Q3, as spreads are generally higher, resulting in fewer acquisitions during those periods. Consistent with our strategy, we expect marketing spend in the second quarter to be meaningfully lower than in Q1, and we will deploy those dollars with the intention of maximizing efficiency and impact. For example, in April, we launched a creative marketing campaign that took advantage of the NFL draft, which is a key contextual marketing tentpole moment. This type of advertising has the ability to heighten brand awareness and drive outsized visit rates at efficient spend levels. 1. Pricing discipline We closely monitor a range of macroeconomic indicators to inform our spread levels. Given what we were seeing in the market, we increased the spreads embedded in our offers earlier and more aggressively than we otherwise would have with the intention of preserving our margins. While we expect this to pressure acquisition growth, we believe this is the right decision in the current environment. 2. Conversion improvements We are continuously enhancing our pricing models with the intention of more effectively allocating spreads and enhancing our conversion performance. Refinements to our price segmentation methodology and market-level spread accuracy implemented late last year have enabled improved conversion across a range of price points. We are also actively integrating new features into our algorithms to further sharpen our pricing capabilities; in the first quarter, we introduced enhancements to further refine home-level spreads to include factors like school district quality and active competition. In addition to improving the customer experience, our strategy to make progress towards profitability this year centers on four key priorities: Driving Towards Profitability 4 Opendoor Draft Campaign featured first round Draft pick, Ashton Jeanty"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b14", "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b16"], "char_count": 3033, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d328140530f0ce777d1d08df58a166692d7d3dbeb732a66efb9f871e46204550", "derivation_id": "ac936bb87170f1c907cc46010e0ce470f742c301d535ecf4c10259e61f282712", "document_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "block_sequence": 14, "char_end": 911, "char_start": 0, "fragment_sha256": "c5d6507f5e639d637a44e329e3ee62a4652593ab7533f6b37dced17b53486f86", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "block_sequence": 16, "char_end": 2120, "char_start": 0, "fragment_sha256": "6915bdc3cb47b9b478083bf0c38a59492d50f2578b351decab2cd0987d1e323a", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-06", "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/exhibit9921q25opendoorsh.htm", "table_id": null, "text": "Shareholder Letter 1Q25 We’ve built a category-defining platform. Now, we’re focused on delivering more options for sellers and agents, and transforming the end-to-end experience – balancing a drive to profitability with continued innovation. We look forward to updating you on our progress. 4. Operating with discipline We are building a lean, agile organization with a relentless focus on driving down costs and improving home-level unit economics across our portfolio. In the first quarter, our fixed operating expenses totaled $39 million, down $19 million versus 1Q24. By streamlining our expense base, we’re positioning ourselves to be a more efficient organization over time, and we are committed to identifying further cost efficiency opportunities moving forward. Coupled with improvements in Contribution Margin, we expect lower Adjusted Net Losses in 2025 versus the prior year. 5 Carrie Wheeler, CEO\n\nShareholder Letter 1Q25 GAAP Net Loss was $(85) million in 1Q25 versus $(109) million in 1Q24. Adjusted Net Loss was $(63) million in 1Q25, versus $(80) million in 1Q24. GAAP Operating Expenses were $155 million in 1Q25, down from $201 million in 1Q24. Adjusted Operating Expenses, defined as the delta between Contribution Profit and Adjusted EBITDA, were $84 million in 1Q25, down from $107 million in 1Q24. These reductions are a result of our efforts to optimize our cost structure and operate with greater efficiency. Adjusted EBITDA loss was $(30) million in 1Q25, ahead of the high end of our guidance range and down significantly from $(50) million in 1Q24. GAAP Gross Profit was $99 million in 1Q25, versus $114 million in 1Q24. GAAP Gross Margin was 8.6% in 1Q25, versus 9.7% in 1Q24. Adjusted Gross Profit was $100 million in 1Q25, versus $104 million in 1Q24. Contribution Profit was $54 million in the first quarter, versus $57 million in 1Q24. Contribution Margin of 4.7% came in at the high end of our guidance range and compares to 4.8% in 1Q24. In the first quarter, we delivered $1.2 billion of revenue, above the high end of our guidance range of $1.0 billion to $1.075 billion, representing 2,946 homes sold. This represents a 2% decline versus 1Q24, driven by slower clearance rates versus the prior year, partially offset by slightly higher revenue per home sold. On the acquisition side, we purchased 3,609 homes in the first quarter, surpassing our guidance of over 3,500 homes. This represents a 4% increase versus 1Q24 even despite higher spread levels incorporated into offers on these homes, underscoring the significant gains we have made in our conversion performance. 6 At the top of the year, we outlined our ambitions around improving the profitability of our cash offer business and reducing our Adjusted Net Losses. Our first quarter results show that we are off to a good start, demonstrating expense discipline and strong execution on acquisitions, revenue, Contribution Margin, and Adjusted EBITDA. Financial Highlights Volume and Revenue Unit Economics Net Loss and Adjusted EBITDA"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b18"], "char_count": 2712, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a4de2a3dc0bd4eaecc1502c9e0ebde087a19c088ca1a474f8c8b64f318bac085", "derivation_id": "ac936bb87170f1c907cc46010e0ce470f742c301d535ecf4c10259e61f282712", "document_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "block_sequence": 18, "char_end": 2712, "char_start": 0, "fragment_sha256": "a76644006ac918964ecdfa826ebb792e302e337cf65a2d4f7be091cadf2f29f6", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-06", "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/exhibit9921q25opendoorsh.htm", "table_id": null, "text": "Shareholder Letter 1Q25 We ended the first quarter with 7,080 homes, representing $2.4 billion in net inventory, up 24% from 1Q24, and $1.0 billion in capital, which is primarily composed of $559 million in unrestricted cash and $350 million of equity invested in homes and related assets (net of inventory valuation adjustments). At quarter end, we had $7.9 billion in non-recourse, asset-backed borrowing capacity, of which $2.1 billion was outstanding. Of that capacity, $7.4 billion has a scheduled revolving or withdrawal period that ends in 2026 or later. And our total committed borrowing capacity was $2.3 billion, of which $1.8 billion has a scheduled revolving or withdrawal period ending in 2026 or later. In the first quarter, we completed the renewal and extension of both of our mezzanine term debt facilities, all three of our senior revolving credit facilities with previously scheduled revolving period end dates in 2025, and one senior term debt facility with a previously scheduled withdrawal period end date in January 2025. The successful extension of these credit facilities is testament to the ongoing support and confidence of our capital partners and positions us to continue executing on our business plan. 7 Inventory and Other Balance Sheet Items Guidance We expect the following results for the second quarter of 2025: 1 Note: Opendoor has not provided a quantitative reconciliation of forecasted Contribution Profit (Loss) to forecasted GAAP gross profit (loss), forecasted Contribution Margin to forecasted GAAP Gross Margin, nor forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss), GAAP gross margin, operating expenses and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. For more information regarding the non-GAAP financial measures discussed in this shareholder letter, please see “Use of Non-GAAP Financial Measures” following the financial tables below. Revenue is expected to be between $1.45 billion and $1.525 billion Contribution Profit1 is expected to be between $65 million and $75 million, which implies a Contribution Margin1 of 4.5% to 4.9% Stock-based compensation expense is expected to range from $13 million to $15 million Adjusted EBITDA1 is expected to be between $10 million to $20 million"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b20", "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b22"], "char_count": 1930, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "79ac38a96decbe025e473be283bc34b6a2b2ee3d6bd1bc1163efedfafa5069e4", "derivation_id": "ac936bb87170f1c907cc46010e0ce470f742c301d535ecf4c10259e61f282712", "document_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "block_sequence": 20, "char_end": 1434, "char_start": 0, "fragment_sha256": "ce030f903bbb357c702b1ea3794ef1ad92f0f4087a8517c026f6f92f3fdb8ac8", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "block_sequence": 22, "char_end": 494, "char_start": 0, "fragment_sha256": "7a5d2cdc4c20bdc8dfea5b1e0a97a632c5aea42c7bf4b467dcb56c5222776bb9", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-06", "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/exhibit9921q25opendoorsh.htm", "table_id": null, "text": "Shareholder Letter 1Q25 Additionally, we expect our second quarter acquisitions to be approximately 1,700. Our acquisition outlook is informed primarily by two dynamics: While a slowdown in acquisitions will put pressure on revenue in the second half of the year, our goal is to deliver year-over-year Contribution Margin improvements despite lower revenue levels, via continued operating efficiencies and wider spreads. It is difficult to predict how sellers and buyers will respond to this volatile environment and how the macro will evolve. The pause we are seeing from consumers in this moment necessitates operating with higher spreads; however, we are monitoring for, and preparing to react to, improving market indicators and a more favorable environment, should it materialize. 8 Given the ongoing uncertainty with respect to mortgage rates, the impact of tariffs, and negative consumer sentiment, we are taking a more cautious approach, and we have increased spreads each month this year to reflect a slowing market. We will continue to adjust our spreads in response to market conditions and typical seasonality in the housing market. We expect to materially reduce our marketing spend in the second quarter as compared to the first quarter. This reflects both higher spread levels and our planned cadence for spend allocation across the year, which we believe should result in more efficient use of our advertising dollars.\n\nShareholder Letter 1Q25 Carrie Wheeler, CEO Selim Freiha, Chief Financial Officer Opendoor will host a conference call to discuss its financial results on May 6, 2025 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. May 6, 2025 at 2 p.m. PT investor.opendoor.com Conference Call Information 9 Live Webcast"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b24", "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b26"], "char_count": 194, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b052733729a4ebdea754f443cc9dcf30d4921beb5cc7148160cf3a0d336794c5", "derivation_id": "ac936bb87170f1c907cc46010e0ce470f742c301d535ecf4c10259e61f282712", "document_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "block_sequence": 24, "char_end": 90, "char_start": 0, "fragment_sha256": "08c2fa11ffa6fb74d55ef3c2dadb509eb91aa3c4ab784d6029548e34577088ac", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "block_sequence": 26, "char_end": 102, "char_start": 0, "fragment_sha256": "065c0e0d629afc975357301c53480edcee1860ff7fd854745f6388101dfdcc35", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-06", "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/exhibit9921q25opendoorsh.htm", "table_id": null, "text": "Shareholder Letter 1Q25/ Opendoor/ OpendoorHQ Company / Opendoor-com investor.opendoor.com\n\nShareholder Letter 1Q25 Shareholder Letter 1Q25 Definitions & Financial Tables Shareholder Letter 1Q25"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b28"], "char_count": 2854, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a20ab5e844ffe20d5ec821c7062b19d5b4e2a527dc42c2816fec8bd9a90c4b38", "derivation_id": "ac936bb87170f1c907cc46010e0ce470f742c301d535ecf4c10259e61f282712", "document_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "block_sequence": 28, "char_end": 2854, "char_start": 0, "fragment_sha256": "940db0e60c2cafd6e19ddd7aec4d4968e9dd7369624483ba3a2bc6de130e1344", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-06", "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/exhibit9921q25opendoorsh.htm", "table_id": null, "text": "This shareholder letter contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including, without limitation, statements regarding: current and future health and stability of the real estate housing market and general economy, including the effects of tariffs and shifting economic policies on the macroeconomic environment; volatility of mortgage interest rates, changes in resale clearance rates, delistings and expectations regarding future behavior of consumers and partners; impacts of changes to our acquisition rates; whether we are able to safeguard our margins by widening our spreads; the health and status of our financial condition; our ongoing transformation efforts and cost-efficiency opportunities; whether our efforts to optimize spread and adjust our marketing strategy for seasonality trends will improve profitability; anticipated future results of operations or financial performance, including our second quarter and full-year 2025 outlook and projections; our ability to achieve other long-term performance targets; our expectations regarding the impact of trends in seasonality on the real estate industry and our business; priorities of the Company to achieve future financial and business goals; our ability to continue to effectively navigate the markets in which we operate; health of our balance sheet to weather ongoing market transitions; our ability to adopt an effective approach to manage economic and industry risk, as well as inventory health; business strategy and plans, including any plans to expand into additional markets, market opportunity and expansion and objectives of management for future operations, including statements regarding the benefits and timing of the roll out of new markets, products or technology; and the expected benefits of refinancing efforts. Forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “vision”, “will”, or “would”, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b28"], "char_count": 3961, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "aab801e1657af2fa5b2a336a735a88c17573af437c28d40c38dddceaf856cb73", "derivation_id": "ac936bb87170f1c907cc46010e0ce470f742c301d535ecf4c10259e61f282712", "document_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "block_sequence": 28, "char_end": 6815, "char_start": 2854, "fragment_sha256": "940db0e60c2cafd6e19ddd7aec4d4968e9dd7369624483ba3a2bc6de130e1344", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-06", "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/exhibit9921q25opendoorsh.htm", "table_id": null, "text": "The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this shareholder letter include but are not limited to: the current and future health and stability of the economy, financial conditions and the residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, the imposition of tariffs and price or exchange controls, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that may impact demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our digital platform, including our automated pricing and valuation technology; our ability to realize expected benefits from our restructuring and cost reduction efforts; our ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our ability to protect our brand and intellectual property; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; any future impact of pandemics, epidemics, or other public health crises on our ability to operate, demand for our products and services, or other general economic conditions; the impact of the regulatory environment and potential regulatory instability within our industry and complexities with compliance related to such environment; changes in laws or government regulation affecting our business; and the impact of pending or future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2025, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b28"], "char_count": 373, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "4d307cbc43d7f0ad9a40e6a82d177715be68f13043c7461a3919c58af51c7c2b", "derivation_id": "ac936bb87170f1c907cc46010e0ce470f742c301d535ecf4c10259e61f282712", "document_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "block_sequence": 28, "char_end": 7188, "char_start": 6815, "fragment_sha256": "940db0e60c2cafd6e19ddd7aec4d4968e9dd7369624483ba3a2bc6de130e1344", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-06", "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/exhibit9921q25opendoorsh.htm", "table_id": null, "text": "Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 12 Forward-Looking Statements"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b30"], "char_count": 3138, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b09559d68df997c727a8ea74d3cc47801c38a2cd836afa562ed75ae3420eb4e5", "derivation_id": "ac936bb87170f1c907cc46010e0ce470f742c301d535ecf4c10259e61f282712", "document_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "block_sequence": 30, "char_end": 3138, "char_start": 0, "fragment_sha256": "73b2751b0f845a69d02ada8477acf214c9dfc66d1d066c84beea77a191f621cc", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#p11", "passage_kind": "narrative", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-06", "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/exhibit9921q25opendoorsh.htm", "table_id": null, "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company’s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit (Loss), Adjusted Net Loss, Adjusted EBITDA, Adjusted Operating Expenses, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non- GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results. Adjusted Gross Profit and Contribution Profit (Loss) To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit and Contribution Profit (Loss), which are non-GAAP financial measures. We believe that Adjusted Gross Profit and Contribution Profit (Loss) are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit (Loss) provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit and Contribution Profit (Loss) are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit. 13 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b32"], "char_count": 1826, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "510ba6201df4c2b364cc6ff182cebab9158b3572bcdba4e3ec680058e0399dac", "derivation_id": "ac936bb87170f1c907cc46010e0ce470f742c301d535ecf4c10259e61f282712", "document_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "block_sequence": 32, "char_end": 1826, "char_start": 0, "fragment_sha256": "b784742f74d95dabb0708f6742194d3e696a27a2fc2b20fb67684a271a810139", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-06", "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/exhibit9921q25opendoorsh.htm", "table_id": null, "text": "Adjusted Gross Profit / Margin We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. Adjusted Gross Margin is Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution Profit (Loss) / Margin We calculate Contribution Profit (Loss) as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit (Loss) helps management assess inflows and outflows directly associated with a specific resale cohort. 14 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b34"], "char_count": 3280, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6dd66c11794f8daf7fb527f6d79440ccf3c010a8c2e7f0336d08b45bce78d553", "derivation_id": "ac936bb87170f1c907cc46010e0ce470f742c301d535ecf4c10259e61f282712", "document_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "block_sequence": 34, "char_end": 3280, "char_start": 0, "fragment_sha256": "3249bcdf3aee19b82db0202375e171d73599dc045ca54a4ab807f12acd9f1ffd", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#p13", "passage_kind": "narrative", "passage_sequence": 13, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-06", "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/exhibit9921q25opendoorsh.htm", "table_id": null, "text": "15 Adjusted Net Loss and Adjusted EBITDA / Margin We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss. We calculate Adjusted Net Loss as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, intangibles amortization expense, and the amortization of stock-based compensation capitalized to internally developed software (\"IDSW\"). It excludes expenses that are not directly related to our revenue- generating operations such as restructuring and legal contingency accruals. It excludes loss (gain) on extinguishment of debt as these expenses or gains were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities and the 0.25% convertible senior notes due in 2026 (the \"2026 Notes\") early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue. Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b36"], "char_count": 3756, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "606c3bb2594d3d580cdd93437d775dc85fd43f530c2094ecdf733dc30187ff3c", "derivation_id": "ac936bb87170f1c907cc46010e0ce470f742c301d535ecf4c10259e61f282712", "document_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "block_sequence": 36, "char_end": 3756, "char_start": 0, "fragment_sha256": "d71d91ebaa977386dd5ed8f08121be8a02b279b87b22885e9dbb9224c1f1e8a6", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#p14", "passage_kind": "narrative", "passage_sequence": 14, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-06", "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/exhibit9921q25opendoorsh.htm", "table_id": null, "text": "16 Adjusted Operating Expense We also present Adjusted Operating Expense, which is a non-GAAP financial measure that bridges the difference between Contribution Profit and Adjusted EBITDA. We believe this measure provides investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to Contribution Profit (Loss) and certain charges that are non-cash, or not directly related to our revenue-generating operations are removed. Adjusted Operating Expense is a supplemental measure of our operating expenditures and has important limitations. For example, this measure excludes the impact of certain costs required to be recorded under GAAP. This measure removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to Contribution Margin. This measure could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, this measure should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of this measure to the most directly comparable GAAP financial measure, which is operating expenses. We calculate Adjusted Operating Expense as GAAP operating expense adjusted to exclude direct selling costs and holding costs included in determining Contribution Profit (Loss). The measure also excludes non-cash expenses of stock-based compensation, depreciation and amortization, intangibles amortization, and the amortization of stock-based compensation capitalized to IDSW. It also excludes expenses that are not directly related to our revenue-generating operations such as restructuring charges and legal contingency accruals. Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, Adjusted Technology and Development We also present Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, and Adjusted Technology and Development, which are non-GAAP financial measures that provide investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to contribution profit and certain charges that are non-cash are removed. These supplemental measures of our operating expenditures have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. Specifically, Adjusted Sales, Marketing and Operations removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to Contribution Margin. These measures could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which are Sales, marketing and operations expense, General and administrative expense and Technology and development expense. We calculate Adjusted Sales, Marketing and Operations as GAAP sales, marketing and operations expenses to exclude direct selling costs and holding costs included in determining Contribution Profit (Loss). This measure also excludes non-cash expenses of stock-based compensation, depreciation and amortization of intangibles associated with sales, marketing and operations assets."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b36"], "char_count": 689, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "876722803d60ab763fcf1f86c6ad4ab7599ac8ebae197713d7390adedf181a15", "derivation_id": "ac936bb87170f1c907cc46010e0ce470f742c301d535ecf4c10259e61f282712", "document_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "block_sequence": 36, "char_end": 4445, "char_start": 3756, "fragment_sha256": "d71d91ebaa977386dd5ed8f08121be8a02b279b87b22885e9dbb9224c1f1e8a6", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#p15", "passage_kind": "narrative", "passage_sequence": 15, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-06", "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/exhibit9921q25opendoorsh.htm", "table_id": null, "text": "We calculate Adjusted General and Administrative as GAAP general and administrative expenses to exclude non-cash expenses of stock-based compensation, depreciation and amortization of intangibles associated with general and administrative assets. It also excludes expenses that are not directly related to our revenue-generating operations such as legal contingency accruals. We calculate Adjusted Technology and Development as GAAP technology and development expenses to exclude non-cash expenses of stock-based compensation, the amortization of stock-based compensation capitalized to IDSW, and depreciation and amortization associated with technology and development assets. Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b38", "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b40"], "char_count": 2504, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "fbfc7266bfd7df187944414e38e32a9fc46f2cc193f2d49a19f0cda5663416b3", "derivation_id": "ac936bb87170f1c907cc46010e0ce470f742c301d535ecf4c10259e61f282712", "document_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "block_sequence": 38, "char_end": 1289, "char_start": 0, "fragment_sha256": "335df2079ce14d89154cb685e609aeaf6ee4f9e19ad938e0663a875624fa57e4", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "block_sequence": 40, "char_end": 1213, "char_start": 0, "fragment_sha256": "7e448e14033caa1ed7cf8748a80a161af2cf874ce1824263552abf11d4da6770", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#p16", "passage_kind": "narrative", "passage_sequence": 16, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-06", "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/exhibit9921q25opendoorsh.htm", "table_id": null, "text": "17 Three Months Ended March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Revenue $ 1,153 $ 1,084 $ 1,377 $ 1,511 $ 1,181 Gross profit $ 99 $ 85 $ 105 $ 129 $ 114 Gross Margin 8.6 % 7.8 % 7.6 % 8.5 % 9.7 % Net loss $ (85) $ (113) $ (78) $ (92) $ (109) Number of markets (at period end) 50 50 50 50 50 Homes sold 2,946 2,822 3,615 4,078 3,078 Homes purchased 3,609 2,951 3,504 4,771 3,458 Homes in inventory (at period end) 7,080 6,417 6,288 6,399 5,706 Inventory (at period end) $ 2,362 $ 2,159 $ 2,145 $ 2,234 $ 1,881 Percentage of homes “on the market” for greater than 120 days (at period end) 27 % 46 % 23 % 14 % 15 % Non-GAAP Financial Highlights (1) Contribution Profit $ 54 $ 38 $ 52 $ 95 $ 57 Contribution Margin 4.7 % 3.5 % 3.8 % 6.3 % 4.8 % Adjusted EBITDA $ (30) $ (49) $ (38) $ (5) $ (50) Adjusted EBITDA Margin (2.6) % (4.5) % (2.8) % (0.3) % (4.2) % Adjusted Net Loss $ (63) $ (77) $ (70) $ (31) $ (80) OPENDOOR TECHNOLOGIES INC. FINANCIAL HIGHLIGHTS AND OPERATING METRICS (In millions, except percentages, homes sold, number of markets, homes purchased, and homes in inventory) (Unaudited) (1) See “—Use of Non-GAAP Financial Measures” for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures.\n\n18 Three Months Ended March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 REVENUE $ 1,153 $ 1,084 $ 1,377 $ 1,511 $ 1,181 COST OF REVENUE 1,054 999 1,272 1,382 1,067 GROSS PROFIT 99 85 105 129 114 OPERATING EXPENSES: Sales, marketing and operations 98 88 96 116 113 General and administrative 33 41 46 48 47 Technology and development 21 33 30 37 41 Restructuring 3 17 — — — Total operating expenses 155 179 172 201 201 LOSS FROM OPERATIONS (56) (94) (67) (72) (87) LOSS ON EXTINGUISHMENT OF DEBT — (1) — (1) — INTEREST EXPENSE (33) (32) (34) (30) (37) OTHER INCOME – Net 4 14 23 12 15 LOSS BEFORE INCOME TAXES (85) (113) (78) (91) (109) INCOME TAX EXPENSE — — — (1) — NET LOSS $ (85) $ (113) $ (78) $ (92) $ (109) Net loss per share attributable to common shareholders: Basic $ (0.12) $ (0.16) $ (0.11) $ (0.13) $ (0.16) Diluted $ (0.12) $ (0.16) $ (0.11) $ (0.13) $ (0.16) Weighted-average shares outstanding: Basic 723,542 716,317 705,359 693,445 682,457 Diluted 723,542 716,317 705,359 693,445 682,457 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited)"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b42", "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b44"], "char_count": 3358, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1d53398af2da1757ff7ece3671a64e656ac56327ff33832536699f4dadb32d7e", "derivation_id": "ac936bb87170f1c907cc46010e0ce470f742c301d535ecf4c10259e61f282712", "document_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "block_sequence": 42, "char_end": 1395, "char_start": 0, "fragment_sha256": "cf1b5ddcdb083b70f4c3494178bce372428a2c68b530b54582590920c7e96292", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "block_sequence": 44, "char_end": 1961, "char_start": 0, "fragment_sha256": "d31fbe7108beacb7cf4efdfc569f7973500883ac1976292d9710c689c7955460", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#p17", "passage_kind": "narrative", "passage_sequence": 17, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-06", "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/exhibit9921q25opendoorsh.htm", "table_id": null, "text": "19 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) March 31, 2025 December 31, 2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 559 $ 671 Restricted cash 134 92 Marketable securities — 8 Escrow receivable 20 6 Real estate inventory, net 2,362 2,159 Other current assets 77 61 Total current assets 3,152 2,997 PROPERTY AND EQUIPMENT – Net 44 48 RIGHT OF USE ASSETS 17 18 GOODWILL 3 3 OTHER ASSETS 61 60 TOTAL ASSETS $ 3,277 $ 3,126 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 102 $ 92 Non-recourse asset-backed debt – current portion 946 432 Interest payable 3 3 Lease liabilities – current portion 2 2 Total current liabilities 1,053 529 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 1,187 1,492 CONVERTIBLE SENIOR NOTES 378 378 LEASE LIABILITIES – Net of current portion 13 13 OTHER LIABILITIES 1 1 Total liabilities 2,632 2,413 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 726,835,454 and 719,990,121 shares issued, respectively; 726,835,454 and 719,990,121 shares outstanding, respectively — — Additional paid-in capital 4,455 4,438 Accumulated deficit (3,810) (3,725) Accumulated other comprehensive loss — — Total shareholders’ equity 645 713 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 3,277 $ 3,126\n\n20 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Three Months Ended March 31, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (85) $ (109) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash used in operating activities: Depreciation and amortization 10 14 Amortization of right of use asset 1 2 Stock-based compensation 14 33 Inventory valuation adjustment 13 7 Change in fair value of equity securities 3 2 Other — 2 Changes in operating assets and liabilities: Escrow receivable (14) (6) Real estate inventory (212) (114) Other assets (16) (13) Accounts payable and other accrued liabilities 8 6 Lease liabilities (1) (2) Net cash used in operating activities (279) (178) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (4) (8) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 6 30 Net cash provided by investing activities 2 22 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common stock for ESPP 1 2 Proceeds from non-recourse asset-backed debt 576 — Principal payments on non-recourse asset-backed debt (362) (100) Payment of loan origination fees and debt issuance costs (8) — Net cash provided by (used in) financing activities 207 (98) NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (70) (254) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 763 1,540 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $ 693 $ 1,286 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $ 31 $ 34 DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 1 $ 5 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 559 $ 953 Restricted cash 134 333 Cash, cash equivalents, and restricted cash $ 693 $ 1,286"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b46"], "char_count": 2374, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9212f02616df8064a02f413ec548df768d25a107abd1bfb63569590d8ef44911", "derivation_id": "ac936bb87170f1c907cc46010e0ce470f742c301d535ecf4c10259e61f282712", "document_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "block_sequence": 46, "char_end": 2374, "char_start": 0, "fragment_sha256": "16de5db3c99594cb6fbef74eaffc614a783af98ba1346e2ffebb4963fb596672", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#p18", "passage_kind": "narrative", "passage_sequence": 18, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-06", "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/exhibit9921q25opendoorsh.htm", "table_id": null, "text": "21 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT AND CONTRIBUTION PROFIT TO OUR GROSS PROFIT (Unaudited) Three Months Ended (in millions, except percentages and homes sold, or as noted) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Revenue (GAAP) $ 1,153 $ 1,084 $ 1,377 $ 1,511 $ 1,181 Gross profit (GAAP) $ 99 $ 85 $ 105 $ 129 $ 114 Gross Margin 8.6 % 7.8 % 7.6 % 8.5 % 9.7 % Adjustments: Inventory valuation adjustment – Current Period͏(1)(2) 13 6 10 34 7 Inventory valuation adjustment – Prior Periods͏(1)(3) (12) (16) (16) (9) (17) Adjusted Gross Profit $ 100 $ 75 $ 99 $ 154 $ 104 Adjusted Gross Margin 8.7 % 6.9 % 7.2 % 10.2 % 8.8 % Adjustments: Direct selling costs(4) (29) (23) (32) (43) (34) Holding costs on sales – Current Period͏(5)(6) (5) (4) (6) (5) (5) Holding costs on sales – Prior Periods͏(5)(7) (12) (10) (9) (11) (8) Contribution Profit $ 54 $ 38 $ 52 $ 95 $ 57 Homes sold in period 2,946 2,822 3,615 4,078 3,078 Contribution Profit per Home Sold (in thousands) $ 18 $ 13 $ 14 $ 23 $ 19 Contribution Margin 4.7 % 3.5 % 3.8 % 6.3 % 4.8 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes, and are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#b48"], "char_count": 3715, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "10f18196d4ca1d25f3d13621e4c6863df18f47eb45625487bedb01ba336b9b81", "derivation_id": "ac936bb87170f1c907cc46010e0ce470f742c301d535ecf4c10259e61f282712", "document_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "block_sequence": 48, "char_end": 3715, "char_start": 0, "fragment_sha256": "ddd5dcebe3fc190a7ed87f123bf7d8a28ad27071047fffbfc2eb5ac6ce417988", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#p19", "passage_kind": "narrative", "passage_sequence": 19, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-06", "section_id": "norm:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000037:exhibit9921q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/exhibit9921q25opendoorsh.htm", "table_id": null, "text": "22 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED NET LOSS AND ADJUSTED EBITDA TO OUR NET LOSS (Unaudited) Three Months Ended (in millions, except percentages) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Revenue (GAAP) $ 1,153 $ 1,084 $ 1,377 $ 1,511 $ 1,181 Net loss (GAAP) $ (85) $ (113) $ (78) $ (92) $ (109) Adjustments: Stock-based compensation 14 23 25 33 33 Equity securities fair value adjustment(1) 3 — 3 2 2 Intangibles amortization expense(2) — — 1 1 2 Amortization of stock-based compensation capitalized to IDSW(3) 3 — — — — Inventory valuation adjustment – Current Period͏(4)(5) 13 6 10 34 7 Inventory valuation adjustment — Prior Periods͏(4)(6) (12) (16) (16) (9) (17) Restructuring(7) 3 17 — — — Loss on extinguishment of debt — 1 — 1 — Legal contingency accrual and related expenses — 5 — — — Other(8) (2) — (15) (1) 2 Adjusted Net Loss $ (63) $ (77) $ (70) $ (31) $ (80) Adjustments: Depreciation and amortization, excluding amortization of intangibles 5 7 10 7 11 Property financing(9) 29 28 30 26 32 Other interest expense(10) 4 4 4 4 5 Interest income(11) (5) (11) (12) (12) (18) Income tax expense — — — 1 — Adjusted EBITDA $ (30) $ (49) $ (38) $ (5) $ (50) Adjusted EBITDA Margin (2.6) % (4.5) % (2.8) % (0.3) % (4.2) % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets had useful lives ranging from 1 to 5 years and amortization was incurred until the intangible assets were fully amortized in 2024. (3) Beginning in the quarter ended March 31, 2025, the Company revised the presentation of the amortization of stock-based compensation capitalized to IDSW to more appropriately present the full impact of all stock-based compensation expenses. This expense was previously included in “Depreciation and amortization, excluding amortization of intangibles.” Had this presentation been applied for the three months ended December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, Adjusted Net Loss would have improved by $3 million, $3 million, $3 million, and $4 million, respectively, with no impact to Adjusted EBITDA. (4) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (5) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (6) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (7) Restructuring costs consist primarily of severance and employee termination benefits and bonuses incurred in connection with the elimination of employees’ roles. Additionally, these costs include expenses related to the termination of certain non-cancelable leases and consulting fees incurred during the restructuring process. (8) Includes primarily gain on deconsolidation, net, impairment of IDSW projects related to restructuring, related party services income, and sublease income. (9) Includes interest expense on our non-recourse asset-backed debt facilities. (10) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset- backed debt facilities, and interest expense related to the 2026 Notes outstanding. 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RECONCILIATION OF OUR ADJUSTED OPERATING EXPENSES TO OUR OPERATING EXPENSES (Unaudited) Three Months Ended (in millions, except percentages) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 OPERATING EXPENSES: Sales, marketing and operations 98 88 96 116 113,000 113 General and administrative 33 41 46 48 47 Technology and development 21 33 30 37 41 Restructuring 3 17 — — — Total Operating Expenses (GAAP) $ 155 $ 179 $ 172 $ 201 $ 201 Operating Expenses (GAAP) $ 155 $ 179 $ 172 $ 201 $ 201 Adjustments: Direct Selling Costs(1) (29) (23) (32) (43) (34) Holding costs included in contribution profit(2) (17) (14) (15) (16) (13) Stock-based compensation (14) (23) (25) (33) (33) Intangibles amortization expense(3) — — (1) (1) (2) Amortization of stock-based compensation capitalized IDSW(4) (3) — — — — Restructuring (3) (17) — — — Legal contingency accrual — (5) — — — Depreciation and amortization, excluding amortization of intangibles (5) (7) (10) (7) (11) Other — (3) 1 (1) (1) Total Adjusted Operating Expenses (Non-GAAP) $ 84 $ 87 $ 90 $ 100 $ 107 (1) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes, and are included in Sales, marketing and operations. (2) Represents holding costs incurred in the period presented on homes sold in the period presented as well as holding costs incurred in prior periods on homes sold in the period presented (“Resale Cohort Holding Costs.”) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations in the period in which they are incurred (“GAAP Holding Costs.”) (3) Represents amortization of acquisition-related intangible assets. The acquired intangible assets had useful lives ranging from 1 to 5 years and amortization was expected until the intangible assets were fully amortized in 2024. (4) Beginning in the quarter ended March 31, 2025, the Company revised the presentation of the amortization of stock-based compensation capitalized to IDSW to more appropriately present the full impact of all stock-based compensation expenses. This expense was previously included in “Depreciation and amortization, excluding amortization of intangibles”. 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RECONCILIATION OF OUR ADJUSTED SALES, MARKETING AND OPERATIONS; ADJUSTED GENERAL AND ADMINISTRATIVE; AND ADJUSTED TECHNOLOGY AND DEVELOPMENT EXPENSES TO THEIR CORRESPONDING GAAP MEASURES (Unaudited) Three Months Ended (in millions) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Sales, marketing and operations (GAAP)(1) $ 98 $ 88 $ 96 $ 116 $ 113 Direct Selling Costs(2) (29) (23) (32) (43) (34) Holding costs included in contribution profit(3)(4) (17) (14) (15) (16) (13) Stock-based compensation (2) (2) (2) (4) (5) Intangibles amortization expense(5) — — (1) (1) (2) Adjusted Sales, Marketing and Operations (Non- GAAP)(6) $ 50 $ 49 $ 46 $ 52 $ 59 General and administrative (GAAP) $ 33 $ 41 $ 46 $ 48 $ 47 Stock-based compensation (9) (13) (16) (17) (16) Legal contingency accrual and related expenses — (5) — — — Depreciation and amortization, excluding amortization of intangibles — — (2) — — Other — — 1 (1) (1) Adjusted General and Administrative (Non-GAAP)(6) $ 24 $ 23 $ 29 $ 30 $ 30 Technology and development (GAAP) $ 21 $ 33 $ 30 $ 37 $ 41 Stock-based compensation (3) (8) (7) (12) (12) Amortization of stock-based compensation capitalized to IDSW(7) (3) — — — — Depreciation and amortization, excluding amortization of intangibles (5) (7) (8) (7) (11) Other — (3) — — — Adjusted Technology and Development (Non- GAAP)(7) $ 10 $ 15 $ 15 $ 18 $ 18 Note: Advertising expenses(1) $ 24 $ 23 $ 15 $ 21 $ 27 (1) Advertising expenses are included in Sales, marketing and operations. (2) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow- related fees and transfer taxes and are included in Sales, marketing and operations. (3) Represents holding costs incurred in the period presented on homes sold in the period presented as well as holding costs incurred in prior periods on homes sold in the period presented (“Resale Cohort Holding Costs.”) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations in the period in which they are incurred (“GAAP Holding Costs.”) (4) The table below presents the timing difference within Adjusted Sales, marketing and operations related to holding costs. The amount of GAAP Holding Costs recognized during the period may be in excess of/ (less than) the amount of Resale Cohort Holding costs related to homes sold in the relevant period and included in Contribution Profit. Three Months Ended March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Total GAAP Holding Costs $ 21 $ 21 $ 20 $ 17 $ 11 Holding costs on sales - Current Period (5) (4) (6) (5) (5) Holding costs on sales - Prior Periods (12) (10) (9) (11) (8) Less: Resale Cohort Holding Costs (17) (14) (15) (16) (13) GAAP Holding Costs in excess of / (less than) Resale Holding Costs included in Contribution Profit $ 4 $ 7 $ 5 $ 1 $ (2) (5) Represents amortization of acquisition-related intangible assets. The acquired intangible assets had useful lives ranging from 1 to 5 years and amortization was expected until the intangible assets were fully amortized in 2024. (6) The sum of Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, and Adjusted Technology and Development expenses is equal to Total Adjusted Operated Expenses (Non-GAAP). Refer to the \"Reconciliation of our Adjusted Operating Expenses to our Operating Expenses\" table on Page 23. 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NON-GAAP MEASURES & KEY METRICS (Unaudited) Period Ended ($ in millions, except markets, homes purchased, homes sold, homes in inventory, and margins) Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Key Metrics Total Markets (at period end) 50 50 50 50 50 Total Revenue $ 1,153 $ 1,084 $ 1,377 $ 1,511 $ 1,181 Gross profit $ 99 $ 85 $ 105 $ 129 $ 114 Net loss $ (85) $ (113) $ (78) $ (92) $ (109) Inventory (at period end) $ 2,362 $ 2,159 $ 2,145 $ 2,234 $ 1,881 Non-GAAP Financial Measures Adjusted Gross Profit $ 100 $ 75 $ 99 $ 154 $ 104 Selling Costs (29) (23) (32) (43) (34) Holding Costs (17) (14) (15) (16) (13) Contribution Profit $ 54 $ 38 $ 52 $ 95 $ 57 Adjusted EBITDA $ (30) $ (49) $ (38) $ (5) $ (50) Adjusted Net Loss $ (63) $ (77) $ (70) $ (31) $ (80) Margins Total Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Gross profit 8.6 % 7.8 % 7.6 % 8.5 % 9.7 % Adjusted Gross Profit 8.7 % 6.9 % 7.2 % 10.2 % 8.8 % Contribution Profit 4.7 % 3.5 % 3.8 % 6.3 % 4.8 % Net loss (7.4) % (10.4) % (5.7) % (6.1) % (9.2) % Adjusted EBITDA (2.6) % (4.5) % (2.8) % (0.3) % (4.2) % Adjusted Net Loss (5.5) % (7.1) % (5.1) % (2.1) % (6.8) % Inventory Rollforward Homes in Inventory (at beginning of period) 6,417 6,288 6,399 5,706 5,326 Homes Purchased 3,609 2,951 3,504 4,771 3,458 Homes Sold (2,946) (2,822) (3,615) (4,078) (3,078) Homes in Inventory (at period end) 7,080 6,417 6,288 6,399 5,706 Exhibit 99.3" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit993q12025formxexh.htm#b7", + "block_sequence": 7, + "block_sha256": "28397fcad2e146a7f011fbfa554711c049164147162374103b76500b6340d5ae", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit993q12025formxexh.htm", + "block_sequence": 7, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "688f1b5b542498d2761814b3a78d01aa71e655718943d2d86d08a4d271c26cfb", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit993q12025formxexh.htm#s2", + "table": null, + "text": "exhibit993q12025formxexh002.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit993q12025formxexh.htm#b8", + "block_sequence": 8, + "block_sha256": "58e2236c0d2a18cc7386bb226539ac42da782b8893074f8889105c14ba4b7ede", + "block_type": "paragraph", + "char_count": 819, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit993q12025formxexh.htm", + "block_sequence": 8, + "char_end": 819, + "char_start": 0, + "fragment_sha256": "2452a2300810f5d830a92ac6e364143b42b7bee75c1641b79bc847819298d6ab", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit993q12025formxexh.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited) Three Months Ended March 31, 2025 2024 REVENUE $ 1,153 $ 1,181 COST OF REVENUE 1,054 1,067 GROSS PROFIT 99 114 OPERATING EXPENSES: Sales, marketing and operations 98 113 General and administrative 33 47 Technology and development 21 41 Restructuring 3 \u2014 Total operating expenses 155 201 LOSS FROM OPERATIONS (56) (87) INTEREST EXPENSE (33) (37) OTHER INCOME \u2013 Net 4 15 LOSS BEFORE INCOME TAXES (85) (109) INCOME TAX EXPENSE \u2014 \u2014 NET LOSS $ (85) $ (109) Net loss per share attributable to common shareholders: Basic $ (0.12) $ (0.16) Diluted $ (0.12) $ (0.16) Weighted-average shares outstanding: Basic 723,542 682,457 Diluted 723,542 682,457" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit993q12025formxexh.htm#b9", + "block_sequence": 9, + "block_sha256": "49346c3cfaa8ab13bee342e7322cefcf0bde9396b25d853656fcd15a19aedca3", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit993q12025formxexh.htm", + "block_sequence": 9, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "0b8618432535aa9641aa1bd15c3a24b0c3c0c93994f286581f30192d1d7d0ea9", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit993q12025formxexh.htm#s2", + "table": null, + "text": "exhibit993q12025formxexh003.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit993q12025formxexh.htm#b10", + "block_sequence": 10, + "block_sha256": "79e9a202611548e7355a3a3bf499bfb3122bb252a351e7bcb322faaca5a8a970", + "block_type": "paragraph", + "char_count": 1388, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit993q12025formxexh.htm", + "block_sequence": 10, + "char_end": 1388, + "char_start": 0, + "fragment_sha256": "31d9980ac249aa43d0a53c0e68298395115b3a8bab65bb1739af31456bb82938", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit993q12025formxexh.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) March 31, 2025 December 31, 2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 559 $ 671 Restricted cash 134 92 Marketable securities \u2014 8 Escrow receivable 20 6 Real estate inventory, net 2,362 2,159 Other current assets 77 61 Total current assets 3,152 2,997 PROPERTY AND EQUIPMENT \u2013 Net 44 48 RIGHT OF USE ASSETS 17 18 GOODWILL 3 3 OTHER ASSETS 61 60 TOTAL ASSETS $ 3,277 $ 3,126 LIABILITIES AND SHAREHOLDERS\u2019 EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 102 $ 92 Non-recourse asset-backed debt \u2013 current portion 946 432 Interest payable 3 3 Lease liabilities \u2013 current portion 2 2 Total current liabilities 1,053 529 NON-RECOURSE ASSET-BACKED DEBT \u2013 Net of current portion 1,187 1,492 CONVERTIBLE SENIOR NOTES 378 378 LEASE LIABILITIES \u2013 Net of current portion 13 13 OTHER LIABILITIES 1 1 Total liabilities 2,632 2,413 SHAREHOLDERS\u2019 EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 726,835,454 and 719,990,121 shares issued, respectively; 726,835,454 and 719,990,121 shares outstanding, respectively \u2014 \u2014 Additional paid-in capital 4,455 4,438 Accumulated deficit (3,810) (3,725) Accumulated other comprehensive loss \u2014 \u2014 Total shareholders\u2019 equity 645 713 TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY $ 3,277 $ 3,126" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit993q12025formxexh.htm#b11", + "block_sequence": 11, + "block_sha256": "ddf8a0a5cebf072aad57749a5504dff2e3c9d061f32547ff145ec47384e618e3", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit993q12025formxexh.htm", + "block_sequence": 11, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "299c993309f2ea75c2f17c54a14a05510f8175c25a1075f480e5b8de94ea72b4", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit993q12025formxexh.htm#s2", + "table": null, + "text": "exhibit993q12025formxexh004.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit993q12025formxexh.htm#b12", + "block_sequence": 12, + "block_sha256": "b8f9d94c1f7b6a2b592462a7dc7dd23f69652f5bccf6940eb4bb4ded1cfe296a", + "block_type": "paragraph", + "char_count": 1958, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit993q12025formxexh.htm", + "block_sequence": 12, + "char_end": 1958, + "char_start": 0, + "fragment_sha256": "e10a356c839aa8fc3f9731850c018e01ba729caad9de186bfaf3ea2dd4ff39c8", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit993q12025formxexh.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Three Months Ended March 31, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (85) $ (109) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash used in operating activities: Depreciation and amortization 10 14 Amortization of right of use asset 1 2 Stock-based compensation 14 33 Inventory valuation adjustment 13 7 Change in fair value of equity securities 3 2 Other \u2014 2 Changes in operating assets and liabilities: Escrow receivable (14) (6) Real estate inventory (212) (114) Other assets (16) (13) Accounts payable and other accrued liabilities 8 6 Lease liabilities (1) (2) Net cash used in operating activities (279) (178) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (4) (8) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 6 30 Net cash provided by investing activities 2 22 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common stock for ESPP 1 2 Proceeds from non-recourse asset-backed debt 576 \u2014 Principal payments on non-recourse asset-backed debt (362) (100) Payment of loan origination fees and debt issuance costs (8) \u2014 Net cash provided by (used in) financing activities 207 (98) NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (70) (254) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 Beginning of period 763 1,540 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 End of period $ 693 $ 1,286 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION \u2013 Cash paid during the period for interest $ 31 $ 34 DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 1 $ 5 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 559 $ 953 Restricted cash 134 333 Cash, cash equivalents, and restricted cash $ 693 $ 1,286" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit993q12025formxexh.htm#b13", + "block_sequence": 13, + "block_sha256": "1c701adafaa593dfa1d6426e1116a1d6a2708acf08f5bcc620aafa066ea71350", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit993q12025formxexh.htm", + "block_sequence": 13, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "8e21addb7e65f3378a5aed521dc55c3c3faf6f73a5fcd70837489d43c5c29f9b", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit993q12025formxexh.htm#s2", + "table": null, + "text": "exhibit993q12025formxexh005.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:exhibit993q12025formxexh.htm#b14", + "block_sequence": 14, + "block_sha256": "46776393a4f7c78b9dc0d4173175b2b2f12b6c3210780ae4a2ec8c49cdc44f7f", + "block_type": "paragraph", + "char_count": 2404, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:exhibit993q12025formxexh.htm", + "block_sequence": 14, + "char_end": 2404, + "char_start": 0, + "fragment_sha256": "d4d48a76e1561c7ec8662f1c147db5763cfd07321c874c947a64834d609863b4", + "heading_path": [ + "EX-99.3" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:exhibit993q12025formxexh.htm#s2", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC. NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Gross Profit and Contribution Profit to our Gross Profit Three Months Ended (in millions, except percentages and homes sold, or as noted) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Revenue (GAAP) $ 1,153 $ 1,084 $ 1,377 $ 1,511 $ 1,181 Gross profit (GAAP) $ 99 $ 85 $ 105 $ 129 $ 114 Gross Margin 8.6 % 7.8 % 7.6 % 8.5 % 9.7 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f (1)(2) 13 6 10 34 7 Inventory valuation adjustment \u2013 Prior Periods\u034f (1)(3) (12) (16) (16) (9) (17) Adjusted Gross Profit $ 100 $ 75 $ 99 $ 154 $ 104 Adjusted Gross Margin 8.7 % 6.9 % 7.2 % 10.2 % 8.8 % Adjustments: Direct selling costs (4) (29) (23) (32) (43) (34) Holding costs on sales \u2013 Current Period\u034f (5)(6) (5) (4) (6) (5) (5) Holding costs on sales \u2013 Prior Periods\u034f (5)(7) (12) (10) (9) (11) (8) Contribution Profit $ 54 $ 38 $ 52 $ 95 $ 57 Homes sold in period 2,946 2,822 3,615 4,078 3,078 Contribution Profit per Home Sold (in thousands) $ 18 $ 13 $ 14 $ 23 $ 19 Contribution Margin 4.7 % 3.5 % 3.8 % 6.3 % 4.8 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes, and are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. 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NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our Net Loss Three Months Ended (in millions, except percentages) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Revenue (GAAP) $ 1,153 $ 1,084 $ 1,377 $ 1,511 $ 1,181 Net loss (GAAP) $ (85) $ (113) $ (78) $ (92) $ (109) Adjustments: Stock-based compensation 14 23 25 33 33 Equity securities fair value adjustment(1) 3 \u2014 3 2 2 Intangibles amortization expense(2) \u2014 \u2014 1 1 2 Amortization of stock-based compensation capitalized to IDSW(3) 3 \u2014 \u2014 \u2014 \u2014 Inventory valuation adjustment \u2013 Current Period\u034f(4)(5) 13 6 10 34 7 Inventory valuation adjustment \u2014 Prior Periods\u034f(4)(6) (12) (16) (16) (9) (17) Restructuring(7) 3 17 \u2014 \u2014 \u2014 Loss on extinguishment of debt \u2014 1 \u2014 1 \u2014 Legal contingency accrual and related expenses \u2014 5 \u2014 \u2014 \u2014 Other(8) (2) \u2014 (15) (1) 2 Adjusted Net Loss $ (63) $ (77) $ (70) $ (31) $ (80) Adjustments: Depreciation and amortization, excluding amortization of intangibles 5 7 10 7 11 Property financing(9) 29 28 30 26 32 Other interest expense(10) 4 4 4 4 5 Interest income(11) (5) (11) (12) (12) (18) Income tax expense \u2014 \u2014 \u2014 1 \u2014 Adjusted EBITDA $ (30) $ (49) $ (38) $ (5) $ (50) Adjusted EBITDA Margin (2.6) % (4.5) % (2.8) % (0.3) % (4.2) % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets had useful lives ranging from 1 to 5 years and amortization was incurred until the intangible assets were fully amortized in 2024. (3) Beginning in the quarter ended March 31, 2025, the Company revised the presentation of the amortization of stock-based compensation capitalized to IDSW to more appropriately present the full impact of all stock-based compensation expenses. This expense was previously included in \u201cDepreciation and amortization, excluding amortization of intangibles.\u201d Had this presentation been applied for the three months ended December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, Adjusted Net Loss would have improved by $3 million, $3 million, $3 million, and $4 million, respectively, with no impact to Adjusted EBITDA. (4) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (5) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (6) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (7) Restructuring costs consist primarily of severance and employee termination benefits and bonuses incurred in connection with the elimination of employees\u2019 roles. Additionally, these costs include expenses related to the termination of certain non-cancelable leases and consulting fees incurred during the restructuring process. (8) Includes primarily gain on deconsolidation, net, impairment of IDSW projects related to restructuring, related party services income, and sublease income. (9) Includes interest expense on our non-recourse asset-backed debt facilities. (10) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset- backed debt facilities, and interest expense related to the 2026 Notes outstanding. 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NON-GAAP MEASURES & KEY METRICS (Unaudited) Period Ended ($ in millions, except markets, homes purchased, homes sold, homes in inventory, and margins) Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Key Metrics Total Markets (at period end) 50 50 50 50 50 Total Revenue $ 1,153 $ 1,084 $ 1,377 $ 1,511 $ 1,181 Gross profit $ 99 $ 85 $ 105 $ 129 $ 114 Net loss $ (85) $ (113) $ (78) $ (92) $ (109) Inventory (at period end) $ 2,362 $ 2,159 $ 2,145 $ 2,234 $ 1,881 Non-GAAP Financial Measures Adjusted Gross Profit $ 100 $ 75 $ 99 $ 154 $ 104 Selling Costs (29) (23) (32) (43) (34) Holding Costs (17) (14) (15) (16) (13) Contribution Profit $ 54 $ 38 $ 52 $ 95 $ 57 Adjusted EBITDA $ (30) $ (49) $ (38) $ (5) $ (50) Adjusted Net Loss $ (63) $ (77) $ (70) $ (31) $ (80) Margins Total Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Gross profit 8.6 % 7.8 % 7.6 % 8.5 % 9.7 % Adjusted Gross Profit 8.7 % 6.9 % 7.2 % 10.2 % 8.8 % Contribution Profit 4.7 % 3.5 % 3.8 % 6.3 % 4.8 % Net loss (7.4) % (10.4) % (5.7) % (6.1) % (9.2) % Adjusted EBITDA (2.6) % (4.5) % (2.8) % (0.3) % (4.2) % Adjusted Net Loss (5.5) % (7.1) % (5.1) % (2.1) % (6.8) % Inventory Rollforward Homes in Inventory (at beginning of period) 6,417 6,288 6,399 5,706 5,326 Homes Purchased 3,609 2,951 3,504 4,771 3,458 Homes Sold (2,946) (2,822) (3,615) (4,078) (3,078) Homes in Inventory (at period end) 7,080 6,417 6,288 6,399 5,706 Exhibit 99.3\n\nOPENDOOR TECHNOLOGIES INC. 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CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) March 31, 2025 December 31, 2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 559 $ 671 Restricted cash 134 92 Marketable securities — 8 Escrow receivable 20 6 Real estate inventory, net 2,362 2,159 Other current assets 77 61 Total current assets 3,152 2,997 PROPERTY AND EQUIPMENT – Net 44 48 RIGHT OF USE ASSETS 17 18 GOODWILL 3 3 OTHER ASSETS 61 60 TOTAL ASSETS $ 3,277 $ 3,126 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 102 $ 92 Non-recourse asset-backed debt – current portion 946 432 Interest payable 3 3 Lease liabilities – current portion 2 2 Total current liabilities 1,053 529 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 1,187 1,492 CONVERTIBLE SENIOR NOTES 378 378 LEASE LIABILITIES – Net of current portion 13 13 OTHER LIABILITIES 1 1 Total liabilities 2,632 2,413 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 726,835,454 and 719,990,121 shares issued, respectively; 726,835,454 and 719,990,121 shares outstanding, respectively — — Additional paid-in capital 4,455 4,438 Accumulated deficit (3,810) (3,725) Accumulated other comprehensive loss — — Total shareholders’ equity 645 713 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 3,277 $ 3,126\n\nOPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Three Months Ended March 31, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (85) $ (109) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash used in operating activities: Depreciation and amortization 10 14 Amortization of right of use asset 1 2 Stock-based compensation 14 33 Inventory valuation adjustment 13 7 Change in fair value of equity securities 3 2 Other — 2 Changes in operating assets and liabilities: Escrow receivable (14) (6) Real estate inventory (212) (114) Other assets (16) (13) Accounts payable and other accrued liabilities 8 6 Lease liabilities (1) (2) Net cash used in operating activities (279) (178) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (4) (8) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 6 30 Net cash provided by investing activities 2 22 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common stock for ESPP 1 2 Proceeds from non-recourse asset-backed debt 576 — Principal payments on non-recourse asset-backed debt (362) (100) Payment of loan origination fees and debt issuance costs (8) — Net cash provided by (used in) financing activities 207 (98) NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (70) (254) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 763 1,540 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $ 693 $ 1,286 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $ 31 $ 34 DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 1 $ 5 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 559 $ 953 Restricted cash 134 333 Cash, cash equivalents, and restricted cash $ 693 $ 1,286"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-25-000037:exhibit993q12025formxexh.htm#b14"], "char_count": 2404, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "46776393a4f7c78b9dc0d4173175b2b2f12b6c3210780ae4a2ec8c49cdc44f7f", "derivation_id": "fbb25213b7581a137cdef6b3e7fba9f8d5946715c1c7cd4765130e0194d4eb21", "document_id": "norm:0001801169:0001801169-25-000037:exhibit993q12025formxexh.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000037:exhibit993q12025formxexh.htm", "block_sequence": 14, "char_end": 2404, "char_start": 0, "fragment_sha256": "d4d48a76e1561c7ec8662f1c147db5763cfd07321c874c947a64834d609863b4", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000037:exhibit993q12025formxexh.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-06", "section_id": "norm:0001801169:0001801169-25-000037:exhibit993q12025formxexh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000037:exhibit993q12025formxexh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/exhibit993q12025formxexh.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Gross Profit and Contribution Profit to our Gross Profit Three Months Ended (in millions, except percentages and homes sold, or as noted) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Revenue (GAAP) $ 1,153 $ 1,084 $ 1,377 $ 1,511 $ 1,181 Gross profit (GAAP) $ 99 $ 85 $ 105 $ 129 $ 114 Gross Margin 8.6 % 7.8 % 7.6 % 8.5 % 9.7 % Adjustments: Inventory valuation adjustment – Current Period͏ (1)(2) 13 6 10 34 7 Inventory valuation adjustment – Prior Periods͏ (1)(3) (12) (16) (16) (9) (17) Adjusted Gross Profit $ 100 $ 75 $ 99 $ 154 $ 104 Adjusted Gross Margin 8.7 % 6.9 % 7.2 % 10.2 % 8.8 % Adjustments: Direct selling costs (4) (29) (23) (32) (43) (34) Holding costs on sales – Current Period͏ (5)(6) (5) (4) (6) (5) (5) Holding costs on sales – Prior Periods͏ (5)(7) (12) (10) (9) (11) (8) Contribution Profit $ 54 $ 38 $ 52 $ 95 $ 57 Homes sold in period 2,946 2,822 3,615 4,078 3,078 Contribution Profit per Home Sold (in thousands) $ 18 $ 13 $ 14 $ 23 $ 19 Contribution Margin 4.7 % 3.5 % 3.8 % 6.3 % 4.8 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. 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NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our Net Loss Three Months Ended (in millions, except percentages) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Revenue (GAAP) $ 1,153 $ 1,084 $ 1,377 $ 1,511 $ 1,181 Net loss (GAAP) $ (85) $ (113) $ (78) $ (92) $ (109) Adjustments: Stock-based compensation 14 23 25 33 33 Equity securities fair value adjustment(1) 3 — 3 2 2 Intangibles amortization expense(2) — — 1 1 2 Amortization of stock-based compensation capitalized to IDSW(3) 3 — — — — Inventory valuation adjustment – Current Period͏(4)(5) 13 6 10 34 7 Inventory valuation adjustment — Prior Periods͏(4)(6) (12) (16) (16) (9) (17) Restructuring(7) 3 17 — — — Loss on extinguishment of debt — 1 — 1 — Legal contingency accrual and related expenses — 5 — — — Other(8) (2) — (15) (1) 2 Adjusted Net Loss $ (63) $ (77) $ (70) $ (31) $ (80) Adjustments: Depreciation and amortization, excluding amortization of intangibles 5 7 10 7 11 Property financing(9) 29 28 30 26 32 Other interest expense(10) 4 4 4 4 5 Interest income(11) (5) (11) (12) (12) (18) Income tax expense — — — 1 — Adjusted EBITDA $ (30) $ (49) $ (38) $ (5) $ (50) Adjusted EBITDA Margin (2.6) % (4.5) % (2.8) % (0.3) % (4.2) % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets had useful lives ranging from 1 to 5 years and amortization was incurred until the intangible assets were fully amortized in 2024. (3) Beginning in the quarter ended March 31, 2025, the Company revised the presentation of the amortization of stock-based compensation capitalized to IDSW to more appropriately present the full impact of all stock-based compensation expenses. This expense was previously included in “Depreciation and amortization, excluding amortization of intangibles.” Had this presentation been applied for the three months ended December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, Adjusted Net Loss would have improved by $3 million, $3 million, $3 million, and $4 million, respectively, with no impact to Adjusted EBITDA. (4) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (5) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (6) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (7) Restructuring costs consist primarily of severance and employee termination benefits and bonuses incurred in connection with the elimination of employees’ roles. Additionally, these costs include expenses related to the termination of certain non-cancelable leases and consulting fees incurred during the restructuring process. (8) Includes primarily gain on deconsolidation, net, impairment of IDSW projects related to restructuring, related party services income, and sublease income. (9) Includes interest expense on our non-recourse asset-backed debt facilities. (10) Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset- backed debt facilities, and interest expense related to the 2026 Notes outstanding. 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(Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported financial results for its first quarter ended March 31, 2025. Opendoor\u2019s first quarter 2025 financial results and management commentary can be accessed through the Company\u2019s shareholder letter on the \u201cQuarterly Reports\u201d page of Opendoor\u2019s investor relations website at https://investor.opendoor.com/financials-filings/quarterly-reports. \u201cWe\u2019ve spent the last decade building a modern real estate platform\u2014designed to deliver simplicity, certainty, and a customer-first experience. We entered 2025 with a clear plan to drive toward profitability while strengthening our product experience and platform. Our first-quarter results reflect disciplined execution: we improved Adjusted EBITDA and sharply reduced Adjusted Net Losses,\u201d said Carrie Wheeler, CEO of Opendoor. Wheeler continued, \u201cAt the same time, we are investing in our future\u2014evolving Opendoor into a broader selling platform\u2014one that gives every homeowner more choice, whether that\u2019s a cash offer or listing with a trusted agent.\u201d" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b8", + "block_sequence": 8, + "block_sha256": "465ea2afd83c22d6d54927179657df180894e2d9f17123d6e5b1cc92c7f0248c", + "block_type": "heading", + "char_count": 33, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", + "block_sequence": 8, + "char_end": 33, + "char_start": 0, + "fragment_sha256": "66e846e207771e8abb622e8c4538f34064059c8c3f0e55982b80a913b02168fd", + "heading_path": [ + "EX-99.1", + "First Quarter 2025 Key Highlights" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s5", + "table": null, + "text": "First Quarter 2025 Key Highlights" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b9", + "block_sequence": 9, + "block_sha256": "191cdf7ce6d1f5714870707d29d07a780a90831c248b67662f8796b39741784a", + "block_type": "paragraph", + "char_count": 653, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", + "block_sequence": 9, + "char_end": 653, + "char_start": 0, + "fragment_sha256": "901a1a7fa37a8964a3d86b27e48e6f404c435605bb50f1bcc568358d322a808f", + "heading_path": [ + "EX-99.1", + "First Quarter 2025 Key Highlights" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s5", + "table": null, + "text": "\u2022Revenue of $1.2 billion, down (2)% versus 1Q24 and up 6% versus 4Q24; with 2,946 total homes sold, down (4)% versus 1Q24 and up 4% versus 4Q24 \u2022Gross profit of $99 million, versus $114 million in 1Q24 and $85 million in 4Q24; Gross Margin of 8.6%, versus 9.7% in 1Q24 and 7.8% in 4Q24 \u2022Net loss of $(85) million, versus $(109) million in 1Q24 and $(113) million in 4Q24 \u2022Inventory balance of $2.4 billion, representing 7,080 homes, up 26% versus 1Q24 and up 9% versus 4Q24 \u2022Purchased 3,609 homes, up 4% versus 1Q24 and up 22% versus 4Q24 \u2022Ended the quarter with 1,051 homes under contract for purchase, down (60)% versus 1Q24 and down (38)% versus 4Q24" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b10", + "block_sequence": 10, + "block_sha256": "3df3d0bf1a9889fbab461edc97ccf75079eec59494edddef045558d3d41caa05", + "block_type": "heading", + "char_count": 24, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", + "block_sequence": 10, + "char_end": 24, + "char_start": 0, + "fragment_sha256": "943bbcf18422484b9130cae6afb0679081ce82f5868e3e860adb504abd95d5b3", + "heading_path": [ + "EX-99.1", + "First Quarter 2025 Key Highlights", + "Non-GAAP Key Highlights*" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s6", + "table": null, + "text": "Non-GAAP Key Highlights*" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b11", + "block_sequence": 11, + "block_sha256": "5170f5a1971f21dd5bd15142f907f7882e9d8734f07ef16666b3745fe5b1714e", + "block_type": "paragraph", + "char_count": 571, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", + "block_sequence": 11, + "char_end": 571, + "char_start": 0, + "fragment_sha256": "d20cce906cd2500cd7a0377123d5f05e911e61ac646395b876e7188b22ee94fa", + "heading_path": [ + "EX-99.1", + "First Quarter 2025 Key Highlights", + "Non-GAAP Key Highlights*" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s6", + "table": null, + "text": "\u2022Contribution Profit of $54 million, versus $57 million in 1Q24 and $38 million in 4Q24; Contribution Margin of 4.7%, versus 4.8% in 1Q24 and 3.5% in 4Q24 \u2022Adjusted EBITDA of $(30) million, versus $(50) million in 1Q24 and $(49) million in 4Q24; Adjusted EBITDA Margin of (2.6)%, versus (4.2)% in 1Q24 and (4.5)% in 4Q24 \u2022Adjusted Net Loss of $(63) million, versus $(80) million in 1Q24 and $(77) million in 4Q24 *See \u201c\u2014Use of Non-GAAP Financial Measures\u201d below for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures." + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b12", + "block_sequence": 12, + "block_sha256": "8eb4fb1d9fc5bea0bbcfa281ba31f3296d537826ccbacfbec6ce70eafa28b87b", + "block_type": "heading", + "char_count": 37, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", + "block_sequence": 12, + "char_end": 37, + "char_start": 0, + "fragment_sha256": "7b1a3a00441524aebc5ae578cadb999d749be9f00295d1da42a76611f6eba841", + "heading_path": [ + "EX-99.1", + "Second Quarter 2025 Financial Outlook" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s7", + "table": null, + "text": "Second Quarter 2025 Financial Outlook" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b13", + "block_sequence": 13, + "block_sha256": "87184e333a7fe63543f35517815d6e54e1ebb35b78024c44e79bf1e3dfb8f8e7", + "block_type": "paragraph", + "char_count": 185, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", + "block_sequence": 13, + "char_end": 185, + "char_start": 0, + "fragment_sha256": "31d4bfa59fcecc22e10fee389a535ccdb013b65958bb5cc42c9de8ff5e3e5b70", + "heading_path": [ + "EX-99.1", + "Second Quarter 2025 Financial Outlook" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s7", + "table": null, + "text": "\u20222Q25 revenue guidance of $1.45 billion to $1.525 billion \u20222Q25 Contribution Profit1 guidance of $65 million to $75 million \u20222Q25 Adjusted EBITDA1 guidance of $10 million to $20 million" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b14", + "block_sequence": 14, + "block_sha256": "a6d5472b2970d188397362cbeb120c141dfa00ea685622341f4da2accca23ec9", + "block_type": "heading", + "char_count": 35, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", + "block_sequence": 14, + "char_end": 35, + "char_start": 0, + "fragment_sha256": "8f4803ade21027cea3732425b5d91aff522b9219c7b3a8bb471d178586335c09", + "heading_path": [ + "EX-99.1", + "Second Quarter 2025 Financial Outlook", + "Conference Call and Webcast Details" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s8", + "table": null, + "text": "Conference Call and Webcast Details" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b15", + "block_sequence": 15, + "block_sha256": "a88f4a16b299e3bbfd4e782a18f49cec78ea1bed34a62e79744e50b4a5f22c14", + "block_type": "paragraph", + "char_count": 323, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", + "block_sequence": 15, + "char_end": 323, + "char_start": 0, + "fragment_sha256": "11cc57c35b38dad8b69d590462b82d6cd30f258e730b63f2758f402a325a9406", + "heading_path": [ + "EX-99.1", + "Second Quarter 2025 Financial Outlook", + "Conference Call and Webcast Details" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s8", + "table": null, + "text": "Opendoor will host a conference call to discuss its financial results on May 6, 2025, at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call." + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b16", + "block_sequence": 16, + "block_sha256": "bee3b0c71ab4d6d3fe30831f8a6898f49de6dcbb44cd92a09d86856b2468a886", + "block_type": "heading", + "char_count": 14, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", + "block_sequence": 16, + "char_end": 14, + "char_start": 0, + "fragment_sha256": "920fab729a6a3043d5c186fc3b8f7fe487f8806437d22467636912f884c0f8cd", + "heading_path": [ + "EX-99.1", + "Second Quarter 2025 Financial Outlook", + "Conference Call and Webcast Details", + "About Opendoor" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s9", + "table": null, + "text": "About Opendoor" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b17", + "block_sequence": 17, + "block_sha256": "23200c058f7f66c1228eb5b03aff2b58dbc6b38a7b992cc2006f4eff7328e0dc", + "block_type": "paragraph", + "char_count": 467, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", + "block_sequence": 17, + "char_end": 467, + "char_start": 0, + "fragment_sha256": "83febafb9943f89dcd230addff9d30800853c3bc51b4c0e06336429ae3355c85", + "heading_path": [ + "EX-99.1", + "Second Quarter 2025 Financial Outlook", + "Conference Call and Webcast Details", + "About Opendoor" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s9", + "table": null, + "text": "Opendoor is a leading e-commerce platform for residential real estate transactions whose mission is to power life\u2019s progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple and certain way to sell and buy a home. Opendoor is a team of problem solvers, innovators, and operators who are leading the future of real estate. Opendoor currently operates in markets nationwide. For more information, please visit www.opendoor.com" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b18", + "block_sequence": 18, + "block_sha256": "1d8469bf9c663edb3c938b337e8eb7b6386c9f6dc8633427fe813d5f0ad02182", + "block_type": "heading", + "char_count": 26, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", + "block_sequence": 18, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "1c1b2c1ff491441a71c1994c5ace986494b37cd4881e2f3417345dd8ad104d6e", + "heading_path": [ + "EX-99.1", + "Second Quarter 2025 Financial Outlook", + "Conference Call and Webcast Details", + "About Opendoor", + "Forward Looking Statements" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s10", + "table": null, + "text": "Forward Looking Statements" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b19", + "block_sequence": 19, + "block_sha256": "fde0a8c99f9f73da62f065e32de9d2d5c32928e8b3fc879cdbe43daddf19d4a0", + "block_type": "paragraph", + "char_count": 7042, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", + "block_sequence": 19, + "char_end": 7042, + "char_start": 0, + "fragment_sha256": "03f83f36cce6902dcce662a4a941c84f726c33a33b547275849094481b53eeb2", + "heading_path": [ + "EX-99.1", + "Second Quarter 2025 Financial Outlook", + "Conference Call and Webcast Details", + "About Opendoor", + "Forward Looking Statements" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s10", + "table": null, + "text": "This press release contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the current and future health and stability of the real estate housing market and general economy; anticipated future results of operations and financial performance, including our second quarter financial outlook; our ability to realize cost savings as a result of certain streamlining initiatives; our product offerings and ability to drive profitability while strengthening our product experience and platform; the future health and status of our financial condition; our ability to strengthen our competitive position by delivering simplicity, certainty, and a customer-first experience; and our business strategy and plans, including plans to continue to invest in and enhance our products. These forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cguidance\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201coutlook\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cvision\u201d, \u201cwill\u201d, or \u201cwould\u201d, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this press release include but are not limited to: the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturns or slowdowns; changes in 1 Opendoor has not provided a quantitative reconciliation of forecasted Contribution Profit to forecasted GAAP gross profit (loss) nor a reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss) and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company\u2019s control. For more information regarding the non-GAAP financial measures discussed in this press release, please see \u201cUse of Non-GAAP Financial Measures\u201d following the financial tables below. general economic and financial conditions (including federal monetary policy, the imposition of tariffs and price or exchange controls, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that impact demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our digital platform, including our automated pricing and valuation technology; our ability to realize expected benefits from our restructuring and cost reduction efforts; our ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our ability to protect our brand and intellectual property; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment and potential regulatory instability within our industry and complexities with compliance related to such environment; any future impact of pandemics, epidemics, or other public health crises on our ability to operate, demand for our products and services, or general economic conditions; changes in laws or government regulation affecting our business; and the impact of pending or future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \u201cRisk Factors\u201d in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 27, 2025, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations." + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b20", + "block_sequence": 20, + "block_sha256": "7c01aec3b1d2f2fdb66a623063b725388e004a3a64d940279efe58ee27921384", + "block_type": "heading", + "char_count": 19, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", + "block_sequence": 20, + "char_end": 19, + "char_start": 0, + "fragment_sha256": "9ba52728f44301164611b7fb592f102c23975d9f32fe5ca4522dc1f57ee1d01a", + "heading_path": [ + "EX-99.1", + "Second Quarter 2025 Financial Outlook", + "Conference Call and Webcast Details", + "About Opendoor", + "Contact Information" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s11", + "table": null, + "text": "Contact Information" + }, + { + "block_id": 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"tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s18", + "table": null, + "text": "To provide investors with additional information regarding the Company\u2019s financial results, this press release includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit, Adjusted Net Loss, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results." + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b48", + "block_sequence": 48, + "block_sha256": "cf4412b7f2e978b2176133264010c82edd93914c688c938a6288ba932a7fe02a", + "block_type": "heading", + "char_count": 45, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", + "block_sequence": 48, + "char_end": 45, + "char_start": 0, + "fragment_sha256": "d3ebbd810567ce7907f65308c9b37ab64634a4f289313c584135d2cc6c95b072", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit and Contribution Profit" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s19", + "table": null, + "text": "Adjusted Gross Profit and Contribution Profit" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b49", + "block_sequence": 49, + "block_sha256": "f3cfb30b6551441a3bbe77bf58a22571ed60536ec7666584924c117fa1614884", + "block_type": "paragraph", + "char_count": 1730, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", + "block_sequence": 49, + "char_end": 1730, + "char_start": 0, + "fragment_sha256": "6d5f8beb1fd91d41c4e94f93033b844220b1d39adb483a2fd247e985578211e9", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit and Contribution Profit" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s19", + "table": null, + "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit and Contribution Profit, which are non-GAAP financial measures. We believe that Adjusted Gross Profit and Contribution Profit are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit and Contribution Profit are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit." + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b50", + "block_sequence": 50, + "block_sha256": "3a0f4b517b2973d0284f077238ba89bbd42b072b4d09fc22bba1dad3687e0f87", + "block_type": "heading", + "char_count": 30, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", + "block_sequence": 50, + "char_end": 30, + "char_start": 0, + "fragment_sha256": "ad3435f9016ffd33bd846c44952e5af35add4d543073bbf72f364b3671a517b9", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit and Contribution Profit", + "Adjusted Gross Profit / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s20", + "table": null, + "text": "Adjusted Gross Profit / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b51", + "block_sequence": 51, + "block_sha256": "4d6022774af95a17dc18d15aa406e015335223e69ab92b2f6d95abe057dab923", + "block_type": "paragraph", + "char_count": 966, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", + "block_sequence": 51, + "char_end": 966, + "char_start": 0, + "fragment_sha256": "8f6ef1cb8e4be7eb9c5dd3a31185a77df02fc99d0674f4943e06ae2aa23fdf6f", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit and Contribution Profit", + "Adjusted Gross Profit / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s20", + "table": null, + "text": "We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. Adjusted Gross Margin is Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b52", + "block_sequence": 52, + "block_sha256": "530922c6281eb17366bc5afad3d135e14758fe69731bdbd8be3f74f8618ea5bf", + "block_type": "heading", + "char_count": 28, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", + "block_sequence": 52, + "char_end": 28, + "char_start": 0, + "fragment_sha256": "de401b6badd9bfbd79ee63affb5bf42a8c0d4d049649690efdedd29a40b60c71", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit and Contribution Profit", + "Contribution Profit / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s21", + "table": null, + "text": "Contribution Profit / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b53", + "block_sequence": 53, + "block_sha256": "a3c65232767a825ecc9d53c876193982e578d4693221931b9d9ed70f0525885e", + "block_type": "paragraph", + "char_count": 654, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", + "block_sequence": 53, + "char_end": 654, + "char_start": 0, + "fragment_sha256": "5c4839b86dd82fa637c1ea139a99290fb7b775fc6e97a515525813736101c80e", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit and Contribution Profit", + "Contribution Profit / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s21", + "table": null, + "text": "We calculate Contribution Profit as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. Contribution Margin is Contribution Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflows directly associated with a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b54", + "block_sequence": 54, + "block_sha256": "7460ff5afa74595bed1ed49c4ec349f88984782302cbab9cee3bae99ec2b46cd", + "block_type": "page_header", + "char_count": 26, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", + "block_sequence": 54, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "b8b8062826f34c01775f668e5b2cc75d457b8d2c8832287c6f571c29eac5c67b", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit and Contribution Profit", + "Contribution Profit / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s21", + "table": null, + "text": "OPENDOOR TECHNOLOGIES INC." + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b55", + "block_sequence": 55, + "block_sha256": "b45fca062928c1cb7a7bd0ce5614493735536c7c2e0ce6f1b705c21b79953fe2", + "block_type": "heading", + "char_count": 43, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", + "block_sequence": 55, + "char_end": 43, + "char_start": 0, + "fragment_sha256": "624f45f319e6a58f1b913dc28eeefe1aabeb8b4f220964125c47963129d78d78", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s22", + "table": null, + "text": "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b56", + "block_sequence": 56, + 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11, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", + "block_sequence": 57, + "char_end": 11, + "char_start": 0, + "fragment_sha256": "2a7680d26ab0fd2298dd52fd36b9d301e5103004cef230dbf5fbd1eabb314fa8", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s22", + "table": null, + "text": "(Unaudited)" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b58", + "block_sequence": 58, + "block_sha256": "512940f665c2d13665d7cda06f1e78ef82dbb79c5a911960b6f4b42fa88be87b", + "block_type": "paragraph", + "char_count": 198, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", + "block_sequence": 58, + "char_end": 198, + "char_start": 0, + "fragment_sha256": "bffdcfa4b95f1401f9e512e81483c992dbb4d55809a65684b6e95f3b4cc51ae3", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s22", + "table": null, + "text": "The following table presents a reconciliation of our Adjusted Gross Profit and Contribution Profit to our gross profit, which is the most directly comparable GAAP measure, for the periods indicated:" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b59", + "block_sequence": 59, + "block_sha256": "d017066ae581e34c5620379fb2a927cc24793a7b0147059423701d1216c1ca82", + "block_type": "table", + "char_count": 2237, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", + "block_sequence": 59, + 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"466e79836c5d886ba6d81cc349e4dc5273e56d0d4076566be4df179538024df9", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "RECONCILIATION OF GAAP TO NON-GAAP MEASURES" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s22", + "table": null, + "text": "(1)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2)Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3)Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes, and are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations. (5)Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented." + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b62", + "block_sequence": 62, + "block_sha256": "37935488b247cdf343c0c8144ff521e96ad9f18f66bbb30d6e7419e323a258dd", + "block_type": "heading", + "char_count": 37, + "level": 8, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", + "block_sequence": 62, + "char_end": 37, + "char_start": 0, + "fragment_sha256": "a34f0fa36b4a64dc2e88e4f29b646c75e81b6238c2f3a7ba70bd93dfd5171121", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s23", + "table": null, + "text": "Adjusted Net Loss and Adjusted EBITDA" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b63", + "block_sequence": 63, + "block_sha256": "30e3586e1712e96c1479714394b97d9b879cbd2828d27d768e91ef2ae245842e", + "block_type": "paragraph", + "char_count": 1547, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", + "block_sequence": 63, + "char_end": 1547, + "char_start": 0, + "fragment_sha256": "34336aa57fee08402987cc7b7b544a28d3af0484141ab06e687808d75804c391", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s23", + "table": null, + "text": "We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss." + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b64", + "block_sequence": 64, + "block_sha256": "236a9f2403017a5277b663ccb31ec43d8c2bfa477b0ef7a6739ae4ae9f4de383", + "block_type": "heading", + "char_count": 17, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", + "block_sequence": 64, + "char_end": 17, + "char_start": 0, + "fragment_sha256": "b8fea0efbc2ee5e70631f015f99f4bc0284f100f8a60109c90d8e6632c07df6a", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted Net Loss" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s24", + "table": null, + "text": "Adjusted Net Loss" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b65", + "block_sequence": 65, + "block_sha256": "3eb7791c961a3fb2e1e9900761234f0e467dadae853b8859c35bdba54baaf28a", + "block_type": "paragraph", + "char_count": 1257, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", + "block_sequence": 65, + "char_end": 1257, + "char_start": 0, + "fragment_sha256": "a51c5bf2168f2e743fa1005b6b33cf783b94a7b3cb7e64295a8b92753b7d7c17", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted Net Loss" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s24", + "table": null, + "text": "We calculate Adjusted Net Loss as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, intangibles amortization expense, and the amortization of stock-based compensation capitalized to internally developed software (\u201cIDSW\u201d). It excludes expenses that are not directly related to our revenue-generating operations such as restructuring and legal contingency accruals. It excludes loss (gain) on extinguishment of debt as these expenses or gains were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities and the 0.25% convertible senior notes due in 2026 (the \"2026 Notes\") early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date." + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b66", + "block_sequence": 66, + "block_sha256": "e21a9b231049964de5ed48be4f1552178df178466705ae25a8ad92f9d827c980", + "block_type": "heading", + "char_count": 24, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", + "block_sequence": 66, + "char_end": 24, + "char_start": 0, + "fragment_sha256": "1c89ec92d3ba6360cdf9ddbcebb86f641bde4c2f9f1431c9fe5a20eef78ea4af", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted EBITDA / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s25", + "table": null, + "text": "Adjusted EBITDA / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b67", + "block_sequence": 67, + "block_sha256": "dfcdd3eb3c508d47aa6b0f99c68aa27a5d519764353000222958249f2ccea5c0", + "block_type": "paragraph", + "char_count": 598, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", + "block_sequence": 67, + "char_end": 598, + "char_start": 0, + "fragment_sha256": "5135a3b97c981df6efad923b048790a4619dfd8dcc1ca0a7753ee0ae98b619c6", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted EBITDA / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s25", + "table": null, + "text": "We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue. The following table presents a reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our net loss, which is the most directly comparable GAAP measure, for the periods indicated:" + }, + { + "block_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b68", + "block_sequence": 68, + "block_sha256": "a66f9e870a3a04c5484aadef2a327f8ce98efdea3be663f9600c97e48a9ba3aa", + "block_type": "table", + "char_count": 3133, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", + "block_sequence": 68, + "char_end": 3133, + "char_start": 0, + "fragment_sha256": "245c3686ffe645f1d3b69ca2a36d0324c0d1e94fca89c01ae456bb84952f6ff8", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted EBITDA / Margin" + ], + "table_index": 5, + "tag_name": "table" + }, + "section_id": 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| | 25 | | | 33 | | | 33 | | | | | | | | | | |\n| Equity securities fair value adjustment(1) | | 3 | | | \u2014 | | | 3 | | | 2 | | | 2 | | | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | |\n| Intangibles amortization expense(2) | | \u2014 | | | \u2014 | | | 1 | | | 1 | | | 2 | | | | | | | | | | |\n| Amortization of stock-based compensation capitalized to IDSW(3) | | 3 | | | \u2014 | | | \u2014 | | | \u2014 | | | \u2014 | | | | | | | | | | |\n| Inventory valuation adjustment \u2013 Current Period(4)(5) | | 13 | | | 6 | | | 10 | | | 34 | | | 7 | | | | | | | | | | |\n| Inventory valuation adjustment \u2014 Prior Periods(4)(6) | | (12) | | | (16) | | | (16) | | | (9) | | | (17) | | | | | | | | | | |\n| Restructuring(7) | | 3 | | | 17 | | | \u2014 | | | \u2014 | | | \u2014 | | | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | |\n| Loss on extinguishment of debt | | \u2014 | | | 1 | | | \u2014 | | | 1 | | | \u2014 | | | | | | | | | | |\n| | | | | | | 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(Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported financial results for its first quarter ended March 31, 2025. Opendoor’s first quarter 2025 financial results and management commentary can be accessed through the Company’s shareholder letter on the “Quarterly Reports” page of Opendoor’s investor relations website at https://investor.opendoor.com/financials-filings/quarterly-reports. “We’ve spent the last decade building a modern real estate platform—designed to deliver simplicity, certainty, and a customer-first experience. We entered 2025 with a clear plan to drive toward profitability while strengthening our product experience and platform. Our first-quarter results reflect disciplined execution: we improved Adjusted EBITDA and sharply reduced Adjusted Net Losses,” said Carrie Wheeler, CEO of Opendoor. 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A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b17"], "char_count": 467, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "23200c058f7f66c1228eb5b03aff2b58dbc6b38a7b992cc2006f4eff7328e0dc", "derivation_id": "1fcebe3cc59b193cae31dec74ecf4bf034fcb89522fbf658b8346e6319df86ff", "document_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Second Quarter 2025 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "block_sequence": 17, "char_end": 467, "char_start": 0, "fragment_sha256": "83febafb9943f89dcd230addff9d30800853c3bc51b4c0e06336429ae3355c85", "heading_path": ["EX-99.1", "Second Quarter 2025 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-06", "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s9", "source_artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/q12025formxex991earningsre.htm", "table_id": null, "text": "Opendoor is a leading e-commerce platform for residential real estate transactions whose mission is to power life’s progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple and certain way to sell and buy a home. Opendoor is a team of problem solvers, innovators, and operators who are leading the future of real estate. Opendoor currently operates in markets nationwide. For more information, please visit www.opendoor.com"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b19"], "char_count": 2919, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e7d16aad8472ee6b5fcef359ff221bce53e50e7c16be1cf59b35b79ee8d526d9", "derivation_id": "1fcebe3cc59b193cae31dec74ecf4bf034fcb89522fbf658b8346e6319df86ff", "document_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Second Quarter 2025 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor", "Forward Looking Statements"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "block_sequence": 19, "char_end": 2919, "char_start": 0, "fragment_sha256": "03f83f36cce6902dcce662a4a941c84f726c33a33b547275849094481b53eeb2", "heading_path": ["EX-99.1", "Second Quarter 2025 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor", "Forward Looking Statements"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-06", "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s10", "source_artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/q12025formxex991earningsre.htm", "table_id": null, "text": "This press release contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the current and future health and stability of the real estate housing market and general economy; anticipated future results of operations and financial performance, including our second quarter financial outlook; our ability to realize cost savings as a result of certain streamlining initiatives; our product offerings and ability to drive profitability while strengthening our product experience and platform; the future health and status of our financial condition; our ability to strengthen our competitive position by delivering simplicity, certainty, and a customer-first experience; and our business strategy and plans, including plans to continue to invest in and enhance our products. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “vision”, “will”, or “would”, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this press release include but are not limited to: the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturns or slowdowns; changes in 1 Opendoor has not provided a quantitative reconciliation of forecasted Contribution Profit to forecasted GAAP gross profit (loss) nor a reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss) and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b19"], "char_count": 3778, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a936dd96a6c7d77d78576ec4692b2d86f7d2ca75000121ebfe06b57836556834", "derivation_id": "1fcebe3cc59b193cae31dec74ecf4bf034fcb89522fbf658b8346e6319df86ff", "document_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Second Quarter 2025 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor", "Forward Looking Statements"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "block_sequence": 19, "char_end": 6697, "char_start": 2919, "fragment_sha256": "03f83f36cce6902dcce662a4a941c84f726c33a33b547275849094481b53eeb2", "heading_path": ["EX-99.1", "Second Quarter 2025 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor", "Forward Looking Statements"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-06", "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s10", "source_artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/q12025formxex991earningsre.htm", "table_id": null, "text": "For more information regarding the non-GAAP financial measures discussed in this press release, please see “Use of Non-GAAP Financial Measures” following the financial tables below. general economic and financial conditions (including federal monetary policy, the imposition of tariffs and price or exchange controls, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that impact demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our digital platform, including our automated pricing and valuation technology; our ability to realize expected benefits from our restructuring and cost reduction efforts; our ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our ability to protect our brand and intellectual property; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment and potential regulatory instability within our industry and complexities with compliance related to such environment; any future impact of pandemics, epidemics, or other public health crises on our ability to operate, demand for our products and services, or general economic conditions; changes in laws or government regulation affecting our business; and the impact of pending or future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2025, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b19"], "char_count": 343, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5032bed41b85efad1cfedd9993aa4ff20057ecff4bc0805f4f7feb6b680e586b", "derivation_id": "1fcebe3cc59b193cae31dec74ecf4bf034fcb89522fbf658b8346e6319df86ff", "document_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Second Quarter 2025 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor", "Forward Looking Statements"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "block_sequence": 19, "char_end": 7040, "char_start": 6697, "fragment_sha256": "03f83f36cce6902dcce662a4a941c84f726c33a33b547275849094481b53eeb2", "heading_path": ["EX-99.1", "Second Quarter 2025 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor", "Forward Looking Statements"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-06", "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s10", "source_artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/q12025formxex991earningsre.htm", "table_id": null, "text": "Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. 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| | 6 | | | |\n| | | | | | | | | |\n| Real estate inventory, net | | 2,362 | | | 2,159 | | | |\n| Other current assets | | 77 | | | 61 | | | |\n| Total current assets | | 3,152 | | | 2,997 | | | |\n| PROPERTY AND EQUIPMENT – Net | | 44 | | | 48 | | | |\n| RIGHT OF USE ASSETS | | 17 | | | 18 | | | |\n| GOODWILL | | 3 | | | 3 | | | |\n| | | | | | | | | |\n| OTHER ASSETS | | 61 | | | 60 | | | |\n| TOTAL ASSETS | | $ | 3,277 | | | $ | 3,126 | |\n| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | |\n| CURRENT LIABILITIES: | | | | | | | | |\n| Accounts payable and other accrued liabilities | | $ | 102 | | | $ | 92 | |\n| Non-recourse asset-backed debt – current portion | | 946 | | | 432 | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| Interest payable | | 3 | | | 3 | | | |\n| Lease liabilities – current portion | | 2 | | | 2 | | | |\n| Total current liabilities | | 1,053 | | | 529 | | | |\n| NON-RECOURSE ASSET-BACKED DEBT – Net of current portion | | 1,187 | | | 1,492 | | | |\n| CONVERTIBLE SENIOR NOTES | | 378 | | | 378 | | | |\n| | | | | | | | | |\n| LEASE LIABILITIES – Net of current portion | | 13 | | | 13 | | | |\n| OTHER LIABILITIES | | 1 | | | 1 | | | |\n| Total liabilities | | 2,632 | | | 2,413 | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| | | | | | | | | |\n| SHAREHOLDERS’ EQUITY: | | | | | | | | |\n| Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 726,835,454 and 719,990,121 shares issued, respectively; 726,835,454 and 719,990,121 shares outstanding, respectively | | — | | | — | | | |\n| Additional paid-in capital | | 4,455 | | | 4,438 | | | |\n| Accumulated deficit | | (3,810) | | | (3,725) | | | |\n| Accumulated other comprehensive loss | | — | | | — | | | |\n| Total shareholders’ equity | | 645 | | | 713 | | | |\n| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | | $ | 3,277 | | | $ | 3,126 | |"} 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"norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s17", "source_artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/q12025formxex991earningsre.htm", "table_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b45", "text": "| | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| | Three Months Ended March 31, | | | | | | |\n| | 2025 | | 2024 | | | | |\n| CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | |\n| Net loss | $ | (85) | | | $ | (109) | |\n| Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash used in operating activities: | | | | | | | |\n| Depreciation and amortization | 10 | | | 14 | | | |\n| Amortization of right of use asset | 1 | | | 2 | | | |\n| | | | | | | | |\n| Stock-based compensation | 14 | | | 33 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Inventory valuation adjustment | 13 | | | 7 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Change in fair value of equity securities | 3 | | | 2 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Other | — | | | 2 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Changes in operating assets and liabilities: | | | | | | | |\n| Escrow receivable | (14) | | | (6) | | | |\n| Real estate inventory | (212) | | | (114) | | | |\n| Other assets | (16) | | | (13) | | | |\n| Accounts payable and other accrued liabilities | 8 | | | 6 | | | |\n| | | | | | | | |\n| Lease liabilities | (1) | | | (2) | | | |\n| Net cash used in operating activities | (279) | | | (178) | | | |\n| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | |\n| Purchase of property and equipment | (4) | | | (8) | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from sales, maturities, redemptions and paydowns of marketable securities | 6 | | | 30 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Net cash provided by investing activities | 2 | | | 22 | | | |\n| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from issuance of common stock for ESPP | 1 | | | 2 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from non-recourse asset-backed debt | 576 | | | — | | | |\n| Principal payments on non-recourse asset-backed debt | (362) | | | (100) | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Payment of loan origination fees and debt issuance costs | (8) | | | — | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Net cash provided by (used in) financing activities | 207 | | | (98) | | | |\n| NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (70) | | | (254) | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period | 763 | | | 1,540 | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period | $ | 693 | | | $ | 1,286 | |\n| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest | $ | 31 | | | $ | 34 | |\n| DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Stock-based compensation expense capitalized for internally developed software | $ | 1 | | | $ | 5 | |\n| | | | | | | | |\n| | | | | | | | |\n| RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: | | | | | | | |\n| Cash and cash equivalents | $ | 559 | | | $ | 953 | |\n| Restricted cash | 134 | | | 333 | | | |\n| Cash, cash equivalents, and restricted cash | $ | 693 | | | $ | 1,286 | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b47"], "char_count": 1234, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "40583c03f1d3b0e2e16efb16add734383057d49d69eee7f83c2684672ce6e3fd", "derivation_id": "1fcebe3cc59b193cae31dec74ecf4bf034fcb89522fbf658b8346e6319df86ff", "document_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "block_sequence": 47, "char_end": 1234, "char_start": 0, "fragment_sha256": "ab0cc8ea4518b380ef6a974aa8b3f44a66479a6c8232423efc483b867084deda", 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The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit, Adjusted Net Loss, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b49"], "char_count": 1730, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f3cfb30b6551441a3bbe77bf58a22571ed60536ec7666584924c117fa1614884", "derivation_id": "1fcebe3cc59b193cae31dec74ecf4bf034fcb89522fbf658b8346e6319df86ff", "document_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit and Contribution Profit"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "block_sequence": 49, "char_end": 1730, "char_start": 0, "fragment_sha256": "6d5f8beb1fd91d41c4e94f93033b844220b1d39adb483a2fd247e985578211e9", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit and Contribution Profit"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#p23", "passage_kind": "narrative", "passage_sequence": 23, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-06", "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s19", "source_artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/q12025formxex991earningsre.htm", "table_id": null, "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit and Contribution Profit, which are non-GAAP financial measures. We believe that Adjusted Gross Profit and Contribution Profit are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit and Contribution Profit are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b51"], "char_count": 966, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "4d6022774af95a17dc18d15aa406e015335223e69ab92b2f6d95abe057dab923", "derivation_id": "1fcebe3cc59b193cae31dec74ecf4bf034fcb89522fbf658b8346e6319df86ff", "document_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit and Contribution Profit", "Adjusted Gross Profit / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "block_sequence": 51, "char_end": 966, "char_start": 0, "fragment_sha256": "8f6ef1cb8e4be7eb9c5dd3a31185a77df02fc99d0674f4943e06ae2aa23fdf6f", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit and Contribution Profit", "Adjusted Gross Profit / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#p24", "passage_kind": "narrative", "passage_sequence": 24, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-06", "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s20", "source_artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/q12025formxex991earningsre.htm", "table_id": null, "text": "We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. Adjusted Gross Margin is Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b53"], "char_count": 654, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a3c65232767a825ecc9d53c876193982e578d4693221931b9d9ed70f0525885e", "derivation_id": "1fcebe3cc59b193cae31dec74ecf4bf034fcb89522fbf658b8346e6319df86ff", "document_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit and Contribution Profit", "Contribution Profit / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "block_sequence": 53, "char_end": 654, "char_start": 0, "fragment_sha256": "5c4839b86dd82fa637c1ea139a99290fb7b775fc6e97a515525813736101c80e", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit and Contribution Profit", "Contribution Profit / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#p25", "passage_kind": "narrative", "passage_sequence": 25, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-06", "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s21", "source_artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/q12025formxex991earningsre.htm", "table_id": null, "text": "We calculate Contribution Profit as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. Contribution Margin is Contribution Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflows directly associated with a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b56", "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b57", "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b58"], "char_count": 262, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1a993c4a3eaa7970ba15341d033a4cefd409e70c50863249d87a2e8864081c79", "derivation_id": "1fcebe3cc59b193cae31dec74ecf4bf034fcb89522fbf658b8346e6319df86ff", "document_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "block_sequence": 56, "char_end": 49, "char_start": 0, "fragment_sha256": "3c79d34b912ccd5810676229fdb23c57e7c959da948f20c2113ffe85c0e18da8", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "block_sequence": 57, "char_end": 11, "char_start": 0, "fragment_sha256": "2a7680d26ab0fd2298dd52fd36b9d301e5103004cef230dbf5fbd1eabb314fa8", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "block_sequence": 58, "char_end": 198, "char_start": 0, "fragment_sha256": "bffdcfa4b95f1401f9e512e81483c992dbb4d55809a65684b6e95f3b4cc51ae3", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#p26", "passage_kind": "narrative", "passage_sequence": 26, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-06", "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s22", "source_artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/q12025formxex991earningsre.htm", "table_id": null, "text": "(In millions, except percentages, and homes sold)\n\n(Unaudited)\n\nThe following table presents a reconciliation of our Adjusted Gross Profit and Contribution Profit to our gross profit, which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b59"], "char_count": 2542, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e12d432cb4c9aaf85899690bcb783ed9db65a341442682ab2c3cc1710f0ed906", "derivation_id": "1fcebe3cc59b193cae31dec74ecf4bf034fcb89522fbf658b8346e6319df86ff", "document_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "block_sequence": 59, "char_end": 2237, "char_start": 0, "fragment_sha256": "024c08e688a172367b1b6bf986416dfc7377097cd2fcf3215176fd8136e4cb47", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": 4, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#p27", "passage_kind": "table", "passage_sequence": 27, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-06", "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s22", "source_artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/q12025formxex991earningsre.htm", "table_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b59", "text": "| | | | | | | | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended | | | | | | | | | | | | | | | | | | | | | | |\n| (in millions, except percentages and homes sold, or as noted) | | March 31, 2025 | | December 31, 2024 | | September 30, 2024 | | June 30, 2024 | | March 31, 2024 | | | | | | | | | | | | | | |\n| Revenue (GAAP) | | $ | 1,153 | | | $ | 1,084 | | | $ | 1,377 | | | $ | 1,511 | | | $ | 1,181 | | | | | |\n| Gross profit (GAAP) | | $ | 99 | | | $ | 85 | | | $ | 105 | | | $ | 129 | | | $ | 114 | | | | | |\n| Gross Margin | | 8.6 | % | | 7.8 | % | | 7.6 | % | | 8.5 | % | | 9.7 | % | | | | | | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | |\n| Inventory valuation adjustment – Current Period(1)(2) | | 13 | | | 6 | | | 10 | | | 34 | | | 7 | | | | | | | | | | |\n| Inventory valuation adjustment – Prior Periods(1)(3) | | (12) | | | (16) | | | (16) | | | (9) | | | (17) | | | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | |\n| Adjusted Gross Profit | | $ | 100 | | | $ | 75 | | | $ | 99 | | | $ | 154 | | | $ | 104 | | | | | |\n| Adjusted Gross Margin | | 8.7 | % | | 6.9 | % | | 7.2 | % | | 10.2 | % | | 8.8 | % | | | | | | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | |\n| Direct selling costs(4) | | (29) | | | (23) | | | (32) | | | (43) | | | (34) | | | | | | | | | | |\n| Holding costs on sales – Current Period(5)(6) | | (5) | | | (4) | | | (6) | | | (5) | | | (5) | | | | | | | | | | |\n| Holding costs on sales – Prior Periods(5)(7) | | (12) | | | (10) | | | (9) | | | (11) | | | (8) | | | | | | | | | | |\n| Contribution Profit | | $ | 54 | | | $ | 38 | | | $ | 52 | | | $ | 95 | | | $ | 57 | | | | | |\n| Homes sold in period | | 2,946 | | | 2,822 | | | 3,615 | | | 4,078 | | | 3,078 | | | | | | | | | | |\n| Contribution Profit per Home Sold (in thousands) | | $ | 18 | | | $ | 13 | | | $ | 14 | | | $ | 23 | | | $ | 19 | | | | | |\n| Contribution Margin | | 4.7 | % | | 3.5 | % | | 3.8 | % | | 6.3 | % | | 4.8 | % | | | | | | | | | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b60", "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b61"], "char_count": 1267, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7d844b134d48a1df68b56fd8c1091917d13475e9982a0b47692178322fc85f63", "derivation_id": "1fcebe3cc59b193cae31dec74ecf4bf034fcb89522fbf658b8346e6319df86ff", "document_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "block_sequence": 60, "char_end": 16, "char_start": 0, "fragment_sha256": "7fdbb5bd0c91a386038a54dafc306bd55a27c3242e1540451c2885fb5da9076a", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "block_sequence": 61, "char_end": 1249, "char_start": 0, "fragment_sha256": "466e79836c5d886ba6d81cc349e4dc5273e56d0d4076566be4df179538024df9", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#p28", "passage_kind": "narrative", "passage_sequence": 28, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-06", "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s22", "source_artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/q12025formxex991earningsre.htm", "table_id": null, "text": "________________\n\n(1)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2)Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3)Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes, and are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations. (5)Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b63"], "char_count": 1547, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "30e3586e1712e96c1479714394b97d9b879cbd2828d27d768e91ef2ae245842e", "derivation_id": "1fcebe3cc59b193cae31dec74ecf4bf034fcb89522fbf658b8346e6319df86ff", "document_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "block_sequence": 63, "char_end": 1547, "char_start": 0, "fragment_sha256": "34336aa57fee08402987cc7b7b544a28d3af0484141ab06e687808d75804c391", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#p29", "passage_kind": "narrative", "passage_sequence": 29, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-06", "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s23", "source_artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/q12025formxex991earningsre.htm", "table_id": null, "text": "We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b65"], "char_count": 1257, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "3eb7791c961a3fb2e1e9900761234f0e467dadae853b8859c35bdba54baaf28a", "derivation_id": "1fcebe3cc59b193cae31dec74ecf4bf034fcb89522fbf658b8346e6319df86ff", "document_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted Net Loss"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "block_sequence": 65, "char_end": 1257, "char_start": 0, "fragment_sha256": "a51c5bf2168f2e743fa1005b6b33cf783b94a7b3cb7e64295a8b92753b7d7c17", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted Net Loss"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#p30", "passage_kind": "narrative", "passage_sequence": 30, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-06", "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s24", "source_artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/q12025formxex991earningsre.htm", "table_id": null, "text": "We calculate Adjusted Net Loss as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, intangibles amortization expense, and the amortization of stock-based compensation capitalized to internally developed software (“IDSW”). It excludes expenses that are not directly related to our revenue-generating operations such as restructuring and legal contingency accruals. It excludes loss (gain) on extinguishment of debt as these expenses or gains were incurred as a result of decisions made by management to repay portions of our outstanding credit facilities and the 0.25% convertible senior notes due in 2026 (the \"2026 Notes\") early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b67"], "char_count": 598, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "dfcdd3eb3c508d47aa6b0f99c68aa27a5d519764353000222958249f2ccea5c0", "derivation_id": "1fcebe3cc59b193cae31dec74ecf4bf034fcb89522fbf658b8346e6319df86ff", "document_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "block_sequence": 67, "char_end": 598, "char_start": 0, "fragment_sha256": "5135a3b97c981df6efad923b048790a4619dfd8dcc1ca0a7753ee0ae98b619c6", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#p31", "passage_kind": "narrative", "passage_sequence": 31, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-06", "section_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/q12025formxex991earningsre.htm", "table_id": null, "text": "We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue. The following table presents a reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our net loss, which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b68"], "char_count": 3478, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "cb57f3e1a02c5a0c7a62e8fd6c49503939cd6d0dbbcc2abe683b88825468072f", "derivation_id": "1fcebe3cc59b193cae31dec74ecf4bf034fcb89522fbf658b8346e6319df86ff", "document_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "items": ["2.02", "7.01", "9.01"], 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"https://www.sec.gov/Archives/edgar/data/1801169/000180116925000037/q12025formxex991earningsre.htm", "table_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b68", "text": "| | | | | | | | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended | | | | | | | | | | | | | | | | | | | | | | |\n| (in millions, except percentages) | | March 31, 2025 | | December 31, 2024 | | September 30, 2024 | | June 30, 2024 | | March 31, 2024 | | | | | | | | | | | | | | |\n| Revenue (GAAP) | | $ | 1,153 | | | $ | 1,084 | | | $ | 1,377 | | | $ | 1,511 | | | $ | 1,181 | | | | | |\n| Net loss (GAAP) | | $ | (85) | | | $ | (113) | | | $ | (78) | | | $ | (92) | | | $ | (109) | | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | |\n| Stock-based compensation | | 14 | | | 23 | | | 25 | | | 33 | | | 33 | | | | | | | | | | |\n| Equity securities fair value adjustment(1) | | 3 | | | — | | | 3 | | | 2 | | | 2 | | | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | |\n| Intangibles amortization expense(2) | | — | | | — | | | 1 | | | 1 | | | 2 | | | | | | | | | | |\n| Amortization of stock-based compensation capitalized to IDSW(3) | | 3 | | | — | | | — | | | — | | | — | | | | | | | | | | |\n| Inventory valuation adjustment – Current Period(4)(5) | | 13 | | | 6 | | | 10 | | | 34 | | | 7 | | | | | | | | | | |\n| Inventory valuation adjustment — Prior Periods(4)(6) | | (12) | | | (16) | | | (16) | | | (9) | | | (17) | | | | | | | | | | |\n| Restructuring(7) | | 3 | | | 17 | | | — | | | — | | | — | | | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | |\n| Loss on extinguishment of debt | | — | | | 1 | | | — | | | 1 | | | — | | | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | |\n| Legal contingency accrual and related expenses | | — | | | 5 | | | — | | | — | | | — | | | | | | | | | | |\n| Other(8) | | (2) | | | — | | | (15) | | | (1) | | | 2 | | | | | | | | | | |\n| Adjusted Net Loss | | $ | (63) | | | $ | (77) | | | $ | (70) | | | $ | (31) | | | $ | (80) | | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | |\n| Depreciation and amortization, excluding amortization of intangibles | | 5 | | | 7 | | | 10 | | | 7 | | | 11 | | | | | | | | | | |\n| Property financing(9) | | 29 | | | 28 | | | 30 | | | 26 | | | 32 | | | | | | | | | | |\n| Other interest expense(10) | | 4 | | | 4 | | | 4 | | | 4 | | | 5 | | | | | | | | | | |\n| Interest income(11) | | (5) | | | (11) | | | (12) | | | (12) | | | (18) | | | | | | | | | | |\n| Income tax expense | | — | | | — | | | — | | | 1 | | | — | | | | | | | | | | |\n| Adjusted EBITDA | | $ | (30) | | | $ | (49) | | | $ | (38) | | | $ | (5) | | | $ | (50) | | | | | |\n| Adjusted EBITDA Margin | | (2.6) | % | | (4.5) | % | | (2.8) | % | | (0.3) | % | | (4.2) | % | | | | | | | | | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b69", "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm#b70"], "char_count": 2429, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d9ea9b14eaedff72569cc3131ddb6aefc05012a8f4e53bd0673e0e845048b202", "derivation_id": "1fcebe3cc59b193cae31dec74ecf4bf034fcb89522fbf658b8346e6319df86ff", "document_id": "norm:0001801169:0001801169-25-000037:q12025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-05-06", "filing_id": "sec:0001801169:0001801169-25-000037", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "items": ["2.02", "7.01", "9.01"], 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(2)Represents amortization of acquisition-related intangible assets. The acquired intangible assets had useful lives ranging from 1 to 5 years and amortization was incurred until the intangible assets were fully amortized in 2024. (3)Beginning in the quarter ended March 31, 2025, the Company revised the presentation of the amortization of stock-based compensation capitalized to IDSW to more appropriately present the full impact of all stock-based compensation expenses. This expense was previously included in “Depreciation and amortization, excluding amortization of intangibles.” Had this presentation been applied for the three months ended December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, Adjusted Net Loss would have improved by $3 million, $3 million, $3 million, and $4 million, respectively, with no impact to Adjusted EBITDA. (4)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (5)Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (6)Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (7)Restructuring costs consist primarily of severance and employee termination benefits and bonuses incurred in connection with the elimination of employees’ roles. Additionally, these costs include expenses related to the termination of certain non-cancelable leases and consulting fees incurred during the restructuring process. (8)Includes primarily gain on deconsolidation, net, impairment of IDSW projects related to restructuring, related party services income, and sublease income. (9)Includes interest expense on our non-recourse asset-backed debt facilities. (10)Includes amortization of debt issuance costs and loan origination fees, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, and interest expense related to the 2026 Notes outstanding. (11)Consists mainly of interest earned on cash, cash equivalents, restricted cash and marketable securities."} diff --git a/data/normalized/sec/0001801169/8-K/2025-05-09_0001140361-25-018030/norm_0001801169_0001140361-25-018030_ef20048700_8k.htm.json b/data/normalized/sec/0001801169/8-K/2025-05-09_0001140361-25-018030/norm_0001801169_0001140361-25-018030_ef20048700_8k.htm.json new file mode 100644 index 0000000000000000000000000000000000000000..e0a5192985f817a815717589347061390fd3f3ff --- /dev/null +++ b/data/normalized/sec/0001801169/8-K/2025-05-09_0001140361-25-018030/norm_0001801169_0001140361-25-018030_ef20048700_8k.htm.json @@ -0,0 +1,1171 @@ +{ + "acceptance_datetime": "2025-05-09T06:01:16.000Z", + "amends_accession": null, + "artifact_role": "primary", + "blocks": [ + { + "block_id": "norm:0001801169:0001140361-25-018030:ef20048700_8k.htm#b0", + "block_sequence": 0, + "block_sha256": "7c099db665cb2172a33c5ecd26d8f19c0426645a2ee1136f26f99456e159e135", + "block_type": "heading", + 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Emerging growth company \u2610 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. \u2610" + }, + { + "block_id": "norm:0001801169:0001140361-25-018030:ef20048700_8k.htm#b19", + "block_sequence": 19, + "block_sha256": "d9bd341eef322fa16fd7edba2b0dd3d2674a49e2eaa6475ea2b0ce98260ab1a3", + "block_type": "heading", + "char_count": 52, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_8k.htm", + "block_sequence": 19, + "char_end": 52, + "char_start": 0, + "fragment_sha256": "5813fbe30b7ddbddf6eebca7ab73b95d1d29b496586d689d6d03aeecb14c8b2a", + "heading_path": [ + "N/A", + "Item 1.01 Entry into a Material Definitive Agreement" + ], + "table_index": null, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001140361-25-018030:ef20048700_8k.htm#s12", + "table": null, + "text": "Item 1.01 Entry into a Material Definitive Agreement" + }, + { + "block_id": "norm:0001801169:0001140361-25-018030:ef20048700_8k.htm#b20", + "block_sequence": 20, + "block_sha256": "1dea98696d0506259d8f712370146bdad64343d8720fb5a4c20b7af13cad3c8d", + "block_type": "paragraph", + "char_count": 6275, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_8k.htm", + "block_sequence": 20, + "char_end": 6275, + "char_start": 0, + "fragment_sha256": "1c723f8913a9d81b3e1009c5220269313ac497aaefe71d7551bbe5976e568bd2", + "heading_path": [ + "N/A", + "Item 1.01 Entry into a Material Definitive Agreement" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-018030:ef20048700_8k.htm#s12", + "table": null, + "text": "On May 8, 2025, Opendoor Technologies Inc. (the \u201cCompany\u201d) entered into privately negotiated exchange and subscription agreements (the \u201cExchange and Subscription Agreements\u201d) with certain holders of the Company\u2019s 0.25% Convertible Senior Notes due 2026 (the \u201c2026 Notes\u201d) and new investors, pursuant to which the Company will issue $325.0 million aggregate principal amount of its 7.000% Convertible Senior Notes due 2030 (the \u201c2030 Notes\u201d) consisting of (a) approximately $245.8 million principal amount of 2030 Notes issued in exchange for approximately $245.8 million principal amount of 2026 Notes (the \u201cExchange Transactions\u201d), and (b) approximately $79.2 million principal amount of 2030 Notes for cash (the \u201cSubscription Transactions\u201d and, together with the Exchange Transactions, the \u201cTransactions\u201d), in each case, pursuant to exemptions from registration under the Securities Act of 1933, as amended (the \u201cSecurities Act\u201d), and the rules and regulations thereunder. The 2030 Notes will be issued under an indenture (the \u201cNew Notes Indenture\u201d), expected to be dated on or around May 16, 2025, between the Company and U.S. Bank Trust Company, National Association. The 2030 Notes will be senior, unsecured obligations of the Company and will accrue interest at a rate of 7.000% per annum, payable semi-annually in arrears on May 15 and November 15 of each year, beginning on November 15, 2025. The 2030 Notes will mature on May 15, 2030, unless earlier repurchased, redeemed or converted. Before November 15, 2029, noteholders will have the right to convert their 2030 Notes only upon the occurrence of certain events. From and including November 15, 2029, noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company will settle conversions by paying cash up to the aggregate principal amount of the 2030 Notes to be converted and paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the 2030 Notes being converted based on the applicable conversion rate(s). The initial conversion rate is 637.1050 shares of common stock per $1,000 principal amount of 2030 Notes, which represents an initial conversion price of approximately $1.57 per share of common stock. Based on the initial conversion rate 207,059,125 shares of common stock would be issued upon conversion of the 2030 Notes. The initial conversion price represents a premium of approximately 80% over the last reported sale price of $0.872 per share of the Company\u2019s common stock on May 8, 2025. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events. The 2030 Notes will be redeemable, in whole or in part (subject to certain limitations), for cash at the Company\u2019s option at any time, and from time to time, on or after May 22, 2028 and before the 36th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of the Company\u2019s common stock exceeds 130% of the conversion price for a specified period of time and certain liquidity conditions have been satisfied. The redemption price will be equal to the principal amount of the 2030 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the relevant redemption date. Holders of the 2030 Notes will have the right to require the Company to repurchase all or part of their 2030 Notes for cash on May 15, 2028 or, subject to certain conditions, in the event of certain fundamental changes (as defined in the New Notes Indenture), at a repurchase price equal to 100% of the principal amount of the 2030 Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the relevant repurchase date. In connection with the Transactions, the Company has been advised that J. Wood Capital Advisors LLC (\u201cJWCA\u201d), the Company\u2019s financial advisor with respect to the Transactions, intends to purchase approximately 16.8 million shares of the Company\u2019s common stock concurrently with the Transactions in privately negotiated transactions from certain exchanging holders and/or purchasers of the 2030 Notes through a financial intermediary at a discount to the last reported sale price of the Company\u2019s common stock on May 8, 2025. JWCA has also agreed not to sell such shares of common stock for 30 days. Such concurrent purchases by JWCA of the Company\u2019s common stock could increase (or reduce the size of any decrease in) the market price of the Company\u2019s common stock, the 2026 Notes or the 2030 Notes. JWCA also intends to purchase $5.0 million principal amount of the 2030 Notes for cash in the Subscription Transactions. Following the closing of the Exchange Transactions, approximately $135.4 million in aggregate principal amount of 2026 Notes will remain outstanding with terms unchanged. The Company expects that the gross proceeds from the Subscription Transactions will be approximately $75.3 million, excluding offering fees and transaction expenses, and intends to use the net proceeds for general corporate purposes. The Company will not receive any cash proceeds from the Exchange Transactions. The Transactions are expected to close concurrently on or about May 16, 2025, subject to customary closing conditions. A copy of the Form of Exchange and Subscription Agreement is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein. The foregoing description of the Form of Exchange and Subscription Agreement does not purport to be complete and is qualified in its entirety by reference to such exhibit. This Current Report on Form 8-K does not constitute an offer to sell, nor is it a solicitation of an offer to buy, the 2030 Notes or the Company\u2019s common stock, nor shall there be any sale of the 2030 Notes or the Company\u2019s common stock in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or any jurisdiction." + }, + { + "block_id": "norm:0001801169:0001140361-25-018030:ef20048700_8k.htm#b21", + "block_sequence": 21, + "block_sha256": "c35d849bf7793b30b31956cdb408eca51b6fa5788b226fc3717e021120169b19", + "block_type": "heading", + "char_count": 49, + "level": 3, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_8k.htm", + "block_sequence": 21, + "char_end": 49, + "char_start": 0, + "fragment_sha256": "2658f6cf27e2c28cfc2619a101edbdf71a066ff48a58d61068703259ef8cb1fb", + "heading_path": [ + "N/A", + "Item 3.02 Unregistered Sales of Equity Securities" + ], + "table_index": null, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001140361-25-018030:ef20048700_8k.htm#s13", + "table": null, + "text": "Item 3.02 Unregistered Sales of Equity Securities" + }, + { + "block_id": "norm:0001801169:0001140361-25-018030:ef20048700_8k.htm#b22", + "block_sequence": 22, + "block_sha256": "e74d1bd25a693e60f14695affb050f70702bb6553c464c890cc94d47084a3181", + "block_type": "paragraph", + "char_count": 787, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_8k.htm", + "block_sequence": 22, + "char_end": 787, + "char_start": 0, + "fragment_sha256": "eb08bf9c5d9aa937ee3cceab66b25b283cb34a7c78be0dd4a82c224c25c374f6", + "heading_path": [ + "N/A", + "Item 3.02 Unregistered Sales of Equity Securities" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-018030:ef20048700_8k.htm#s13", + "table": null, + "text": "The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference. The offer and sale of the 2030 Notes and the common stock of the Company issuable upon conversion, if any, have not been registered under the Securities Act or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. The 2030 Notes were offered in a private placement in reliance on Section 4(a)(2) of the Securities Act. 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All statements contained in this Current Report on Form 8-K that do not relate to matters of historical fact should be considered forward-looking, including statements regarding net proceeds from the Subscription Transactions, use of proceeds from the Subscription Transactions, and anticipated closing of the Transactions. These forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cguidance\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201coutlook\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cvision\u201d, \u201cwill\u201d, or \u201cwould\u201d, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this Current Report on Form 8-K include but are not limited to: the Company\u2019s ability to consummate the Transactions; risks related to the Company\u2019s indebtedness; the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, the imposition of tariffs and price or exchange controls, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that may impact demand for the Company\u2019s products and services, lower the Company\u2019s profitability or reduce its access to future financings; actual or anticipated fluctuations in the Company\u2019s financial condition and results of operations; changes in projected operational and financial results; and the Company\u2019s real estate assets and increased competition in the U.S. residential real estate industry; the Company\u2019s ability to operate and grow its core business products, including the ability to obtain sufficient financing and resell purchased homes. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \u201cRisk Factors\u201d in the Company\u2019s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 27, 2025, as updated by its periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. 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"8-K", "heading_path": ["N/A"], "items": ["1.01", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_8k.htm", "block_sequence": 18, "char_end": 517, "char_start": 0, "fragment_sha256": "019d7b9f6ad6c3c696d3a1679135de28275753326819666a88f5d6259a5b302e", "heading_path": ["N/A"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-018030:ef20048700_8k.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-08", "section_id": "norm:0001801169:0001140361-25-018030:ef20048700_8k.htm#s11", "source_artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_8k.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125018030/ef20048700_8k.htm", "table_id": null, "text": "Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001140361-25-018030:ef20048700_8k.htm#b20"], "char_count": 3992, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "51acaa7a1c2faa4706762f76f85edabea0b11712915b1e11da6376bed016413c", "derivation_id": "a443429925e66a17e3a31ca67f7e791378e7e5c23eaf5ed87a65fbc9bc2376d6", "document_id": "norm:0001801169:0001140361-25-018030:ef20048700_8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-05-09", "filing_id": "sec:0001801169:0001140361-25-018030", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 1.01 Entry into a Material Definitive Agreement"], "items": ["1.01", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_8k.htm", "block_sequence": 20, "char_end": 3992, "char_start": 0, "fragment_sha256": "1c723f8913a9d81b3e1009c5220269313ac497aaefe71d7551bbe5976e568bd2", "heading_path": ["N/A", "Item 1.01 Entry into a Material Definitive Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-018030:ef20048700_8k.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-08", "section_id": "norm:0001801169:0001140361-25-018030:ef20048700_8k.htm#s12", "source_artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_8k.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125018030/ef20048700_8k.htm", "table_id": null, "text": "On May 8, 2025, Opendoor Technologies Inc. (the “Company”) entered into privately negotiated exchange and subscription agreements (the “Exchange and Subscription Agreements”) with certain holders of the Company’s 0.25% Convertible Senior Notes due 2026 (the “2026 Notes”) and new investors, pursuant to which the Company will issue $325.0 million aggregate principal amount of its 7.000% Convertible Senior Notes due 2030 (the “2030 Notes”) consisting of (a) approximately $245.8 million principal amount of 2030 Notes issued in exchange for approximately $245.8 million principal amount of 2026 Notes (the “Exchange Transactions”), and (b) approximately $79.2 million principal amount of 2030 Notes for cash (the “Subscription Transactions” and, together with the Exchange Transactions, the “Transactions”), in each case, pursuant to exemptions from registration under the Securities Act of 1933, as amended (the “Securities Act”), and the rules and regulations thereunder. The 2030 Notes will be issued under an indenture (the “New Notes Indenture”), expected to be dated on or around May 16, 2025, between the Company and U.S. Bank Trust Company, National Association. The 2030 Notes will be senior, unsecured obligations of the Company and will accrue interest at a rate of 7.000% per annum, payable semi-annually in arrears on May 15 and November 15 of each year, beginning on November 15, 2025. The 2030 Notes will mature on May 15, 2030, unless earlier repurchased, redeemed or converted. Before November 15, 2029, noteholders will have the right to convert their 2030 Notes only upon the occurrence of certain events. From and including November 15, 2029, noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company will settle conversions by paying cash up to the aggregate principal amount of the 2030 Notes to be converted and paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the 2030 Notes being converted based on the applicable conversion rate(s). The initial conversion rate is 637.1050 shares of common stock per $1,000 principal amount of 2030 Notes, which represents an initial conversion price of approximately $1.57 per share of common stock. Based on the initial conversion rate 207,059,125 shares of common stock would be issued upon conversion of the 2030 Notes. The initial conversion price represents a premium of approximately 80% over the last reported sale price of $0.872 per share of the Company’s common stock on May 8, 2025. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events. The 2030 Notes will be redeemable, in whole or in part (subject to certain limitations), for cash at the Company’s option at any time, and from time to time, on or after May 22, 2028 and before the 36th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price for a specified period of time and certain liquidity conditions have been satisfied. The redemption price will be equal to the principal amount of the 2030 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the relevant redemption date. Holders of the 2030 Notes will have the right to require the Company to repurchase all or part of their 2030 Notes for cash on May 15, 2028 or, subject to certain conditions, in the event of certain fundamental changes (as defined in the New Notes Indenture), at a repurchase price equal to 100% of the principal amount of the 2030 Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the relevant repurchase date."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001140361-25-018030:ef20048700_8k.htm#b20"], "char_count": 2282, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "02ba3d82751ebcd17e70af2ae97ea329ef8c512d2d26cd358be5f5660ecdf399", "derivation_id": "a443429925e66a17e3a31ca67f7e791378e7e5c23eaf5ed87a65fbc9bc2376d6", "document_id": "norm:0001801169:0001140361-25-018030:ef20048700_8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-05-09", "filing_id": "sec:0001801169:0001140361-25-018030", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 1.01 Entry into a Material Definitive Agreement"], "items": ["1.01", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_8k.htm", "block_sequence": 20, "char_end": 6274, "char_start": 3992, "fragment_sha256": "1c723f8913a9d81b3e1009c5220269313ac497aaefe71d7551bbe5976e568bd2", "heading_path": ["N/A", "Item 1.01 Entry into a Material Definitive Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-018030:ef20048700_8k.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-08", "section_id": "norm:0001801169:0001140361-25-018030:ef20048700_8k.htm#s12", "source_artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_8k.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125018030/ef20048700_8k.htm", "table_id": null, "text": "In connection with the Transactions, the Company has been advised that J. Wood Capital Advisors LLC (“JWCA”), the Company’s financial advisor with respect to the Transactions, intends to purchase approximately 16.8 million shares of the Company’s common stock concurrently with the Transactions in privately negotiated transactions from certain exchanging holders and/or purchasers of the 2030 Notes through a financial intermediary at a discount to the last reported sale price of the Company’s common stock on May 8, 2025. JWCA has also agreed not to sell such shares of common stock for 30 days. Such concurrent purchases by JWCA of the Company’s common stock could increase (or reduce the size of any decrease in) the market price of the Company’s common stock, the 2026 Notes or the 2030 Notes. JWCA also intends to purchase $5.0 million principal amount of the 2030 Notes for cash in the Subscription Transactions. Following the closing of the Exchange Transactions, approximately $135.4 million in aggregate principal amount of 2026 Notes will remain outstanding with terms unchanged. The Company expects that the gross proceeds from the Subscription Transactions will be approximately $75.3 million, excluding offering fees and transaction expenses, and intends to use the net proceeds for general corporate purposes. The Company will not receive any cash proceeds from the Exchange Transactions. The Transactions are expected to close concurrently on or about May 16, 2025, subject to customary closing conditions. A copy of the Form of Exchange and Subscription Agreement is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein. The foregoing description of the Form of Exchange and Subscription Agreement does not purport to be complete and is qualified in its entirety by reference to such exhibit. This Current Report on Form 8-K does not constitute an offer to sell, nor is it a solicitation of an offer to buy, the 2030 Notes or the Company’s common stock, nor shall there be any sale of the 2030 Notes or the Company’s common stock in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or any jurisdiction."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001140361-25-018030:ef20048700_8k.htm#b22"], "char_count": 787, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e74d1bd25a693e60f14695affb050f70702bb6553c464c890cc94d47084a3181", "derivation_id": "a443429925e66a17e3a31ca67f7e791378e7e5c23eaf5ed87a65fbc9bc2376d6", "document_id": "norm:0001801169:0001140361-25-018030:ef20048700_8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-05-09", "filing_id": "sec:0001801169:0001140361-25-018030", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 3.02 Unregistered Sales of Equity Securities"], "items": ["1.01", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_8k.htm", "block_sequence": 22, "char_end": 787, "char_start": 0, "fragment_sha256": "eb08bf9c5d9aa937ee3cceab66b25b283cb34a7c78be0dd4a82c224c25c374f6", "heading_path": ["N/A", "Item 3.02 Unregistered Sales of Equity Securities"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-018030:ef20048700_8k.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-08", "section_id": "norm:0001801169:0001140361-25-018030:ef20048700_8k.htm#s13", "source_artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_8k.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125018030/ef20048700_8k.htm", "table_id": null, "text": "The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference. The offer and sale of the 2030 Notes and the common stock of the Company issuable upon conversion, if any, have not been registered under the Securities Act or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. The 2030 Notes were offered in a private placement in reliance on Section 4(a)(2) of the Securities Act. The issuance of common stock upon conversion, if any, is expected to be exempt from registration pursuant to Section 3(a)(9) of the Securities Act as involving an exchange by the Company exclusively with its security holders."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001140361-25-018030:ef20048700_8k.htm#b24"], "char_count": 3657, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "bd2d2e67891a3aac1c48c6d2b4d2cd2f9b42864d96af9fae0270bc932748cdfb", "derivation_id": "a443429925e66a17e3a31ca67f7e791378e7e5c23eaf5ed87a65fbc9bc2376d6", "document_id": "norm:0001801169:0001140361-25-018030:ef20048700_8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-05-09", "filing_id": "sec:0001801169:0001140361-25-018030", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 3.02 Unregistered Sales of Equity Securities", "Forward Looking Statements"], "items": ["1.01", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_8k.htm", "block_sequence": 24, "char_end": 3657, "char_start": 0, "fragment_sha256": "408603bf2dcdfc6c607a3e2e914adb0257d0bbc717521fcecc5b2f187b21d8aa", "heading_path": ["N/A", "Item 3.02 Unregistered Sales of Equity Securities", "Forward Looking Statements"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-018030:ef20048700_8k.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-08", "section_id": "norm:0001801169:0001140361-25-018030:ef20048700_8k.htm#s14", "source_artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_8k.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125018030/ef20048700_8k.htm", "table_id": null, "text": "This Current Report on Form 8-K contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this Current Report on Form 8-K that do not relate to matters of historical fact should be considered forward-looking, including statements regarding net proceeds from the Subscription Transactions, use of proceeds from the Subscription Transactions, and anticipated closing of the Transactions. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “vision”, “will”, or “would”, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this Current Report on Form 8-K include but are not limited to: the Company’s ability to consummate the Transactions; risks related to the Company’s indebtedness; the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, the imposition of tariffs and price or exchange controls, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that may impact demand for the Company’s products and services, lower the Company’s profitability or reduce its access to future financings; actual or anticipated fluctuations in the Company’s financial condition and results of operations; changes in projected operational and financial results; and the Company’s real estate assets and increased competition in the U.S. residential real estate industry; the Company’s ability to operate and grow its core business products, including the ability to obtain sufficient financing and resell purchased homes. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption “Risk Factors” in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2025, as updated by its periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. The Company does not give any assurance that it will achieve its expectations."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001140361-25-018030:ef20048700_8k.htm#b26", "norm:0001801169:0001140361-25-018030:ef20048700_8k.htm#b27"], "char_count": 194, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "2ba1d6650f98b5915dbf477ed7c3150e13b5502b631dc9b9c9a1607aa1eb0420", "derivation_id": "a443429925e66a17e3a31ca67f7e791378e7e5c23eaf5ed87a65fbc9bc2376d6", "document_id": "norm:0001801169:0001140361-25-018030:ef20048700_8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-05-09", "filing_id": "sec:0001801169:0001140361-25-018030", "flags": ["short_passage"], "form": "8-K", "heading_path": ["N/A", "Item 9.01 Financial Statements and Exhibits."], "items": ["1.01", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_8k.htm", "block_sequence": 26, "char_end": 13, "char_start": 0, "fragment_sha256": "93dc05cc25b85cb41ecdccd11d8c7a4193984c48070c5bdb38f4bd23a1e2bd3b", "heading_path": ["N/A", "Item 9.01 Financial Statements and Exhibits."], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_8k.htm", "block_sequence": 27, "char_end": 179, "char_start": 0, "fragment_sha256": "f0ed84d63fae12ca248770b2ec4382fc35d7ffbcd7c9d911628903854fd9ded3", "heading_path": ["N/A", "Item 9.01 Financial Statements and Exhibits."], "table_index": null, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-018030:ef20048700_8k.htm#p11", "passage_kind": "narrative", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-08", "section_id": "norm:0001801169:0001140361-25-018030:ef20048700_8k.htm#s15", "source_artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_8k.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125018030/ef20048700_8k.htm", "table_id": null, "text": "(d) Exhibits.\n\nExhibit No. Description 10.1 Form of Exchange and Subscription Agreement. 104 Cover Page Interactive Data File (Cover page XBRL tags are embedded within the Inline XBRL document)."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001140361-25-018030:ef20048700_8k.htm#b29"], "char_count": 299, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "15bfd3e0c4decea94b3357ae7208de3f99b2230ad42729baa9f7d87690f83226", "derivation_id": "a443429925e66a17e3a31ca67f7e791378e7e5c23eaf5ed87a65fbc9bc2376d6", "document_id": "norm:0001801169:0001140361-25-018030:ef20048700_8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-05-09", "filing_id": "sec:0001801169:0001140361-25-018030", "flags": [], "form": "8-K", "heading_path": ["N/A", "SIGNATURES"], "items": ["1.01", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_8k.htm", "block_sequence": 29, "char_end": 299, "char_start": 0, "fragment_sha256": "ccd955cf45f08357126a40913e08c1b5f78f856dd5a719b936725f59289ba892", "heading_path": ["N/A", "SIGNATURES"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-018030:ef20048700_8k.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-08", "section_id": "norm:0001801169:0001140361-25-018030:ef20048700_8k.htm#s16", "source_artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_8k.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125018030/ef20048700_8k.htm", "table_id": null, "text": "Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Opendoor Technologies Inc. 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2025 Broadridge" + }, + { + "block_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#b5", + "block_sequence": 5, + "block_sha256": "9d37bd08e635e73bdc57417c637a83e55b0532958e8dbca8d1a126543acb69b6", + "block_type": "heading", + "char_count": 12, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", + "block_sequence": 5, + "char_end": 12, + "char_start": 0, + "fragment_sha256": "f3d3ec2e3107b4238a27a25496b739bf62e6df3bbcdfb850256bec5e3b010012", + "heading_path": [ + "EXHIBIT 10.1", + "Exhibit 10.1" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#s3", + "table": null, + "text": "Exhibit 10.1" + }, + { + "block_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#b6", + "block_sequence": 6, + "block_sha256": "6b22782a60002f75eb9bbcbb1bcb777844f17f1ddd99a6ccbf8c31f7f29c5f7e", + "block_type": "paragraph", + "char_count": 127, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", + "block_sequence": 6, + "char_end": 127, + "char_start": 0, + "fragment_sha256": "202615894651a13597440645c30a31263e511471287d06322b22ca6e70caa8ea", + "heading_path": [ + "EXHIBIT 10.1", + "Exhibit 10.1" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#s3", + "table": null, + "text": "May 8, 2025 Opendoor Technologies Inc. 100 Montgomery St., Suite 500 San Francisco, CA 94104 Attention: Chief Financial Officer" + }, + { + "block_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#b7", + "block_sequence": 7, + "block_sha256": "c65142ed122d7d95472c0b5c4bb31d439d4f7d2058164945eadae28a7e73ced1", + "block_type": "heading", + "char_count": 76, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", + "block_sequence": 7, + "char_end": 76, + "char_start": 0, + "fragment_sha256": "0e3ee6ad114c508e17d1aed20c79b7c814c0075ab440ac23219030fb323f3971", + "heading_path": [ + "EXHIBIT 10.1", + "Re: Exchange and/or Subscription for 7.00% Convertible Senior Notes due 2030" + ], + "table_index": null, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#s4", + "table": null, + "text": "Re: Exchange and/or Subscription for 7.00% Convertible Senior Notes due 2030" + }, + { + "block_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#b8", + "block_sequence": 8, + "block_sha256": "1ea85801d9e9b406cb0e20117335ee9900f8c3441cfe9ef73905cc37a1d6e771", + "block_type": "paragraph", + "char_count": 39498, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", + "block_sequence": 8, + "char_end": 39498, + "char_start": 0, + "fragment_sha256": "98c7ef4de5275cb59b5ffa7138fa32ff73167c4c04e8e5e352942eaf08e2f549", + "heading_path": [ + "EXHIBIT 10.1", + "Re: Exchange and/or Subscription for 7.00% Convertible Senior Notes due 2030" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#s4", + "table": null, + "text": "Ladies and Gentlemen: Opendoor Technologies Inc., a Delaware corporation, (the \u201cCompany\u201d), is offering a new series of its Convertible Senior Notes due 2030 (the \u201cNew Notes\u201d). The New Notes will be convertible into cash up to the aggregate principal amount of any New Notes issued, and cash, shares (\u201cUnderlying Shares\u201d) of common stock of the Company, par value $0.0001 per share (\u201cStock\u201d), or a combination of cash and Underlying Shares, at the Company\u2019s election, in respect of the remainder, if any, of the Company\u2019s conversion obligation in excess of the aggregate principal amount of such converted New Notes, in accordance with the terms of the Indenture (as defined below). The undersigned (the \u201cInvestor\u201d), for itself and, on behalf of the accounts (if any) listed on (x) Exhibit A hereto, in the case of the Exchange (as defined below), for whom the Investor has been duly authorized to enter into the Exchange (each, including the Investor if it is listed on Exhibit A, an \u201cExchanging Holder\u201d) and (y) Exhibit B hereto, in the case of the Subscription (as defined below), for whom the Investor has been duly authorized to enter into the Subscription (each, including the Investor if it is listed on Exhibit B, a \u201cSubscriber\u201d), may: (1) exchange 0.25% Convertible Senior Notes due 2026 (CUSIP: 683712AA1 and ISIN: US683712AA18) of the Company (the \u201cOld Notes\u201d) for an amount of New Notes determined as set forth herein (the \u201cExchange\u201d); and/or (2) subscribe for and purchase from the Company New Notes for cash (the \u201cSubscription\u201d and, the Exchange and/or the Subscription, as applicable, the \u201cNotes Transactions\u201d), in each case, pursuant and subject to the terms and conditions set forth in this agreement (the \u201cExchange/Subscription Agreement\u201d or this \u201cAgreement\u201d). The Exchanging Holders and the Subscribers (including the Investor, as applicable) are referred to collectively as the \u201cPurchasers,\u201d and each Purchaser (other than the Investor) is referred to herein as an \u201cAccount.\u201d The Investor hereby confirms that this Agreement relates to participation by the Purchasers, taken together, in the: Exchange only \u2610 Subscription only \u2610 Exchange and Subscription \u2610 PROfilePageNumberReset%Num%2%%% The Investor and each Account understands that the Notes Transactions are being made without registration under the Securities Act of 1933, as amended (the \u201cSecurities Act\u201d), or any securities laws of any state of the United States or of any other jurisdiction, and that the Notes Transactions are only being made to investors who are institutional \u201caccredited investors\u201d within the meaning of Rule 501 of Regulation D under the Securities Act that are also \u201cqualified institutional buyers\u201d (within the meaning of Rule 144A under the Securities Act) in reliance upon an exemption from registration under Section 4(a)(2) of the Securities Act. The Notes Transactions are described in, and are being made pursuant to, the draft Indenture relating to the New Notes (the \u201cIndenture\u201d) to be entered into as of the Closing Date (as defined below) between the Company and U.S. Bank Trust Company, National Association, as Trustee (the \u201cNew Notes Trustee\u201d), as supplemented by the Pricing Term Sheet, dated as of the date hereof (the \u201cPricing Term Sheet\u201d and, together with the Indenture, the \u201cTransaction Documents\u201d). In connection with the issuance of the New Notes, the Company expects the Placement Agent (as defined below) to purchase shares of Stock from certain institutional investors. 1. The Exchange. If the Investor and/or any other Exchanging Holders are participating in the Exchange, subject to the terms and conditions of this Exchange/Subscription Agreement, the Investor and the other Exchanging Holders hereby deliver, assign and transfer to the Company all right, title and interest in the aggregate principal amount of Old Notes set forth in column 2 of Exhibit A hereto (such principal amount of Old Notes, the \u201cExchanged Old Notes\u201d) in exchange for New Notes having an aggregate principal amount, for each Exchanging Holder, as set forth in column 3 of Exhibit A (such aggregate principal amount of New Notes, the \u201cExchanged New Notes\u201d), and the Company agrees to issue such Exchanged New Notes to the Exchanging Holders in exchange for such Exchanged Old Notes. For the avoidance of doubt, Exchanged New Notes will be issued in denominations of $1,000 principal amount and integral multiples thereof, and the Company will not make any separate cash payment in respect of rounded amounts or interest, if any, accrued and unpaid to the Closing Date (as defined below) for the Exchanged Old Notes. Instead, such amounts will be deemed to be paid in full rather than cancelled, extinguished or forfeited upon exchange of the Exchanged Old Notes for the Exchanged New Notes. Subject to the terms and conditions of this Exchange/Subscription Agreement, the Investor, on behalf of itself and each Exchanging Holder, hereby (a) waives any and all other rights with respect to such Exchanged Old Notes, and (b) releases and discharges the Company from any and all claims the Investor and each Exchanging Holder may now have, or may have in the future, arising out of, or related to, such Exchanged Old Notes. 2. The Subscription. If the Investor and/or any other Subscriber is participating in the Subscription, subject to the terms and conditions of this Exchange/Subscription Agreement, the Investor hereby agrees to purchase from the Company, and the Company hereby agrees to issue and sell to the Investor and/or any such Account, New Notes (the \u201cPurchased New Notes\u201d) having an aggregate principal amount as set forth in column 2 of Exhibit B hereto, for an aggregate purchase price in cash in respect of such Purchased New Notes as set forth in column 3 of Exhibit B (such aggregate cash purchase price, the \u201cCash Purchase Price\u201d). For the avoidance of doubt, such Cash Purchase Price shall not be adjusted for accrued interest if the Closing (as defined below) occurs after May 16, 2025. 3. The Closing. The closing of the Notes Transactions (the \u201cClosing\u201d) shall take place electronically at 10:00 AM, New York City time, on May 16, 2025, or at such other time and place as the Company may designate by notice to the Investor (the \u201cClosing Date\u201d); provided that the Closing Date cannot be later than May 23, 2025 without the prior written consent of the Investor. 4. Closing Mechanics. a. The Depository Trust Company (\u201cDTC\u201d) will act as securities depositary for the New Notes. b. At or prior to the times set forth in the Exchange/Subscription Procedures set forth in Exhibit C hereto (the \u201cExchange/Subscription Procedures\u201d), the Investor, on behalf of itself and/or any other Account, shall: (i) if participating in the Exchange only, deliver and/or cause the Exchanging Holders to deliver the Exchanged Old Notes, by book entry transfer through the facilities of DTC, to U.S. Bank Trust Company, National Association, in its capacity as trustee of the Old Notes (in such capacity, the \u201cOld Notes Trustee\u201d), for the account/benefit of the Company for cancellation as instructed in the Exchange/Subscription Procedures; (ii) if participating in the Subscription only, transfer the Cash Purchase Price by wire in immediately available funds to the account of the Company designated in the Exchange/Subscription Procedures; and (iii) if participating in both the Exchange and the Subscription: A. deliver and/or cause the Exchanging Holders to deliver the Exchanged Old Notes, by book entry transfer through the facilities of DTC, to the Old Notes Trustee, for the account/benefit of the Company for cancellation as instructed in the Exchange/Subscription Procedures; and B. transfer the Cash Purchase Price by wire in immediately available funds to the account of the Company designated in the Exchange/Subscription Procedures. c. On the Closing Date, subject to satisfaction of the conditions precedent specified in Section 7 hereof, and (1) the prior receipt by the Old Notes Trustee from each Exchanging Holder of the Exchanged Old Notes, if the Investor and/or any other Exchanging Holder is participating in the Exchange only pursuant to clause (b)(i) above, (2) the prior receipt by the Company of the Cash Purchase Price from the Investor on behalf of each Subscriber, if such Subscriber is participating in the Subscription only pursuant to clause (b)(ii) above, and (3) the prior receipt by the Old Notes Trustee from each Purchaser of the Exchanged Old Notes to be submitted for exchange by such Purchaser and the prior receipt by the Company of the Cash Purchase Price from such Purchaser if such Purchaser is participating in both the Exchange and the Subscription pursuant to clause (b)(iii) above: (i) the Company shall execute and deliver the Indenture, dated as of the Closing Date, between the Company and the New Notes Trustee; and (ii) the Company shall execute, cause the New Notes Trustee to authenticate and cause to be delivered to the DTC account(s) specified by the Investor or the relevant Account in Exhibit D hereto, the Exchanged New Notes (if the Investor and/or any Exchanging Holder is participating in the Exchange) and/or the Purchased New Notes (if the Investor and/or any Subscriber is participating in the Subscription), as the case may be. All questions as to the form of all documents and the validity and acceptance of the Old Notes and the New Notes will be determined by the Company, in its sole discretion, which determination shall be final and binding. 5. Representations and Warranties of the Company. The Company represents and warrants to the Investor (and each Account, as applicable) that: a. Organization. The Company is duly organized and is validly existing under the laws of the State of Delaware. b. Due Authorization. This Exchange/Subscription Agreement has been duly authorized, executed and delivered by the Company. c. New Notes. The New Notes have been duly authorized by the Company and, when duly executed by the Company in accordance with the terms of the Indenture, assuming due authentication of the New Notes by the New Notes Trustee, upon delivery to the Investors in accordance with the terms of the Exchange and/or Subscription, as applicable, will be validly issued and delivered and will constitute valid and binding obligations of the Company entitled to the benefits of the Indenture, enforceable against the Company in accordance with their terms, except as such enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium, and other laws relating to or affecting creditors\u2019 rights generally and by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law) (collectively, the \u201cEnforceability Exceptions\u201d). The maximum number of Underlying Shares initially issuable upon conversion of the New Notes (assuming settlement in shares of Stock to the maximum extent permitted by the Indenture and taking into account the maximum make-whole adjustment under the Indenture) have been duly and validly authorized and reserved for by the Company and, when issued upon conversion of the New Notes in accordance with the terms of the New Notes and the Indenture, will be validly issued, fully paid and non-assessable, and the issuance of any Underlying Shares will not be subject to any preemptive, participation, rights of first refusal or similar rights. At or prior to the Closing, a notice for the listing of additional shares covering the Underlying Shares shall have been submitted to the Nasdaq Global Select Market. d. Indenture. The Company has all requisite corporate power and authority to perform its obligations under the Indenture. The Indenture has been duly authorized by the Company, and will have been duly executed and delivered by the Company on or prior to the Closing. Assuming due authorization, execution and delivery by the New Notes Trustee thereto, the Indenture, upon execution and delivery thereof by the Company, will constitute the valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, subject to the Enforceability Exceptions. e. Exemption from Registration. Assuming the accuracy of the representations and warranties of the Investor and each other investor executing an Exchange/Subscription Agreement, (1) each of the issuance of the Exchanged New Notes in connection with the Exchange and/or the issuance of the Purchased New Notes in connection with the Subscription, as the case may be, pursuant to this Exchange/Subscription Agreement is exempt from the registration requirements of the Securities Act; and (2) the Indenture is not required to be qualified under the Trust Indenture Act of 1939, as amended. f. New Class. The New Notes, when issued, will not be of the same class as securities listed on a national securities exchange registered under Section 6 of the Securities Exchange Act of 1934, as amended, or quoted in a U.S. automated inter-dealer quotation system, within the meaning of Rule 144A(d)(3)(i) under the Securities Act. g. No Conflicts. The issuance of the New Notes pursuant to the Exchange/Subscription Agreements, the execution, delivery and performance, as applicable, by the Company of its obligations under the New Notes, the Indenture and each Exchange/Subscription Agreement, and the consummation of the transactions contemplated hereby and thereby, will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, impose any lien, charge or encumbrance upon any property or assets of the Company or its subsidiaries, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement, license, lease or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, (ii) result in any violation of the provisions of the charter or by-laws or similar organizational document of the Company or any of its subsidiaries or (iii) result in any violation of any statute or any judgment, order, decree, rule or regulation of any court or arbitrator or federal, state, local or foreign governmental agency or regulatory authority having jurisdiction over the properties or assets of the Company or any of its subsidiaries or any of their properties or assets, except, with respect to clauses (i) and (iii), conflicts, breaches, violations, impositions or defaults that would not reasonably be expected to have a material adverse effect on the condition (financial or otherwise), results of operations, stockholders\u2019 equity, properties, business or prospects of the Company and its subsidiaries taken as a whole or a material adverse effect on the performance by the Company of its obligations under any Exchange/Subscription Agreement, the Old Notes Indenture, the Indenture or the New Notes or the consummation of any of the transactions contemplated hereby or thereby. h. Solvency. On each of the date hereof and immediately after giving effect to the Exchange on the Closing Date, (A) the present fair market value (or present fair saleable value) of the total assets of Company is not less than the total amount required to pay the probable total liabilities (including contingent liabilities) of the Company as they mature and become absolute, (B) the capital of the Company is adequate to conduct its business and to enter into the Exchange, (C) the Company has the ability to pay its debts and obligations as such debts mature, and (D) the Company is not \u201cinsolvent\u201d (as such term is defined under Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code)). i. Exchange. The Company acknowledges that the terms of the Notes Transactions have been mutually negotiated between the parties. 6. Representations and Warranties of the Investor. The Investor hereby represents and warrants to and covenants with the Company, on behalf of itself and each Account, as applicable, that: a. The Investor is a corporation, limited partnership, limited liability company or other entity, as the case may be, duly formed, validly existing and in good standing under the laws of the jurisdiction of its formation. b. If the Investor is participating in the Exchange, the Investor has all requisite corporate, limited partnership, limited liability company or other applicable entity power and authority to deliver, assign and transfer the Exchanged Old Notes in exchange for the Exchanged New Notes pursuant to this Agreement and to enter into this Exchange/Subscription Agreement and perform all obligations required to be performed by the Investor hereunder. This Agreement, when executed and delivered, has been duly authorized, executed and delivered by the Investor and constitutes the valid and binding obligation of the Investor and each Exchanging Holder, enforceable in accordance with its terms, except that such enforcement may be subject to the Enforceability Exceptions. If the Investor is executing this Exchange/Subscription Agreement on behalf of an Account, (i) the Investor has all requisite discretionary and contractual authority to enter into this Exchange/Subscription Agreement on behalf of, and, bind, each Account to the terms of this Agreement, (ii) Exhibit A hereto is a true, correct and complete list of (A) the name of each Exchanging Holder, and (B) the principal amount of each Exchanging Holder\u2019s Exchanged Old Notes and (iii) Exhibit B hereto is a true, correct and complete list of the name of each Subscriber and the aggregate principal amount of Purchased New Notes each such Subscriber agrees to purchase hereunder. c. Each Exchanging Holder participating in the Exchange is the current beneficial owner of the Exchanged Old Notes and has been the beneficial owner of the Exchanged Old Notes continuously since at least the business day immediately preceding May 7, 2025. When the Exchanged Old Notes are exchanged, the Company will acquire good, marketable and unencumbered title thereto, free and clear of all liens, restrictions, charges, encumbrances, adverse claims, rights or proxies. d. Participation in the Notes Transactions will not contravene (1) any law, rule, regulation or governmental or judicial decrees, injunctions or orders binding on the Investor or any Account or any investment guideline or restriction applicable to the Investor (or, if applicable, any Account), (2) the charter or bylaws (or equivalent organizational documents) of the Investor (or, if applicable, any Account) or (3) any agreement or instrument to which the Investor or any Account is a party or by which the Investor or any Account or any of their respective assets are bound. e. The Investor (or applicable Account) is a resident of the jurisdiction set forth in Exhibit D and, unless otherwise set out in Exhibit A or Exhibit B hereto, as applicable, is not acquiring the Exchanged New Notes or the Purchased New Notes as a nominee or agent or otherwise for any other person. f. The Investor and each Account will comply with all applicable laws and regulations in effect in any jurisdiction in which the Investor or such Account purchases or acquires pursuant to the Exchange or Subscription, as the case may be, or sells New Notes and will obtain any consent, approval or permission required for such purchases, acquisitions or sales under the laws and regulations of any jurisdiction to which the Investor or such Account is subject or in which the Investor or such Account makes such purchases, acquisitions or sales, and the Company shall not have any responsibility therefor. g. The Investor and each Account has received a copy of the Transaction Documents. The Investor acknowledges that: (1) no person has been authorized to give any information or to make any representation concerning the Notes Transactions or the Company or any of its subsidiaries, other than as contained in this Agreement or the Transaction Documents or in the information given by the Company\u2019s duly authorized officers and employees in connection with the Investor\u2019s examination of the Company and its subsidiaries and the terms of the Notes Transactions; and (2) the Company and its subsidiaries do not take any responsibility for, and cannot provide any assurance as to the reliability of, any other information that may have been provided to the Investor. The Investor hereby acknowledges that J. Wood Capital Advisors LLC (the \u201cPlacement Agent\u201d) does not take any responsibility for, and can provide no assurance as to the reliability of, the information set forth in the Transaction Documents or any such other information provided or deemed provided to the Investor by the Company. h. The Investor and each Account understands and accepts that acquiring the New Notes in the Notes Transactions involves risks. The Investor and each Account has such knowledge, skill and experience in business, financial and investment matters that the Investor and each Account is capable of evaluating the merits and risks of the Notes Transactions and an investment in the New Notes. With the assistance of its own professional advisors (to the extent the Investor and each Account has deemed appropriate), the Investor and each Account has made its own legal, tax, accounting and financial evaluation of the merits and risks of an investment in the New Notes and the consequences of the Notes Transactions and this Agreement. The Investor and each Account has considered the suitability of the New Notes as an investment in light of its own circumstances and financial condition, and the Investor is and each Account is able to bear the risks associated with an investment in the New Notes. The Investor and each Account understands that it should consult with its own tax advisors in order to determine the U.S. federal, state and local tax consequences of the Exchange (if participating in the Exchange) as well as the ownership and disposition of the New Notes, in light of the Investor\u2019s and each Account\u2019s particular circumstances. The Investor and each Account acknowledges and agrees that the New Notes may be issued with \u201coriginal issue discount\u201d as defined in Section 1273 of the Code (as defined below). i. The Investor confirms that neither it nor any Account is relying on any communication (written or oral) of the Company or the Placement Agent or any of their respective agents or affiliates as investment advice or as a recommendation to participate in the Notes Transactions and receive the New Notes pursuant to the terms hereof. The Investor confirms that it has read the Indenture relating to the New Notes and has not relied on any statement (written or oral) of the Company, the Placement Agent or any of their respective affiliates as to the terms of the New Notes. It is understood that information provided in the Transaction Documents, or by the Company or the Placement Agent or any of their respective agents or affiliates, shall not be considered investment advice or a recommendation with respect to the Notes Transactions, and that none of the Company, the Placement Agent or any of their respective agents or affiliates is acting or has acted as an advisor to the Investor or any Account in deciding whether to participate in the Notes Transactions. j. The Investor confirms, for itself and for each Account, that neither the Company nor the Placement Agent have (1) given any guarantee or representation as to the potential success, return, effect or benefit (either legal, regulatory, tax, financial, accounting or otherwise) of an investment in the New Notes; or (2) made any representation to the Investor regarding the legality of an investment in the New Notes under applicable investment guidelines, laws or regulations. In deciding to participate in the Notes Transactions, neither the Investor nor any Account is relying on the advice or recommendations of the Company or the Placement Agent, and the Investor and each Account has made its own independent decision that the investment in the New Notes is suitable and appropriate for the Investor or such Account. k. The Investor and each Account is a sophisticated participant in the transactions contemplated hereby and has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the New Notes, is experienced in investing in capital markets and is able to bear the economic risk of an investment in the New Notes. The Investor and each Account is familiar with the business and financial condition and operations of the Company and its subsidiaries and has conducted its own investigation of the Company and its subsidiaries and the New Notes and has consulted with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated hereby. The Investor and each Account has had access to the Company filings with the Securities and Exchange Commission and such other information concerning the Company and its subsidiaries and the New Notes as it deems necessary to enable it to make an informed investment decision concerning the Notes Transactions. The Investor and each Account has been offered the opportunity to ask questions of the Company and its representatives and has received answers thereto as the Investor or such Account deems necessary to enable it to make an informed investment decision concerning the Notes Transactions and the New Notes. Neither such inquiries nor any other due diligence investigations conducted by such Investor or its advisors, or its representatives shall modify, amend or affect such Investor\u2019s right to rely on the Company\u2019s representations and warranties contained herein. l. The Investor and each Account understands that no federal, state, local or foreign agency has passed upon the merits or risks of an investment in the New Notes or made any finding or determination concerning the fairness or advisability of such investment. m. The Investor and each Account is an institutional \u201caccredited investor\u201d as defined in Rule 501 of Regulation D under the Securities Act as well as a \u201cqualified institutional buyer\u201d as defined in Rule 144A under the Securities Act. The Investor, for itself and on behalf of each Account, agrees to furnish any additional information reasonably requested by the Company or any of their affiliates to assure compliance with applicable U.S. federal and state securities laws in connection with the Notes Transactions. n. The Investor and each Account is not directly, or indirectly through one or more intermediaries, controlling or controlled by, or under direct or indirect common control with, the Company and is not, and has not been for the immediately preceding three months, an \u201caffiliate\u201d (within the meaning of Rule 144 under the Securities Act) of the Company. o. The Investor and each Account is acquiring the New Notes solely for the Investor\u2019s or such Account\u2019s own beneficial account, or for an account with respect to which the Investor or such Account exercises sole investment discretion, for investment purposes, and not with a view to, or for resale in connection with, any distribution of the New Notes. The Investor and each Account understands that the offer and sale of the New Notes have not been registered under the Securities Act or any state securities laws by reason of specific exemptions under the provisions thereof that depend in part upon the investment intent of the Investor or each Account and the accuracy of the other representations made by the Investor and each Account in this Agreement. p. The Investor and each Account understands that the Company is relying upon the representations and agreements contained in this Agreement (and any supplemental information) for the purpose of determining whether the Investor\u2019s and such Account\u2019s participation in the Notes Transactions meets the requirements for the exemptions referenced in clause6.o o above. In addition, the Investor and each Account acknowledges and agrees that any hedging transactions engaged in by the Investor or such Account after such Investor or Account was wall crossed and prior to the Closing in connection with the issuance and sale of the New Notes have been and will be conducted in compliance with the Securities Act and the rules and regulations promulgated thereunder. q. The Investor and each Account acknowledges that neither the New Notes nor the Underlying Shares have been registered under the Securities Act. As a result, the New Notes, and if converted to Underlying Shares, the Underlying Shares, may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act as described in the Indenture (including, but not limited to, Section 2.10 thereof), and the Investor, for itself and on behalf of each Account, hereby agrees that neither it nor any Account will sell the New Notes nor the Underlying Shares other than in compliance with such transfer restrictions. Further, the Investor and each Account acknowledges that (1) the New Notes and, if converted to the Underlying Shares, the Underlying Shares, will carry a restrictive legend and (2) the New Notes will be designated with a restricted CUSIP number, in each case, until such time, if any, as the restrictive legend can be removed in the Company\u2019s reasonable judgment in accordance with the terms of the Indenture. The Investor and each Account acknowledges that the New Notes may be designated with a restricted CUSIP number indefinitely. r. The Investor and each Account acknowledges that the terms of the Notes Transactions have been mutually negotiated between the Investor (for itself and on behalf of each Account), and the Company. The Investor was given a meaningful opportunity to negotiate the terms of the Notes Transactions on behalf of itself and each Account. s. The Investor and each Account acknowledges the Company intends to pay an advisory fee to the Placement Agent and that the Placement Agent intends to purchase shares of Stock. t. The Investor will, for itself and on behalf of each Account, upon request, execute and deliver any additional documents, information or certifications reasonably requested by the Company, the Old Notes Trustee or the New Notes Trustee to complete the Notes Transactions. u. The Investor and each Account understands that, unless the Investor notifies the Company in writing to the contrary prior to the Closing, each of the Investor\u2019s representations and warranties contained in this Agreement will be deemed to have been reaffirmed and confirmed as of the Closing, taking into account all information received by the Investor. v. The participation in the Notes Transactions by any Exchanging Holder was not conditioned by the Company on such Exchanging Holders\u2019 exchange of a minimum principal amount of Exchanged Old Notes. No Subscriber\u2019s participation in the Notes Transactions was conditioned upon a minimum aggregate principal amount of New Notes issued for cash in the Subscription. w. The Investor acknowledges that it and each Account had a sufficient amount of time to consider whether to participate in the Notes Transactions and that neither the Company nor the Placement Agent has placed any pressure on the Investor or any Account to respond to the opportunity to participate in the Notes Transactions. The Investor acknowledges that neither it nor any Account became aware of the Notes Transactions through any form of general solicitation or advertising within the meaning of Rule 502 under the Securities Act. x. The operations of the Investor and each Account have been conducted in material compliance with the rules and regulations administered or conducted by the U.S. Department of Treasury Office of Foreign Assets Control (\u201cOFAC\u201d), the rules and regulations of the Foreign Corrupt Practices Act (\u201cFCPA\u201d) and the Anti-Money Laundering (\u201cAML\u201d) rules in the Bank Secrecy Act applicable to the Investor. The Investor has performed due diligence necessary to reasonably determine that its (or, where applicable, any Account\u2019s) beneficial owners are not named on the lists of denied parties or blocked persons administered by OFAC, resident in or organized under the laws of a country that is the subject of comprehensive economic sanctions and embargoes administered or conducted by OFAC (\u201cSanctions\u201d), are not otherwise the subject of Sanctions and have not been found to be in violation or under suspicion of violating OFAC, FCPA or AML rules and regulations. y. The Investor and each Account acknowledges and agrees that the Placement Agent has not acted as a financial advisor or fiduciary to the Investor or such Account and that the Placement Agent and its respective directors, officers, employees, representatives and controlling persons have no responsibility for making, and have not made, any independent investigation of the information contained herein or in the Company\u2019s Securities and Exchange Commission filings and make no representation or warranty to the Investor or such Account, express or implied, with respect to the Company or the Notes Transactions or the accuracy, completeness or adequacy of the information provided to the Investor or the Account or any other publicly available information, nor will any of the foregoing persons be liable for any loss or damages of any kind resulting from the use of the information contained therein or otherwise supplied to the Investor or such Account. z. The Investor and each Account acknowledges and agrees that no public market exists for the New Notes and that there is no assurance that a public market will ever develop for the New Notes. Furthermore, the Investor and each Account acknowledges that all of the New Notes, including the Exchanged New Notes and the Purchased New Notes, shall be assigned the same restricted CUSIP number. 7. Conditions to Obligations of the Investor and the Company. The obligations of the Investor to deliver, or to cause the Accounts to deliver, the Exchanged Old Notes (if applicable) and the Cash Purchase Price (if applicable) and of the Company to deliver the New Notes are subject to the satisfaction at or prior to the Closing of the condition precedent that the representations and warranties of the Company on the one hand, and of the Investor on the other contained in Sections 5 and 6, respectively, shall be true and correct as of the Closing in all material respects with the same effect as though such representations and warranties had been made as of the Closing. 8. Covenant and Acknowledgment of the Company. The Company hereby agrees to publicly disclose at or prior to 9:00 a.m., New York City time (the \u201cRelease Time\u201d), on the first business day after the date hereof, the Notes Transactions as contemplated by this Exchange/Subscription Agreement in a press release or through the filing of a Current Report on Form 8-K. The Company hereby acknowledges and agrees that as of the Release Time the Company will disclose all confidential information to the extent the Company believes such confidential information constitutes material non-public information, if any, with respect to the Notes Transactions or that was otherwise communicated by the Company to the Investor or any Account in connection with the Notes Transactions. For the avoidance of doubt, the Company may be aware of material non-public information regarding the Company at the time of Closing that has not been communicated to the Investor or any Account. The Company will, no later than the first business day following the Closing, file a Current Report on Form 8-K publicly disclosing the closing of the Notes Transactions as contemplated by this Exchange/Subscription Agreement. 9. Covenant of the Investor. No later than one (1) business day after the date hereof, the Investor agrees to deliver settlement instructions for each Purchaser to the Company substantially in the form of Exhibit D hereto. 10. Waiver, Amendment. Neither this Agreement nor any provisions hereof shall be modified, changed, discharged or terminated except by an instrument in writing, signed by the party against whom any waiver, change, discharge or termination is sought. 11. Assignability. Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by the Company or the Investor without the prior written consent of the other party. 12. Withholding; Required Tax Forms. The Investor (or Account(s) of such Investor, if applicable) shall deliver to the Company, at least one (1) business day prior to the Closing, an accurately completed and duly executed IRS Form W-9 or IRS Form W-8BEN, W-8BEN-E or W-8ECI, as applicable (or any successor form).The Investor (or Account(s) of such Investor, if applicable) acknowledges that, if the Investor (or Account(s) of such Investor, if applicable) (i) is a \u201cUnited States person\u201d (as defined in Section 7701(a) of the Internal Revenue Code of 1986, as amended (the \u201cCode\u201d)), then the Company must be provided with a correct taxpayer identification number (generally, a person\u2019s social security number or federal employer identification number) or (ii) is not a \u201cUnited States person\u201d (as defined in Section 7701(a) of the Code) (a \u201cNon-U.S. Holder\u201d), then the Company must be provided with an accurately completed and duly executed applicable IRS Form W-8, attesting to the non-U.S. status of the Investor (or Account(s) of such Investor, if applicable) and any other information as may be reasonably necessary to eliminate any withholding or deduction, including information establishing an exemption from withholding under Sections 1471 through 1474 of the Code. The Investor (or Account(s) of such Investor, if applicable) further acknowledges that any Investor (or Account(s) of such Investor, if applicable) may be subject to 30% U.S. federal withholding or 24% U.S. federal backup withholding on certain payments or deliveries made to such Investor (or Account(s) of such Investor, if applicable) unless such Investor (or Account(s) of such Investor, if applicable) properly establishes an exemption from, or a reduced rate of, such withholding or backup withholding. Without limiting the generality of the foregoing, the Investor (or Account(s) of such Investor, if applicable) hereby represents that it is able to receive any consideration payable hereunder (including any amounts attributable to accrued and unpaid interest) without any U.S. federal withholding tax and is entitled to provide U.S. tax forms and required attachments indicating the same (including, where relevant, any certifications indicating that the Investor (or Account(s) of such Investor, if applicable) fulfills the requirements of \u201cportfolio interest exemption\u201d as indicated in Exhibit E) and agrees to hold the Company and its agents harmless for the breach of such representation. 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The undersigned (the “Investor”), for itself and, on behalf of the accounts (if any) listed on (x) Exhibit A hereto, in the case of the Exchange (as defined below), for whom the Investor has been duly authorized to enter into the Exchange (each, including the Investor if it is listed on Exhibit A, an “Exchanging Holder”) and (y) Exhibit B hereto, in the case of the Subscription (as defined below), for whom the Investor has been duly authorized to enter into the Subscription (each, including the Investor if it is listed on Exhibit B, a “Subscriber”), may: (1) exchange 0.25% Convertible Senior Notes due 2026 (CUSIP: 683712AA1 and ISIN: US683712AA18) of the Company (the “Old Notes”) for an amount of New Notes determined as set forth herein (the “Exchange”); and/or (2) subscribe for and purchase from the Company New Notes for cash (the “Subscription” and, the Exchange and/or the Subscription, as applicable, the “Notes Transactions”), in each case, pursuant and subject to the terms and conditions set forth in this agreement (the “Exchange/Subscription Agreement” or this “Agreement”). The Exchanging Holders and the Subscribers (including the Investor, as applicable) are referred to collectively as the “Purchasers,” and each Purchaser (other than the Investor) is referred to herein as an “Account.” The Investor hereby confirms that this Agreement relates to participation by the Purchasers, taken together, in the: Exchange only ☐ Subscription only ☐ Exchange and Subscription ☐ PROfilePageNumberReset%Num%2%%% The Investor and each Account understands that the Notes Transactions are being made without registration under the Securities Act of 1933, as amended (the “Securities Act”), or any securities laws of any state of the United States or of any other jurisdiction, and that the Notes Transactions are only being made to investors who are institutional “accredited investors” within the meaning of Rule 501 of Regulation D under the Securities Act that are also “qualified institutional buyers” (within the meaning of Rule 144A under the Securities Act) in reliance upon an exemption from registration under Section 4(a)(2) of the Securities Act. The Notes Transactions are described in, and are being made pursuant to, the draft Indenture relating to the New Notes (the “Indenture”) to be entered into as of the Closing Date (as defined below) between the Company and U.S. Bank Trust Company, National Association, as Trustee (the “New Notes Trustee”), as supplemented by the Pricing Term Sheet, dated as of the date hereof (the “Pricing Term Sheet” and, together with the Indenture, the “Transaction Documents”). In connection with the issuance of the New Notes, the Company expects the Placement Agent (as defined below) to purchase shares of Stock from certain institutional investors. 1. The Exchange."} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#b8"], "char_count": 3391, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c3b7ac98949a3f69ab396c10f6872b93485c455ca89ad3074e6745dbc23c6513", "derivation_id": "ec104b1e87bd0a1dc7514973c357041831d2989941abc5d18eaed01550ac7897", "document_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2025-05-09", "filing_id": "sec:0001801169:0001140361-25-018030", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 10.1", "Re: Exchange and/or Subscription for 7.00% Convertible Senior Notes due 2030"], "items": ["1.01", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "block_sequence": 8, "char_end": 6901, "char_start": 3510, "fragment_sha256": "98c7ef4de5275cb59b5ffa7138fa32ff73167c4c04e8e5e352942eaf08e2f549", "heading_path": ["EXHIBIT 10.1", "Re: Exchange and/or Subscription for 7.00% Convertible Senior Notes due 2030"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-08", "section_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#s4", "source_artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125018030/ef20048700_ex10-1.htm", "table_id": null, "text": "If the Investor and/or any other Exchanging Holders are participating in the Exchange, subject to the terms and conditions of this Exchange/Subscription Agreement, the Investor and the other Exchanging Holders hereby deliver, assign and transfer to the Company all right, title and interest in the aggregate principal amount of Old Notes set forth in column 2 of Exhibit A hereto (such principal amount of Old Notes, the “Exchanged Old Notes”) in exchange for New Notes having an aggregate principal amount, for each Exchanging Holder, as set forth in column 3 of Exhibit A (such aggregate principal amount of New Notes, the “Exchanged New Notes”), and the Company agrees to issue such Exchanged New Notes to the Exchanging Holders in exchange for such Exchanged Old Notes. For the avoidance of doubt, Exchanged New Notes will be issued in denominations of $1,000 principal amount and integral multiples thereof, and the Company will not make any separate cash payment in respect of rounded amounts or interest, if any, accrued and unpaid to the Closing Date (as defined below) for the Exchanged Old Notes. Instead, such amounts will be deemed to be paid in full rather than cancelled, extinguished or forfeited upon exchange of the Exchanged Old Notes for the Exchanged New Notes. Subject to the terms and conditions of this Exchange/Subscription Agreement, the Investor, on behalf of itself and each Exchanging Holder, hereby (a) waives any and all other rights with respect to such Exchanged Old Notes, and (b) releases and discharges the Company from any and all claims the Investor and each Exchanging Holder may now have, or may have in the future, arising out of, or related to, such Exchanged Old Notes. 2. The Subscription. If the Investor and/or any other Subscriber is participating in the Subscription, subject to the terms and conditions of this Exchange/Subscription Agreement, the Investor hereby agrees to purchase from the Company, and the Company hereby agrees to issue and sell to the Investor and/or any such Account, New Notes (the “Purchased New Notes”) having an aggregate principal amount as set forth in column 2 of Exhibit B hereto, for an aggregate purchase price in cash in respect of such Purchased New Notes as set forth in column 3 of Exhibit B (such aggregate cash purchase price, the “Cash Purchase Price”). For the avoidance of doubt, such Cash Purchase Price shall not be adjusted for accrued interest if the Closing (as defined below) occurs after May 16, 2025. 3. The Closing. The closing of the Notes Transactions (the “Closing”) shall take place electronically at 10:00 AM, New York City time, on May 16, 2025, or at such other time and place as the Company may designate by notice to the Investor (the “Closing Date”); provided that the Closing Date cannot be later than May 23, 2025 without the prior written consent of the Investor. 4. Closing Mechanics. a. The Depository Trust Company (“DTC”) will act as securities depositary for the New Notes. b. At or prior to the times set forth in the Exchange/Subscription Procedures set forth in Exhibit C hereto (the “Exchange/Subscription Procedures”), the Investor, on behalf of itself and/or any other Account, shall: (i) if participating in the Exchange only, deliver and/or cause the Exchanging Holders to deliver the Exchanged Old Notes, by book entry transfer through the facilities of DTC, to U.S."} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#b8"], "char_count": 3913, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "da9a32b115500530578121f78a9d2c7562e738bb471a2e2038b6c8c738709b98", "derivation_id": "ec104b1e87bd0a1dc7514973c357041831d2989941abc5d18eaed01550ac7897", "document_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2025-05-09", "filing_id": "sec:0001801169:0001140361-25-018030", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 10.1", "Re: Exchange and/or Subscription for 7.00% Convertible Senior Notes due 2030"], "items": ["1.01", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "block_sequence": 8, "char_end": 10814, "char_start": 6901, "fragment_sha256": "98c7ef4de5275cb59b5ffa7138fa32ff73167c4c04e8e5e352942eaf08e2f549", "heading_path": ["EXHIBIT 10.1", "Re: Exchange and/or Subscription for 7.00% Convertible Senior Notes due 2030"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-08", "section_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#s4", "source_artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125018030/ef20048700_ex10-1.htm", "table_id": null, "text": "Bank Trust Company, National Association, in its capacity as trustee of the Old Notes (in such capacity, the “Old Notes Trustee”), for the account/benefit of the Company for cancellation as instructed in the Exchange/Subscription Procedures; (ii) if participating in the Subscription only, transfer the Cash Purchase Price by wire in immediately available funds to the account of the Company designated in the Exchange/Subscription Procedures; and (iii) if participating in both the Exchange and the Subscription: A. deliver and/or cause the Exchanging Holders to deliver the Exchanged Old Notes, by book entry transfer through the facilities of DTC, to the Old Notes Trustee, for the account/benefit of the Company for cancellation as instructed in the Exchange/Subscription Procedures; and B. transfer the Cash Purchase Price by wire in immediately available funds to the account of the Company designated in the Exchange/Subscription Procedures. c. On the Closing Date, subject to satisfaction of the conditions precedent specified in Section 7 hereof, and (1) the prior receipt by the Old Notes Trustee from each Exchanging Holder of the Exchanged Old Notes, if the Investor and/or any other Exchanging Holder is participating in the Exchange only pursuant to clause (b)(i) above, (2) the prior receipt by the Company of the Cash Purchase Price from the Investor on behalf of each Subscriber, if such Subscriber is participating in the Subscription only pursuant to clause (b)(ii) above, and (3) the prior receipt by the Old Notes Trustee from each Purchaser of the Exchanged Old Notes to be submitted for exchange by such Purchaser and the prior receipt by the Company of the Cash Purchase Price from such Purchaser if such Purchaser is participating in both the Exchange and the Subscription pursuant to clause (b)(iii) above: (i) the Company shall execute and deliver the Indenture, dated as of the Closing Date, between the Company and the New Notes Trustee; and (ii) the Company shall execute, cause the New Notes Trustee to authenticate and cause to be delivered to the DTC account(s) specified by the Investor or the relevant Account in Exhibit D hereto, the Exchanged New Notes (if the Investor and/or any Exchanging Holder is participating in the Exchange) and/or the Purchased New Notes (if the Investor and/or any Subscriber is participating in the Subscription), as the case may be. All questions as to the form of all documents and the validity and acceptance of the Old Notes and the New Notes will be determined by the Company, in its sole discretion, which determination shall be final and binding. 5. Representations and Warranties of the Company. The Company represents and warrants to the Investor (and each Account, as applicable) that: a. Organization. The Company is duly organized and is validly existing under the laws of the State of Delaware. b. Due Authorization. This Exchange/Subscription Agreement has been duly authorized, executed and delivered by the Company. c. New Notes. The New Notes have been duly authorized by the Company and, when duly executed by the Company in accordance with the terms of the Indenture, assuming due authentication of the New Notes by the New Notes Trustee, upon delivery to the Investors in accordance with the terms of the Exchange and/or Subscription, as applicable, will be validly issued and delivered and will constitute valid and binding obligations of the Company entitled to the benefits of the Indenture, enforceable against the Company in accordance with their terms, except as such enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium, and other laws relating to or affecting creditors’ rights generally and by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law) (collectively, the “Enforceability Exceptions”)."} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#b8"], "char_count": 2331, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ddf95368f423f908b56b3a111d34822788b098144a01cecc5e66830fe193d639", "derivation_id": "ec104b1e87bd0a1dc7514973c357041831d2989941abc5d18eaed01550ac7897", "document_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2025-05-09", "filing_id": "sec:0001801169:0001140361-25-018030", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 10.1", "Re: Exchange and/or Subscription for 7.00% Convertible Senior Notes due 2030"], "items": ["1.01", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "block_sequence": 8, "char_end": 13145, "char_start": 10814, "fragment_sha256": "98c7ef4de5275cb59b5ffa7138fa32ff73167c4c04e8e5e352942eaf08e2f549", "heading_path": ["EXHIBIT 10.1", "Re: Exchange and/or Subscription for 7.00% Convertible Senior Notes due 2030"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-08", "section_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#s4", "source_artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125018030/ef20048700_ex10-1.htm", "table_id": null, "text": "The maximum number of Underlying Shares initially issuable upon conversion of the New Notes (assuming settlement in shares of Stock to the maximum extent permitted by the Indenture and taking into account the maximum make-whole adjustment under the Indenture) have been duly and validly authorized and reserved for by the Company and, when issued upon conversion of the New Notes in accordance with the terms of the New Notes and the Indenture, will be validly issued, fully paid and non-assessable, and the issuance of any Underlying Shares will not be subject to any preemptive, participation, rights of first refusal or similar rights. At or prior to the Closing, a notice for the listing of additional shares covering the Underlying Shares shall have been submitted to the Nasdaq Global Select Market. d. Indenture. The Company has all requisite corporate power and authority to perform its obligations under the Indenture. The Indenture has been duly authorized by the Company, and will have been duly executed and delivered by the Company on or prior to the Closing. Assuming due authorization, execution and delivery by the New Notes Trustee thereto, the Indenture, upon execution and delivery thereof by the Company, will constitute the valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, subject to the Enforceability Exceptions. e. Exemption from Registration. Assuming the accuracy of the representations and warranties of the Investor and each other investor executing an Exchange/Subscription Agreement, (1) each of the issuance of the Exchanged New Notes in connection with the Exchange and/or the issuance of the Purchased New Notes in connection with the Subscription, as the case may be, pursuant to this Exchange/Subscription Agreement is exempt from the registration requirements of the Securities Act; and (2) the Indenture is not required to be qualified under the Trust Indenture Act of 1939, as amended. f. New Class. The New Notes, when issued, will not be of the same class as securities listed on a national securities exchange registered under Section 6 of the Securities Exchange Act of 1934, as amended, or quoted in a U.S. automated inter-dealer quotation system, within the meaning of Rule 144A(d)(3)(i) under the Securities Act. g. No Conflicts."} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#b8"], "char_count": 3998, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e54995531c2ed01d8151b80a632b547ba6c090af00b051cfdf3680dda4d7d6af", "derivation_id": "ec104b1e87bd0a1dc7514973c357041831d2989941abc5d18eaed01550ac7897", "document_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2025-05-09", "filing_id": "sec:0001801169:0001140361-25-018030", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 10.1", "Re: Exchange and/or Subscription for 7.00% Convertible Senior Notes due 2030"], "items": ["1.01", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "block_sequence": 8, "char_end": 17143, "char_start": 13145, "fragment_sha256": "98c7ef4de5275cb59b5ffa7138fa32ff73167c4c04e8e5e352942eaf08e2f549", "heading_path": ["EXHIBIT 10.1", "Re: Exchange and/or Subscription for 7.00% Convertible Senior Notes due 2030"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-08", "section_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#s4", "source_artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125018030/ef20048700_ex10-1.htm", "table_id": null, "text": "The issuance of the New Notes pursuant to the Exchange/Subscription Agreements, the execution, delivery and performance, as applicable, by the Company of its obligations under the New Notes, the Indenture and each Exchange/Subscription Agreement, and the consummation of the transactions contemplated hereby and thereby, will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, impose any lien, charge or encumbrance upon any property or assets of the Company or its subsidiaries, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement, license, lease or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, (ii) result in any violation of the provisions of the charter or by-laws or similar organizational document of the Company or any of its subsidiaries or (iii) result in any violation of any statute or any judgment, order, decree, rule or regulation of any court or arbitrator or federal, state, local or foreign governmental agency or regulatory authority having jurisdiction over the properties or assets of the Company or any of its subsidiaries or any of their properties or assets, except, with respect to clauses (i) and (iii), conflicts, breaches, violations, impositions or defaults that would not reasonably be expected to have a material adverse effect on the condition (financial or otherwise), results of operations, stockholders’ equity, properties, business or prospects of the Company and its subsidiaries taken as a whole or a material adverse effect on the performance by the Company of its obligations under any Exchange/Subscription Agreement, the Old Notes Indenture, the Indenture or the New Notes or the consummation of any of the transactions contemplated hereby or thereby. h. Solvency. On each of the date hereof and immediately after giving effect to the Exchange on the Closing Date, (A) the present fair market value (or present fair saleable value) of the total assets of Company is not less than the total amount required to pay the probable total liabilities (including contingent liabilities) of the Company as they mature and become absolute, (B) the capital of the Company is adequate to conduct its business and to enter into the Exchange, (C) the Company has the ability to pay its debts and obligations as such debts mature, and (D) the Company is not “insolvent” (as such term is defined under Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code)). i. Exchange. The Company acknowledges that the terms of the Notes Transactions have been mutually negotiated between the parties. 6. Representations and Warranties of the Investor. The Investor hereby represents and warrants to and covenants with the Company, on behalf of itself and each Account, as applicable, that: a. The Investor is a corporation, limited partnership, limited liability company or other entity, as the case may be, duly formed, validly existing and in good standing under the laws of the jurisdiction of its formation. b. If the Investor is participating in the Exchange, the Investor has all requisite corporate, limited partnership, limited liability company or other applicable entity power and authority to deliver, assign and transfer the Exchanged Old Notes in exchange for the Exchanged New Notes pursuant to this Agreement and to enter into this Exchange/Subscription Agreement and perform all obligations required to be performed by the Investor hereunder. This Agreement, when executed and delivered, has been duly authorized, executed and delivered by the Investor and constitutes the valid and binding obligation of the Investor and each Exchanging Holder, enforceable in accordance with its terms, except that such enforcement may be subject to the Enforceability Exceptions."} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#b8"], "char_count": 3848, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "637b14aa67746a9603ac355375919d7ca96dceb3e154f0e780c2e72dafd9210f", "derivation_id": "ec104b1e87bd0a1dc7514973c357041831d2989941abc5d18eaed01550ac7897", "document_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2025-05-09", "filing_id": "sec:0001801169:0001140361-25-018030", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 10.1", "Re: Exchange and/or Subscription for 7.00% Convertible Senior Notes due 2030"], "items": ["1.01", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "block_sequence": 8, "char_end": 20991, "char_start": 17143, "fragment_sha256": "98c7ef4de5275cb59b5ffa7138fa32ff73167c4c04e8e5e352942eaf08e2f549", "heading_path": ["EXHIBIT 10.1", "Re: Exchange and/or Subscription for 7.00% Convertible Senior Notes due 2030"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-08", "section_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#s4", "source_artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125018030/ef20048700_ex10-1.htm", "table_id": null, "text": "If the Investor is executing this Exchange/Subscription Agreement on behalf of an Account, (i) the Investor has all requisite discretionary and contractual authority to enter into this Exchange/Subscription Agreement on behalf of, and, bind, each Account to the terms of this Agreement, (ii) Exhibit A hereto is a true, correct and complete list of (A) the name of each Exchanging Holder, and (B) the principal amount of each Exchanging Holder’s Exchanged Old Notes and (iii) Exhibit B hereto is a true, correct and complete list of the name of each Subscriber and the aggregate principal amount of Purchased New Notes each such Subscriber agrees to purchase hereunder. c. Each Exchanging Holder participating in the Exchange is the current beneficial owner of the Exchanged Old Notes and has been the beneficial owner of the Exchanged Old Notes continuously since at least the business day immediately preceding May 7, 2025. When the Exchanged Old Notes are exchanged, the Company will acquire good, marketable and unencumbered title thereto, free and clear of all liens, restrictions, charges, encumbrances, adverse claims, rights or proxies. d. Participation in the Notes Transactions will not contravene (1) any law, rule, regulation or governmental or judicial decrees, injunctions or orders binding on the Investor or any Account or any investment guideline or restriction applicable to the Investor (or, if applicable, any Account), (2) the charter or bylaws (or equivalent organizational documents) of the Investor (or, if applicable, any Account) or (3) any agreement or instrument to which the Investor or any Account is a party or by which the Investor or any Account or any of their respective assets are bound. e. The Investor (or applicable Account) is a resident of the jurisdiction set forth in Exhibit D and, unless otherwise set out in Exhibit A or Exhibit B hereto, as applicable, is not acquiring the Exchanged New Notes or the Purchased New Notes as a nominee or agent or otherwise for any other person. f. The Investor and each Account will comply with all applicable laws and regulations in effect in any jurisdiction in which the Investor or such Account purchases or acquires pursuant to the Exchange or Subscription, as the case may be, or sells New Notes and will obtain any consent, approval or permission required for such purchases, acquisitions or sales under the laws and regulations of any jurisdiction to which the Investor or such Account is subject or in which the Investor or such Account makes such purchases, acquisitions or sales, and the Company shall not have any responsibility therefor. g. The Investor and each Account has received a copy of the Transaction Documents. The Investor acknowledges that: (1) no person has been authorized to give any information or to make any representation concerning the Notes Transactions or the Company or any of its subsidiaries, other than as contained in this Agreement or the Transaction Documents or in the information given by the Company’s duly authorized officers and employees in connection with the Investor’s examination of the Company and its subsidiaries and the terms of the Notes Transactions; and (2) the Company and its subsidiaries do not take any responsibility for, and cannot provide any assurance as to the reliability of, any other information that may have been provided to the Investor. The Investor hereby acknowledges that J. Wood Capital Advisors LLC (the “Placement Agent”) does not take any responsibility for, and can provide no assurance as to the reliability of, the information set forth in the Transaction Documents or any such other information provided or deemed provided to the Investor by the Company. h. The Investor and each Account understands and accepts that acquiring the New Notes in the Notes Transactions involves risks."} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#b8"], "char_count": 3664, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0805c31ebe926ff90924399fba8babf4d326c6e7356dde782d0c97e8c50b0930", "derivation_id": "ec104b1e87bd0a1dc7514973c357041831d2989941abc5d18eaed01550ac7897", "document_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2025-05-09", "filing_id": "sec:0001801169:0001140361-25-018030", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 10.1", "Re: Exchange and/or Subscription for 7.00% Convertible Senior Notes due 2030"], "items": ["1.01", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "block_sequence": 8, "char_end": 24655, "char_start": 20991, "fragment_sha256": "98c7ef4de5275cb59b5ffa7138fa32ff73167c4c04e8e5e352942eaf08e2f549", "heading_path": ["EXHIBIT 10.1", "Re: Exchange and/or Subscription for 7.00% Convertible Senior Notes due 2030"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-08", "section_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#s4", "source_artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125018030/ef20048700_ex10-1.htm", "table_id": null, "text": "The Investor and each Account has such knowledge, skill and experience in business, financial and investment matters that the Investor and each Account is capable of evaluating the merits and risks of the Notes Transactions and an investment in the New Notes. With the assistance of its own professional advisors (to the extent the Investor and each Account has deemed appropriate), the Investor and each Account has made its own legal, tax, accounting and financial evaluation of the merits and risks of an investment in the New Notes and the consequences of the Notes Transactions and this Agreement. The Investor and each Account has considered the suitability of the New Notes as an investment in light of its own circumstances and financial condition, and the Investor is and each Account is able to bear the risks associated with an investment in the New Notes. The Investor and each Account understands that it should consult with its own tax advisors in order to determine the U.S. federal, state and local tax consequences of the Exchange (if participating in the Exchange) as well as the ownership and disposition of the New Notes, in light of the Investor’s and each Account’s particular circumstances. The Investor and each Account acknowledges and agrees that the New Notes may be issued with “original issue discount” as defined in Section 1273 of the Code (as defined below). i. The Investor confirms that neither it nor any Account is relying on any communication (written or oral) of the Company or the Placement Agent or any of their respective agents or affiliates as investment advice or as a recommendation to participate in the Notes Transactions and receive the New Notes pursuant to the terms hereof. The Investor confirms that it has read the Indenture relating to the New Notes and has not relied on any statement (written or oral) of the Company, the Placement Agent or any of their respective affiliates as to the terms of the New Notes. It is understood that information provided in the Transaction Documents, or by the Company or the Placement Agent or any of their respective agents or affiliates, shall not be considered investment advice or a recommendation with respect to the Notes Transactions, and that none of the Company, the Placement Agent or any of their respective agents or affiliates is acting or has acted as an advisor to the Investor or any Account in deciding whether to participate in the Notes Transactions. j. The Investor confirms, for itself and for each Account, that neither the Company nor the Placement Agent have (1) given any guarantee or representation as to the potential success, return, effect or benefit (either legal, regulatory, tax, financial, accounting or otherwise) of an investment in the New Notes; or (2) made any representation to the Investor regarding the legality of an investment in the New Notes under applicable investment guidelines, laws or regulations. In deciding to participate in the Notes Transactions, neither the Investor nor any Account is relying on the advice or recommendations of the Company or the Placement Agent, and the Investor and each Account has made its own independent decision that the investment in the New Notes is suitable and appropriate for the Investor or such Account. k. The Investor and each Account is a sophisticated participant in the transactions contemplated hereby and has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the New Notes, is experienced in investing in capital markets and is able to bear the economic risk of an investment in the New Notes."} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#b8"], "char_count": 3944, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ca91b2f1047f07d781227a8fc18d72c9e48634fb03031346362ae241f664565c", "derivation_id": "ec104b1e87bd0a1dc7514973c357041831d2989941abc5d18eaed01550ac7897", "document_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2025-05-09", "filing_id": "sec:0001801169:0001140361-25-018030", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 10.1", "Re: Exchange and/or Subscription for 7.00% Convertible Senior Notes due 2030"], "items": ["1.01", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "block_sequence": 8, "char_end": 28599, "char_start": 24655, "fragment_sha256": "98c7ef4de5275cb59b5ffa7138fa32ff73167c4c04e8e5e352942eaf08e2f549", "heading_path": ["EXHIBIT 10.1", "Re: Exchange and/or Subscription for 7.00% Convertible Senior Notes due 2030"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-08", "section_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#s4", "source_artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125018030/ef20048700_ex10-1.htm", "table_id": null, "text": "The Investor and each Account is familiar with the business and financial condition and operations of the Company and its subsidiaries and has conducted its own investigation of the Company and its subsidiaries and the New Notes and has consulted with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated hereby. The Investor and each Account has had access to the Company filings with the Securities and Exchange Commission and such other information concerning the Company and its subsidiaries and the New Notes as it deems necessary to enable it to make an informed investment decision concerning the Notes Transactions. The Investor and each Account has been offered the opportunity to ask questions of the Company and its representatives and has received answers thereto as the Investor or such Account deems necessary to enable it to make an informed investment decision concerning the Notes Transactions and the New Notes. Neither such inquiries nor any other due diligence investigations conducted by such Investor or its advisors, or its representatives shall modify, amend or affect such Investor’s right to rely on the Company’s representations and warranties contained herein. l. The Investor and each Account understands that no federal, state, local or foreign agency has passed upon the merits or risks of an investment in the New Notes or made any finding or determination concerning the fairness or advisability of such investment. m. The Investor and each Account is an institutional “accredited investor” as defined in Rule 501 of Regulation D under the Securities Act as well as a “qualified institutional buyer” as defined in Rule 144A under the Securities Act. The Investor, for itself and on behalf of each Account, agrees to furnish any additional information reasonably requested by the Company or any of their affiliates to assure compliance with applicable U.S. federal and state securities laws in connection with the Notes Transactions. n. The Investor and each Account is not directly, or indirectly through one or more intermediaries, controlling or controlled by, or under direct or indirect common control with, the Company and is not, and has not been for the immediately preceding three months, an “affiliate” (within the meaning of Rule 144 under the Securities Act) of the Company. o. The Investor and each Account is acquiring the New Notes solely for the Investor’s or such Account’s own beneficial account, or for an account with respect to which the Investor or such Account exercises sole investment discretion, for investment purposes, and not with a view to, or for resale in connection with, any distribution of the New Notes. The Investor and each Account understands that the offer and sale of the New Notes have not been registered under the Securities Act or any state securities laws by reason of specific exemptions under the provisions thereof that depend in part upon the investment intent of the Investor or each Account and the accuracy of the other representations made by the Investor and each Account in this Agreement. p. The Investor and each Account understands that the Company is relying upon the representations and agreements contained in this Agreement (and any supplemental information) for the purpose of determining whether the Investor’s and such Account’s participation in the Notes Transactions meets the requirements for the exemptions referenced in clause6.o o above. In addition, the Investor and each Account acknowledges and agrees that any hedging transactions engaged in by the Investor or such Account after such Investor or Account was wall crossed and prior to the Closing in connection with the issuance and sale of the New Notes have been and will be conducted in compliance with the Securities Act and the rules and regulations promulgated thereunder. q."} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#b8"], "char_count": 3739, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "14d10b0dc69cb68e98277af4adb9604314754fbb5bc1fe2ece44bff563087735", "derivation_id": "ec104b1e87bd0a1dc7514973c357041831d2989941abc5d18eaed01550ac7897", "document_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2025-05-09", "filing_id": "sec:0001801169:0001140361-25-018030", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 10.1", "Re: Exchange and/or Subscription for 7.00% Convertible Senior Notes due 2030"], "items": ["1.01", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "block_sequence": 8, "char_end": 32338, "char_start": 28599, "fragment_sha256": "98c7ef4de5275cb59b5ffa7138fa32ff73167c4c04e8e5e352942eaf08e2f549", "heading_path": ["EXHIBIT 10.1", "Re: Exchange and/or Subscription for 7.00% Convertible Senior Notes due 2030"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#p11", "passage_kind": "narrative", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-08", "section_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#s4", "source_artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125018030/ef20048700_ex10-1.htm", "table_id": null, "text": "The Investor and each Account acknowledges that neither the New Notes nor the Underlying Shares have been registered under the Securities Act. As a result, the New Notes, and if converted to Underlying Shares, the Underlying Shares, may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act as described in the Indenture (including, but not limited to, Section 2.10 thereof), and the Investor, for itself and on behalf of each Account, hereby agrees that neither it nor any Account will sell the New Notes nor the Underlying Shares other than in compliance with such transfer restrictions. Further, the Investor and each Account acknowledges that (1) the New Notes and, if converted to the Underlying Shares, the Underlying Shares, will carry a restrictive legend and (2) the New Notes will be designated with a restricted CUSIP number, in each case, until such time, if any, as the restrictive legend can be removed in the Company’s reasonable judgment in accordance with the terms of the Indenture. The Investor and each Account acknowledges that the New Notes may be designated with a restricted CUSIP number indefinitely. r. The Investor and each Account acknowledges that the terms of the Notes Transactions have been mutually negotiated between the Investor (for itself and on behalf of each Account), and the Company. The Investor was given a meaningful opportunity to negotiate the terms of the Notes Transactions on behalf of itself and each Account. s. The Investor and each Account acknowledges the Company intends to pay an advisory fee to the Placement Agent and that the Placement Agent intends to purchase shares of Stock. t. The Investor will, for itself and on behalf of each Account, upon request, execute and deliver any additional documents, information or certifications reasonably requested by the Company, the Old Notes Trustee or the New Notes Trustee to complete the Notes Transactions. u. The Investor and each Account understands that, unless the Investor notifies the Company in writing to the contrary prior to the Closing, each of the Investor’s representations and warranties contained in this Agreement will be deemed to have been reaffirmed and confirmed as of the Closing, taking into account all information received by the Investor. v. The participation in the Notes Transactions by any Exchanging Holder was not conditioned by the Company on such Exchanging Holders’ exchange of a minimum principal amount of Exchanged Old Notes. No Subscriber’s participation in the Notes Transactions was conditioned upon a minimum aggregate principal amount of New Notes issued for cash in the Subscription. w. The Investor acknowledges that it and each Account had a sufficient amount of time to consider whether to participate in the Notes Transactions and that neither the Company nor the Placement Agent has placed any pressure on the Investor or any Account to respond to the opportunity to participate in the Notes Transactions. The Investor acknowledges that neither it nor any Account became aware of the Notes Transactions through any form of general solicitation or advertising within the meaning of Rule 502 under the Securities Act. x. The operations of the Investor and each Account have been conducted in material compliance with the rules and regulations administered or conducted by the U.S. Department of Treasury Office of Foreign Assets Control (“OFAC”), the rules and regulations of the Foreign Corrupt Practices Act (“FCPA”) and the Anti-Money Laundering (“AML”) rules in the Bank Secrecy Act applicable to the Investor."} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#b8"], "char_count": 3997, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "87dfd9f1e663bf429cde30784d5d40146465080b8029319fa61a664d912076e6", "derivation_id": "ec104b1e87bd0a1dc7514973c357041831d2989941abc5d18eaed01550ac7897", "document_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2025-05-09", "filing_id": "sec:0001801169:0001140361-25-018030", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 10.1", "Re: Exchange and/or Subscription for 7.00% Convertible Senior Notes due 2030"], "items": ["1.01", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "block_sequence": 8, "char_end": 36335, "char_start": 32338, "fragment_sha256": "98c7ef4de5275cb59b5ffa7138fa32ff73167c4c04e8e5e352942eaf08e2f549", "heading_path": ["EXHIBIT 10.1", "Re: Exchange and/or Subscription for 7.00% Convertible Senior Notes due 2030"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-08", "section_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#s4", "source_artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125018030/ef20048700_ex10-1.htm", "table_id": null, "text": "The Investor has performed due diligence necessary to reasonably determine that its (or, where applicable, any Account’s) beneficial owners are not named on the lists of denied parties or blocked persons administered by OFAC, resident in or organized under the laws of a country that is the subject of comprehensive economic sanctions and embargoes administered or conducted by OFAC (“Sanctions”), are not otherwise the subject of Sanctions and have not been found to be in violation or under suspicion of violating OFAC, FCPA or AML rules and regulations. y. The Investor and each Account acknowledges and agrees that the Placement Agent has not acted as a financial advisor or fiduciary to the Investor or such Account and that the Placement Agent and its respective directors, officers, employees, representatives and controlling persons have no responsibility for making, and have not made, any independent investigation of the information contained herein or in the Company’s Securities and Exchange Commission filings and make no representation or warranty to the Investor or such Account, express or implied, with respect to the Company or the Notes Transactions or the accuracy, completeness or adequacy of the information provided to the Investor or the Account or any other publicly available information, nor will any of the foregoing persons be liable for any loss or damages of any kind resulting from the use of the information contained therein or otherwise supplied to the Investor or such Account. z. The Investor and each Account acknowledges and agrees that no public market exists for the New Notes and that there is no assurance that a public market will ever develop for the New Notes. Furthermore, the Investor and each Account acknowledges that all of the New Notes, including the Exchanged New Notes and the Purchased New Notes, shall be assigned the same restricted CUSIP number. 7. Conditions to Obligations of the Investor and the Company. The obligations of the Investor to deliver, or to cause the Accounts to deliver, the Exchanged Old Notes (if applicable) and the Cash Purchase Price (if applicable) and of the Company to deliver the New Notes are subject to the satisfaction at or prior to the Closing of the condition precedent that the representations and warranties of the Company on the one hand, and of the Investor on the other contained in Sections 5 and 6, respectively, shall be true and correct as of the Closing in all material respects with the same effect as though such representations and warranties had been made as of the Closing. 8. Covenant and Acknowledgment of the Company. The Company hereby agrees to publicly disclose at or prior to 9:00 a.m., New York City time (the “Release Time”), on the first business day after the date hereof, the Notes Transactions as contemplated by this Exchange/Subscription Agreement in a press release or through the filing of a Current Report on Form 8-K. The Company hereby acknowledges and agrees that as of the Release Time the Company will disclose all confidential information to the extent the Company believes such confidential information constitutes material non-public information, if any, with respect to the Notes Transactions or that was otherwise communicated by the Company to the Investor or any Account in connection with the Notes Transactions. For the avoidance of doubt, the Company may be aware of material non-public information regarding the Company at the time of Closing that has not been communicated to the Investor or any Account. The Company will, no later than the first business day following the Closing, file a Current Report on Form 8-K publicly disclosing the closing of the Notes Transactions as contemplated by this Exchange/Subscription Agreement. 9. Covenant of the Investor. No later than one (1) business day after the date hereof, the Investor agrees to deliver settlement instructions for each Purchaser to the Company substantially in the form of Exhibit D hereto."} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#b8"], "char_count": 3153, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "eb96329a85df080898561c5d9a517f61dac3e0f5c298df398b17383209ed1e62", "derivation_id": "ec104b1e87bd0a1dc7514973c357041831d2989941abc5d18eaed01550ac7897", "document_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2025-05-09", "filing_id": "sec:0001801169:0001140361-25-018030", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 10.1", "Re: Exchange and/or Subscription for 7.00% Convertible Senior Notes due 2030"], "items": ["1.01", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "block_sequence": 8, "char_end": 39488, "char_start": 36335, "fragment_sha256": "98c7ef4de5275cb59b5ffa7138fa32ff73167c4c04e8e5e352942eaf08e2f549", "heading_path": ["EXHIBIT 10.1", "Re: Exchange and/or Subscription for 7.00% Convertible Senior Notes due 2030"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#p13", "passage_kind": "narrative", "passage_sequence": 13, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-08", "section_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#s4", "source_artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125018030/ef20048700_ex10-1.htm", "table_id": null, "text": "10. Waiver, Amendment. Neither this Agreement nor any provisions hereof shall be modified, changed, discharged or terminated except by an instrument in writing, signed by the party against whom any waiver, change, discharge or termination is sought. 11. Assignability. Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by the Company or the Investor without the prior written consent of the other party. 12. Withholding; Required Tax Forms. The Investor (or Account(s) of such Investor, if applicable) shall deliver to the Company, at least one (1) business day prior to the Closing, an accurately completed and duly executed IRS Form W-9 or IRS Form W-8BEN, W-8BEN-E or W-8ECI, as applicable (or any successor form).The Investor (or Account(s) of such Investor, if applicable) acknowledges that, if the Investor (or Account(s) of such Investor, if applicable) (i) is a “United States person” (as defined in Section 7701(a) of the Internal Revenue Code of 1986, as amended (the “Code”)), then the Company must be provided with a correct taxpayer identification number (generally, a person’s social security number or federal employer identification number) or (ii) is not a “United States person” (as defined in Section 7701(a) of the Code) (a “Non-U.S. Holder”), then the Company must be provided with an accurately completed and duly executed applicable IRS Form W-8, attesting to the non-U.S. status of the Investor (or Account(s) of such Investor, if applicable) and any other information as may be reasonably necessary to eliminate any withholding or deduction, including information establishing an exemption from withholding under Sections 1471 through 1474 of the Code. The Investor (or Account(s) of such Investor, if applicable) further acknowledges that any Investor (or Account(s) of such Investor, if applicable) may be subject to 30% U.S. federal withholding or 24% U.S. federal backup withholding on certain payments or deliveries made to such Investor (or Account(s) of such Investor, if applicable) unless such Investor (or Account(s) of such Investor, if applicable) properly establishes an exemption from, or a reduced rate of, such withholding or backup withholding. Without limiting the generality of the foregoing, the Investor (or Account(s) of such Investor, if applicable) hereby represents that it is able to receive any consideration payable hereunder (including any amounts attributable to accrued and unpaid interest) without any U.S. federal withholding tax and is entitled to provide U.S. tax forms and required attachments indicating the same (including, where relevant, any certifications indicating that the Investor (or Account(s) of such Investor, if applicable) fulfills the requirements of “portfolio interest exemption” as indicated in Exhibit E) and agrees to hold the Company and its agents harmless for the breach of such representation. Any forms required to be delivered to the Company pursuant to this Section 12 shall be delivered in accordance with Section 20; provided that such communication shall be made via electronic mail."} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#b18", "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#b19"], "char_count": 526, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9b967f7260c15e8fb8d8ef6eb777e73948e6181429ef73506d73250634ba9f2b", "derivation_id": "ec104b1e87bd0a1dc7514973c357041831d2989941abc5d18eaed01550ac7897", "document_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2025-05-09", "filing_id": "sec:0001801169:0001140361-25-018030", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 10.1", "Re: Exchange and/or Subscription for 7.00% Convertible Senior Notes due 2030"], "items": ["1.01", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "block_sequence": 18, "char_end": 298, "char_start": 0, "fragment_sha256": "4604a7dfd0e97bb94f9ae0571f46b442dffb3ba3665adf0ff5be3a8415210cf8", "heading_path": ["EXHIBIT 10.1", "Re: Exchange and/or Subscription for 7.00% Convertible Senior Notes due 2030"], "table_index": null, "tag_name": "table"}, {"artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "block_sequence": 19, "char_end": 226, "char_start": 0, "fragment_sha256": "b8ee567c25c5d59443be4a16d51d051fdd1e48c0be06dcc90aa100ef553c2059", "heading_path": ["EXHIBIT 10.1", "Re: Exchange and/or Subscription for 7.00% Convertible Senior Notes due 2030"], "table_index": null, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#p14", "passage_kind": "narrative", "passage_sequence": 14, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-08", "section_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#s4", "source_artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125018030/ef20048700_ex10-1.htm", "table_id": null, "text": "13. Waiver of Jury Trial. EACH OF THE COMPANY AND THE INVESTOR (FOR ITSELF AND, IF APPLICABLE, ON BEHALF OF EACH ACCOUNT) IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF THE TRANSACTIONS CONTEMPLATED BY THIS EXCHANGE/SUBSCRIPTION AGREEMENT.\n\n14. Governing Law. 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Submission to Jurisdiction. Each of the Company and the Investor (for itself and, if applicable, on behalf of each Account) (a) agrees that any legal suit, action or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby shall be instituted exclusively in the courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of New York; (b) waives any objection that it may now or hereafter have to the venue of any such suit, action or proceeding; and (c) irrevocably consents to the jurisdiction of the aforesaid courts in any such suit, action or proceeding. Each of the Company and the Investor (for itself and, if applicable, on behalf of each Account) agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 16. Venue. Each of the Company and the Investor (for itself and, if applicable, on behalf of each Account) irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in Section 15. Each of the Company and the Investor (for itself and, if applicable, on behalf of each Account) irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 17. Service of Process. Each of the Company and the Investor (for itself and, if applicable, on behalf of each Account) irrevocably consents to service of process in the manner provided for notices in Section 20. Nothing in this Exchange/Subscription Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 18. Section and Other Headings. The section and other headings contained in this Exchange/Subscription Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Exchange/Subscription Agreement. 19. Counterparts. This Agreement may be executed, either manually or by way of a digital signature provided by DocuSign (or similar digital signature provider), by one or more of the parties hereto in any number of separate counterparts (including by facsimile or other electronic means, including telecopy, email or otherwise), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Exchange/Subscription Agreement (whether executed manually or by way of a digital signature as described herein this Section 19) by facsimile or other transmission (e.g., “pdf” or “tif” format) shall be effective as delivery of a manually executed counterpart hereof. 20. Notices. All notices and other communications to the Company provided for herein shall be in writing and shall be deemed to have been duly given if delivered personally or sent by registered or certified mail, return receipt requested, postage prepaid to the following addresses or pursuant to the following email addresses, or, in the case of the Investor or any Account, the address provided in Exhibit D (or such other address as either party shall have specified by notice in writing to the other): If to the Company: Opendoor Technologies Inc. 100 Montgomery St., Suite 500 San Francisco, CA 94104 Attention: Chief Financial Officer 21. Binding Effect. The provisions of this Exchange/Subscription Agreement shall be binding upon and accrue to the benefit of the parties hereto and their respective heirs, legal representatives, successors and permitted assigns. 22. Notification of Changes."} +{"artifact_role": "ex10-01", "block_ids": ["norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#b20"], "char_count": 1259, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "12acd4b0e0348992fea4f3c1fd3306c18bec4013eaae9cfa89e869a3b5b38b80", "derivation_id": "ec104b1e87bd0a1dc7514973c357041831d2989941abc5d18eaed01550ac7897", "document_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "document_type": "material_agreement", "exhibit_type": "EX-10.1", "filing_date": "2025-05-09", "filing_id": "sec:0001801169:0001140361-25-018030", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 10.1", "Re: Exchange and/or Subscription for 7.00% Convertible Senior Notes due 2030"], "items": ["1.01", "3.02", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "block_sequence": 20, "char_end": 5138, "char_start": 3879, "fragment_sha256": "a482f6914b209aa3b8f9307a856a37df3659fa76940aa342573870966ae99080", "heading_path": ["EXHIBIT 10.1", "Re: Exchange and/or Subscription for 7.00% Convertible Senior Notes due 2030"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#p16", "passage_kind": "narrative", "passage_sequence": 16, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-08", "section_id": "norm:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm#s4", "source_artifact_id": "sec:0001801169:0001140361-25-018030:ef20048700_ex10-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125018030/ef20048700_ex10-1.htm", "table_id": null, "text": "The Investor (for itself and, if applicable, on behalf of each Account) hereby covenants and agrees to notify the Company upon the occurrence of any event prior to the Closing that would cause any representation, warranty, or covenant of the Investor (and/or such Account) contained in this Agreement to be false or incorrect in any material respect. 23. 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(the \u201cCompany\u201d) consummated (the \u201cClosing\u201d) the previously announced privately negotiated exchange and subscription transactions, pursuant to which it issued $325.0 million aggregate principal amount of its 7.000% Convertible Senior Notes due 2030 (the \u201cNotes\u201d), consisting of (a) approximately $245.8 million principal amount of Notes issued in exchange for approximately $245.8 million principal amount of the Company\u2019s 0.25% Convertible Senior Notes due 2026 (the \u201c2026 Notes\u201d), and (b) approximately $79.2 million principal amount of Notes issued for cash, in each case, pursuant to exemptions from registration under the Securities Act of 1933, as amended (the \u201cSecurities Act\u201d), and the rules and regulations thereunder. The Notes were issued pursuant to, and are governed by, an indenture (the \u201cIndenture\u201d), dated as of May 16, 2025, between the Company and U.S. Bank Trust Company, National Association, as trustee (the \u201cTrustee\u201d). The Notes are senior, unsecured obligations of the Company and accrue interest at a rate of 7.000% per annum, payable semiannually on May 15 and November 15 of each year, beginning on November 15, 2025. The Notes will mature on May 15, 2030, unless earlier converted, redeemed or repurchased. The initial conversion rate is 637.1050 shares of the Company\u2019s common stock per $1,000 principal amount of the Notes, subject to customary adjustments. Before November 15, 2029, noteholders have the right to convert their Notes only upon the occurrence of certain events. From and including November 15, 2029, noteholders may convert their Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company will settle conversions by paying cash up to the aggregate principal amount of the Notes to be converted and paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the Notes being converted based on the applicable conversion rate. The initial conversion rate is 637.1050 shares of common stock per $1,000 principal amount of Notes, which represents an initial conversion price of approximately $1.57 per share of common stock. Based on the initial conversion rate, a maximum of 207,059,125 shares of common stock would be issued upon conversion of the Notes. The initial conversion price represents a premium of approximately 80% over the last reported sale price of $0.872 per share of the Company\u2019s common stock on May 8, 2025. The conversion rate and conversion price will be subject to customary adjustments upon the occurrence of certain events. In addition, if certain corporate events that constitute a \u201cMake-Whole Fundamental Change\u201d (as defined in the Indenture) occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time. The Notes are redeemable, in whole or in part (subject to certain limitations), for cash at the Company\u2019s option at any time, and from time to time, on or after May 22, 2028 and before the 36th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of the Company\u2019s common stock exceeds 130% of the conversion price for a specified period of time and certain liquidity conditions have been satisfied. However, the Company may not redeem less than all of the outstanding Notes unless at least $100.0 million aggregate principal amount of Notes are outstanding and not called for redemption as of the time the Company sends the related redemption notice. The redemption price is equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the relevant redemption date. In addition, calling the Notes will constitute a Make-Whole Fundamental Change, which will result in an increase to the conversion rate in certain circumstances for a specified period of time. If certain corporate events that constitute a \u201cFundamental Change\u201d (as defined in the Indenture) occur, then noteholders may require the Company to repurchase their Notes at a cash repurchase price equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. The definition of Fundamental Change includes certain business combination transactions involving the Company and certain de-listing events with respect to the Company\u2019s common stock. Unless the Company has previously called all outstanding Notes for redemption, noteholders may require the Company to repurchase their Notes on May 15, 2028, at a cash repurchase price equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. The Notes have customary provisions relating to the occurrence of \u201cEvents of Default\u201d (as defined in the Indenture), which include the following: (i) certain payment defaults on the Notes (which, in the case of a default in the payment of interest on the Notes, will be subject to a 30-day cure period); (ii) the Company\u2019s failure to send certain notices under the Indenture within specified periods of time; (iii) the Company\u2019s failure to convert a Note upon the exercise of the conversion right with respect to such Note, subject to a three business-day cure period; (iv) the Company\u2019s failure to comply with certain covenants in the Indenture relating to the Company\u2019s ability to consolidate with or merge with or into, or sell, lease or otherwise transfer, in one transaction or a series of transactions, all or substantially all of the assets of the Company and its subsidiaries, taken as a whole, to another person; (v) a default by the Company in its other obligations or agreements under the Indenture or the Notes if such default is not cured or waived within 60 days after notice is given in accordance with the Indenture; (vi) certain defaults by the Company or any of its subsidiaries with respect to indebtedness for money borrowed of at least $50,000,000; and (vii) certain events of bankruptcy, insolvency and reorganization involving the Company or any of its significant subsidiaries. If an Event of Default involving bankruptcy, insolvency or reorganization events with respect to the Company (and not solely with respect to a significant subsidiary of the Company) occurs, then the principal amount of, and all accrued and unpaid interest on, all of the Notes then outstanding will immediately become due and payable without any further action or notice by any person. If any other Event of Default occurs and is continuing, then, the Trustee, by notice to the Company, or noteholders of at least 25% of the aggregate principal amount of Notes then outstanding, by notice to the Company and the Trustee, may declare the principal amount of, and all accrued and unpaid interest on, all of the Notes then outstanding to become due and payable immediately. However, notwithstanding the foregoing, the Company may elect, at its option, that the sole remedy for an Event of Default relating to certain failures by the Company to comply with certain reporting covenants in the Indenture consists, for up to 180 days, exclusively of the right of the noteholders to receive special interest on the Notes at a specified rate per annum not exceeding 1.00% on the principal amount of the Notes. If the Company makes such an election, then the Notes will be subject to acceleration on account of the relevant reporting covenant failure from, and including, the 181st day after which such failure occurred or if the Company fails to pay any accrued and unpaid special interest. Special interest will cease to accrue on any Notes from, and including, such 181st day. The above description of the Indenture and the Notes is a summary and is not complete. A copy of the Indenture and the form of the Notes are filed as exhibits 4.1 and 4.2, respectively, to this Current Report on Form 8-K, and the above summary is qualified by reference to the terms of the Indenture and the Notes set forth in such exhibits." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#b23", + "block_sequence": 23, + "block_sha256": "ab567663fb687dc528e522154ed19e1aa30332f2abbee61a39150373221b812c", + "block_type": "heading", + "char_count": 124, + "level": 3, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_8k.htm", + "block_sequence": 23, + "char_end": 124, + "char_start": 0, + "fragment_sha256": "bdcc3e6d9d2823e032da608ff06ac273d680ca17cc89817eb77f13d72dd6c29d", + "heading_path": [ + "N/A", + "Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant." + ], + "table_index": null, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#s13", + "table": null, + "text": "Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#b24", + "block_sequence": 24, + "block_sha256": "32a0435725a8a81a78be3c77adc94507cba281eaa58b9e29986f9eee1e71e77c", + "block_type": "paragraph", + "char_count": 113, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_8k.htm", + "block_sequence": 24, + "char_end": 113, + "char_start": 0, + "fragment_sha256": "525c3a2bc3060b4b52c33c7c8a491cf696a1dfc498149ce978dc011afb296e05", + "heading_path": [ + "N/A", + "Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#s13", + "table": null, + "text": "The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#b25", + "block_sequence": 25, + "block_sha256": "c35d849bf7793b30b31956cdb408eca51b6fa5788b226fc3717e021120169b19", + "block_type": "heading", + "char_count": 49, + "level": 3, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_8k.htm", + "block_sequence": 25, + "char_end": 49, + "char_start": 0, + "fragment_sha256": "5d98c7ed6d38edd8ad3bb74b48d730b0b30e3b5812032efd52f9775e9b50affa", + "heading_path": [ + "N/A", + "Item 3.02 Unregistered Sales of Equity Securities" + ], + "table_index": null, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#s14", + "table": null, + "text": "Item 3.02 Unregistered Sales of Equity Securities" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#b26", + "block_sequence": 26, + "block_sha256": "58392c0e5af6d937b886e9591c0ea475c97417cd5b79121b53bba5ec7c8bc1f7", + "block_type": "paragraph", + "char_count": 654, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_8k.htm", + "block_sequence": 26, + "char_end": 654, + "char_start": 0, + "fragment_sha256": "4379fc4c9311afab624e4c11b387d6c1e6def1e3a6940bf80f1c369f89a43dec", + "heading_path": [ + "N/A", + "Item 3.02 Unregistered Sales of Equity Securities" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#s14", + "table": null, + "text": "The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference. Any shares of the Company\u2019s common stock that may be issued upon conversion of the Notes will be issued in reliance upon Section 3(a)(9) of the Securities Act as involving an exchange by the Company exclusively with its security holders. Initially, a maximum of 354,071,087 shares of the Company\u2019s common stock may be issued upon conversion of the Notes based on the initial maximum conversion rate of 1,089.4495 shares of common stock per $1,000 principal amount of Notes, which is subject to customary anti-dilution adjustment provisions." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#b27", + "block_sequence": 27, + "block_sha256": "067727d53a58ec07d55d565c20d24f40e9b39b84ebd5ddc395aab8c628a5a864", + "block_type": "heading", + "char_count": 35, + "level": 3, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_8k.htm", + "block_sequence": 27, + "char_end": 35, + "char_start": 0, + "fragment_sha256": "f8b6f6d5b71a3f45c05ceebbf70a53ddf97c9da0ad5f7c48775aa689416c4f1c", + "heading_path": [ + "N/A", + "Item 7.01 Regulation FD Disclosure." + ], + "table_index": null, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#s15", + "table": null, + "text": "Item 7.01 Regulation FD Disclosure." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#b28", + "block_sequence": 28, + "block_sha256": "341e0338a0ec733a197b7a295bc8eb17c8e9d56f37643d915195edfc8d753aa4", + "block_type": "paragraph", + "char_count": 703, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_8k.htm", + "block_sequence": 28, + "char_end": 703, + "char_start": 0, + "fragment_sha256": "e7e0e42f9c36b0da6d1d3b43a3da03840517535659d86fe0066975feb67c5ca8", + "heading_path": [ + "N/A", + "Item 7.01 Regulation FD Disclosure." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#s15", + "table": null, + "text": "On May 19, 2025, the Company announced the Closing of the above-described transactions in a press release furnished as Exhibit 99.1 to this Current Report on Form 8-K, which is incorporated by reference herein. The information contained in Item 7.01 of this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed \u201cfiled\u201d for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#b29", + "block_sequence": 29, + "block_sha256": "6590b967fc39cbbfef7a9d96593f05b6aa880e9fcb36f42a60000c650e9a02e5", + "block_type": "heading", + "char_count": 44, + "level": 3, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_8k.htm", + "block_sequence": 29, + "char_end": 44, + "char_start": 0, + "fragment_sha256": 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Description |\n| | | |\n| 4.1 | | Indenture, dated as of May 16, 2025, between Opendoor Technologies Inc. and U.S. Bank Trust Company, National Association, as Trustee. |\n| | | |\n| 4.2 | | Form of 7.000% Convertible Senior Notes due 2030 (included as Exhibit A to Exhibit 4.1). |\n| | | |\n| 99.1 | | Press Release, dated May 19, 2025. |\n| | | |\n| 104 | | Cover Page Interactive Data File (Cover page XBRL tags are embedded within the Inline XBRL document). |", + "n_cols": 3, + "n_rows": 9, + "plain_text": "Exhibit No. | | Description\n | | \n4.1 | | Indenture, dated as of May 16, 2025, between Opendoor Technologies Inc. and U.S. Bank Trust Company, National Association, as Trustee.\n | | \n4.2 | | Form of 7.000% Convertible Senior Notes due 2030 (included as Exhibit A to Exhibit 4.1).\n | | \n99.1 | | Press Release, dated May 19, 2025.\n | | \n104 | | Cover Page Interactive Data File (Cover page XBRL tags are embedded within the Inline XBRL document).", + "rows": [ + [ + "Exhibit 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19, 2025.\n | | \n104 | | Cover Page Interactive Data File (Cover page XBRL tags are embedded within the Inline XBRL document)." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#b32", + "block_sequence": 32, + "block_sha256": "642e510766e16f8a11cf440c0658d263396e5791ed944157344e27a66c50fddf", + "block_type": "heading", + "char_count": 10, + "level": 1, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_8k.htm", + "block_sequence": 32, + "char_end": 10, + "char_start": 0, + "fragment_sha256": "66793c340f81d6b7dc9e59d62e95f09c7074db071f747e40ba839af0c1b89649", + "heading_path": [ + "N/A", + "SIGNATURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#s17", + "table": null, + "text": "SIGNATURES" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#b33", + "block_sequence": 33, + "block_sha256": 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Opendoor Technologies Inc. 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pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))\n\nSecurities registered pursuant to Section 12(b) of the Act:"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#b19"], "char_count": 231, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9d1b778065471f9637ce3bcd2a7e63ace885cc368bf8c65cf055480eea31ab04", "derivation_id": "c1c9e680546686bb5437e0fdd890e49395cd33b6215b3431d3ac7cc7533c8d84", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["N/A"], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": 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Trading Symbol(s) | | Name of each exchange on which registered |\n| Common stock, $0.0001 par value per share | | OPEN | | The Nasdaq Stock Market LLC |"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#b20"], "char_count": 517, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d1ab1f0e65a97a1333e70f74d30be16b71c9b9a974d8b346a5adbc5e065995ec", "derivation_id": "c1c9e680546686bb5437e0fdd890e49395cd33b6215b3431d3ac7cc7533c8d84", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["N/A"], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_8k.htm", "block_sequence": 20, "char_end": 517, "char_start": 0, "fragment_sha256": "8202196daed7e163f9ba0efed8317d908e821123b0c3b3cdd2c4df55d892dea1", "heading_path": ["N/A"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#s11", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_8k.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_8k.htm", "table_id": null, "text": "Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#b22"], "char_count": 3933, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "21cd01f04c97c9669164b5ae4fb3380f7560729a4764d6f781da8b757f0053b0", "derivation_id": "c1c9e680546686bb5437e0fdd890e49395cd33b6215b3431d3ac7cc7533c8d84", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 1.01 Entry into a Material Definitive Agreement"], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_8k.htm", "block_sequence": 22, "char_end": 3933, "char_start": 0, "fragment_sha256": "3f03f8635c2ab5cdda9addf7fd6d91d10d3702edd6a717eb91c050671fcce948", "heading_path": ["N/A", "Item 1.01 Entry into a Material Definitive Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#s12", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_8k.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_8k.htm", "table_id": null, "text": "On May 16, 2025, Opendoor Technologies Inc. (the “Company”) consummated (the “Closing”) the previously announced privately negotiated exchange and subscription transactions, pursuant to which it issued $325.0 million aggregate principal amount of its 7.000% Convertible Senior Notes due 2030 (the “Notes”), consisting of (a) approximately $245.8 million principal amount of Notes issued in exchange for approximately $245.8 million principal amount of the Company’s 0.25% Convertible Senior Notes due 2026 (the “2026 Notes”), and (b) approximately $79.2 million principal amount of Notes issued for cash, in each case, pursuant to exemptions from registration under the Securities Act of 1933, as amended (the “Securities Act”), and the rules and regulations thereunder. The Notes were issued pursuant to, and are governed by, an indenture (the “Indenture”), dated as of May 16, 2025, between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”). The Notes are senior, unsecured obligations of the Company and accrue interest at a rate of 7.000% per annum, payable semiannually on May 15 and November 15 of each year, beginning on November 15, 2025. The Notes will mature on May 15, 2030, unless earlier converted, redeemed or repurchased. The initial conversion rate is 637.1050 shares of the Company’s common stock per $1,000 principal amount of the Notes, subject to customary adjustments. Before November 15, 2029, noteholders have the right to convert their Notes only upon the occurrence of certain events. From and including November 15, 2029, noteholders may convert their Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company will settle conversions by paying cash up to the aggregate principal amount of the Notes to be converted and paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the Notes being converted based on the applicable conversion rate. The initial conversion rate is 637.1050 shares of common stock per $1,000 principal amount of Notes, which represents an initial conversion price of approximately $1.57 per share of common stock. Based on the initial conversion rate, a maximum of 207,059,125 shares of common stock would be issued upon conversion of the Notes. The initial conversion price represents a premium of approximately 80% over the last reported sale price of $0.872 per share of the Company’s common stock on May 8, 2025. The conversion rate and conversion price will be subject to customary adjustments upon the occurrence of certain events. In addition, if certain corporate events that constitute a “Make-Whole Fundamental Change” (as defined in the Indenture) occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time. The Notes are redeemable, in whole or in part (subject to certain limitations), for cash at the Company’s option at any time, and from time to time, on or after May 22, 2028 and before the 36th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price for a specified period of time and certain liquidity conditions have been satisfied. However, the Company may not redeem less than all of the outstanding Notes unless at least $100.0 million aggregate principal amount of Notes are outstanding and not called for redemption as of the time the Company sends the related redemption notice. The redemption price is equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the relevant redemption date."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#b22"], "char_count": 3950, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "50a1d04cbee957f8eb8247c5cc309b41adf2ae423451a1ea76e3312850cfac8e", "derivation_id": "c1c9e680546686bb5437e0fdd890e49395cd33b6215b3431d3ac7cc7533c8d84", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 1.01 Entry into a Material Definitive Agreement"], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_8k.htm", "block_sequence": 22, "char_end": 7883, "char_start": 3933, "fragment_sha256": "3f03f8635c2ab5cdda9addf7fd6d91d10d3702edd6a717eb91c050671fcce948", "heading_path": ["N/A", "Item 1.01 Entry into a Material Definitive Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#s12", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_8k.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_8k.htm", "table_id": null, "text": "In addition, calling the Notes will constitute a Make-Whole Fundamental Change, which will result in an increase to the conversion rate in certain circumstances for a specified period of time. If certain corporate events that constitute a “Fundamental Change” (as defined in the Indenture) occur, then noteholders may require the Company to repurchase their Notes at a cash repurchase price equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. The definition of Fundamental Change includes certain business combination transactions involving the Company and certain de-listing events with respect to the Company’s common stock. Unless the Company has previously called all outstanding Notes for redemption, noteholders may require the Company to repurchase their Notes on May 15, 2028, at a cash repurchase price equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. The Notes have customary provisions relating to the occurrence of “Events of Default” (as defined in the Indenture), which include the following: (i) certain payment defaults on the Notes (which, in the case of a default in the payment of interest on the Notes, will be subject to a 30-day cure period); (ii) the Company’s failure to send certain notices under the Indenture within specified periods of time; (iii) the Company’s failure to convert a Note upon the exercise of the conversion right with respect to such Note, subject to a three business-day cure period; (iv) the Company’s failure to comply with certain covenants in the Indenture relating to the Company’s ability to consolidate with or merge with or into, or sell, lease or otherwise transfer, in one transaction or a series of transactions, all or substantially all of the assets of the Company and its subsidiaries, taken as a whole, to another person; (v) a default by the Company in its other obligations or agreements under the Indenture or the Notes if such default is not cured or waived within 60 days after notice is given in accordance with the Indenture; (vi) certain defaults by the Company or any of its subsidiaries with respect to indebtedness for money borrowed of at least $50,000,000; and (vii) certain events of bankruptcy, insolvency and reorganization involving the Company or any of its significant subsidiaries. If an Event of Default involving bankruptcy, insolvency or reorganization events with respect to the Company (and not solely with respect to a significant subsidiary of the Company) occurs, then the principal amount of, and all accrued and unpaid interest on, all of the Notes then outstanding will immediately become due and payable without any further action or notice by any person. If any other Event of Default occurs and is continuing, then, the Trustee, by notice to the Company, or noteholders of at least 25% of the aggregate principal amount of Notes then outstanding, by notice to the Company and the Trustee, may declare the principal amount of, and all accrued and unpaid interest on, all of the Notes then outstanding to become due and payable immediately. However, notwithstanding the foregoing, the Company may elect, at its option, that the sole remedy for an Event of Default relating to certain failures by the Company to comply with certain reporting covenants in the Indenture consists, for up to 180 days, exclusively of the right of the noteholders to receive special interest on the Notes at a specified rate per annum not exceeding 1.00% on the principal amount of the Notes. If the Company makes such an election, then the Notes will be subject to acceleration on account of the relevant reporting covenant failure from, and including, the 181st day after which such failure occurred or if the Company fails to pay any accrued and unpaid special interest."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#b22"], "char_count": 429, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e3243ada594152d8f319f43759d32e8e3f8b110eb037ea089e1711bb2b6a693d", "derivation_id": "c1c9e680546686bb5437e0fdd890e49395cd33b6215b3431d3ac7cc7533c8d84", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 1.01 Entry into a Material Definitive Agreement"], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_8k.htm", "block_sequence": 22, "char_end": 8312, "char_start": 7883, "fragment_sha256": "3f03f8635c2ab5cdda9addf7fd6d91d10d3702edd6a717eb91c050671fcce948", "heading_path": ["N/A", "Item 1.01 Entry into a Material Definitive Agreement"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#s12", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_8k.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_8k.htm", "table_id": null, "text": "Special interest will cease to accrue on any Notes from, and including, such 181st day. The above description of the Indenture and the Notes is a summary and is not complete. A copy of the Indenture and the form of the Notes are filed as exhibits 4.1 and 4.2, respectively, to this Current Report on Form 8-K, and the above summary is qualified by reference to the terms of the Indenture and the Notes set forth in such exhibits."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#b24"], "char_count": 113, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "32a0435725a8a81a78be3c77adc94507cba281eaa58b9e29986f9eee1e71e77c", "derivation_id": "c1c9e680546686bb5437e0fdd890e49395cd33b6215b3431d3ac7cc7533c8d84", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": ["short_passage"], "form": "8-K", "heading_path": ["N/A", "Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_8k.htm", "block_sequence": 24, "char_end": 113, "char_start": 0, "fragment_sha256": "525c3a2bc3060b4b52c33c7c8a491cf696a1dfc498149ce978dc011afb296e05", "heading_path": ["N/A", "Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#s13", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_8k.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_8k.htm", "table_id": null, "text": "The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#b26"], "char_count": 654, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "58392c0e5af6d937b886e9591c0ea475c97417cd5b79121b53bba5ec7c8bc1f7", "derivation_id": "c1c9e680546686bb5437e0fdd890e49395cd33b6215b3431d3ac7cc7533c8d84", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 3.02 Unregistered Sales of Equity Securities"], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_8k.htm", "block_sequence": 26, "char_end": 654, "char_start": 0, "fragment_sha256": "4379fc4c9311afab624e4c11b387d6c1e6def1e3a6940bf80f1c369f89a43dec", "heading_path": ["N/A", "Item 3.02 Unregistered Sales of Equity Securities"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#p11", "passage_kind": "narrative", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#s14", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_8k.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_8k.htm", "table_id": null, "text": "The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference. Any shares of the Company’s common stock that may be issued upon conversion of the Notes will be issued in reliance upon Section 3(a)(9) of the Securities Act as involving an exchange by the Company exclusively with its security holders. Initially, a maximum of 354,071,087 shares of the Company’s common stock may be issued upon conversion of the Notes based on the initial maximum conversion rate of 1,089.4495 shares of common stock per $1,000 principal amount of Notes, which is subject to customary anti-dilution adjustment provisions."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#b28"], "char_count": 703, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "341e0338a0ec733a197b7a295bc8eb17c8e9d56f37643d915195edfc8d753aa4", "derivation_id": "c1c9e680546686bb5437e0fdd890e49395cd33b6215b3431d3ac7cc7533c8d84", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 7.01 Regulation FD Disclosure."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_8k.htm", "block_sequence": 28, "char_end": 703, "char_start": 0, "fragment_sha256": "e7e0e42f9c36b0da6d1d3b43a3da03840517535659d86fe0066975feb67c5ca8", "heading_path": ["N/A", "Item 7.01 Regulation FD Disclosure."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#s15", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_8k.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_8k.htm", "table_id": null, "text": "On May 19, 2025, the Company announced the Closing of the above-described transactions in a press release furnished as Exhibit 99.1 to this Current Report on Form 8-K, which is incorporated by reference herein. The information contained in Item 7.01 of this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#b30"], "char_count": 13, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "daa054f78f95872d0d1b76cf4c4e6c3080a91094b79f7ff8db174b7b15f0d211", "derivation_id": "c1c9e680546686bb5437e0fdd890e49395cd33b6215b3431d3ac7cc7533c8d84", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", 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|\n| Exhibit No. | | Description |\n| | | |\n| 4.1 | | Indenture, dated as of May 16, 2025, between Opendoor Technologies Inc. and U.S. Bank Trust Company, National Association, as Trustee. |\n| | | |\n| 4.2 | | Form of 7.000% Convertible Senior Notes due 2030 (included as Exhibit A to Exhibit 4.1). |\n| | | |\n| 99.1 | | Press Release, dated May 19, 2025. |\n| | | |\n| 104 | | Cover Page Interactive Data File (Cover page XBRL tags are embedded within the Inline XBRL document). |"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_8k.htm#b33"], "char_count": 300, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "16888f9cc9975c7c77ee9a9ce27da2295aae164774340e5cefa47cfa12e09795", "derivation_id": "c1c9e680546686bb5437e0fdd890e49395cd33b6215b3431d3ac7cc7533c8d84", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", 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Opendoor Technologies Inc. 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Definitions; Rules of Construction 1 Section 1.01. Definitions. 1 Section 1.02. Other Definitions. 13 Section 1.03. Rules of Construction. 14 Article 2. The Notes 14 Section 2.01. Form, Dating and Denominations. 14 Section 2.02. Execution, Authentication and Delivery. 15 Section 2.03. Initial Notes and Additional Notes. 16 Section 2.04. Method of Payment. 16 Section 2.05. Accrual of Interest; Defaulted Amounts; When Payment Date is Not a Business Day. 17 Section 2.06. Registrar, Paying Agent and Conversion Agent. 18 Section 2.07. Paying Agent and Conversion Agent to Hold Property in Trust. 19 Section 2.08. Holder Lists. 19 Section 2.09. Legends. 19 Section 2.10. Transfers and Exchanges; Certain Transfer Restrictions. 20 Section 2.11. Exchange and Cancellation of Notes to Be Converted or to Be Repurchased Pursuant to a Repurchase Upon Fundamental Change, Optional Repurchase or Redemption. 25 Section 2.12. Removal of Transfer Restrictions. 26 Section 2.13. Replacement Notes. 26 Section 2.14. Registered Holders; Certain Rights with Respect to Global Notes. 27 Section 2.15. Cancellation. 27 Section 2.16. Notes Held by the Company or its Affiliates. 27 Section 2.17. Temporary Notes. 28 Section 2.18. Outstanding Notes. 28 Section 2.19. Repurchases by the Company. 29 Section 2.20. CUSIP and ISIN Numbers. 29 Article 3. Covenants 29 Section 3.01. Payment on Notes. 29 Section 3.02. Exchange Act Reports. 29 Section 3.03. Rule 144A Information. 30 Section 3.04. Additional Interest. 30 Section 3.05. Compliance and Default Certificates. 31 Section 3.06. Stay, Extension and Usury Laws. 31 Section 3.07. Acquisition of Notes by the Company and its Affiliates. 31 Section 3.08. Existence. 32 Article 4. Repurchase and Redemption 32 Section 4.01. 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Conversion | 43 | | |\n| | | | |\n| | Section 5.01. | Right to Convert. | 43 |\n| | Section 5.02. | Conversion Procedures. | 46 |\n| | Section 5.03. | Settlement Upon Conversion. | 48 |\n| | Section 5.04. | Reserve and Status of Common Stock Issued Upon Conversion. | 51 |\n| | Section 5.05. | Adjustments to the Conversion Rate. | 52 |\n| | Section 5.06. | Voluntary Adjustments. | 62 |\n| | Section 5.07. | Adjustments to the Conversion Rate in Connection with a Make-Whole Fundamental Change. | 63 |\n| | Section 5.08. | Exchange in Lieu of Conversion. | 64 |\n| | Section 5.09. | Effect of Common Stock Change Event. | 65 |\n| | | | |\n| Article 6. Successors | 67 | | |\n| | | | |\n| | Section 6.01. | When the Company May Merge, Etc. | 67 |\n| | Section 6.02. | Successor Corporation Substituted. | 67 |\n| | Section 6.03. | Exclusion for Certain Asset Transfers. | 67 |\n| | | | |\n| Article 7. Defaults and Remedies | 68 | | |\n| | | | |\n| | Section 7.01. | Events of Default. | 68 |\n| | Section 7.02. | Acceleration. | 70 |\n| | Section 7.03. | Sole Remedy for a Failure to Report. | 70 |\n| | Section 7.04. | Other Remedies. | 71 |\n| | Section 7.05. | Waiver of Past Defaults. | 72 |\n| | Section 7.06. | Control by Majority. | 72 |\n| | Section 7.07. | Limitation on Suits. | 72 |\n| | Section 7.08. | Absolute Right of Holders to Institute Suit for the Enforcement of the Right to Receive Payment and Conversion Consideration. | 73 |\n| | Section 7.09. | Collection Suit by Trustee. | 73 |\n| | Section 7.10. | Trustee May File Proofs of Claim. | 73 |\n| | Section 7.11. | Priorities. | 74 |\n| | Section 7.12. | Undertaking for Costs. | 74 |\n| | | | |\n| Article 8. Amendments, Supplements and Waivers | 75 | | |\n| | | | |\n| | Section 8.01. | Without the Consent of Holders. | 75 |\n| | Section 8.02. | With the Consent of Holders. | 76 |\n| | Section 8.03. | Notice of Amendments, Supplements and Waivers. | 77 |\n| | Section 8.04. | Revocation, Effect and Solicitation of Consents; Special Record Dates; Etc. | 77 |\n| | Section 8.05. | Notations and Exchanges. | 78 |\n| | Section 8.06. | Trustee to Execute Supplemental Indentures. | 78 |", + "n_cols": 4, + "n_rows": 45, + "plain_text": " | Section 4.02. | Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change. | 32\n | Section 4.03. | Right of Holders to Require the Company to Repurchase Notes on the Optional Repurchase Date. | 36\n | Section 4.04. | Right of the Company to Redeem the Notes. | 40\n | | | \nArticle 5. Conversion | 43 | | \n | | | \n | Section 5.01. | Right to Convert. | 43\n | Section 5.02. | Conversion Procedures. | 46\n | Section 5.03. | Settlement Upon Conversion. | 48\n | Section 5.04. | Reserve and Status of Common Stock Issued Upon Conversion. | 51\n | Section 5.05. | Adjustments to the Conversion Rate. | 52\n | Section 5.06. | Voluntary Adjustments. | 62\n | Section 5.07. | Adjustments to the Conversion Rate in Connection with a Make-Whole Fundamental Change. | 63\n | Section 5.08. | Exchange in Lieu of Conversion. | 64\n | Section 5.09. | Effect of Common Stock Change Event. | 65\n | | | \nArticle 6. Successors | 67 | | \n | | | \n | Section 6.01. | When the Company May Merge, Etc. | 67\n | Section 6.02. | Successor Corporation Substituted. | 67\n | Section 6.03. | Exclusion for Certain Asset Transfers. | 67\n | | | \nArticle 7. 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Conversion | 43 | | \n | | | \n | Section 5.01. | Right to Convert. | 43\n | Section 5.02. | Conversion Procedures. | 46\n | Section 5.03. | Settlement Upon Conversion. | 48\n | Section 5.04. | Reserve and Status of Common Stock Issued Upon Conversion. | 51\n | Section 5.05. | Adjustments to the Conversion Rate. | 52\n | Section 5.06. | Voluntary Adjustments. | 62\n | Section 5.07. | Adjustments to the Conversion Rate in Connection with a Make-Whole Fundamental Change. | 63\n | Section 5.08. | Exchange in Lieu of Conversion. | 64\n | Section 5.09. | Effect of Common Stock Change Event. | 65\n | | | \nArticle 6. Successors | 67 | | \n | | | \n | Section 6.01. | When the Company May Merge, Etc. | 67\n | Section 6.02. | Successor Corporation Substituted. | 67\n | Section 6.03. | Exclusion for Certain Asset Transfers. | 67\n | | | \nArticle 7. 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Miscellaneous | 84 | | \n | | | \n | Section 11.01. | Notices. | 84\n | Section 11.02. | Delivery of Officer\u2019s Certificate and Opinion of Counsel as to Conditions Precedent. | 86\n | Section 11.03. | Statements Required in Officer\u2019s Certificate and Opinion of Counsel. | 87\n | Section 11.04. | Rules by the Trustee, the Registrar, the Paying Agent and Conversion Agent. | 87\n | Section 11.05. | No Personal Liability of Directors, Officers, Employees and Stockholders. | 87\n | Section 11.06. | Governing Law; Waiver of Jury Trial. | 87\n | Section 11.07. | Submission to Jurisdiction. | 88\n | Section 11.08. | No Adverse Interpretation of Other Agreements. | 88\n | Section 11.09. | Successors. | 88\n | Section 11.10. | Force Majeure. | 88\n | Section 11.11. | U.S.A. 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Each party to this Indenture (as defined below) agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders (as defined below) of the Company\u2019s 7.000% Convertible Senior Notes due 2030." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b24", + "block_sequence": 24, + "block_sha256": "10ab46178bff92f201001d9c889cacea7977b68a4b06a8d6387394604a30365a", + "block_type": "heading", + "char_count": 45, + "level": 6, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 24, + "char_end": 45, + "char_start": 0, + "fragment_sha256": "68482e7da54c09e82251e36b5408ff0c8810b59ba52c785dbabf69e2894f678f", + "heading_path": [ + "EXHIBIT 4.1", + "Exhibit 4.1", + "- iii -", + "Article 1. DEFINITIONS; RULES OF CONSTRUCTION" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s13", + "table": null, + "text": "Article 1. DEFINITIONS; RULES OF CONSTRUCTION" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b25", + "block_sequence": 25, + "block_sha256": "e41247f7c22d6f82b26e95d287d1a73024cb8520a384b5b9387aed35d16d1b54", + "block_type": "heading", + "char_count": 26, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 25, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "ecb6eaf7b7a26ce826684b62df1f9e0051b3cf5f50e92f6c678962172276705a", + "heading_path": [ + "EXHIBIT 4.1", + "Section 1.01. Definitions." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s14", + "table": null, + "text": "Section 1.01. Definitions." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b26", + "block_sequence": 26, + "block_sha256": "5c38dafca8396c666fa678037d7afe642cb85891fe81bbc315861b0114b96cd8", + "block_type": "paragraph", + "char_count": 35415, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 26, + "char_end": 35415, + "char_start": 0, + "fragment_sha256": "0c9c373cb89e626546c79a8928886cfceb27fe9809d1b8abc60edcfbb399e506", + "heading_path": [ + "EXHIBIT 4.1", + "Section 1.01. Definitions." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s14", + "table": null, + "text": "\u201cAdditional Interest\u201d means any interest that accrues on any Note pursuant to Section 3.04. \u201cAffiliate\u201d has the meaning set forth in Rule 144 as in effect on the Issue Date. \u201cAuthorized Denomination\u201d means, with respect to a Note, a principal amount thereof equal to a minimum of $1,000 or any integral multiple of $1,000 in excess thereof. \u201cBankruptcy Law\u201d means Title 11, United States Code, or any similar U.S. federal or state or non-U.S. law for the relief of debtors. \u201cBid Solicitation Agent\u201d means the Person who is required to obtain bids for the Trading Price in accordance with Section 5.01(C)(i)(2) and the definition of \u201cTrading Price.\u201d The initial Bid Solicitation Agent on the Issue Date will be the Company; provided, however, that the Company may appoint any other Person (including any of the Company\u2019s Subsidiaries) to be the Bid Solicitation Agent at any time after the Issue Date without prior notice. \u201cBoard of Directors\u201d means the board of directors of the Company or a committee of such board duly authorized to act on behalf of such board. \u201cBusiness Day\u201d means any day other than a Saturday, a Sunday or any day on which the Federal Reserve Bank of New York is authorized or required by law or executive order to close or be closed. \u201cCapital Stock\u201d of any Person means any and all shares of, interests in, rights to purchase, warrants or options for, participations in, or other equivalents of, in each case however designated, the equity of such Person, but excluding any debt securities convertible into such equity. \u201cClose of Business\u201d means 5:00 p.m., New York City time. \u201cCode\u201d means the Internal Revenue Code of 1986, as amended. \u201cCommon Equity\u201d of any Person means Capital Stock of such Person that is generally entitled (i) to vote in the election of directors of such Person or (ii) if such Person is not a corporation, to vote or otherwise participate in the selection of the governing body, partners, managers or others that will control the management or policies of such Person. \u201cCommon Stock\u201d means the common stock, $0.0001 par value per share, of the Company, subject to Section 5.09. \u201cCompany\u201d means the Person named as such in the first paragraph of this Indenture and, subject to Article 6, its successors and assigns. \u201cCompany Order\u201d means a written request or order signed on behalf of the Company by one (1) of its Officers and delivered to the Trustee. \u201cConversion Date\u201d means, with respect to a Note, the first Business Day on which the requirements set forth in Section 5.02(A) to convert such Note are satisfied. \u201cConversion Price\u201d means, as of any time, an amount equal to (A) one thousand dollars ($1,000) divided by (B) the Conversion Rate in effect at such time. \u201cConversion Rate\u201d initially means 637.1050 shares of Common Stock per $1,000 principal amount of Notes; provided, however, that the Conversion Rate is subject to adjustment pursuant to Article 5; provided, further, that whenever this Indenture refers to the Conversion Rate as of a particular date without setting forth a particular time on such date, such reference will be deemed to be to the Conversion Rate immediately after the Close of Business on such date. \u201cConversion Share\u201d means any share of Common Stock issued or issuable upon conversion of any Note. \u201cDaily Cash Amount\u201d means, with respect to any VWAP Trading Day, the lesser of (A) the applicable Daily Maximum Cash Amount; and (B) the Daily Conversion Value for such VWAP Trading Day. \u201cDaily Conversion Value\u201d means, with respect to any VWAP Trading Day, one-thirtieth of the product of (A) the Conversion Rate on such VWAP Trading Day; and (B) the Daily VWAP per share of Common Stock on such VWAP Trading Day. \u201cDaily Maximum Cash Amount\u201d means, with respect to the conversion of any Note, the quotient obtained by dividing (A) the Specified Dollar Amount applicable to such conversion by (B) 30. \u201cDaily Share Amount\u201d means, with respect to any VWAP Trading Day, the quotient obtained by dividing (A) the excess, if any, of the Daily Conversion Value for such VWAP Trading Day over the applicable Daily Maximum Cash Amount by (B) the Daily VWAP for such VWAP Trading Day. For the avoidance of doubt, the Daily Share Amount will be zero for such VWAP Trading Day if such Daily Conversion Value does not exceed such Daily Maximum Cash Amount. \u201cDaily VWAP\u201d means, for any VWAP Trading Day, the per share volume-weighted average price of the Common Stock as displayed under the heading \u201cBloomberg VWAP\u201d on Bloomberg page \u201cOPEN AQR\u201d (or, if such page is not available, its equivalent successor page) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such VWAP Trading Day (or, if such volume-weighted average price is unavailable, the market value of one share of Common Stock on such VWAP Trading Day, determined, using a volume-weighted average price method, by a nationally recognized independent investment banking firm selected by the Company). The Daily VWAP will be determined without regard to after-hours trading or any other trading outside of the regular trading session. \u201cDefault\u201d means any event that is (or, after notice, passage of time or both, would be) an Event of Default. \u201cDefault Settlement Method\u201d means Combination Settlement with a Specified Dollar Amount of $1,000 per $1,000 principal amount of Notes; provided, however, that (x) subject to Section 5.03(A)(iii), the Company may, from time to time, change the Default Settlement Method, to any Settlement Method that the Company is then permitted to elect, by sending notice of the new Default Settlement Method to the Holders, the Trustee and the Conversion Agent; and (y) the Default Settlement Method will be subject to Section 5.03(A)(ii). \u201cDepositary\u201d means The Depository Trust Company or its successor. \u201cDepositary Participant\u201d means any member of, or participant in, the Depositary. \u201cDepositary Procedures\u201d means, with respect to any conversion, transfer, exchange or other transaction involving a Global Note or any beneficial interest therein, the rules and procedures of the Depositary applicable to such conversion, transfer, exchange or transaction. \u201cEffective date\u201d, in relation to a stock split or stock combination, means the first date on which the shares of Common Stock trade on the relevant stock exchange, regular way, reflecting the relevant stock split or stock combination, as applicable. \u201cEx-Dividend Date\u201d means, with respect to an issuance, dividend or distribution on the Common Stock, the first date on which shares of Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such issuance, dividend or distribution (including pursuant to due bills or similar arrangements required by the relevant stock exchange). For the avoidance of doubt, any alternative trading convention on the applicable exchange or market in respect of the Common Stock under a separate ticker symbol or CUSIP number will not be considered \u201cregular way\u201d for this purpose. \u201cExchange Act\u201d means the U.S. Securities Exchange Act of 1934, as amended. \u201cExempted Fundamental Change\u201d means any Fundamental Change with respect to which, in accordance with Section 4.02(I), the Company does not offer to repurchase any Notes. \u201cFreely Tradable\u201d means, with respect to any security of the Company, that such security would be eligible to be offered, sold or otherwise transferred pursuant to Rule 144 if held by a person that is not an Affiliate of the Company, and that has not been an Affiliate of the Company during the immediately preceding three months, without any requirements as to volume, manner of sale, availability of current public information or notice under the Securities Act (except that any such requirement as to the availability of current public information will be disregarded if the same is satisfied at that time). \u201cFundamental Change\u201d means any of the following events: (A) a \u201cperson\u201d or \u201cgroup\u201d (within the meaning of Section 13(d)(3) of the Exchange Act), other than the Company or its Wholly Owned Subsidiaries, or their respective employee benefit plans, files any report with the SEC indicating that such person or group has become the direct or indirect \u201cbeneficial owner\u201d (as defined below) of shares of the Common Stock representing more than fifty percent (50%) of the voting power of all of the Common Stock. (B) the consummation of (i) any sale, lease or other transfer, in one transaction or a series of transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any Person, other than (A) solely to one or more of the Company\u2019s Wholly Owned Subsidiaries, (B) sales or other transfers of residential real property and/or mortgage loans in the ordinary course of the Company\u2019s business and (C) transfers to the Company\u2019s Subsidiaries in connection with bona fide financing transactions and equity transfers of the equity of the Company\u2019s Subsidiaries in connection with establishing bona fide financing vehicles; or (ii) any transaction or series of related transactions in connection with which (whether by means of merger, consolidation, share exchange, combination, reclassification, recapitalization, acquisition, liquidation or otherwise) all of the Common Stock is exchanged for, converted into, acquired for, or constitutes solely the right to receive, other securities, cash or other property; provided, however, that any merger, consolidation, share exchange or combination of the Company pursuant to which the Persons that directly or indirectly \u201cbeneficially owned\u201d (as defined below) all classes of the Company\u2019s Common Equity immediately before such transaction directly or indirectly \u201cbeneficially own,\u201d immediately after such transaction, more than fifty percent (50%) of all classes of Common Equity of the surviving, continuing or acquiring company or other transferee, as applicable, or the parent thereof, in substantially the same proportions vis-\u00e0-vis each other as immediately before such transaction will be deemed not to be a Fundamental Change pursuant to this clause (B); (C) the Company\u2019s stockholders approve any plan or proposal for the liquidation or dissolution of the Company; or (D) the Common Stock ceases to be listed on any of The New York Stock Exchange, The Nasdaq Global Market or The Nasdaq Global Select Market (or any of their respective successors); provided, however, that a transaction or event described in clause (A) or (B) above will not constitute a Fundamental Change if at least ninety percent (90%) of the consideration received or to be received by the holders of Common Stock (excluding cash payments for fractional shares or pursuant to dissenters rights), in connection with such transaction or event, consists of shares of common stock listed (or depositary receipts representing shares of common stock, which depositary receipts are listed) on any of The New York Stock Exchange, The Nasdaq Global Market or The Nasdaq Global Select Market (or any of their respective successors), or that will be so listed when issued or exchanged in connection with such transaction or event, and such transaction or event constitutes a Common Stock Change Event whose Reference Property consists of such consideration. If any transaction in which the Common Stock is replaced by the securities of another entity occurs, following completion of any related Make-Whole Fundamental Change Conversion Period (or, in the case of a transaction that would have been a Fundamental Change or a Make-Whole Fundamental Change but for the proviso to the immediately preceding paragraph, following the effective date of such transaction), references to the Company for purposes of this definition of \u201cFundamental Change\u201d shall instead be references to such other entity. For the purposes of this definition, (x) any transaction or event described in both clause (A) and in clause (B)(i) or (ii) above (without regard to the proviso in clause (B)) will be deemed to occur solely pursuant to clause (B) above (subject to such proviso); and (y) whether a Person is a \u201cbeneficial owner,\u201d whether shares are \u201cbeneficially owned,\u201d and percentage beneficial ownership, will be determined in accordance with Rule 13d-3 under the Exchange Act. \u201cFundamental Change Repurchase Date\u201d means the date fixed for the repurchase of any Notes by the Company pursuant to a Repurchase Upon Fundamental Change. \u201cFundamental Change Repurchase Notice\u201d means a notice (including a notice substantially in the form of the \u201cFundamental Change Repurchase Notice\u201d set forth in Exhibit A) containing the information, or otherwise complying with the requirements, set forth in Section 4.02(F)(i) and Section 4.02(F)(ii). \u201cFundamental Change Repurchase Price\u201d means the cash price payable by the Company to repurchase any Note upon its Repurchase Upon Fundamental Change, calculated pursuant to Section 4.02(D). \u201cGlobal Note\u201d means a Note that is represented by a certificate substantially in the form set forth in Exhibit A, registered in the name of the Depositary or its nominee, duly executed by the Company and authenticated by the Trustee, and deposited with the Trustee, as custodian for the Depositary. \u201cGlobal Note Legend\u201d means a legend substantially in the form set forth in Exhibit B-2. \u201cHolder\u201d means a person in whose name a Note is registered on the Registrar\u2019s books. \u201cIndenture\u201d means this Indenture, as amended or supplemented from time to time. \u201cInterest Payment Date\u201d means, with respect to a Note, each May 15 and November 15 of each year, commencing on November 15, 2025 (or commencing on such other date specified in the certificate representing such Note). For the avoidance of doubt, the Maturity Date is an Interest Payment Date. \u201cIssue Date\u201d means May 16, 2025. \u201cLast Original Issue Date\u201d means (A) with respect to any Notes issued on the Issue Date and any Notes issued in exchange therefor or in substitution thereof, the Issue Date; and (B) with respect to any Notes issued pursuant to Section 2.03(B), and any Notes issued in exchange therefor or in substitution thereof, either (i) the later of (x) the date such Notes are originally issued and (y) the last date any Notes are originally issued as part of the same offering pursuant to the exercise of an option granted to the initial purchaser(s) of such Notes to purchase additional Notes; or (ii) such other date as is specified in an Officer\u2019s Certificate delivered to the Trustee before the original issuance of such Notes. \u201cLast Reported Sale Price\u201d of the Common Stock for any Trading Day means the closing sale price per share (or, if no closing sale price is reported, the average of the last bid price and the last ask price per share or, if more than one in either case, the average of the average last bid prices and the average last ask prices per share) of Common Stock on such Trading Day as reported in composite transactions for the principal U.S. national or regional securities exchange on which the Common Stock is then listed. If the Common Stock is not listed on a U.S. national or regional securities exchange on such Trading Day, then the Last Reported Sale Price will be the last quoted bid price per share of Common Stock on such Trading Day in the over-the-counter market as reported by OTC Markets Group Inc. or a similar organization. If the Common Stock is not so quoted on such Trading Day, then the Last Reported Sale Price will be the average of the mid-point of the last bid price and the last ask price per share of Common Stock on such Trading Day from a nationally recognized independent investment banking firm selected by the Company. Neither the Trustee nor the Conversion Agent will have any duty to determine the Last Reported Sale Price. The \u201cLiquidity Conditions\u201d with respect to the Redemption of any Notes will be satisfied if each of the following has been satisfied as of the Redemption Notice Date for such Redemption and is reasonably expected to continue to be satisfied through at least the thirtieth (30th) calendar day after the Redemption Date for such Redemption: (A) the Company has satisfied the reporting conditions (including, for the avoidance of doubt, the requirement for current Form 10 information) set forth in Rule 144(c) and (i)(2) under the Securities Act; and (B) the shares of Common Stock, if any, issued or issuable upon conversion of the Notes are Freely Tradable; provided, however, that the Liquidity Conditions will also be deemed to be satisfied with respect to such Redemption if, in accordance with Section 5.03(A)(i)(3), the Company has elected to settle all conversions of called (or deemed called) Notes with a Conversion Date that occurs on or after such Redemption Notice Date and on or before the Business Day immediately before such Redemption Date by Cash Settlement. \u201cMake-Whole Fundamental Change\u201d means (A) a Fundamental Change (determined after giving effect to the proviso immediately after clause (D) of the definition thereof, but without regard to the proviso to clause (B)(ii) of such definition); or (B) the sending of a Redemption Notice pursuant to Section 4.04(G); provided, however, that, subject to Section 4.04(J), the sending of a Redemption Notice will constitute a Make-Whole Fundamental Change only with respect to the Notes called for Redemption pursuant to such Redemption Notice and not with respect to any other Notes. \u201cMake-Whole Fundamental Change Conversion Period\u201d has the following meaning: (A) in the case of a Make-Whole Fundamental Change pursuant to clause (A) of the definition thereof, the period from, and including, the Make-Whole Fundamental Change Effective Date of such Make-Whole Fundamental Change to, and including, the thirty fifth (35th) Trading Day after such Make-Whole Fundamental Change Effective Date (or, if such Make-Whole Fundamental Change also constitutes a Fundamental Change (other than an Exempted Fundamental Change), to, but excluding, the related Fundamental Change Repurchase Date); and (B) in the case of a Make-Whole Fundamental Change pursuant to clause (B) of the definition thereof, the period from, and including, the Redemption Notice Date for the related Redemption to, and including, the Business Day immediately before the related Redemption Date; provided, however, that if the Conversion Date for the conversion of a Note that has been called (or deemed, pursuant to Section 4.04(J), to be called) for Redemption occurs during the Make-Whole Fundamental Change Conversion Period for both a Make-Whole Fundamental Change occurring pursuant to clause (A) of the definition of \u201cMake-Whole Fundamental Change\u201d and a Make-Whole Fundamental Change resulting from such Redemption pursuant to clause (B) of such definition, then, notwithstanding anything to the contrary in Section 5.07, solely for purposes of such conversion, (x) such Conversion Date will be deemed to occur solely during the Make-Whole Fundamental Change Conversion Period for the Make-Whole Fundamental Change with the earlier Make-Whole Fundamental Change Effective Date; and (y) the Make-Whole Fundamental Change with the later Make-Whole Fundamental Change Effective Date will be deemed not to have occurred. \u201cMake-Whole Fundamental Change Effective Date\u201d means (A) with respect to a Make-Whole Fundamental Change pursuant to clause (A) of the definition thereof, the date on which such Make-Whole Fundamental Change occurs or becomes effective; and (B) with respect to a Make-Whole Fundamental Change pursuant to clause (B) of the definition thereof, the applicable Redemption Notice Date. \u201cMarket Disruption Event\u201d means, with respect to any date, the occurrence or existence, during the one-half hour period ending at the scheduled close of trading on such date on the principal U.S. national or regional securities exchange or other market on which the Common Stock is listed for trading or trades, of any material suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the Common Stock or in any options contracts or futures contracts relating to the Common Stock. \u201cMaturity Date\u201d means May 15, 2030. \u201cNon-Affiliate Legend\u201d means a legend substantially in the form set forth in Exhibit B-3. \u201cNote Agent\u201d means any Registrar, Paying Agent or Conversion Agent. \u201cNotes\u201d means the 7.000% Convertible Senior Notes due 2030 issued by the Company pursuant to this Indenture. \u201cObservation Period\u201d means, with respect to any Note to be converted, (A) subject to clause (B) below, if the Conversion Date for such Note occurs on or before November 15, 2029, the 30 consecutive VWAP Trading Days beginning on, and including, the third VWAP Trading Day immediately after such Conversion Date; (B) if such Conversion Date occurs on or after the date the Company has sent a Redemption Notice calling such Note for Redemption pursuant to Section 4.04(G) and before the related Redemption Date, the 30 consecutive VWAP Trading Days beginning on, and including, the 31st Scheduled Trading Day immediately before such Redemption Date; and (C) subject to clause (B) above, if such Conversion Date occurs after November 15, 2029, the 30 consecutive VWAP Trading Days beginning on, and including, the 31st Scheduled Trading Day immediately before the Maturity Date. \u201cOfficer\u201d means the Chief Executive Officer, the President, the Chief Financial Officer, the Treasurer, the Secretary or any Assistant Secretary of the Company. \u201cOfficer\u2019s Certificate\u201d means a certificate that is signed on behalf of the Company by one (1) of its Officers and that meets the requirements of Section 11.03. \u201cOID\u201d means original issue discount within the meaning of Section 1273 of the Code. \u201cOID Legend\u201d means a legend substantially in the form set forth in Exhibit B-4. \u201cOpen of Business\u201d means 9:00 a.m., New York City time. \u201cOpinion of Counsel\u201d means an opinion, from legal counsel (including an employee of, or counsel to, the Company or any of its Subsidiaries) reasonably acceptable to the Trustee, that meets the requirements of Section 11.03, subject to customary qualifications and exclusions. \u201cOptional Repurchase\u201d means the repurchase of any Note by the Company pursuant to Section 4.03. \u201cOptional Repurchase Notice\u201d means a notice (including a notice substantially in the form of the \u201cOptional Repurchase Notice\u201d set forth in Exhibit A) containing the information, or otherwise complying with the requirements, set forth in Section 4.03(E)(i) and Section 4.03(E)(ii). \u201cOptional Repurchase Price\u201d means the cash price payable by the Company to repurchase any Note upon an Optional Repurchase, calculated pursuant to Section 4.03(C). \u201cPerson\u201d or \u201cperson\u201d means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization or government or other agency or political subdivision thereof. Any division or series of a limited liability company, limited partnership or trust will constitute a separate \u201cperson\u201d under this Indenture. \u201cPhysical Note\u201d means a Note (other than a Global Note) that is represented by a certificate substantially in the form set forth in Exhibit A, registered in the name of the Holder of such Note and duly executed by the Company and authenticated by the Trustee. \u201cRecord Date\u201d means, with respect to any dividend, distribution or other transaction or event in which the holders of Common Stock (or other applicable security) have the right to receive any cash, securities or other property or in which Common Stock (or such other security) is exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination of holders of Common Stock (or such other security) entitled to receive such cash, securities or other property (whether such date is fixed by the Board of Directors, statute, contract or otherwise). \u201cRedemption\u201d means the repurchase of any Note by the Company pursuant to Section 4.04. \u201cRedemption Date\u201d means the date fixed, pursuant to Section 4.04(E), for the settlement of the repurchase of any Notes by the Company pursuant to a Redemption. \u201cRedemption Notice Date\u201d means, with respect to a Redemption, the date on which the Company sends the Redemption Notice for such Redemption pursuant to Section 4.04(G). \u201cRedemption Price\u201d means the cash price payable by the Company to redeem any Note upon its Redemption, calculated pursuant to Section 4.04(F). \u201cRegular Record Date\u201d has the following meaning with respect to an Interest Payment Date: (A) if such Interest Payment Date occurs on May 15, the immediately preceding May 1 (whether or not a Business Day); and (B) if such Interest Payment Date occurs on November 15, the immediately preceding November 1 (whether or not a Business Day). \u201cRepurchase Upon Fundamental Change\u201d means the repurchase of any Note by the Company pursuant to Section 4.02. \u201cResponsible Officer\u201d means (A) any officer within the corporate trust group of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of such officers; and (B) with respect to a particular corporate trust matter relating to this Indenture, any other officer to whom such matter is referred because of his or her knowledge of, and familiarity with, the particular subject, and who in each case, has direct responsibility for the administration of this Indenture. \u201cRestricted Note Legend\u201d means a legend substantially in the form set forth in Exhibit B-1. \u201cRestricted Stock Legend\u201d means, with respect to any Conversion Share, a legend substantially to the effect that the offer and sale of such Conversion Share have not been registered under the Securities Act and that such Conversion Share cannot be sold or otherwise transferred except pursuant to a transaction that is registered under the Securities Act or that is exempt from, or not subject to, the registration requirements of the Securities Act. \u201cRule 144\u201d means Rule 144 under the Securities Act (or any successor rule thereto), as the same may be amended from time to time. \u201cRule 144A\u201d means Rule 144A under the Securities Act (or any successor rule thereto), as the same may be amended from time to time. \u201cScheduled Trading Day\u201d means any day that is scheduled to be a Trading Day on the principal U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then traded. If the Common Stock is not so listed or traded, then \u201cScheduled Trading Day\u201d means a Business Day. \u201cSEC\u201d means the U.S. Securities and Exchange Commission. \u201cSecurities Act\u201d means the U.S. Securities Act of 1933, as amended. \u201cSecurity\u201d means any Note or Conversion Share. \u201cSettlement Method\u201d means Cash Settlement or Combination Settlement. \u201cSignificant Subsidiary\u201d of any Person means any Subsidiary of that Person that constitutes a \u201csignificant subsidiary\u201d (as defined in Rule 1-02(w) of Regulation S-X under the Exchange Act) of that Person. \u201cSpecial Interest\u201d means any interest that accrues on any Note pursuant to Section 7.03. \u201cSpecified Dollar Amount\u201d means, with respect to the conversion of a Note to which Combination Settlement applies, the maximum cash amount per $1,000 principal amount of such Note deliverable upon such conversion (excluding cash in lieu of any fractional share of Common Stock); provided, however, that in no event will the Specified Dollar Amount be less than $1,000 per $1,000 principal amount of such Note. \u201cStock Price\u201d has the following meaning for any Make-Whole Fundamental Change: (A) if the holders of Common Stock receive only cash in consideration for their shares of Common Stock in such Make-Whole Fundamental Change and such Make-Whole Fundamental Change is pursuant to clause (B) of the definition of \u201cFundamental Change,\u201d then the Stock Price is the amount of cash paid per share of Common Stock in such Make-Whole Fundamental Change; and (B) in all other cases, the Stock Price is the average of the Last Reported Sale Prices per share of Common Stock for the five (5) consecutive Trading Days ending on, and including, the Trading Day immediately before the Make-Whole Fundamental Change Effective Date of such Make-Whole Fundamental Change. \u201cSubsidiary\u201d means, with respect to any Person, (A) any corporation, association or other business entity (other than a partnership or limited liability company) of which more than fifty percent (50%) of the total voting power of the Capital Stock entitled (without regard to the occurrence of any contingency, but after giving effect to any voting agreement or stockholders\u2019 agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees, as applicable, of such corporation, association or other business entity is owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person; and (B) any partnership or limited liability company where (i) more than fifty percent (50%) of the capital accounts, distribution rights, equity and voting interests, or of the general and limited partnership interests, as applicable, of such partnership or limited liability company are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person, whether in the form of membership, general, special or limited partnership or limited liability company interests or otherwise; and (ii) such Person or any one or more of the other Subsidiaries of such Person is a controlling general partner of, or otherwise controls, such partnership or limited liability company. \u201cTrading Day\u201d means any day on which (A) trading in the Common Stock generally occurs on the principal U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then traded; and (B) there is no Market Disruption Event. If the Common Stock is not so listed or traded, then \u201cTrading Day\u201d means a Business Day. \u201cTrading Price\u201d of the Notes on any Trading Day means the average of the secondary market bid quotations, expressed as a cash amount per $1,000 principal amount of Notes, obtained by the Bid Solicitation Agent for one million dollars ($1,000,000) (or such lesser amount as may then be outstanding) in principal amount of Notes at approximately 3:30 p.m., New York City time, on such Trading Day from three (3) nationally recognized independent securities dealers selected by the Company; provided, however, that, if three (3) such bids cannot reasonably be obtained by the Bid Solicitation Agent but two (2) such bids are obtained, then the average of the two (2) bids will be used, and if only one (1) such bid can reasonably be obtained by the Bid Solicitation Agent, then that one (1) bid will be used. If, on any Trading Day, (A) the Bid Solicitation Agent cannot reasonably obtain at least one (1) bid for one million dollars ($1,000,000) (or such lesser amount as may then be outstanding) in principal amount of Notes from a nationally recognized independent securities dealer; (B) the Company is not acting as the Bid Solicitation Agent and the Company fails to instruct the Bid Solicitation Agent to obtain bids when required; or (C) the Bid Solicitation Agent fails to solicit bids when required, then, in each case, the Trading Price per $1,000 principal amount of Notes on such Trading Day will be deemed to be less than ninety eight percent (98%) of the product of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading Day. \u201cTransfer-Restricted Security\u201d means any Security that constitutes a \u201crestricted security\u201d (as defined in Rule 144); provided, however, that such Security will cease to be a Transfer-Restricted Security upon the earliest to occur of the following events: (A) such Security is sold or otherwise transferred to a Person (other than the Company or an Affiliate of the Company) pursuant to a registration statement that was effective under the Securities Act at the time of such sale or transfer; (B) such Security is sold or otherwise transferred to a Person (other than the Company or an Affiliate of the Company) pursuant to an available exemption (including Rule 144) from the registration and prospectus-delivery requirements of, or in a transaction not subject to, the Securities Act and, immediately after such sale or transfer, such Security ceases to constitute a \u201crestricted security\u201d (as defined in Rule 144); and (C) such Security is eligible for resale, by a Person that is not an Affiliate of the Company and that has not been an Affiliate of the Company during the immediately preceding three (3) months, pursuant to Rule 144 without any limitations thereunder as to volume, manner of sale, availability of current public information or notice. The Trustee is under no obligation to determine whether any Security is a Transfer-Restricted Security and may conclusively rely on an Officer\u2019s Certificate with respect thereto. \u201cTrust Indenture Act\u201d means the U.S. Trust Indenture Act of 1939, as amended. \u201cTrustee\u201d means the Person named as such in the first paragraph of this Indenture until a successor replaces it in accordance with the provisions of this Indenture and, thereafter, means such successor. \u201cVWAP Market Disruption Event\u201d means, with respect to any date, (A) the failure by the principal U.S. national or regional securities exchange on which the Common Stock is then listed, or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, the principal other market on which the Common Stock is then traded, to open for trading during its regular trading session on such date; or (B) the occurrence or existence, for more than one half hour period in the aggregate, of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the Common Stock or in any options contracts or futures contracts relating to the Common Stock, and such suspension or limitation occurs or exists at any time before 1:00 p.m., New York City time, on such date. \u201cVWAP Trading Day\u201d means a day on which (A) there is no VWAP Market Disruption Event; and (B) trading in the Common Stock generally occurs on the principal U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then traded. 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Form, Dating and Denominations." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b47", + "block_sequence": 47, + "block_sha256": "df75e3121a903b678757e043304c93765dcef20c542691ff90ed8b780299293d", + "block_type": "paragraph", + "char_count": 1414, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 47, + "char_end": 1414, + "char_start": 0, + "fragment_sha256": "71903b717fec4379fbd3f0812803847e9703fd51a83f06986d8ca5e155551968", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.01. Form, Dating and Denominations." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s19", + "table": null, + "text": "The Notes and the Trustee\u2019s certificate of authentication will be substantially in the form set forth in Exhibit A. The Notes will bear the legends required by Section 2.09 and may bear notations, legends or endorsements required by law, stock exchange rule or usage or the Depositary. Each Note will be dated as of the date of its authentication. Except to the extent otherwise provided in a Company Order delivered to the Trustee in connection with the issuance and authentication thereof, the Notes will be issued initially in the form of one or more Global Notes. Global Notes may be exchanged for Physical Notes, and Physical Notes may be exchanged for Global Notes, only as provided in Section 2.10. The Notes will be issuable only in registered form without interest coupons and only in Authorized Denominations. Each certificate representing a Note will bear a unique registration number that is not affixed to any other certificate representing another outstanding Note. The terms contained in the Notes constitute part of this Indenture, and, to the extent applicable, the Company and the Trustee, by their execution and delivery of this Indenture, agree to such terms and to be bound thereby; provided, however, that, to the extent that any provision of any Note conflicts with the provisions of this Indenture, the provisions of this Indenture will control for purposes of this Indenture and such Note." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b48", + "block_sequence": 48, + "block_sha256": "80d56d630a25b58e7b3aa4505d8c93d79977a08919e29e7f13667d66e29699f7", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 48, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "7d1763dc0ef9a611d99b45e2be5d33c99eb864daaf583c588a881d92378fb5ac", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.01. Form, Dating and Denominations." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s19", + "table": null, + "text": "- 14 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b49", + "block_sequence": 49, + "block_sha256": "034f0fb192e99f0dba389f3fa99bd25f7210eebe06b8f5919c04cfa054311c5d", + "block_type": "heading", + "char_count": 53, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 49, + "char_end": 53, + "char_start": 0, + "fragment_sha256": "d13ef211e56673511c0067b446aab44554e7cd0a299cdae2cf43f637e0bb3dde", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.02. Execution, Authentication and Delivery." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s20", + "table": null, + "text": "Section 2.02. Execution, Authentication and Delivery." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b50", + "block_sequence": 50, + "block_sha256": "a7bb83f24991f0c3689d74e151f4ba78bdf5748e4eed978441d39d662ac55877", + "block_type": "paragraph", + "char_count": 359, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 50, + "char_end": 359, + "char_start": 0, + "fragment_sha256": "f96c70ef4e5151a4e091e275b5766cdec4eb86811dfb004ad05bfe12270153bf", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.02. Execution, Authentication and Delivery." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s20", + "table": null, + "text": "(A) Due Execution by the Company. At least one (1) duly authorized Officer will sign the Notes on behalf of the Company by manual, electronic or facsimile signature. A Note\u2019s validity will not be affected by the failure of any Officer whose signature is on any Note to hold, at the time such Note is authenticated, the same or any other office at the Company." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b51", + "block_sequence": 51, + "block_sha256": "f56c01317cefbc97b2fcd2fa903fbd5d5d796fa2a47244a0bf0afaf3ada94b29", + "block_type": "paragraph", + "char_count": 47, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 51, + "char_end": 47, + "char_start": 0, + "fragment_sha256": "f53171266dad9ac78e5f9d7df7d6094e8bec92c590e0c1d25568356e98f4ed5e", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.02. Execution, Authentication and Delivery." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s20", + "table": null, + "text": "(B) Authentication by the Trustee and Delivery." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b52", + "block_sequence": 52, + "block_sha256": "c9b760b0211ba1054e364fbb7dd4dec912027b496c56548f10c75617ca2546d5", + "block_type": "paragraph", + "char_count": 1590, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 52, + "char_end": 1590, + "char_start": 0, + "fragment_sha256": "eca6996fba7f4a2212e275ee9c5c763e40c6be082a655d1f71df41c79988d2c0", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.02. Execution, Authentication and Delivery." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s20", + "table": null, + "text": "(i) No Note will be valid until it is authenticated by the Trustee. A Note will be deemed to be duly authenticated only when an authorized signatory of the Trustee (or a duly appointed authenticating agent) manually signs the certificate of authentication of such Note. (ii) The Trustee will cause an authorized signatory of the Trustee (or a duly appointed authenticating agent) to manually sign the certificate of authentication of a Note only if (1) the Company delivers such Note to the Trustee; (2) such Note is executed by the Company in accordance with Section 2.02(A); and (3) the Company delivers a Company Order to the Trustee that (a) requests the Trustee to authenticate such Note; and (b) sets forth the name of the Holder of such Note and the date as of which such Note is to be authenticated. If such Company Order also requests the Trustee to deliver such Note to any Holder or to the Depositary, then the Trustee will promptly deliver such Note in accordance with such Company Order. (iii) The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. A duly appointed authenticating agent may authenticate Notes whenever the Trustee may do so under this Indenture, and a Note authenticated as provided in this Indenture by such an agent will be deemed, for purposes of this Indenture, to be authenticated by the Trustee. Each duly appointed authenticating agent will have the same rights to deal with the Company as the Trustee would have if it were performing the duties that the authenticating agent was validly appointed to undertake." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b53", + "block_sequence": 53, + "block_sha256": "46c92d11278e290104b8c5b272f5682002a875f744f52d8210f08b379c805ae7", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 53, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "02b6a21351ca547572e82f86f2fd7938e1212e6609eaa6fb8d2a7257a31500da", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.02. Execution, Authentication and Delivery." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s20", + "table": null, + "text": "- 15 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b54", + "block_sequence": 54, + "block_sha256": "1d308ac1978654152d1c0a9bfa4156a2bf260ec6eddc0464d424ca23c93730f5", + "block_type": "heading", + "char_count": 49, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 54, + "char_end": 49, + "char_start": 0, + "fragment_sha256": "b1845f593e46f2df672eb89ee0e9a5c2bbf1596aa2fa62206a6b877dcdd08e6b", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.03. Initial Notes and Additional Notes." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s21", + "table": null, + "text": "Section 2.03. Initial Notes and Additional Notes." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b55", + "block_sequence": 55, + "block_sha256": "563871be54c80d496984c53e1c8e7bccb7e9d79daadc4b451dc18414bc98b50d", + "block_type": "paragraph", + "char_count": 1458, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 55, + "char_end": 1458, + "char_start": 0, + "fragment_sha256": "349b2db1aeda6a2c798485502db3e1e2b22375696d61930d03ae1f776b63801d", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.03. Initial Notes and Additional Notes." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s21", + "table": null, + "text": "(A) Initial Notes. On the Issue Date, there will be originally issued three hundred and twenty five million dollars ($325,000,000) aggregate principal amount of Notes, subject to the provisions of this Indenture (including Section 2.02). Notes issued pursuant to this Section 2.03(A), and any Notes issued in exchange therefor or in substitution thereof, are referred to in this Indenture as the \u201cInitial Notes.\u201d (B) Additional Notes. Without the consent of any Holder, the Company may, subject to the provisions of this Indenture (including Section 2.02), originally issue additional Notes with the same terms as the Initial Notes (except, to the extent applicable, with respect to the date as of which interest begins to accrue on such additional Notes and the first Interest Payment Date and the Last Original Issue Date of such additional Notes), which additional Notes will, subject to the foregoing, be considered to be part of the same series of, and rank equally and ratably with all other, Notes issued under this Indenture; provided, however, that any such additional Notes (and any Notes that are resold after such Notes have been purchased or otherwise acquired by the Company or its Subsidiaries) that are not fungible with other Notes issued under this Indenture for purposes of U.S. federal income tax or federal securities laws or, if applicable, the Depositary Procedures, will be identified by a separate CUSIP number or by no CUSIP number." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b56", + "block_sequence": 56, + "block_sha256": "0884fbdd1cab1718f80c46a72fe3ceb0e1c640d85282661fab8d01005a2887bb", + "block_type": "heading", + "char_count": 32, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 56, + "char_end": 32, + "char_start": 0, + "fragment_sha256": "fe2b9c141d95d849e0af8481bb8cc6bbc786437f622482a688ae37dc8046e39f", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.04. Method of Payment." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s22", + "table": null, + "text": "Section 2.04. Method of Payment." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b57", + "block_sequence": 57, + "block_sha256": "dac995d7edb6ab9ebca3724ec96320696d7292c77c269170571b267ff4e87abe", + "block_type": "paragraph", + "char_count": 2122, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 57, + "char_end": 2122, + "char_start": 0, + "fragment_sha256": "db638b5ac8ee014dfd7021557ed252e2a80b4fab8f95aa8049161041fcd8b5b4", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.04. Method of Payment." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s22", + "table": null, + "text": "(A) Global Notes. The Company will pay, or cause the Paying Agent to pay, the principal (whether due upon maturity on the Maturity Date, Redemption on a Redemption Date, Optional Repurchase on the Optional Repurchase Date or repurchase on a Fundamental Change Repurchase Date or otherwise) of, interest on, and any cash Conversion Consideration for, any Global Note to the Depositary by wire transfer of immediately available funds no later than the time the same is due as provided in this Indenture. (B) Physical Notes. The Company will pay, or cause the Paying Agent to pay, the principal (whether due upon maturity on the Maturity Date, Redemption on a Redemption Date, Optional Repurchase on the Optional Repurchase Date or repurchase on a Fundamental Change Repurchase Date or otherwise) of, interest on, and any cash Conversion Consideration for, any Physical Note no later than the time the same is due as provided in this Indenture as follows: (i) if the principal amount of such Physical Note is at least five million dollars ($5,000,000) (or such lower amount as the Company may choose in its sole and absolute discretion) and the Holder of such Physical Note entitled to such payment has delivered to the Paying Agent or the Trustee, no later than the time set forth in the immediately following sentence, a written request that the Company make such payment by wire transfer to an account of such Holder within the United States, by wire transfer of immediately available funds to such account; and (ii) in all other cases, by check mailed to the address of the Holder of such Physical Note entitled to such payment as set forth in the Register. To be timely, such written request must be so delivered no later than the Close of Business on the following date: (x) with respect to the payment of any interest due on an Interest Payment Date, the immediately preceding Regular Record Date; (y) with respect to any cash Conversion Consideration, the relevant Conversion Date; and (z) with respect to any other payment, the date that is fifteen (15) calendar days immediately before the date such payment is due." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b58", + "block_sequence": 58, + "block_sha256": "668ce09a6771bf17ae35457ecd4cc3030f8feae5b3cd2af3f294314ce5c970a5", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 58, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "77713fe8473b7a40e081790bede4f30357e95cc968f3e671630bfc316513158b", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.04. Method of Payment." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s22", + "table": null, + "text": "- 16 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b59", + "block_sequence": 59, + "block_sha256": "d5f222d87e793b196bd37e6656f6c4c55b730cdc455eb74127a4f12d576f5384", + "block_type": "heading", + "char_count": 94, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 59, + "char_end": 94, + "char_start": 0, + "fragment_sha256": "9f80d0cf664b0f01741998e703a3ca2c739364331353bb20e4fb9ae507ba6502", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.05. Accrual of Interest; Defaulted Amounts; When Payment Date is Not a Business Day." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s23", + "table": null, + "text": "Section 2.05. Accrual of Interest; Defaulted Amounts; When Payment Date is Not a Business Day." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b60", + "block_sequence": 60, + "block_sha256": "a5e5b63234d3ee95b8fbb53a37cae25ed7536659d85ab67199724c19d630e7f3", + "block_type": "paragraph", + "char_count": 3876, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 60, + "char_end": 3876, + "char_start": 0, + "fragment_sha256": "fe0fe1ddc9b16c274f1de86ee13f4c8875843677717fd356b8f76f4b59896082", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.05. Accrual of Interest; Defaulted Amounts; When Payment Date is Not a Business Day." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s23", + "table": null, + "text": "(A) Accrual of Interest. Each Note will accrue interest at a rate per annum equal to 7.000% (the \u201cStated Interest\u201d), plus any Additional Interest and Special Interest that may accrue pursuant to Sections 3.04 and 7.03, respectively. Stated Interest on each Note will (i) accrue from, and including, the most recent date to which Stated Interest has been paid or duly provided for (or, if no Stated Interest has theretofore been paid or duly provided for, the date set forth in the certificate representing such Note as the date from, and including, which Stated Interest will begin to accrue in such circumstance) to, but excluding, the date of payment of such Stated Interest; and (ii) be, subject to Sections 4.02(D), 4.03(C), 4.04(F) and 5.02(D) (but without duplication of any payment of interest), payable semi-annually in arrears on each Interest Payment Date, beginning on the first Interest Payment Date set forth in the certificate representing such Note, to the Holder of such Note as of the Close of Business on the immediately preceding Regular Record Date. Stated Interest, and, if applicable, Additional Interest and Special Interest, on the Notes will be computed on the basis of a 360-day year comprised of twelve 30-day months. (B) Defaulted Amounts. If the Company fails to pay any amount (a \u201cDefaulted Amount\u201d) payable on a Note on or before the due date therefor as provided in this Indenture, then, regardless of whether such failure constitutes an Event of Default, (i) such Defaulted Amount will forthwith cease to be payable to the Holder of such Note otherwise entitled to such payment; (ii) to the extent lawful, interest (\u201cDefault Interest\u201d) will accrue on such Defaulted Amount at a rate per annum equal to the rate per annum at which Stated Interest accrues, from, and including, such due date to, but excluding, the date of payment of such Defaulted Amount and Default Interest; (iii) such Defaulted Amount and Default Interest will be paid on a payment date selected by the Company to the Holder of such Note as of the Close of Business on a special record date selected by the Company, provided that such special record date must be no more than fifteen (15), nor less than ten (10), calendar days before such payment date; and (iv) at least fifteen (15) calendar days before such special record date, the Company will send notice to the Trustee and the Holders that states such special record date, such payment date and the amount of such Defaulted Amount and Default Interest to be paid on such payment date. (C) Delay of Payment when Payment Date is Not a Business Day. If the due date for a payment on a Note as provided in this Indenture is not a Business Day, then, notwithstanding anything to the contrary in this Indenture or the Notes, such payment may be made on the immediately following Business Day with the same force and effect as if such payment were made on such due date and, for the avoidance of doubt, no interest will accrue on such payment as a result of the related delay. Solely for purposes of the immediately preceding sentence, a day on which the applicable place of payment is authorized or required by law or executive order to close or be closed will be deemed not to be a \u201cBusiness Day.\u201d (D) Special Provision for Global Notes. If the first date on which any Additional Interest or Special Interest begins to accrue on a Global Note is on or after the fifth (5th) Business Day before a Regular Record Date and before the next Interest Payment Date, then, notwithstanding anything to the contrary in this Indenture or the Notes, the amount thereof accruing in respect of the period from, and including, such first date to, but excluding, such Interest Payment Date will not be payable on such Interest Payment Date but will instead be deemed to accrue (without duplication) entirely on such Interest Payment Date." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b61", + "block_sequence": 61, + "block_sha256": "bbc1bed52507968ae039b3b2d1f0bf73cce280bb436e41dd45bd4820cdb9b8ac", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 61, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "c0d3de9bef4ce8e6503ea38e124b582266cf3e1ef331a46aa627103683d26178", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.05. Accrual of Interest; Defaulted Amounts; When Payment Date is Not a Business Day." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s23", + "table": null, + "text": "- 17 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b62", + "block_sequence": 62, + "block_sha256": "a6eec2680b0f12bcb1fbe74fe6e3ab26e896916b64f3910b4168a63c20d4192c", + "block_type": "heading", + "char_count": 59, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 62, + "char_end": 59, + "char_start": 0, + "fragment_sha256": "cc89393e2a118b47752cba2a897f7f38aa8aa742b9c6d2edf3616048737b4137", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.06. Registrar, Paying Agent and Conversion Agent." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s24", + "table": null, + "text": "Section 2.06. Registrar, Paying Agent and Conversion Agent." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b63", + "block_sequence": 63, + "block_sha256": "a03516e782b94bce56a60f4c3c8e97a7034184dc8d0cbb146d0473059723ca03", + "block_type": "paragraph", + "char_count": 2358, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 63, + "char_end": 2358, + "char_start": 0, + "fragment_sha256": "e60d568b7504e5530fbc21da69e8aba53f2d26367ccfefe9837d3ed3cd204957", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.06. Registrar, Paying Agent and Conversion Agent." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s24", + "table": null, + "text": "(A) Generally. The Company will maintain (i) an office or agency in the continental United States where Notes may be presented for registration of transfer or for exchange (the \u201cRegistrar\u201d); (ii) an office or agency in the continental United States where Notes may be presented for payment (the \u201cPaying Agent\u201d); and (iii) an office or agency in the continental United States where Notes may be presented for conversion (the \u201cConversion Agent\u201d). If the Company fails to maintain a Registrar, Paying Agent or Conversion Agent, then the Trustee will act as such and will receive compensation therefor in accordance with this Indenture and any other agreement between the Trustee and the Company. For the avoidance of doubt, the Company or any of its Subsidiaries may act as Registrar, Paying Agent or Conversion Agent. (B) Duties of the Registrar. The Registrar will keep a record (the \u201cRegister\u201d) of the names and addresses of the Holders, the Notes held by each Holder and the transfer, exchange, repurchase, Redemption and conversion of Notes. Absent manifest error, the entries in the Register will be conclusive and the Company and the Trustee may treat each Person whose name is recorded as a Holder in the Register as a Holder for all purposes. The Register will be in written form or in any form capable of being converted into written form reasonably promptly. (C) Co-Agents; Company\u2019s Right to Appoint Successor Registrars, Paying Agents and Conversion Agents. The Company may appoint one or more co-Registrars, co-Paying Agents and co-Conversion Agents, each of whom will be deemed to be a Registrar, Paying Agent or Conversion Agent, as applicable, under this Indenture. Subject to Section 2.06(A), the Company may change any Registrar, Paying Agent or Conversion Agent (including appointing itself or any of its Subsidiaries to act in such capacity) without notice to any Holder. The Company will notify the Trustee (and, upon request, any Holder) of the name and address of each Note Agent, if any, not a party to this Indenture and will enter into an appropriate agency agreement with each such Note Agent, which agreement will implement the provisions of this Indenture that relate to such Note Agent. (D) Initial Appointments. The Company appoints the Trustee as the initial Paying Agent, the initial Registrar and the initial Conversion Agent." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b64", + "block_sequence": 64, + "block_sha256": "82e886703f35c208c1e1a7c69d4724dfe752d26d9f5a56bf779d757472db399e", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 64, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "dc811c42e0246e38a5de1d64dd5e1b00b1a005773fcec25eb28e1f19fea0ad89", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.06. Registrar, Paying Agent and Conversion Agent." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s24", + "table": null, + "text": "- 18 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b65", + "block_sequence": 65, + "block_sha256": "26b683561e8549978d4c77336e723952370e0e62931b3e227e8996263845a887", + "block_type": "heading", + "char_count": 74, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 65, + "char_end": 74, + "char_start": 0, + "fragment_sha256": "164233142adc2ab525ef91c9e8237c9535a734d2b18a768842de138da649e47a", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.07. Paying Agent and Conversion Agent to Hold Property in Trust." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s25", + "table": null, + "text": "Section 2.07. Paying Agent and Conversion Agent to Hold Property in Trust." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b66", + "block_sequence": 66, + "block_sha256": "5eaee7fd50793aa27353eba4ad07f226ea24e22d2e7d0e13ea349dc5dcec296d", + "block_type": "paragraph", + "char_count": 1820, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 66, + "char_end": 1820, + "char_start": 0, + "fragment_sha256": "a4cdaf7b870b8157528ba3d9dd6bd9062593f4c10a2299bf7419da283258bade", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.07. Paying Agent and Conversion Agent to Hold Property in Trust." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s25", + "table": null, + "text": "The Company will require each Paying Agent or Conversion Agent that is not the Trustee to agree in writing that such Note Agent will (A) hold in trust for the benefit of Holders or the Trustee all money and other property held by such Note Agent for payment or delivery due on the Notes; and (B) notify the Trustee of any default by the Company in making any such payment or delivery. The Company, at any time, may, and the Trustee, while any Default continues, may, require a Paying Agent or Conversion Agent to pay or deliver, as applicable, all money and other property held by it to the Trustee, after which payment or delivery, as applicable, such Note Agent (if not the Company or any of its Subsidiaries) will have no further liability for such money or property. If the Company or any of its Subsidiaries acts as Paying Agent or Conversion Agent, then (A) it will segregate and hold in a separate trust fund for the benefit of the Holders or the Trustee all money and other property held by it as Paying Agent or Conversion Agent; and (B) references in this Indenture or the Notes to the Paying Agent or Conversion Agent holding cash or other property, or to the delivery of cash or other property to the Paying Agent or Conversion Agent, in each case for payment or delivery to any Holders or the Trustee or with respect to the Notes, will be deemed to refer to cash or other property so segregated and held separately, or to the segregation and separate holding of such cash or other property, respectively. Upon the occurrence of any event pursuant to clause (viii) or (ix) of Section 7.01(A) with respect to the Company (or with respect to any Subsidiary of the Company acting as Paying Agent or Conversion Agent), the Trustee will serve as the Paying Agent or Conversion Agent, as applicable, for the Notes." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b67", + "block_sequence": 67, + "block_sha256": "2890d47c7f677deeed3df289cfe888d890cd97cd182de590cd7f743fcb5a2038", + "block_type": "heading", + "char_count": 27, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 67, + "char_end": 27, + "char_start": 0, + "fragment_sha256": "0b80cd7cab3251415b343e6acbc3f1bf3de45303c1cb8d73cd18c9f2c113ea3c", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.08. Holder Lists." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s26", + "table": null, + "text": "Section 2.08. Holder Lists." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b68", + "block_sequence": 68, + "block_sha256": "dfcbab63bc8e904d6ac93010dbe4ed79c551c224f4d8282477e83bbc687bdac2", + "block_type": "paragraph", + "char_count": 338, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 68, + "char_end": 338, + "char_start": 0, + "fragment_sha256": "6162f1a305b3b39682da4d5565ded94774a28589a07e9d4b738a8e439bcc506e", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.08. Holder Lists." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s26", + "table": null, + "text": "If the Trustee is not the Registrar, then the Company will furnish to the Trustee, no later than seven (7) Business Days before each Interest Payment Date, and at such other times as the Trustee may request, a list, in such form and as of such date or time as the Trustee may reasonably require, of the names and addresses of the Holders." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b69", + "block_sequence": 69, + "block_sha256": "4152ecd2121c1f6d95512555d7c494bcf064d620a4ebbef53792c2b370744902", + "block_type": "heading", + "char_count": 22, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 69, + "char_end": 22, + "char_start": 0, + "fragment_sha256": "5fc33640fc655a0da3f4abdc458a2f73cd3d762492c330c20314d8162c9a351a", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.09. Legends." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s27", + "table": null, + "text": "Section 2.09. Legends." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b70", + "block_sequence": 70, + "block_sha256": "7eed0cd41c4dc74f9caf5974523f1f0662eb70e245061679902faad9e5acfd0b", + "block_type": "paragraph", + "char_count": 1778, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 70, + "char_end": 1778, + "char_start": 0, + "fragment_sha256": "5882474ddc49ecc13f5946b79d855f4e4184f741069dc3a709a7e4d9c1159a26", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.09. Legends." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s27", + "table": null, + "text": "(A) Global Note Legend. Each Global Note will bear the Global Note Legend (or any similar legend, not inconsistent with this Indenture, required by the Depositary for such Global Note). (B) Non-Affiliate Legend. Each Note will bear the Non-Affiliate Legend. (C) Restricted Note Legend. Subject to the other provisions of this Indenture, (i) each Note that is a Transfer-Restricted Security will bear the Restricted Note Legend; and (ii) if a Note is issued in exchange for, in substitution of, or to effect a partial conversion of, another Note (such other Note being referred to as the \u201cold Note\u201d for purposes of this Section 2.09(C)(ii)), including pursuant to Section 2.10(B), 2.10(C), 2.11 or 2.13, then such Note will bear the Restricted Note Legend if such old Note bore the Restricted Note Legend at the time of such exchange or substitution, or on the related Conversion Date with respect to such conversion, as applicable; provided, however, that such Note need not bear the Restricted Note Legend if such Note does not constitute a Transfer-Restricted Security immediately after such exchange or substitution, or as of such Conversion Date, as applicable. (D) OID Legend. If issued with original discount for U.S. federal income tax purposes, each Note will bear the OID Legend. (E) Other Legends. A Note may bear any other legend or text, not inconsistent with this Indenture, as may be required by applicable law or by any securities exchange or automated quotation system on which such Note is traded or quoted. (F) Acknowledgment and Agreement by the Holders. A Holder\u2019s acceptance of any Note bearing any legend required by this Section 2.09 will constitute such Holder\u2019s acknowledgment of, and agreement to comply with, the restrictions set forth in such legend." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b71", + "block_sequence": 71, + "block_sha256": "bc7a8354f92cb5f0d686c350556356f3ba9e5596c26fa0957004a6567f99c7fd", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 71, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "01d023c086c2f2f48efc4d4f7d2f6296cc851da1329327b6dfe74ddf8a485764", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.09. Legends." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s27", + "table": null, + "text": "- 19 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b72", + "block_sequence": 72, + "block_sha256": "a74b2221af6467b39f8efbedcc9bd01aca0a68c16fa14286c30daa0c7f48f1dd", + "block_type": "paragraph", + "char_count": 28, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 72, + "char_end": 28, + "char_start": 0, + "fragment_sha256": "d647b4abd245ac195e3aec1e3043e4afbcaa23c21a29fe164ce690b2df5138bd", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.09. Legends." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s27", + "table": null, + "text": "(G) Restricted Stock Legend." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b73", + "block_sequence": 73, + "block_sha256": "965bd96af43e3358c0f32cd713f4c2a4de9db6d85906290d1101d6d7a5a372bd", + "block_type": "paragraph", + "char_count": 938, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 73, + "char_end": 938, + "char_start": 0, + "fragment_sha256": "d51dcd4cdf26d12ff1a24ed9bba069dd6cd3976f0812533e705578409f796e89", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.09. Legends." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s27", + "table": null, + "text": "(i) Each Conversion Share will bear the Restricted Stock Legend if the Note upon the conversion of which such Conversion Share was issued was (or would have been had it not been converted) a Transfer-Restricted Security at the time such Conversion Share was issued; provided, however, that such Conversion Share need not bear the Restricted Stock Legend if the Company determines, in its reasonable discretion, that such Conversion Share need not bear the Restricted Stock Legend. (ii) Notwithstanding anything to the contrary in this Section 2.09(G), a Conversion Share need not bear a Restricted Stock Legend if such Conversion Share is issued in an uncertificated form that does not permit affixing legends thereto, provided the Company takes measures (including the assignment thereto of a \u201crestricted\u201d CUSIP number) that it reasonably deems appropriate to enforce the transfer restrictions referred to in the Restricted Stock Legend." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b74", + "block_sequence": 74, + "block_sha256": "91a255970af039eebc2b720edf6b539a9398ae64dc0b4d52dedccb73c1d42253", + "block_type": "heading", + "char_count": 69, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 74, + "char_end": 69, + "char_start": 0, + "fragment_sha256": "094273c60bde120a831621a90c794dca5e7fea5e2c4e1019504095345b7bf9c6", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.10. Transfers and Exchanges; Certain Transfer Restrictions." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s28", + "table": null, + "text": "Section 2.10. Transfers and Exchanges; Certain Transfer Restrictions." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b75", + "block_sequence": 75, + "block_sha256": "1980d56b214d6b258d9100ff1a84331236aded2ea8639ccbbecc03c07651aa3e", + "block_type": "paragraph", + "char_count": 57, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 75, + "char_end": 57, + "char_start": 0, + "fragment_sha256": "d4073dfd631298fd56f367007d0b8e1f5f1a65b92577ecd462d74084ecc9a381", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.10. Transfers and Exchanges; Certain Transfer Restrictions." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s28", + "table": null, + "text": "(A) Provisions Applicable to All Transfers and Exchanges." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b76", + "block_sequence": 76, + "block_sha256": "f8027d25134bdd94b95e8a8c0eb1253f1255b2e285c9ba2827a6d37cd88f18a8", + "block_type": "paragraph", + "char_count": 3000, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 76, + "char_end": 3000, + "char_start": 0, + "fragment_sha256": "ec135d744657816275202efc5bbb1217a83caf3abc77708cf683e47f6d009dad", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.10. Transfers and Exchanges; Certain Transfer Restrictions." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s28", + "table": null, + "text": "(i) Generally. Subject to this Section 2.10, Physical Notes and beneficial interests in Global Notes may be transferred or exchanged from time to time and the Registrar will record each such transfer or exchange in the Register. (ii) Transferred and Exchanged Notes Remain Valid Obligations of the Company. Each Note issued upon transfer or exchange of any other Note (such other Note being referred to as the \u201cold Note\u201d for purposes of this Section 2.10(A)(ii)) or portion thereof in accordance with this Indenture will be the valid obligation of the Company, evidencing the same indebtedness, and entitled to the same benefits under this Indenture, as such old Note or portion thereof, as applicable. (iii) No Services Charge; Transfer Taxes. The Company, the Trustee and the Note Agents will not impose any service charge on any Holder for any transfer, exchange or conversion of Notes, but the Company, the Trustee, the Registrar and the Conversion Agent may require payment of a sum sufficient to cover any transfer tax or similar governmental charge that may be imposed in connection with any transfer, exchange or conversion of Notes, other than exchanges pursuant to Section 2.11, 2.17 or 8.05 not involving any transfer. (iv) Transfers and Exchanges Must Be in Authorized Denominations. Notwithstanding anything to the contrary in this Indenture or the Notes, a Note may not be transferred or exchanged in part unless the portion to be so transferred or exchanged is in an Authorized Denomination. (v) Trustee\u2019s Disclaimer. The Trustee will have no obligation or duty to monitor, determine or inquire as to compliance with any transfer restrictions imposed under this Indenture or applicable law with respect to any Security, other than to require the delivery of such certificates or other documentation or evidence as expressly required by this Indenture and to examine the same to determine substantial compliance as to form with the requirements of this Indenture. (vi) Legends. Each Note issued upon transfer of, or in exchange for, another Note will bear each legend, if any, required by Section 2.09. (vii) Settlement of Transfers and Exchanges. Upon satisfaction of the requirements of this Indenture to effect a transfer or exchange of any Note, the Company will cause such transfer or exchange to be effected as soon as reasonably practicable but in no event later than the second (2nd) Business Day after the date of such satisfaction. (viii) Interpretation. For the avoidance of doubt, and subject to the terms of this Indenture, as used in this Section 2.10, an \u201cexchange\u201d of a Global Note or a Physical Note includes (x) an exchange effected for the sole purpose of removing any Restricted Note Legend affixed to such Global Note or Physical Note; and (y) if such Global Note or Physical Note is identified by a \u201crestricted\u201d CUSIP number, an exchange effected for the sole purpose of causing such Global Note or Physical Note to be identified by an \u201cunrestricted\u201d CUSIP number." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b77", + "block_sequence": 77, + "block_sha256": "379181801e2fd171b03b0cd02d26fef0f87f8248a7d0d88b020015ab386b7a46", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 77, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "106f15d8562ccaf81f172ad91a5b16a21e0af38fa40f2202e6399aab3b51c1d4", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.10. Transfers and Exchanges; Certain Transfer Restrictions." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s28", + "table": null, + "text": "- 20 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b78", + "block_sequence": 78, + "block_sha256": "584bf496941d188b0fc3837d2bf455ed465d0e4061f46181ac6617848957ec0d", + "block_type": "paragraph", + "char_count": 44, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 78, + "char_end": 44, + "char_start": 0, + "fragment_sha256": "1cb275c285efb4b98c1dcbeda34b5a2a0a06f21a0f6de0b774e7b6da11700f4d", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.10. Transfers and Exchanges; Certain Transfer Restrictions." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s28", + "table": null, + "text": "(B) Transfers and Exchanges of Global Notes." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b79", + "block_sequence": 79, + "block_sha256": "395be520cc58a7dfb596dad01b8c68e537063b841b0f2e5b27fea874a4090717", + "block_type": "paragraph", + "char_count": 3436, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 79, + "char_end": 3436, + "char_start": 0, + "fragment_sha256": "10ce854ea795a303619d0d996bc07c8631a253c0c7ae7dfecad099bd3ddfdd46", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.10. Transfers and Exchanges; Certain Transfer Restrictions." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s28", + "table": null, + "text": "(i) Certain Restrictions. Subject to the immediately following sentence, no Global Note may be transferred or exchanged in whole except (x) by the Depositary to a nominee of the Depositary; (y) by a nominee of the Depositary to the Depositary or to another nominee of the Depositary; or (z) by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. No Global Note (or any portion thereof) may be transferred to, or exchanged for, a Physical Note; provided, however, that a Global Note will be exchanged, pursuant to customary procedures, for one or more Physical Notes if: (1) (x) the Depositary notifies the Company or the Trustee that the Depositary is unwilling or unable to continue as depositary for such Global Note or (y) the Depositary ceases to be a \u201cclearing agency\u201d registered under Section 17A of the Exchange Act and, in each case, the Company fails to appoint a successor Depositary within ninety (90) days of such notice or cessation; (2) an Event of Default has occurred and is continuing and the Company, the Trustee or the Registrar has received a written request from the Depositary, or from a holder of a beneficial interest in such Global Note, to exchange such Global Note or beneficial interest, as applicable, for one or more Physical Notes; or (3) the Company, in its sole discretion, permits the exchange of any beneficial interest in such Global Note for one or more Physical Notes at the request of the owner of such beneficial interest. (ii) Effecting Transfers and Exchanges. Upon satisfaction of the requirements of this Indenture to effect a transfer or exchange of any Global Note (or any portion thereof): (1) the Trustee will reflect any resulting decrease of the principal amount of such Global Note by notation on the \u201cSchedule of Exchanges of Interests in the Global Note\u201d forming part of such Global Note (and, if such notation results in such Global Note having a principal amount of zero, then the Company may (but is not required to) instruct the Trustee to cancel such Global Note pursuant to Section 2.15); (2) if required to effect such transfer or exchange, then the Trustee will reflect any resulting increase of the principal amount of any other Global Note by notation on the \u201cSchedule of Exchanges of Interests in the Global Note\u201d forming part of such other Global Note; (3) if required to effect such transfer or exchange, then the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, a new Global Note bearing each legend, if any, required by Section 2.09; and (4) if such Global Note (or such portion thereof), or any beneficial interest therein, is to be exchanged for one or more Physical Notes, then the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount of such Global Note to be so exchanged; (y) are registered in such name(s) as the Depositary specifies (or as otherwise determined pursuant to customary procedures); and (z) bear each legend, if any, required by Section 2.09. (iii) Compliance with Depositary Procedures. Each transfer or exchange of a beneficial interest in any Global Note will be made in accordance with the Depositary Procedures." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b80", + "block_sequence": 80, + "block_sha256": "789933027e733606ffa7e9a534ff7e66bc19e20d3264775f0f5a154db442ad2b", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 80, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "28a27b07cff522eac60aa5e5fdba9c437fb3aa72fab34302737e96fd3862b5a0", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.10. Transfers and Exchanges; Certain Transfer Restrictions." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s28", + "table": null, + "text": "- 21 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b81", + "block_sequence": 81, + "block_sha256": "594e9a88e3c7e54a3499a55287ac569d93e5fa2bca9068511dfe8b72cf765bf2", + "block_type": "paragraph", + "char_count": 46, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 81, + "char_end": 46, + "char_start": 0, + "fragment_sha256": "ddf012d582d8f0e508f194e563c89dd68f9206c4b0017d10d51e2432534e22b7", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.10. Transfers and Exchanges; Certain Transfer Restrictions." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s28", + "table": null, + "text": "(C) Transfers and Exchanges of Physical Notes." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b82", + "block_sequence": 82, + "block_sha256": "90eb2bc7ff7ba26a589f8e149a22c63a0b4e4f27ab02e15688980d00acf0fa62", + "block_type": "paragraph", + "char_count": 8089, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 82, + "char_end": 8089, + "char_start": 0, + "fragment_sha256": "a5314a5bb19590f35333cd2b76d7954390d77f3f42c11e901e0e2b33452e0eac", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.10. Transfers and Exchanges; Certain Transfer Restrictions." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s28", + "table": null, + "text": "(i) Requirements for Transfers and Exchanges. Subject to this Section 2.10, a Holder of a Physical Note may (x) transfer such Physical Note (or any portion thereof in an Authorized Denomination) to one or more other Person(s); (y) exchange such Physical Note (or any portion thereof in an Authorized Denomination) for one or more other Physical Notes in Authorized Denominations having an aggregate principal amount equal to the aggregate principal amount of the Physical Note (or portion thereof) to be so exchanged; and (z) if then permitted by the Depositary Procedures, transfer such Physical Note (or any portion thereof in an Authorized Denomination) in exchange for a beneficial interest in one or more Global Notes; provided, however, that, to effect any such transfer or exchange, such Holder must: (1) surrender such Physical Note to be transferred or exchanged to the office of the Registrar, together with any endorsements or transfer instruments reasonably required by the Company, the Trustee or the Registrar; and (2) deliver such certificates, documentation or evidence as may be required pursuant to Section 2.10(D). (ii) Effecting Transfers and Exchanges. Upon the satisfaction of the requirements of this Indenture to effect a transfer or exchange of any Physical Note (such Physical Note being referred to as the \u201cold Physical Note\u201d for purposes of this Section 2.10(C)(ii)) of a Holder (or any portion of such old Physical Note in an Authorized Denomination): (1) such old Physical Note will be promptly cancelled pursuant to Section 2.15; (2) if such old Physical Note is to be so transferred or exchanged only in part, then the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount of such old Physical Note not to be so transferred or exchanged; (y) are registered in the name of such Holder; and (z) bear each legend, if any, required by Section 2.09; (3) in the case of a transfer: (a) to the Depositary or a nominee thereof that will hold its interest in such old Physical Note (or such portion thereof) to be so transferred in the form of one or more Global Notes, the Trustee will reflect an increase of the principal amount of one or more existing Global Notes by notation on the \u201cSchedule of Exchanges of Interests in the Global Note\u201d forming part of such Global Note(s), which increase(s) are in Authorized Denominations and aggregate to the principal amount to be so transferred, and which Global Note(s) bear each legend, if any, required by Section 2.09; provided, however, that if such transfer cannot be so effected by notation on one or more existing Global Notes (whether because no Global Notes bearing each legend, if any, required by Section 2.09 then exist, because any such increase will result in any Global Note having an aggregate principal amount exceeding the maximum aggregate principal amount permitted by the Depositary or otherwise), then the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Global Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount that is to be so transferred but that is not effected by notation as provided above; and (y) bear each legend, if any, required by Section 2.09; and (b) to a transferee that will hold its interest in such old Physical Note (or such portion thereof) to be so transferred in the form of one or more Physical Notes, the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount to be so transferred; (y) are registered in the name of such transferee; and (z) bear each legend, if any, required by Section 2.09; and (4) in the case of an exchange, the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount to be so exchanged; (y) are registered in the name of the Person to whom such old Physical Note was registered; and (z) bear each legend, if any, required by Section 2.09. (D) Requirement to Deliver Documentation and Other Evidence. If a Holder of any Note that is identified by a \u201crestricted\u201d CUSIP number or that bears a Restricted Note Legend or is a Transfer-Restricted Security requests to: (i) cause such Note to be identified by an \u201cunrestricted\u201d CUSIP number; (ii) remove such Restricted Note Legend; or (iii) register the transfer of such Note to the name of another Person, then the Company, the Trustee and the Registrar may refuse to effect such identification, removal or transfer, as applicable, unless there is delivered to the Company, the Trustee and the Registrar such certificates or other documentation or evidence as the Company, the Trustee and the Registrar may reasonably require to determine that such identification, removal or transfer, as applicable, complies with the Securities Act and other applicable securities laws; provided, however, that, without limiting Section 2.10(E), no such certificates, documentation or evidence (other than, in the case of the following clause (w), a written request in the form contemplated by Section 2.10(E)) need be so delivered (w) on or and after the date that is six (6) months after the Last Original Issue Date of such Note if the requirements of Rule 144(c) and (i) are then satisfied with respect to the Company; (x) in connection with any transfer of such Note pursuant to Rule 144A; (y) in connection with any transfer of such Note to the Company or one of its Subsidiaries; or (z) in connection with any transfer of such Note pursuant to an effective registration statement under the Securities Act. (E) Certain De-Legending Procedures. If a Holder of any Note or share of Common Stock issued upon conversion of any Note, or an owner of a beneficial interest in any Global Note, or in a global certificate representing any share of Common Stock issued upon conversion of any Note, transfers such Note or share in compliance with Rule 144 and delivers to the Company a written request, certifying that it is not, and has not been at any time during the preceding three (3) months, an Affiliate of the Company, to reissue such Note or share without a Restricted Note Legend or Restricted Stock Legend, as applicable, then the Company will cause the same to occur (and, if applicable, cause such Note or share to thereafter be represented by an \u201cunrestricted\u201d CUSIP or ISIN number in the facilities of the related depositary), and will use its commercially reasonable efforts to cause such occurrence within two (2) Trading Days of such request. (F) Transfers of Notes Subject to Redemption, Repurchase or Conversion. Notwithstanding anything to the contrary in this Indenture or the Notes, the Company, the Trustee and the Registrar will not be required to register the transfer of or exchange any Note that (i) has been surrendered for conversion, except to the extent that any portion of such Note is not subject to conversion; (ii) is subject to a Fundamental Change Repurchase Notice or Optional Repurchase Notice validly delivered, and not withdrawn, pursuant to Section 4.02(F) or 4.03(E), respectively, except to the extent that any portion of such Note is not subject to such notice or the Company fails to pay the applicable Fundamental Change Repurchase Price or Optional Repurchase Price, as applicable, when due; or (iii) has been selected for Redemption pursuant to a Redemption Notice, except to the extent that any portion of such Note is not subject to Redemption or the Company fails to pay the applicable Redemption Price when due." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b83", + "block_sequence": 83, + "block_sha256": "f16d91b6cfae0d7b90a099b5c636913e7879aa904fd66c5f2fbfaa335ad61748", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 83, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "5da01f071a4b10a4cf6acfb5e1ebd203404c64a662dfc7b2f07680aa91b6d1a9", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.10. 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Exchange and Cancellation of Notes to Be Converted or to Be Repurchased Pursuant to a Repurchase Upon Fundamental Change, Optional Repurchase or Redemption." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s29", + "table": null, + "text": "Section 2.11. Exchange and Cancellation of Notes to Be Converted or to Be Repurchased Pursuant to a Repurchase Upon Fundamental Change, Optional Repurchase or Redemption." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b87", + "block_sequence": 87, + "block_sha256": "63d36ab3a246dbbabbdbb99ce428c9fa7bfe06dd6c498b254c3564732e270495", + "block_type": "paragraph", + "char_count": 1363, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 87, + "char_end": 1363, + "char_start": 0, + "fragment_sha256": "c86edd50514b6db225335b5bcbd9b73ad8c93ca0a40fe5f2e5eda8dd7c1da52c", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.11. Exchange and Cancellation of Notes to Be Converted or to Be Repurchased Pursuant to a Repurchase Upon Fundamental Change, Optional Repurchase or Redemption." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s29", + "table": null, + "text": "(A) Partial Conversions of Physical Notes and Partial Repurchases of Physical Notes Pursuant to a Repurchase Upon Fundamental Change, Optional Repurchase or Redemption. If only a portion of a Physical Note of a Holder is to be converted pursuant to Article 5 or repurchased pursuant to a Repurchase Upon Fundamental Change, Optional Repurchase or Redemption, then, as soon as reasonably practicable after such Physical Note is surrendered for such conversion or repurchase, as applicable, the Company will cause such Physical Note to be exchanged, pursuant and subject to Section 2.10(C), for (i) one or more Physical Notes that are in Authorized Denominations and have an aggregate principal amount equal to the principal amount of such Physical Note that is not to be so converted or repurchased, as applicable, and deliver such Physical Note(s) to such Holder; and (ii) a Physical Note having a principal amount equal to the principal amount to be so converted or repurchased, as applicable, which Physical Note will be converted or repurchased, as applicable, pursuant to the terms of this Indenture; provided, however, that the Physical Note referred to in this clause (ii) need not be issued at any time after which such principal amount subject to such conversion or repurchase, as applicable, is deemed to cease to be outstanding pursuant to Section 2.18." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b88", + "block_sequence": 88, + "block_sha256": "70a0fba7eee3483ea2aee688738d1d2d79142146679b06045597487c028c1515", + "block_type": "paragraph", + "char_count": 160, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 88, + "char_end": 160, + "char_start": 0, + "fragment_sha256": "d01afbdfc3909de605e1df759fb1cdc9af2266a2c13341233e3a65eae50da53f", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.11. Exchange and Cancellation of Notes to Be Converted or to Be Repurchased Pursuant to a Repurchase Upon Fundamental Change, Optional Repurchase or Redemption." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s29", + "table": null, + "text": "(B) Cancellation of Notes that Are Converted and Notes that Are Repurchased Pursuant to a Repurchase Upon Fundamental Change, Optional Repurchase or Redemption." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b89", + "block_sequence": 89, + "block_sha256": "50b5b0653bbc37453674f788d50cb80ac4417bc24f6686cd77e86a1efe7e25bf", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 89, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "1a8120bfb119c8fdbc95a7632e0ea7834bc89c83a44ad7b6050db1efbd2dc664", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.11. Exchange and Cancellation of Notes to Be Converted or to Be Repurchased Pursuant to a Repurchase Upon Fundamental Change, Optional Repurchase or Redemption." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s29", + "table": null, + "text": "- 25 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b90", + "block_sequence": 90, + "block_sha256": "5c9a5d09f437b76a8c3aea5b7e1735a65bbcaf912f7b9b3ee609756025214794", + "block_type": "paragraph", + "char_count": 1891, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 90, + "char_end": 1891, + "char_start": 0, + "fragment_sha256": "2f5e0c617c95c0e7b8fd78e6836dcf2fac391fa787502bf18e0c2cef3633c536", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.11. Exchange and Cancellation of Notes to Be Converted or to Be Repurchased Pursuant to a Repurchase Upon Fundamental Change, Optional Repurchase or Redemption." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s29", + "table": null, + "text": "(i) Physical Notes. If a Physical Note (or any portion thereof that has not theretofore been exchanged pursuant to Section 2.11(A)) of a Holder is to be converted pursuant to Article 5 or repurchased pursuant to a Repurchase Upon Fundamental Change, Optional Repurchase or Redemption, then, promptly after the later of the time such Physical Note (or such portion) is deemed to cease to be outstanding pursuant to Section 2.18 and the time such Physical Note is surrendered for such conversion or repurchase, as applicable, (1) such Physical Note will be cancelled pursuant to Section 2.15; and (2) in the case of a partial conversion or repurchase, as applicable, the Company will issue, execute and deliver to such Holder, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount of such Physical Note that is not to be so converted or repurchased, as applicable; (y) are registered in the name of such Holder; and (z) bear each legend, if any, required by Section 2.09. (ii) Global Notes. If a Global Note (or any portion thereof) is to be converted pursuant to Article 5 or repurchased pursuant to a Repurchase Upon Fundamental Change, Optional Repurchase or Redemption, then, promptly after the time such Note (or such portion) is deemed to cease to be outstanding pursuant to Section 2.18, the Trustee will reflect a decrease of the principal amount of such Global Note in an amount equal to the principal amount of such Global Note to be so converted or repurchased, as applicable, by notation on the \u201cSchedule of Exchanges of Interests in the Global Note\u201d forming part of such Global Note (and, if the principal amount of such Global Note is zero following such notation, cancel such Global Note pursuant to Section 2.15)." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b91", + "block_sequence": 91, + "block_sha256": "17c4dc61e0543cec23c08c6985cdca375764c46e6dbee08242a1f58692ff9d34", + "block_type": "heading", + "char_count": 47, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 91, + "char_end": 47, + "char_start": 0, + "fragment_sha256": "4258276b4533a01d1adcc0de25f3ea160966f24a419819751a5aa74b83ca4631", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.12. Removal of Transfer Restrictions." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s30", + "table": null, + "text": "Section 2.12. Removal of Transfer Restrictions." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b92", + "block_sequence": 92, + "block_sha256": "4e93abe4aefd70ee14f9f7117cf2bfd5b8c3f08e088ad894617ff1d0f40baf41", + "block_type": "paragraph", + "char_count": 1336, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 92, + "char_end": 1336, + "char_start": 0, + "fragment_sha256": "2dac4946d863549c512bb61ed81faeb03aa7ade0500a08e8afc0adef38e3a181", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.12. Removal of Transfer Restrictions." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s30", + "table": null, + "text": "Without limiting the generality of any other provision of this Indenture (including Section 3.04), the Restricted Note Legend affixed to any Note will be deemed, pursuant to this Section 2.12 and the footnote to such Restricted Note Legend, to be removed therefrom upon the Company\u2019s delivery to the Trustee of notice, signed on behalf of the Company by one (1) of its Officers, to such effect (and, for the avoidance of doubt, such notice need not be accompanied by an Officer\u2019s Certificate or an Opinion of Counsel in order to be effective to cause such Restricted Note Legend to be deemed to be removed from such Note). If such Note bears a \u201crestricted\u201d CUSIP or ISIN number at the time of such delivery, then, upon such delivery, such Note will be deemed, pursuant to this Section 2.12 and the footnotes to the CUSIP and ISIN numbers set forth on the face of the certificate representing such Note, to thereafter bear the \u201cunrestricted\u201d CUSIP and ISIN numbers identified in such footnotes; provided, however, that if such Note is a Global Note and the Depositary thereof requires a mandatory exchange or other procedure to cause such Global Note to be identified by \u201cunrestricted\u201d CUSIP and ISIN numbers in the facilities of such Depositary, then the Company will effect such exchange or procedure as soon as reasonably practicable." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b93", + "block_sequence": 93, + "block_sha256": "518f2b3398d36583aec033415faa7b2fafbf1d7a242f394178751cd4faaeefd5", + "block_type": "heading", + "char_count": 32, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 93, + "char_end": 32, + "char_start": 0, + "fragment_sha256": "6c0aa1d09ae98585169a1e367cd9bb9e0c8a76f0fd9a511f70fa5a4e22093094", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.13. Replacement Notes." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s31", + "table": null, + "text": "Section 2.13. Replacement Notes." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b94", + "block_sequence": 94, + "block_sha256": "19ef6415c2403c4db29b2f4f35b5fdd69d9f7a6dc1444de9a6ed647ee8e878c3", + "block_type": "paragraph", + "char_count": 1265, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 94, + "char_end": 1265, + "char_start": 0, + "fragment_sha256": "dedb6681219d0aca85b62f9f3429f9ce18570f189550038bee9704e23a8558b4", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.13. Replacement Notes." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s31", + "table": null, + "text": "If a Holder of any Note claims that such Note has been mutilated, lost, destroyed or wrongfully taken, then the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, a replacement Note upon surrender to the Trustee of such mutilated Note, or upon delivery to the Trustee of evidence of such loss, destruction or wrongful taking reasonably satisfactory to the Trustee and the Company. The Company may charge the Holder of a Note for the Company\u2019s and the Trustee\u2019s expenses in replacing such Note pursuant to this Section 2.13. In addition, in the case of a lost, destroyed or wrongfully taken Note, the Company and the Trustee may require the Holder thereof to provide such security or indemnity that is satisfactory to the Company and the Trustee to protect the Company and the Trustee from any loss that any of them may suffer if such Note is replaced. Every replacement Note issued pursuant to this Section 2.13 will be an additional obligation of the Company and will be entitled to all of the benefits of this Indenture equally and ratably with all other Notes issued under this Indenture, whether or not the lost, destroyed or wrongfully taken Note will at any time be enforceable by anyone." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b95", + "block_sequence": 95, + "block_sha256": "01fd2d2428fabdfce395a3f3056c1d9f01d1b65687dc34f05ea595a92c578c6e", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 95, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "3d5599fed602b445b797abfaf6c791ae00fa0ba6aba0e151892b56d68ee4cd17", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.13. Replacement Notes." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s31", + "table": null, + "text": "- 26 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b96", + "block_sequence": 96, + "block_sha256": "0202c3d7e0fe3731fdaafe7bec041327d10fdbf1b8ef67a4bf2fffcdf0c89224", + "block_type": "heading", + "char_count": 78, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 96, + "char_end": 78, + "char_start": 0, + "fragment_sha256": "b62b8841017ac213224a7962042fc3a8623e1a7c418ba9325d1b3fcf75471b8f", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.14. Registered Holders; Certain Rights with Respect to Global Notes." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s32", + "table": null, + "text": "Section 2.14. Registered Holders; Certain Rights with Respect to Global Notes." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b97", + "block_sequence": 97, + "block_sha256": "9b6a3f394f0c3641b5f60a1e21fdd30b9870b2f7e329e2e79f00859c48f3d819", + "block_type": "paragraph", + "char_count": 1025, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 97, + "char_end": 1025, + "char_start": 0, + "fragment_sha256": "1dd32678213e078917f9048f1225bed3620c4c9dc82151dfc68bc305e6c35853", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.14. Registered Holders; Certain Rights with Respect to Global Notes." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s32", + "table": null, + "text": "Only the Holder of a Note will have rights under this Indenture as the owner of such Note. Without limiting the generality of the foregoing, Depositary Participants will have no rights as such under this Indenture with respect to any Global Note held on their behalf by the Depositary or its nominee, or by the Trustee as its custodian, and the Company, the Trustee and the Note Agents, and their respective agents, may treat the Depositary as the absolute owner of such Global Note for all purposes whatsoever; provided, however, that (A) the Holder of any Global Note may grant proxies and otherwise authorize any Person, including Depositary Participants and Persons that hold interests in Notes through Depositary Participants, to take any action that such Holder is entitled to take with respect to such Global Note under this Indenture or the Notes; and (B) the Company and the Trustee, and their respective agents, may give effect to any written certification, proxy or other authorization furnished by the Depositary." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b98", + "block_sequence": 98, + "block_sha256": "f4259ba46d7b78f09746f903cab4da2facf30715661169bc19f4f00efc50cd1f", + "block_type": "heading", + "char_count": 27, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 98, + "char_end": 27, + "char_start": 0, + "fragment_sha256": "1c7851d24e37a5c38a70d07d962bdbc74822492308f4398fc0bccc621a06b419", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.15. Cancellation." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s33", + "table": null, + "text": "Section 2.15. Cancellation." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b99", + "block_sequence": 99, + "block_sha256": "437a7e57c2b228d58971b9158537074894334fc7e1f5fa3356b7dd79ac778700", + "block_type": "paragraph", + "char_count": 559, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 99, + "char_end": 559, + "char_start": 0, + "fragment_sha256": "a7e73b932a18c858f27f4226044894b9f56a9719da1a0e80c221c391e6a36ca6", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.15. Cancellation." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s33", + "table": null, + "text": "The Company may at any time deliver Notes to the Trustee for cancellation. The Registrar, the Paying Agent and the Conversion Agent will forward to the Trustee each Note duly surrendered to them for transfer, exchange, payment or conversion. The Trustee will promptly cancel all Notes so surrendered to it in accordance with its customary procedures. Without limiting the generality of Section 2.03(B), the Company may not originally issue new Notes to replace Notes that it has paid or that have been cancelled upon transfer, exchange, payment or conversion." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b100", + "block_sequence": 100, + "block_sha256": "131e70e22783a8c1f3766250060becc867ca26ec0436a00dc1d0fd3e6eb60fca", + "block_type": "heading", + "char_count": 58, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 100, + "char_end": 58, + "char_start": 0, + "fragment_sha256": "9caf0ef9a74823de1a09f8a61683f7d9b85a2bf074e7d137d7a66b3a99507eb3", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.16. Notes Held by the Company or its Affiliates." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s34", + "table": null, + "text": "Section 2.16. Notes Held by the Company or its Affiliates." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b101", + "block_sequence": 101, + "block_sha256": "87486e0a465749fbb0a5e9291d28b2fb3423bef2036d58b77e1178506d770338", + "block_type": "paragraph", + "char_count": 561, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 101, + "char_end": 561, + "char_start": 0, + "fragment_sha256": "636000875d2e86b9493ce5062c12150e0eea0eb26d731c6b00924579638c4db8", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.16. Notes Held by the Company or its Affiliates." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s34", + "table": null, + "text": "Without limiting the generality of Section 2.18, in determining whether the Holders of the required aggregate principal amount of Notes have concurred in any direction, waiver, consent or other action under this Indenture, Notes owned by the Company or any of its Affiliates will be deemed not to be outstanding; provided, however, that, for purposes of determining whether the Trustee is protected in relying on any such direction, waiver, consent or other action, only Notes that a Responsible Officer of the Trustee knows are so owned will be so disregarded." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b102", + "block_sequence": 102, + "block_sha256": "119b5dc72743e6796a3490bb084d68e4ff953ac6ad67cf62e21a36dc2b15b645", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 102, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "518509c91c14529434fa702777734ed0506c6b6e9f78306901b6aacfccb25ca6", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.16. Notes Held by the Company or its Affiliates." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s34", + "table": null, + "text": "- 27 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b103", + "block_sequence": 103, + "block_sha256": "d7cc56e791dddc40232cf2c9283d97dbb5bc4cbb55c7be779a3b0a7a840fc404", + "block_type": "heading", + "char_count": 30, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 103, + "char_end": 30, + "char_start": 0, + "fragment_sha256": "d2941b66b2124803c1fb06953dcfcc5b4df81911c40c0bb1891661bf8994f221", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.17. Temporary Notes." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s35", + "table": null, + "text": "Section 2.17. Temporary Notes." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b104", + "block_sequence": 104, + "block_sha256": "eeb7f4172077accb3add6efd7f90c9e4694ea06706dc6e4820cbc4f65b83251f", + "block_type": "paragraph", + "char_count": 672, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 104, + "char_end": 672, + "char_start": 0, + "fragment_sha256": "ffac631b3077f6f8e2bb6b9a2984810638d26c201709b87a1a533a5cb85149f7", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.17. Temporary Notes." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s35", + "table": null, + "text": "Until definitive Notes are ready for delivery, the Company may issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, temporary Notes. Temporary Notes will be substantially in the form of definitive Notes but may have variations that the Company considers appropriate for temporary Notes. The Company will promptly prepare, issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, definitive Notes in exchange for temporary Notes. Until so exchanged, each temporary Note will in all respects be entitled to the same benefits under this Indenture as definitive Notes." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b105", + "block_sequence": 105, + "block_sha256": "87074ec52a09b08be701ed6f016db1d6283efb7e7b9ec24be1b29224a4e3aa20", + "block_type": "heading", + "char_count": 32, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 105, + "char_end": 32, + "char_start": 0, + "fragment_sha256": "36082e9e8d4dc215fe678c4c3ee649cc854b3aafb395f83b890ced860b4a4fee", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.18. Outstanding Notes." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s36", + "table": null, + "text": "Section 2.18. Outstanding Notes." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b106", + "block_sequence": 106, + "block_sha256": "f237c7c42b2be454cbd9f464ea0e94c47ce47c794555f6608353bc63fb6b1dc7", + "block_type": "paragraph", + "char_count": 3008, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 106, + "char_end": 3008, + "char_start": 0, + "fragment_sha256": "c82ee2e9bde398dab194e013155ba804b6f89cc48634712ceb7baa637eb88742", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.18. Outstanding Notes." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s36", + "table": null, + "text": "(A) Generally. The Notes that are outstanding at any time will be deemed to be those Notes that, at such time, have been duly executed and authenticated, excluding those Notes (or portions thereof) that have theretofore been (i) cancelled by the Trustee or delivered to the Trustee for cancellation in accordance with Section 2.15; (ii) assigned a principal amount of zero by notation on the \u201cSchedule of Exchanges of Interests in the Global Note\u201d forming part of any a Global Note representing such Note; (iii) paid in full (including upon conversion) in accordance with this Indenture; or (iv) deemed to cease to be outstanding to the extent provided in, and subject to, clause (B), (C) or (D) of this Section 2.18. (B) Replaced Notes. If a Note is replaced pursuant to Section 2.13, then such Note will cease to be outstanding at the time of its replacement, unless the Trustee and the Company receive proof reasonably satisfactory to them that such Note is held by a \u201cbona fide purchaser\u201d under applicable law. (C) Maturing Notes and Notes Called for Redemption or Subject to Repurchase. If, on a Redemption Date, a Fundamental Change Repurchase Date, the Optional Repurchase Date or the Maturity Date, the Paying Agent holds money sufficient to pay the aggregate Redemption Price, Fundamental Change Repurchase Price, Optional Repurchase Price or principal amount, respectively, together, in each case, with the aggregate interest, in each case due on such date, then (unless there occurs a Default in the payment of any such amount) (i) the Notes (or portions thereof) to be redeemed or repurchased, or that mature, on such date will be deemed, as of such date, to cease to be outstanding, except to the extent provided in Section 4.02(D), 4.03(C), 4.04(F) or 5.02(D); and (ii) the rights of the Holders of such Notes (or such portions thereof), as such, will terminate with respect to such Notes (or such portions thereof), other than the right to receive the Redemption Price, Fundamental Change Repurchase Price, Optional Repurchase Price or principal amount, as applicable, of, and accrued and unpaid interest on, such Notes (or such portions thereof), in each case as provided in this Indenture. (D) Notes to Be Converted. At the Close of Business on the Conversion Date for any Note (or any portion thereof) to be converted, such Note (or such portion) will (unless there occurs a Default in the delivery of the Conversion Consideration or interest due, pursuant to Section 5.03(B) or Section 5.02(D), upon such conversion) be deemed to cease to be outstanding, except to the extent provided in Section 5.02(D) or Section 5.08. (E) Cessation of Accrual of Interest. Except as provided in Section 4.02(D), 4.03(C), 4.04(F) or 5.02(D), interest will cease to accrue on each Note from, and including, the date that such Note is deemed, pursuant to this Section 2.18, to cease to be outstanding, unless there occurs a default in the payment or delivery of any cash or other property due on such Note." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b107", + "block_sequence": 107, + "block_sha256": "a4a83ec4b26f73c747e24f7f5679c99066794bcb53c57e9e58e2938c3b11a277", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 107, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "68abdd5b310ec18d0a302f46072f3f314ff130c6fa18fabc2ae55855d4182a20", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.18. Outstanding Notes." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s36", + "table": null, + "text": "- 28 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b108", + "block_sequence": 108, + "block_sha256": "322f5c4e4f4641622a9169f0811f10b623aeb2827d1afef40ffffb6ed145e996", + "block_type": "heading", + "char_count": 41, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 108, + "char_end": 41, + "char_start": 0, + "fragment_sha256": "6f2791695cdd322b57f2394b0d128f91c58d88495a3fa6898409d010b52374b8", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.19. Repurchases by the Company." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s37", + "table": null, + "text": "Section 2.19. Repurchases by the Company." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b109", + "block_sequence": 109, + "block_sha256": "7e16f78fd6f2bceb22e9644544d66eaa1f48baf79bb6665947a6d20f8ad502da", + "block_type": "paragraph", + "char_count": 200, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 109, + "char_end": 200, + "char_start": 0, + "fragment_sha256": "ed8281386068f7878d8b4a1face647f62f5dc4502f5c741450f047c332079e05", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.19. Repurchases by the Company." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s37", + "table": null, + "text": "Without limiting the generality of Section 2.15, the Company may, from time to time, repurchase Notes in open market purchases or in negotiated transactions without delivering prior notice to Holders." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b110", + "block_sequence": 110, + "block_sha256": "abee953eac6f2e4b36337045323d174e3132aa1589f9ba1a7dc6bef7174a1b77", + "block_type": "heading", + "char_count": 37, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 110, + "char_end": 37, + "char_start": 0, + "fragment_sha256": "774296ade7743ae5a7da04517d6e303b1e4bceccc2be5535bf81881b0acea9a8", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.20. CUSIP and ISIN Numbers." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s38", + "table": null, + "text": "Section 2.20. CUSIP and ISIN Numbers." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b111", + "block_sequence": 111, + "block_sha256": "34cdc4ca8fa5dd0929e87805a20b5b060b0f1a3e32987bd7b775d8fa43b416ff", + "block_type": "paragraph", + "char_count": 561, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 111, + "char_end": 561, + "char_start": 0, + "fragment_sha256": "c895cb1166eabe6bcc2506b2e2f34b9fb3d8528362f2f1d45caaab6c83b38e3a", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.20. CUSIP and ISIN Numbers." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s38", + "table": null, + "text": "The Company may use one or more CUSIP or ISIN numbers to identify any of the Notes, and, if so, the Company and the Trustee will use such CUSIP or ISIN number(s) in notices to Holders; provided, however, that (i) the Trustee makes no representation as to the correctness or accuracy of any such CUSIP or ISIN number; and (ii) the effectiveness of any such notice will not be affected by any defect in, or omission of, any such CUSIP or ISIN number. The Company will promptly notify the Trustee of any change in the CUSIP or ISIN number(s) identifying any Notes." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b112", + "block_sequence": 112, + "block_sha256": "ada326a925b0a860225e443cb5094fac38f47fd55872eb48e040c82bde1a74f4", + "block_type": "heading", + "char_count": 20, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 112, + "char_end": 20, + "char_start": 0, + "fragment_sha256": "c029932883db7f325bd8f307caf3b1e021dc8970d797fd01b3d269c8e5b78f53", + "heading_path": [ + "EXHIBIT 4.1", + "Section 2.20. CUSIP and ISIN Numbers.", + "Article 3. COVENANTS" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s39", + "table": null, + "text": "Article 3. COVENANTS" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b113", + "block_sequence": 113, + "block_sha256": "d8e1e17a4c8c45777eaeacacb73658b9100bb374886ddf968aaef14077437791", + "block_type": "heading", + "char_count": 31, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 113, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "1cfc5772cfe6b1c6996f43052a4215f4ce959fcb8c10007ead70a8365f3a17a0", + "heading_path": [ + "EXHIBIT 4.1", + "Section 3.01. Payment on Notes." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s40", + "table": null, + "text": "Section 3.01. Payment on Notes." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b114", + "block_sequence": 114, + "block_sha256": "875c870838c2a63e5e2e1b03b05c681b98095925765e678e68c2234a136e8394", + "block_type": "paragraph", + "char_count": 876, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 114, + "char_end": 876, + "char_start": 0, + "fragment_sha256": "bd796f74a135c692f30d7f32bf90a74e1a19842c6b7f8c6c26a6758dd9380b7f", + "heading_path": [ + "EXHIBIT 4.1", + "Section 3.01. Payment on Notes." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s40", + "table": null, + "text": "(A) Generally. The Company will pay or cause to be paid all the principal of, the Fundamental Change Repurchase Price, Optional Repurchase Price and Redemption Price for, interest on, and other amounts due with respect to, the Notes on the dates and in the manner set forth in this Indenture. (B) Deposit of Funds. Before 12:00 P.M., New York City time, on each Redemption Date, Fundamental Change Repurchase Date, Optional Repurchase Date or Interest Payment Date, and on the Maturity Date or any other date on which any cash amount is due on the Notes, the Company will deposit, or will cause there to be deposited, with the Paying Agent cash, in funds immediately available on such date, sufficient to pay the cash amount due on the applicable Notes on such date. The Paying Agent will return to the Company, as soon as practicable, any money not required for such purpose." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b115", + "block_sequence": 115, + "block_sha256": "d7edead9babec4213f33351a16d0daac3fc31142a24b23e4667c9044dc5a3008", + "block_type": "heading", + "char_count": 35, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 115, + "char_end": 35, + "char_start": 0, + "fragment_sha256": "d3f30d2f074b9a96325ca54ec34fc8e1a7c7e6c883b795b78cb8cb6d9192f31b", + "heading_path": [ + "EXHIBIT 4.1", + "Section 3.02. Exchange Act Reports." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s41", + "table": null, + "text": "Section 3.02. Exchange Act Reports." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b116", + "block_sequence": 116, + "block_sha256": "a18e69d17e782b35d56a1f2c9a020822af6b30fc83585572e250fc336647d317", + "block_type": "paragraph", + "char_count": 1480, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 116, + "char_end": 1480, + "char_start": 0, + "fragment_sha256": "5c9e1db1b82910525dec23c3c8fff120eb0b2e04b6160ce34c6100fe8ee44a1e", + "heading_path": [ + "EXHIBIT 4.1", + "Section 3.02. Exchange Act Reports." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s41", + "table": null, + "text": "(A) Generally. The Company will send to the Trustee copies of all reports that the Company is required to file with the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act within fifteen (15) calendar days after the date that the Company is required to file the same (after giving effect to all applicable grace periods under the Exchange Act); provided, however, that the Company need not send to the Trustee any material for which the Company has received, or is seeking in good faith and has not been denied, confidential treatment by the SEC. Any report that the Company files with the SEC through the EDGAR system (or any successor thereto) will be deemed to be sent to the Trustee at the time such report is so filed via the EDGAR system (or such successor). Upon the request of any Holder, the Trustee will provide to such Holder a copy of any report that the Company has sent the Trustee pursuant to this Section 3.02(A), other than a report that is deemed to be sent to the Trustee pursuant to the preceding sentence. (B) Trustee\u2019s Disclaimer. The Trustee need not determine whether the Company has filed any material via the EDGAR system (or such successor). The sending or filing of reports pursuant to Section 3.02(A) will not be deemed to constitute actual or constructive notice to the Trustee of any information contained, or determinable from information contained, therein, including the Company\u2019s compliance with any of its covenants under this Indenture." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b117", + "block_sequence": 117, + "block_sha256": "db379ce16f570548665da0c97621df6a179ce5c064a6c5a89c80a2d6672448f1", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 117, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "597aaaa07c24aa088635a55c7df6c1e8cde97647820dd137faf2d903d7134560", + "heading_path": [ + "EXHIBIT 4.1", + "Section 3.02. Exchange Act Reports." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s41", + "table": null, + "text": "- 29 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b118", + "block_sequence": 118, + "block_sha256": "cb5bbd5b5ed8e4308ea0d3cb876f6b9a52ece90f60e8f52209eae87e9da5f397", + "block_type": "heading", + "char_count": 36, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 118, + "char_end": 36, + "char_start": 0, + "fragment_sha256": "db82c3faaab1e655abc77f870a0f4f0bd06d03a6f4bdba0f50a20f8722150b49", + "heading_path": [ + "EXHIBIT 4.1", + "Section 3.03. Rule 144A Information." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s42", + "table": null, + "text": "Section 3.03. Rule 144A Information." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b119", + "block_sequence": 119, + "block_sha256": "e2017b4525877f1785c3fa137d9a76f5314fe2ca4da0d72380bd172c4238c671", + "block_type": "paragraph", + "char_count": 786, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 119, + "char_end": 786, + "char_start": 0, + "fragment_sha256": "82cf4eee01a186dc5321c8dbbd6448bcf307ee5580787ce845df582ce1883bee", + "heading_path": [ + "EXHIBIT 4.1", + "Section 3.03. Rule 144A Information." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s42", + "table": null, + "text": "If the Company is not subject to Section 13 or 15(d) of the Exchange Act at any time when any Notes or Conversion Shares are outstanding and constitute \u201crestricted securities\u201d (as defined in Rule 144), then the Company (or its successor) will promptly provide, to the Trustee and, upon written request, to any Holder, beneficial owner or prospective purchaser of such Notes or shares, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to facilitate the resale of such Notes or shares pursuant to Rule 144A. The Company (or its successor) will take such further action as any Holder or beneficial owner of such Notes or shares may reasonably request to enable such Holder or beneficial owner to sell such Notes or shares pursuant to Rule 144A." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b120", + "block_sequence": 120, + "block_sha256": "b96addc1c8f0eadac02b62218ede307a4dd2ecf3315ccb7da44f0e84571d2812", + "block_type": "heading", + "char_count": 34, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 120, + "char_end": 34, + "char_start": 0, + "fragment_sha256": "70e805259bc9305d9d2e60d447c8051bedd48ab756b4304310f50868023c375c", + "heading_path": [ + "EXHIBIT 4.1", + "Section 3.04. Additional Interest." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s43", + "table": null, + "text": "Section 3.04. Additional Interest." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b121", + "block_sequence": 121, + "block_sha256": "fd981f86b3de27d05772a75c7e20795507c3e65822dd20262212e34bee3df9a8", + "block_type": "paragraph", + "char_count": 2614, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 121, + "char_end": 2614, + "char_start": 0, + "fragment_sha256": "e92132ce9c300ab9860683213d6235fac76465cd4ab80e6181bcf74fc8e1e22d", + "heading_path": [ + "EXHIBIT 4.1", + "Section 3.04. Additional Interest." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s43", + "table": null, + "text": "(A) Accrual of Additional Interest. If, on any day occurring on or after the date that is six (6) months after the Last Original Issue Date of any Note, (i) the Company has not satisfied the reporting conditions (including, for the avoidance of doubt, the requirement for current Form 10 information) set forth in Rule 144(c) and (i)(2) under the Securities Act; or (ii) such Note is not otherwise Freely Tradable, then Additional Interest will accrue on such Note for such day. (B) Amount and Payment of Additional Interest. Any Additional Interest that accrues on a Note pursuant to Section 3.04(A) will be payable on the same dates and in the same manner as the Stated Interest on such Note and will accrue at a rate per annum equal to one half of one percent (0.50%) of the principal amount thereof; provided, however, that in no event will Additional Interest that may accrue as a result of the Company\u2019s failure to timely file any document or report that it is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (other than reports on Form 8-K) pursuant to Section 3.04(A), together with any Special Interest that accrues as a result of the Company\u2019s failure to comply with its reporting obligations as set forth in Section 7.03, accrue on any day on a Note at a combined rate per annum that exceeds one percent (1.00%). For the avoidance of doubt, any Additional Interest that accrues on a Note will be in addition to the Stated Interest that accrues on such Note and, subject to the proviso of the immediately preceding sentence, in addition to any Special Interest that accrues on such Note. (C) Notice of Accrual of Additional Interest; Trustee\u2019s Disclaimer. The Company will send notice to the Holder of each Note, and to the Trustee, of the commencement and termination of any period in which Additional Interest accrues on such Note. In addition, if Additional Interest accrues on any Note, then, no later than five (5) Business Days before each date on which such Additional Interest is to be paid, the Company will deliver an Officer\u2019s Certificate to the Trustee and the Paying Agent stating (i) that the Company is obligated to pay Additional Interest on such Note on such date of payment; and (ii) the amount of such Additional Interest that is payable on such date of payment. The Trustee will have no duty to determine whether any Additional Interest is payable or the amount thereof. (D) Exclusive Remedy. The accrual of Additional Interest will be the exclusive remedy available to Holders for the failure of their Notes to become Freely Tradable." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b122", + "block_sequence": 122, + "block_sha256": "0955acbe65a66585a524b143f2dc593b5b0aec0237b0c89aef7a884df370441b", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 122, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "fbc9f3055f9c5c46ac092e6bea4d383dae4a5f6a29d5d2b1193df42deee0581a", + "heading_path": [ + "EXHIBIT 4.1", + "Section 3.04. 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Compliance and Default Certificates." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b124", + "block_sequence": 124, + "block_sha256": "fc2c853b5084713b4c82f9d6cb4c7ae9328ce9c52b7e1d50f4ff73681c3e8d9f", + "block_type": "paragraph", + "char_count": 999, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 124, + "char_end": 999, + "char_start": 0, + "fragment_sha256": "4b8e0a0e4c61e18954adbb3a9e63056afa73a137e47c534aa4aab8fc9326a283", + "heading_path": [ + "EXHIBIT 4.1", + "Section 3.05. Compliance and Default Certificates." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s44", + "table": null, + "text": "(A) Annual Compliance Certificate. Within ninety (90) days after December 31, 2025 and each fiscal year of the Company ending thereafter, the Company will deliver an Officer\u2019s Certificate to the Trustee stating (i) that the signatory thereto has supervised a review of the activities of the Company and its Subsidiaries during such fiscal year with a view towards determining whether any Default or Event of Default has occurred; and (ii) whether, to such signatory\u2019s knowledge, a Default or Event of Default has occurred or is continuing (and, if so, describing all such Defaults or Events of Default and what action the Company is taking or proposes to take with respect thereto). (B) Default Certificate. If a Default or Event of Default occurs, then the Company will promptly (and, in any event, within thirty (30) days after its first occurrence) deliver an Officer\u2019s Certificate to the Trustee describing the same and what action the Company is taking or proposes to take with respect thereto." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b125", + "block_sequence": 125, + "block_sha256": "807b8b8fec4c555072074d46b9aa0fb271a26a9c5bc189c0a0fc15aee38885e2", + "block_type": "heading", + "char_count": 45, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 125, + "char_end": 45, + "char_start": 0, + "fragment_sha256": "abe72b63d140865bd3a1aa38ea5feb1abdf05968f88c258e2a0fe1c26c14b3a9", + "heading_path": [ + "EXHIBIT 4.1", + "Section 3.06. Stay, Extension and Usury Laws." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s45", + "table": null, + "text": "Section 3.06. Stay, Extension and Usury Laws." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b126", + "block_sequence": 126, + "block_sha256": "e5f7d98524b7c12ffa6b37e894574d4208e195b97a81485a6cd7a5ec337cd0c1", + "block_type": "paragraph", + "char_count": 646, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 126, + "char_end": 646, + "char_start": 0, + "fragment_sha256": "caa4621b3068f34890b1cc61328bd0fded6499dd9af7d356c49d1f1a16d30356", + "heading_path": [ + "EXHIBIT 4.1", + "Section 3.06. Stay, Extension and Usury Laws." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s45", + "table": null, + "text": "To the extent that it may lawfully do so, the Company (A) agrees that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law (wherever or whenever enacted or in force) that may affect the covenants or the performance of this Indenture; and (B) expressly waives all benefits or advantages of any such law and agrees that it will not, by resort to any such law, hinder, delay or impede the execution of any power granted to the Trustee by this Indenture, but will suffer and permit the execution of every such power as though no such law has been enacted." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b127", + "block_sequence": 127, + "block_sha256": "cb145ac2e21c86c1927c49eedfe665ab5523e1a326e8851173c9f38517fc4128", + "block_type": "heading", + "char_count": 69, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 127, + "char_end": 69, + "char_start": 0, + "fragment_sha256": "016d26e306ec3726436585382d5103bdb132c99d2d2b40e06f4d9eb9750e1689", + "heading_path": [ + "EXHIBIT 4.1", + "Section 3.07. Acquisition of Notes by the Company and its Affiliates." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s46", + "table": null, + "text": "Section 3.07. Acquisition of Notes by the Company and its Affiliates." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b128", + "block_sequence": 128, + "block_sha256": "6e2526f194544cbc97fece994dec5b4e581e70f3c5df581e2a06b63dedbb2553", + "block_type": "paragraph", + "char_count": 613, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 128, + "char_end": 613, + "char_start": 0, + "fragment_sha256": "e8ff8718eba66724f6b5474da69d0e6290829a8eea90f249af3ffdcade35b5ba", + "heading_path": [ + "EXHIBIT 4.1", + "Section 3.07. Acquisition of Notes by the Company and its Affiliates." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s46", + "table": null, + "text": "Without limiting the generality of Section 2.18, Notes that the Company or any of its Subsidiaries have purchased or otherwise acquired will be deemed to remain outstanding (except to the extent provided in Section 2.16) until such time as such Notes are delivered to the Trustee for cancellation. The Notes will bear a legend that no Affiliate of the Company may purchase or otherwise acquire any Notes or any beneficial interest in any Global Note, and the Company will use commercially reasonable efforts to prevent any of its controlled Affiliates from acquiring any Note (or any beneficial interest therein)." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b129", + "block_sequence": 129, + "block_sha256": "72423c35159de4bdcfdaabbd5c0cdd8f2d3b39a7a23e43cf77f066fe744d57c4", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 129, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "12c4eed56cf14945bbb068fa5d1b34ca3bc1d21c8fb2950f232da07ced7ace83", + "heading_path": [ + "EXHIBIT 4.1", + "Section 3.07. 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Existence." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b131", + "block_sequence": 131, + "block_sha256": "21e32c136e104d00e31903cc5b95bf55172ed19aa263809323b8457206d1050a", + "block_type": "paragraph", + "char_count": 153, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 131, + "char_end": 153, + "char_start": 0, + "fragment_sha256": "b0adcc00e1a7d419591b522cf4f4fa857805e19569795875cc0575e9e12af3ef", + "heading_path": [ + "EXHIBIT 4.1", + "Section 3.08. Existence." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s47", + "table": null, + "text": "Subject to Article 6, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b132", + "block_sequence": 132, + "block_sha256": "ff06a092f4f433b3752147a523c59c44071bcfd90078352166fb2a941567b791", + "block_type": "heading", + "char_count": 36, + "level": 6, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 132, + "char_end": 36, + "char_start": 0, + "fragment_sha256": "3d37c385294ab6a3aecefcca14c008caff20b985bb594ee03a12ff95ca681538", + "heading_path": [ + "EXHIBIT 4.1", + "Section 3.08. Existence.", + "Article 4. 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No Sinking Fund." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b134", + "block_sequence": 134, + "block_sha256": "de9dacd2dd950e64377421d78d41a8bea20c914c4173793328e84e280f7629ff", + "block_type": "paragraph", + "char_count": 57, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 134, + "char_end": 57, + "char_start": 0, + "fragment_sha256": "8bf81d5f4625f140d1cf486f381a5d64e7518152824ef91dfcf2ce47e02ea224", + "heading_path": [ + "EXHIBIT 4.1", + "Section 4.01. No Sinking Fund." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s49", + "table": null, + "text": "No sinking fund is required to be provided for the Notes." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b135", + "block_sequence": 135, + "block_sha256": "3e0fa3c7d6928957d78f991b98080352dada2d5ec5b029ec9ddab40ead231681", + "block_type": "heading", + "char_count": 100, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 135, + "char_end": 100, + "char_start": 0, + "fragment_sha256": "e8fb11f60fd647e5c532f07afc215a0e1d1195540499255f07c9476921cd3754", + "heading_path": [ + "EXHIBIT 4.1", + "Section 4.02. Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s50", + "table": null, + "text": "Section 4.02. Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b136", + "block_sequence": 136, + "block_sha256": "1cab10403e087656a3eca4bf8cd9f0e14f0d95d761fe1597fffbdd7b00b32cc1", + "block_type": "paragraph", + "char_count": 5968, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 136, + "char_end": 5968, + "char_start": 0, + "fragment_sha256": "e9520a55b2125c57a3287aa9f91faa2430ca743394bc66ea4abdbe323fd44ec4", + "heading_path": [ + "EXHIBIT 4.1", + "Section 4.02. Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s50", + "table": null, + "text": "(A) Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change. Subject to the other terms of this Section 4.02, if a Fundamental Change occurs, then each Holder will have the right (the \u201cFundamental Change Repurchase Right\u201d) to require the Company to repurchase such Holder\u2019s Notes (or any portion thereof in an Authorized Denomination) on the Fundamental Change Repurchase Date for such Fundamental Change for a cash purchase price equal to the Fundamental Change Repurchase Price. (B) Repurchase Prohibited in Certain Circumstances. If the principal amount of the Notes has been accelerated and such acceleration has not been rescinded on or before the Fundamental Change Repurchase Date for a Repurchase Upon Fundamental Change (including as a result of the payment of the related Fundamental Change Repurchase Price, and any related interest pursuant to the proviso to the first sentence of Section 4.02(D), on such Fundamental Change Repurchase Date), then (i) the Company may not repurchase any Notes pursuant to this Section 4.02; and (ii) the Company will cause any Notes theretofore surrendered for such Repurchase Upon Fundamental Change to be returned to the Holders thereof (or, if applicable with respect to Global Notes, cancel any instructions for book-entry transfer to the Company, the Trustee or the Paying Agent of the applicable beneficial interest in such Notes in accordance with the Depositary Procedures). (C) Fundamental Change Repurchase Date. The Fundamental Change Repurchase Date for any Fundamental Change will be a Business Day of the Company\u2019s choosing that is no more than thirty five (35), nor less than twenty (20), Business Days after the date the Company sends the related Fundamental Change Notice pursuant to Section 4.02(E). (D) Fundamental Change Repurchase Price. The Fundamental Change Repurchase Price for any Note to be repurchased upon a Repurchase Upon Fundamental Change following a Fundamental Change is an amount in cash equal to the principal amount of such Note plus accrued and unpaid interest on such Note to, but excluding, the Fundamental Change Repurchase Date for such Fundamental Change; provided, however, that if such Fundamental Change Repurchase Date is after a Regular Record Date and on or before the next Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Regular Record Date will be entitled, notwithstanding such Repurchase Upon Fundamental Change, to receive, on or, at the Company\u2019s election, before such Interest Payment Date, the unpaid interest that would have accrued on such Note to, but excluding, such Interest Payment Date (assuming, solely for these purposes, that such Note remained outstanding through such Interest Payment Date, if such Fundamental Change Repurchase Date is before such Interest Payment Date); and (ii) the Fundamental Change Repurchase Price will not include accrued and unpaid interest on such Note to, but excluding, such Fundamental Change Repurchase Date. For the avoidance of doubt, if an Interest Payment Date is not a Business Day within the meaning of Section 2.05(C) and such Fundamental Change Repurchase Date occurs on the Business Day immediately after such Interest Payment Date, then (x) accrued and unpaid interest on Notes to, but excluding, such Interest Payment Date will be paid, in accordance with Section 2.05(C), on the next Business Day to Holders as of the Close of Business on the immediately preceding Regular Record Date; and (y) the Fundamental Change Repurchase Price will include interest on Notes to be repurchased from, and including, such Interest Payment Date. (E) Fundamental Change Notice. On or before the twentieth (20th) calendar day after the effective date of a Fundamental Change, the Company will send to each Holder, the Trustee, the Conversion Agent, and the Paying Agent a notice of such Fundamental Change (a \u201cFundamental Change Notice\u201d). Such Fundamental Change Notice must state: (i) briefly, the events causing such Fundamental Change; (ii) the effective date of such Fundamental Change; (iii) the procedures that a Holder must follow to require the Company to repurchase its Notes pursuant to this Section 4.02, including the deadline for exercising the Fundamental Change Repurchase Right and the procedures for submitting and withdrawing a Fundamental Change Repurchase Notice; (iv) the Fundamental Change Repurchase Date for such Fundamental Change; (v) the Fundamental Change Repurchase Price per $1,000 principal amount of Notes for such Fundamental Change (and, if such Fundamental Change Repurchase Date is after a Regular Record Date and on or before the next Interest Payment Date, the amount, manner and timing of the interest payment payable pursuant to the proviso to the first sentence of Section 4.02(D)); (vi) the name and address of the Paying Agent and the Conversion Agent; (vii) the Conversion Rate in effect on the date of such Fundamental Change Notice and a description and quantification of any adjustments to the Conversion Rate that may result from such Fundamental Change (including pursuant to Section 5.07); (viii) that Notes for which a Fundamental Change Repurchase Notice has been duly tendered and not duly withdrawn must be delivered to the Paying Agent for the Holder thereof to be entitled to receive the Fundamental Change Repurchase Price; (ix) that Notes (or any portion thereof) that are subject to a Fundamental Change Repurchase Notice that has been duly tendered may be converted only if such Fundamental Change Repurchase Notice is withdrawn in accordance with this Indenture; and (x) the CUSIP and ISIN numbers, if any, of the Notes. Neither the failure to deliver a Fundamental Change Notice nor any defect in a Fundamental Change Notice will limit the Fundamental Change Repurchase Right of any Holder or otherwise affect the validity of any proceedings relating to any Repurchase Upon Fundamental Change." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b137", + "block_sequence": 137, + "block_sha256": "4f7cf35430c12855f4674d6d05c3580401ae7bcfe13292164019b02decbab243", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 137, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "1afb550955afd5690fccf7b1bfb7841740440c9febd7b510b7cb91b0da50567f", + "heading_path": [ + "EXHIBIT 4.1", + "Section 4.02. 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Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s50", + "table": null, + "text": "- 33 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b139", + "block_sequence": 139, + "block_sha256": "0e93732e9b4ee3da8c5a2329e35a380074f7664f23939e0d71be95056e18d1bb", + "block_type": "paragraph", + "char_count": 67, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 139, + "char_end": 67, + "char_start": 0, + "fragment_sha256": "d6a1cfdc407f7b3d6915b2489128c043280885295ecf20f2169ef81d56772a24", + "heading_path": [ + "EXHIBIT 4.1", + "Section 4.02. Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s50", + "table": null, + "text": "(F) Procedures to Exercise the Fundamental Change Repurchase Right." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b140", + "block_sequence": 140, + "block_sha256": "0b59baf585c2ceb103f9de56ba9c4d80ccac8348906e3293f4247f63deeeb0ed", + "block_type": "paragraph", + "char_count": 7602, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 140, + "char_end": 7602, + "char_start": 0, + "fragment_sha256": "16b2833a8eb6393397ee4e6084e42c0f26d471c352f419ce46df305f42947a9b", + "heading_path": [ + "EXHIBIT 4.1", + "Section 4.02. Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s50", + "table": null, + "text": "(i) Delivery of Fundamental Change Repurchase Notice and Notes to Be Repurchased. To exercise its Fundamental Change Repurchase Right for a Note following a Fundamental Change, the Holder thereof must deliver to the Paying Agent: (1) before the Close of Business on the Business Day immediately before the related Fundamental Change Repurchase Date (or such later time as may be required by law), a duly completed, written Fundamental Change Repurchase Notice with respect to such Note; and (2) such Note, duly endorsed for transfer (if such Note is a Physical Note) or by book-entry transfer (if such Note is a Global Note). The Paying Agent will promptly deliver to the Company a copy of each Fundamental Change Repurchase Notice that it receives. (ii) Contents of Fundamental Change Repurchase Notices. Each Fundamental Change Repurchase Notice with respect to a Note must state: (1) if such Note is a Physical Note, the certificate number of such Note; (2) the principal amount of such Note to be repurchased, which must be an Authorized Denomination; and (3) that such Holder is exercising its Fundamental Change Repurchase Right with respect to such principal amount of such Note; provided, however, that if such Note is a Global Note, then such Fundamental Change Repurchase Notice must comply with the Depositary Procedures (and any such Fundamental Change Repurchase Notice delivered in compliance with the Depositary Procedures will be deemed to satisfy the requirements of this Section 4.02(F)). (iii) Withdrawal of Fundamental Change Repurchase Notice. A Holder that has delivered a Fundamental Change Repurchase Notice with respect to a Note may withdraw such Fundamental Change Repurchase Notice by delivering a written notice of withdrawal to the Paying Agent at any time before the Close of Business on the Business Day immediately before the related Fundamental Change Repurchase Date. Such withdrawal notice must state: (1) if such Note is a Physical Note, the certificate number of such Note; (2) the principal amount of such Note to be withdrawn, which must be an Authorized Denomination; and (3) the principal amount of such Note, if any, that remains subject to such Fundamental Change Repurchase Notice, which must be an Authorized Denomination; provided, however, that if such Note is a Global Note, then such withdrawal notice must comply with the Depositary Procedures (and any such withdrawal notice delivered in compliance with the Depositary Procedures will be deemed to satisfy the requirements of this Section 4.02(F)). Upon receipt of any such withdrawal notice with respect to a Note (or any portion thereof), the Paying Agent will (x) promptly deliver a copy of such withdrawal notice to the Company; and (y) if such Note is surrendered to the Paying Agent, cause such Note (or such portion thereof in accordance with Section 2.11, treating such Note as having been then surrendered for partial repurchase in the amount set forth in such withdrawal notice as remaining subject to repurchase) to be returned to the Holder thereof (or, if applicable with respect to any Global Note, cancel any instructions for book-entry transfer to the Company, the Trustee or the Paying Agent of the applicable beneficial interest in such Note in accordance with the Depositary Procedures). (G) Payment of the Fundamental Change Repurchase Price. Without limiting the Company\u2019s obligation to deposit the Fundamental Change Repurchase Price within the time prescribed by Section 3.01(B), the Company will cause the Fundamental Change Repurchase Price for a Note (or portion thereof) to be repurchased pursuant to a Repurchase Upon Fundamental Change to be paid to the Holder thereof on or before the later of (i) the applicable Fundamental Change Repurchase Date; and (ii) the date (x) such Note is delivered to the Paying Agent (in the case of a Physical Note) or (y) the Depositary Procedures relating to the repurchase, and the delivery to the Paying Agent, of such Holder\u2019s beneficial interest in such Note to be repurchased are complied with (in the case of a Global Note). For the avoidance of doubt, interest payable pursuant to the proviso to the first sentence of Section 4.02(D) on any Note to be repurchased pursuant to a Repurchase Upon Fundamental Change must be paid pursuant to such proviso regardless of whether such Note is delivered or such Depositary Procedures are complied with pursuant to the first sentence of this Section 4.02(G). (H) Third Party May Conduct Repurchase Offer In Lieu of the Company. Notwithstanding anything to the contrary in this Section 4.02, the Company will be deemed to satisfy its obligations under this Section 4.02 if one or more third parties conduct any Repurchase Upon Fundamental Change and related offer to repurchase Notes otherwise required by this Section 4.02 in a manner that would have satisfied the requirements of this Section 4.02 if conducted directly by the Company. (I) No Requirement to Conduct an Offer to Repurchase Notes if the Fundamental Change Results in the Notes Becoming Convertible into an Amount of Cash Exceeding the Fundamental Change Repurchase Price. Notwithstanding anything to the contrary in this Section 4.02, the Company will not be required to send a Fundamental Change Notice pursuant to Section 4.02(E), or offer to repurchase or repurchase any Notes pursuant to this Section 4.02, in connection with a Fundamental Change occurring pursuant to clause (B)(ii) (or pursuant to clause (A) that also constitutes a Fundamental Change occurring pursuant to clause (B)(ii)) of the definition thereof, if (i) such Fundamental Change constitutes a Common Stock Change Event whose Reference Property consists entirely of cash in U.S. dollars; (ii) immediately after such Fundamental Change, the Notes become convertible, pursuant to Section 5.09(A) and, if applicable, Section 5.07, into consideration that consists solely of U.S. dollars in an amount per $1,000 aggregate principal amount of Notes that equals or exceeds the Fundamental Change Repurchase Price per $1,000 aggregate principal amount of Notes (calculated assuming that the same includes the maximum amount of accrued interest payable as part of the related Fundamental Change Repurchase Price); and (iii) the Company timely sends the notice relating to such Fundamental Change required pursuant to Section 5.01(C)(i)(3)(b) and includes, in such notice, a statement that the Company is relying on this Section 4.02(I). (J) Compliance with Applicable Securities Laws. To the extent applicable, the Company will comply, in all material respects, with all federal and state securities laws in connection with a Repurchase Upon Fundamental Change (including complying with Rules 13e-4 and 14e-1 under the Exchange Act and filing any required Schedule TO, to the extent applicable) so as to permit effecting such Repurchase Upon Fundamental Change in the manner set forth in this Indenture; provided, however, that, to the extent that the Company\u2019s obligations pursuant to this Section 4.02 conflict with any law or regulation that is applicable to the Company and enacted after the Issue Date, the Company\u2019s compliance with such law or regulation will not be considered to be a Default of such obligations. (K) Repurchase in Part. Subject to the terms of this Section 4.02, Notes may be repurchased pursuant to a Repurchase Upon Fundamental Change in part, but only in Authorized Denominations. Provisions of this Section 4.02 applying to the repurchase of a Note in whole will equally apply to the repurchase of a permitted portion of a Note." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b141", + "block_sequence": 141, + "block_sha256": "b1d77e692540baf72a8dca766bc95273622c435c46c4dcf6da8d9bff7f0a72bc", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 141, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "1c53af7b290160b6bd04cafca099ada3243714194ff43ba2185ec2ca2299a1b8", + "heading_path": [ + "EXHIBIT 4.1", + "Section 4.02. 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Right of Holders to Require the Company to Repurchase Notes on the Optional Repurchase Date." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s51", + "table": null, + "text": "Section 4.03. Right of Holders to Require the Company to Repurchase Notes on the Optional Repurchase Date." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b144", + "block_sequence": 144, + "block_sha256": "ad87fcce9b28bf48b574242c252ce95dce3d5971e995f9698e63cceba34fa363", + "block_type": "paragraph", + "char_count": 4649, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 144, + "char_end": 4649, + "char_start": 0, + "fragment_sha256": "7cefb3cad203b58fd868f831e23b355c6761d66b50d836550e3574df2ac148dc", + "heading_path": [ + "EXHIBIT 4.1", + "Section 4.03. Right of Holders to Require the Company to Repurchase Notes on the Optional Repurchase Date." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s51", + "table": null, + "text": "(A) Right of Holders to Require the Company to Repurchase Notes on the Optional Repurchase Date. Subject to the terms of this Section 4.03, each Holder will have the right (the \u201cOptional Repurchase Right\u201d) to require the Company to repurchase such Holder\u2019s Notes (or any portion thereof in an Authorized Denomination) on May 15, 2028 (the \u201cOptional Repurchase Date\u201d) for a cash purchase price equal to the Optional Repurchase Price. Notwithstanding anything to the contrary in this Section 4.03, the Company will not be required to offer or effect any Optional Repurchase, and Holders will not have an Optional Repurchase Right, if the Company has called all then-outstanding Notes for Redemption prior to the latest date for a valid delivery of the Optional Repurchase Date Notice. (B) Repurchase Prohibited in Certain Circumstances. If the principal amount of the Notes has been accelerated and such acceleration has not been rescinded on or before the Optional Repurchase Date (including as a result of the payment of the related Optional Repurchase Price, and any related interest pursuant to the proviso to the first sentence of Section 4.03(C), on the Optional Repurchase Date), then (i) the Company may not repurchase any Notes otherwise subject to Optional Repurchase on the Optional Repurchase Date pursuant to this Section 4.03; and (ii) the Company will cause any Notes theretofore surrendered for such Optional Repurchase to be returned to the Holders thereof (or, if applicable with respect to Global Notes, cancel any instructions for book-entry transfer to the Company, the Trustee or the Paying Agent of the applicable beneficial interest in such Notes in accordance with the Depositary Procedures). (C) Optional Repurchase Price. The Optional Repurchase Price for any Note to be repurchased on the Optional Repurchase Date pursuant to an Optional Repurchase is an amount in cash equal to the principal amount of such Note plus accrued and unpaid interest on such Note to, but excluding, the Optional Repurchase Date; provided, however, that, for the avoidance of doubt, the Holder of such Note at the Close of Business on the Regular Record Date immediately preceding the Optional Repurchase Date will be entitled, notwithstanding such Optional Repurchase, to receive, on or, at the Company\u2019s election, before such Interest Payment Date, the unpaid interest that would have accrued on such Note to, but excluding, such Interest Payment Date. (D) Optional Repurchase Date Notice. No later than twenty (20), Business Days before the Optional Repurchase Date, the Company will send to each Holder, the Trustee, the Conversion Agent and the Paying Agent a notice (an \u201cOptional Repurchase Date Notice\u201d) (or publish the same through such other widely disseminated public medium as the Company then uses, including its website) containing the information required by this Indenture to be set forth in the Optional Repurchase Date Notice. Such Optional Repurchase Date Notice must state: (i) the procedures that a Holder must follow to require the Company to repurchase its Notes pursuant to this Section 4.03, including the deadline for exercising the Optional Repurchase Right and the procedures for submitting and withdrawing an Optional Repurchase Notice; (ii) the Optional Repurchase Date; (iii) the Optional Repurchase Price and that the Holder of any Note at the Close of Business on the Regular Record Date immediately before the Optional Repurchase Date will be entitled to receive, on the Interest Payment Date falling on the Optional Repurchase Date, the unpaid interest that has accrued on such Note to, but excluding, such Interest Payment Date; (iv) the name and address of the Paying Agent and the Conversion Agent; (v) the Conversion Rate in effect on the date of such Optional Repurchase Date Notice; (vi) that Notes for which an Optional Repurchase Notice has been duly tendered and not duly withdrawn must be delivered to the Paying Agent for the Holder thereof to be entitled to receive the Optional Repurchase Price; (vii) that Notes (or any portion thereof) that are subject to an Optional Repurchase Notice that has been duly tendered may be converted (if otherwise then convertible pursuant to Article 5) only if such Optional Repurchase Notice is withdrawn in accordance with this Indenture; and (viii) the CUSIP and ISIN numbers, if any, of the Notes. Neither the failure to deliver an Optional Repurchase Date Notice nor any defect in an Optional Repurchase Date Notice will limit the Optional Repurchase Right of any Holder or otherwise affect the validity of any proceedings relating to any Optional Repurchase." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b145", + "block_sequence": 145, + "block_sha256": "fcdc8cbd3f68d2db51522103eb01c664ce3a6f5cc293c1c2f90eeeb43fc20b76", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 145, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "d54b6c3e7d340d017742221e92ede7039aa4e0384ccf0454e7572d114b4baf2f", + "heading_path": [ + "EXHIBIT 4.1", + "Section 4.03. Right of Holders to Require the Company to Repurchase Notes on the Optional Repurchase Date." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s51", + "table": null, + "text": "- 36 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b146", + "block_sequence": 146, + "block_sha256": "c567f19e4c604d55d3ddf5fe996b7f216f36b90bf99b17c11c732c23d30a07a9", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 146, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "228f7acd22f01111df4fe3ee35d0221228fa0369d54af8027a6ec178cfc26d75", + "heading_path": [ + "EXHIBIT 4.1", + "Section 4.03. Right of Holders to Require the Company to Repurchase Notes on the Optional Repurchase Date." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s51", + "table": null, + "text": "- 37 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b147", + "block_sequence": 147, + "block_sha256": "b21f0547113f154f70513fdd04b599baa6c164f36e9c79bf16be16249eaaea94", + "block_type": "paragraph", + "char_count": 57, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 147, + "char_end": 57, + "char_start": 0, + "fragment_sha256": "84c13c35f33c70f14c495aa273f4049e2916d54fc08f9732cc8d92dd3d985e69", + "heading_path": [ + "EXHIBIT 4.1", + "Section 4.03. Right of Holders to Require the Company to Repurchase Notes on the Optional Repurchase Date." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s51", + "table": null, + "text": "(E) Procedures to Exercise the Optional Repurchase Right." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b148", + "block_sequence": 148, + "block_sha256": "75204206c007c978bfeb5e0082c85daea5be6e3ad133b0938a46764ef9f79e61", + "block_type": "paragraph", + "char_count": 5788, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 148, + "char_end": 5788, + "char_start": 0, + "fragment_sha256": "8076cda3ca598a6c392a66971d05b7aaaa8b695a04f62fb62c8ae6edd647d457", + "heading_path": [ + "EXHIBIT 4.1", + "Section 4.03. Right of Holders to Require the Company to Repurchase Notes on the Optional Repurchase Date." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s51", + "table": null, + "text": "(i) Delivery of Optional Repurchase Notice and Notes to Be Repurchased. To exercise its Optional Repurchase Right for a Note, the Holder thereof must deliver to the Paying Agent: (1) before the Close of Business on the Business Day immediately before the Optional Repurchase Date (or such later time as may be required by law), a duly completed, written Optional Repurchase Notice with respect to such Note; and (2) such Note, duly endorsed for transfer (if such Note is a Physical Note) or by book-entry transfer (if such Note is a Global Note). The Paying Agent will promptly deliver to the Company a copy of each Optional Repurchase Notice that it receives. (ii) Contents of Optional Repurchase Notices. Each Optional Repurchase Notice with respect to a Note must state: (1) if such Note is a Physical Note, the certificate number of such Note; (2) the principal amount of such Note to be repurchased, which must be an Authorized Denomination; and (3) that such Holder is exercising its Optional Repurchase Right with respect to such principal amount of such Note; provided, however, that if such Note is a Global Note, then such Optional Repurchase Notice must comply with the Depositary Procedures (and any such Optional Repurchase Notice delivered in compliance with the Depositary Procedures will be deemed to satisfy the requirements of this Section 4.03(E)). (iii) Withdrawal of Optional Repurchase Notice. A Holder that has delivered an Optional Repurchase Notice with respect to a Note may withdraw such Optional Repurchase Notice by delivering a written notice of withdrawal to the Paying Agent at any time before the Close of Business on the Business Day immediately before the Optional Repurchase Date. Such withdrawal notice must state: (1) if such Note is a Physical Note, the certificate number of such Note; (2) the principal amount of such Note to be withdrawn, which must be an Authorized Denomination; and (3) the principal amount of such Note, if any, that remains subject to such Optional Repurchase Notice, which must be an Authorized Denomination; provided, however, that if such Note is a Global Note, then such withdrawal notice must comply with the Depositary Procedures (and any such withdrawal notice delivered in compliance with the Depositary Procedures will be deemed to satisfy the requirements of this Section 4.03(E)). Upon receipt of any such withdrawal notice with respect to a Note (or any portion thereof), the Paying Agent will (x) promptly deliver a copy of such withdrawal notice to the Company; and (y) if such Note is surrendered to the Paying Agent, cause such Note (or such portion thereof in accordance with Section 2.11, treating such Note as having been then surrendered for partial repurchase in the amount set forth in such withdrawal notice as remaining subject to repurchase) to be returned to the Holder thereof (or, if applicable with respect to any Global Note, cancel any instructions for book-entry transfer to the Company, the Trustee or the Paying Agent of the applicable beneficial interest in such Note in accordance with the Depositary Procedures). (F) Payment of the Optional Repurchase Price. Without limiting the Company\u2019s obligation to deposit the Optional Repurchase Price within the time prescribed by Section 3.01(B), the Company will cause the Optional Repurchase Price for a Note (or portion thereof) to be repurchased pursuant to an Optional Repurchase to be paid to the Holder thereof on or before the later of (i) the Optional Repurchase Date; and (ii) the date (x) such Note is delivered to the Paying Agent (in the case of a Physical Note) or (y) the Depositary Procedures relating to the repurchase, and the delivery to the Paying Agent, of such Holder\u2019s beneficial interest in such Note to be repurchased are complied with (in the case of a Global Note). For the avoidance of doubt, interest payable pursuant to Section 4.03(C) on any Note to be repurchased pursuant to an Optional Repurchase must be paid as so described regardless of whether such Note is delivered or such Depositary Procedures are complied with pursuant to the first sentence of this Section 4.03(F). (G) Third Party May Conduct Repurchase Offer In Lieu of the Company. Notwithstanding anything to the contrary in this Section 4.03, the Company will be deemed to satisfy its obligations under this Section 4.03 if one or more third parties conduct any Optional Repurchase and related offer to repurchase Notes otherwise required by this Section 4.03 in a manner that would have satisfied the requirements of this Section 4.03 if conducted directly by the Company. (H) Compliance with Applicable Securities Laws. To the extent applicable, the Company will comply, in all material respects, with all federal and state securities laws in connection with an Optional Repurchase (including complying with Rules 13e-4 and 14e-1 under the Exchange Act and filing any required Schedule TO, to the extent applicable) so as to permit effecting such Optional Repurchase in the manner set forth in this Indenture. If, after complying with the preceding sentence to the extent applicable, any such laws prohibit the Company from taking any action otherwise required by this Section 4.03, then, notwithstanding anything to the contrary in this Section 4.03, the Company\u2019s failure to take such action will, to the extent the same is prohibited by such laws, be deemed not to be a breach of its obligations under this Section 4.03. (I) Repurchase in Part. Subject to the terms of this Section 4.03, Notes may be repurchased pursuant to an Optional Repurchase in part, but only in Authorized Denominations. Provisions of this Section 4.03 applying to the repurchase of a Note in whole will equally apply to the repurchase of a permitted portion of a Note." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b149", + "block_sequence": 149, + "block_sha256": "dbf4c1bbd35da6ce853b73562b9e04e7053c62a31d99ab3f1bfb39567e03212b", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 149, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "7a7fe0c1ddf512aaab69d97110c6735c97795bc48dec1c23050d8b455b6b5a34", + "heading_path": [ + "EXHIBIT 4.1", + "Section 4.03. Right of Holders to Require the Company to Repurchase Notes on the Optional Repurchase Date." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s51", + "table": null, + "text": "- 38 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b150", + "block_sequence": 150, + "block_sha256": "176eb671bab889dc19323044460958ec80becec669bf4cf4f70499e7c9e5651e", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 150, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "f9099775d768b487990f93b9d9a6d9a88017a6e0d31c4141058481b416561ef4", + "heading_path": [ + "EXHIBIT 4.1", + "Section 4.03. Right of Holders to Require the Company to Repurchase Notes on the Optional Repurchase Date." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s51", + "table": null, + "text": "- 39 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b151", + "block_sequence": 151, + "block_sha256": "026166d1c79c5b2b737f2c367c25ec2063b93928f58bdae4aa1deadb2345d01e", + "block_type": "heading", + "char_count": 55, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 151, + "char_end": 55, + "char_start": 0, + "fragment_sha256": "6f4184925d8d48ab8cfa9a89dfea111989c398dee3f040cb67fa064642a250ee", + "heading_path": [ + "EXHIBIT 4.1", + "Section 4.04. Right of the Company to Redeem the Notes." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s52", + "table": null, + "text": "Section 4.04. Right of the Company to Redeem the Notes." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b152", + "block_sequence": 152, + "block_sha256": "e26a84b8f5d42ab69ea7965cdc5180d8cb8d7c38c1119907c5f5d90d4055a5e5", + "block_type": "paragraph", + "char_count": 6158, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 152, + "char_end": 6158, + "char_start": 0, + "fragment_sha256": "e8577a463477d89b337e20b6f0fe716a50bfa067e4d02b9efad6800a5c535775", + "heading_path": [ + "EXHIBIT 4.1", + "Section 4.04. Right of the Company to Redeem the Notes." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s52", + "table": null, + "text": "(A) No Right to Redeem Before May 22, 2028. The Company may not redeem the Notes at its option at any time before May 22, 2028. (B) Right to Redeem the Notes on or After May 22, 2028. Subject to the terms of this Section 4.04, the Company has the right, at its election, to redeem all, or any portion (subject to the Partial Redemption Limitation described in Section 4.04(C)) in an Authorized Denomination, of the Notes, at any time, and from time to time, on a Redemption Date on or after May 22, 2028 and before the 36th Scheduled Trading Day immediately before the Maturity Date, for a cash purchase price equal to the Redemption Price, but only if (1) the Last Reported Sale Price per share of Common Stock exceeds one hundred and thirty percent (130%) of the Conversion Price on (x) each of at least twenty (20) Trading Days (whether or not consecutive) during the thirty (30) consecutive Trading Days ending on, and including, the Trading Day immediately before the Redemption Notice Date for such Redemption; and (y) the Trading Day immediately before such Redemption Notice Date and (2) the Liquidity Conditions have been satisfied. For the avoidance of doubt, the calling of any Notes for Redemption will constitute a Make-Whole Fundamental Change with respect to such Notes pursuant to clause (B) of the definition thereof. (C) Partial Redemption Limitation. If the Company elects to redeem fewer than all of the outstanding Notes, at least one hundred million dollars ($100,000,000) aggregate principal amount of Notes must be outstanding and not subject to Redemption as of the Redemption Notice Date for such Redemption (such requirement, the \u201cPartial Redemption Limitation\u201d). (D) Redemption Prohibited in Certain Circumstances. If the principal amount of the Notes has been accelerated and such acceleration has not been rescinded on or before the Redemption Date (including as a result of the payment of the related Redemption Price, and any related interest pursuant to the proviso to the first sentence of Section 4.04(F), on such Redemption Date), then (i) the Company may not call for Redemption or otherwise redeem any Notes pursuant to this Section 4.04; and (ii) the Company will cause any Notes theretofore surrendered for such Redemption to be returned to the Holders thereof (or, if applicable with respect to Global Notes, cancel any instructions for book-entry transfer to the Company, the Trustee or the Paying Agent of the applicable beneficial interests in such Notes in accordance with the Depositary Procedures). (E) Redemption Date. The Redemption Date for any Redemption will be a Business Day of the Company\u2019s choosing that is no more than fifty-five (55), nor less than thirty-five (35), Scheduled Trading Days after the Redemption Notice Date for such Redemption. (F) Redemption Price. The Redemption Price for any Note called for Redemption is an amount in cash equal to the principal amount of such Note plus accrued and unpaid interest on such Note to, but excluding, the Redemption Date for such Redemption; provided, however, that if such Redemption Date is after a Regular Record Date and on or before the next Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Regular Record Date will be entitled, notwithstanding such Redemption, to receive, on or, at the Company\u2019s election, before such Interest Payment Date, the unpaid interest that would have accrued on such Note to, but excluding, such Interest Payment Date (assuming, solely for these purposes, that such Note remained outstanding through such Interest Payment Date, if such Redemption Date is before such Interest Payment Date); and (ii) the Redemption Price will not include accrued and unpaid interest on such Note to, but excluding, such Redemption Date. For the avoidance of doubt, if an Interest Payment Date is not a Business Day within the meaning of Section 2.05(C) and such Redemption Date occurs on the Business Day immediately after such Interest Payment Date, then (x) accrued and unpaid interest on Notes to, but excluding, such Interest Payment Date will be paid, in accordance with Section 2.05(C), on the next Business Day to Holders as of the Close of Business on the immediately preceding Regular Record Date; and (y) the Redemption Price will include interest on Notes to be redeemed from, and including, such Interest Payment Date. (G) Redemption Notice. To call any Notes for Redemption, the Company must send to each Holder of such Notes, the Trustee and the Paying Agent a written notice of such Redemption (a \u201cRedemption Notice\u201d). Such Redemption Notice must state: (i) that such Notes have been called for Redemption, briefly describing the Company\u2019s Redemption right under this Indenture; (ii) the Redemption Date for such Redemption; (iii) the Redemption Price per $1,000 principal amount of Notes for such Redemption (and, if the Redemption Date is after a Regular Record Date and on or before the next Interest Payment Date, the amount, manner and timing of the interest payment payable pursuant to the proviso to the first sentence of Section 4.04(F)); (iv) the name and address of the Paying Agent and the Conversion Agent; (v) that Notes called for Redemption may be converted at any time before the Close of Business on the Business Day immediately before the Redemption Date (or, if the Company fails to pay the Redemption Price due on such Redemption Date in full, at any time until such time as the Company pays such Redemption Price in full); (vi) the Conversion Rate in effect on the Redemption Notice Date for such Redemption and a description and quantification of any adjustments to the Conversion Rate that may result from such Redemption (including pursuant to Section 5.07); (vii) the Settlement Method that will apply to all conversions of Notes with a Conversion Date that occurs on or after such Redemption Notice Date and before such Redemption Date; and (viii) the CUSIP and ISIN numbers, if any, of the Notes. On or before the Redemption Notice Date, the Company will send a copy of such Redemption Notice to the Trustee, the Conversion Agent, and the Paying Agent." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b153", + "block_sequence": 153, + "block_sha256": "02c647abbe8cbaa4b135c2cf325017fca552fcf3d91997b0dc1b3b6f3c477736", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 153, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "695302301c51df63d1ef7d6edb46f1469b655ad1427d52e554fe9d18a621de8d", + "heading_path": [ + "EXHIBIT 4.1", + "Section 4.04. Right of the Company to Redeem the Notes." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s52", + "table": null, + "text": "- 40 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b154", + "block_sequence": 154, + "block_sha256": "a863df950ca80d69dbfe51a0d9c02f73ab269db1362c4bb3ddde89cdaa6df346", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 154, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "74d261eef997dfef82699e74c90afe2661c796077b2f9e6e385772a8e49ddf1e", + "heading_path": [ + "EXHIBIT 4.1", + "Section 4.04. Right of the Company to Redeem the Notes." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s52", + "table": null, + "text": "- 41 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b155", + "block_sequence": 155, + "block_sha256": "1a43c48c9f9e7424217a40b3452703b7e64275c4431073b273300c5248f756b7", + "block_type": "paragraph", + "char_count": 61, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 155, + "char_end": 61, + "char_start": 0, + "fragment_sha256": "618f36217e507533260b0d05d7f813526eb3deee7148f4fa34e742ae931355be", + "heading_path": [ + "EXHIBIT 4.1", + "Section 4.04. Right of the Company to Redeem the Notes." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s52", + "table": null, + "text": "(H) Selection and Conversion of Notes to Be Redeemed in Part." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b156", + "block_sequence": 156, + "block_sha256": "056e018557d40eb5a5180b360ee3903e352b9ea237f1ab0672af1a4d91576355", + "block_type": "paragraph", + "char_count": 1999, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 156, + "char_end": 1999, + "char_start": 0, + "fragment_sha256": "9c41a06f5b6a9ab83b4f1e8e36a91687f3ec251d503eb47f7cf59df983e06e86", + "heading_path": [ + "EXHIBIT 4.1", + "Section 4.04. Right of the Company to Redeem the Notes." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s52", + "table": null, + "text": "(i) If less than all Notes then outstanding are called for Redemption, then the Notes to be redeemed will be selected as follows: (1) in the case of Global Notes, in accordance with the Depositary Procedures; and (2) in the case of Physical Notes, pro rata, by lot or by such other method the Trustee considers fair and appropriate. (ii) If only a portion of a Note is subject to Redemption and such Note is converted in part, then the converted portion of such Note will be deemed to be from the portion of such Note that was subject to Redemption. (I) Payment of the Redemption Price. Without limiting the Company\u2019s obligation to deposit the Redemption Price by the time prescribed by Section 3.01(B), the Company will cause the Redemption Price for a Note (or portion thereof) subject to Redemption to be paid to the Holder thereof on or before the applicable Redemption Date. For the avoidance of doubt, interest payable pursuant to the proviso to the first sentence of Section 4.04(F) on any Note (or portion thereof) subject to Redemption must be paid pursuant to such proviso. (J) Special Provisions for Partial Calls. If the Company elects to redeem less than all of the outstanding Notes pursuant to this Section 4.04, and the Holder of any Note, or any owner of a beneficial interest in any Global Note, is reasonably not able to determine, before the Close of Business on the 32nd Scheduled Trading Day immediately before the Redemption Date for such Redemption, whether such Note or beneficial interest, as applicable, is to be redeemed pursuant to such Redemption, then such Holder or owner, as applicable, will be entitled to convert such Note or beneficial interest, as applicable, at any time before the Close of Business on the Business Day immediately before such Redemption Date, and each such conversion will be deemed to be of a Note called for Redemption for purposes of this Section 4.04, Sections 5.01(C)(i)(4) and 5.07, and the definition of \u201cMake-Whole Fundamental Change.\u201d" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b157", + "block_sequence": 157, + "block_sha256": "7fe937227319d2c76cb7f793f6b8460b763ea1fc9b57bf65d626e710e5740657", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 157, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "71944817c97874f6c4858709fdeb0c91cf7d8bcbef98f851805e0fbb5cf66b44", + "heading_path": [ + "EXHIBIT 4.1", + "Section 4.04. Right of the Company to Redeem the Notes." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s52", + "table": null, + "text": "- 42 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b158", + "block_sequence": 158, + "block_sha256": "3fa0080e651e6a01a4f093aca58ebd577e926e90d4d6a89853d08091efa33176", + "block_type": "heading", + "char_count": 21, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 158, + "char_end": 21, + "char_start": 0, + "fragment_sha256": "7a1aeaa064365b37169e6dd96211546d630a5d9ec380a6ff5071a481f0b7d03c", + "heading_path": [ + "EXHIBIT 4.1", + "Section 4.04. Right of the Company to Redeem the Notes.", + "Article 5. CONVERSION" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s53", + "table": null, + "text": "Article 5. CONVERSION" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b159", + "block_sequence": 159, + "block_sha256": "dade75ad5065b065846f999137f010ee3a93f2f3cc40c0a8fc3899b111ababdb", + "block_type": "heading", + "char_count": 31, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 159, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "82ba5c8696f282103f8fde35fc09381e57dd6bdd2639615c021d3e65befce2dd", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.01. Right to Convert." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s54", + "table": null, + "text": "Section 5.01. Right to Convert." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b160", + "block_sequence": 160, + "block_sha256": "187df770028fbd3fa9cd44169c16d26fb126eb65796abc7b7ba78da393b38670", + "block_type": "paragraph", + "char_count": 428, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 160, + "char_end": 428, + "char_start": 0, + "fragment_sha256": "b710f94010f798cd31e605af626fa031e1d0f85b83b37b5e9d4ecfeae7f94a73", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.01. Right to Convert." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s54", + "table": null, + "text": "(A) Generally. Subject to the provisions of this Article 5, each Holder may, at its option, convert such Holder\u2019s Notes into Conversion Consideration. (B) Conversions in Part. Subject to the terms of this Indenture, Notes may be converted in part, but only in Authorized Denominations. Provisions of this Article 5 applying to the conversion of a Note in whole will equally apply to conversions of a permitted portion of a Note." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b161", + "block_sequence": 161, + "block_sha256": "77de50d39209917134c89399f211761c9982dba7cee4954eeb9721e49bdeee75", + "block_type": "paragraph", + "char_count": 32, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 161, + "char_end": 32, + "char_start": 0, + "fragment_sha256": "f3d63b697d6efd74c210540d341dfd89ac90c52d547c37bf03bbfea7af353b18", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.01. Right to Convert." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s54", + "table": null, + "text": "(C) When Notes May Be Converted." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b162", + "block_sequence": 162, + "block_sha256": "d39f0b10a7233ca007ab6e6412c037777ed479eeefd6db851fb6d18473b9f404", + "block_type": "paragraph", + "char_count": 3236, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 162, + "char_end": 3236, + "char_start": 0, + "fragment_sha256": "5d14f5824aa50da3cf0aec85cdd61388875c369b42f5bbeaf9cbebb24ff1d88f", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.01. Right to Convert." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s54", + "table": null, + "text": "(i) Generally. Subject to Section 5.01(C)(ii), a Note may be converted only in the following circumstances: (1) Conversion upon Satisfaction of Common Stock Sale Price Condition. A Holder may convert its Notes during any calendar quarter (and only during such calendar quarter) commencing after the calendar quarter ending on September 30, 2025, if the Last Reported Sale Price per share of Common Stock exceeds one hundred and thirty percent (130%) of the Conversion Price for each of at least twenty (20) Trading Days (whether or not consecutive) during the thirty (30) consecutive Trading Days ending on, and including, the last Trading Day of the immediately preceding calendar quarter. (2) Conversion upon Satisfaction of Note Trading Price Condition. A Holder may convert its Notes during the five (5) consecutive Business Days immediately after any ten (10) consecutive Trading Day period (such ten (10) consecutive Trading Day period, the \u201cMeasurement Period\u201d) if the Trading Price per $1,000 principal amount of Notes, as determined following a request by a Holder in accordance with the procedures set forth below, for each Trading Day of the Measurement Period was less than ninety eight percent (98%) of the product of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading Day. The condition set forth in the preceding sentence is referred to in this Indenture as the \u201cTrading Price Condition.\u201d The Trading Price will be determined by the Bid Solicitation Agent pursuant to this Section 5.01(C)(i)(2) and the definition of \u201cTrading Price.\u201d The Bid Solicitation Agent (if not the Company) will have no obligation to determine the Trading Price of the Notes unless the Company has requested such determination in writing, and the Company will have no obligation to make such request (or seek bids itself) unless a Holder provides the Company with reasonable evidence that the Trading Price per $1,000 principal amount of Notes would be less than ninety eight percent (98%) of the product of the Last Reported Sale Price per share of Common Stock and the Conversion Rate. If a Holder provides such evidence, then the Company will (if acting as Bid Solicitation Agent), or will instruct the Bid Solicitation Agent to, determine the Trading Price of the Notes beginning on the next Trading Day and on each successive Trading Day until the Trading Price per $1,000 principal amount of Notes is greater than or equal to ninety eight percent (98%) of the product of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading Day. If the Trading Price Condition has been met as set forth above, then the Company will notify the Holders, the Trustee and the Conversion Agent of the same. If, on any Trading Day after the Trading Price Condition has been met as set forth above, the Trading Price per $1,000 principal amount of Notes is greater than or equal to ninety eight percent (98%) of the product of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading Day, then the Company will notify the Holders, the Trustee and the Conversion Agent of the same." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b163", + "block_sequence": 163, + "block_sha256": "85c1c858af0ad25be1b99c91affbcac66be5d73d7b09be5adf8b54ecc8a176f1", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 163, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "e3ca9b6f6993f1fb10a63ce839fcf3c15c55129cac39ae4dc9748af77fc8aabb", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.01. Right to Convert." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s54", + "table": null, + "text": "- 43 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b164", + "block_sequence": 164, + "block_sha256": "c1d6f2ec0d0c4a1e65fa49a79c9bc484cd8be6a5bb26a73c5dced4d011c7d535", + "block_type": "paragraph", + "char_count": 47, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 164, + "char_end": 47, + "char_start": 0, + "fragment_sha256": "87f9c6e3270042fe54f78f9edc9a10f61915a920cfbe3f66969eeb3cee492870", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.01. Right to Convert." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s54", + "table": null, + "text": "(3) Conversion Upon Specified Corporate Events." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b165", + "block_sequence": 165, + "block_sha256": "28758e20f5c2ab4ffa76b139e5fd5a78d401ae53c0f8208575d24f4d6a963237", + "block_type": "paragraph", + "char_count": 6362, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 165, + "char_end": 6362, + "char_start": 0, + "fragment_sha256": "b263e76d7a1f5a1837d5c6406488c2278e3dea649112bcc65c969bdb43ecb0fe", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.01. Right to Convert." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s54", + "table": null, + "text": "(a) Certain Distributions. If the Company elects to: (I) distribute, to all or substantially all holders of Common Stock, any rights, options or warrants (other than rights issued pursuant to a stockholder rights plan prior to separation of such rights from the Common Stock) entitling them, for a period of not more than sixty (60) calendar days after the date such distribution is announced, to subscribe for or purchase shares of Common Stock at a price per share that is less than the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date such distribution is announced (determined in the manner set forth in the third paragraph of Section 5.05(A)(ii)); or (II) distribute, to all or substantially all holders of Common Stock, assets or securities of the Company or rights to purchase the Company\u2019s securities, which distribution per share of Common Stock has a value, as reasonably determined by the Board of Directors, exceeding ten percent (10%) of the Last Reported Sale Price per share of Common Stock on the Trading Day immediately before the date such distribution is announced, then, in either case, (x) the Company will send notice of such distribution, and of the related right to convert Notes, to Holders, the Trustee and the Conversion Agent at least 35 Scheduled Trading Days before the Ex-Dividend Date for such distribution; and (y) once the Company has sent such notice, Holders may convert their Notes at any time until the earlier of the Close of Business on the Business Day immediately before such Ex-Dividend Date and the Company\u2019s announcement that such distribution will not take place; provided, however, that the Notes will not become convertible pursuant to clause (y) above (but the Company will be required to send notice of such distribution pursuant to clause (x) above) on account of such distribution if each Holder participates, at the same time and on the same terms as holders of Common Stock, and solely by virtue of being a Holder, in such distribution without having to convert such Holder\u2019s Notes and as if such Holder held a number of shares of Common Stock equal to the product of (i) the Conversion Rate in effect on the Record Date for such distribution; and (ii) the aggregate principal amount (expressed in thousands) of Notes held by such Holder on such Record Date. (b) Certain Corporate Events. If a Fundamental Change, Make-Whole Fundamental Change (other than a Make-Whole Fundamental Change pursuant to clause (B) of the definition thereof) or Common Stock Change Event occurs (other than a merger or other business combination transaction that is effected solely to change the Company\u2019s jurisdiction of incorporation and that does not constitute a Fundamental Change or a Make-Whole Fundamental Change), then, in each case, Holders may convert their Notes at any time from, and including, the effective date of such transaction or event to, and including, the thirty fifth (35th) Trading Day after such effective date (or, if such transaction or event also constitutes a Fundamental Change (other than an Exempted Fundamental Change), to, but excluding, the related Fundamental Change Repurchase Date); provided, however, that if the Company does not provide the notice referred to in the immediately following sentence by such effective date, then the last day on which the Notes are convertible pursuant to this sentence will be extended by the number of Business Days from, and including, such effective date to, but excluding, the date the Company provides such notice. No later than the second (2nd) Business Day after the effective date of any Fundamental Change, Make-Whole Fundamental Change or Common Stock Change Event, the Company will send notice to the Holders, the Trustee and the Conversion Agent of such transaction or event, such effective date and, if applicable, the related right to convert Notes. (4) Conversion upon Redemption. If the Company calls any Note for Redemption, then the Holder of such Note may convert such Note at any time before the Close of Business on the Business Day immediately before the related Redemption Date (or, if the Company fails to pay the Redemption Price due on such Redemption Date in full, at any time until such time as the Company pays such Redemption Price in full). (5) Conversions During Free Convertibility Period. A Holder may convert its Notes at any time from, and including, November 15, 2029 until the Close of Business on the second (2nd) Scheduled Trading Day immediately before the Maturity Date. For the avoidance of doubt, the Notes may become convertible pursuant to any one or more of the preceding sub-paragraphs of this Section 5.01(C)(i) and the Notes ceasing to be convertible pursuant to a particular sub-paragraph of this Section 5.01(C)(i) will not preclude the Notes from being convertible pursuant to any other sub-paragraph of this Section 5.01(C)(i). (ii) Limitations and Closed Periods. Notwithstanding anything to the contrary in this Indenture or the Notes: (1) Notes may be surrendered for conversion only after the Open of Business and before the Close of Business on a day that is a Business Day; (2) in no event may any Note be converted after the Close of Business on the second (2nd) Scheduled Trading Day immediately before the Maturity Date; (3) if the Company calls any Note for Redemption pursuant to Section 4.04, then the Holder of such Note may not convert such Note after the Close of Business on the Business Day immediately before the applicable Redemption Date, except to the extent the Company fails to pay the Redemption Price for such Note in accordance with this Indenture; and (4) if a Fundamental Change Repurchase Notice or Optional Repurchase is validly delivered pursuant to Section 4.02(F) with respect to any Note, then such Note may not be converted, except to the extent (a) such Note is not subject to such notice; (b) such notice is withdrawn in accordance with Section 4.02(F); or (c) the Company fails to pay the Fundamental Change Repurchase Price or Optional Repurchase Price for such Note in accordance with this Indenture (or a third party fails to make such payment in lieu of the Company in accordance with the provisions described in Section 4.02(H))." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b166", + "block_sequence": 166, + "block_sha256": "8364a5afde3806ac991c3434c913a0e7a09b8142e9d0ea7c43cbb32e46e7dd01", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 166, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "5e4ed7a0e3018e9401992f4b2ad393e290bef8fd4624520afd46309b6d1cdd13", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.01. 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Right to Convert." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s54", + "table": null, + "text": "- 45 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b168", + "block_sequence": 168, + "block_sha256": "f760058bdfcc1147b2a4e71a199886c86c5b5a3e64d31b9557857d9862952b94", + "block_type": "heading", + "char_count": 36, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 168, + "char_end": 36, + "char_start": 0, + "fragment_sha256": "bd7455c5c527df2a587d7e769b8157ae4a52dd040ab393c5d5df73a9f1a0aa5f", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.02. Conversion Procedures." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s55", + "table": null, + "text": "Section 5.02. Conversion Procedures." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b169", + "block_sequence": 169, + "block_sha256": "ee11c77935060f648fccd21e8727d27e16e83f184530122a64cefcd6dd2c2eeb", + "block_type": "paragraph", + "char_count": 4377, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 169, + "char_end": 4377, + "char_start": 0, + "fragment_sha256": "3ac9fcfc9a259f8d64b017422257265ab067cac510c700270133070e0b9007a2", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.02. Conversion Procedures." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s55", + "table": null, + "text": "(A) Generally. (i) Global Notes. To convert a beneficial interest in a Global Note that is convertible pursuant to Section 5.01(C), the owner of such beneficial interest must (1) comply with the Depositary Procedures for converting such beneficial interest (at which time such conversion will become irrevocable); and (2) pay any amounts due pursuant to Section 5.02(D) or Section 5.02(E). (ii) Physical Notes. To convert all or a portion of a Physical Note that is convertible pursuant to Section 5.01(C), the Holder of such Note must (1) complete, manually sign and deliver to the Conversion Agent the conversion notice attached to such Physical Note or a facsimile of such conversion notice; (2) deliver such Physical Note to the Conversion Agent (at which time such conversion will become irrevocable); (3) furnish any endorsements and transfer documents that the Company or the Conversion Agent may require; and (4) pay any amounts due pursuant to Section 5.02(D) or Section 5.02(E). (B) Effect of Converting a Note. At the Close of Business on the Conversion Date for a Note (or any portion thereof) to be converted, such Note (or such portion) will (unless there occurs a Default in the delivery of the Conversion Consideration or interest due, pursuant to Section 5.03(B) or 5.02(D), upon such conversion) be deemed to cease to be outstanding (and, for the avoidance of doubt, no Person will be deemed to be a Holder of such Note (or such portion thereof) as of the Close of Business on such Conversion Date), except to the extent provided in Section 5.02(D). (C) Holder of Record of Conversion Shares. The Person in whose name any share of Common Stock is issuable upon conversion of any Note will be deemed to become the holder of record of such share as of the Close of Business on the last VWAP Trading Day of the Observation Period for such conversion. (D) Interest Payable Upon Conversion in Certain Circumstances. If the Conversion Date of a Note is after a Regular Record Date and before the next Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Regular Record Date will be entitled, notwithstanding such conversion (and, for the avoidance of doubt, notwithstanding anything set forth in the proviso to this sentence), to receive, on or, at the Company\u2019s election, before such Interest Payment Date, the unpaid interest that would have accrued on such Note to, but excluding, such Interest Payment Date (assuming, solely for these purposes, that such Note remained outstanding through such Interest Payment Date); and (ii) the Holder surrendering such Note for conversion must deliver to the Conversion Agent, at the time of such surrender, an amount of cash equal to the amount of such interest referred to in clause (i) above; provided, however, that the Holder surrendering such Note for conversion need not deliver such cash (v) if the Company has specified a Redemption Date that is after such Regular Record Date and on or before the Business Day immediately after such Interest Payment Date; (w) if such Conversion Date occurs after the Regular Record Date immediately before the Maturity Date; (x) if the Company has specified a Fundamental Change Repurchase Date that is after such Regular Record Date and on or before the Business Day immediately after such Interest Payment Date; or (y) to the extent of any overdue interest or interest that has accrued on any overdue interest. For the avoidance of doubt, as a result of, and without limiting the generality of, the foregoing, if a Note is converted with a Conversion Date that is after the Regular Record Date immediately before the Maturity Date, then the Company will pay, as provided above, the interest that would have accrued on such Note to, but excluding, the Maturity Date. For the avoidance of doubt, if the Conversion Date of a Note to be converted is on an Interest Payment Date, then the Holder of such Note at the Close of Business on the Regular Record Date immediately before such Interest Payment Date will be entitled to receive, on such Interest Payment Date, the unpaid interest that has accrued on such Note to, but excluding, such Interest Payment Date, and such Note, when surrendered for conversion, need not be accompanied by any cash amount pursuant to the first sentence of this Section 5.02(D). PROfilePageNumberReset%Num%48%- % -%" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b170", + "block_sequence": 170, + "block_sha256": "f6ca3cf1bcb2bd32c8dd0ccaede5b4c6062fc57ddcfcc3ed2fe9fc656e936e34", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 170, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "8ab5e2d1a80da94dd5d1288f7e68f479db9450cec12f5af4026f69f70fd8fbae", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.02. 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Conversion Procedures." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s55", + "table": null, + "text": "- 47 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b172", + "block_sequence": 172, + "block_sha256": "951b0258393c72916231b49ce8779505630c8d001d9f9b2bcc2cddc392a159d2", + "block_type": "paragraph", + "char_count": 1139, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 172, + "char_end": 1139, + "char_start": 0, + "fragment_sha256": "e0fa917953dfa8bfb4043d1fccd4992c86d72cc590a7db722c955bca2feb1ec6", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.02. Conversion Procedures." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s55", + "table": null, + "text": "(E) Taxes and Duties. If a Holder converts a Note, the Company will pay any documentary, stamp or similar issue or transfer tax or duty due on the issue or delivery of any shares of Common Stock upon such conversion; provided, however, that if any tax or duty is due because such Holder requested such shares to be registered in a name other than such Holder\u2019s name, then such Holder will pay such tax or duty and, until having received a sum sufficient to pay such tax or duty, the Conversion Agent may refuse to deliver any such shares to be issued in a name other than that of such Holder. (F) Conversion Agent to Notify Company of Conversions. If any Note is submitted for conversion to the Conversion Agent or the Conversion Agent receives any notice of conversion with respect to a Note, then the Conversion Agent will promptly (and, in any event, no later than the date the Conversion Agent receives such Note or notice) notify the Company and the Trustee of such occurrence, together with any other information reasonably requested by the Company, and will cooperate with the Company to determine the Conversion Date for such Note." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b173", + "block_sequence": 173, + "block_sha256": "3b9e6b02958e5d9cfc70add07faf2a4d29d69051c247dcdeb3e3b6bd900c2dea", + "block_type": "heading", + "char_count": 41, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 173, + "char_end": 41, + "char_start": 0, + "fragment_sha256": "e5ec33b2a9a9bb52fa8b461496e5c71415720968c7bd8174aa17d21d6bc05d5c", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.03. Settlement Upon Conversion." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s56", + "table": null, + "text": "Section 5.03. Settlement Upon Conversion." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b174", + "block_sequence": 174, + "block_sha256": "64f91e66583f87e543d7f14bd6d18e3ae8d34c8dde5137162e2aa51296056d9a", + "block_type": "paragraph", + "char_count": 6020, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 174, + "char_end": 6020, + "char_start": 0, + "fragment_sha256": "82653f84ef9dcb0fc273ca4d75510aa3363949f67289a5c8d168b6151ef601a3", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.03. Settlement Upon Conversion." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s56", + "table": null, + "text": "(A) Settlement Method. Upon the conversion of any Note, the Company will settle such conversion by paying or delivering, as applicable and as provided in this Article 5, either (x) solely cash as provided in Section 5.03(B)(i)(1) (a \u201cCash Settlement\u201d); or (y) a combination of cash and shares of Common Stock, together, if applicable, with cash in lieu of fractional shares as provided in Section 5.03(B)(i)(2) (a \u201cCombination Settlement\u201d). (i) The Company\u2019s Right to Elect Settlement Method. The Company will have the right to elect the Settlement Method applicable to any conversion of a Note; provided, however, that: (1) subject to clause (3) below, all conversions of Notes with a Conversion Date that occurs on or after November 15, 2029 will be settled using the same Settlement Method, and the Company will send notice of such Settlement Method to Holders and the Conversion Agent no later than the Open of Business on November 15, 2029; (2) subject to clause (3) below, if the Company elects a Settlement Method with respect to the conversion of any Note whose Conversion Date occurs before November 15, 2029, then the Company will send notice of such Settlement Method to the Holder of such Note, with a copy to the Trustee and the Conversion Agent, no later than the Close of Business on the Business Day immediately after such Conversion Date; (3) if any Notes are called for Redemption, then (a) the Company will specify, in the related Redemption Notice sent pursuant to Section 4.04(G), the Settlement Method that will apply to all conversions of Notes with a Conversion Date that occurs on or after the related Redemption Notice Date and before the related Redemption Date; and (b) if such Redemption Date occurs on or after November 15, 2029, then such Settlement Method must be the same Settlement Method that, pursuant to clause (1) above, applies to all conversions of Notes with a Conversion Date that occurs on or after November 15, 2029; (4) the Company will use the same Settlement Method for all conversions of Notes with the same Conversion Date (and, for the avoidance of doubt, the Company will not be obligated to use the same Settlement Method with respect to conversions of Notes with different Conversion Dates, except as provided in clause (1) or (3) above); (5) if the Company does not timely elect a Settlement Method with respect to the conversion of a Note, then the Company will be deemed to have elected the Default Settlement Method (and, for the avoidance of doubt, the failure to timely make such election will not constitute a Default or Event of Default); and (6) if the Company timely elects Combination Settlement with respect to the conversion of a Note but does not timely notify the Holder of such Note, with a copy to the Trustee and the Conversion Agent, of the applicable Specified Dollar Amount, then the Specified Dollar Amount for such conversion will be deemed to be $1,000 per $1,000 principal amount of Notes (and, for the avoidance of doubt, the failure to timely send such notification will not constitute a Default or Event of Default). (ii) The Company\u2019s Right to Irrevocably Fix the Settlement Method. The Company will have the right, exercisable at its election by sending notice of such exercise to the Holders (with a copy to the Trustee and the Conversion Agent), to (1) irrevocably fix the Settlement Method that will apply to all conversions of Notes with a Conversion Date that occurs on or after the date such notice is sent to Holders; or (2) irrevocably elect Combination Settlement to apply to all conversions of Notes with a Conversion Date that occurs on or after the date such notice is sent to Holders, and eliminate a Specified Dollar Amount or range of Specified Dollar Amounts that will apply to such conversions, provided, in each case, that (v) in no event will the Company elect Combination Settlement with a Specified Dollar Amount that is less than $1,000 per $1,000 principal amount of Notes; (w) the Settlement Method(s) so elected pursuant to clause (1) or (2) above must be a Settlement Method or Settlement Method(s), as applicable, that the Company is then permitted to elect (for the avoidance of doubt, including pursuant to, and subject to, the other provisions of this Section 5.03(A)); (x) no such irrevocable election will affect any Settlement Method theretofore elected (or deemed to be elected) with respect to any Note pursuant to this Indenture (including pursuant to Section 8.01(G) or this Section 5.03(A)); (y) upon any such irrevocable election pursuant to clause (1) above, the Default Settlement Method will automatically be deemed to be set to the Settlement Method so fixed; and (z) upon any such irrevocable election pursuant to clause (2) above, the Company will, if needed, simultaneously change the Default Settlement Method to Combination Settlement with a Specified Dollar Amount that is consistent with such irrevocable election. Such notice, if sent, must set forth the applicable Settlement Method and expressly state that the election is irrevocable and applicable to all conversions of Notes with a Conversion Date that occurs on or after the date such notice is sent to Holders. For the avoidance of doubt, such an irrevocable election, if made, will be effective without the need to amend this Indenture or the Notes, including pursuant to Section 8.01(G) (it being understood, however, that the Company may nonetheless choose to execute such an amendment at its option). (iii) Requirement to Publicly Disclose the Fixed or Default Settlement Method. If the Company changes the Default Settlement Method pursuant to clause (x) of the proviso to the definition of such term or irrevocably fixes the Settlement Method(s) pursuant Section 5.03(A)(ii), then the Company will either post the Default Settlement Method or fixed Settlement Method(s), as applicable, on its website or disclose the same in a Current Report on Form 8-K (or any successor form) that is filed with, or furnished to, the SEC." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b175", + "block_sequence": 175, + "block_sha256": "33e6f54e6c9a1ddc1df0118d0ae653fcbca177f0380c41a9cd49a4a834ad679d", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 175, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "7c9d623fbf3d65b4f885453bf09ddc1e97076dbddc72e84830206da2a471d421", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.03. 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Settlement Upon Conversion." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s56", + "table": null, + "text": "(B) Conversion Consideration." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b178", + "block_sequence": 178, + "block_sha256": "c8aa6d9cd9545b004985f251fee4e96f1d223dce25a6869bedefd3dfc595dd73", + "block_type": "paragraph", + "char_count": 3651, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 178, + "char_end": 3651, + "char_start": 0, + "fragment_sha256": "fa392e06d06894fdd1a008d81f41d47ddf2aa48a60408009d4afbc91958ae981", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.03. Settlement Upon Conversion." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s56", + "table": null, + "text": "(i) Generally. Subject to Sections 5.03(B)(ii), 5.03(B)(iii) and 5.09(A)(2), the type and amount of consideration (the \u201cConversion Consideration\u201d) due in respect of each $1,000 principal amount of a Note to be converted will be as follows: (1) if Cash Settlement applies to such conversion, cash in an amount equal to the sum of the Daily Conversion Values for each VWAP Trading Day in the Observation Period for such conversion; or (2) if Combination Settlement applies to such conversion, consideration consisting of (a) a number of shares of Common Stock equal to the sum of the Daily Share Amounts for each VWAP Trading Day in the Observation Period for such conversion; and (b) an amount of cash equal to the sum of the Daily Cash Amounts for each VWAP Trading Day in such Observation Period. (ii) Cash in Lieu of Fractional Shares. If Combination Settlement applies to the conversion of any Note and the number of shares of Common Stock deliverable pursuant to Section 5.03(B)(i) upon such conversion is not a whole number, then such number will be rounded down to the nearest whole number and the Company will deliver, in addition to the other consideration due upon such conversion, cash in lieu of the related fractional share in an amount equal to the product of (1) such fraction and (2) the Daily VWAP on the last VWAP Trading Day of the Observation Period for such conversion. (iii) Conversion of Multiple Notes by a Single Holder. If a Holder converts more than one (1) Note on a single Conversion Date, then the Conversion Consideration due in respect of such conversion will (in the case of any Global Note, to the extent permitted by, and practicable under, the Depositary Procedures) be computed based on the total principal amount of Notes converted on such Conversion Date by such Holder. (iv) Notice of Calculation of Conversion Consideration. If any Note is to be converted, then the Company will determine the Conversion Consideration due thereupon promptly following the last VWAP Trading Day of the applicable Observation Period and will promptly thereafter send notice to the Trustee and the Conversion Agent of the same and the calculation thereof in reasonable detail. Neither the Trustee nor the Conversion Agent will have any duty to make any such determination. (C) Delivery of the Conversion Consideration. Except as set forth in Sections 5.05(D) and 5.09, the Company will pay or deliver, as applicable, the Conversion Consideration due upon the conversion of any Note to the Holder on the second (2nd) Business Day immediately after the last VWAP Trading Day of the Observation Period for such conversion. (D) Deemed Payment of Principal and Interest; Settlement of Accrued Interest Notwithstanding Conversion. If a Holder converts a Note, then the Company will not adjust the Conversion Rate to account for any accrued and unpaid interest on such Note, and, except as provided in Section 5.02(D), the Company\u2019s delivery of the Conversion Consideration due in respect of such conversion will be deemed to fully satisfy and discharge the Company\u2019s obligation to pay the principal of, and accrued and unpaid interest, if any, on, such Note to, but excluding the Conversion Date. As a result, except as provided in Section 5.02(D), any accrued and unpaid interest on a converted Note will be deemed to be paid in full rather than cancelled, extinguished or forfeited. In addition, subject to Section 5.02(D), if the Conversion Consideration for a Note consists of both cash and shares of Common Stock, then accrued and unpaid interest that is deemed to be paid therewith will be deemed to be paid first out of such cash." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b179", + "block_sequence": 179, + "block_sha256": "04d1928eb6914340cfe006d4d8dca015ca443dcf412a1e438746915d45dec64d", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 179, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "fb212cea6c0508f12d3550703253054ba366c7165408d1e7cec2d47e2cf3270b", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.03. 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Reserve and Status of Common Stock Issued Upon Conversion." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b181", + "block_sequence": 181, + "block_sha256": "02767800b954dc57c06971e6aa3cc35941172e9494740616a2cf1fd5133a9050", + "block_type": "paragraph", + "char_count": 1810, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 181, + "char_end": 1810, + "char_start": 0, + "fragment_sha256": "3ecacb850dd7209ce6795583d1dd9d196ba01b82cbf1535af7fcefcf0b35df67", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.04. Reserve and Status of Common Stock Issued Upon Conversion." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s57", + "table": null, + "text": "(A) Stock Reserve. At all times when any Notes are outstanding, the Company will reserve (out of its authorized and not outstanding but unissued shares of Common Stock that are not reserved for other purposes) a number of shares of Common Stock equal to the product of (i) the aggregate principal amount (expressed in thousands) of all then-outstanding Notes; and (ii) the Conversion Rate for the Notes (assuming, for these purposes, that the Conversion Rate is increased by the maximum amount pursuant to which the Conversion Rate may be increased pursuant to Section 5.07) . To the extent the Company delivers shares of Common Stock held in its treasury in settlement of the conversion of any Notes, each reference in this Indenture or the Notes to the issuance of shares of Common Stock in connection therewith will be deemed to include such delivery, mutatis mutandis. (B) Status of Conversion Shares; Listing. Each Conversion Share, if any, delivered upon conversion of any Note will be a newly issued or treasury share (except that any Conversion Share delivered by a designated financial institution pursuant to Section 5.08 need not be a newly issued or treasury share) and will be duly authorized, validly issued, fully paid, non-assessable, free from preemptive rights and free of any lien or adverse claim (except to the extent of any lien or adverse claim created by the action or inaction of the Holder of such Note or the Person to whom such Conversion Share will be delivered). If the Common Stock is then listed on any securities exchange, or quoted on any inter-dealer quotation system, then the Company will use commercially reasonable efforts to cause each Conversion Share, when delivered upon conversion of any Note, to be admitted for listing on such exchange or quotation on such system." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b182", + "block_sequence": 182, + "block_sha256": "828aaf21cb5435da21b42779c098beb3350d6085f221fcb584b29e66ebd0df85", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 182, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "e426b4b8d1928e3b8409f5284c594329155daa286748bf279fc89830480c734d", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.04. Reserve and Status of Common Stock Issued Upon Conversion." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s57", + "table": null, + "text": "- 51 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b183", + "block_sequence": 183, + "block_sha256": "a5ebc5ff1710948f16673b761ab15d797ac9177d33a2b011eef6951c34d2fb43", + "block_type": "heading", + "char_count": 49, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 183, + "char_end": 49, + "char_start": 0, + "fragment_sha256": "26805f3e80fda5e4cfb16f30570d2047a365af9aa9e672d33fddaa2085f54468", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.05. Adjustments to the Conversion Rate." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s58", + "table": null, + "text": "Section 5.05. Adjustments to the Conversion Rate." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b184", + "block_sequence": 184, + "block_sha256": "5b19b8f32e2b8b0adbab4c0bde405b0e71e454464154639b9238786d6612eca1", + "block_type": "paragraph", + "char_count": 588, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 184, + "char_end": 588, + "char_start": 0, + "fragment_sha256": "132a2b022ad96cfa23e913f3e3d9a128effb7d2321f14aa826cbadc925c58f96", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.05. Adjustments to the Conversion Rate." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s58", + "table": null, + "text": "(A) Events Requiring an Adjustment to the Conversion Rate. The Conversion Rate will be adjusted from time to time as follows: (i) Stock Dividends, Splits and Combinations. If the Company issues solely shares of Common Stock as a dividend or distribution on all or substantially all shares of the Common Stock, or if the Company effects a stock split or a stock combination of the Common Stock (in each case excluding an issuance solely pursuant to a Common Stock Change Event, as to which Section 5.09 will apply), then the Conversion Rate will be adjusted based on the following formula:" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b185", + "block_sequence": 185, + "block_sha256": "53e44550b63d1f3210820d29879160b76e3bdb07a69815b260c6e20213a1ea99", + "block_type": "page_header", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 185, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "bd2b3aea7cf54adf8e4cfb028457614530d478cfeb540d1ef3727e9d5a668524", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.05. Adjustments to the Conversion Rate." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s58", + "table": null, + "text": "where:" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b186", + "block_sequence": 186, + "block_sha256": "04ca4ff199b8faeb1196583c23e306a035687b7fc6d68ad3bb5e65ab90865334", + "block_type": "paragraph", + "char_count": 2131, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 186, + "char_end": 2131, + "char_start": 0, + "fragment_sha256": "7055c20bc807bc46d3a61f6c93f6acb4b5e99affd264f3ac25009c11ac22e899", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.05. Adjustments to the Conversion Rate." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s58", + "table": null, + "text": "CR0 = the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution, or immediately before the Open of Business on the effective date of such stock split or stock combination, as applicable; CR1 = the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date or the Open of Business on such effective date, as applicable; OS0 = the number of shares of Common Stock outstanding immediately before the Open of Business on such Ex-Dividend Date or effective date, as applicable, without giving effect to such dividend, distribution, stock split or stock combination; and OS1 = the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, stock split or stock combination. If any dividend, distribution, stock split or stock combination of the type described in this Section 5.05(A)(i) is declared or announced, but not so paid or made, then the Conversion Rate will be readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution or to effect such stock split or stock combination, to the Conversion Rate that would then be in effect had such dividend, distribution, stock split or stock combination not been declared or announced. (ii) Rights, Options and Warrants. If the Company distributes, to all or substantially all holders of Common Stock, rights, options or warrants (other than rights issued or otherwise distributed pursuant to a stockholder rights plan, as to which Sections 5.05(A)(iii)(1) and 5.05(F) will apply) entitling such holders, for a period of not more than sixty (60) calendar days after the date such distribution is announced, to subscribe for or purchase shares of Common Stock at a price per share that is less than the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date such distribution is announced, then the Conversion Rate will be increased based on the following formula:" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b187", + "block_sequence": 187, + "block_sha256": "c40af7d9a88ca8395b41453d3bf40cb4399eb7338448aecbfa2981c185035a90", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 187, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "a8bfec861510e30bce42ca1adec843c904f1b6d8a4c5e10e13223840cc0ce5a3", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.05. 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Adjustments to the Conversion Rate." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s58", + "table": null, + "text": "where:" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b189", + "block_sequence": 189, + "block_sha256": "6d91539bca4a3a62580363360c3308ffe42d698323289f515c03940b63edaa2e", + "block_type": "paragraph", + "char_count": 2482, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 189, + "char_end": 2482, + "char_start": 0, + "fragment_sha256": "4695c6c7015f02939f724f27d57ec59ef4b70d60323a02d837a1b2e97ae247d6", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.05. Adjustments to the Conversion Rate." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s58", + "table": null, + "text": "CR0 = the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution; CR1 = the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date; OS = the number of shares of Common Stock outstanding immediately before the Open of Business on such Ex-Dividend Date; X = the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and Y = a number of shares of Common Stock obtained by dividing (x) the aggregate price payable to exercise such rights, options or warrants by (y) the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date such distribution is announced. To the extent such rights, options or warrants are not so distributed, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the increase to the Conversion Rate for such distribution been made on the basis of only the rights, options or warrants, if any, actually distributed. In addition, to the extent that shares of Common Stock are not delivered after the expiration of such rights, options or warrants (including as a result of such rights, options or warrants not being exercised), the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the increase to the Conversion Rate for such distribution been made on the basis of delivery of only the number of shares of Common Stock actually delivered upon exercise of such rights, option or warrants. For purposes of this Section 5.05(A)(ii) and Section 5.01(C)(i)(3)(a)(I), in determining whether any rights, options or warrants entitle holders of Common Stock to subscribe for or purchase shares of Common Stock at a price per share that is less than the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date the distribution of such rights, options or warrants is announced, and in determining the aggregate price payable to exercise such rights, options or warrants, there will be taken into account any consideration the Company receives for such rights, options or warrants and any amount payable on exercise thereof, with the value of such consideration, if not cash, to be determined by the Board of Directors." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b190", + "block_sequence": 190, + "block_sha256": "6b9e6d588d98b5d7f3ca7685ba56753727fc0f0d3201bd96c96c34ec212c7b1e", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 190, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "92289221244252fd0417629f120fde4b22757d93aed41b8e136d0bcf33d45d78", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.05. 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Adjustments to the Conversion Rate." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s58", + "table": null, + "text": "(1) Distributions Other than Spin-Offs. If the Company distributes shares of its Capital Stock, evidences of its indebtedness or other assets or property of the Company, or rights, options or warrants to acquire Capital Stock of the Company or other securities, to all or substantially all holders of the Common Stock, excluding: (u) dividends, distributions, rights, options or warrants for which an adjustment to the Conversion Rate is required (or would be required without regard to Section 5.05(C)) pursuant to Section 5.05(A)(i) or 5.05(A)(ii); (v) dividends or distributions paid exclusively in cash for which an adjustment to the Conversion Rate is required (or would be required without regard to Section 5.05(C)) pursuant to Section 5.05(A)(iv); (w) rights issued or otherwise distributed pursuant to a stockholder rights plan, except to the extent provided in Section 5.05(F); (x) Spin-Offs for which an adjustment to the Conversion Rate is required (or would be required without regard to Section 5.05(C)) pursuant to Section 5.05(A)(iii)(2); (y) a distribution solely pursuant to a tender offer or exchange offer for shares of Common Stock, as to which Section 5.05(A)(v) will apply; and (z) a distribution solely pursuant to a Common Stock Change Event, as to which Section 5.09 will apply, then the Conversion Rate will be increased based on the following formula:" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b193", + "block_sequence": 193, + "block_sha256": "a4deeb277a6b94ff674bfb0a95c0023968f6b5c9bbfbd4cb5733f3d63cfa0bb8", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 193, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "a6828805180bedca2d8f8d77b0a63af4b057dcd3ad27717a2f9f71f43b662c1f", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.05. 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Adjustments to the Conversion Rate." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s58", + "table": null, + "text": "CR0 = the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution; CR1 = the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date; SP = the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before such Ex-Dividend Date; and FMV = the fair market value (as determined by the Board of Directors), as of such Ex-Dividend Date, of the shares of Capital Stock, evidences of indebtedness, assets, property, rights, options or warrants distributed per share of Common Stock pursuant to such distribution; provided, however, that if FMV is equal to or greater than SP, then, in lieu of the foregoing adjustment to the Conversion Rate, each Holder will receive, for each $1,000 principal amount of Notes held by such Holder on the Record Date for such distribution, at the same time and on the same terms as holders of Common Stock, and without having to convert its Notes, the amount and kind of shares of Capital Stock, evidences of indebtedness, assets, property, rights, options or warrants that such Holder would have received if such Holder had owned, on such Record Date, a number of shares of Common Stock equal to the Conversion Rate in effect on such Record Date. To the extent such distribution is not so paid or made, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only the distribution, if any, actually made or paid. For purposes of this Section 5.05(A)(iii)(1) (and subject to Section 5.05(F)), rights, options or warrants distributed by the Company to all holders of the Common Stock entitling them to subscribe for or purchase shares of the Company\u2019s Capital Stock, including Common Stock (either initially or under certain circumstances), which rights, options or warrants, until the occurrence of a specified event or events (\u201cTrigger Event\u201d): (x) are deemed to be transferred with such Common Stock; (y) are not exercisable; and (z) are also issued in respect of future issuances of Common Stock, will be deemed not to have been distributed for purposes of this Section 5.05(A)(iii)(1) (and no adjustment to the Conversion Rate under this Section 5.05(A)(iii)(1) will be required) until the occurrence of the earliest Trigger Event, whereupon such rights, options or warrants will be deemed to have been distributed and an appropriate adjustment (if any is required) to the Conversion Rate will be made pursuant to this Section 5.05(A)(iii)(1). If any such right, option or warrant, including any such existing rights, options or warrants distributed before the Issue Date, are subject to events, upon the occurrence of which such rights, options or warrants become exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the occurrence of any and each such event will be deemed to be the date of distribution and Ex-Dividend Date with respect to new rights, options or warrants with such rights (in which case, the existing rights, options or warrants will be deemed to terminate and expire on such date without exercise by any of the holders thereof). In addition, in the event of any distribution (or deemed distribution) of rights, options or warrants, or any Trigger Event or other event (of the type described in the immediately preceding sentence) with respect thereto that was counted for purposes of calculating a distribution amount for which an adjustment to the Conversion Rate pursuant to this Section 5.05(A)(iii)(1) was made, (x) in the case of any such rights, options or warrants that shall all have been redeemed or purchased without exercise by any holders thereof, upon such final redemption or purchase (I) the Conversion Rate will be readjusted as if such rights, options or warrants had not been issued; and (II) the Conversion Rate will then again be readjusted to give effect to such distribution, deemed distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or purchase price received by a holder or holders of Common Stock with respect to such rights, options or warrants (assuming such holder had retained such rights, options or warrants), made to all holders of Common Stock as of the date of such redemption or purchase; and (y) in the case of such rights, options or warrants that have expired or been terminated without exercise by any holders thereof, the Conversion Rate will be readjusted as if such rights, options and warrants had not been issued. (2) Spin-Offs. If the Company distributes or dividends shares of Capital Stock of any class or series, or similar equity interests, of or relating to an Affiliate, a Subsidiary or other business unit of the Company to all or substantially all holders of the Common Stock (other than solely pursuant to (x) a Common Stock Change Event, as to which Section 5.09 will apply; or (y) a tender offer or exchange offer for shares of Common Stock, as to which Section 5.05(A)(v) will apply), and such Capital Stock or equity interests are listed or quoted (or will be listed or quoted upon the consummation of the transaction) on a U.S. national securities exchange (a \u201cSpin-Off\u201d), then the Conversion Rate will be increased based on the following formula:" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b196", + "block_sequence": 196, + "block_sha256": "32486a69aa4128766ea723935d5611150b92e62cdadbc62c273b2608c34d8f18", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 196, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "1c1c595b9c1e97bee4736c7391778a5dda225be30bd2f0ba7b706006cf36ea29", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.05. 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Adjustments to the Conversion Rate." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s58", + "table": null, + "text": "CR0 = the Conversion Rate in effect immediately before the Close of Business on the last Trading Day of the Spin-Off Valuation Period for such Spin-Off; CR1 = the Conversion Rate in effect immediately after the Close of Business on the last Trading Day of the Spin-Off Valuation Period; FMV = the product of (x) the average of the Last Reported Sale Prices per share or unit of the Capital Stock or equity interests distributed in such Spin-Off over the ten (10) consecutive Trading Day period (the \u201cSpin-Off Valuation Period\u201d) beginning on, and including, the Ex-Dividend Date for such Spin-Off (such average to be determined as if references to Common Stock in the definitions of Last Reported Sale Price, Trading Day and Market Disruption Event were instead references to such Capital Stock or equity interests); and (y) the number of shares or units of such Capital Stock or equity interests distributed per share of Common Stock in such Spin-Off; and SP = the average of the Last Reported Sale Prices per share of Common Stock for each Trading Day in the Spin-Off Valuation Period. Notwithstanding anything to the contrary in this Section 5.05(A)(iii)(2), if any VWAP Trading Day of the Observation Period for a Note to be converted occurs during the Spin-Off Valuation Period for such Spin-Off, then, solely for purposes of determining the Conversion Rate for such VWAP Trading Day for such conversion, such Spin-Off Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and including, the Ex-Dividend Date for such Spin-Off to, and including, such VWAP Trading Day. To the extent any dividend or distribution of the type set forth in this Section 5.05(A)(iii)(2) is declared but not made or paid, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only the dividend or distribution, if any, actually made or paid. (iv) Cash Dividends or Distributions. If any cash dividend or distribution is made to all or substantially all holders of Common Stock, then the Conversion Rate will be increased based on the following formula:" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b199", + "block_sequence": 199, + "block_sha256": "d1d6ee823d8162eed54de3e09c4c8f45035c66008dcf8b33a87f1493e2c3e8e7", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 199, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "9a5af929a24c62447789e187d78ea92df8e9e80b8ee45fdfff1fbd73f5c58dd5", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.05. 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Adjustments to the Conversion Rate." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s58", + "table": null, + "text": "CR0 = the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution; CR1 = the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date; SP = the Last Reported Sale Price per share of Common Stock on the Trading Day immediately before such Ex-Dividend Date; and D = the cash amount distributed per share of Common Stock in such dividend or distribution; provided, however, that if D is equal to or greater than SP, then, in lieu of the foregoing adjustment to the Conversion Rate, each Holder will receive, for each $1,000 principal amount of Notes held by such Holder on the Record Date for such dividend or distribution, at the same time and on the same terms as holders of Common Stock, and without having to convert its Notes, the amount of cash that such Holder would have received if such Holder had owned, on such Record Date, a number of shares of Common Stock equal to the Conversion Rate in effect on such Record Date. To the extent such dividend or distribution is declared but not made or paid, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only the dividend or distribution, if any, actually made or paid. (v) Tender Offers or Exchange Offers. If the Company or any of its Subsidiaries makes a payment in respect of a tender offer or exchange offer for shares of Common Stock (other than solely pursuant to an odd-lot tender offer pursuant to Rule 13e-4(h)(5) under the Exchange Act), and the value (determined as of the Expiration Time by the Board of Directors) of the cash and other consideration paid per share of Common Stock in such tender or exchange offer exceeds the Last Reported Sale Price per share of Common Stock on the Trading Day immediately after the last date (the \u201cExpiration Date\u201d) on which tenders or exchanges may be made pursuant to such tender or exchange offer (as it may be amended), then the Conversion Rate will be increased based on the following formula:" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b202", + "block_sequence": 202, + "block_sha256": "fc635bc9e4d4ad1db4f15eea8a958bce299a44b16f8ac07fc0016708aa14ed8f", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 202, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "1035b72e749d11eeef2a918b8fcf9afce51add50636850cab5810cab24ab2d50", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.05. 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Adjustments to the Conversion Rate." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s58", + "table": null, + "text": "CR0 = the Conversion Rate in effect immediately before the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period for such tender or exchange offer; CR1 = the Conversion Rate in effect immediately after the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period; AC = the aggregate value (determined as of the time (the \u201cExpiration Time\u201d) such tender or exchange offer expires by the Board of Directors) of all cash and other consideration paid or payable for shares of Common Stock purchased or exchanged in such tender or exchange offer; OS0 = the number of shares of Common Stock outstanding immediately before the Expiration Time (including all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); OS1 = the number of shares of Common Stock outstanding immediately after the Expiration Time (excluding all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); and SP = the average of the Last Reported Sale Prices per share of Common Stock over the ten (10) consecutive Trading Day period (the \u201cTender/Exchange Offer Valuation Period\u201d) beginning on, and including, the Trading Day immediately after the Expiration Date; provided, however, that the Conversion Rate will in no event be adjusted down pursuant to this Section 5.05(A)(v), except to the extent provided in the immediately following paragraph. Notwithstanding anything to the contrary in this Section 5.05(A)(v), if any VWAP Trading Day of the Observation Period for a Note to be converted occurs during the Tender/Exchange Offer Valuation Period for such tender or exchange offer, then, solely for purposes of determining the Conversion Rate for such VWAP Trading Day for such conversion, such Tender/Exchange Offer Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and including, the Trading Day immediately after the Expiration Date for such tender or exchange offer to, and including, such VWAP Trading Day. To the extent such tender or exchange offer is announced but not consummated (including as a result of the Company being precluded from consummating such tender or exchange offer under applicable law), or any purchases or exchanges of shares of Common Stock in such tender or exchange offer are rescinded, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only the purchases or exchanges of shares of Common Stock, if any, actually made, and not rescinded, in such tender or exchange offer." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b205", + "block_sequence": 205, + "block_sha256": "f3e062321e9df0b61758cf8bc651e012e587f11d8aabab2c87c06250c3b8e805", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 205, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "ad84fe08d11714fc44942c505b6dc58fec349f8ae5bd1770f246bb83cb66b94e", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.05. 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Adjustments to the Conversion Rate." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s58", + "table": null, + "text": "(B) No Adjustments in Certain Cases." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b207", + "block_sequence": 207, + "block_sha256": "32830d933a8cfed12239314ef44756feacf02a4a79eb44e2d7113d7f70f74bb6", + "block_type": "paragraph", + "char_count": 8888, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 207, + "char_end": 8888, + "char_start": 0, + "fragment_sha256": "a3ffe9bc86c97e0e25032a860fad16e552f9bd564c32e99715fa00277a45ab28", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.05. Adjustments to the Conversion Rate." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s58", + "table": null, + "text": "(i) Where Holders Participate in the Transaction or Event Without Conversion. Notwithstanding anything to the contrary in Section 5.05(A), the Company will not be obligated to adjust the Conversion Rate on account of a transaction or other event otherwise requiring an adjustment pursuant to Section 5.05(A) (other than a stock split or combination of the type set forth in Section 5.05(A)(i) or a tender or exchange offer of the type set forth in Section 5.05(A)(v)) if each Holder participates, at the same time and on the same terms as holders of Common Stock, and solely by virtue of being a Holder of Notes, in such transaction or event without having to convert such Holder\u2019s Notes and as if such Holder held a number of shares of Common Stock equal to the product of (i) the Conversion Rate in effect on the related Record Date; and (ii) the aggregate principal amount (expressed in thousands) of Notes held by such Holder on such date. (ii) Certain Events. The Company will not be required to adjust the Conversion Rate except as provided in Section 5.05 or Section 5.07. Without limiting the foregoing, the Company will not be obligated to adjust the Conversion Rate on account of: (1) except as otherwise provided in Section 5.05, the sale of shares of Common Stock for a purchase price that is less than the market price per share of Common Stock or less than the Conversion Price; (2) the issuance of any shares of Common Stock pursuant to any present or future plan providing for the reinvestment of dividends or interest payable on the Company\u2019s securities and the investment of additional optional amounts in shares of Common Stock under any such plan; (3) the issuance of any shares of Common Stock or options or rights to purchase shares of Common Stock pursuant to any present or future employee, director or consultant benefit plan or program of, or assumed by, the Company or any of its Subsidiaries; (4) the issuance of any shares of Common Stock pursuant to any option, warrant, right or convertible or exchangeable security of the Company outstanding as of the Issue Date; (5) solely a change in the par value of the Common Stock; or (6) accrued and unpaid interest on the Notes. (C) If an adjustment to the Conversion Rate otherwise required by this Article 5 would result in a change of less than one percent (1%) to the Conversion Rate, then, notwithstanding anything to the contrary in this Article 5, the Company may, at its election, defer such adjustment, except that all such deferred adjustments must be given effect immediately upon the earliest of the following: (i) when all such deferred adjustments would result in an aggregate change of at least one percent (1%) to the Conversion Rate; (ii) the Conversion Date of, or any VWAP Trading Day of an Observation Period for, any Note; (iii) the effective date of a Fundamental Change or a Make-Whole Fundamental Change Effective Date; (iv) the date the Company calls any Notes for Redemption; and (v) November 15, 2029. (D) Adjustments Not Yet Effective. Notwithstanding anything to the contrary in this Indenture or the Notes, if: (i) a Note is to be converted pursuant to Combination Settlement; (ii) the Record Date, effective date or Expiration Time for any event that requires an adjustment to the Conversion Rate pursuant to Section 5.05(A) has occurred on or before any VWAP Trading Day in the Observation Period for such conversion, but an adjustment to the Conversion Rate for such event has not yet become effective as of such VWAP Trading Day; (iii) the Conversion Consideration due in respect of such VWAP Trading Day includes any whole or fractional shares of Common Stock; and (iv) such shares are not entitled to participate in such event (because they were not held on the related Record Date or otherwise), then, solely for purposes of such conversion, the Company will, without duplication, give effect to such adjustment on such VWAP Trading Day. In such case, if the date on which the Company is otherwise required to deliver the consideration due upon such conversion is before the first date on which the amount of such adjustment can be determined, then the Company will delay the settlement of such conversion until the second (2nd) Business Day after such first date. (E) Conversion Rate Adjustments where Converting Holders Participate in the Relevant Transaction or Event. Notwithstanding anything to the contrary in this Indenture or the Notes, if: (i) a Conversion Rate adjustment for any dividend or distribution becomes effective on any Ex-Dividend Date pursuant to Section 5.05(A); (ii) a Note is to be converted pursuant to Combination Settlement; (iii) any VWAP Trading Day in the Observation Period for such conversion occurs on or after such Ex-Dividend Date and on or before the related Record Date; (iv) the Conversion Consideration due in respect of such VWAP Trading Day includes any whole or fractional shares of Common Stock based on a Conversion Rate that is adjusted for such dividend or distribution; and (v) such shares would be entitled to participate in such dividend or distribution (including pursuant to Section 5.02(C)), then the Conversion Rate adjustment relating to such Ex-Dividend Date will be made for such conversion in respect of such VWAP Trading Day, but the shares of Common Stock issuable with respect to such VWAP Trading Day based on such adjusted Conversion Rate will not be entitled to participate in such dividend or distribution. (F) Stockholder Rights Plans. If any shares of Common Stock are to be issued upon conversion of any Note and, at the time of such conversion, the Company has in effect any stockholder rights plan, then the Holder of such Note will be entitled to receive, in addition to, and concurrently with the delivery of, the Conversion Consideration otherwise payable under this Indenture upon such conversion, the rights set forth in such stockholder rights plan, unless such rights have separated from the Common Stock at such time, in which case, and only in such case, the Conversion Rate will be adjusted pursuant to Section 5.05(A)(iii)(1) on account of such separation as if, at the time of such separation, the Company had made a distribution of the type referred to in such Section to all holders of the Common Stock, subject to potential readjustment in accordance with the last paragraph of Section 5.05(A)(iii)(1). (G) Limitation on Effecting Transactions Resulting in Certain Adjustments. The Company will not engage in or be a party to any transaction or event that would require the Conversion Rate to be adjusted pursuant to Section 5.05(A) or Section 5.07 to an amount that would result in the Conversion Price per share of Common Stock being less than the par value per share of Common Stock. (H) Equitable Adjustments to Prices. Whenever any provision of this Indenture requires the Company to calculate the Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion Values, the Daily Cash Amounts or the Daily Share Amounts over a span of multiple days (including, without limitation, over an Observation Period and the period, if any, for determining the Stock Price for purposes of a Make-Whole Fundamental Change), the Company will, acting in good faith and in a commercially reasonable manner, make appropriate adjustments to such calculations to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date, effective date or Expiration Date, as applicable, of such event occurs, at any time during the period when the Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion Values, the Daily Cash Amounts or the Daily Share Amounts are to be calculated. (I) Calculation of Number of Outstanding Shares of Common Stock. For purposes of Section 5.05(A), the number of shares of Common Stock outstanding at any time will (i) include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock; and (ii) exclude shares of Common Stock held in the Company\u2019s treasury (unless the Company pays any dividend or makes any distribution on shares of Common Stock held in its treasury). (J) Calculations. All calculations with respect to the Conversion Rate and adjustments thereto will be made to the nearest 1/10,000th of a share of Common Stock (with 5/100,000ths rounded upward). (K) Notice of Conversion Rate Adjustments. Upon the effectiveness of any adjustment to the Conversion Rate pursuant to Section 5.05(A), the Company will promptly send notice to the Holders, the Trustee and the Conversion Agent containing (i) a brief description of the transaction or other event on account of which such adjustment was made; (ii) the Conversion Rate in effect immediately after such adjustment; and (iii) the effective time of such adjustment." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b208", + "block_sequence": 208, + "block_sha256": "0eca601f132a941e78bc3594df26877decf4d3c4074fbabfd45dd797c429e96e", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 208, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "51053ea7d18535c78030db0674b5c5e75f4d71f032750a7895e344ed6b9ae83f", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.05. 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Voluntary Adjustments." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b212", + "block_sequence": 212, + "block_sha256": "b1acd27dbc5f95c8430bbbf22a6f6ace30c0e03a290646f257ca420c53a5d90f", + "block_type": "paragraph", + "char_count": 1062, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 212, + "char_end": 1062, + "char_start": 0, + "fragment_sha256": "280559c591ab41008083a941f88ef82f9d97e9c979b9d25617aa13b2e0a85c70", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.06. Voluntary Adjustments." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s59", + "table": null, + "text": "(A) Generally. To the extent permitted by law and applicable stock exchange rules, the Company, from time to time, may (but is not required to) increase the Conversion Rate by any amount if (i) the Board of Directors determines that such increase is either (x) in the best interest of the Company; or (y) advisable to avoid or diminish any income tax imposed on holders of Common Stock or rights to purchase Common Stock as a result of any dividend or distribution of shares (or rights to acquire shares) of Common Stock or any similar event; (ii) such increase is in effect for a period of at least twenty (20) Business Days; and (iii) such increase is irrevocable during such period. (B) Notice of Voluntary Increases. If the Board of Directors determines to increase the Conversion Rate pursuant to Section 5.06(A), then, at least fifteen (15) Business Days before such increase, the Company will send notice to each Holder, the Trustee and the Conversion Agent of such increase, the amount thereof and the period during which such increase will be in effect." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b213", + "block_sequence": 213, + "block_sha256": "6cb45ecf42362331203fc67338f55d35d7b6958d155761d7b4d8bee03ee5058d", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 213, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "7a3330f272ba348550b28304192a5aeaf08b92085b3c2a54b340ef4cec98680f", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.06. 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If a Make-Whole Fundamental Change occurs and the Conversion Date for the conversion of a Note occurs during the related Make-Whole Fundamental Change Conversion Period, then, subject to this Section 5.07, the Conversion Rate applicable to such conversion will be increased by a number of shares (the \u201cAdditional Shares\u201d) set forth in the table below corresponding (after interpolation as provided in, and subject to, the provisions below) to the Make-Whole Fundamental Change Effective Date and the Stock Price of such Make-Whole Fundamental Change:" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b216", + "block_sequence": 216, + "block_sha256": "e82075fa7fff86e3354b2dc10bd8c6fc670c0641b285146352f27e606d9c72ad", + "block_type": "table", + "char_count": 1707, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 216, + "char_end": 1707, + "char_start": 0, + "fragment_sha256": "ed13714fc1a7ee5f482689a130a7700b7c652953c7ef6e3ca4aa808e96682fef", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.07. Adjustments to the Conversion Rate in Connection with a Make-Whole Fundamental Change." + ], + "table_index": 4, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s60", + "table": { + "caption": null, + "flags": [ + "wide_table" + ], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.95, + "markdown": "| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Stock Price | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Make-Whole Fundamental Change Effective Date | | $ | 0.872 | | | $ | 1.25 | | | $ | 1.5696 | | | $ | 1.75 | | | $ | 2.04 | | | $ | 3.00 | | | $ | 5.00 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| 162.8960 | | | | 0.0000 | | | | 0.0000 | | | | 0.0000 | | | | 0.0000 | | | | 0.0000 | | | | 0.0000 | | | | 0.0000 | | | | 0.0000 | | | | 0.0000 | " + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b217", + "block_sequence": 217, + "block_sha256": "0da0132400129ba99e7dc915c8e1a8f6eb937648d6ce3b91448a96ae9c347498", + "block_type": "paragraph", + "char_count": 2753, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 217, + "char_end": 2753, + "char_start": 0, + "fragment_sha256": "f7feb6188e659e9baa52f9321c788900f41b3365e4d759e66919d89d7c2123e0", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.07. Adjustments to the Conversion Rate in Connection with a Make-Whole Fundamental Change." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s60", + "table": null, + "text": "If such Make-Whole Fundamental Change Effective Date or Stock Price is not set forth in the table above, then: (i) if such Stock Price is between two Stock Prices in the table above or the Make-Whole Fundamental Change Effective Date is between two dates in the table above, then the number of Additional Shares will be determined by straight-line interpolation between the numbers of Additional Shares set forth for the higher and lower Stock Prices in the table above or the earlier and later dates in the table above, based on a 365- or 366-day year, as applicable; and (ii) if the Stock Price is greater than $25.00 (subject to adjustment in the same manner as the Stock Prices set forth in the column headings of the table above are adjusted pursuant to Section 5.07(B)), or less than $0.872 (subject to adjustment in the same manner), per share, then no Additional Shares will be added to the Conversion Rate. Notwithstanding anything to the contrary in this Indenture or the Notes, in no event will the Conversion Rate be increased to an amount that exceeds 1,089.4495 shares of Common Stock per $1,000 principal amount of Notes, which amount is subject to adjustment in the same manner as, and at the same time and for the same events for which, the Conversion Rate is required to be adjusted pursuant to Section 5.05(A). For the avoidance of doubt, but subject to Section 4.04(J), (x) the sending of a Redemption Notice will constitute a Make-Whole Fundamental Change only with respect to the Notes called for Redemption pursuant to such Redemption Notice, and not with respect to any other Notes; and (y) the Conversion Rate applicable to the Notes not so called for Redemption will not be subject to increase pursuant to this Section 5.07 on account of such Redemption Notice. (B) Adjustment of Stock Prices and Number of Additional Shares. The Stock Prices in the first row (i.e., the column headers) of the table set forth in Section 5.07(A) will be adjusted in the same manner as, and at the same time and for the same events for which, the Conversion Price is adjusted as a result of the operation of Section 5.05(A). The numbers of Additional Shares in the table set forth in Section 5.07(A) will be adjusted in the same manner as, and at the same time and for the same events for which, the Conversion Rate is adjusted pursuant to Section 5.05(A). (C) Notice of the Occurrence of a Make-Whole Fundamental Change. The Company will notify the Holders, the Trustee and the Conversion Agent of each Make-Whole Fundamental Change (i) occurring pursuant to clause (A) of the definition thereof in accordance with Section 5.01(C)(i)(3)(b); and (ii) occurring pursuant to clause (B) of the definition thereof in accordance with Section 4.04(G)." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b218", + "block_sequence": 218, + "block_sha256": "e9ada1b9f37de6ea4f356960a36fc5ea63cc90409b97446ca76d88ff18f982c4", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 218, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "7e2e1ece4c0428c4b11a3273359289226fb8447e30579c831e5e10c64071a1b5", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.07. 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Exchange in Lieu of Conversion." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s61", + "table": null, + "text": "Section 5.08. Exchange in Lieu of Conversion." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b220", + "block_sequence": 220, + "block_sha256": "fc9d69cb53431664b6dbb97612c7c6a30e30f5ba2e1ad75cbb3e56be8a5e2cca", + "block_type": "paragraph", + "char_count": 1995, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 220, + "char_end": 1995, + "char_start": 0, + "fragment_sha256": "9d96ed525c56738b975261ad42df9dc7e07e56059cb3c5f9044aa04bfc3b80f7", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.08. Exchange in Lieu of Conversion." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s61", + "table": null, + "text": "Notwithstanding anything to the contrary in this Article 5, and subject to the terms of this Section 5.08, if a Note is submitted for conversion, the Company may elect to arrange to have such Note exchanged in lieu of conversion by a financial institution designated by the Company. To make such election, the Company must send notice of such election to the Holder of such Note, the Trustee and the Conversion Agent before the Close of Business on the Business Day immediately following the Conversion Date for such Note. If the Company has made such election, then: (A) no later than the Business Day immediately following such Conversion Date, the Company must deliver (or cause the Conversion Agent to deliver) such Note, together with delivery instructions for the Conversion Consideration due upon such conversion (including wire instructions, if applicable), to a financial institution designated by the Company that has agreed to deliver such Conversion Consideration in the manner and at the time the Company would have had to deliver the same pursuant to this Article 5; (B) if such Note is a Global Note, then (i) such designated institution will send written confirmation to the Conversion Agent promptly after wiring the cash Conversion Consideration, if any, and delivering any other Conversion Consideration, due upon such conversion to the Holder of such Note; and (ii) the Conversion Agent will as soon as reasonably practicable thereafter contact such Holder\u2019s custodian with the Depositary to confirm receipt of the same; and (C) such Note will not cease to be outstanding by reason of such exchange in lieu of conversion; provided, however, that if such financial institution does not accept such Note or fails to timely deliver such Conversion Consideration, then the Company will be responsible for delivering such Conversion Consideration in the manner and at the time provided in this Article 5 as if the Company had not elected to make an exchange in lieu of conversion." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b221", + "block_sequence": 221, + "block_sha256": "7e508078565efb54b965bb798b43ac7d1b943508558d44ca2a256505c13db360", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 221, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "ba1aea1a750b522438835fa63d9080b1afe5e6773b418178eac5db785117ebe3", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.08. 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Effect of Common Stock Change Event." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b223", + "block_sequence": 223, + "block_sha256": "4701f41897f1091a3a872c1d164332fef904ff4176208624201f9f062de73ca2", + "block_type": "paragraph", + "char_count": 6211, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 223, + "char_end": 6211, + "char_start": 0, + "fragment_sha256": "b465f8658d0a6776768a780ca897c04056f1d27a6aae2377cd497e30f3d6cbbb", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.09. Effect of Common Stock Change Event." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s62", + "table": null, + "text": "(A) Generally. If there occurs any: (i) recapitalization, reclassification or change of the Common Stock (other than (x) changes solely resulting from a subdivision or combination of the Common Stock, (y) a change only in par value or from par value to no par value or no par value to par value and (z) stock splits and stock combinations that do not involve the issuance of any other series or class of securities); (ii) consolidation, merger, combination or binding or statutory share exchange involving the Company; (iii) sale, lease or other transfer of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any Person; or (iv) other similar event, and, as a result of which, the Common Stock is converted into, or is exchanged for, or represents solely the right to receive, other securities, cash or other property, or any combination of the foregoing (such an event, a \u201cCommon Stock Change Event,\u201d and such other securities, cash or property, the \u201cReference Property,\u201d and the amount and kind of Reference Property that a holder of one (1) share of Common Stock would be entitled to receive on account of such Common Stock Change Event (without giving effect to any arrangement not to issue or deliver a fractional portion of any security or other property), a \u201cReference Property Unit\u201d), then, notwithstanding anything to the contrary in this Indenture or the Notes, (1) from and after the effective time of such Common Stock Change Event, (I) the Conversion Consideration due upon conversion of any Note, and the conditions to any such conversion, will be determined in the same manner as if each reference to any number of shares of Common Stock in this Article 5 (or in any related definitions) were instead a reference to the same number of Reference Property Units; (II) for purposes of Section 4.04, each reference to any number of shares of Common Stock in such Section (or in any related definitions) will instead be deemed to be a reference to the same number of Reference Property Units; (III) for purposes of the definition of \u201cRecord Date,\u201d the term \u201cCommon Stock\u201d will be deemed to refer to any class of securities forming part of such Reference Property; and (IV) for purposes of the definitions of \u201cFundamental Change\u201d and \u201cMake-Whole Fundamental Change,\u201d references to \u201cCommon Stock\u201d and the Company\u2019s \u201cCommon Equity\u201d will be deemed to refer to the Common Equity (including depositary receipts representing Common Equity), if any, forming part of such Reference Property; (2) if such Reference Property Unit consists entirely of cash, then (I) each conversion of any Note with a Conversion Date that occurs on or after the effective date of such Common Stock Change Event will be settled entirely in cash in an amount, per $1,000 principal amount of such Note being converted, equal to the product of (x) the Conversion Rate in effect on such Conversion Date (including, for the avoidance of doubt, any increase to such Conversion Rate pursuant to Section 5.07, if applicable); and (y) the amount of cash constituting such Reference Property Unit; and (II) the Company will settle each such conversion no later than the second (2nd) Business Day after the relevant Conversion Date; and (3) for these purposes, (I) the Daily VWAP of any Reference Property Unit or portion thereof that consists of a class of Common Equity securities listed on a national securities exchange will be determined by reference to the definition of \u201cDaily VWAP,\u201d substituting, if applicable, the Bloomberg page for such class of securities in such definition; and (II) the Daily VWAP of any Reference Property Unit or portion thereof that does not consist of a class of Common Equity securities listed on a national securities exchange, and the Last Reported Sale Price of any Reference Property Unit or portion thereof that does not consist of a class of securities, will be the fair value of such Reference Property Unit or portion thereof, as applicable, determined in good faith and in a commercially reasonable manner by the Company (or, in the case of cash denominated in U.S. dollars, the face amount thereof). If the Reference Property consists of more than a single type of consideration to be determined based in part upon any form of stockholder election, then the composition of the Reference Property Unit will be deemed to be the weighted average of the types and amounts of consideration actually received, per share of Common Stock, by the holders of Common Stock. The Company will notify Holders, the Trustee and the Conversion Agent of such weighted average as soon as practicable after such determination is made. At or before the effective time of such Common Stock Change Event, the Company and the resulting, surviving or transferee Person (if not the Company) of such Common Stock Change Event (the \u201cSuccessor Person\u201d) will execute and deliver to the Trustee a supplemental indenture pursuant to Section 8.01(F), which supplemental indenture will (x) provide for subsequent conversions of Notes in the manner set forth in this Section 5.09; (y) provide for subsequent adjustments to the Conversion Rate pursuant to Section 5.05(A) in a manner consistent with this Section 5.09; and (z) contain such other provisions, if any, that the Company determines in good faith and in a commercially reasonable manner are appropriate to preserve the economic interests of the Holders and to give effect to the provisions of this Section 5.09(A). If the Reference Property includes shares of stock or other securities or assets (other than cash) of a Person other than the Successor Person, then such other Person will also execute such supplemental indenture and such supplemental indenture will contain such additional provisions, if any, that the Company reasonably determines are appropriate to preserve the economic interests of the Holders. (B) Notice of Common Stock Change Events. The Company will provide notice of each Common Stock Change Event in the manner provided in Section 5.01(C)(i)(3)(b). (C) Compliance Covenant. The Company will not become a party to any Common Stock Change Event unless its terms are consistent with this Section 5.09." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b224", + "block_sequence": 224, + "block_sha256": "2f7b6a4c92484d6d18afdd6f5509f36e8f79de150c976d859cc29fd3b1842e5b", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 224, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "3ce2bed7734e9edbda4c9cd041e411fcc047f758c1456050a493e01393c0aa69", + "heading_path": [ + "EXHIBIT 4.1", + "Section 5.09. 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When the Company May Merge, Etc." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b228", + "block_sequence": 228, + "block_sha256": "4dcdb950713c82a6bf7fedc9706b69741387a7998eb02e1c0441c36ad79171b8", + "block_type": "paragraph", + "char_count": 1555, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 228, + "char_end": 1555, + "char_start": 0, + "fragment_sha256": "0ad359288530ec4270a4efa9524f8aa914920212942b7aa6b227da1076963673", + "heading_path": [ + "EXHIBIT 4.1", + "Section 6.01. When the Company May Merge, Etc." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s64", + "table": null, + "text": "(A) Generally. The Company will not consolidate with or merge with or into, or (directly, or indirectly through one or more of its Subsidiaries) sell, lease or otherwise transfer, in one transaction or a series of transactions, all or substantially all of the consolidated assets of the Company and its Subsidiaries, taken as a whole, to another Person (a \u201cBusiness Combination Event\u201d), unless: (i) the resulting, surviving or transferee Person either (x) is the Company or (y) if not the Company, is a corporation (the \u201cSuccessor Corporation\u201d) duly organized and existing under the laws of the United States of America, any State thereof or the District of Columbia that expressly assumes (by executing and delivering to the Trustee, at or before the effective time of such Business Combination Event, a supplemental indenture pursuant to Section 8.01(E)) all of the Company\u2019s obligations under this Indenture and the Notes; and (ii) immediately after giving effect to such Business Combination Event, no Default or Event of Default will have occurred and be continuing. (B) Delivery of Officer\u2019s Certificate and Opinion of Counsel to the Trustee. Before the effective time of any Business Combination Event, the Company will deliver to the Trustee an Officer\u2019s Certificate and Opinion of Counsel, each stating that (i) such Business Combination Event (and, if applicable, the related supplemental indenture) comply with Section 6.01(A); and (ii) all conditions precedent to such Business Combination Event provided in this Indenture have been satisfied." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b229", + "block_sequence": 229, + "block_sha256": "6afb7470fa059d18907e318488c827506cb66481f83df7a84e9a51fa6a36190a", + "block_type": "heading", + "char_count": 48, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 229, + "char_end": 48, + "char_start": 0, + "fragment_sha256": "c38fe898f64c3caad0a14262d6e147028dda6a19fe5dc1e5640770eeb79b0a07", + "heading_path": [ + "EXHIBIT 4.1", + "Section 6.02. Successor Corporation Substituted." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s65", + "table": null, + "text": "Section 6.02. Successor Corporation Substituted." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b230", + "block_sequence": 230, + "block_sha256": "ca18a2a632b6f76cb4d1866afc09e4158731bf79a105712e81417db92c557910", + "block_type": "paragraph", + "char_count": 495, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 230, + "char_end": 495, + "char_start": 0, + "fragment_sha256": "b651bbfaa616507364fd183aa965b2282d5f246159b23a6b17a5af9ce73fb72f", + "heading_path": [ + "EXHIBIT 4.1", + "Section 6.02. Successor Corporation Substituted." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s65", + "table": null, + "text": "At the effective time of any Business Combination Event that complies with Section 6.01, the Successor Corporation (if not the Company) will succeed to, and may exercise every right and power of, the Company under this Indenture and the Notes with the same effect as if such Successor Corporation had been named as the Company in this Indenture and the Notes, and, except in the case of a lease, the predecessor Company will be discharged from its obligations under this Indenture and the Notes." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b231", + "block_sequence": 231, + "block_sha256": "2fde1150ec74fb924d8852800a7df5f1fe8c9e323f0e4f8345765b16bc8988e4", + "block_type": "heading", + "char_count": 52, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 231, + "char_end": 52, + "char_start": 0, + "fragment_sha256": "e75aa7a7042b0003595033f191cf5a4a61f6407306e8196c4db71a5af66df873", + "heading_path": [ + "EXHIBIT 4.1", + "Section 6.03. Exclusion for Certain Asset Transfers." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s66", + "table": null, + "text": "Section 6.03. Exclusion for Certain Asset Transfers." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b232", + "block_sequence": 232, + "block_sha256": "90a5447769cb050b29524de524da6ca09d6cf88b7b1768f2e1b52f95f6777e84", + "block_type": "paragraph", + "char_count": 600, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 232, + "char_end": 600, + "char_start": 0, + "fragment_sha256": "f9ca634ddd6f851b3fa767d114a094b2429f1fc5ea235f73253fd89098ea66a2", + "heading_path": [ + "EXHIBIT 4.1", + "Section 6.03. Exclusion for Certain Asset Transfers." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s66", + "table": null, + "text": "Notwithstanding anything to the contrary in this Article 6, this Article 6 will not apply to (i) any transfer of assets between or among the Company and any one or more of its Wholly Owned Subsidiaries not effected by merger or consolidation, (ii) sales or other transfers of residential real property and/or mortgage loans in the ordinary course of the Company\u2019s business or (iii) transfers to the Company\u2019s Subsidiaries in connection with bona fide financing transactions and equity transfers of the equity of the Company\u2019s Subsidiaries in connection with establishing bona fide financing vehicles." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b233", + "block_sequence": 233, + "block_sha256": "64b8df9f3eae2b399dc5d00217456c37f51e1992a230c78d79709f6f729cefec", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 233, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "f59d02fc17e3c10cb2a89ba6dfb0e25c040fa3ae99b3ac6dafe7c696b09c362d", + "heading_path": [ + "EXHIBIT 4.1", + "Section 6.03. 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Events of Default." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b236", + "block_sequence": 236, + "block_sha256": "55e4acf795e93816371a39a603ba6fe99bb7c48309a3f66e343573b44826b67c", + "block_type": "paragraph", + "char_count": 5408, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 236, + "char_end": 5408, + "char_start": 0, + "fragment_sha256": "84cbcac09c0f8f171b3d15f2ee907a3f984f4e7eae766f44628f933ff22b67d3", + "heading_path": [ + "EXHIBIT 4.1", + "Section 7.01. Events of Default." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s68", + "table": null, + "text": "(A) Definition of Events of Default. \u201cEvent of Default\u201d means the occurrence of any of the following: (i) a default in the payment when due (whether at maturity, upon Redemption or upon Repurchase Upon Fundamental Change or Optional Repurchase, otherwise) of the principal of, or the Redemption Price or Fundamental Change Repurchase Price or Optional Repurchase Price for, any Note; (ii) a default for thirty (30) consecutive days in the payment when due of interest on any Note; (iii) the Company\u2019s failure to deliver, when required by this Indenture, a Fundamental Change Notice, an Optional Repurchase Date Notice or a notice pursuant to Section 5.01(C)(i)(3), if (in the case of any notice other than a notice pursuant to Section 5.01(C)(i)(3)(a)) such failure is not cured within five (5) days after its occurrence; (iv) a default in the Company\u2019s obligation to convert a Note in accordance with Article 5 upon the exercise of the conversion right with respect thereto, if such default is not cured within three (3) Business Days after its occurrence; (v) a default in the Company\u2019s obligations under Article 6; (vi) a default in any of the Company\u2019s obligations or agreements under this Indenture or the Notes (other than a default set forth in clause (i), (ii), (iii), (iv) or (v) of this Section 7.01(A)) where such default is not cured or waived within sixty (60) days after notice to the Company by the Trustee, or to the Company and the Trustee by Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding, which notice must specify such default, demand that it be remedied and state that such notice is a \u201cNotice of Default\u201d; (vii) a default by the Company or any of the Company\u2019s Subsidiaries with respect to any one or more mortgages, agreements or other instruments under which there is outstanding, or by which there is secured or evidenced, any indebtedness for money borrowed (other than (i) any non-recourse indebtedness for borrowed money (it being understood and agreed that limited recourse provisions in respect of the applicable financing assets, transaction structure or that otherwise are customary in transactions in which the primary recourse is to financing assets shall not cause indebtedness that is otherwise non-recourse indebtedness to constitute recourse indebtedness) or (ii) indebtedness of the Company\u2019s Subsidiaries if such Subsidiaries are special purpose entities that serve as a vehicle to obtain financing that is otherwise non-recourse to the Company and its other non-special purpose entity Subsidiaries (it being understood and agreed that limited recourse provisions in respect of the applicable financing assets, transaction structure or that otherwise are customary in transactions in which the primary recourse is to financing assets shall not cause indebtedness that is otherwise non-recourse indebtedness to constitute recourse indebtedness)) of at least $50,000,000 (or its foreign currency equivalent) in the aggregate of the Company or any of the Company\u2019s Subsidiaries, whether such indebtedness exists as of the Issue Date or is thereafter created, where such default: (1) constitutes a failure to pay the principal of or interest on such indebtedness when due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, in each case after the expiration of any applicable grace period; or (2) results in such indebtedness becoming or being declared due and payable before its stated maturity, in each case where such default is not cured or waived within thirty (30) days after notice to the Company by the Trustee or to the Company and the Trustee by Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding; (viii) the Company or any of its Significant Subsidiaries, pursuant to or within the meaning of any Bankruptcy Law, either: (1) commences a voluntary case or proceeding; (2) consents to the entry of an order for relief against it in an involuntary case or proceeding; (3) consents to the appointment of a custodian of it or for any substantial part of its property; (4) makes a general assignment for the benefit of its creditors; (5) takes any comparable action under any foreign Bankruptcy Law; or (6) generally is not paying its debts as they become due; or (ix) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that either: (1) is for relief against the Company or any of its Significant Subsidiaries in an involuntary case or proceeding; (2) appoints a custodian of the Company or any of its Significant Subsidiaries, or for any substantial part of the property of the Company or any of its Significant Subsidiaries; (3) orders the winding up or liquidation of the Company or any of its Significant Subsidiaries; or (4) grants any similar relief under any foreign Bankruptcy Law, and, in each case under this Section 7.01(A)(ix), such order or decree remains unstayed and in effect for at least sixty (60) days. (B) Cause Irrelevant. Each of the events set forth in Section 7.01(A) will constitute an Event of Default regardless of the cause thereof or whether voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b237", + "block_sequence": 237, + "block_sha256": "2d9db9b5e8fee897c669cdf26b2eaa1d518363cee2e608fe6f75e13ccaf03ce4", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 237, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "a86ee54efc2e58a646dacafa8c9c9a433237ad99755789af3dfabdb08dd537ec", + "heading_path": [ + "EXHIBIT 4.1", + "Section 7.01. Events of Default." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s68", + "table": null, + "text": "- 68 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b238", + "block_sequence": 238, + "block_sha256": "b86b0fff1c34b0ba0ebc972dec8bb7d71572ec4ea7917b36de9afbbd5767b91b", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 238, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "02140015075d3a27f04ce52bb1d14e4344147d4e49a96c4139e5efd26b0f634c", + "heading_path": [ + "EXHIBIT 4.1", + "Section 7.01. Events of Default." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s68", + "table": null, + "text": "- 69 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b239", + "block_sequence": 239, + "block_sha256": "8fc075d160332bfb75e01b7514f690d16bdc66ea6cd127203261f60235776217", + "block_type": "heading", + "char_count": 27, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 239, + "char_end": 27, + "char_start": 0, + "fragment_sha256": "f1e8bc62e1ac1bfe8cde553c4498da2c6438c36559b349b341683466fe08a294", + "heading_path": [ + "EXHIBIT 4.1", + "Section 7.02. Acceleration." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s69", + "table": null, + "text": "Section 7.02. Acceleration." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b240", + "block_sequence": 240, + "block_sha256": "1e96dca943ab6a29d0689289e2137515b5d956d5050a5918a33be061f3b67da2", + "block_type": "paragraph", + "char_count": 1776, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 240, + "char_end": 1776, + "char_start": 0, + "fragment_sha256": "ef7166ef8674b2eb77e8237e67c1f2d2e7367a89733d1a9107fc237c666d9861", + "heading_path": [ + "EXHIBIT 4.1", + "Section 7.02. Acceleration." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s69", + "table": null, + "text": "(A) Automatic Acceleration in Certain Circumstances. If an Event of Default set forth in Section 7.01(A)(viii) or 7.01(A)(ix) occurs with respect to the Company (and not solely with respect to a Significant Subsidiary of the Company), then the principal amount of, and all accrued and unpaid interest on, all of the Notes then outstanding will immediately become due and payable without any further action or notice by any Person. (B) Optional Acceleration. Subject to Section 7.03, if an Event of Default (other than an Event of Default set forth in Section 7.01(A)(viii) or 7.01(A)(ix) with respect to the Company and not solely with respect to a Significant Subsidiary of the Company) occurs and is continuing, then the Trustee, by notice to the Company, or Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding, by notice to the Company and the Trustee, may declare the principal amount of, and all accrued and unpaid interest on, all of the Notes then outstanding to become due and payable immediately. (C) Rescission of Acceleration. Notwithstanding anything to the contrary in this Indenture or the Notes, the Holders of a majority in aggregate principal amount of the Notes then outstanding, by notice to the Company and the Trustee, may, on behalf of all Holders, rescind any acceleration of the Notes and its consequences if (i) such rescission would not conflict with any judgment or decree of a court of competent jurisdiction; and (ii) all existing Events of Default (except the non-payment of principal of, or interest on, the Notes that has become due solely because of such acceleration) have been cured or waived. No such rescission will affect any subsequent Default or impair any right consequent thereto." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b241", + "block_sequence": 241, + "block_sha256": "3f059f0cda05d94e044322904124d7cbf87007d63714d75d5cfe3022489253d0", + "block_type": "heading", + "char_count": 50, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 241, + "char_end": 50, + "char_start": 0, + "fragment_sha256": "40d3e844dd9583c62107b38ef82cb070950e1dbc16159e3f7afd8798d5e87149", + "heading_path": [ + "EXHIBIT 4.1", + "Section 7.03. Sole Remedy for a Failure to Report." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s70", + "table": null, + "text": "Section 7.03. Sole Remedy for a Failure to Report." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b242", + "block_sequence": 242, + "block_sha256": "c41084f1b3c2efbfb5bf1e4331b43506a20cc31450d95920c27dc9f6f7c94c50", + "block_type": "paragraph", + "char_count": 3839, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 242, + "char_end": 3839, + "char_start": 0, + "fragment_sha256": "85dd48f42ce595fe66c09d24b83c35d6c3be4e3575d284c40c77f1f39323fb74", + "heading_path": [ + "EXHIBIT 4.1", + "Section 7.03. Sole Remedy for a Failure to Report." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s70", + "table": null, + "text": "(A) Generally. Notwithstanding anything to the contrary in this Indenture or the Notes, the Company may elect that the sole remedy for any Event of Default (a \u201cReporting Event of Default\u201d) pursuant to Section 7.01(A)(vi) arising from the Company\u2019s failure to comply with Section 3.02 will, for each of the first one hundred and eighty (180) calendar days on which a Reporting Event of Default has occurred and is continuing, consist exclusively of the accrual of Special Interest on the Notes. If the Company has made such an election, then (i) the Notes will be subject to acceleration pursuant to Section 7.02 on account of the relevant Reporting Event of Default from, and including, the one hundred and eighty first (181st) calendar day on which a Reporting Event of Default has occurred and is continuing or if the Company fails to pay any accrued and unpaid Special Interest when due; and (ii) Special Interest will cease to accrue on any Notes from, and including, such one hundred and eighty first (181st) calendar day (it being understood that interest on any defaulted Special Interest will nonetheless accrue pursuant to Section 2.05(B)). (B) Amount and Payment of Special Interest. Any Special Interest that accrues on a Note pursuant to Section 7.03(A) will be payable on the same dates and in the same manner as the Stated Interest on such Note and will accrue at a rate per annum equal to one half of one percent (0.50%) of the principal amount thereof; provided, however, that in no event will Special Interest payable at the Company\u2019s election for its failure to comply with its reporting obligations as set forth in Section 3.02(A), together with any Additional Interest that may accrue as a result of the Company\u2019s failure to timely file any document or report that it is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (other than reports on Form 8-K) pursuant to Section 3.04(A), accrue on any day on a Note at a combined rate per annum that exceeds one percent (1.00%). For the avoidance of doubt, any Special Interest that accrues on a Note will be in addition to the Stated Interest that accrues on such Note and, subject to the proviso of the immediately preceding sentence, in addition to any Additional Interest that accrues on such Note. (C) Notice of Election. To make the election set forth in Section 7.03(A), the Company must send to the Holders and the Trustee before the date on which each Reporting Event of Default first occurs, a notice that (i) briefly describes the report(s) that the Company failed to file with the SEC; (ii) states that the Company is electing that the sole remedy for such Reporting Event of Default consist of the accrual of Special Interest; and (iii) briefly describes the periods during which and rate at which Special Interest will accrue and the circumstances under which the Notes will be subject to acceleration on account of such Reporting Event of Default. (D) Notice to Trustee and Paying Agent; Trustee\u2019s Disclaimer. If Special Interest accrues on any Note, then, no later than five (5) Business Days before each date on which such Special Interest is to be paid, the Company will deliver an Officer\u2019s Certificate to the Trustee and the Paying Agent stating (i) that the Company is obligated to pay Special Interest on such Note on such date of payment; and (ii) the amount of such Special Interest that is payable on such date of payment. The Trustee will have no duty to determine whether any Special Interest is payable or the amount thereof. (E) No Effect on Other Events of Default. No election pursuant to this Section 7.03 with respect to a Reporting Event of Default will affect the rights of any Holder with respect to any other Event of Default, including with respect to any other Reporting Event of Default." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b243", + "block_sequence": 243, + "block_sha256": "2b5d112553bb615d1c529fcf2ac66f4c9d3bb6c11ddcf0625b4c4cdb57a6a6da", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 243, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "204f8e04e404c71c7e840a2eb2443cd8dcd0f3e26386a34732e49627099d389d", + "heading_path": [ + "EXHIBIT 4.1", + "Section 7.03. Sole Remedy for a Failure to Report." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s70", + "table": null, + "text": "- 70 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b244", + "block_sequence": 244, + "block_sha256": "4537d04ba6adb163b8276988113a09136cd9fd7e67acea785e875396fcdfb5c2", + "block_type": "heading", + "char_count": 29, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 244, + "char_end": 29, + "char_start": 0, + "fragment_sha256": "7cdfd3cf8d7795f2a26291d2bf937f72c8f2df64fbcdce0b4b646408cab154e2", + "heading_path": [ + "EXHIBIT 4.1", + "Section 7.04. Other Remedies." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s71", + "table": null, + "text": "Section 7.04. Other Remedies." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b245", + "block_sequence": 245, + "block_sha256": "4a5afcb4b7c4e86d55ec8f0a026ae70abda776e5a86d10692fd5a6c64ef96434", + "block_type": "paragraph", + "char_count": 723, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 245, + "char_end": 723, + "char_start": 0, + "fragment_sha256": "b12dcd351fcdd1b72579ac1f908a8a6b6f250974a9930df68fcb85b0d5311159", + "heading_path": [ + "EXHIBIT 4.1", + "Section 7.04. Other Remedies." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s71", + "table": null, + "text": "(A) Trustee May Pursue All Remedies. If an Event of Default occurs and is continuing, then the Trustee may pursue any available remedy to collect the payment of any amounts due with respect to the Notes or to enforce the performance of any provision of this Indenture or the Notes. (B) Procedural Matters. The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in such proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy following an Event of Default will not impair the right or remedy or constitute a waiver of, or acquiescence in, such Event of Default. All remedies will be cumulative to the extent permitted by law." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b246", + "block_sequence": 246, + "block_sha256": "02cea8e34510a91735d0077f8934f170c293bf72a789e2505de7c474fdd87f79", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 246, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "1475da10ff13760097bd50e103fde7adbdffa5b4807d1cbc87b1b830a119def1", + "heading_path": [ + "EXHIBIT 4.1", + "Section 7.04. Other Remedies." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s71", + "table": null, + "text": "- 71 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b247", + "block_sequence": 247, + "block_sha256": "0136cb2e5ca0460279521dd36495da438545a7d9578049ba97950a6a7e7883b6", + "block_type": "heading", + "char_count": 38, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 247, + "char_end": 38, + "char_start": 0, + "fragment_sha256": "f6340a206dc4bf3c1417d65d681ceac9b1965a100a66601f9e38c2cfc7fab6e9", + "heading_path": [ + "EXHIBIT 4.1", + "Section 7.05. Waiver of Past Defaults." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s72", + "table": null, + "text": "Section 7.05. Waiver of Past Defaults." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b248", + "block_sequence": 248, + "block_sha256": "71b43d50dfd0d7e01bb5f907d0975043d105a91c8e86371356bb565ac6286b23", + "block_type": "paragraph", + "char_count": 852, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 248, + "char_end": 852, + "char_start": 0, + "fragment_sha256": "ebb080e24a16cf52e983333fc70bdd8eee4786f34fad7f83bce5f2be574133db", + "heading_path": [ + "EXHIBIT 4.1", + "Section 7.05. Waiver of Past Defaults." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s72", + "table": null, + "text": "An Event of Default pursuant to clause (i), (ii), (iv) or (vi) of Section 7.01(A) (that, in the case of clause (vi) only, results from a Default under any covenant that cannot be amended without the consent of each affected Holder), and a Default that could lead to such an Event of Default, can be waived only with the consent of each affected Holder. Each other Default or Event of Default may be waived, on behalf of all Holders, by the Holders of a majority in aggregate principal amount of the Notes then outstanding. If an Event of Default is so waived, then it will cease to exist. If a Default is so waived, then it will be deemed to be cured and any Event of Default arising therefrom will be deemed not to occur. However, no such waiver will extend to any subsequent or other Default or Event of Default or impair any right arising therefrom." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b249", + "block_sequence": 249, + "block_sha256": "57e2b223fe6a326cd859fb19bad6737ffe013243e590de3be1f6d9f2d3d38714", + "block_type": "heading", + "char_count": 34, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 249, + "char_end": 34, + "char_start": 0, + "fragment_sha256": "534cc19fcf6d79c7241c8da68f3e2aff839375e2b86b21123288b58c804779ae", + "heading_path": [ + "EXHIBIT 4.1", + "Section 7.06. Control by Majority." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s73", + "table": null, + "text": "Section 7.06. Control by Majority." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b250", + "block_sequence": 250, + "block_sha256": "94f3d07e0c1aad04e41bd19c8957eebf4063215be88543efa5240c1b8f3fb52f", + "block_type": "paragraph", + "char_count": 746, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 250, + "char_end": 746, + "char_start": 0, + "fragment_sha256": "a9031708f722ba6a82253b15e2949841a831d238656f293947aeb10defe1c51d", + "heading_path": [ + "EXHIBIT 4.1", + "Section 7.06. Control by Majority." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s73", + "table": null, + "text": "Holders of a majority in aggregate principal amount of the Notes then outstanding may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law, this Indenture or the Notes, or that, subject to Section 10.01, the Trustee determines may be unduly prejudicial to the rights of other Holders or may involve the Trustee in liability, unless the Trustee is offered (and, if requested, provided with) security and indemnity satisfactory to the Trustee against any loss, liability or expense to the Trustee that may result from the Trustee\u2019s following such direction." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b251", + "block_sequence": 251, + "block_sha256": "99f07bdd218dc8f1d308a1c57d224155d8ae0e73cb6daafcaae3c028c466061b", + "block_type": "heading", + "char_count": 34, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 251, + "char_end": 34, + "char_start": 0, + "fragment_sha256": "1422754c5a187d22b4e440edc2ed1f4bcbf1bfb9bb1d7d81faa8671fe23d5973", + "heading_path": [ + "EXHIBIT 4.1", + "Section 7.07. 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Limitation on Suits." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s74", + "table": null, + "text": "No Holder may pursue any remedy with respect to this Indenture or the Notes (except to enforce (x) its rights to receive the principal of, or the Redemption Price, Fundamental Change Repurchase Price or Optional Repurchase Price for, or interest on, any Notes; or (y) the Company\u2019s obligations to convert any Notes pursuant to Article 5), unless: (A) such Holder has previously delivered to the Trustee notice that an Event of Default is continuing; (B) Holders of at least twenty five percent (25%) in aggregate principal amount of the Notes then outstanding deliver a written request to the Trustee to pursue such remedy; (C) such Holder or Holders offer and, if requested, provide to the Trustee security and indemnity satisfactory to the Trustee against any loss, liability or expense to the Trustee that may result from the Trustee\u2019s following such request; (D) the Trustee does not comply with such request within sixty (60) calendar days after its receipt of such request and such offer of security or indemnity; and (E) during such sixty (60) calendar day period, Holders of a majority in aggregate principal amount of the Notes then outstanding do not deliver to the Trustee a direction that is inconsistent with such request. A Holder of a Note may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder. The Trustee will have no duty to determine whether any Holder\u2019s use of this Indenture complies with the preceding sentence." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b253", + "block_sequence": 253, + "block_sha256": "1fb4036b1e53f242c7b1b379c406234c682a0a350983501825d37961a664876c", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 253, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "023078441080f83d4cfafd437f2abb934d4708cf7692c2c0e171ba1c9eca8e20", + "heading_path": [ + "EXHIBIT 4.1", + "Section 7.07. 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Absolute Right of Holders to Institute Suit for the Enforcement of the Right to Receive Payment and Conversion Consideration." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s75", + "table": null, + "text": "Section 7.08. Absolute Right of Holders to Institute Suit for the Enforcement of the Right to Receive Payment and Conversion Consideration." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b255", + "block_sequence": 255, + "block_sha256": "787faf35c21ee124ace6d6d7c3e4618ff4f5d48995f20be83bbed4c141c79b40", + "block_type": "paragraph", + "char_count": 601, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 255, + "char_end": 601, + "char_start": 0, + "fragment_sha256": "7ffe02aa5ce105fc2b23deae9d7c69ab5b1f2d756d5fe14e602715b94fb98b2c", + "heading_path": [ + "EXHIBIT 4.1", + "Section 7.08. Absolute Right of Holders to Institute Suit for the Enforcement of the Right to Receive Payment and Conversion Consideration." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s75", + "table": null, + "text": "Notwithstanding anything to the contrary in this Indenture or the Notes (but without limiting Section 8.01), the right of each Holder of a Note to bring suit for the enforcement of any payment or delivery, as applicable, of the principal of, or the Redemption Price, Fundamental Change Repurchase Price or Optional Repurchase Price for, or any interest on, or the Conversion Consideration due pursuant to Article 5 upon conversion of, such Note on or after the respective due dates therefor provided in this Indenture and the Notes, will not be impaired or affected without the consent of such Holder." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b256", + "block_sequence": 256, + "block_sha256": "fe6206d358ad5b1c317c5fa64eda322fa7b9f319d491a77ed75e6cf9f32e065b", + "block_type": "heading", + "char_count": 41, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 256, + "char_end": 41, + "char_start": 0, + "fragment_sha256": "e89ae6bb02d22d804c901fe7580f987620ca0c3802ef3163108e394df4c86e73", + "heading_path": [ + "EXHIBIT 4.1", + "Section 7.09. Collection Suit by Trustee." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s76", + "table": null, + "text": "Section 7.09. Collection Suit by Trustee." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b257", + "block_sequence": 257, + "block_sha256": "c23714ce1c8b125f6f910cb6d96de3a1d9969387b2d5eb20b5ab980de0272284", + "block_type": "paragraph", + "char_count": 707, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 257, + "char_end": 707, + "char_start": 0, + "fragment_sha256": "27d4e3ee87364277b39a70486d7dd70f8a3e181055dbb1a98cf3c390613275ea", + "heading_path": [ + "EXHIBIT 4.1", + "Section 7.09. Collection Suit by Trustee." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s76", + "table": null, + "text": "The Trustee will have the right, upon the occurrence and continuance of an Event of Default pursuant to clause (i), (ii) or (iv) of Section 7.01(A), to recover judgment in its own name and as trustee of an express trust against the Company for the total unpaid or undelivered principal of, or Redemption Price, Fundamental Change Repurchase Price or Optional Repurchase Price for, or interest on, or Conversion Consideration due pursuant to Article 5 upon conversion of, the Notes, as applicable, and, to the extent lawful, any Default Interest on any Defaulted Amounts, and such further amounts sufficient to cover the costs and expenses of collection, including compensation provided for in Section 10.06." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b258", + "block_sequence": 258, + "block_sha256": "9d2fb898e96417fe5295476f1cb319688f27246c93b3d009b292c5505e848c89", + "block_type": "heading", + "char_count": 47, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 258, + "char_end": 47, + "char_start": 0, + "fragment_sha256": "8619b1082c0426e197a667179c378b2328ff174fc24d37d78abe6b951423b7b8", + "heading_path": [ + "EXHIBIT 4.1", + "Section 7.10. Trustee May File Proofs of Claim." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s77", + "table": null, + "text": "Section 7.10. Trustee May File Proofs of Claim." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b259", + "block_sequence": 259, + "block_sha256": "b023c4012438d22e5d32bd371dc176a612c5feaca0ba5e8cd579fbf63a9127a5", + "block_type": "paragraph", + "char_count": 1693, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 259, + "char_end": 1693, + "char_start": 0, + "fragment_sha256": "6444b9798ceadd778539efd00494ec35727dda173998d7f260d43c569fd197b7", + "heading_path": [ + "EXHIBIT 4.1", + "Section 7.10. Trustee May File Proofs of Claim." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s77", + "table": null, + "text": "The Trustee has the right to (A) file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes) or its creditors or property and (B) collect, receive and distribute any money or other property payable or deliverable on any such claims. Each Holder authorizes any custodian in such proceeding to make such payments to the Trustee, and, if the Trustee consents to the making of such payments directly to the Holders, to pay to the Trustee any amount due to the Trustee for the reasonable compensation, expenses, disbursements and advances of the Trustee, and its agents and counsel, and any other amounts payable to the Trustee pursuant to Section 10.06. To the extent that the payment of any such compensation, expenses, disbursements, advances and other amounts out of the estate in such proceeding, is denied for any reason, payment of the same will be secured by a lien (senior to the rights of Holders) on, and will be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding (whether in liquidation or under any plan of reorganization or arrangement or otherwise). Nothing in this Indenture will be deemed to authorize the Trustee to authorize, consent to, accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b260", + "block_sequence": 260, + "block_sha256": "93f83394eb357bc948f7b5b1e028271dad5354162e52894315ffcd95d1cc4fdb", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 260, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "027c4c54d1cebed41c1a84a61acb9dbd095e0815ff746ef1acfd5b589f94716f", + "heading_path": [ + "EXHIBIT 4.1", + "Section 7.10. Trustee May File Proofs of Claim." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s77", + "table": null, + "text": "- 73 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b261", + "block_sequence": 261, + "block_sha256": "738c82ba996133d9edbd39fd4cd9b790a76bf47b38b30fa645e825fac90d95eb", + "block_type": "heading", + "char_count": 25, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 261, + "char_end": 25, + "char_start": 0, + "fragment_sha256": "20e8901761f2776fbc3ade756483a38fdcb645222e9a00ca41a4cedf5653774d", + "heading_path": [ + "EXHIBIT 4.1", + "Section 7.11. Priorities." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s78", + "table": null, + "text": "Section 7.11. Priorities." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b262", + "block_sequence": 262, + "block_sha256": "6cc03efe253ad6ef5d634b28d0ebbcc351ad3a8fb11654f5d3457d76eb5897e6", + "block_type": "paragraph", + "char_count": 1394, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 262, + "char_end": 1394, + "char_start": 0, + "fragment_sha256": "9d9da58ec7c4c397701232bf2089be29e642a3711d99cf83d8eeb258a2a91b0b", + "heading_path": [ + "EXHIBIT 4.1", + "Section 7.11. Priorities." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s78", + "table": null, + "text": "The Trustee will pay or deliver in the following order any money or other property that it collects pursuant to this Article 7: First: to the Trustee and its agents and attorneys for amounts due under Section 10.06, including payment of all fees, compensation, expenses and liabilities incurred, and all advances made, by the Trustee (in each of its capacities under this Indenture including as Note Agent) and the costs and expenses of collection; Second: to Holders for unpaid amounts or other property due on the Notes, including the principal of, or the Redemption Price, Fundamental Change Repurchase Price or Optional Repurchase Price for, or any interest on, or any Conversion Consideration due upon conversion of, the Notes, ratably, and without preference or priority of any kind, according to such amounts or other property due and payable on all of the Notes; and Third: to the Company or such other Person as a court of competent jurisdiction directs. The Trustee may fix a record date and payment date for any payment or delivery to the Holders pursuant to this Section 7.11, in which case the Trustee will instruct the Company to, and the Company will, deliver, at least fifteen (15) calendar days before such record date, to each Holder and the Trustee a notice stating such record date, such payment date and the amount of such payment or nature of such delivery, as applicable." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b263", + "block_sequence": 263, + "block_sha256": "6e0325c2536b06bf7ea88ddf4fd0315176151e29e97bffb78182ed149e1d37ad", + "block_type": "heading", + "char_count": 36, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 263, + "char_end": 36, + "char_start": 0, + "fragment_sha256": "d1441784f27e32ccc5e665a4fa9d703ff2ec5569a5fba5dfd19238911cacab1c", + "heading_path": [ + "EXHIBIT 4.1", + "Section 7.12. 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Undertaking for Costs." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s79", + "table": null, + "text": "In any suit for the enforcement of any right or remedy under this Indenture or the Notes or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court, in its discretion, may (A) require the filing by any litigant party in such suit of an undertaking to pay the costs of such suit; and (B) assess reasonable costs (including reasonable attorneys\u2019 fees) against any litigant party in such suit, having due regard to the merits and good faith of the claims or defenses made by such litigant party; provided, however, that this Section 7.12 does not apply to any suit by the Trustee, any suit by a Holder pursuant to Section 7.08 or any suit by one or more Holders of more than ten percent (10%) in aggregate principal amount of the Notes then outstanding." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b265", + "block_sequence": 265, + "block_sha256": "69ac8b541fb6e6065b23f32a2f5e61fa18745b8a0320289ebf3867e06ea96fe6", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 265, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "8b9a33c9bce2c5686d3b00ecc357f1b34fd116a8162ee73c2dab856b81ee8e76", + "heading_path": [ + "EXHIBIT 4.1", + "Section 7.12. 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Without the Consent of Holders." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s81", + "table": null, + "text": "Notwithstanding anything to the contrary in Section 8.02, the Company and the Trustee may amend or supplement this Indenture or the Notes without the consent of any Holder to: (A) cure any ambiguity or correct any omission, defect or inconsistency in this Indenture or the Notes; (B) add guarantees with respect to the Company\u2019s obligations under this Indenture or the Notes; (C) secure the Notes; (D) add to the Company\u2019s covenants or Events of Default for the benefit of the Holders or surrender any right or power conferred on the Company; (E) provide for the assumption of the Company\u2019s obligations under this Indenture and the Notes pursuant to, and in compliance with, Article 6; (F) enter into supplemental indentures pursuant to, and in accordance with, Section 5.09 in connection with a Common Stock Change Event; (G) irrevocably elect or eliminate any Settlement Method or Specified Dollar Amount; provided, however, that (i) no such election or elimination will affect any Settlement Method theretofore elected (or deemed to be elected) with respect to any Note pursuant to Section 5.03(A); and (ii) such irrevocable election or elimination can in no event result in a Specified Dollar Amount of less than $1,000 per $1,000 principal amount of Notes applying to the conversion of any Note; (H) evidence or provide for the acceptance of the appointment, under this Indenture, of a successor Trustee; (I) [reserved]; (J) provide for or confirm the issuance of additional Notes pursuant to Section 2.03(B); (K) comply with any requirement of the SEC in connection with any qualification of this Indenture or any supplemental indenture under the Trust Indenture Act, as then in effect; or (L) make any other change to this Indenture or the Notes that does not, individually or in the aggregate with all other such changes, adversely affect the rights of the Holders, as such, in any material respect." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b269", + "block_sequence": 269, + "block_sha256": "f05b3432f2bfbea957f21ab6d455b5059cab2126b0c5fe8032e6e22fa6782412", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 269, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "a235e58374c40ffc2a9972d7c98350a9463f4356e22b0d9e298dfaa49f6c52dd", + "heading_path": [ + "EXHIBIT 4.1", + "Section 8.01. 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With the Consent of Holders." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b271", + "block_sequence": 271, + "block_sha256": "c84f50c56d31b9568a88c68ade0093af479ef3951cc2d59ada4e94c884f10f69", + "block_type": "paragraph", + "char_count": 2662, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 271, + "char_end": 2662, + "char_start": 0, + "fragment_sha256": "455cef545f4ffdd6093d847e9ae78d64f5fcfe5dc51877fd10f1a600ca17145e", + "heading_path": [ + "EXHIBIT 4.1", + "Section 8.02. With the Consent of Holders." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s82", + "table": null, + "text": "(A) Generally. Subject to Sections 8.01, 7.05 and 7.08 and the immediately following sentence, the Company and the Trustee may, with the consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding, amend or supplement this Indenture or the Notes or waive compliance with any provision of this Indenture or the Notes. Notwithstanding anything to the contrary in the foregoing sentence, but subject to Section 8.01, without the consent of each affected Holder, no amendment or supplement to this Indenture or the Notes, or waiver of any provision of this Indenture or the Notes, may: (i) reduce the principal, or change the stated maturity, of any Note; (ii) reduce the Redemption Price, Fundamental Change Repurchase Price or Optional Repurchase Price for any Note or change the times at which, or the circumstances under which, the Notes may or will be redeemed or repurchased by the Company; (iii) reduce the rate, or extend the time for the payment, of interest on any Note; (iv) make any change that adversely affects the conversion rights of any Note; (v) impair the rights of any Holder set forth in Section 7.08 (as such section is in effect on the Issue Date); (vi) change the ranking of the Notes; (vii) make any Note payable in money, or at a place of payment, other than that stated in this Indenture or the Note; (viii) reduce the amount of Notes whose Holders must consent to any amendment, supplement, waiver or other modification; or (ix) make any direct or indirect change to any amendment, supplement, waiver or modification provision of this Indenture or the Notes that requires the consent of each affected Holder. For the avoidance of doubt, pursuant to clauses (i), (ii), (iii) and (iv) of this Section 8.02(A), no amendment or supplement to this Indenture or the Notes, or waiver of any provision of this Indenture or the Notes, may change the amount or type of consideration due on any Note (whether on an Interest Payment Date, Redemption Date, Fundamental Change Repurchase Date, Optional Repurchase Date or the Maturity Date or upon conversion, or otherwise), or the date(s) or time(s) such consideration is payable or deliverable, as applicable, without the consent of each affected Holder. Holders do not need to approve the particular form of any proposed amendment. It will be sufficient if such Holders approve the substance of the proposed amendment. (B) Holders Need Not Approve the Particular Form of any Amendment. A consent of any Holder pursuant to this Section 8.02 need approve only the substance, and not necessarily the particular form, of the proposed amendment, supplement or waiver." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b272", + "block_sequence": 272, + "block_sha256": "96acd9a51528dabdafc187807db34f27c0b0b4b9c74541adc24376363f1be98e", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 272, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "a2f35ef623c330a6c630dcd5b802905cae9da499369b1e38e2ef5bc755969c8e", + "heading_path": [ + "EXHIBIT 4.1", + "Section 8.02. 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Notice of Amendments, Supplements and Waivers." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b274", + "block_sequence": 274, + "block_sha256": "679397ec5f9bbd9ac9cdddb3ccfd613279b29845480b426a200e31124fcf9d48", + "block_type": "paragraph", + "char_count": 726, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 274, + "char_end": 726, + "char_start": 0, + "fragment_sha256": "f5ca330db2ef47ef2ef24759df85fd2f40ef1f906f3fa3ca5cd97f4d8626f730", + "heading_path": [ + "EXHIBIT 4.1", + "Section 8.03. Notice of Amendments, Supplements and Waivers." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s83", + "table": null, + "text": "As soon as reasonably practicable after any amendment, supplement or waiver pursuant to Section 8.01 or 8.02 becomes effective, the Company will send to the Holders and the Trustee notice that (A) describes the substance of such amendment, supplement or waiver in reasonable detail and (B) states the effective date thereof; provided, however, that the Company will not be required to provide such notice to the Holders if such amendment, supplement or waiver is included in a periodic report filed by the Company with the SEC within four (4) Business Days of its effectiveness. The failure to send, or the existence of any defect in, such notice will not impair or affect the validity of such amendment, supplement or waiver." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b275", + "block_sequence": 275, + "block_sha256": "4499aba4505748dab209e5889fe6c1f89f92d63eae57d56207ad3dbffb45fd53", + "block_type": "heading", + "char_count": 89, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 275, + "char_end": 89, + "char_start": 0, + "fragment_sha256": "8b53d47a41604269cb3ed92c8029474d1d4e293eb05216d0e5f50d8da459630c", + "heading_path": [ + "EXHIBIT 4.1", + "Section 8.04. Revocation, Effect and Solicitation of Consents; Special Record Dates; Etc." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s84", + "table": null, + "text": "Section 8.04. Revocation, Effect and Solicitation of Consents; Special Record Dates; Etc." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b276", + "block_sequence": 276, + "block_sha256": "95ed87b03931fbd3a568d3e3c66bfdd3831cf53d5eb3f675e3c975e22af935af", + "block_type": "paragraph", + "char_count": 1895, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 276, + "char_end": 1895, + "char_start": 0, + "fragment_sha256": "78aa3f65c1af9fa1b0bacf7f17389f798ab59f37936f48b0569bd4ceba1c469c", + "heading_path": [ + "EXHIBIT 4.1", + "Section 8.04. Revocation, Effect and Solicitation of Consents; Special Record Dates; Etc." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s84", + "table": null, + "text": "(A) Revocation and Effect of Consents. The consent of a Holder of a Note to an amendment, supplement or waiver will bind (and constitute the consent of) each subsequent Holder of any Note to the extent the same evidences any portion of the same indebtedness as the consenting Holder\u2019s Note, subject to the right of any Holder of a Note to revoke (if not prohibited pursuant to Section 8.04(B)) any such consent with respect to such Note by delivering notice of revocation to the Trustee before the time such amendment, supplement or waiver becomes effective. (B) Special Record Dates. The Company may, but is not required to, fix a record date for the purpose of determining the Holders entitled to consent or take any other action in connection with any amendment, supplement or waiver pursuant to this Article 8. If a record date is fixed, then, notwithstanding anything to the contrary in Section 8.04(A), only Persons who are Holders as of such record date (or their duly designated proxies) will be entitled to give such consent, to revoke any consent previously given or to take any such action, regardless of whether such Persons continue to be Holders after such record date; provided, however, that no such consent will be valid or effective for more than one hundred and twenty (120) calendar days after such record date. (C) Solicitation of Consents. For the avoidance of doubt, each reference in this Indenture or the Notes to the consent of a Holder will be deemed to include any such consent obtained in connection with a repurchase of, or tender or exchange offer for, any Notes. (D) Effectiveness and Binding Effect. Each amendment, supplement or waiver pursuant to this Article 8 will become effective in accordance with its terms and, when it becomes effective with respect to any Note (or any portion thereof), will thereafter bind every Holder of such Note (or such portion)." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b277", + "block_sequence": 277, + "block_sha256": "6e832e55cd196cfc5b0f4508721b2d877ef6889a748e6977c7ef05f28329a497", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 277, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "9ea3f87739462ad615eae5cfc4ae5d99f72574b2bd7c242a04e864f55343a4c6", + "heading_path": [ + "EXHIBIT 4.1", + "Section 8.04. 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Notations and Exchanges." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s85", + "table": null, + "text": "Section 8.05. Notations and Exchanges." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b279", + "block_sequence": 279, + "block_sha256": "41311b05e0acf0848454e19961345e59cdebe3c578d169680150a08f51a2e041", + "block_type": "paragraph", + "char_count": 725, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 279, + "char_end": 725, + "char_start": 0, + "fragment_sha256": "03c23e0b0ad551e12071fe764afdc63a77bd1b7ca4433d61f24498f9ea15adc8", + "heading_path": [ + "EXHIBIT 4.1", + "Section 8.05. Notations and Exchanges." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s85", + "table": null, + "text": "If any amendment, supplement or waiver changes the terms of a Note, then the Trustee or the Company may, in its discretion, require the Holder of such Note to deliver such Note to the Trustee so that the Trustee may place an appropriate notation prepared by the Company on such Note and return such Note to such Holder. Alternatively, at its discretion, the Company may, in exchange for such Note, issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, a new Note that reflects the changed terms. The failure to make any appropriate notation or issue a new Note pursuant to this Section 8.05 will not impair or affect the validity of such amendment, supplement or waiver." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b280", + "block_sequence": 280, + "block_sha256": "6d8916c918b7c6c3ff489baa7333d6ee06b0bff70eb80f8ea7c0b2bba9c611b9", + "block_type": "heading", + "char_count": 57, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 280, + "char_end": 57, + "char_start": 0, + "fragment_sha256": "5e6a5a505d24a9c6267088eff05aec42f8393efcfcef16ec86078e312b0b8a6a", + "heading_path": [ + "EXHIBIT 4.1", + "Section 8.06. Trustee to Execute Supplemental Indentures." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s86", + "table": null, + "text": "Section 8.06. Trustee to Execute Supplemental Indentures." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b281", + "block_sequence": 281, + "block_sha256": "c201b8d7b424455c3c43874d9dfa8d55483135b931f63013be56eb23880dc22a", + "block_type": "paragraph", + "char_count": 906, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 281, + "char_end": 906, + "char_start": 0, + "fragment_sha256": "13d59e1e5379093d92c90e90b9bead825ec5c75ad20f360b08123c494c13e6cf", + "heading_path": [ + "EXHIBIT 4.1", + "Section 8.06. Trustee to Execute Supplemental Indentures." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s86", + "table": null, + "text": "The Trustee will execute and deliver any amendment or supplemental indenture authorized pursuant to this Article 8; provided, however, that the Trustee need not (but may, in its sole and absolute discretion) execute or deliver any such amendment or supplemental indenture that the Trustee concludes adversely affects the Trustee\u2019s rights, duties, liabilities or immunities. In executing any amendment or supplemental indenture, the Trustee will be entitled to receive, and (subject to Sections 10.01 and 10.02) will be fully protected in relying on, an Officer\u2019s Certificate and an Opinion of Counsel stating that (A) the execution and delivery of such amendment or supplemental indenture is authorized or permitted by this Indenture; and (B) in the case of the Opinion of Counsel, such amendment or supplemental indenture is valid, binding and enforceable against the Company in accordance with its terms." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b282", + "block_sequence": 282, + "block_sha256": "ce7596866ca29284ff0b95b7f2ff49ce59764c9f5bae41ecca94c64d38f64413", + "block_type": "heading", + "char_count": 37, + "level": 6, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 282, + "char_end": 37, + "char_start": 0, + "fragment_sha256": "69829d27af531058cf09c63f6cf291d5a4b8ea081bc415cf05b4d0d36e591e3c", + "heading_path": [ + "EXHIBIT 4.1", + "Section 8.06. Trustee to Execute Supplemental Indentures.", + "Article 9. SATISFACTION AND DISCHARGE" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s87", + "table": null, + "text": "Article 9. SATISFACTION AND DISCHARGE" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b283", + "block_sequence": 283, + "block_sha256": "b4b669476e1af888d3477393fca570e532acb10fed179cb5a147a36395c876d4", + "block_type": "heading", + "char_count": 51, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 283, + "char_end": 51, + "char_start": 0, + "fragment_sha256": "8bc0a9db702fe9e22379b750f0f63b39d2c4e3c59f520c518e21ad41042ca55a", + "heading_path": [ + "EXHIBIT 4.1", + "Section 9.01. Termination of Company\u2019s Obligations." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s88", + "table": null, + "text": "Section 9.01. Termination of Company\u2019s Obligations." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b284", + "block_sequence": 284, + "block_sha256": "7f589369c499a122baaec6f2d84da024811635da51bfd90f21d2783013656ab2", + "block_type": "paragraph", + "char_count": 1712, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 284, + "char_end": 1712, + "char_start": 0, + "fragment_sha256": "84f137dcdf304cd811ddc45c5d526955714f87fdf062bb9dfcb27fd50075a9b8", + "heading_path": [ + "EXHIBIT 4.1", + "Section 9.01. Termination of Company\u2019s Obligations." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s88", + "table": null, + "text": "This Indenture will be discharged, and will cease to be of further effect as to all Notes issued under this Indenture, when: (A) all Notes then outstanding (other than Notes replaced pursuant to Section 2.13) have (i) been delivered to the Trustee for cancellation; or (ii) become due and payable (whether on a Redemption Date, a Fundamental Change Repurchase Date, the Optional Repurchase Date, the Maturity Date, upon conversion or otherwise) for an amount of cash or Conversion Consideration, as applicable, that has been fixed; (B) the Company has caused there to be irrevocably deposited with the Trustee, or with the Paying Agent (or, with respect to Conversion Consideration, the Conversion Agent), in each case for the benefit of the Holders, or has otherwise caused there to be delivered to the Holders, cash (or, with respect to Notes to be converted, Conversion Consideration) sufficient to satisfy all amounts or other property due on all Notes then outstanding (other than Notes replaced pursuant to Section 2.13); (C) the Company has paid all other amounts payable by it under this Indenture; and (D) the Company has delivered to the Trustee an Officer\u2019s Certificate and an Opinion of Counsel, each stating that the conditions precedent to the discharge of this Indenture have been satisfied; provided, however, that Article 10 and Section 11.01 will survive such discharge and, until no Notes remain outstanding, Section 2.15 and the obligations of the Trustee, the Paying Agent and the Conversion Agent with respect to money or other property deposited with them will survive such discharge. At the Company\u2019s request, the Trustee will acknowledge the satisfaction and discharge of this Indenture." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b285", + "block_sequence": 285, + "block_sha256": "4647e30b8c2f3a771dfd6aa006727afad6fc85e4da5d18979f24800bc8b54fa9", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 285, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "9521d776f9a07084fdfb79362a06273fe57f48f23d391db14f2c17c9fe169775", + "heading_path": [ + "EXHIBIT 4.1", + "Section 9.01. 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Repayment to Company." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b287", + "block_sequence": 287, + "block_sha256": "2eb79e3762041af04c09344f599382c15ed77464f447e681540cce51b9d38df2", + "block_type": "paragraph", + "char_count": 805, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 287, + "char_end": 805, + "char_start": 0, + "fragment_sha256": "e744b7f14135029c8cc23f04acb54a2967f28af2612869e125545ef49e857b41", + "heading_path": [ + "EXHIBIT 4.1", + "Section 9.02. Repayment to Company." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s89", + "table": null, + "text": "Subject to applicable unclaimed property law, the Trustee, the Paying Agent and the Conversion Agent will promptly notify the Company if there exists (and, at the Company\u2019s request, promptly deliver to the Company) any cash, Conversion Consideration or other property held by any of them for payment or delivery on the Notes that remain unclaimed two (2) years after the date on which such payment or delivery was due. After such delivery to the Company, the Trustee, the Paying Agent and the Conversion Agent will have no further liability to any Holder with respect to such cash, Conversion Consideration or other property, and Holders entitled to the payment or delivery of such cash, Conversion Consideration or other property must look to the Company for payment as a general creditor of the Company." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b288", + "block_sequence": 288, + "block_sha256": "104d5f4aaec55becb824d860a8f0b883d03e349b700ac8eeb2b96913b2bba09d", + "block_type": "heading", + "char_count": 28, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 288, + "char_end": 28, + "char_start": 0, + "fragment_sha256": "06c77f3d19d479021f799595c37674b6661cb7aed458f04df9e51fd155cfa1b4", + "heading_path": [ + "EXHIBIT 4.1", + "Section 9.03. Reinstatement." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s90", + "table": null, + "text": "Section 9.03. Reinstatement." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b289", + "block_sequence": 289, + "block_sha256": "be2d414e3909cb938d14ecdd3b07269a4e7b4c919485819adddfa875434bb5f7", + "block_type": "paragraph", + "char_count": 752, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 289, + "char_end": 752, + "char_start": 0, + "fragment_sha256": "66adea6a7d08d545c7b3e7c5708e0db97d72cfe78252b9edd1441bf2b66c6a0c", + "heading_path": [ + "EXHIBIT 4.1", + "Section 9.03. Reinstatement." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s90", + "table": null, + "text": "If the Trustee, the Paying Agent or the Conversion Agent is unable to apply any cash or other property deposited with it pursuant to Section 9.01 because of any legal proceeding or any order or judgment of any court or other governmental authority that enjoins, restrains or otherwise prohibits such application, then the discharge of this Indenture pursuant to Section 9.01 will be rescinded; provided, however, that if the Company thereafter pays or delivers any cash or other property due on the Notes to the Holders thereof, then the Company will be subrogated to the rights of such Holders to receive such cash or other property from the cash or other property, if any, held by the Trustee, the Paying Agent or the Conversion Agent, as applicable." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b290", + "block_sequence": 290, + "block_sha256": "d5c9ad7bf3106b52695aad4c3526f79664d031ab7f241c8d6594aeeecc535b6d", + "block_type": "heading", + "char_count": 19, + "level": 7, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 290, + "char_end": 19, + "char_start": 0, + "fragment_sha256": "e94d961008a8f36fcb480fa582f0e60497537a125264a88fb1c6aa7caf28b201", + "heading_path": [ + "EXHIBIT 4.1", + "Section 9.03. Reinstatement.", + "Article 10. TRUSTEE" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s91", + "table": null, + "text": "Article 10. TRUSTEE" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b291", + "block_sequence": 291, + "block_sha256": "dd96ba1d9218716f1acb0b71b6b0b5e37c2fd80956d9da3af82c0dc1019157f9", + "block_type": "heading", + "char_count": 37, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 291, + "char_end": 37, + "char_start": 0, + "fragment_sha256": "adf0035424fa95ef32cb112dbdf2c7f51168603ae9fbfdb9897068539cebf1a1", + "heading_path": [ + "EXHIBIT 4.1", + "Section 10.01. Duties of the Trustee." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s92", + "table": null, + "text": "Section 10.01. Duties of the Trustee." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b292", + "block_sequence": 292, + "block_sha256": "f6328999caad763bd862ae06edd89b75486988fa9a492a58b2ed84520a4f30ef", + "block_type": "paragraph", + "char_count": 4054, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 292, + "char_end": 4054, + "char_start": 0, + "fragment_sha256": "540857c45894d62703720d591e35894238f3b91f6dee798407b01695cf2fa9f0", + "heading_path": [ + "EXHIBIT 4.1", + "Section 10.01. Duties of the Trustee." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s92", + "table": null, + "text": "(A) If an Event of Default has occurred and is continuing, and a Responsible Officer of the Trustee has received written notice or obtains actual knowledge of the same, then the Trustee will exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person\u2019s own affairs. (B) Except during the continuance of an Event of Default: (i) the duties of the Trustee will be determined solely by the express provisions of this Indenture, and the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations will be read into this Indenture against the Trustee; and (ii) in the absence of bad faith or willful misconduct on its part, the Trustee may, without investigation, conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon Officer\u2019s Certificates or Opinions of Counsel that are provided to the Trustee and conform to the requirements of this Indenture; provided, however, that the Trustee will examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. (C) The Trustee may not be relieved from liabilities for its negligence or willful misconduct, except that: (i) this paragraph will not limit the effect of Section 10.01(B); (ii) the Trustee will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and (iii) the Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 7.06. (D) Each provision of this Indenture that in any way relates to the Trustee is subject to clauses (A), (B) and (C) of this Section 10.01, regardless of whether such provision so expressly provides. (E) No provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability. (F) The Trustee will not be liable for interest on any money received by it, except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds, except to the extent required by law. (G) The Trustee will not be liable in its individual capacity for the obligations evidenced by the Notes. (H) Whether or not therein provided, every provision of this Indenture relating to the conduct or affecting the liability of, or affording protection to, the Trustee will be subject to the provisions of this Section 10.01. (I) The permissive rights of the Trustee enumerated herein will not be construed as duties. (J) The Trustee will not be required to give any bond or surety in respect of the execution of this Indenture or otherwise. (K) Unless a Responsible Officer of the Trustee has received notice from the Company that Additional Interest is owing on the Notes or that the Company has elected to pay Special Interest on the Notes, the Trustee may assume no Additional Interest or Special Interest, as applicable, is payable. (L) The rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified, are extended to, and will be enforceable by, the Trustee in each of its capacities under this Indenture, including as Note Agent. (M) The Trustee will not be charged with knowledge of any document or agreement other than this Indenture and the Notes. (N) Neither the Trustee nor any Note Agent will have any responsibility or liability to any person for any action taken or not taken by, or any records or any other aspect of the operations of, the Depositary (including the delivery of notices, or the making of payments, through the facilities of the Depositary) and may conclusively rely, without investigation, on any information provided by the Depositary." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b293", + "block_sequence": 293, + "block_sha256": "861817ea77bcadf3650e040a3000045de4e32a0fe02136ef450993d605981004", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 293, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "140f7c21d994bc82cf495fd832a67ab81a1312ea34e3ce5b170e972c74fe0b21", + "heading_path": [ + "EXHIBIT 4.1", + "Section 10.01. Duties of the Trustee." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s92", + "table": null, + "text": "- 79 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b294", + "block_sequence": 294, + "block_sha256": "018136580e53d40889e3d6cd8f522c088fdd12bdfb76607b52cbc45dc685fe8e", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 294, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "4545e858c087e9802666f7b6a56702a370f113da1eb4ec2566ada93d90cccfea", + "heading_path": [ + "EXHIBIT 4.1", + "Section 10.01. Duties of the Trustee." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s92", + "table": null, + "text": "- 80 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b295", + "block_sequence": 295, + "block_sha256": "9a8878e660a28f420feefeffc969d211b39299e411802951fba85c992718806e", + "block_type": "heading", + "char_count": 37, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 295, + "char_end": 37, + "char_start": 0, + "fragment_sha256": "8d3f549c070cc4c0771265cc50d8da3df3125bc97dee145df3ebb0258099acd6", + "heading_path": [ + "EXHIBIT 4.1", + "Section 10.02. Rights of the Trustee." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s93", + "table": null, + "text": "Section 10.02. Rights of the Trustee." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b296", + "block_sequence": 296, + "block_sha256": "074e9755d6dc12f054801f087a0bb9c5466d55f2e16107410c97d7ba12fbf832", + "block_type": "paragraph", + "char_count": 1892, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 296, + "char_end": 1892, + "char_start": 0, + "fragment_sha256": "c90679e266fdb3a48c5d1504e097b373d842cd59aaa4068b1964537afd7a9478", + "heading_path": [ + "EXHIBIT 4.1", + "Section 10.02. Rights of the Trustee." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s93", + "table": null, + "text": "(A) The Trustee may conclusively rely on any document that it believes to be genuine and signed or presented by the proper Person, and the Trustee need not investigate any fact or matter stated in such document. (B) Before the Trustee acts or refrains from acting, it may require an Officer\u2019s Certificate, an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officer\u2019s Certificate or Opinion of Counsel. The Trustee may consult with counsel; and the written advice of such counsel, or any Opinion of Counsel, will constitute full and complete authorization of the Trustee to take or omit to take any action in good faith in reliance thereon without liability. (C) The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any such agent appointed with due care. (D) The Trustee will not be liable for any action it takes or omits to take in good faith and that it believes to be authorized or within the rights or powers vested in it by this Indenture. (E) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company will be sufficient if signed by an Officer of the Company. (F) The Trustee need not exercise any rights or powers vested in it by this Indenture at the request or direction of any Holder unless such Holder has offered (and, if requested, provided with) the Trustee security or indemnity satisfactory to the Trustee against any loss, liability or expense that it may incur in complying with such request or direction. (G) The Trustee will not be responsible or liable for any punitive, special, indirect or consequential loss or damage (including lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b297", + "block_sequence": 297, + "block_sha256": "1c9b7e506ec978d1604fe566c445eb2306138dd102af32f9a24657cf06ce332c", + "block_type": "heading", + "char_count": 48, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 297, + "char_end": 48, + "char_start": 0, + "fragment_sha256": "579ecc57d7b0afd2050f76acf5b6a6ad3bd188d76e80db2e4e77a58c0c64e4d7", + "heading_path": [ + "EXHIBIT 4.1", + "Section 10.03. Individual Rights of the Trustee." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s94", + "table": null, + "text": "Section 10.03. Individual Rights of the Trustee." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b298", + "block_sequence": 298, + "block_sha256": "48db3eca2209983777ffa038bfe39ecdebc11fc5257a2d97a3a9b13982dc06e5", + "block_type": "paragraph", + "char_count": 543, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 298, + "char_end": 543, + "char_start": 0, + "fragment_sha256": "cafe24922c20222bb385779ba2a58ad89e5b8c8d6a5c1377fd53787d629a96cd", + "heading_path": [ + "EXHIBIT 4.1", + "Section 10.03. Individual Rights of the Trustee." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s94", + "table": null, + "text": "The Trustee, in its individual or any other capacity, may become the owner or pledgee of any Note and may otherwise deal with the Company or any of its Affiliates with the same rights that it would have if it were not Trustee; provided, however, that if the Trustee acquires a \u201cconflicting interest\u201d (within the meaning of Section 310(b) of the Trust Indenture Act), then it must eliminate such conflict within ninety (90) days or resign as Trustee. Each Note Agent will have the same rights and duties as the Trustee under this Section 10.03." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b299", + "block_sequence": 299, + "block_sha256": "8f50ba70fb4e4417a314baa88fd5be303c916364259a1978a30b62c2dcb2d0af", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 299, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "3b3e07854a97d4ead86b7a0b0b44781ef626781fd28ae194737341a031359cc3", + "heading_path": [ + "EXHIBIT 4.1", + "Section 10.03. Individual Rights of the Trustee." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s94", + "table": null, + "text": "- 81 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b300", + "block_sequence": 300, + "block_sha256": "1737cb1f13036484f15536895af2178223d82424449c33a0be38ee14e98dd940", + "block_type": "heading", + "char_count": 36, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 300, + "char_end": 36, + "char_start": 0, + "fragment_sha256": "41d0b1fd33cbc6a146ea8ddbb3c67a0e2ad23ccab790c11d97c8e29c396787cc", + "heading_path": [ + "EXHIBIT 4.1", + "Section 10.04. Trustee\u2019s Disclaimer." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s95", + "table": null, + "text": "Section 10.04. Trustee\u2019s Disclaimer." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b301", + "block_sequence": 301, + "block_sha256": "4b0e27166a875ae45f3c679ece8c9550257ede2e4d4b430a8f77fc38eee81f70", + "block_type": "paragraph", + "char_count": 627, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 301, + "char_end": 627, + "char_start": 0, + "fragment_sha256": "78d4ce86f386a6ff04d01c35f53c453c88e249131f2a4546e0831911b646db71", + "heading_path": [ + "EXHIBIT 4.1", + "Section 10.04. Trustee\u2019s Disclaimer." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s95", + "table": null, + "text": "The Trustee will not be (A) responsible for, and makes no representation as to, the validity or adequacy of this Indenture or the Notes; (B) accountable for the Company\u2019s use of the proceeds from the Notes or any money paid to the Company or upon the Company\u2019s direction under any provision of this Indenture; (C) responsible for the use or application of any money received by any Paying Agent other than the Trustee; and (D) responsible for any statement or recital in this Indenture, the Notes or any other document relating to the sale of the Notes or this Indenture, other than the Trustee\u2019s certificate of authentication." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b302", + "block_sequence": 302, + "block_sha256": "1874277643be7a3efe5059db3b2677fb4987ccf59c8877d7b1370e717270d7af", + "block_type": "heading", + "char_count": 34, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 302, + "char_end": 34, + "char_start": 0, + "fragment_sha256": "9b1f49ad1870c988c56c67d0a32d8f294f2ef393461ee1172ca088722bdcbe01", + "heading_path": [ + "EXHIBIT 4.1", + "Section 10.05. Notice of Defaults." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s96", + "table": null, + "text": "Section 10.05. Notice of Defaults." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b303", + "block_sequence": 303, + "block_sha256": "1cac63012664719865deee61118f72b687a3f8de1465ea2bc111f73fa9fdd337", + "block_type": "paragraph", + "char_count": 1086, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 303, + "char_end": 1086, + "char_start": 0, + "fragment_sha256": "a3d754d8faab84ecc0ada941ee936de15ef034435b103cfc242e6505c16c05cd", + "heading_path": [ + "EXHIBIT 4.1", + "Section 10.05. Notice of Defaults." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s96", + "table": null, + "text": "If a Default or Event of Default occurs and is continuing and is known to a Responsible Officer of the Trustee, then the Trustee will send Holders a notice of such Default or Event of Default within ninety (90) days after it occurs or, if it is not known to the Trustee at such time, promptly (and in any event within ten (10) Business Days) after it becomes known to a Responsible Officer; provided, however, that, except in the case of a Default or Event of Default in the payment of the principal of, or interest on, any Note, or a default in the payment or delivery of the Conversion Consideration due upon conversion, the Trustee may withhold such notice if and for so long as it in good faith determines that withholding such notice is in the interests of the Holders. The Trustee will not be deemed to have notice or be charged with knowledge of any Default or Event of Default unless written notice thereof has been received by a Responsible Officer, and such notice references the Notes and this Indenture and states on its face that a Default or Event of Default has occurred." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b304", + "block_sequence": 304, + "block_sha256": "e0a2d9917aee83b08f6281a4be35095141422c4f86aa901b6699a22431ab1581", + "block_type": "heading", + "char_count": 42, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 304, + "char_end": 42, + "char_start": 0, + "fragment_sha256": "d7655d06217caeeb8124bde41213038aa4e408fa947359ed33fba875fb502339", + "heading_path": [ + "EXHIBIT 4.1", + "Section 10.06. Compensation and Indemnity." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s97", + "table": null, + "text": "Section 10.06. Compensation and Indemnity." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b305", + "block_sequence": 305, + "block_sha256": "7ec6a0e83132b692fd9288d9e10785096ee5830375735ce65c7516e0860c1dd5", + "block_type": "paragraph", + "char_count": 3254, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 305, + "char_end": 3254, + "char_start": 0, + "fragment_sha256": "f79c55e1be4a1026cb6c4a17c904a832733bd9df10ed1961a3c4df5f1bbdb3ff", + "heading_path": [ + "EXHIBIT 4.1", + "Section 10.06. Compensation and Indemnity." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s97", + "table": null, + "text": "(A) The Company will, from time to time, pay the Trustee reasonable compensation for its acceptance of this Indenture and services under this Indenture, as separately agreed by the Company and the Trustee. The Trustee\u2019s compensation will not be limited by any law on compensation of a trustee of an express trust. In addition to the compensation for the Trustee\u2019s services, the Company will reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it under this Indenture, including the reasonable compensation, disbursements and expenses of the Trustee\u2019s agents and counsel. (B) The Company will indemnify the Trustee (in each of its capacities) and its directors, officers, employees and agents, in their capacities as such, against any and all losses, liabilities or expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Company (including this Section 10.06) and defending itself against any claim (whether asserted by the Company, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties under this Indenture, except to the extent any such loss, liability or expense is attributable to its negligence, or willful misconduct, as determined by a final decision of a court of competent jurisdiction. The Trustee will promptly notify the Company of any claim for which it may seek indemnity, but the Trustee\u2019s failure to so notify the Company will not relieve the Company of its obligations under this Section 10.06(B), except to the extent the Company is materially prejudiced by such failure. The Company will defend such claim, and the Trustee will cooperate in such defense. If the Trustee is advised by counsel that it may have defenses available to it that are in conflict with the defenses available to the Company, or that there is an actual or potential conflict of interest, then the Trustee may retain separate counsel, and the Company will pay the reasonable fees and expenses of such counsel (including the reasonable fees and expenses of counsel to the Trustee incurred in evaluating whether such a conflict exists). The Company need not pay for any settlement of any such claim made without its consent, which consent will not be unreasonably withheld. (C) The obligations of the Company under this Section 10.06 will survive the resignation or removal of the Trustee and the discharge of this Indenture. (D) To secure the Company\u2019s payment obligations in this Section 10.06, the Trustee will have a lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal of, or interest on, particular Notes, which lien will survive the discharge of this Indenture. (E) If the Trustee incurs expenses or renders services after an Event of Default pursuant to clause (viii) or (ix) of Section 7.01(A) occurs, then such expenses and the compensation for such services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b306", + "block_sequence": 306, + "block_sha256": "a2014add1d450bddb650164ab5690db2dd39b8d4bc4908f97e7e69e767694a66", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 306, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "447c6e14f0b9b67142b056e894eacc281fa98fbf1edf42dddb3ab8f24d19b041", + "heading_path": [ + "EXHIBIT 4.1", + "Section 10.06. Compensation and Indemnity." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s97", + "table": null, + "text": "- 82 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b307", + "block_sequence": 307, + "block_sha256": "76fd87473dfe6b19d8ba638ae1354c972e57f0b3d596a435c317e461b8cb2e96", + "block_type": "heading", + "char_count": 42, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 307, + "char_end": 42, + "char_start": 0, + "fragment_sha256": "0638a22b7dd0d7ab79bb030e1e2c709258ef140f1e1a84392cfa2a5399c970b0", + "heading_path": [ + "EXHIBIT 4.1", + "Section 10.07. Replacement of the Trustee." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s98", + "table": null, + "text": "Section 10.07. Replacement of the Trustee." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b308", + "block_sequence": 308, + "block_sha256": "a3b39067d0258330287d6b82778a89707fdb93982becc2b67247e218d00834b2", + "block_type": "paragraph", + "char_count": 2640, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 308, + "char_end": 2640, + "char_start": 0, + "fragment_sha256": "2a46e7183362693467ee04a618e2b1757fc0953237996d20bd852d0c4b18ed38", + "heading_path": [ + "EXHIBIT 4.1", + "Section 10.07. Replacement of the Trustee." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s98", + "table": null, + "text": "(A) Notwithstanding anything to the contrary in this Section 10.07, a resignation or removal of the Trustee, and the appointment of a successor Trustee, will become effective only upon such successor Trustee\u2019s acceptance of appointment as provided in this Section 10.07. (B) The Trustee may resign at any time and be discharged from the trust created by this Indenture by so notifying the Company. The Holders of a majority in aggregate principal amount of the Notes then outstanding may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if: (i) the Trustee fails to comply with Section 10.09; (ii) the Trustee is adjudged to be bankrupt or insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law; (iii) a custodian or public officer takes charge of the Trustee or its property; or (iv) the Trustee becomes incapable of acting. (C) If the Trustee resigns or is removed, or if a vacancy exists in the office of the Trustee for any reason, then (i) the Company will promptly appoint a successor Trustee; and (ii) at any time within one (1) year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the Notes then outstanding may appoint a successor Trustee to replace such successor Trustee appointed by the Company. (D) If a successor Trustee does not take office within sixty (60) days after the retiring Trustee resigns or is removed, then the retiring Trustee, the Company or the Holders of at least ten percent (10%) in aggregate principal amount of the Notes then outstanding may petition any court of competent jurisdiction for the appointment of a successor Trustee. (E) If the Trustee, after written request by a Holder of at least six (6) months, fails to comply with Section 10.09, then such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. (F) A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company, upon which notice the resignation or removal of the retiring Trustee will become effective and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will send notice of its succession to Holders. The retiring Trustee will, upon payment of all amounts due to it under this Indenture, promptly transfer all property held by it as Trustee to the successor Trustee, which property will, for the avoidance of doubt, be subject to the lien provided for in Section 10.06(D)." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b309", + "block_sequence": 309, + "block_sha256": "4626fe85b622f7b8e79e8e999aa95457679ec51ad9b7130a9f1bf380bc5116c8", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 309, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "a3f8f5a59e918f5744c8adb48e5c1df6f1cd11ea5930104c41cc141c4f572583", + "heading_path": [ + "EXHIBIT 4.1", + "Section 10.07. Replacement of the Trustee." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s98", + "table": null, + "text": "- 83 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b310", + "block_sequence": 310, + "block_sha256": "14faefd6d4ef385d20865f8d7d757da987c62ef3c874496b7cef3f820ecfa930", + "block_type": "heading", + "char_count": 48, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 310, + "char_end": 48, + "char_start": 0, + "fragment_sha256": "6fd5f5f3927df4c739f800505c3c080b35b354d0aa6045007c660f0ddb4718e9", + "heading_path": [ + "EXHIBIT 4.1", + "Section 10.08. Successor Trustee by Merger, Etc." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s99", + "table": null, + "text": "Section 10.08. Successor Trustee by Merger, Etc." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b311", + "block_sequence": 311, + "block_sha256": "23e50c1dfd156aebd14c9c91bc496021a94a3cd2c529f4232aa1189313175e2a", + "block_type": "paragraph", + "char_count": 219, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 311, + "char_end": 219, + "char_start": 0, + "fragment_sha256": "776c0c7d24357adebf3e1b0c276175e078caeda68c3ddfdf3b1970e41d9ec303", + "heading_path": [ + "EXHIBIT 4.1", + "Section 10.08. Successor Trustee by Merger, Etc." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s99", + "table": null, + "text": "If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another entity, then such entity will become the successor Trustee without any further act." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b312", + "block_sequence": 312, + "block_sha256": "e4739aad769b4d4962ed8ec00e7ca51e77c6dddd99fde4bd4a1e442701bc387c", + "block_type": "heading", + "char_count": 45, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 312, + "char_end": 45, + "char_start": 0, + "fragment_sha256": "3acf92571e2510f000a6d7912f0bba53e600469492f1181d9f44da90c613e9b0", + "heading_path": [ + "EXHIBIT 4.1", + "Section 10.09. Eligibility; Disqualification." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s100", + "table": null, + "text": "Section 10.09. Eligibility; Disqualification." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b313", + "block_sequence": 313, + "block_sha256": "7d81aa39c79c98c9e18c261c2bc0f072b5be4ba6f857842b2aefec6d5f33caa3", + "block_type": "paragraph", + "char_count": 471, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 313, + "char_end": 471, + "char_start": 0, + "fragment_sha256": "ff3ddceaf4aa214b4bda756b6e033e338af8cfabfcd97dc3c0eada04986518b8", + "heading_path": [ + "EXHIBIT 4.1", + "Section 10.09. 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Scottsdale Road, Suite 1600 Tempe, AZ 85288 Attention: Chief Legal Officer Email: legal@opendoor.com If to the Trustee: U.S. Bank Trust Company, National Association West Side Flats 111 Fillmore Ave E, Saint Paul, MN 55107" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b317", + "block_sequence": 317, + "block_sha256": "5b1c90f80990aae0956872e8d6cfd5de453b67cb74aeba46158168cb694ce75b", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 317, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "67af7802577ca6edbeff7a243f3b970f9de5ff9d53cb3c1f68db892a680dd8f6", + "heading_path": [ + "EXHIBIT 4.1", + "Section 11.01. 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Hahn Email: joshua.hahn@usbank.com Notwithstanding anything to the contrary in the preceding paragraph, notices to the Trustee (other than a notice pursuant to Section 2.12) or any Note Agent must be in writing and will be deemed to have been given upon actual receipt by the Trustee or such Note Agent, as applicable. The Company or the Trustee, by notice to the other, may designate additional or different addresses (including facsimile numbers and electronic addresses) for subsequent notices or communications. All notices and communications (other than those sent to Holders) will be deemed to have been duly given: (A) at the time delivered by hand, if personally delivered; (B) five (5) Business Days after being deposited in the mail, postage prepaid, if mailed; (C) when receipt acknowledged, if transmitted by facsimile, electronic transmission or other similar means of unsecured electronic communication; and (D) the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. The Trustee shall not have any duty to confirm that the person sending any notice, instruction or other communication by electronic transmission (including by e-mail, facsimile transmission, web portal or other electronic methods) is, in fact, a person authorized to do so. Electronic signatures believed by the Trustee to comply with the ESIGN Act of 2000 or other applicable law (including electronic images of handwritten signatures and digital signatures provided by DocuSign, Orbit, Adobe Sign or any other digital signature provider acceptable to the Trustee) shall be deemed original signatures for all purposes. Each other party assumes all risks arising out of the use of electronic signatures and electronic methods to send communications to the Trustee, including without limitation the risk of the Trustee acting on an unauthorized communication, and the risk of interception or misuse by third parties. Notwithstanding the foregoing, the Trustee may in any instance and in its sole discretion require that an original document bearing a manual signature be delivered to the Trustee in lieu of, or in addition to, any such electronic communication. All notices or communications required to be made to a Holder pursuant to this Indenture must be made in writing and will be deemed to be duly sent or given in writing if mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery, to its address shown on the Register; provided, however, that a notice or communication to a Holder of a Global Note shall instead be sent pursuant to the Depositary Procedures (in which case, such notice will be deemed to be duly sent or given in writing). The failure to send a notice or communication to a Holder, or any defect in such notice or communication, will not affect its sufficiency with respect to any other Holder. If the Trustee is then acting as the Depositary\u2019s custodian for the Notes, then, at the reasonable request of the Company to the Trustee, the Trustee will cause any notice prepared by the Company to be sent to any Holder(s) pursuant to the Depositary Procedures, provided such request is evidenced in a Company Order delivered, together with the text of such notice, to the Trustee at least two (2) Business Days before the date such notice is to be so sent. For the avoidance of doubt, such Company Order need not be accompanied by an Officer\u2019s Certificate or Opinion of Counsel. The Trustee will not have any liability relating to the contents of any notice that it sends to any Holder pursuant to any such Company Order. If a notice or communication is mailed or sent in the manner provided above within the time prescribed, it will be deemed to have been duly given, whether or not the addressee receives it. Notwithstanding anything to the contrary in this Indenture or the Notes, (A) whenever any provision of this Indenture requires a party to send notice to another party, no such notice need be sent if the sending party and the recipient are the same Person acting in different capacities; and (B) whenever any provision of this Indenture requires a party to send notice to more than one receiving party, and each receiving party is the same Person acting in different capacities, then only one such notice need be sent to such Person." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b320", + "block_sequence": 320, + "block_sha256": "95f39e7498997ab6c35ddc63ae367b0f10e8ecc8b8241a272d965181c749254e", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 320, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "ab4a6b4db7fc901ea2851a451a73a1b1df67aadf16a36e5d19c3bd333890e138", + "heading_path": [ + "EP-MN-WS3C" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s103", + "table": null, + "text": "- 85 -" + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b321", + "block_sequence": 321, + "block_sha256": "fc90c37f0791e81ddbbb12e96df8566978861f641ac2bb19a73327b83b12599f", + "block_type": "heading", + "char_count": 99, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 321, + "char_end": 99, + "char_start": 0, + "fragment_sha256": "89645faefb87d6296df921c18b6f8a29014acc8df000fec0b3bdf4b16c3ccd0a", + "heading_path": [ + "EP-MN-WS3C", + "Section 11.02. 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EACH OF THE COMPANY AND THE TRUSTEE IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED BY THIS INDENTURE OR THE NOTES." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b332", + "block_sequence": 332, + "block_sha256": "b70f25cc29c09c9475ec83d11b23463d6a17b45c0239b4ec3fe50c5937fcf963", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 332, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "2fa54c4af469c44afb7a8222fe7f9196b8cad7a344b2a847dffde0b216143440", + "heading_path": [ + "EP-MN-WS3C", + "Section 11.06. 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Each of the Company, the Trustee and each Holder (by its acceptance of any Note) irrevocably and unconditionally waives any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waives and agrees not to plead or claim any such suit, action or other proceeding has been brought in an inconvenient forum." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b335", + "block_sequence": 335, + "block_sha256": "d73e0a893e01e63811167b333d79adb1455ab11046ed1163a2c34b93a6752de4", + "block_type": "heading", + "char_count": 61, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 335, + "char_end": 61, + "char_start": 0, + "fragment_sha256": "afe42c466b384938fb1d104b6136723e6a42b3dba898349c2ee777e280446d31", + "heading_path": [ + "EP-MN-WS3C", + "Section 11.08. 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PATRIOT Act." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b343", + "block_sequence": 343, + "block_sha256": "9dc64c22726b9f62f98664c64b8a9d2d8570e67a26a4186be98d67d4ba4c9e52", + "block_type": "page_number", + "char_count": 6, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 343, + "char_end": 6, + "char_start": 0, + "fragment_sha256": "8f65481d41afc8886360059efad67c99a16f6a22d8d7ef0e063ef42183d17d75", + "heading_path": [ + "EP-MN-WS3C", + "Section 11.11. U.S.A. 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Calculations." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b345", + "block_sequence": 345, + "block_sha256": "0c789b8e40032992d3061358251da84fa5b1a66b9764b66396f483f488b9573c", + "block_type": "paragraph", + "char_count": 1257, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 345, + "char_end": 1257, + "char_start": 0, + "fragment_sha256": "4d022b31d8b8aa62b81c57b1fea8c013f97e2bb57f92bf2285de937fe37a06b0", + "heading_path": [ + "EP-MN-WS3C", + "Section 11.12. Calculations." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s114", + "table": null, + "text": "Except as otherwise provided in this Indenture, the Company will be responsible for making all calculations called for under this Indenture or the Notes, including determinations of the Last Reported Sale Price, the Daily Conversion Value, the Daily Cash Amount, the Daily Share Amount, the Daily VWAP, the Trading Price, accrued interest on the Notes, any Additional Interest or Special Interest on the Notes, the Redemption Price, the Optional Repurchase Date, the Fundamental Change Repurchase Price, and the Conversion Rate. The Trustee shall not be responsible for verifying such calculations. The Company will make all calculations in good faith, and, absent manifest error, its calculations will be final and binding on all Holders. The Company will provide a schedule of its calculations to the Trustee and the Conversion Agent, and each of the Trustee and the Conversion Agent may rely conclusively on the accuracy of the Company\u2019s calculations without independent verification. The Trustee will promptly forward a copy of each such schedule to a Holder upon its written request therefor. For the avoidance of doubt, the Trustee will not be obligated to make or confirm any calculations or other amounts called for under this Indenture orthe Notes." + }, + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b346", + "block_sequence": 346, + "block_sha256": "a3d177b7087fb896d88bd5e71661a5fcf54ae79cec5ca3262cd67b20eb4f1df6", + "block_type": "heading", + "char_count": 28, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", + "block_sequence": 346, + "char_end": 28, + "char_start": 0, + "fragment_sha256": "7f006bd3b58a17e8ad6142c91456468937ebe45da2ee5028c40e9b679a97a506", + "heading_path": [ + "EP-MN-WS3C", + "Section 11.13. Severability." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s115", + "table": null, + "text": "Section 11.13. 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Definitions; Rules of Construction 1 Section 1.01. Definitions. 1 Section 1.02. Other Definitions. 13 Section 1.03. Rules of Construction. 14 Article 2. The Notes 14 Section 2.01. Form, Dating and Denominations. 14 Section 2.02. Execution, Authentication and Delivery. 15 Section 2.03. Initial Notes and Additional Notes. 16 Section 2.04. Method of Payment. 16 Section 2.05. Accrual of Interest; Defaulted Amounts; When Payment Date is Not a Business Day. 17 Section 2.06. Registrar, Paying Agent and Conversion Agent. 18 Section 2.07. Paying Agent and Conversion Agent to Hold Property in Trust. 19 Section 2.08. Holder Lists. 19 Section 2.09. Legends. 19 Section 2.10. Transfers and Exchanges; Certain Transfer Restrictions. 20 Section 2.11. Exchange and Cancellation of Notes to Be Converted or to Be Repurchased Pursuant to a Repurchase Upon Fundamental Change, Optional Repurchase or Redemption. 25 Section 2.12. Removal of Transfer Restrictions. 26 Section 2.13. Replacement Notes. 26 Section 2.14. Registered Holders; Certain Rights with Respect to Global Notes. 27 Section 2.15. Cancellation. 27 Section 2.16. Notes Held by the Company or its Affiliates. 27 Section 2.17. Temporary Notes. 28 Section 2.18. Outstanding Notes. 28 Section 2.19. Repurchases by the Company. 29 Section 2.20. CUSIP and ISIN Numbers. 29 Article 3. Covenants 29 Section 3.01. Payment on Notes. 29 Section 3.02. Exchange Act Reports. 29 Section 3.03. Rule 144A Information. 30 Section 3.04. Additional Interest. 30 Section 3.05. Compliance and Default Certificates. 31 Section 3.06. Stay, Extension and Usury Laws. 31 Section 3.07. Acquisition of Notes by the Company and its Affiliates. 31 Section 3.08. Existence. 32 Article 4. Repurchase and Redemption 32 Section 4.01. No Sinking Fund. 32"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b17"], "char_count": 2560, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1f3b5b952b9e11853c5cb0fd2befae3e030e152f2911d49f0c411094b5b59cc8", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Exhibit 4.1", "- i -"], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 17, "char_end": 2340, "char_start": 0, "fragment_sha256": "8b966d5ecff564483736541dc1914bc9c8325e321b0c376671335b0401be2343", "heading_path": ["EXHIBIT 4.1", "Exhibit 4.1", "- i -"], "table_index": 0, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p5", "passage_kind": "table", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s10", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b17", "text": "| | | | |\n| --- | --- | --- | --- |\n| | Section 4.02. | Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change. | 32 |\n| | Section 4.03. | Right of Holders to Require the Company to Repurchase Notes on the Optional Repurchase Date. | 36 |\n| | Section 4.04. | Right of the Company to Redeem the Notes. | 40 |\n| | | | |\n| Article 5. Conversion | 43 | | |\n| | | | |\n| | Section 5.01. | Right to Convert. | 43 |\n| | Section 5.02. | Conversion Procedures. | 46 |\n| | Section 5.03. | Settlement Upon Conversion. | 48 |\n| | Section 5.04. | Reserve and Status of Common Stock Issued Upon Conversion. | 51 |\n| | Section 5.05. | Adjustments to the Conversion Rate. | 52 |\n| | Section 5.06. | Voluntary Adjustments. | 62 |\n| | Section 5.07. | Adjustments to the Conversion Rate in Connection with a Make-Whole Fundamental Change. | 63 |\n| | Section 5.08. | Exchange in Lieu of Conversion. | 64 |\n| | Section 5.09. | Effect of Common Stock Change Event. | 65 |\n| | | | |\n| Article 6. Successors | 67 | | |\n| | | | |\n| | Section 6.01. | When the Company May Merge, Etc. | 67 |\n| | Section 6.02. | Successor Corporation Substituted. | 67 |\n| | Section 6.03. | Exclusion for Certain Asset Transfers. | 67 |\n| | | | |\n| Article 7. Defaults and Remedies | 68 | | |\n| | | | |\n| | Section 7.01. | Events of Default. | 68 |\n| | Section 7.02. | Acceleration. | 70 |\n| | Section 7.03. | Sole Remedy for a Failure to Report. | 70 |\n| | Section 7.04. | Other Remedies. | 71 |\n| | Section 7.05. | Waiver of Past Defaults. | 72 |\n| | Section 7.06. | Control by Majority. | 72 |\n| | Section 7.07. | Limitation on Suits. | 72 |\n| | Section 7.08. | Absolute Right of Holders to Institute Suit for the Enforcement of the Right to Receive Payment and Conversion Consideration. | 73 |\n| | Section 7.09. | Collection Suit by Trustee. | 73 |\n| | Section 7.10. | Trustee May File Proofs of Claim. | 73 |\n| | Section 7.11. | Priorities. | 74 |\n| | Section 7.12. | Undertaking for Costs. | 74 |\n| | | | |\n| Article 8. Amendments, Supplements and Waivers | 75 | | |\n| | | | |\n| | Section 8.01. | Without the Consent of Holders. | 75 |\n| | Section 8.02. | With the Consent of Holders. | 76 |\n| | Section 8.03. | Notice of Amendments, Supplements and Waivers. | 77 |\n| | Section 8.04. | Revocation, Effect and Solicitation of Consents; Special Record Dates; Etc. | 77 |\n| | Section 8.05. | Notations and Exchanges. | 78 |\n| | Section 8.06. | Trustee to Execute Supplemental Indentures. | 78 |"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b19"], "char_count": 1932, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "800c1aa45412e6d7f7ff07e301a9ec935957b6eb20b135ddd697925c9e57d101", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Exhibit 4.1", "- ii -"], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 19, "char_end": 1748, "char_start": 0, "fragment_sha256": "2a0a9ba46bf6e36cc15561c023d842c5211a6d5b0a9ab4462cfdb1e80dae0ccc", "heading_path": ["EXHIBIT 4.1", "Exhibit 4.1", "- ii -"], "table_index": 1, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p6", "passage_kind": "table", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s11", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b19", "text": "| | | | |\n| --- | --- | --- | --- |\n| Article 9. Satisfaction and Discharge | 78 | | |\n| | | | |\n| | Section 9.01. | Termination of Company’s Obligations. | 78 |\n| | Section 9.02. | Repayment to Company. | 79 |\n| | Section 9.03. | Reinstatement. | 79 |\n| | | | |\n| Article 10. Trustee | 79 | | |\n| | | | |\n| | Section 10.01. | Duties of the Trustee. | 79 |\n| | Section 10.02. | Rights of the Trustee. | 81 |\n| | Section 10.03. | Individual Rights of the Trustee. | 82 |\n| | Section 10.04. | Trustee’s Disclaimer. | 82 |\n| | Section 10.05. | Notice of Defaults. | 82 |\n| | Section 10.06. | Compensation and Indemnity. | 82 |\n| | Section 10.07. | Replacement of the Trustee. | 83 |\n| | Section 10.08. | Successor Trustee by Merger, Etc. | 84 |\n| | Section 10.09. | Eligibility; Disqualification. | 84 |\n| | | | |\n| Article 11. Miscellaneous | 84 | | |\n| | | | |\n| | Section 11.01. | Notices. | 84 |\n| | Section 11.02. | Delivery of Officer’s Certificate and Opinion of Counsel as to Conditions Precedent. | 86 |\n| | Section 11.03. | Statements Required in Officer’s Certificate and Opinion of Counsel. | 87 |\n| | Section 11.04. | Rules by the Trustee, the Registrar, the Paying Agent and Conversion Agent. | 87 |\n| | Section 11.05. | No Personal Liability of Directors, Officers, Employees and Stockholders. | 87 |\n| | Section 11.06. | Governing Law; Waiver of Jury Trial. | 87 |\n| | Section 11.07. | Submission to Jurisdiction. | 88 |\n| | Section 11.08. | No Adverse Interpretation of Other Agreements. | 88 |\n| | Section 11.09. | Successors. | 88 |\n| | Section 11.10. | Force Majeure. | 88 |\n| | Section 11.11. | U.S.A. PATRIOT Act. | 88 |\n| | Section 11.12. | Calculations. | 89 |\n| | Section 11.13. | Severability. | 89 |\n| | Section 11.14. | Counterparts. | 89 |\n| | Section 11.15. | Table of Contents, Headings, Etc. | 89 |\n| | Section 11.16. | Withholding Taxes. | 89 |"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b20"], "char_count": 8, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9e6825a29f60f70bee500eb3140510bb49a5319c574bcfc8397778a7be81f334", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Exhibit 4.1", "- ii -"], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], 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"tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s12", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "PROfilePageNumberReset%Num%1%- % -% INDENTURE, dated as of May 16, 2025, between Opendoor Technologies Inc., a Delaware corporation, as issuer (the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”). Each party to this Indenture (as defined below) agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders (as defined below) of the Company’s 7.000% Convertible Senior Notes due 2030."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b26"], "char_count": 3880, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "2400ea12fab83a92d02d774a88d859f9a1a32222bb6a7cb9bb12653a1d493a94", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 1.01. Definitions."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 26, "char_end": 3880, "char_start": 0, "fragment_sha256": "0c9c373cb89e626546c79a8928886cfceb27fe9809d1b8abc60edcfbb399e506", "heading_path": ["EXHIBIT 4.1", "Section 1.01. 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provided, however, that the Company may appoint any other Person (including any of the Company’s Subsidiaries) to be the Bid Solicitation Agent at any time after the Issue Date without prior notice. “Board of Directors” means the board of directors of the Company or a committee of such board duly authorized to act on behalf of such board. “Business Day” means any day other than a Saturday, a Sunday or any day on which the Federal Reserve Bank of New York is authorized or required by law or executive order to close or be closed. “Capital Stock” of any Person means any and all shares of, interests in, rights to purchase, warrants or options for, participations in, or other equivalents of, in each case however designated, the equity of such Person, but excluding any debt securities convertible into such equity. “Close of Business” means 5:00 p.m., New York City time. “Code” means the Internal Revenue Code of 1986, as amended. “Common Equity” of any Person means Capital Stock of such Person that is generally entitled (i) to vote in the election of directors of such Person or (ii) if such Person is not a corporation, to vote or otherwise participate in the selection of the governing body, partners, managers or others that will control the management or policies of such Person. “Common Stock” means the common stock, $0.0001 par value per share, of the Company, subject to Section 5.09. “Company” means the Person named as such in the first paragraph of this Indenture and, subject to Article 6, its successors and assigns. “Company Order” means a written request or order signed on behalf of the Company by one (1) of its Officers and delivered to the Trustee. “Conversion Date” means, with respect to a Note, the first Business Day on which the requirements set forth in Section 5.02(A) to convert such Note are satisfied. “Conversion Price” means, as of any time, an amount equal to (A) one thousand dollars ($1,000) divided by (B) the Conversion Rate in effect at such time. “Conversion Rate” initially means 637.1050 shares of Common Stock per $1,000 principal amount of Notes; provided, however, that the Conversion Rate is subject to adjustment pursuant to Article 5; provided, further, that whenever this Indenture refers to the Conversion Rate as of a particular date without setting forth a particular time on such date, such reference will be deemed to be to the Conversion Rate immediately after the Close of Business on such date. “Conversion Share” means any share of Common Stock issued or issuable upon conversion of any Note. “Daily Cash Amount” means, with respect to any VWAP Trading Day, the lesser of (A) the applicable Daily Maximum Cash Amount; and (B) the Daily Conversion Value for such VWAP Trading Day. “Daily Conversion Value” means, with respect to any VWAP Trading Day, one-thirtieth of the product of (A) the Conversion Rate on such VWAP Trading Day; and (B) the Daily VWAP per share of Common Stock on such VWAP Trading Day. “Daily Maximum Cash Amount” means, with respect to the conversion of any Note, the quotient obtained by dividing (A) the Specified Dollar Amount applicable to such conversion by (B) 30."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b26"], "char_count": 3445, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "fa0e813e57e48a1bd97a59cbf275b4b0c861f156526e72afaa64db3069ddbc94", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 1.01. 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For the avoidance of doubt, the Daily Share Amount will be zero for such VWAP Trading Day if such Daily Conversion Value does not exceed such Daily Maximum Cash Amount. “Daily VWAP” means, for any VWAP Trading Day, the per share volume-weighted average price of the Common Stock as displayed under the heading “Bloomberg VWAP” on Bloomberg page “OPEN AQR” (or, if such page is not available, its equivalent successor page) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such VWAP Trading Day (or, if such volume-weighted average price is unavailable, the market value of one share of Common Stock on such VWAP Trading Day, determined, using a volume-weighted average price method, by a nationally recognized independent investment banking firm selected by the Company). The Daily VWAP will be determined without regard to after-hours trading or any other trading outside of the regular trading session. “Default” means any event that is (or, after notice, passage of time or both, would be) an Event of Default. “Default Settlement Method” means Combination Settlement with a Specified Dollar Amount of $1,000 per $1,000 principal amount of Notes; provided, however, that (x) subject to Section 5.03(A)(iii), the Company may, from time to time, change the Default Settlement Method, to any Settlement Method that the Company is then permitted to elect, by sending notice of the new Default Settlement Method to the Holders, the Trustee and the Conversion Agent; and (y) the Default Settlement Method will be subject to Section 5.03(A)(ii). “Depositary” means The Depository Trust Company or its successor. “Depositary Participant” means any member of, or participant in, the Depositary. “Depositary Procedures” means, with respect to any conversion, transfer, exchange or other transaction involving a Global Note or any beneficial interest therein, the rules and procedures of the Depositary applicable to such conversion, transfer, exchange or transaction. “Effective date”, in relation to a stock split or stock combination, means the first date on which the shares of Common Stock trade on the relevant stock exchange, regular way, reflecting the relevant stock split or stock combination, as applicable. “Ex-Dividend Date” means, with respect to an issuance, dividend or distribution on the Common Stock, the first date on which shares of Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such issuance, dividend or distribution (including pursuant to due bills or similar arrangements required by the relevant stock exchange). For the avoidance of doubt, any alternative trading convention on the applicable exchange or market in respect of the Common Stock under a separate ticker symbol or CUSIP number will not be considered “regular way” for this purpose. “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. “Exempted Fundamental Change” means any Fundamental Change with respect to which, in accordance with Section 4.02(I), the Company does not offer to repurchase any Notes."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b26"], "char_count": 1115, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "affda1eeeac8b8cdae77ba991362ba1604a2713c00336a46efb7549c8142ea6f", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 1.01. 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Definitions."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s14", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "“Freely Tradable” means, with respect to any security of the Company, that such security would be eligible to be offered, sold or otherwise transferred pursuant to Rule 144 if held by a person that is not an Affiliate of the Company, and that has not been an Affiliate of the Company during the immediately preceding three months, without any requirements as to volume, manner of sale, availability of current public information or notice under the Securities Act (except that any such requirement as to the availability of current public information will be disregarded if the same is satisfied at that time). “Fundamental Change” means any of the following events: (A) a “person” or “group” (within the meaning of Section 13(d)(3) of the Exchange Act), other than the Company or its Wholly Owned Subsidiaries, or their respective employee benefit plans, files any report with the SEC indicating that such person or group has become the direct or indirect “beneficial owner” (as defined below) of shares of the Common Stock representing more than fifty percent (50%) of the voting power of all of the Common Stock."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b26"], "char_count": 3912, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e1987c7f8f21d8f2f83f912a22b665621a9ca232320a0edcff09c908239db4db", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 1.01. 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Definitions."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p13", "passage_kind": "narrative", "passage_sequence": 13, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s14", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(B) the consummation of (i) any sale, lease or other transfer, in one transaction or a series of transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any Person, other than (A) solely to one or more of the Company’s Wholly Owned Subsidiaries, (B) sales or other transfers of residential real property and/or mortgage loans in the ordinary course of the Company’s business and (C) transfers to the Company’s Subsidiaries in connection with bona fide financing transactions and equity transfers of the equity of the Company’s Subsidiaries in connection with establishing bona fide financing vehicles; or (ii) any transaction or series of related transactions in connection with which (whether by means of merger, consolidation, share exchange, combination, reclassification, recapitalization, acquisition, liquidation or otherwise) all of the Common Stock is exchanged for, converted into, acquired for, or constitutes solely the right to receive, other securities, cash or other property; provided, however, that any merger, consolidation, share exchange or combination of the Company pursuant to which the Persons that directly or indirectly “beneficially owned” (as defined below) all classes of the Company’s Common Equity immediately before such transaction directly or indirectly “beneficially own,” immediately after such transaction, more than fifty percent (50%) of all classes of Common Equity of the surviving, continuing or acquiring company or other transferee, as applicable, or the parent thereof, in substantially the same proportions vis-à-vis each other as immediately before such transaction will be deemed not to be a Fundamental Change pursuant to this clause (B); (C) the Company’s stockholders approve any plan or proposal for the liquidation or dissolution of the Company; or (D) the Common Stock ceases to be listed on any of The New York Stock Exchange, The Nasdaq Global Market or The Nasdaq Global Select Market (or any of their respective successors); provided, however, that a transaction or event described in clause (A) or (B) above will not constitute a Fundamental Change if at least ninety percent (90%) of the consideration received or to be received by the holders of Common Stock (excluding cash payments for fractional shares or pursuant to dissenters rights), in connection with such transaction or event, consists of shares of common stock listed (or depositary receipts representing shares of common stock, which depositary receipts are listed) on any of The New York Stock Exchange, The Nasdaq Global Market or The Nasdaq Global Select Market (or any of their respective successors), or that will be so listed when issued or exchanged in connection with such transaction or event, and such transaction or event constitutes a Common Stock Change Event whose Reference Property consists of such consideration. If any transaction in which the Common Stock is replaced by the securities of another entity occurs, following completion of any related Make-Whole Fundamental Change Conversion Period (or, in the case of a transaction that would have been a Fundamental Change or a Make-Whole Fundamental Change but for the proviso to the immediately preceding paragraph, following the effective date of such transaction), references to the Company for purposes of this definition of “Fundamental Change” shall instead be references to such other entity. For the purposes of this definition, (x) any transaction or event described in both clause (A) and in clause (B)(i) or (ii) above (without regard to the proviso in clause (B)) will be deemed to occur solely pursuant to clause (B) above (subject to such proviso); and (y) whether a Person is a “beneficial owner,” whether shares are “beneficially owned,” and percentage beneficial ownership, will be determined in accordance with Rule 13d-3 under the Exchange Act."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b26"], "char_count": 3496, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "df4e4bd625897900050a2af57e6ba43f8f6da4e8bd0f5b2d26a735602f95dc64", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 1.01. 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Definitions."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p14", "passage_kind": "narrative", "passage_sequence": 14, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s14", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "“Fundamental Change Repurchase Date” means the date fixed for the repurchase of any Notes by the Company pursuant to a Repurchase Upon Fundamental Change. “Fundamental Change Repurchase Notice” means a notice (including a notice substantially in the form of the “Fundamental Change Repurchase Notice” set forth in Exhibit A) containing the information, or otherwise complying with the requirements, set forth in Section 4.02(F)(i) and Section 4.02(F)(ii). “Fundamental Change Repurchase Price” means the cash price payable by the Company to repurchase any Note upon its Repurchase Upon Fundamental Change, calculated pursuant to Section 4.02(D). “Global Note” means a Note that is represented by a certificate substantially in the form set forth in Exhibit A, registered in the name of the Depositary or its nominee, duly executed by the Company and authenticated by the Trustee, and deposited with the Trustee, as custodian for the Depositary. “Global Note Legend” means a legend substantially in the form set forth in Exhibit B-2. “Holder” means a person in whose name a Note is registered on the Registrar’s books. “Indenture” means this Indenture, as amended or supplemented from time to time. “Interest Payment Date” means, with respect to a Note, each May 15 and November 15 of each year, commencing on November 15, 2025 (or commencing on such other date specified in the certificate representing such Note). For the avoidance of doubt, the Maturity Date is an Interest Payment Date. “Issue Date” means May 16, 2025. “Last Original Issue Date” means (A) with respect to any Notes issued on the Issue Date and any Notes issued in exchange therefor or in substitution thereof, the Issue Date; and (B) with respect to any Notes issued pursuant to Section 2.03(B), and any Notes issued in exchange therefor or in substitution thereof, either (i) the later of (x) the date such Notes are originally issued and (y) the last date any Notes are originally issued as part of the same offering pursuant to the exercise of an option granted to the initial purchaser(s) of such Notes to purchase additional Notes; or (ii) such other date as is specified in an Officer’s Certificate delivered to the Trustee before the original issuance of such Notes. “Last Reported Sale Price” of the Common Stock for any Trading Day means the closing sale price per share (or, if no closing sale price is reported, the average of the last bid price and the last ask price per share or, if more than one in either case, the average of the average last bid prices and the average last ask prices per share) of Common Stock on such Trading Day as reported in composite transactions for the principal U.S. national or regional securities exchange on which the Common Stock is then listed. If the Common Stock is not listed on a U.S. national or regional securities exchange on such Trading Day, then the Last Reported Sale Price will be the last quoted bid price per share of Common Stock on such Trading Day in the over-the-counter market as reported by OTC Markets Group Inc. or a similar organization. If the Common Stock is not so quoted on such Trading Day, then the Last Reported Sale Price will be the average of the mid-point of the last bid price and the last ask price per share of Common Stock on such Trading Day from a nationally recognized independent investment banking firm selected by the Company. Neither the Trustee nor the Conversion Agent will have any duty to determine the Last Reported Sale Price."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b26"], "char_count": 3837, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5e3b007dc5a9c6a9415e427d32d7abdd41e462d19011fda15e1acc5e44acf8be", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 1.01. 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Definitions."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p15", "passage_kind": "narrative", "passage_sequence": 15, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s14", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "The “Liquidity Conditions” with respect to the Redemption of any Notes will be satisfied if each of the following has been satisfied as of the Redemption Notice Date for such Redemption and is reasonably expected to continue to be satisfied through at least the thirtieth (30th) calendar day after the Redemption Date for such Redemption: (A) the Company has satisfied the reporting conditions (including, for the avoidance of doubt, the requirement for current Form 10 information) set forth in Rule 144(c) and (i)(2) under the Securities Act; and (B) the shares of Common Stock, if any, issued or issuable upon conversion of the Notes are Freely Tradable; provided, however, that the Liquidity Conditions will also be deemed to be satisfied with respect to such Redemption if, in accordance with Section 5.03(A)(i)(3), the Company has elected to settle all conversions of called (or deemed called) Notes with a Conversion Date that occurs on or after such Redemption Notice Date and on or before the Business Day immediately before such Redemption Date by Cash Settlement. “Make-Whole Fundamental Change” means (A) a Fundamental Change (determined after giving effect to the proviso immediately after clause (D) of the definition thereof, but without regard to the proviso to clause (B)(ii) of such definition); or (B) the sending of a Redemption Notice pursuant to Section 4.04(G); provided, however, that, subject to Section 4.04(J), the sending of a Redemption Notice will constitute a Make-Whole Fundamental Change only with respect to the Notes called for Redemption pursuant to such Redemption Notice and not with respect to any other Notes. “Make-Whole Fundamental Change Conversion Period” has the following meaning: (A) in the case of a Make-Whole Fundamental Change pursuant to clause (A) of the definition thereof, the period from, and including, the Make-Whole Fundamental Change Effective Date of such Make-Whole Fundamental Change to, and including, the thirty fifth (35th) Trading Day after such Make-Whole Fundamental Change Effective Date (or, if such Make-Whole Fundamental Change also constitutes a Fundamental Change (other than an Exempted Fundamental Change), to, but excluding, the related Fundamental Change Repurchase Date); and (B) in the case of a Make-Whole Fundamental Change pursuant to clause (B) of the definition thereof, the period from, and including, the Redemption Notice Date for the related Redemption to, and including, the Business Day immediately before the related Redemption Date; provided, however, that if the Conversion Date for the conversion of a Note that has been called (or deemed, pursuant to Section 4.04(J), to be called) for Redemption occurs during the Make-Whole Fundamental Change Conversion Period for both a Make-Whole Fundamental Change occurring pursuant to clause (A) of the definition of “Make-Whole Fundamental Change” and a Make-Whole Fundamental Change resulting from such Redemption pursuant to clause (B) of such definition, then, notwithstanding anything to the contrary in Section 5.07, solely for purposes of such conversion, (x) such Conversion Date will be deemed to occur solely during the Make-Whole Fundamental Change Conversion Period for the Make-Whole Fundamental Change with the earlier Make-Whole Fundamental Change Effective Date; and (y) the Make-Whole Fundamental Change with the later Make-Whole Fundamental Change Effective Date will be deemed not to have occurred. “Make-Whole Fundamental Change Effective Date” means (A) with respect to a Make-Whole Fundamental Change pursuant to clause (A) of the definition thereof, the date on which such Make-Whole Fundamental Change occurs or becomes effective; and (B) with respect to a Make-Whole Fundamental Change pursuant to clause (B) of the definition thereof, the applicable Redemption Notice Date."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b26"], "char_count": 3753, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "3d907eb0425207aab05f7c49904cece35f2d520e618481bcf3dd64b684aad8ec", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 1.01. Definitions."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 26, "char_end": 23438, "char_start": 19685, "fragment_sha256": "0c9c373cb89e626546c79a8928886cfceb27fe9809d1b8abc60edcfbb399e506", "heading_path": ["EXHIBIT 4.1", "Section 1.01. Definitions."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p16", "passage_kind": "narrative", "passage_sequence": 16, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s14", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "“Market Disruption Event” means, with respect to any date, the occurrence or existence, during the one-half hour period ending at the scheduled close of trading on such date on the principal U.S. national or regional securities exchange or other market on which the Common Stock is listed for trading or trades, of any material suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the Common Stock or in any options contracts or futures contracts relating to the Common Stock. “Maturity Date” means May 15, 2030. “Non-Affiliate Legend” means a legend substantially in the form set forth in Exhibit B-3. “Note Agent” means any Registrar, Paying Agent or Conversion Agent. “Notes” means the 7.000% Convertible Senior Notes due 2030 issued by the Company pursuant to this Indenture. “Observation Period” means, with respect to any Note to be converted, (A) subject to clause (B) below, if the Conversion Date for such Note occurs on or before November 15, 2029, the 30 consecutive VWAP Trading Days beginning on, and including, the third VWAP Trading Day immediately after such Conversion Date; (B) if such Conversion Date occurs on or after the date the Company has sent a Redemption Notice calling such Note for Redemption pursuant to Section 4.04(G) and before the related Redemption Date, the 30 consecutive VWAP Trading Days beginning on, and including, the 31st Scheduled Trading Day immediately before such Redemption Date; and (C) subject to clause (B) above, if such Conversion Date occurs after November 15, 2029, the 30 consecutive VWAP Trading Days beginning on, and including, the 31st Scheduled Trading Day immediately before the Maturity Date. “Officer” means the Chief Executive Officer, the President, the Chief Financial Officer, the Treasurer, the Secretary or any Assistant Secretary of the Company. “Officer’s Certificate” means a certificate that is signed on behalf of the Company by one (1) of its Officers and that meets the requirements of Section 11.03. “OID” means original issue discount within the meaning of Section 1273 of the Code. “OID Legend” means a legend substantially in the form set forth in Exhibit B-4. “Open of Business” means 9:00 a.m., New York City time. “Opinion of Counsel” means an opinion, from legal counsel (including an employee of, or counsel to, the Company or any of its Subsidiaries) reasonably acceptable to the Trustee, that meets the requirements of Section 11.03, subject to customary qualifications and exclusions. “Optional Repurchase” means the repurchase of any Note by the Company pursuant to Section 4.03. “Optional Repurchase Notice” means a notice (including a notice substantially in the form of the “Optional Repurchase Notice” set forth in Exhibit A) containing the information, or otherwise complying with the requirements, set forth in Section 4.03(E)(i) and Section 4.03(E)(ii). “Optional Repurchase Price” means the cash price payable by the Company to repurchase any Note upon an Optional Repurchase, calculated pursuant to Section 4.03(C). “Person” or “person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization or government or other agency or political subdivision thereof. Any division or series of a limited liability company, limited partnership or trust will constitute a separate “person” under this Indenture. “Physical Note” means a Note (other than a Global Note) that is represented by a certificate substantially in the form set forth in Exhibit A, registered in the name of the Holder of such Note and duly executed by the Company and authenticated by the Trustee."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b26"], "char_count": 3956, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "579313b6a6de67d7a9c563fca726dbd37ab6f1e99c2aa7769fc77f32059acf26", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 1.01. Definitions."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 26, "char_end": 27394, "char_start": 23438, "fragment_sha256": "0c9c373cb89e626546c79a8928886cfceb27fe9809d1b8abc60edcfbb399e506", "heading_path": ["EXHIBIT 4.1", "Section 1.01. Definitions."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p17", "passage_kind": "narrative", "passage_sequence": 17, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s14", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "“Record Date” means, with respect to any dividend, distribution or other transaction or event in which the holders of Common Stock (or other applicable security) have the right to receive any cash, securities or other property or in which Common Stock (or such other security) is exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination of holders of Common Stock (or such other security) entitled to receive such cash, securities or other property (whether such date is fixed by the Board of Directors, statute, contract or otherwise). “Redemption” means the repurchase of any Note by the Company pursuant to Section 4.04. “Redemption Date” means the date fixed, pursuant to Section 4.04(E), for the settlement of the repurchase of any Notes by the Company pursuant to a Redemption. “Redemption Notice Date” means, with respect to a Redemption, the date on which the Company sends the Redemption Notice for such Redemption pursuant to Section 4.04(G). “Redemption Price” means the cash price payable by the Company to redeem any Note upon its Redemption, calculated pursuant to Section 4.04(F). “Regular Record Date” has the following meaning with respect to an Interest Payment Date: (A) if such Interest Payment Date occurs on May 15, the immediately preceding May 1 (whether or not a Business Day); and (B) if such Interest Payment Date occurs on November 15, the immediately preceding November 1 (whether or not a Business Day). “Repurchase Upon Fundamental Change” means the repurchase of any Note by the Company pursuant to Section 4.02. “Responsible Officer” means (A) any officer within the corporate trust group of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of such officers; and (B) with respect to a particular corporate trust matter relating to this Indenture, any other officer to whom such matter is referred because of his or her knowledge of, and familiarity with, the particular subject, and who in each case, has direct responsibility for the administration of this Indenture. “Restricted Note Legend” means a legend substantially in the form set forth in Exhibit B-1. “Restricted Stock Legend” means, with respect to any Conversion Share, a legend substantially to the effect that the offer and sale of such Conversion Share have not been registered under the Securities Act and that such Conversion Share cannot be sold or otherwise transferred except pursuant to a transaction that is registered under the Securities Act or that is exempt from, or not subject to, the registration requirements of the Securities Act. “Rule 144” means Rule 144 under the Securities Act (or any successor rule thereto), as the same may be amended from time to time. “Rule 144A” means Rule 144A under the Securities Act (or any successor rule thereto), as the same may be amended from time to time. “Scheduled Trading Day” means any day that is scheduled to be a Trading Day on the principal U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then traded. If the Common Stock is not so listed or traded, then “Scheduled Trading Day” means a Business Day. “SEC” means the U.S. Securities and Exchange Commission. “Securities Act” means the U.S. Securities Act of 1933, as amended. “Security” means any Note or Conversion Share. “Settlement Method” means Cash Settlement or Combination Settlement. “Significant Subsidiary” of any Person means any Subsidiary of that Person that constitutes a “significant subsidiary” (as defined in Rule 1-02(w) of Regulation S-X under the Exchange Act) of that Person. “Special Interest” means any interest that accrues on any Note pursuant to Section 7.03."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b26"], "char_count": 3858, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "83737679af0465ec19615ae76496d0f93761eeb39c689464411ab32ab2f75d5b", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 1.01. Definitions."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 26, "char_end": 31252, "char_start": 27394, "fragment_sha256": "0c9c373cb89e626546c79a8928886cfceb27fe9809d1b8abc60edcfbb399e506", "heading_path": ["EXHIBIT 4.1", "Section 1.01. Definitions."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p18", "passage_kind": "narrative", "passage_sequence": 18, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s14", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "“Specified Dollar Amount” means, with respect to the conversion of a Note to which Combination Settlement applies, the maximum cash amount per $1,000 principal amount of such Note deliverable upon such conversion (excluding cash in lieu of any fractional share of Common Stock); provided, however, that in no event will the Specified Dollar Amount be less than $1,000 per $1,000 principal amount of such Note. “Stock Price” has the following meaning for any Make-Whole Fundamental Change: (A) if the holders of Common Stock receive only cash in consideration for their shares of Common Stock in such Make-Whole Fundamental Change and such Make-Whole Fundamental Change is pursuant to clause (B) of the definition of “Fundamental Change,” then the Stock Price is the amount of cash paid per share of Common Stock in such Make-Whole Fundamental Change; and (B) in all other cases, the Stock Price is the average of the Last Reported Sale Prices per share of Common Stock for the five (5) consecutive Trading Days ending on, and including, the Trading Day immediately before the Make-Whole Fundamental Change Effective Date of such Make-Whole Fundamental Change. “Subsidiary” means, with respect to any Person, (A) any corporation, association or other business entity (other than a partnership or limited liability company) of which more than fifty percent (50%) of the total voting power of the Capital Stock entitled (without regard to the occurrence of any contingency, but after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees, as applicable, of such corporation, association or other business entity is owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person; and (B) any partnership or limited liability company where (i) more than fifty percent (50%) of the capital accounts, distribution rights, equity and voting interests, or of the general and limited partnership interests, as applicable, of such partnership or limited liability company are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person, whether in the form of membership, general, special or limited partnership or limited liability company interests or otherwise; and (ii) such Person or any one or more of the other Subsidiaries of such Person is a controlling general partner of, or otherwise controls, such partnership or limited liability company. “Trading Day” means any day on which (A) trading in the Common Stock generally occurs on the principal U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then traded; and (B) there is no Market Disruption Event. If the Common Stock is not so listed or traded, then “Trading Day” means a Business Day. “Trading Price” of the Notes on any Trading Day means the average of the secondary market bid quotations, expressed as a cash amount per $1,000 principal amount of Notes, obtained by the Bid Solicitation Agent for one million dollars ($1,000,000) (or such lesser amount as may then be outstanding) in principal amount of Notes at approximately 3:30 p.m., New York City time, on such Trading Day from three (3) nationally recognized independent securities dealers selected by the Company; provided, however, that, if three (3) such bids cannot reasonably be obtained by the Bid Solicitation Agent but two (2) such bids are obtained, then the average of the two (2) bids will be used, and if only one (1) such bid can reasonably be obtained by the Bid Solicitation Agent, then that one (1) bid will be used."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b26"], "char_count": 3881, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "bea756ac9c72e6d75cb4aa04dd0ed62c72ae00ba22bf51c383febfeb3ca95d92", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 1.01. Definitions."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 26, "char_end": 35133, "char_start": 31252, "fragment_sha256": "0c9c373cb89e626546c79a8928886cfceb27fe9809d1b8abc60edcfbb399e506", "heading_path": ["EXHIBIT 4.1", "Section 1.01. Definitions."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p19", "passage_kind": "narrative", "passage_sequence": 19, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s14", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "If, on any Trading Day, (A) the Bid Solicitation Agent cannot reasonably obtain at least one (1) bid for one million dollars ($1,000,000) (or such lesser amount as may then be outstanding) in principal amount of Notes from a nationally recognized independent securities dealer; (B) the Company is not acting as the Bid Solicitation Agent and the Company fails to instruct the Bid Solicitation Agent to obtain bids when required; or (C) the Bid Solicitation Agent fails to solicit bids when required, then, in each case, the Trading Price per $1,000 principal amount of Notes on such Trading Day will be deemed to be less than ninety eight percent (98%) of the product of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading Day. “Transfer-Restricted Security” means any Security that constitutes a “restricted security” (as defined in Rule 144); provided, however, that such Security will cease to be a Transfer-Restricted Security upon the earliest to occur of the following events: (A) such Security is sold or otherwise transferred to a Person (other than the Company or an Affiliate of the Company) pursuant to a registration statement that was effective under the Securities Act at the time of such sale or transfer; (B) such Security is sold or otherwise transferred to a Person (other than the Company or an Affiliate of the Company) pursuant to an available exemption (including Rule 144) from the registration and prospectus-delivery requirements of, or in a transaction not subject to, the Securities Act and, immediately after such sale or transfer, such Security ceases to constitute a “restricted security” (as defined in Rule 144); and (C) such Security is eligible for resale, by a Person that is not an Affiliate of the Company and that has not been an Affiliate of the Company during the immediately preceding three (3) months, pursuant to Rule 144 without any limitations thereunder as to volume, manner of sale, availability of current public information or notice. The Trustee is under no obligation to determine whether any Security is a Transfer-Restricted Security and may conclusively rely on an Officer’s Certificate with respect thereto. “Trust Indenture Act” means the U.S. Trust Indenture Act of 1939, as amended. “Trustee” means the Person named as such in the first paragraph of this Indenture until a successor replaces it in accordance with the provisions of this Indenture and, thereafter, means such successor. “VWAP Market Disruption Event” means, with respect to any date, (A) the failure by the principal U.S. national or regional securities exchange on which the Common Stock is then listed, or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, the principal other market on which the Common Stock is then traded, to open for trading during its regular trading session on such date; or (B) the occurrence or existence, for more than one half hour period in the aggregate, of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the Common Stock or in any options contracts or futures contracts relating to the Common Stock, and such suspension or limitation occurs or exists at any time before 1:00 p.m., New York City time, on such date. “VWAP Trading Day” means a day on which (A) there is no VWAP Market Disruption Event; and (B) trading in the Common Stock generally occurs on the principal U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then traded. If the Common Stock is not so listed or traded, then “VWAP Trading Day” means a Business Day."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b26"], "char_count": 272, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d8cd1b1ab23885553369b33e13697669df8fe1433daaf2ee072cd74dcffd487a", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 1.01. Definitions."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 26, "char_end": 35405, "char_start": 35133, "fragment_sha256": "0c9c373cb89e626546c79a8928886cfceb27fe9809d1b8abc60edcfbb399e506", "heading_path": ["EXHIBIT 4.1", "Section 1.01. Definitions."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p20", "passage_kind": "narrative", "passage_sequence": 20, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s14", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "“Wholly Owned Subsidiary” of a Person means any Subsidiary of such Person all of the outstanding Capital Stock or other ownership interests of which (other than directors’ qualifying shares) are owned by such Person or one or more Wholly Owned Subsidiaries of such Person."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b41"], "char_count": 1387, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0b778f0dc6646c7b1382443b808ec58ad8a55f42aa10e5c409cb578022a19772", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 1.02. Other Definitions.", "Term Defined in Section"], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 41, "char_end": 1221, "char_start": 0, "fragment_sha256": "00ea9e85dab2c4a36a303eccfa2309bc508c86d8ffba77eca3de0942cc513e2c", "heading_path": ["EXHIBIT 4.1", "Section 1.02. Other Definitions.", "Term Defined in Section"], "table_index": 3, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p21", "passage_kind": "table", "passage_sequence": 21, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s16", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b41", "text": "| | |\n| --- | --- |\n| “Additional Shares” | 5.07(A) |\n| “Business Combination Event” | 6.01(A) |\n| “Cash Settlement” | 5.03(A) |\n| “Combination Settlement” | 5.03(A) |\n| “Common Stock Change Event” | 5.09(A) |\n| “Conversion Agent” | 2.06(A) |\n| “Conversion Consideration” | 5.03(B) |\n| “Default Interest” | 2.05(B) |\n| “Defaulted Amount” | 2.05(B) |\n| “Event of Default” | 7.01(A) |\n| “Expiration Date” | 5.05(A)(v) |\n| “Expiration Time” | 5.05(A)(v) |\n| “Fundamental Change Notice” | 4.02(E) |\n| “Fundamental Change Repurchase Right” | 4.02(A) |\n| “Initial Notes” | 2.03(A) |\n| “Measurement Period” | 5.01(C)(i)(2) |\n| “Optional Repurchase Date” | 4.03(A) |\n| “Optional Repurchase Date Notice” | 4.03(D) |\n| “Optional Repurchase Right” | 4.03(A) |\n| “Partial Redemption Limitation” | 4.03(C) |\n| “Paying Agent” | 2.06(A) |\n| “Redemption Notice” | 4.04(G) |\n| “Reference Property” | 5.09(A) |\n| “Reference Property Unit” | 5.09(A) |\n| “Register” | 2.06(B) |\n| “Registrar” | 2.06(A) |\n| “Reporting Event of Default” | 7.03(A) |\n| “Specified Courts” | 11.07 |\n| “Spin-Off” | 5.05(A)(iii)(2) |\n| “Spin-Off Valuation Period” | 5.05(A)(iii)(2) |\n| “Stated Interest” | 2.05(A) |\n| “Successor Corporation” | 6.01(A) |\n| “Successor Person” | 5.09(A) |\n| “Tender/Exchange Offer Valuation Period” | 5.05(A)(v) |\n| “Trading Price Condition” | 5.01(C)(i)(2) |\n| “Trigger Event” | 5.05(A)(iii)(1) |"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b44"], "char_count": 1315, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "071154f6ed16392554ae1ded6a6b89fb16fc3517e41a727f93016033257f8e4e", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 1.03. Rules of Construction."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 44, "char_end": 1315, "char_start": 0, "fragment_sha256": "a977adc558f809dfae4fe08965af2a516363595a79f03b6f5568aed20e260fbc", "heading_path": ["EXHIBIT 4.1", "Section 1.03. Rules of Construction."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p22", "passage_kind": "narrative", "passage_sequence": 22, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s17", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "For purposes of this Indenture: (A) “or” is not exclusive; (B) “including” means “including without limitation”; (C) “will” expresses a command; (D) the “average” of a set of numerical values refers to the arithmetic average of such numerical values; (E) a merger involving, or a transfer of assets by, a limited liability company, limited partnership or trust will be deemed to include any division of or by, or an allocation of assets to a series of, such limited liability company, limited partnership or trust, or any unwinding of any such division or allocation; (F) words in the singular include the plural and in the plural include the singular, unless the context requires otherwise; (G) “herein,” “hereof” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision of this Indenture, unless the context requires otherwise; (H) references to currency mean the lawful currency of the United States of America, unless the context requires otherwise; (I) the exhibits, schedules and other attachments to this Indenture are deemed to form part of this Indenture; and (J) the term “interest,” when used with respect to a Note, includes any Default Interest, Additional Interest and Special Interest, unless the context requires otherwise."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b47"], "char_count": 1414, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "df75e3121a903b678757e043304c93765dcef20c542691ff90ed8b780299293d", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 2.01. Form, Dating and Denominations."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 47, "char_end": 1414, "char_start": 0, "fragment_sha256": "71903b717fec4379fbd3f0812803847e9703fd51a83f06986d8ca5e155551968", "heading_path": ["EXHIBIT 4.1", "Section 2.01. Form, Dating and Denominations."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p23", "passage_kind": "narrative", "passage_sequence": 23, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s19", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "The Notes and the Trustee’s certificate of authentication will be substantially in the form set forth in Exhibit A. The Notes will bear the legends required by Section 2.09 and may bear notations, legends or endorsements required by law, stock exchange rule or usage or the Depositary. Each Note will be dated as of the date of its authentication. Except to the extent otherwise provided in a Company Order delivered to the Trustee in connection with the issuance and authentication thereof, the Notes will be issued initially in the form of one or more Global Notes. Global Notes may be exchanged for Physical Notes, and Physical Notes may be exchanged for Global Notes, only as provided in Section 2.10. The Notes will be issuable only in registered form without interest coupons and only in Authorized Denominations. Each certificate representing a Note will bear a unique registration number that is not affixed to any other certificate representing another outstanding Note. The terms contained in the Notes constitute part of this Indenture, and, to the extent applicable, the Company and the Trustee, by their execution and delivery of this Indenture, agree to such terms and to be bound thereby; provided, however, that, to the extent that any provision of any Note conflicts with the provisions of this Indenture, the provisions of this Indenture will control for purposes of this Indenture and such Note."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b50", "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b51", "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b52"], "char_count": 2000, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "52f08bea9a84b667122b743f4527251ba6f99b531eaa299994d222be27c0f6d2", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 2.02. Execution, Authentication and Delivery."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 50, "char_end": 359, "char_start": 0, "fragment_sha256": "f96c70ef4e5151a4e091e275b5766cdec4eb86811dfb004ad05bfe12270153bf", "heading_path": ["EXHIBIT 4.1", "Section 2.02. Execution, Authentication and Delivery."], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 51, "char_end": 47, "char_start": 0, "fragment_sha256": "f53171266dad9ac78e5f9d7df7d6094e8bec92c590e0c1d25568356e98f4ed5e", "heading_path": ["EXHIBIT 4.1", "Section 2.02. Execution, Authentication and Delivery."], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 52, "char_end": 1590, "char_start": 0, "fragment_sha256": "eca6996fba7f4a2212e275ee9c5c763e40c6be082a655d1f71df41c79988d2c0", "heading_path": ["EXHIBIT 4.1", "Section 2.02. Execution, Authentication and Delivery."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p24", "passage_kind": "narrative", "passage_sequence": 24, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s20", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) Due Execution by the Company. At least one (1) duly authorized Officer will sign the Notes on behalf of the Company by manual, electronic or facsimile signature. A Note’s validity will not be affected by the failure of any Officer whose signature is on any Note to hold, at the time such Note is authenticated, the same or any other office at the Company.\n\n(B) Authentication by the Trustee and Delivery.\n\n(i) No Note will be valid until it is authenticated by the Trustee. A Note will be deemed to be duly authenticated only when an authorized signatory of the Trustee (or a duly appointed authenticating agent) manually signs the certificate of authentication of such Note. (ii) The Trustee will cause an authorized signatory of the Trustee (or a duly appointed authenticating agent) to manually sign the certificate of authentication of a Note only if (1) the Company delivers such Note to the Trustee; (2) such Note is executed by the Company in accordance with Section 2.02(A); and (3) the Company delivers a Company Order to the Trustee that (a) requests the Trustee to authenticate such Note; and (b) sets forth the name of the Holder of such Note and the date as of which such Note is to be authenticated. If such Company Order also requests the Trustee to deliver such Note to any Holder or to the Depositary, then the Trustee will promptly deliver such Note in accordance with such Company Order. (iii) The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. A duly appointed authenticating agent may authenticate Notes whenever the Trustee may do so under this Indenture, and a Note authenticated as provided in this Indenture by such an agent will be deemed, for purposes of this Indenture, to be authenticated by the Trustee. Each duly appointed authenticating agent will have the same rights to deal with the Company as the Trustee would have if it were performing the duties that the authenticating agent was validly appointed to undertake."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b55"], "char_count": 1458, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "563871be54c80d496984c53e1c8e7bccb7e9d79daadc4b451dc18414bc98b50d", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 2.03. Initial Notes and Additional Notes."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 55, "char_end": 1458, "char_start": 0, "fragment_sha256": "349b2db1aeda6a2c798485502db3e1e2b22375696d61930d03ae1f776b63801d", "heading_path": ["EXHIBIT 4.1", "Section 2.03. Initial Notes and Additional Notes."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p25", "passage_kind": "narrative", "passage_sequence": 25, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s21", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) Initial Notes. On the Issue Date, there will be originally issued three hundred and twenty five million dollars ($325,000,000) aggregate principal amount of Notes, subject to the provisions of this Indenture (including Section 2.02). Notes issued pursuant to this Section 2.03(A), and any Notes issued in exchange therefor or in substitution thereof, are referred to in this Indenture as the “Initial Notes.” (B) Additional Notes. Without the consent of any Holder, the Company may, subject to the provisions of this Indenture (including Section 2.02), originally issue additional Notes with the same terms as the Initial Notes (except, to the extent applicable, with respect to the date as of which interest begins to accrue on such additional Notes and the first Interest Payment Date and the Last Original Issue Date of such additional Notes), which additional Notes will, subject to the foregoing, be considered to be part of the same series of, and rank equally and ratably with all other, Notes issued under this Indenture; provided, however, that any such additional Notes (and any Notes that are resold after such Notes have been purchased or otherwise acquired by the Company or its Subsidiaries) that are not fungible with other Notes issued under this Indenture for purposes of U.S. federal income tax or federal securities laws or, if applicable, the Depositary Procedures, will be identified by a separate CUSIP number or by no CUSIP number."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b57"], "char_count": 2122, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "dac995d7edb6ab9ebca3724ec96320696d7292c77c269170571b267ff4e87abe", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 2.04. Method of Payment."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 57, "char_end": 2122, "char_start": 0, "fragment_sha256": "db638b5ac8ee014dfd7021557ed252e2a80b4fab8f95aa8049161041fcd8b5b4", "heading_path": ["EXHIBIT 4.1", "Section 2.04. Method of Payment."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p26", "passage_kind": "narrative", "passage_sequence": 26, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s22", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) Global Notes. The Company will pay, or cause the Paying Agent to pay, the principal (whether due upon maturity on the Maturity Date, Redemption on a Redemption Date, Optional Repurchase on the Optional Repurchase Date or repurchase on a Fundamental Change Repurchase Date or otherwise) of, interest on, and any cash Conversion Consideration for, any Global Note to the Depositary by wire transfer of immediately available funds no later than the time the same is due as provided in this Indenture. (B) Physical Notes. The Company will pay, or cause the Paying Agent to pay, the principal (whether due upon maturity on the Maturity Date, Redemption on a Redemption Date, Optional Repurchase on the Optional Repurchase Date or repurchase on a Fundamental Change Repurchase Date or otherwise) of, interest on, and any cash Conversion Consideration for, any Physical Note no later than the time the same is due as provided in this Indenture as follows: (i) if the principal amount of such Physical Note is at least five million dollars ($5,000,000) (or such lower amount as the Company may choose in its sole and absolute discretion) and the Holder of such Physical Note entitled to such payment has delivered to the Paying Agent or the Trustee, no later than the time set forth in the immediately following sentence, a written request that the Company make such payment by wire transfer to an account of such Holder within the United States, by wire transfer of immediately available funds to such account; and (ii) in all other cases, by check mailed to the address of the Holder of such Physical Note entitled to such payment as set forth in the Register. To be timely, such written request must be so delivered no later than the Close of Business on the following date: (x) with respect to the payment of any interest due on an Interest Payment Date, the immediately preceding Regular Record Date; (y) with respect to any cash Conversion Consideration, the relevant Conversion Date; and (z) with respect to any other payment, the date that is fifteen (15) calendar days immediately before the date such payment is due."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b60"], "char_count": 3876, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a5e5b63234d3ee95b8fbb53a37cae25ed7536659d85ab67199724c19d630e7f3", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 2.05. Accrual of Interest; Defaulted Amounts; When Payment Date is Not a Business Day."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 60, "char_end": 3876, "char_start": 0, "fragment_sha256": "fe0fe1ddc9b16c274f1de86ee13f4c8875843677717fd356b8f76f4b59896082", "heading_path": ["EXHIBIT 4.1", "Section 2.05. Accrual of Interest; Defaulted Amounts; When Payment Date is Not a Business Day."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p27", "passage_kind": "narrative", "passage_sequence": 27, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s23", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) Accrual of Interest. Each Note will accrue interest at a rate per annum equal to 7.000% (the “Stated Interest”), plus any Additional Interest and Special Interest that may accrue pursuant to Sections 3.04 and 7.03, respectively. Stated Interest on each Note will (i) accrue from, and including, the most recent date to which Stated Interest has been paid or duly provided for (or, if no Stated Interest has theretofore been paid or duly provided for, the date set forth in the certificate representing such Note as the date from, and including, which Stated Interest will begin to accrue in such circumstance) to, but excluding, the date of payment of such Stated Interest; and (ii) be, subject to Sections 4.02(D), 4.03(C), 4.04(F) and 5.02(D) (but without duplication of any payment of interest), payable semi-annually in arrears on each Interest Payment Date, beginning on the first Interest Payment Date set forth in the certificate representing such Note, to the Holder of such Note as of the Close of Business on the immediately preceding Regular Record Date. Stated Interest, and, if applicable, Additional Interest and Special Interest, on the Notes will be computed on the basis of a 360-day year comprised of twelve 30-day months. (B) Defaulted Amounts. If the Company fails to pay any amount (a “Defaulted Amount”) payable on a Note on or before the due date therefor as provided in this Indenture, then, regardless of whether such failure constitutes an Event of Default, (i) such Defaulted Amount will forthwith cease to be payable to the Holder of such Note otherwise entitled to such payment; (ii) to the extent lawful, interest (“Default Interest”) will accrue on such Defaulted Amount at a rate per annum equal to the rate per annum at which Stated Interest accrues, from, and including, such due date to, but excluding, the date of payment of such Defaulted Amount and Default Interest; (iii) such Defaulted Amount and Default Interest will be paid on a payment date selected by the Company to the Holder of such Note as of the Close of Business on a special record date selected by the Company, provided that such special record date must be no more than fifteen (15), nor less than ten (10), calendar days before such payment date; and (iv) at least fifteen (15) calendar days before such special record date, the Company will send notice to the Trustee and the Holders that states such special record date, such payment date and the amount of such Defaulted Amount and Default Interest to be paid on such payment date. (C) Delay of Payment when Payment Date is Not a Business Day. If the due date for a payment on a Note as provided in this Indenture is not a Business Day, then, notwithstanding anything to the contrary in this Indenture or the Notes, such payment may be made on the immediately following Business Day with the same force and effect as if such payment were made on such due date and, for the avoidance of doubt, no interest will accrue on such payment as a result of the related delay. Solely for purposes of the immediately preceding sentence, a day on which the applicable place of payment is authorized or required by law or executive order to close or be closed will be deemed not to be a “Business Day.” (D) Special Provision for Global Notes. If the first date on which any Additional Interest or Special Interest begins to accrue on a Global Note is on or after the fifth (5th) Business Day before a Regular Record Date and before the next Interest Payment Date, then, notwithstanding anything to the contrary in this Indenture or the Notes, the amount thereof accruing in respect of the period from, and including, such first date to, but excluding, such Interest Payment Date will not be payable on such Interest Payment Date but will instead be deemed to accrue (without duplication) entirely on such Interest Payment Date."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b63"], "char_count": 2358, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a03516e782b94bce56a60f4c3c8e97a7034184dc8d0cbb146d0473059723ca03", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 2.06. Registrar, Paying Agent and Conversion Agent."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 63, "char_end": 2358, "char_start": 0, "fragment_sha256": "e60d568b7504e5530fbc21da69e8aba53f2d26367ccfefe9837d3ed3cd204957", "heading_path": ["EXHIBIT 4.1", "Section 2.06. Registrar, Paying Agent and Conversion Agent."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p28", "passage_kind": "narrative", "passage_sequence": 28, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s24", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) Generally. The Company will maintain (i) an office or agency in the continental United States where Notes may be presented for registration of transfer or for exchange (the “Registrar”); (ii) an office or agency in the continental United States where Notes may be presented for payment (the “Paying Agent”); and (iii) an office or agency in the continental United States where Notes may be presented for conversion (the “Conversion Agent”). If the Company fails to maintain a Registrar, Paying Agent or Conversion Agent, then the Trustee will act as such and will receive compensation therefor in accordance with this Indenture and any other agreement between the Trustee and the Company. For the avoidance of doubt, the Company or any of its Subsidiaries may act as Registrar, Paying Agent or Conversion Agent. (B) Duties of the Registrar. The Registrar will keep a record (the “Register”) of the names and addresses of the Holders, the Notes held by each Holder and the transfer, exchange, repurchase, Redemption and conversion of Notes. Absent manifest error, the entries in the Register will be conclusive and the Company and the Trustee may treat each Person whose name is recorded as a Holder in the Register as a Holder for all purposes. The Register will be in written form or in any form capable of being converted into written form reasonably promptly. (C) Co-Agents; Company’s Right to Appoint Successor Registrars, Paying Agents and Conversion Agents. The Company may appoint one or more co-Registrars, co-Paying Agents and co-Conversion Agents, each of whom will be deemed to be a Registrar, Paying Agent or Conversion Agent, as applicable, under this Indenture. Subject to Section 2.06(A), the Company may change any Registrar, Paying Agent or Conversion Agent (including appointing itself or any of its Subsidiaries to act in such capacity) without notice to any Holder. The Company will notify the Trustee (and, upon request, any Holder) of the name and address of each Note Agent, if any, not a party to this Indenture and will enter into an appropriate agency agreement with each such Note Agent, which agreement will implement the provisions of this Indenture that relate to such Note Agent. (D) Initial Appointments. The Company appoints the Trustee as the initial Paying Agent, the initial Registrar and the initial Conversion Agent."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b66"], "char_count": 1820, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5eaee7fd50793aa27353eba4ad07f226ea24e22d2e7d0e13ea349dc5dcec296d", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 2.07. Paying Agent and Conversion Agent to Hold Property in Trust."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 66, "char_end": 1820, "char_start": 0, "fragment_sha256": "a4cdaf7b870b8157528ba3d9dd6bd9062593f4c10a2299bf7419da283258bade", "heading_path": ["EXHIBIT 4.1", "Section 2.07. Paying Agent and Conversion Agent to Hold Property in Trust."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p29", "passage_kind": "narrative", "passage_sequence": 29, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s25", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "The Company will require each Paying Agent or Conversion Agent that is not the Trustee to agree in writing that such Note Agent will (A) hold in trust for the benefit of Holders or the Trustee all money and other property held by such Note Agent for payment or delivery due on the Notes; and (B) notify the Trustee of any default by the Company in making any such payment or delivery. The Company, at any time, may, and the Trustee, while any Default continues, may, require a Paying Agent or Conversion Agent to pay or deliver, as applicable, all money and other property held by it to the Trustee, after which payment or delivery, as applicable, such Note Agent (if not the Company or any of its Subsidiaries) will have no further liability for such money or property. If the Company or any of its Subsidiaries acts as Paying Agent or Conversion Agent, then (A) it will segregate and hold in a separate trust fund for the benefit of the Holders or the Trustee all money and other property held by it as Paying Agent or Conversion Agent; and (B) references in this Indenture or the Notes to the Paying Agent or Conversion Agent holding cash or other property, or to the delivery of cash or other property to the Paying Agent or Conversion Agent, in each case for payment or delivery to any Holders or the Trustee or with respect to the Notes, will be deemed to refer to cash or other property so segregated and held separately, or to the segregation and separate holding of such cash or other property, respectively. Upon the occurrence of any event pursuant to clause (viii) or (ix) of Section 7.01(A) with respect to the Company (or with respect to any Subsidiary of the Company acting as Paying Agent or Conversion Agent), the Trustee will serve as the Paying Agent or Conversion Agent, as applicable, for the Notes."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b68"], "char_count": 338, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "dfcbab63bc8e904d6ac93010dbe4ed79c551c224f4d8282477e83bbc687bdac2", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 2.08. Holder Lists."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 68, "char_end": 338, "char_start": 0, "fragment_sha256": "6162f1a305b3b39682da4d5565ded94774a28589a07e9d4b738a8e439bcc506e", "heading_path": ["EXHIBIT 4.1", "Section 2.08. Holder Lists."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p30", "passage_kind": "narrative", "passage_sequence": 30, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s26", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "If the Trustee is not the Registrar, then the Company will furnish to the Trustee, no later than seven (7) Business Days before each Interest Payment Date, and at such other times as the Trustee may request, a list, in such form and as of such date or time as the Trustee may reasonably require, of the names and addresses of the Holders."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b70"], "char_count": 1778, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7eed0cd41c4dc74f9caf5974523f1f0662eb70e245061679902faad9e5acfd0b", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 2.09. Legends."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 70, "char_end": 1778, "char_start": 0, "fragment_sha256": "5882474ddc49ecc13f5946b79d855f4e4184f741069dc3a709a7e4d9c1159a26", "heading_path": ["EXHIBIT 4.1", "Section 2.09. Legends."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p31", "passage_kind": "narrative", "passage_sequence": 31, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s27", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) Global Note Legend. Each Global Note will bear the Global Note Legend (or any similar legend, not inconsistent with this Indenture, required by the Depositary for such Global Note). (B) Non-Affiliate Legend. Each Note will bear the Non-Affiliate Legend. (C) Restricted Note Legend. Subject to the other provisions of this Indenture, (i) each Note that is a Transfer-Restricted Security will bear the Restricted Note Legend; and (ii) if a Note is issued in exchange for, in substitution of, or to effect a partial conversion of, another Note (such other Note being referred to as the “old Note” for purposes of this Section 2.09(C)(ii)), including pursuant to Section 2.10(B), 2.10(C), 2.11 or 2.13, then such Note will bear the Restricted Note Legend if such old Note bore the Restricted Note Legend at the time of such exchange or substitution, or on the related Conversion Date with respect to such conversion, as applicable; provided, however, that such Note need not bear the Restricted Note Legend if such Note does not constitute a Transfer-Restricted Security immediately after such exchange or substitution, or as of such Conversion Date, as applicable. (D) OID Legend. If issued with original discount for U.S. federal income tax purposes, each Note will bear the OID Legend. (E) Other Legends. A Note may bear any other legend or text, not inconsistent with this Indenture, as may be required by applicable law or by any securities exchange or automated quotation system on which such Note is traded or quoted. (F) Acknowledgment and Agreement by the Holders. A Holder’s acceptance of any Note bearing any legend required by this Section 2.09 will constitute such Holder’s acknowledgment of, and agreement to comply with, the restrictions set forth in such legend."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b72", "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b73"], "char_count": 968, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9392bd66c6d76068bd9fb0ea0de79f910fe89d99b74c01574a793fa4c8fab699", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 2.09. Legends."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 72, "char_end": 28, "char_start": 0, "fragment_sha256": "d647b4abd245ac195e3aec1e3043e4afbcaa23c21a29fe164ce690b2df5138bd", "heading_path": ["EXHIBIT 4.1", "Section 2.09. Legends."], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 73, "char_end": 938, "char_start": 0, "fragment_sha256": "d51dcd4cdf26d12ff1a24ed9bba069dd6cd3976f0812533e705578409f796e89", "heading_path": ["EXHIBIT 4.1", "Section 2.09. Legends."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p32", "passage_kind": "narrative", "passage_sequence": 32, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s27", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(G) Restricted Stock Legend.\n\n(i) Each Conversion Share will bear the Restricted Stock Legend if the Note upon the conversion of which such Conversion Share was issued was (or would have been had it not been converted) a Transfer-Restricted Security at the time such Conversion Share was issued; provided, however, that such Conversion Share need not bear the Restricted Stock Legend if the Company determines, in its reasonable discretion, that such Conversion Share need not bear the Restricted Stock Legend. (ii) Notwithstanding anything to the contrary in this Section 2.09(G), a Conversion Share need not bear a Restricted Stock Legend if such Conversion Share is issued in an uncertificated form that does not permit affixing legends thereto, provided the Company takes measures (including the assignment thereto of a “restricted” CUSIP number) that it reasonably deems appropriate to enforce the transfer restrictions referred to in the Restricted Stock Legend."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b75", "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b76"], "char_count": 3059, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "983936df723bc1174ceb1df135cb1542a21312f9543ec82f9cb0ef132e357dbc", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 2.10. Transfers and Exchanges; Certain Transfer Restrictions."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 75, "char_end": 57, "char_start": 0, "fragment_sha256": "d4073dfd631298fd56f367007d0b8e1f5f1a65b92577ecd462d74084ecc9a381", "heading_path": ["EXHIBIT 4.1", "Section 2.10. Transfers and Exchanges; Certain Transfer Restrictions."], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 76, "char_end": 3000, "char_start": 0, "fragment_sha256": "ec135d744657816275202efc5bbb1217a83caf3abc77708cf683e47f6d009dad", "heading_path": ["EXHIBIT 4.1", "Section 2.10. Transfers and Exchanges; Certain Transfer Restrictions."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p33", "passage_kind": "narrative", "passage_sequence": 33, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s28", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) Provisions Applicable to All Transfers and Exchanges.\n\n(i) Generally. Subject to this Section 2.10, Physical Notes and beneficial interests in Global Notes may be transferred or exchanged from time to time and the Registrar will record each such transfer or exchange in the Register. (ii) Transferred and Exchanged Notes Remain Valid Obligations of the Company. Each Note issued upon transfer or exchange of any other Note (such other Note being referred to as the “old Note” for purposes of this Section 2.10(A)(ii)) or portion thereof in accordance with this Indenture will be the valid obligation of the Company, evidencing the same indebtedness, and entitled to the same benefits under this Indenture, as such old Note or portion thereof, as applicable. (iii) No Services Charge; Transfer Taxes. The Company, the Trustee and the Note Agents will not impose any service charge on any Holder for any transfer, exchange or conversion of Notes, but the Company, the Trustee, the Registrar and the Conversion Agent may require payment of a sum sufficient to cover any transfer tax or similar governmental charge that may be imposed in connection with any transfer, exchange or conversion of Notes, other than exchanges pursuant to Section 2.11, 2.17 or 8.05 not involving any transfer. (iv) Transfers and Exchanges Must Be in Authorized Denominations. Notwithstanding anything to the contrary in this Indenture or the Notes, a Note may not be transferred or exchanged in part unless the portion to be so transferred or exchanged is in an Authorized Denomination. (v) Trustee’s Disclaimer. The Trustee will have no obligation or duty to monitor, determine or inquire as to compliance with any transfer restrictions imposed under this Indenture or applicable law with respect to any Security, other than to require the delivery of such certificates or other documentation or evidence as expressly required by this Indenture and to examine the same to determine substantial compliance as to form with the requirements of this Indenture. (vi) Legends. Each Note issued upon transfer of, or in exchange for, another Note will bear each legend, if any, required by Section 2.09. (vii) Settlement of Transfers and Exchanges. Upon satisfaction of the requirements of this Indenture to effect a transfer or exchange of any Note, the Company will cause such transfer or exchange to be effected as soon as reasonably practicable but in no event later than the second (2nd) Business Day after the date of such satisfaction. (viii) Interpretation. For the avoidance of doubt, and subject to the terms of this Indenture, as used in this Section 2.10, an “exchange” of a Global Note or a Physical Note includes (x) an exchange effected for the sole purpose of removing any Restricted Note Legend affixed to such Global Note or Physical Note; and (y) if such Global Note or Physical Note is identified by a “restricted” CUSIP number, an exchange effected for the sole purpose of causing such Global Note or Physical Note to be identified by an “unrestricted” CUSIP number."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b78", "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b79"], "char_count": 3482, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0d1d9282c7058ae29792ed1afad34ae742421324b3e9c294e5fd30b1adf8bb76", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 2.10. Transfers and Exchanges; Certain Transfer Restrictions."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 78, "char_end": 44, "char_start": 0, "fragment_sha256": "1cb275c285efb4b98c1dcbeda34b5a2a0a06f21a0f6de0b774e7b6da11700f4d", "heading_path": ["EXHIBIT 4.1", "Section 2.10. Transfers and Exchanges; Certain Transfer Restrictions."], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 79, "char_end": 3436, "char_start": 0, "fragment_sha256": "10ce854ea795a303619d0d996bc07c8631a253c0c7ae7dfecad099bd3ddfdd46", "heading_path": ["EXHIBIT 4.1", "Section 2.10. Transfers and Exchanges; Certain Transfer Restrictions."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p34", "passage_kind": "narrative", "passage_sequence": 34, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s28", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(B) Transfers and Exchanges of Global Notes.\n\n(i) Certain Restrictions. Subject to the immediately following sentence, no Global Note may be transferred or exchanged in whole except (x) by the Depositary to a nominee of the Depositary; (y) by a nominee of the Depositary to the Depositary or to another nominee of the Depositary; or (z) by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. No Global Note (or any portion thereof) may be transferred to, or exchanged for, a Physical Note; provided, however, that a Global Note will be exchanged, pursuant to customary procedures, for one or more Physical Notes if: (1) (x) the Depositary notifies the Company or the Trustee that the Depositary is unwilling or unable to continue as depositary for such Global Note or (y) the Depositary ceases to be a “clearing agency” registered under Section 17A of the Exchange Act and, in each case, the Company fails to appoint a successor Depositary within ninety (90) days of such notice or cessation; (2) an Event of Default has occurred and is continuing and the Company, the Trustee or the Registrar has received a written request from the Depositary, or from a holder of a beneficial interest in such Global Note, to exchange such Global Note or beneficial interest, as applicable, for one or more Physical Notes; or (3) the Company, in its sole discretion, permits the exchange of any beneficial interest in such Global Note for one or more Physical Notes at the request of the owner of such beneficial interest. (ii) Effecting Transfers and Exchanges. Upon satisfaction of the requirements of this Indenture to effect a transfer or exchange of any Global Note (or any portion thereof): (1) the Trustee will reflect any resulting decrease of the principal amount of such Global Note by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of such Global Note (and, if such notation results in such Global Note having a principal amount of zero, then the Company may (but is not required to) instruct the Trustee to cancel such Global Note pursuant to Section 2.15); (2) if required to effect such transfer or exchange, then the Trustee will reflect any resulting increase of the principal amount of any other Global Note by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of such other Global Note; (3) if required to effect such transfer or exchange, then the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, a new Global Note bearing each legend, if any, required by Section 2.09; and (4) if such Global Note (or such portion thereof), or any beneficial interest therein, is to be exchanged for one or more Physical Notes, then the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount of such Global Note to be so exchanged; (y) are registered in such name(s) as the Depositary specifies (or as otherwise determined pursuant to customary procedures); and (z) bear each legend, if any, required by Section 2.09. (iii) Compliance with Depositary Procedures. Each transfer or exchange of a beneficial interest in any Global Note will be made in accordance with the Depositary Procedures."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b81"], "char_count": 46, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "594e9a88e3c7e54a3499a55287ac569d93e5fa2bca9068511dfe8b72cf765bf2", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 2.10. Transfers and Exchanges; Certain Transfer Restrictions."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 81, "char_end": 46, "char_start": 0, "fragment_sha256": "ddf012d582d8f0e508f194e563c89dd68f9206c4b0017d10d51e2432534e22b7", "heading_path": ["EXHIBIT 4.1", "Section 2.10. Transfers and Exchanges; Certain Transfer Restrictions."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p35", "passage_kind": "narrative", "passage_sequence": 35, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s28", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(C) Transfers and Exchanges of Physical Notes."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b82"], "char_count": 1173, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "824590485cc662fa9f81ca9c7d2a1fd7966cabbe312427dc45909d0d30dbe181", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 2.10. Transfers and Exchanges; Certain Transfer Restrictions."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 82, "char_end": 1173, "char_start": 0, "fragment_sha256": "a5314a5bb19590f35333cd2b76d7954390d77f3f42c11e901e0e2b33452e0eac", "heading_path": ["EXHIBIT 4.1", "Section 2.10. Transfers and Exchanges; Certain Transfer Restrictions."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p36", "passage_kind": "narrative", "passage_sequence": 36, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s28", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(i) Requirements for Transfers and Exchanges. Subject to this Section 2.10, a Holder of a Physical Note may (x) transfer such Physical Note (or any portion thereof in an Authorized Denomination) to one or more other Person(s); (y) exchange such Physical Note (or any portion thereof in an Authorized Denomination) for one or more other Physical Notes in Authorized Denominations having an aggregate principal amount equal to the aggregate principal amount of the Physical Note (or portion thereof) to be so exchanged; and (z) if then permitted by the Depositary Procedures, transfer such Physical Note (or any portion thereof in an Authorized Denomination) in exchange for a beneficial interest in one or more Global Notes; provided, however, that, to effect any such transfer or exchange, such Holder must: (1) surrender such Physical Note to be transferred or exchanged to the office of the Registrar, together with any endorsements or transfer instruments reasonably required by the Company, the Trustee or the Registrar; and (2) deliver such certificates, documentation or evidence as may be required pursuant to Section 2.10(D). (ii) Effecting Transfers and Exchanges."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b82"], "char_count": 3424, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "18cd7bda0a9687b715d6bada8e4c5eac2c14b407ac0ebb9442df5e4f8584537e", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 2.10. Transfers and Exchanges; Certain Transfer Restrictions."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 82, "char_end": 4597, "char_start": 1173, "fragment_sha256": "a5314a5bb19590f35333cd2b76d7954390d77f3f42c11e901e0e2b33452e0eac", "heading_path": ["EXHIBIT 4.1", "Section 2.10. Transfers and Exchanges; Certain Transfer Restrictions."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p37", "passage_kind": "narrative", "passage_sequence": 37, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s28", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "Upon the satisfaction of the requirements of this Indenture to effect a transfer or exchange of any Physical Note (such Physical Note being referred to as the “old Physical Note” for purposes of this Section 2.10(C)(ii)) of a Holder (or any portion of such old Physical Note in an Authorized Denomination): (1) such old Physical Note will be promptly cancelled pursuant to Section 2.15; (2) if such old Physical Note is to be so transferred or exchanged only in part, then the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount of such old Physical Note not to be so transferred or exchanged; (y) are registered in the name of such Holder; and (z) bear each legend, if any, required by Section 2.09; (3) in the case of a transfer: (a) to the Depositary or a nominee thereof that will hold its interest in such old Physical Note (or such portion thereof) to be so transferred in the form of one or more Global Notes, the Trustee will reflect an increase of the principal amount of one or more existing Global Notes by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of such Global Note(s), which increase(s) are in Authorized Denominations and aggregate to the principal amount to be so transferred, and which Global Note(s) bear each legend, if any, required by Section 2.09; provided, however, that if such transfer cannot be so effected by notation on one or more existing Global Notes (whether because no Global Notes bearing each legend, if any, required by Section 2.09 then exist, because any such increase will result in any Global Note having an aggregate principal amount exceeding the maximum aggregate principal amount permitted by the Depositary or otherwise), then the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Global Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount that is to be so transferred but that is not effected by notation as provided above; and (y) bear each legend, if any, required by Section 2.09; and (b) to a transferee that will hold its interest in such old Physical Note (or such portion thereof) to be so transferred in the form of one or more Physical Notes, the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount to be so transferred; (y) are registered in the name of such transferee; and (z) bear each legend, if any, required by Section 2.09; and (4) in the case of an exchange, the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount to be so exchanged; (y) are registered in the name of the Person to whom such old Physical Note was registered; and (z) bear each legend, if any, required by Section 2.09. (D) Requirement to Deliver Documentation and Other Evidence."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b82"], "char_count": 3490, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "29599e2d8e4dcb41f28b0e63f2a58afa97825d49e432c178d594ad3050fcb095", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 2.10. Transfers and Exchanges; Certain Transfer Restrictions."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 82, "char_end": 8087, "char_start": 4597, "fragment_sha256": "a5314a5bb19590f35333cd2b76d7954390d77f3f42c11e901e0e2b33452e0eac", "heading_path": ["EXHIBIT 4.1", "Section 2.10. Transfers and Exchanges; Certain Transfer Restrictions."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p38", "passage_kind": "narrative", "passage_sequence": 38, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s28", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "If a Holder of any Note that is identified by a “restricted” CUSIP number or that bears a Restricted Note Legend or is a Transfer-Restricted Security requests to: (i) cause such Note to be identified by an “unrestricted” CUSIP number; (ii) remove such Restricted Note Legend; or (iii) register the transfer of such Note to the name of another Person, then the Company, the Trustee and the Registrar may refuse to effect such identification, removal or transfer, as applicable, unless there is delivered to the Company, the Trustee and the Registrar such certificates or other documentation or evidence as the Company, the Trustee and the Registrar may reasonably require to determine that such identification, removal or transfer, as applicable, complies with the Securities Act and other applicable securities laws; provided, however, that, without limiting Section 2.10(E), no such certificates, documentation or evidence (other than, in the case of the following clause (w), a written request in the form contemplated by Section 2.10(E)) need be so delivered (w) on or and after the date that is six (6) months after the Last Original Issue Date of such Note if the requirements of Rule 144(c) and (i) are then satisfied with respect to the Company; (x) in connection with any transfer of such Note pursuant to Rule 144A; (y) in connection with any transfer of such Note to the Company or one of its Subsidiaries; or (z) in connection with any transfer of such Note pursuant to an effective registration statement under the Securities Act. (E) Certain De-Legending Procedures. If a Holder of any Note or share of Common Stock issued upon conversion of any Note, or an owner of a beneficial interest in any Global Note, or in a global certificate representing any share of Common Stock issued upon conversion of any Note, transfers such Note or share in compliance with Rule 144 and delivers to the Company a written request, certifying that it is not, and has not been at any time during the preceding three (3) months, an Affiliate of the Company, to reissue such Note or share without a Restricted Note Legend or Restricted Stock Legend, as applicable, then the Company will cause the same to occur (and, if applicable, cause such Note or share to thereafter be represented by an “unrestricted” CUSIP or ISIN number in the facilities of the related depositary), and will use its commercially reasonable efforts to cause such occurrence within two (2) Trading Days of such request. (F) Transfers of Notes Subject to Redemption, Repurchase or Conversion. Notwithstanding anything to the contrary in this Indenture or the Notes, the Company, the Trustee and the Registrar will not be required to register the transfer of or exchange any Note that (i) has been surrendered for conversion, except to the extent that any portion of such Note is not subject to conversion; (ii) is subject to a Fundamental Change Repurchase Notice or Optional Repurchase Notice validly delivered, and not withdrawn, pursuant to Section 4.02(F) or 4.03(E), respectively, except to the extent that any portion of such Note is not subject to such notice or the Company fails to pay the applicable Fundamental Change Repurchase Price or Optional Repurchase Price, as applicable, when due; or (iii) has been selected for Redemption pursuant to a Redemption Notice, except to the extent that any portion of such Note is not subject to Redemption or the Company fails to pay the applicable Redemption Price when due."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b87", "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b88"], "char_count": 1525, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "4c4580940286606e5f81ca18221d18eea9c4bef080a66b4526eb9326d60cb8d7", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 2.11. Exchange and Cancellation of Notes to Be Converted or to Be Repurchased Pursuant to a Repurchase Upon Fundamental Change, Optional Repurchase or Redemption."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 87, "char_end": 1363, "char_start": 0, "fragment_sha256": "c86edd50514b6db225335b5bcbd9b73ad8c93ca0a40fe5f2e5eda8dd7c1da52c", "heading_path": ["EXHIBIT 4.1", "Section 2.11. Exchange and Cancellation of Notes to Be Converted or to Be Repurchased Pursuant to a Repurchase Upon Fundamental Change, Optional Repurchase or Redemption."], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 88, "char_end": 160, "char_start": 0, "fragment_sha256": "d01afbdfc3909de605e1df759fb1cdc9af2266a2c13341233e3a65eae50da53f", "heading_path": ["EXHIBIT 4.1", "Section 2.11. Exchange and Cancellation of Notes to Be Converted or to Be Repurchased Pursuant to a Repurchase Upon Fundamental Change, Optional Repurchase or Redemption."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p39", "passage_kind": "narrative", "passage_sequence": 39, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s29", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) Partial Conversions of Physical Notes and Partial Repurchases of Physical Notes Pursuant to a Repurchase Upon Fundamental Change, Optional Repurchase or Redemption. If only a portion of a Physical Note of a Holder is to be converted pursuant to Article 5 or repurchased pursuant to a Repurchase Upon Fundamental Change, Optional Repurchase or Redemption, then, as soon as reasonably practicable after such Physical Note is surrendered for such conversion or repurchase, as applicable, the Company will cause such Physical Note to be exchanged, pursuant and subject to Section 2.10(C), for (i) one or more Physical Notes that are in Authorized Denominations and have an aggregate principal amount equal to the principal amount of such Physical Note that is not to be so converted or repurchased, as applicable, and deliver such Physical Note(s) to such Holder; and (ii) a Physical Note having a principal amount equal to the principal amount to be so converted or repurchased, as applicable, which Physical Note will be converted or repurchased, as applicable, pursuant to the terms of this Indenture; provided, however, that the Physical Note referred to in this clause (ii) need not be issued at any time after which such principal amount subject to such conversion or repurchase, as applicable, is deemed to cease to be outstanding pursuant to Section 2.18.\n\n(B) Cancellation of Notes that Are Converted and Notes that Are Repurchased Pursuant to a Repurchase Upon Fundamental Change, Optional Repurchase or Redemption."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b90"], "char_count": 1891, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5c9a5d09f437b76a8c3aea5b7e1735a65bbcaf912f7b9b3ee609756025214794", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 2.11. Exchange and Cancellation of Notes to Be Converted or to Be Repurchased Pursuant to a Repurchase Upon Fundamental Change, Optional Repurchase or Redemption."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 90, "char_end": 1891, "char_start": 0, "fragment_sha256": "2f5e0c617c95c0e7b8fd78e6836dcf2fac391fa787502bf18e0c2cef3633c536", "heading_path": ["EXHIBIT 4.1", "Section 2.11. Exchange and Cancellation of Notes to Be Converted or to Be Repurchased Pursuant to a Repurchase Upon Fundamental Change, Optional Repurchase or Redemption."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p40", "passage_kind": "narrative", "passage_sequence": 40, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s29", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(i) Physical Notes. If a Physical Note (or any portion thereof that has not theretofore been exchanged pursuant to Section 2.11(A)) of a Holder is to be converted pursuant to Article 5 or repurchased pursuant to a Repurchase Upon Fundamental Change, Optional Repurchase or Redemption, then, promptly after the later of the time such Physical Note (or such portion) is deemed to cease to be outstanding pursuant to Section 2.18 and the time such Physical Note is surrendered for such conversion or repurchase, as applicable, (1) such Physical Note will be cancelled pursuant to Section 2.15; and (2) in the case of a partial conversion or repurchase, as applicable, the Company will issue, execute and deliver to such Holder, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount of such Physical Note that is not to be so converted or repurchased, as applicable; (y) are registered in the name of such Holder; and (z) bear each legend, if any, required by Section 2.09. (ii) Global Notes. If a Global Note (or any portion thereof) is to be converted pursuant to Article 5 or repurchased pursuant to a Repurchase Upon Fundamental Change, Optional Repurchase or Redemption, then, promptly after the time such Note (or such portion) is deemed to cease to be outstanding pursuant to Section 2.18, the Trustee will reflect a decrease of the principal amount of such Global Note in an amount equal to the principal amount of such Global Note to be so converted or repurchased, as applicable, by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of such Global Note (and, if the principal amount of such Global Note is zero following such notation, cancel such Global Note pursuant to Section 2.15)."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b92"], "char_count": 1336, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "4e93abe4aefd70ee14f9f7117cf2bfd5b8c3f08e088ad894617ff1d0f40baf41", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 2.12. Removal of Transfer Restrictions."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 92, "char_end": 1336, "char_start": 0, "fragment_sha256": "2dac4946d863549c512bb61ed81faeb03aa7ade0500a08e8afc0adef38e3a181", "heading_path": ["EXHIBIT 4.1", "Section 2.12. Removal of Transfer Restrictions."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p41", "passage_kind": "narrative", "passage_sequence": 41, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s30", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "Without limiting the generality of any other provision of this Indenture (including Section 3.04), the Restricted Note Legend affixed to any Note will be deemed, pursuant to this Section 2.12 and the footnote to such Restricted Note Legend, to be removed therefrom upon the Company’s delivery to the Trustee of notice, signed on behalf of the Company by one (1) of its Officers, to such effect (and, for the avoidance of doubt, such notice need not be accompanied by an Officer’s Certificate or an Opinion of Counsel in order to be effective to cause such Restricted Note Legend to be deemed to be removed from such Note). If such Note bears a “restricted” CUSIP or ISIN number at the time of such delivery, then, upon such delivery, such Note will be deemed, pursuant to this Section 2.12 and the footnotes to the CUSIP and ISIN numbers set forth on the face of the certificate representing such Note, to thereafter bear the “unrestricted” CUSIP and ISIN numbers identified in such footnotes; provided, however, that if such Note is a Global Note and the Depositary thereof requires a mandatory exchange or other procedure to cause such Global Note to be identified by “unrestricted” CUSIP and ISIN numbers in the facilities of such Depositary, then the Company will effect such exchange or procedure as soon as reasonably practicable."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b94"], "char_count": 1265, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "19ef6415c2403c4db29b2f4f35b5fdd69d9f7a6dc1444de9a6ed647ee8e878c3", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 2.13. Replacement Notes."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 94, "char_end": 1265, "char_start": 0, "fragment_sha256": "dedb6681219d0aca85b62f9f3429f9ce18570f189550038bee9704e23a8558b4", "heading_path": ["EXHIBIT 4.1", "Section 2.13. Replacement Notes."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p42", "passage_kind": "narrative", "passage_sequence": 42, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s31", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "If a Holder of any Note claims that such Note has been mutilated, lost, destroyed or wrongfully taken, then the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, a replacement Note upon surrender to the Trustee of such mutilated Note, or upon delivery to the Trustee of evidence of such loss, destruction or wrongful taking reasonably satisfactory to the Trustee and the Company. The Company may charge the Holder of a Note for the Company’s and the Trustee’s expenses in replacing such Note pursuant to this Section 2.13. In addition, in the case of a lost, destroyed or wrongfully taken Note, the Company and the Trustee may require the Holder thereof to provide such security or indemnity that is satisfactory to the Company and the Trustee to protect the Company and the Trustee from any loss that any of them may suffer if such Note is replaced. Every replacement Note issued pursuant to this Section 2.13 will be an additional obligation of the Company and will be entitled to all of the benefits of this Indenture equally and ratably with all other Notes issued under this Indenture, whether or not the lost, destroyed or wrongfully taken Note will at any time be enforceable by anyone."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b97"], "char_count": 1025, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9b6a3f394f0c3641b5f60a1e21fdd30b9870b2f7e329e2e79f00859c48f3d819", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 2.14. Registered Holders; Certain Rights with Respect to Global Notes."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 97, "char_end": 1025, "char_start": 0, "fragment_sha256": "1dd32678213e078917f9048f1225bed3620c4c9dc82151dfc68bc305e6c35853", "heading_path": ["EXHIBIT 4.1", "Section 2.14. Registered Holders; Certain Rights with Respect to Global Notes."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p43", "passage_kind": "narrative", "passage_sequence": 43, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s32", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "Only the Holder of a Note will have rights under this Indenture as the owner of such Note. Without limiting the generality of the foregoing, Depositary Participants will have no rights as such under this Indenture with respect to any Global Note held on their behalf by the Depositary or its nominee, or by the Trustee as its custodian, and the Company, the Trustee and the Note Agents, and their respective agents, may treat the Depositary as the absolute owner of such Global Note for all purposes whatsoever; provided, however, that (A) the Holder of any Global Note may grant proxies and otherwise authorize any Person, including Depositary Participants and Persons that hold interests in Notes through Depositary Participants, to take any action that such Holder is entitled to take with respect to such Global Note under this Indenture or the Notes; and (B) the Company and the Trustee, and their respective agents, may give effect to any written certification, proxy or other authorization furnished by the Depositary."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b99"], "char_count": 559, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "437a7e57c2b228d58971b9158537074894334fc7e1f5fa3356b7dd79ac778700", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 2.15. Cancellation."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 99, "char_end": 559, "char_start": 0, "fragment_sha256": "a7e73b932a18c858f27f4226044894b9f56a9719da1a0e80c221c391e6a36ca6", "heading_path": ["EXHIBIT 4.1", "Section 2.15. Cancellation."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p44", "passage_kind": "narrative", "passage_sequence": 44, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s33", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "The Company may at any time deliver Notes to the Trustee for cancellation. The Registrar, the Paying Agent and the Conversion Agent will forward to the Trustee each Note duly surrendered to them for transfer, exchange, payment or conversion. The Trustee will promptly cancel all Notes so surrendered to it in accordance with its customary procedures. Without limiting the generality of Section 2.03(B), the Company may not originally issue new Notes to replace Notes that it has paid or that have been cancelled upon transfer, exchange, payment or conversion."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b101"], "char_count": 561, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "87486e0a465749fbb0a5e9291d28b2fb3423bef2036d58b77e1178506d770338", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 2.16. Notes Held by the Company or its Affiliates."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 101, "char_end": 561, "char_start": 0, "fragment_sha256": "636000875d2e86b9493ce5062c12150e0eea0eb26d731c6b00924579638c4db8", "heading_path": ["EXHIBIT 4.1", "Section 2.16. Notes Held by the Company or its Affiliates."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p45", "passage_kind": "narrative", "passage_sequence": 45, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s34", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "Without limiting the generality of Section 2.18, in determining whether the Holders of the required aggregate principal amount of Notes have concurred in any direction, waiver, consent or other action under this Indenture, Notes owned by the Company or any of its Affiliates will be deemed not to be outstanding; provided, however, that, for purposes of determining whether the Trustee is protected in relying on any such direction, waiver, consent or other action, only Notes that a Responsible Officer of the Trustee knows are so owned will be so disregarded."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b104"], "char_count": 672, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "eeb7f4172077accb3add6efd7f90c9e4694ea06706dc6e4820cbc4f65b83251f", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 2.17. Temporary Notes."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 104, "char_end": 672, "char_start": 0, "fragment_sha256": "ffac631b3077f6f8e2bb6b9a2984810638d26c201709b87a1a533a5cb85149f7", "heading_path": ["EXHIBIT 4.1", "Section 2.17. Temporary Notes."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p46", "passage_kind": "narrative", "passage_sequence": 46, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s35", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "Until definitive Notes are ready for delivery, the Company may issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, temporary Notes. Temporary Notes will be substantially in the form of definitive Notes but may have variations that the Company considers appropriate for temporary Notes. The Company will promptly prepare, issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, definitive Notes in exchange for temporary Notes. Until so exchanged, each temporary Note will in all respects be entitled to the same benefits under this Indenture as definitive Notes."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b106"], "char_count": 3008, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f237c7c42b2be454cbd9f464ea0e94c47ce47c794555f6608353bc63fb6b1dc7", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 2.18. Outstanding Notes."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 106, "char_end": 3008, "char_start": 0, "fragment_sha256": "c82ee2e9bde398dab194e013155ba804b6f89cc48634712ceb7baa637eb88742", "heading_path": ["EXHIBIT 4.1", "Section 2.18. Outstanding Notes."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p47", "passage_kind": "narrative", "passage_sequence": 47, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s36", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) Generally. The Notes that are outstanding at any time will be deemed to be those Notes that, at such time, have been duly executed and authenticated, excluding those Notes (or portions thereof) that have theretofore been (i) cancelled by the Trustee or delivered to the Trustee for cancellation in accordance with Section 2.15; (ii) assigned a principal amount of zero by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of any a Global Note representing such Note; (iii) paid in full (including upon conversion) in accordance with this Indenture; or (iv) deemed to cease to be outstanding to the extent provided in, and subject to, clause (B), (C) or (D) of this Section 2.18. (B) Replaced Notes. If a Note is replaced pursuant to Section 2.13, then such Note will cease to be outstanding at the time of its replacement, unless the Trustee and the Company receive proof reasonably satisfactory to them that such Note is held by a “bona fide purchaser” under applicable law. (C) Maturing Notes and Notes Called for Redemption or Subject to Repurchase. If, on a Redemption Date, a Fundamental Change Repurchase Date, the Optional Repurchase Date or the Maturity Date, the Paying Agent holds money sufficient to pay the aggregate Redemption Price, Fundamental Change Repurchase Price, Optional Repurchase Price or principal amount, respectively, together, in each case, with the aggregate interest, in each case due on such date, then (unless there occurs a Default in the payment of any such amount) (i) the Notes (or portions thereof) to be redeemed or repurchased, or that mature, on such date will be deemed, as of such date, to cease to be outstanding, except to the extent provided in Section 4.02(D), 4.03(C), 4.04(F) or 5.02(D); and (ii) the rights of the Holders of such Notes (or such portions thereof), as such, will terminate with respect to such Notes (or such portions thereof), other than the right to receive the Redemption Price, Fundamental Change Repurchase Price, Optional Repurchase Price or principal amount, as applicable, of, and accrued and unpaid interest on, such Notes (or such portions thereof), in each case as provided in this Indenture. (D) Notes to Be Converted. At the Close of Business on the Conversion Date for any Note (or any portion thereof) to be converted, such Note (or such portion) will (unless there occurs a Default in the delivery of the Conversion Consideration or interest due, pursuant to Section 5.03(B) or Section 5.02(D), upon such conversion) be deemed to cease to be outstanding, except to the extent provided in Section 5.02(D) or Section 5.08. (E) Cessation of Accrual of Interest. Except as provided in Section 4.02(D), 4.03(C), 4.04(F) or 5.02(D), interest will cease to accrue on each Note from, and including, the date that such Note is deemed, pursuant to this Section 2.18, to cease to be outstanding, unless there occurs a default in the payment or delivery of any cash or other property due on such Note."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b109"], "char_count": 200, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7e16f78fd6f2bceb22e9644544d66eaa1f48baf79bb6665947a6d20f8ad502da", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 2.19. Repurchases by the Company."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 109, "char_end": 200, "char_start": 0, "fragment_sha256": "ed8281386068f7878d8b4a1face647f62f5dc4502f5c741450f047c332079e05", "heading_path": ["EXHIBIT 4.1", "Section 2.19. Repurchases by the Company."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p48", "passage_kind": "narrative", "passage_sequence": 48, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s37", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "Without limiting the generality of Section 2.15, the Company may, from time to time, repurchase Notes in open market purchases or in negotiated transactions without delivering prior notice to Holders."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b111"], "char_count": 561, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "34cdc4ca8fa5dd0929e87805a20b5b060b0f1a3e32987bd7b775d8fa43b416ff", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 2.20. CUSIP and ISIN Numbers."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 111, "char_end": 561, "char_start": 0, "fragment_sha256": "c895cb1166eabe6bcc2506b2e2f34b9fb3d8528362f2f1d45caaab6c83b38e3a", "heading_path": ["EXHIBIT 4.1", "Section 2.20. CUSIP and ISIN Numbers."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p49", "passage_kind": "narrative", "passage_sequence": 49, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s38", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "The Company may use one or more CUSIP or ISIN numbers to identify any of the Notes, and, if so, the Company and the Trustee will use such CUSIP or ISIN number(s) in notices to Holders; provided, however, that (i) the Trustee makes no representation as to the correctness or accuracy of any such CUSIP or ISIN number; and (ii) the effectiveness of any such notice will not be affected by any defect in, or omission of, any such CUSIP or ISIN number. The Company will promptly notify the Trustee of any change in the CUSIP or ISIN number(s) identifying any Notes."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b114"], "char_count": 876, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "875c870838c2a63e5e2e1b03b05c681b98095925765e678e68c2234a136e8394", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 3.01. Payment on Notes."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 114, "char_end": 876, "char_start": 0, "fragment_sha256": "bd796f74a135c692f30d7f32bf90a74e1a19842c6b7f8c6c26a6758dd9380b7f", "heading_path": ["EXHIBIT 4.1", "Section 3.01. Payment on Notes."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p50", "passage_kind": "narrative", "passage_sequence": 50, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s40", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) Generally. The Company will pay or cause to be paid all the principal of, the Fundamental Change Repurchase Price, Optional Repurchase Price and Redemption Price for, interest on, and other amounts due with respect to, the Notes on the dates and in the manner set forth in this Indenture. (B) Deposit of Funds. Before 12:00 P.M., New York City time, on each Redemption Date, Fundamental Change Repurchase Date, Optional Repurchase Date or Interest Payment Date, and on the Maturity Date or any other date on which any cash amount is due on the Notes, the Company will deposit, or will cause there to be deposited, with the Paying Agent cash, in funds immediately available on such date, sufficient to pay the cash amount due on the applicable Notes on such date. The Paying Agent will return to the Company, as soon as practicable, any money not required for such purpose."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b116"], "char_count": 1480, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a18e69d17e782b35d56a1f2c9a020822af6b30fc83585572e250fc336647d317", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 3.02. Exchange Act Reports."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 116, "char_end": 1480, "char_start": 0, "fragment_sha256": "5c9e1db1b82910525dec23c3c8fff120eb0b2e04b6160ce34c6100fe8ee44a1e", "heading_path": ["EXHIBIT 4.1", "Section 3.02. Exchange Act Reports."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p51", "passage_kind": "narrative", "passage_sequence": 51, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s41", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) Generally. The Company will send to the Trustee copies of all reports that the Company is required to file with the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act within fifteen (15) calendar days after the date that the Company is required to file the same (after giving effect to all applicable grace periods under the Exchange Act); provided, however, that the Company need not send to the Trustee any material for which the Company has received, or is seeking in good faith and has not been denied, confidential treatment by the SEC. Any report that the Company files with the SEC through the EDGAR system (or any successor thereto) will be deemed to be sent to the Trustee at the time such report is so filed via the EDGAR system (or such successor). Upon the request of any Holder, the Trustee will provide to such Holder a copy of any report that the Company has sent the Trustee pursuant to this Section 3.02(A), other than a report that is deemed to be sent to the Trustee pursuant to the preceding sentence. (B) Trustee’s Disclaimer. The Trustee need not determine whether the Company has filed any material via the EDGAR system (or such successor). The sending or filing of reports pursuant to Section 3.02(A) will not be deemed to constitute actual or constructive notice to the Trustee of any information contained, or determinable from information contained, therein, including the Company’s compliance with any of its covenants under this Indenture."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b119"], "char_count": 786, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e2017b4525877f1785c3fa137d9a76f5314fe2ca4da0d72380bd172c4238c671", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 3.03. Rule 144A Information."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 119, "char_end": 786, "char_start": 0, "fragment_sha256": "82cf4eee01a186dc5321c8dbbd6448bcf307ee5580787ce845df582ce1883bee", "heading_path": ["EXHIBIT 4.1", "Section 3.03. Rule 144A Information."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p52", "passage_kind": "narrative", "passage_sequence": 52, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s42", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "If the Company is not subject to Section 13 or 15(d) of the Exchange Act at any time when any Notes or Conversion Shares are outstanding and constitute “restricted securities” (as defined in Rule 144), then the Company (or its successor) will promptly provide, to the Trustee and, upon written request, to any Holder, beneficial owner or prospective purchaser of such Notes or shares, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to facilitate the resale of such Notes or shares pursuant to Rule 144A. The Company (or its successor) will take such further action as any Holder or beneficial owner of such Notes or shares may reasonably request to enable such Holder or beneficial owner to sell such Notes or shares pursuant to Rule 144A."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b121"], "char_count": 2614, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "fd981f86b3de27d05772a75c7e20795507c3e65822dd20262212e34bee3df9a8", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 3.04. Additional Interest."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 121, "char_end": 2614, "char_start": 0, "fragment_sha256": "e92132ce9c300ab9860683213d6235fac76465cd4ab80e6181bcf74fc8e1e22d", "heading_path": ["EXHIBIT 4.1", "Section 3.04. Additional Interest."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p53", "passage_kind": "narrative", "passage_sequence": 53, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s43", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) Accrual of Additional Interest. If, on any day occurring on or after the date that is six (6) months after the Last Original Issue Date of any Note, (i) the Company has not satisfied the reporting conditions (including, for the avoidance of doubt, the requirement for current Form 10 information) set forth in Rule 144(c) and (i)(2) under the Securities Act; or (ii) such Note is not otherwise Freely Tradable, then Additional Interest will accrue on such Note for such day. (B) Amount and Payment of Additional Interest. Any Additional Interest that accrues on a Note pursuant to Section 3.04(A) will be payable on the same dates and in the same manner as the Stated Interest on such Note and will accrue at a rate per annum equal to one half of one percent (0.50%) of the principal amount thereof; provided, however, that in no event will Additional Interest that may accrue as a result of the Company’s failure to timely file any document or report that it is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (other than reports on Form 8-K) pursuant to Section 3.04(A), together with any Special Interest that accrues as a result of the Company’s failure to comply with its reporting obligations as set forth in Section 7.03, accrue on any day on a Note at a combined rate per annum that exceeds one percent (1.00%). For the avoidance of doubt, any Additional Interest that accrues on a Note will be in addition to the Stated Interest that accrues on such Note and, subject to the proviso of the immediately preceding sentence, in addition to any Special Interest that accrues on such Note. (C) Notice of Accrual of Additional Interest; Trustee’s Disclaimer. The Company will send notice to the Holder of each Note, and to the Trustee, of the commencement and termination of any period in which Additional Interest accrues on such Note. In addition, if Additional Interest accrues on any Note, then, no later than five (5) Business Days before each date on which such Additional Interest is to be paid, the Company will deliver an Officer’s Certificate to the Trustee and the Paying Agent stating (i) that the Company is obligated to pay Additional Interest on such Note on such date of payment; and (ii) the amount of such Additional Interest that is payable on such date of payment. The Trustee will have no duty to determine whether any Additional Interest is payable or the amount thereof. (D) Exclusive Remedy. The accrual of Additional Interest will be the exclusive remedy available to Holders for the failure of their Notes to become Freely Tradable."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b124"], "char_count": 999, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "fc2c853b5084713b4c82f9d6cb4c7ae9328ce9c52b7e1d50f4ff73681c3e8d9f", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 3.05. Compliance and Default Certificates."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 124, "char_end": 999, "char_start": 0, "fragment_sha256": "4b8e0a0e4c61e18954adbb3a9e63056afa73a137e47c534aa4aab8fc9326a283", "heading_path": ["EXHIBIT 4.1", "Section 3.05. Compliance and Default Certificates."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p54", "passage_kind": "narrative", "passage_sequence": 54, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s44", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) Annual Compliance Certificate. Within ninety (90) days after December 31, 2025 and each fiscal year of the Company ending thereafter, the Company will deliver an Officer’s Certificate to the Trustee stating (i) that the signatory thereto has supervised a review of the activities of the Company and its Subsidiaries during such fiscal year with a view towards determining whether any Default or Event of Default has occurred; and (ii) whether, to such signatory’s knowledge, a Default or Event of Default has occurred or is continuing (and, if so, describing all such Defaults or Events of Default and what action the Company is taking or proposes to take with respect thereto). (B) Default Certificate. If a Default or Event of Default occurs, then the Company will promptly (and, in any event, within thirty (30) days after its first occurrence) deliver an Officer’s Certificate to the Trustee describing the same and what action the Company is taking or proposes to take with respect thereto."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b126"], "char_count": 646, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e5f7d98524b7c12ffa6b37e894574d4208e195b97a81485a6cd7a5ec337cd0c1", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 3.06. Stay, Extension and Usury Laws."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 126, "char_end": 646, "char_start": 0, "fragment_sha256": "caa4621b3068f34890b1cc61328bd0fded6499dd9af7d356c49d1f1a16d30356", "heading_path": ["EXHIBIT 4.1", "Section 3.06. Stay, Extension and Usury Laws."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p55", "passage_kind": "narrative", "passage_sequence": 55, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s45", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "To the extent that it may lawfully do so, the Company (A) agrees that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law (wherever or whenever enacted or in force) that may affect the covenants or the performance of this Indenture; and (B) expressly waives all benefits or advantages of any such law and agrees that it will not, by resort to any such law, hinder, delay or impede the execution of any power granted to the Trustee by this Indenture, but will suffer and permit the execution of every such power as though no such law has been enacted."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b128"], "char_count": 613, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6e2526f194544cbc97fece994dec5b4e581e70f3c5df581e2a06b63dedbb2553", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 3.07. Acquisition of Notes by the Company and its Affiliates."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 128, "char_end": 613, "char_start": 0, "fragment_sha256": "e8ff8718eba66724f6b5474da69d0e6290829a8eea90f249af3ffdcade35b5ba", "heading_path": ["EXHIBIT 4.1", "Section 3.07. Acquisition of Notes by the Company and its Affiliates."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p56", "passage_kind": "narrative", "passage_sequence": 56, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s46", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "Without limiting the generality of Section 2.18, Notes that the Company or any of its Subsidiaries have purchased or otherwise acquired will be deemed to remain outstanding (except to the extent provided in Section 2.16) until such time as such Notes are delivered to the Trustee for cancellation. The Notes will bear a legend that no Affiliate of the Company may purchase or otherwise acquire any Notes or any beneficial interest in any Global Note, and the Company will use commercially reasonable efforts to prevent any of its controlled Affiliates from acquiring any Note (or any beneficial interest therein)."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b131"], "char_count": 153, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "21e32c136e104d00e31903cc5b95bf55172ed19aa263809323b8457206d1050a", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 3.08. Existence."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 131, "char_end": 153, "char_start": 0, "fragment_sha256": "b0adcc00e1a7d419591b522cf4f4fa857805e19569795875cc0575e9e12af3ef", "heading_path": ["EXHIBIT 4.1", "Section 3.08. Existence."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p57", "passage_kind": "narrative", "passage_sequence": 57, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s47", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "Subject to Article 6, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b134"], "char_count": 57, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "de9dacd2dd950e64377421d78d41a8bea20c914c4173793328e84e280f7629ff", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 4.01. No Sinking Fund."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 134, "char_end": 57, "char_start": 0, "fragment_sha256": "8bf81d5f4625f140d1cf486f381a5d64e7518152824ef91dfcf2ce47e02ea224", "heading_path": ["EXHIBIT 4.1", "Section 4.01. No Sinking Fund."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p58", "passage_kind": "narrative", "passage_sequence": 58, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s49", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "No sinking fund is required to be provided for the Notes."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b136"], "char_count": 3951, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b9ef7c7c4cb9c4cf4d672bc58f555cab233d1f5006fade45ad5d5b33429d7b9d", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 4.02. Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 136, "char_end": 3951, "char_start": 0, "fragment_sha256": "e9520a55b2125c57a3287aa9f91faa2430ca743394bc66ea4abdbe323fd44ec4", "heading_path": ["EXHIBIT 4.1", "Section 4.02. Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p59", "passage_kind": "narrative", "passage_sequence": 59, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s50", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change. Subject to the other terms of this Section 4.02, if a Fundamental Change occurs, then each Holder will have the right (the “Fundamental Change Repurchase Right”) to require the Company to repurchase such Holder’s Notes (or any portion thereof in an Authorized Denomination) on the Fundamental Change Repurchase Date for such Fundamental Change for a cash purchase price equal to the Fundamental Change Repurchase Price. (B) Repurchase Prohibited in Certain Circumstances. If the principal amount of the Notes has been accelerated and such acceleration has not been rescinded on or before the Fundamental Change Repurchase Date for a Repurchase Upon Fundamental Change (including as a result of the payment of the related Fundamental Change Repurchase Price, and any related interest pursuant to the proviso to the first sentence of Section 4.02(D), on such Fundamental Change Repurchase Date), then (i) the Company may not repurchase any Notes pursuant to this Section 4.02; and (ii) the Company will cause any Notes theretofore surrendered for such Repurchase Upon Fundamental Change to be returned to the Holders thereof (or, if applicable with respect to Global Notes, cancel any instructions for book-entry transfer to the Company, the Trustee or the Paying Agent of the applicable beneficial interest in such Notes in accordance with the Depositary Procedures). (C) Fundamental Change Repurchase Date. The Fundamental Change Repurchase Date for any Fundamental Change will be a Business Day of the Company’s choosing that is no more than thirty five (35), nor less than twenty (20), Business Days after the date the Company sends the related Fundamental Change Notice pursuant to Section 4.02(E). (D) Fundamental Change Repurchase Price. The Fundamental Change Repurchase Price for any Note to be repurchased upon a Repurchase Upon Fundamental Change following a Fundamental Change is an amount in cash equal to the principal amount of such Note plus accrued and unpaid interest on such Note to, but excluding, the Fundamental Change Repurchase Date for such Fundamental Change; provided, however, that if such Fundamental Change Repurchase Date is after a Regular Record Date and on or before the next Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Regular Record Date will be entitled, notwithstanding such Repurchase Upon Fundamental Change, to receive, on or, at the Company’s election, before such Interest Payment Date, the unpaid interest that would have accrued on such Note to, but excluding, such Interest Payment Date (assuming, solely for these purposes, that such Note remained outstanding through such Interest Payment Date, if such Fundamental Change Repurchase Date is before such Interest Payment Date); and (ii) the Fundamental Change Repurchase Price will not include accrued and unpaid interest on such Note to, but excluding, such Fundamental Change Repurchase Date. For the avoidance of doubt, if an Interest Payment Date is not a Business Day within the meaning of Section 2.05(C) and such Fundamental Change Repurchase Date occurs on the Business Day immediately after such Interest Payment Date, then (x) accrued and unpaid interest on Notes to, but excluding, such Interest Payment Date will be paid, in accordance with Section 2.05(C), on the next Business Day to Holders as of the Close of Business on the immediately preceding Regular Record Date; and (y) the Fundamental Change Repurchase Price will include interest on Notes to be repurchased from, and including, such Interest Payment Date. (E) Fundamental Change Notice. On or before the twentieth (20th) calendar day after the effective date of a Fundamental Change, the Company will send to each Holder, the Trustee, the Conversion Agent, and the Paying Agent a notice of such Fundamental Change (a “Fundamental Change Notice”)."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b136"], "char_count": 2016, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a502ceeafdd22d88a6f5406272ed4ee5a4ae6726c6b47e1b7e105169e4f9c698", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 4.02. 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Neither the failure to deliver a Fundamental Change Notice nor any defect in a Fundamental Change Notice will limit the Fundamental Change Repurchase Right of any Holder or otherwise affect the validity of any proceedings relating to any Repurchase Upon Fundamental Change."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b139"], "char_count": 67, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0e93732e9b4ee3da8c5a2329e35a380074f7664f23939e0d71be95056e18d1bb", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 4.02. Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 139, "char_end": 67, "char_start": 0, "fragment_sha256": "d6a1cfdc407f7b3d6915b2489128c043280885295ecf20f2169ef81d56772a24", "heading_path": ["EXHIBIT 4.1", "Section 4.02. 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Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 140, "char_end": 3364, "char_start": 0, "fragment_sha256": "16b2833a8eb6393397ee4e6084e42c0f26d471c352f419ce46df305f42947a9b", "heading_path": ["EXHIBIT 4.1", "Section 4.02. 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To exercise its Fundamental Change Repurchase Right for a Note following a Fundamental Change, the Holder thereof must deliver to the Paying Agent: (1) before the Close of Business on the Business Day immediately before the related Fundamental Change Repurchase Date (or such later time as may be required by law), a duly completed, written Fundamental Change Repurchase Notice with respect to such Note; and (2) such Note, duly endorsed for transfer (if such Note is a Physical Note) or by book-entry transfer (if such Note is a Global Note). The Paying Agent will promptly deliver to the Company a copy of each Fundamental Change Repurchase Notice that it receives. (ii) Contents of Fundamental Change Repurchase Notices. Each Fundamental Change Repurchase Notice with respect to a Note must state: (1) if such Note is a Physical Note, the certificate number of such Note; (2) the principal amount of such Note to be repurchased, which must be an Authorized Denomination; and (3) that such Holder is exercising its Fundamental Change Repurchase Right with respect to such principal amount of such Note; provided, however, that if such Note is a Global Note, then such Fundamental Change Repurchase Notice must comply with the Depositary Procedures (and any such Fundamental Change Repurchase Notice delivered in compliance with the Depositary Procedures will be deemed to satisfy the requirements of this Section 4.02(F)). (iii) Withdrawal of Fundamental Change Repurchase Notice. A Holder that has delivered a Fundamental Change Repurchase Notice with respect to a Note may withdraw such Fundamental Change Repurchase Notice by delivering a written notice of withdrawal to the Paying Agent at any time before the Close of Business on the Business Day immediately before the related Fundamental Change Repurchase Date. Such withdrawal notice must state: (1) if such Note is a Physical Note, the certificate number of such Note; (2) the principal amount of such Note to be withdrawn, which must be an Authorized Denomination; and (3) the principal amount of such Note, if any, that remains subject to such Fundamental Change Repurchase Notice, which must be an Authorized Denomination; provided, however, that if such Note is a Global Note, then such withdrawal notice must comply with the Depositary Procedures (and any such withdrawal notice delivered in compliance with the Depositary Procedures will be deemed to satisfy the requirements of this Section 4.02(F)). Upon receipt of any such withdrawal notice with respect to a Note (or any portion thereof), the Paying Agent will (x) promptly deliver a copy of such withdrawal notice to the Company; and (y) if such Note is surrendered to the Paying Agent, cause such Note (or such portion thereof in accordance with Section 2.11, treating such Note as having been then surrendered for partial repurchase in the amount set forth in such withdrawal notice as remaining subject to repurchase) to be returned to the Holder thereof (or, if applicable with respect to any Global Note, cancel any instructions for book-entry transfer to the Company, the Trustee or the Paying Agent of the applicable beneficial interest in such Note in accordance with the Depositary Procedures). (G) Payment of the Fundamental Change Repurchase Price."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b140"], "char_count": 3924, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c3c334b6bfc2955147ef18979ca21076b48a8350fd46d2619c7ae83ad32d5509", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 4.02. 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For the avoidance of doubt, interest payable pursuant to the proviso to the first sentence of Section 4.02(D) on any Note to be repurchased pursuant to a Repurchase Upon Fundamental Change must be paid pursuant to such proviso regardless of whether such Note is delivered or such Depositary Procedures are complied with pursuant to the first sentence of this Section 4.02(G). (H) Third Party May Conduct Repurchase Offer In Lieu of the Company. Notwithstanding anything to the contrary in this Section 4.02, the Company will be deemed to satisfy its obligations under this Section 4.02 if one or more third parties conduct any Repurchase Upon Fundamental Change and related offer to repurchase Notes otherwise required by this Section 4.02 in a manner that would have satisfied the requirements of this Section 4.02 if conducted directly by the Company. (I) No Requirement to Conduct an Offer to Repurchase Notes if the Fundamental Change Results in the Notes Becoming Convertible into an Amount of Cash Exceeding the Fundamental Change Repurchase Price. Notwithstanding anything to the contrary in this Section 4.02, the Company will not be required to send a Fundamental Change Notice pursuant to Section 4.02(E), or offer to repurchase or repurchase any Notes pursuant to this Section 4.02, in connection with a Fundamental Change occurring pursuant to clause (B)(ii) (or pursuant to clause (A) that also constitutes a Fundamental Change occurring pursuant to clause (B)(ii)) of the definition thereof, if (i) such Fundamental Change constitutes a Common Stock Change Event whose Reference Property consists entirely of cash in U.S. dollars; (ii) immediately after such Fundamental Change, the Notes become convertible, pursuant to Section 5.09(A) and, if applicable, Section 5.07, into consideration that consists solely of U.S. dollars in an amount per $1,000 aggregate principal amount of Notes that equals or exceeds the Fundamental Change Repurchase Price per $1,000 aggregate principal amount of Notes (calculated assuming that the same includes the maximum amount of accrued interest payable as part of the related Fundamental Change Repurchase Price); and (iii) the Company timely sends the notice relating to such Fundamental Change required pursuant to Section 5.01(C)(i)(3)(b) and includes, in such notice, a statement that the Company is relying on this Section 4.02(I). (J) Compliance with Applicable Securities Laws. To the extent applicable, the Company will comply, in all material respects, with all federal and state securities laws in connection with a Repurchase Upon Fundamental Change (including complying with Rules 13e-4 and 14e-1 under the Exchange Act and filing any required Schedule TO, to the extent applicable) so as to permit effecting such Repurchase Upon Fundamental Change in the manner set forth in this Indenture; provided, however, that, to the extent that the Company’s obligations pursuant to this Section 4.02 conflict with any law or regulation that is applicable to the Company and enacted after the Issue Date, the Company’s compliance with such law or regulation will not be considered to be a Default of such obligations. (K) Repurchase in Part."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b140"], "char_count": 312, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d0acfa4a92744169b0024953c3160a77842d1d2aeba7184d3f64f0cf30c3ea02", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 4.02. 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Provisions of this Section 4.02 applying to the repurchase of a Note in whole will equally apply to the repurchase of a permitted portion of a Note."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b144"], "char_count": 2947, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f598be96064743e8dc0c3ebca861a22a14436e84b8b84c4766720f6b316d3131", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 4.03. Right of Holders to Require the Company to Repurchase Notes on the Optional Repurchase Date."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 144, "char_end": 2947, "char_start": 0, "fragment_sha256": "7cefb3cad203b58fd868f831e23b355c6761d66b50d836550e3574df2ac148dc", "heading_path": ["EXHIBIT 4.1", "Section 4.03. Right of Holders to Require the Company to Repurchase Notes on the Optional Repurchase Date."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p65", "passage_kind": "narrative", "passage_sequence": 65, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s51", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) Right of Holders to Require the Company to Repurchase Notes on the Optional Repurchase Date. Subject to the terms of this Section 4.03, each Holder will have the right (the “Optional Repurchase Right”) to require the Company to repurchase such Holder’s Notes (or any portion thereof in an Authorized Denomination) on May 15, 2028 (the “Optional Repurchase Date”) for a cash purchase price equal to the Optional Repurchase Price. Notwithstanding anything to the contrary in this Section 4.03, the Company will not be required to offer or effect any Optional Repurchase, and Holders will not have an Optional Repurchase Right, if the Company has called all then-outstanding Notes for Redemption prior to the latest date for a valid delivery of the Optional Repurchase Date Notice. (B) Repurchase Prohibited in Certain Circumstances. If the principal amount of the Notes has been accelerated and such acceleration has not been rescinded on or before the Optional Repurchase Date (including as a result of the payment of the related Optional Repurchase Price, and any related interest pursuant to the proviso to the first sentence of Section 4.03(C), on the Optional Repurchase Date), then (i) the Company may not repurchase any Notes otherwise subject to Optional Repurchase on the Optional Repurchase Date pursuant to this Section 4.03; and (ii) the Company will cause any Notes theretofore surrendered for such Optional Repurchase to be returned to the Holders thereof (or, if applicable with respect to Global Notes, cancel any instructions for book-entry transfer to the Company, the Trustee or the Paying Agent of the applicable beneficial interest in such Notes in accordance with the Depositary Procedures). (C) Optional Repurchase Price. The Optional Repurchase Price for any Note to be repurchased on the Optional Repurchase Date pursuant to an Optional Repurchase is an amount in cash equal to the principal amount of such Note plus accrued and unpaid interest on such Note to, but excluding, the Optional Repurchase Date; provided, however, that, for the avoidance of doubt, the Holder of such Note at the Close of Business on the Regular Record Date immediately preceding the Optional Repurchase Date will be entitled, notwithstanding such Optional Repurchase, to receive, on or, at the Company’s election, before such Interest Payment Date, the unpaid interest that would have accrued on such Note to, but excluding, such Interest Payment Date. (D) Optional Repurchase Date Notice. No later than twenty (20), Business Days before the Optional Repurchase Date, the Company will send to each Holder, the Trustee, the Conversion Agent and the Paying Agent a notice (an “Optional Repurchase Date Notice”) (or publish the same through such other widely disseminated public medium as the Company then uses, including its website) containing the information required by this Indenture to be set forth in the Optional Repurchase Date Notice."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b144"], "char_count": 1701, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "fead828053a0ca28400ef7c15f207e788ca6299043d696aaeb34c5a691464ab3", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 4.03. Right of Holders to Require the Company to Repurchase Notes on the Optional Repurchase Date."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 144, "char_end": 4648, "char_start": 2947, "fragment_sha256": "7cefb3cad203b58fd868f831e23b355c6761d66b50d836550e3574df2ac148dc", "heading_path": ["EXHIBIT 4.1", "Section 4.03. Right of Holders to Require the Company to Repurchase Notes on the Optional Repurchase Date."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p66", "passage_kind": "narrative", "passage_sequence": 66, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s51", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "Such Optional Repurchase Date Notice must state: (i) the procedures that a Holder must follow to require the Company to repurchase its Notes pursuant to this Section 4.03, including the deadline for exercising the Optional Repurchase Right and the procedures for submitting and withdrawing an Optional Repurchase Notice; (ii) the Optional Repurchase Date; (iii) the Optional Repurchase Price and that the Holder of any Note at the Close of Business on the Regular Record Date immediately before the Optional Repurchase Date will be entitled to receive, on the Interest Payment Date falling on the Optional Repurchase Date, the unpaid interest that has accrued on such Note to, but excluding, such Interest Payment Date; (iv) the name and address of the Paying Agent and the Conversion Agent; (v) the Conversion Rate in effect on the date of such Optional Repurchase Date Notice; (vi) that Notes for which an Optional Repurchase Notice has been duly tendered and not duly withdrawn must be delivered to the Paying Agent for the Holder thereof to be entitled to receive the Optional Repurchase Price; (vii) that Notes (or any portion thereof) that are subject to an Optional Repurchase Notice that has been duly tendered may be converted (if otherwise then convertible pursuant to Article 5) only if such Optional Repurchase Notice is withdrawn in accordance with this Indenture; and (viii) the CUSIP and ISIN numbers, if any, of the Notes. Neither the failure to deliver an Optional Repurchase Date Notice nor any defect in an Optional Repurchase Date Notice will limit the Optional Repurchase Right of any Holder or otherwise affect the validity of any proceedings relating to any Optional Repurchase."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b147"], "char_count": 57, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b21f0547113f154f70513fdd04b599baa6c164f36e9c79bf16be16249eaaea94", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 4.03. Right of Holders to Require the Company to Repurchase Notes on the Optional Repurchase Date."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 147, "char_end": 57, "char_start": 0, "fragment_sha256": "84c13c35f33c70f14c495aa273f4049e2916d54fc08f9732cc8d92dd3d985e69", "heading_path": ["EXHIBIT 4.1", "Section 4.03. Right of Holders to Require the Company to Repurchase Notes on the Optional Repurchase Date."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p67", "passage_kind": "narrative", "passage_sequence": 67, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s51", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(E) Procedures to Exercise the Optional Repurchase Right."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b148"], "char_count": 3834, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8b2ddff728d4655856634b253c97483fb93f53182281ea36a68562038cf06637", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 4.03. Right of Holders to Require the Company to Repurchase Notes on the Optional Repurchase Date."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 148, "char_end": 3834, "char_start": 0, "fragment_sha256": "8076cda3ca598a6c392a66971d05b7aaaa8b695a04f62fb62c8ae6edd647d457", "heading_path": ["EXHIBIT 4.1", "Section 4.03. Right of Holders to Require the Company to Repurchase Notes on the Optional Repurchase Date."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p68", "passage_kind": "narrative", "passage_sequence": 68, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s51", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(i) Delivery of Optional Repurchase Notice and Notes to Be Repurchased. To exercise its Optional Repurchase Right for a Note, the Holder thereof must deliver to the Paying Agent: (1) before the Close of Business on the Business Day immediately before the Optional Repurchase Date (or such later time as may be required by law), a duly completed, written Optional Repurchase Notice with respect to such Note; and (2) such Note, duly endorsed for transfer (if such Note is a Physical Note) or by book-entry transfer (if such Note is a Global Note). The Paying Agent will promptly deliver to the Company a copy of each Optional Repurchase Notice that it receives. (ii) Contents of Optional Repurchase Notices. Each Optional Repurchase Notice with respect to a Note must state: (1) if such Note is a Physical Note, the certificate number of such Note; (2) the principal amount of such Note to be repurchased, which must be an Authorized Denomination; and (3) that such Holder is exercising its Optional Repurchase Right with respect to such principal amount of such Note; provided, however, that if such Note is a Global Note, then such Optional Repurchase Notice must comply with the Depositary Procedures (and any such Optional Repurchase Notice delivered in compliance with the Depositary Procedures will be deemed to satisfy the requirements of this Section 4.03(E)). (iii) Withdrawal of Optional Repurchase Notice. A Holder that has delivered an Optional Repurchase Notice with respect to a Note may withdraw such Optional Repurchase Notice by delivering a written notice of withdrawal to the Paying Agent at any time before the Close of Business on the Business Day immediately before the Optional Repurchase Date. Such withdrawal notice must state: (1) if such Note is a Physical Note, the certificate number of such Note; (2) the principal amount of such Note to be withdrawn, which must be an Authorized Denomination; and (3) the principal amount of such Note, if any, that remains subject to such Optional Repurchase Notice, which must be an Authorized Denomination; provided, however, that if such Note is a Global Note, then such withdrawal notice must comply with the Depositary Procedures (and any such withdrawal notice delivered in compliance with the Depositary Procedures will be deemed to satisfy the requirements of this Section 4.03(E)). Upon receipt of any such withdrawal notice with respect to a Note (or any portion thereof), the Paying Agent will (x) promptly deliver a copy of such withdrawal notice to the Company; and (y) if such Note is surrendered to the Paying Agent, cause such Note (or such portion thereof in accordance with Section 2.11, treating such Note as having been then surrendered for partial repurchase in the amount set forth in such withdrawal notice as remaining subject to repurchase) to be returned to the Holder thereof (or, if applicable with respect to any Global Note, cancel any instructions for book-entry transfer to the Company, the Trustee or the Paying Agent of the applicable beneficial interest in such Note in accordance with the Depositary Procedures). (F) Payment of the Optional Repurchase Price. Without limiting the Company’s obligation to deposit the Optional Repurchase Price within the time prescribed by Section 3.01(B), the Company will cause the Optional Repurchase Price for a Note (or portion thereof) to be repurchased pursuant to an Optional Repurchase to be paid to the Holder thereof on or before the later of (i) the Optional Repurchase Date; and (ii) the date (x) such Note is delivered to the Paying Agent (in the case of a Physical Note) or (y) the Depositary Procedures relating to the repurchase, and the delivery to the Paying Agent, of such Holder’s beneficial interest in such Note to be repurchased are complied with (in the case of a Global Note)."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b148"], "char_count": 1953, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e534b22490af8dbf8f1e3a1b46f36f115bdda1399ae820700c2572a3ede67239", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 4.03. Right of Holders to Require the Company to Repurchase Notes on the Optional Repurchase Date."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 148, "char_end": 5787, "char_start": 3834, "fragment_sha256": "8076cda3ca598a6c392a66971d05b7aaaa8b695a04f62fb62c8ae6edd647d457", "heading_path": ["EXHIBIT 4.1", "Section 4.03. Right of Holders to Require the Company to Repurchase Notes on the Optional Repurchase Date."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p69", "passage_kind": "narrative", "passage_sequence": 69, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s51", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "For the avoidance of doubt, interest payable pursuant to Section 4.03(C) on any Note to be repurchased pursuant to an Optional Repurchase must be paid as so described regardless of whether such Note is delivered or such Depositary Procedures are complied with pursuant to the first sentence of this Section 4.03(F). (G) Third Party May Conduct Repurchase Offer In Lieu of the Company. Notwithstanding anything to the contrary in this Section 4.03, the Company will be deemed to satisfy its obligations under this Section 4.03 if one or more third parties conduct any Optional Repurchase and related offer to repurchase Notes otherwise required by this Section 4.03 in a manner that would have satisfied the requirements of this Section 4.03 if conducted directly by the Company. (H) Compliance with Applicable Securities Laws. To the extent applicable, the Company will comply, in all material respects, with all federal and state securities laws in connection with an Optional Repurchase (including complying with Rules 13e-4 and 14e-1 under the Exchange Act and filing any required Schedule TO, to the extent applicable) so as to permit effecting such Optional Repurchase in the manner set forth in this Indenture. If, after complying with the preceding sentence to the extent applicable, any such laws prohibit the Company from taking any action otherwise required by this Section 4.03, then, notwithstanding anything to the contrary in this Section 4.03, the Company’s failure to take such action will, to the extent the same is prohibited by such laws, be deemed not to be a breach of its obligations under this Section 4.03. (I) Repurchase in Part. Subject to the terms of this Section 4.03, Notes may be repurchased pursuant to an Optional Repurchase in part, but only in Authorized Denominations. Provisions of this Section 4.03 applying to the repurchase of a Note in whole will equally apply to the repurchase of a permitted portion of a Note."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b152"], "char_count": 3800, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "40f8d2bf6ce7e510ceaa47ebaf7204c187c4eb868a467b725e2407395a3d349c", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 4.04. Right of the Company to Redeem the Notes."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 152, "char_end": 3800, "char_start": 0, "fragment_sha256": "e8577a463477d89b337e20b6f0fe716a50bfa067e4d02b9efad6800a5c535775", "heading_path": ["EXHIBIT 4.1", "Section 4.04. Right of the Company to Redeem the Notes."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p70", "passage_kind": "narrative", "passage_sequence": 70, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s52", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) No Right to Redeem Before May 22, 2028. The Company may not redeem the Notes at its option at any time before May 22, 2028. (B) Right to Redeem the Notes on or After May 22, 2028. Subject to the terms of this Section 4.04, the Company has the right, at its election, to redeem all, or any portion (subject to the Partial Redemption Limitation described in Section 4.04(C)) in an Authorized Denomination, of the Notes, at any time, and from time to time, on a Redemption Date on or after May 22, 2028 and before the 36th Scheduled Trading Day immediately before the Maturity Date, for a cash purchase price equal to the Redemption Price, but only if (1) the Last Reported Sale Price per share of Common Stock exceeds one hundred and thirty percent (130%) of the Conversion Price on (x) each of at least twenty (20) Trading Days (whether or not consecutive) during the thirty (30) consecutive Trading Days ending on, and including, the Trading Day immediately before the Redemption Notice Date for such Redemption; and (y) the Trading Day immediately before such Redemption Notice Date and (2) the Liquidity Conditions have been satisfied. For the avoidance of doubt, the calling of any Notes for Redemption will constitute a Make-Whole Fundamental Change with respect to such Notes pursuant to clause (B) of the definition thereof. (C) Partial Redemption Limitation. If the Company elects to redeem fewer than all of the outstanding Notes, at least one hundred million dollars ($100,000,000) aggregate principal amount of Notes must be outstanding and not subject to Redemption as of the Redemption Notice Date for such Redemption (such requirement, the “Partial Redemption Limitation”). (D) Redemption Prohibited in Certain Circumstances. If the principal amount of the Notes has been accelerated and such acceleration has not been rescinded on or before the Redemption Date (including as a result of the payment of the related Redemption Price, and any related interest pursuant to the proviso to the first sentence of Section 4.04(F), on such Redemption Date), then (i) the Company may not call for Redemption or otherwise redeem any Notes pursuant to this Section 4.04; and (ii) the Company will cause any Notes theretofore surrendered for such Redemption to be returned to the Holders thereof (or, if applicable with respect to Global Notes, cancel any instructions for book-entry transfer to the Company, the Trustee or the Paying Agent of the applicable beneficial interests in such Notes in accordance with the Depositary Procedures). (E) Redemption Date. The Redemption Date for any Redemption will be a Business Day of the Company’s choosing that is no more than fifty-five (55), nor less than thirty-five (35), Scheduled Trading Days after the Redemption Notice Date for such Redemption. (F) Redemption Price. The Redemption Price for any Note called for Redemption is an amount in cash equal to the principal amount of such Note plus accrued and unpaid interest on such Note to, but excluding, the Redemption Date for such Redemption; provided, however, that if such Redemption Date is after a Regular Record Date and on or before the next Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Regular Record Date will be entitled, notwithstanding such Redemption, to receive, on or, at the Company’s election, before such Interest Payment Date, the unpaid interest that would have accrued on such Note to, but excluding, such Interest Payment Date (assuming, solely for these purposes, that such Note remained outstanding through such Interest Payment Date, if such Redemption Date is before such Interest Payment Date); and (ii) the Redemption Price will not include accrued and unpaid interest on such Note to, but excluding, such Redemption Date."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b152"], "char_count": 2357, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "71fd954970bfff4bcd6e9abaa3a33ebfcf08ae13c01b22343bf97adfc61e0e8b", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 4.04. Right of the Company to Redeem the Notes."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 152, "char_end": 6157, "char_start": 3800, "fragment_sha256": "e8577a463477d89b337e20b6f0fe716a50bfa067e4d02b9efad6800a5c535775", "heading_path": ["EXHIBIT 4.1", "Section 4.04. Right of the Company to Redeem the Notes."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p71", "passage_kind": "narrative", "passage_sequence": 71, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s52", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "For the avoidance of doubt, if an Interest Payment Date is not a Business Day within the meaning of Section 2.05(C) and such Redemption Date occurs on the Business Day immediately after such Interest Payment Date, then (x) accrued and unpaid interest on Notes to, but excluding, such Interest Payment Date will be paid, in accordance with Section 2.05(C), on the next Business Day to Holders as of the Close of Business on the immediately preceding Regular Record Date; and (y) the Redemption Price will include interest on Notes to be redeemed from, and including, such Interest Payment Date. (G) Redemption Notice. To call any Notes for Redemption, the Company must send to each Holder of such Notes, the Trustee and the Paying Agent a written notice of such Redemption (a “Redemption Notice”). Such Redemption Notice must state: (i) that such Notes have been called for Redemption, briefly describing the Company’s Redemption right under this Indenture; (ii) the Redemption Date for such Redemption; (iii) the Redemption Price per $1,000 principal amount of Notes for such Redemption (and, if the Redemption Date is after a Regular Record Date and on or before the next Interest Payment Date, the amount, manner and timing of the interest payment payable pursuant to the proviso to the first sentence of Section 4.04(F)); (iv) the name and address of the Paying Agent and the Conversion Agent; (v) that Notes called for Redemption may be converted at any time before the Close of Business on the Business Day immediately before the Redemption Date (or, if the Company fails to pay the Redemption Price due on such Redemption Date in full, at any time until such time as the Company pays such Redemption Price in full); (vi) the Conversion Rate in effect on the Redemption Notice Date for such Redemption and a description and quantification of any adjustments to the Conversion Rate that may result from such Redemption (including pursuant to Section 5.07); (vii) the Settlement Method that will apply to all conversions of Notes with a Conversion Date that occurs on or after such Redemption Notice Date and before such Redemption Date; and (viii) the CUSIP and ISIN numbers, if any, of the Notes. On or before the Redemption Notice Date, the Company will send a copy of such Redemption Notice to the Trustee, the Conversion Agent, and the Paying Agent."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b155", "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b156"], "char_count": 2062, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7a7c28c6830ab4d100c09e9777655c8c18ae06667064924192bc640450e203f6", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 4.04. Right of the Company to Redeem the Notes."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 155, "char_end": 61, "char_start": 0, "fragment_sha256": "618f36217e507533260b0d05d7f813526eb3deee7148f4fa34e742ae931355be", "heading_path": ["EXHIBIT 4.1", "Section 4.04. Right of the Company to Redeem the Notes."], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 156, "char_end": 1999, "char_start": 0, "fragment_sha256": "9c41a06f5b6a9ab83b4f1e8e36a91687f3ec251d503eb47f7cf59df983e06e86", "heading_path": ["EXHIBIT 4.1", "Section 4.04. Right of the Company to Redeem the Notes."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p72", "passage_kind": "narrative", "passage_sequence": 72, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s52", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(H) Selection and Conversion of Notes to Be Redeemed in Part.\n\n(i) If less than all Notes then outstanding are called for Redemption, then the Notes to be redeemed will be selected as follows: (1) in the case of Global Notes, in accordance with the Depositary Procedures; and (2) in the case of Physical Notes, pro rata, by lot or by such other method the Trustee considers fair and appropriate. (ii) If only a portion of a Note is subject to Redemption and such Note is converted in part, then the converted portion of such Note will be deemed to be from the portion of such Note that was subject to Redemption. (I) Payment of the Redemption Price. Without limiting the Company’s obligation to deposit the Redemption Price by the time prescribed by Section 3.01(B), the Company will cause the Redemption Price for a Note (or portion thereof) subject to Redemption to be paid to the Holder thereof on or before the applicable Redemption Date. For the avoidance of doubt, interest payable pursuant to the proviso to the first sentence of Section 4.04(F) on any Note (or portion thereof) subject to Redemption must be paid pursuant to such proviso. (J) Special Provisions for Partial Calls. If the Company elects to redeem less than all of the outstanding Notes pursuant to this Section 4.04, and the Holder of any Note, or any owner of a beneficial interest in any Global Note, is reasonably not able to determine, before the Close of Business on the 32nd Scheduled Trading Day immediately before the Redemption Date for such Redemption, whether such Note or beneficial interest, as applicable, is to be redeemed pursuant to such Redemption, then such Holder or owner, as applicable, will be entitled to convert such Note or beneficial interest, as applicable, at any time before the Close of Business on the Business Day immediately before such Redemption Date, and each such conversion will be deemed to be of a Note called for Redemption for purposes of this Section 4.04, Sections 5.01(C)(i)(4) and 5.07, and the definition of “Make-Whole Fundamental Change.”"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b160", "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b161", "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b162"], "char_count": 3700, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0879c178544b43315b99cc97e8b024a703da573d5d76c6c022e64bc2716565b8", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 5.01. Right to Convert."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 160, "char_end": 428, "char_start": 0, "fragment_sha256": "b710f94010f798cd31e605af626fa031e1d0f85b83b37b5e9d4ecfeae7f94a73", "heading_path": ["EXHIBIT 4.1", "Section 5.01. Right to Convert."], "table_index": null, "tag_name": "sec-parser-merged-text"}, {"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 161, "char_end": 32, "char_start": 0, "fragment_sha256": "f3d63b697d6efd74c210540d341dfd89ac90c52d547c37bf03bbfea7af353b18", "heading_path": ["EXHIBIT 4.1", "Section 5.01. Right to Convert."], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 162, "char_end": 3236, "char_start": 0, "fragment_sha256": "5d14f5824aa50da3cf0aec85cdd61388875c369b42f5bbeaf9cbebb24ff1d88f", "heading_path": ["EXHIBIT 4.1", "Section 5.01. Right to Convert."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p73", "passage_kind": "narrative", "passage_sequence": 73, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s54", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) Generally. Subject to the provisions of this Article 5, each Holder may, at its option, convert such Holder’s Notes into Conversion Consideration. (B) Conversions in Part. Subject to the terms of this Indenture, Notes may be converted in part, but only in Authorized Denominations. Provisions of this Article 5 applying to the conversion of a Note in whole will equally apply to conversions of a permitted portion of a Note.\n\n(C) When Notes May Be Converted.\n\n(i) Generally. Subject to Section 5.01(C)(ii), a Note may be converted only in the following circumstances: (1) Conversion upon Satisfaction of Common Stock Sale Price Condition. A Holder may convert its Notes during any calendar quarter (and only during such calendar quarter) commencing after the calendar quarter ending on September 30, 2025, if the Last Reported Sale Price per share of Common Stock exceeds one hundred and thirty percent (130%) of the Conversion Price for each of at least twenty (20) Trading Days (whether or not consecutive) during the thirty (30) consecutive Trading Days ending on, and including, the last Trading Day of the immediately preceding calendar quarter. (2) Conversion upon Satisfaction of Note Trading Price Condition. A Holder may convert its Notes during the five (5) consecutive Business Days immediately after any ten (10) consecutive Trading Day period (such ten (10) consecutive Trading Day period, the “Measurement Period”) if the Trading Price per $1,000 principal amount of Notes, as determined following a request by a Holder in accordance with the procedures set forth below, for each Trading Day of the Measurement Period was less than ninety eight percent (98%) of the product of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading Day. The condition set forth in the preceding sentence is referred to in this Indenture as the “Trading Price Condition.” The Trading Price will be determined by the Bid Solicitation Agent pursuant to this Section 5.01(C)(i)(2) and the definition of “Trading Price.” The Bid Solicitation Agent (if not the Company) will have no obligation to determine the Trading Price of the Notes unless the Company has requested such determination in writing, and the Company will have no obligation to make such request (or seek bids itself) unless a Holder provides the Company with reasonable evidence that the Trading Price per $1,000 principal amount of Notes would be less than ninety eight percent (98%) of the product of the Last Reported Sale Price per share of Common Stock and the Conversion Rate. If a Holder provides such evidence, then the Company will (if acting as Bid Solicitation Agent), or will instruct the Bid Solicitation Agent to, determine the Trading Price of the Notes beginning on the next Trading Day and on each successive Trading Day until the Trading Price per $1,000 principal amount of Notes is greater than or equal to ninety eight percent (98%) of the product of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading Day. If the Trading Price Condition has been met as set forth above, then the Company will notify the Holders, the Trustee and the Conversion Agent of the same. If, on any Trading Day after the Trading Price Condition has been met as set forth above, the Trading Price per $1,000 principal amount of Notes is greater than or equal to ninety eight percent (98%) of the product of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading Day, then the Company will notify the Holders, the Trustee and the Conversion Agent of the same."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b164"], "char_count": 47, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c1d6f2ec0d0c4a1e65fa49a79c9bc484cd8be6a5bb26a73c5dced4d011c7d535", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 5.01. Right to Convert."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 164, "char_end": 47, "char_start": 0, "fragment_sha256": "87f9c6e3270042fe54f78f9edc9a10f61915a920cfbe3f66969eeb3cee492870", "heading_path": ["EXHIBIT 4.1", "Section 5.01. Right to Convert."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p74", "passage_kind": "narrative", "passage_sequence": 74, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s54", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(3) Conversion Upon Specified Corporate Events."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b165"], "char_count": 3999, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c7348a00b2f7a91fd42d517511575f18c4ab2cd6de634dc0ba820bf43ab19b6d", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 5.01. Right to Convert."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 165, "char_end": 3999, "char_start": 0, "fragment_sha256": "b263e76d7a1f5a1837d5c6406488c2278e3dea649112bcc65c969bdb43ecb0fe", "heading_path": ["EXHIBIT 4.1", "Section 5.01. Right to Convert."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p75", "passage_kind": "narrative", "passage_sequence": 75, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s54", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(a) Certain Distributions. If the Company elects to: (I) distribute, to all or substantially all holders of Common Stock, any rights, options or warrants (other than rights issued pursuant to a stockholder rights plan prior to separation of such rights from the Common Stock) entitling them, for a period of not more than sixty (60) calendar days after the date such distribution is announced, to subscribe for or purchase shares of Common Stock at a price per share that is less than the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date such distribution is announced (determined in the manner set forth in the third paragraph of Section 5.05(A)(ii)); or (II) distribute, to all or substantially all holders of Common Stock, assets or securities of the Company or rights to purchase the Company’s securities, which distribution per share of Common Stock has a value, as reasonably determined by the Board of Directors, exceeding ten percent (10%) of the Last Reported Sale Price per share of Common Stock on the Trading Day immediately before the date such distribution is announced, then, in either case, (x) the Company will send notice of such distribution, and of the related right to convert Notes, to Holders, the Trustee and the Conversion Agent at least 35 Scheduled Trading Days before the Ex-Dividend Date for such distribution; and (y) once the Company has sent such notice, Holders may convert their Notes at any time until the earlier of the Close of Business on the Business Day immediately before such Ex-Dividend Date and the Company’s announcement that such distribution will not take place; provided, however, that the Notes will not become convertible pursuant to clause (y) above (but the Company will be required to send notice of such distribution pursuant to clause (x) above) on account of such distribution if each Holder participates, at the same time and on the same terms as holders of Common Stock, and solely by virtue of being a Holder, in such distribution without having to convert such Holder’s Notes and as if such Holder held a number of shares of Common Stock equal to the product of (i) the Conversion Rate in effect on the Record Date for such distribution; and (ii) the aggregate principal amount (expressed in thousands) of Notes held by such Holder on such Record Date. (b) Certain Corporate Events. If a Fundamental Change, Make-Whole Fundamental Change (other than a Make-Whole Fundamental Change pursuant to clause (B) of the definition thereof) or Common Stock Change Event occurs (other than a merger or other business combination transaction that is effected solely to change the Company’s jurisdiction of incorporation and that does not constitute a Fundamental Change or a Make-Whole Fundamental Change), then, in each case, Holders may convert their Notes at any time from, and including, the effective date of such transaction or event to, and including, the thirty fifth (35th) Trading Day after such effective date (or, if such transaction or event also constitutes a Fundamental Change (other than an Exempted Fundamental Change), to, but excluding, the related Fundamental Change Repurchase Date); provided, however, that if the Company does not provide the notice referred to in the immediately following sentence by such effective date, then the last day on which the Notes are convertible pursuant to this sentence will be extended by the number of Business Days from, and including, such effective date to, but excluding, the date the Company provides such notice. No later than the second (2nd) Business Day after the effective date of any Fundamental Change, Make-Whole Fundamental Change or Common Stock Change Event, the Company will send notice to the Holders, the Trustee and the Conversion Agent of such transaction or event, such effective date and, if applicable, the related right to convert Notes."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b165"], "char_count": 2362, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5af36e62243ad81f72a6d624cc07d503954ae4821ed24751baf4a645c3f299b3", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 5.01. Right to Convert."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 165, "char_end": 6361, "char_start": 3999, "fragment_sha256": "b263e76d7a1f5a1837d5c6406488c2278e3dea649112bcc65c969bdb43ecb0fe", "heading_path": ["EXHIBIT 4.1", "Section 5.01. Right to Convert."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p76", "passage_kind": "narrative", "passage_sequence": 76, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s54", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(4) Conversion upon Redemption. If the Company calls any Note for Redemption, then the Holder of such Note may convert such Note at any time before the Close of Business on the Business Day immediately before the related Redemption Date (or, if the Company fails to pay the Redemption Price due on such Redemption Date in full, at any time until such time as the Company pays such Redemption Price in full). (5) Conversions During Free Convertibility Period. A Holder may convert its Notes at any time from, and including, November 15, 2029 until the Close of Business on the second (2nd) Scheduled Trading Day immediately before the Maturity Date. For the avoidance of doubt, the Notes may become convertible pursuant to any one or more of the preceding sub-paragraphs of this Section 5.01(C)(i) and the Notes ceasing to be convertible pursuant to a particular sub-paragraph of this Section 5.01(C)(i) will not preclude the Notes from being convertible pursuant to any other sub-paragraph of this Section 5.01(C)(i). (ii) Limitations and Closed Periods. Notwithstanding anything to the contrary in this Indenture or the Notes: (1) Notes may be surrendered for conversion only after the Open of Business and before the Close of Business on a day that is a Business Day; (2) in no event may any Note be converted after the Close of Business on the second (2nd) Scheduled Trading Day immediately before the Maturity Date; (3) if the Company calls any Note for Redemption pursuant to Section 4.04, then the Holder of such Note may not convert such Note after the Close of Business on the Business Day immediately before the applicable Redemption Date, except to the extent the Company fails to pay the Redemption Price for such Note in accordance with this Indenture; and (4) if a Fundamental Change Repurchase Notice or Optional Repurchase is validly delivered pursuant to Section 4.02(F) with respect to any Note, then such Note may not be converted, except to the extent (a) such Note is not subject to such notice; (b) such notice is withdrawn in accordance with Section 4.02(F); or (c) the Company fails to pay the Fundamental Change Repurchase Price or Optional Repurchase Price for such Note in accordance with this Indenture (or a third party fails to make such payment in lieu of the Company in accordance with the provisions described in Section 4.02(H))."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b169"], "char_count": 3800, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "219db4c34400725df0496cc7baa0152060d8f5b806e7b15ae0a0f067ea19e916", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 5.02. Conversion Procedures."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 169, "char_end": 3800, "char_start": 0, "fragment_sha256": "3ac9fcfc9a259f8d64b017422257265ab067cac510c700270133070e0b9007a2", "heading_path": ["EXHIBIT 4.1", "Section 5.02. Conversion Procedures."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p77", "passage_kind": "narrative", "passage_sequence": 77, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s55", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) Generally. (i) Global Notes. To convert a beneficial interest in a Global Note that is convertible pursuant to Section 5.01(C), the owner of such beneficial interest must (1) comply with the Depositary Procedures for converting such beneficial interest (at which time such conversion will become irrevocable); and (2) pay any amounts due pursuant to Section 5.02(D) or Section 5.02(E). (ii) Physical Notes. To convert all or a portion of a Physical Note that is convertible pursuant to Section 5.01(C), the Holder of such Note must (1) complete, manually sign and deliver to the Conversion Agent the conversion notice attached to such Physical Note or a facsimile of such conversion notice; (2) deliver such Physical Note to the Conversion Agent (at which time such conversion will become irrevocable); (3) furnish any endorsements and transfer documents that the Company or the Conversion Agent may require; and (4) pay any amounts due pursuant to Section 5.02(D) or Section 5.02(E). (B) Effect of Converting a Note. At the Close of Business on the Conversion Date for a Note (or any portion thereof) to be converted, such Note (or such portion) will (unless there occurs a Default in the delivery of the Conversion Consideration or interest due, pursuant to Section 5.03(B) or 5.02(D), upon such conversion) be deemed to cease to be outstanding (and, for the avoidance of doubt, no Person will be deemed to be a Holder of such Note (or such portion thereof) as of the Close of Business on such Conversion Date), except to the extent provided in Section 5.02(D). (C) Holder of Record of Conversion Shares. The Person in whose name any share of Common Stock is issuable upon conversion of any Note will be deemed to become the holder of record of such share as of the Close of Business on the last VWAP Trading Day of the Observation Period for such conversion. (D) Interest Payable Upon Conversion in Certain Circumstances. If the Conversion Date of a Note is after a Regular Record Date and before the next Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Regular Record Date will be entitled, notwithstanding such conversion (and, for the avoidance of doubt, notwithstanding anything set forth in the proviso to this sentence), to receive, on or, at the Company’s election, before such Interest Payment Date, the unpaid interest that would have accrued on such Note to, but excluding, such Interest Payment Date (assuming, solely for these purposes, that such Note remained outstanding through such Interest Payment Date); and (ii) the Holder surrendering such Note for conversion must deliver to the Conversion Agent, at the time of such surrender, an amount of cash equal to the amount of such interest referred to in clause (i) above; provided, however, that the Holder surrendering such Note for conversion need not deliver such cash (v) if the Company has specified a Redemption Date that is after such Regular Record Date and on or before the Business Day immediately after such Interest Payment Date; (w) if such Conversion Date occurs after the Regular Record Date immediately before the Maturity Date; (x) if the Company has specified a Fundamental Change Repurchase Date that is after such Regular Record Date and on or before the Business Day immediately after such Interest Payment Date; or (y) to the extent of any overdue interest or interest that has accrued on any overdue interest. For the avoidance of doubt, as a result of, and without limiting the generality of, the foregoing, if a Note is converted with a Conversion Date that is after the Regular Record Date immediately before the Maturity Date, then the Company will pay, as provided above, the interest that would have accrued on such Note to, but excluding, the Maturity Date."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b169"], "char_count": 576, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f44ab1e3cae16f6d8e92bf4549a28bad74b2bfb1b71e5b72031931b8ce9af9d6", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 5.02. Conversion Procedures."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 169, "char_end": 4376, "char_start": 3800, "fragment_sha256": "3ac9fcfc9a259f8d64b017422257265ab067cac510c700270133070e0b9007a2", "heading_path": ["EXHIBIT 4.1", "Section 5.02. Conversion Procedures."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p78", "passage_kind": "narrative", "passage_sequence": 78, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s55", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "For the avoidance of doubt, if the Conversion Date of a Note to be converted is on an Interest Payment Date, then the Holder of such Note at the Close of Business on the Regular Record Date immediately before such Interest Payment Date will be entitled to receive, on such Interest Payment Date, the unpaid interest that has accrued on such Note to, but excluding, such Interest Payment Date, and such Note, when surrendered for conversion, need not be accompanied by any cash amount pursuant to the first sentence of this Section 5.02(D). PROfilePageNumberReset%Num%48%- % -%"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b172"], "char_count": 1139, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "951b0258393c72916231b49ce8779505630c8d001d9f9b2bcc2cddc392a159d2", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 5.02. Conversion Procedures."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 172, "char_end": 1139, "char_start": 0, "fragment_sha256": "e0fa917953dfa8bfb4043d1fccd4992c86d72cc590a7db722c955bca2feb1ec6", "heading_path": ["EXHIBIT 4.1", "Section 5.02. Conversion Procedures."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p79", "passage_kind": "narrative", "passage_sequence": 79, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s55", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(E) Taxes and Duties. If a Holder converts a Note, the Company will pay any documentary, stamp or similar issue or transfer tax or duty due on the issue or delivery of any shares of Common Stock upon such conversion; provided, however, that if any tax or duty is due because such Holder requested such shares to be registered in a name other than such Holder’s name, then such Holder will pay such tax or duty and, until having received a sum sufficient to pay such tax or duty, the Conversion Agent may refuse to deliver any such shares to be issued in a name other than that of such Holder. (F) Conversion Agent to Notify Company of Conversions. If any Note is submitted for conversion to the Conversion Agent or the Conversion Agent receives any notice of conversion with respect to a Note, then the Conversion Agent will promptly (and, in any event, no later than the date the Conversion Agent receives such Note or notice) notify the Company and the Trustee of such occurrence, together with any other information reasonably requested by the Company, and will cooperate with the Company to determine the Conversion Date for such Note."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b174"], "char_count": 3164, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "76bca950dd482804bcb90fecf0bc55db05f2b95babc2ee9701141c0a48c32851", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 5.03. Settlement Upon Conversion."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 174, "char_end": 3164, "char_start": 0, "fragment_sha256": "82653f84ef9dcb0fc273ca4d75510aa3363949f67289a5c8d168b6151ef601a3", "heading_path": ["EXHIBIT 4.1", "Section 5.03. Settlement Upon Conversion."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p80", "passage_kind": "narrative", "passage_sequence": 80, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s56", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) Settlement Method. Upon the conversion of any Note, the Company will settle such conversion by paying or delivering, as applicable and as provided in this Article 5, either (x) solely cash as provided in Section 5.03(B)(i)(1) (a “Cash Settlement”); or (y) a combination of cash and shares of Common Stock, together, if applicable, with cash in lieu of fractional shares as provided in Section 5.03(B)(i)(2) (a “Combination Settlement”). (i) The Company’s Right to Elect Settlement Method. The Company will have the right to elect the Settlement Method applicable to any conversion of a Note; provided, however, that: (1) subject to clause (3) below, all conversions of Notes with a Conversion Date that occurs on or after November 15, 2029 will be settled using the same Settlement Method, and the Company will send notice of such Settlement Method to Holders and the Conversion Agent no later than the Open of Business on November 15, 2029; (2) subject to clause (3) below, if the Company elects a Settlement Method with respect to the conversion of any Note whose Conversion Date occurs before November 15, 2029, then the Company will send notice of such Settlement Method to the Holder of such Note, with a copy to the Trustee and the Conversion Agent, no later than the Close of Business on the Business Day immediately after such Conversion Date; (3) if any Notes are called for Redemption, then (a) the Company will specify, in the related Redemption Notice sent pursuant to Section 4.04(G), the Settlement Method that will apply to all conversions of Notes with a Conversion Date that occurs on or after the related Redemption Notice Date and before the related Redemption Date; and (b) if such Redemption Date occurs on or after November 15, 2029, then such Settlement Method must be the same Settlement Method that, pursuant to clause (1) above, applies to all conversions of Notes with a Conversion Date that occurs on or after November 15, 2029; (4) the Company will use the same Settlement Method for all conversions of Notes with the same Conversion Date (and, for the avoidance of doubt, the Company will not be obligated to use the same Settlement Method with respect to conversions of Notes with different Conversion Dates, except as provided in clause (1) or (3) above); (5) if the Company does not timely elect a Settlement Method with respect to the conversion of a Note, then the Company will be deemed to have elected the Default Settlement Method (and, for the avoidance of doubt, the failure to timely make such election will not constitute a Default or Event of Default); and (6) if the Company timely elects Combination Settlement with respect to the conversion of a Note but does not timely notify the Holder of such Note, with a copy to the Trustee and the Conversion Agent, of the applicable Specified Dollar Amount, then the Specified Dollar Amount for such conversion will be deemed to be $1,000 per $1,000 principal amount of Notes (and, for the avoidance of doubt, the failure to timely send such notification will not constitute a Default or Event of Default). (ii) The Company’s Right to Irrevocably Fix the Settlement Method."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b174"], "char_count": 2855, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c61a36d0b7669e04404968e6051fb43584c4012cc91a5be69a800739cd9600b5", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 5.03. Settlement Upon Conversion."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 174, "char_end": 6019, "char_start": 3164, "fragment_sha256": "82653f84ef9dcb0fc273ca4d75510aa3363949f67289a5c8d168b6151ef601a3", "heading_path": ["EXHIBIT 4.1", "Section 5.03. Settlement Upon Conversion."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p81", "passage_kind": "narrative", "passage_sequence": 81, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s56", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "The Company will have the right, exercisable at its election by sending notice of such exercise to the Holders (with a copy to the Trustee and the Conversion Agent), to (1) irrevocably fix the Settlement Method that will apply to all conversions of Notes with a Conversion Date that occurs on or after the date such notice is sent to Holders; or (2) irrevocably elect Combination Settlement to apply to all conversions of Notes with a Conversion Date that occurs on or after the date such notice is sent to Holders, and eliminate a Specified Dollar Amount or range of Specified Dollar Amounts that will apply to such conversions, provided, in each case, that (v) in no event will the Company elect Combination Settlement with a Specified Dollar Amount that is less than $1,000 per $1,000 principal amount of Notes; (w) the Settlement Method(s) so elected pursuant to clause (1) or (2) above must be a Settlement Method or Settlement Method(s), as applicable, that the Company is then permitted to elect (for the avoidance of doubt, including pursuant to, and subject to, the other provisions of this Section 5.03(A)); (x) no such irrevocable election will affect any Settlement Method theretofore elected (or deemed to be elected) with respect to any Note pursuant to this Indenture (including pursuant to Section 8.01(G) or this Section 5.03(A)); (y) upon any such irrevocable election pursuant to clause (1) above, the Default Settlement Method will automatically be deemed to be set to the Settlement Method so fixed; and (z) upon any such irrevocable election pursuant to clause (2) above, the Company will, if needed, simultaneously change the Default Settlement Method to Combination Settlement with a Specified Dollar Amount that is consistent with such irrevocable election. Such notice, if sent, must set forth the applicable Settlement Method and expressly state that the election is irrevocable and applicable to all conversions of Notes with a Conversion Date that occurs on or after the date such notice is sent to Holders. For the avoidance of doubt, such an irrevocable election, if made, will be effective without the need to amend this Indenture or the Notes, including pursuant to Section 8.01(G) (it being understood, however, that the Company may nonetheless choose to execute such an amendment at its option). (iii) Requirement to Publicly Disclose the Fixed or Default Settlement Method. If the Company changes the Default Settlement Method pursuant to clause (x) of the proviso to the definition of such term or irrevocably fixes the Settlement Method(s) pursuant Section 5.03(A)(ii), then the Company will either post the Default Settlement Method or fixed Settlement Method(s), as applicable, on its website or disclose the same in a Current Report on Form 8-K (or any successor form) that is filed with, or furnished to, the SEC."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b177", "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b178"], "char_count": 3682, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9d10b974c1687fde1eae4f9e68feb4f1d8761215bde0ecba1a7b31acc36d2a03", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 5.03. Settlement Upon Conversion."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 177, "char_end": 29, "char_start": 0, "fragment_sha256": "96601a6dc8da54ce95b85601916d56b6647edaa379671735fa71af63e8aa0ce1", "heading_path": ["EXHIBIT 4.1", "Section 5.03. Settlement Upon Conversion."], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 178, "char_end": 3651, "char_start": 0, "fragment_sha256": "fa392e06d06894fdd1a008d81f41d47ddf2aa48a60408009d4afbc91958ae981", "heading_path": ["EXHIBIT 4.1", "Section 5.03. Settlement Upon Conversion."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p82", "passage_kind": "narrative", "passage_sequence": 82, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s56", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(B) Conversion Consideration.\n\n(i) Generally. Subject to Sections 5.03(B)(ii), 5.03(B)(iii) and 5.09(A)(2), the type and amount of consideration (the “Conversion Consideration”) due in respect of each $1,000 principal amount of a Note to be converted will be as follows: (1) if Cash Settlement applies to such conversion, cash in an amount equal to the sum of the Daily Conversion Values for each VWAP Trading Day in the Observation Period for such conversion; or (2) if Combination Settlement applies to such conversion, consideration consisting of (a) a number of shares of Common Stock equal to the sum of the Daily Share Amounts for each VWAP Trading Day in the Observation Period for such conversion; and (b) an amount of cash equal to the sum of the Daily Cash Amounts for each VWAP Trading Day in such Observation Period. (ii) Cash in Lieu of Fractional Shares. If Combination Settlement applies to the conversion of any Note and the number of shares of Common Stock deliverable pursuant to Section 5.03(B)(i) upon such conversion is not a whole number, then such number will be rounded down to the nearest whole number and the Company will deliver, in addition to the other consideration due upon such conversion, cash in lieu of the related fractional share in an amount equal to the product of (1) such fraction and (2) the Daily VWAP on the last VWAP Trading Day of the Observation Period for such conversion. (iii) Conversion of Multiple Notes by a Single Holder. If a Holder converts more than one (1) Note on a single Conversion Date, then the Conversion Consideration due in respect of such conversion will (in the case of any Global Note, to the extent permitted by, and practicable under, the Depositary Procedures) be computed based on the total principal amount of Notes converted on such Conversion Date by such Holder. (iv) Notice of Calculation of Conversion Consideration. If any Note is to be converted, then the Company will determine the Conversion Consideration due thereupon promptly following the last VWAP Trading Day of the applicable Observation Period and will promptly thereafter send notice to the Trustee and the Conversion Agent of the same and the calculation thereof in reasonable detail. Neither the Trustee nor the Conversion Agent will have any duty to make any such determination. (C) Delivery of the Conversion Consideration. Except as set forth in Sections 5.05(D) and 5.09, the Company will pay or deliver, as applicable, the Conversion Consideration due upon the conversion of any Note to the Holder on the second (2nd) Business Day immediately after the last VWAP Trading Day of the Observation Period for such conversion. (D) Deemed Payment of Principal and Interest; Settlement of Accrued Interest Notwithstanding Conversion. If a Holder converts a Note, then the Company will not adjust the Conversion Rate to account for any accrued and unpaid interest on such Note, and, except as provided in Section 5.02(D), the Company’s delivery of the Conversion Consideration due in respect of such conversion will be deemed to fully satisfy and discharge the Company’s obligation to pay the principal of, and accrued and unpaid interest, if any, on, such Note to, but excluding the Conversion Date. As a result, except as provided in Section 5.02(D), any accrued and unpaid interest on a converted Note will be deemed to be paid in full rather than cancelled, extinguished or forfeited. In addition, subject to Section 5.02(D), if the Conversion Consideration for a Note consists of both cash and shares of Common Stock, then accrued and unpaid interest that is deemed to be paid therewith will be deemed to be paid first out of such cash."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b181"], "char_count": 1810, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "02767800b954dc57c06971e6aa3cc35941172e9494740616a2cf1fd5133a9050", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 5.04. Reserve and Status of Common Stock Issued Upon Conversion."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 181, "char_end": 1810, "char_start": 0, "fragment_sha256": "3ecacb850dd7209ce6795583d1dd9d196ba01b82cbf1535af7fcefcf0b35df67", "heading_path": ["EXHIBIT 4.1", "Section 5.04. Reserve and Status of Common Stock Issued Upon Conversion."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p83", "passage_kind": "narrative", "passage_sequence": 83, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s57", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) Stock Reserve. At all times when any Notes are outstanding, the Company will reserve (out of its authorized and not outstanding but unissued shares of Common Stock that are not reserved for other purposes) a number of shares of Common Stock equal to the product of (i) the aggregate principal amount (expressed in thousands) of all then-outstanding Notes; and (ii) the Conversion Rate for the Notes (assuming, for these purposes, that the Conversion Rate is increased by the maximum amount pursuant to which the Conversion Rate may be increased pursuant to Section 5.07) . To the extent the Company delivers shares of Common Stock held in its treasury in settlement of the conversion of any Notes, each reference in this Indenture or the Notes to the issuance of shares of Common Stock in connection therewith will be deemed to include such delivery, mutatis mutandis. (B) Status of Conversion Shares; Listing. Each Conversion Share, if any, delivered upon conversion of any Note will be a newly issued or treasury share (except that any Conversion Share delivered by a designated financial institution pursuant to Section 5.08 need not be a newly issued or treasury share) and will be duly authorized, validly issued, fully paid, non-assessable, free from preemptive rights and free of any lien or adverse claim (except to the extent of any lien or adverse claim created by the action or inaction of the Holder of such Note or the Person to whom such Conversion Share will be delivered). If the Common Stock is then listed on any securities exchange, or quoted on any inter-dealer quotation system, then the Company will use commercially reasonable efforts to cause each Conversion Share, when delivered upon conversion of any Note, to be admitted for listing on such exchange or quotation on such system."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b184", "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b186"], "char_count": 2721, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9e9a4ba1c6a927a33b828ccb41475ffc92c0873a6c78cc8ae3626616cdc3c2dd", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 5.05. Adjustments to the Conversion Rate."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 184, "char_end": 588, "char_start": 0, "fragment_sha256": "132a2b022ad96cfa23e913f3e3d9a128effb7d2321f14aa826cbadc925c58f96", "heading_path": ["EXHIBIT 4.1", "Section 5.05. Adjustments to the Conversion Rate."], "table_index": null, "tag_name": "sec-parser-merged-text"}, {"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 186, "char_end": 2131, "char_start": 0, "fragment_sha256": "7055c20bc807bc46d3a61f6c93f6acb4b5e99affd264f3ac25009c11ac22e899", "heading_path": ["EXHIBIT 4.1", "Section 5.05. Adjustments to the Conversion Rate."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p84", "passage_kind": "narrative", "passage_sequence": 84, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s58", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) Events Requiring an Adjustment to the Conversion Rate. The Conversion Rate will be adjusted from time to time as follows: (i) Stock Dividends, Splits and Combinations. If the Company issues solely shares of Common Stock as a dividend or distribution on all or substantially all shares of the Common Stock, or if the Company effects a stock split or a stock combination of the Common Stock (in each case excluding an issuance solely pursuant to a Common Stock Change Event, as to which Section 5.09 will apply), then the Conversion Rate will be adjusted based on the following formula:\n\nCR0 = the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution, or immediately before the Open of Business on the effective date of such stock split or stock combination, as applicable; CR1 = the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date or the Open of Business on such effective date, as applicable; OS0 = the number of shares of Common Stock outstanding immediately before the Open of Business on such Ex-Dividend Date or effective date, as applicable, without giving effect to such dividend, distribution, stock split or stock combination; and OS1 = the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, stock split or stock combination. If any dividend, distribution, stock split or stock combination of the type described in this Section 5.05(A)(i) is declared or announced, but not so paid or made, then the Conversion Rate will be readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution or to effect such stock split or stock combination, to the Conversion Rate that would then be in effect had such dividend, distribution, stock split or stock combination not been declared or announced. (ii) Rights, Options and Warrants. If the Company distributes, to all or substantially all holders of Common Stock, rights, options or warrants (other than rights issued or otherwise distributed pursuant to a stockholder rights plan, as to which Sections 5.05(A)(iii)(1) and 5.05(F) will apply) entitling such holders, for a period of not more than sixty (60) calendar days after the date such distribution is announced, to subscribe for or purchase shares of Common Stock at a price per share that is less than the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date such distribution is announced, then the Conversion Rate will be increased based on the following formula:"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b189"], "char_count": 2482, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6d91539bca4a3a62580363360c3308ffe42d698323289f515c03940b63edaa2e", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 5.05. Adjustments to the Conversion Rate."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 189, "char_end": 2482, "char_start": 0, "fragment_sha256": "4695c6c7015f02939f724f27d57ec59ef4b70d60323a02d837a1b2e97ae247d6", "heading_path": ["EXHIBIT 4.1", "Section 5.05. Adjustments to the Conversion Rate."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p85", "passage_kind": "narrative", "passage_sequence": 85, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s58", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "CR0 = the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution; CR1 = the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date; OS = the number of shares of Common Stock outstanding immediately before the Open of Business on such Ex-Dividend Date; X = the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and Y = a number of shares of Common Stock obtained by dividing (x) the aggregate price payable to exercise such rights, options or warrants by (y) the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date such distribution is announced. To the extent such rights, options or warrants are not so distributed, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the increase to the Conversion Rate for such distribution been made on the basis of only the rights, options or warrants, if any, actually distributed. In addition, to the extent that shares of Common Stock are not delivered after the expiration of such rights, options or warrants (including as a result of such rights, options or warrants not being exercised), the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the increase to the Conversion Rate for such distribution been made on the basis of delivery of only the number of shares of Common Stock actually delivered upon exercise of such rights, option or warrants. For purposes of this Section 5.05(A)(ii) and Section 5.01(C)(i)(3)(a)(I), in determining whether any rights, options or warrants entitle holders of Common Stock to subscribe for or purchase shares of Common Stock at a price per share that is less than the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date the distribution of such rights, options or warrants is announced, and in determining the aggregate price payable to exercise such rights, options or warrants, there will be taken into account any consideration the Company receives for such rights, options or warrants and any amount payable on exercise thereof, with the value of such consideration, if not cash, to be determined by the Board of Directors."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b191", "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b192"], "char_count": 1428, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f0dbe2bc0b2e4a318a26dc90f2d4144cc3e19d5899488700bc61d2fa1fbbd91f", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 5.05. Adjustments to the Conversion Rate."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 191, "char_end": 47, "char_start": 0, "fragment_sha256": "a146fde829cc5bacd44f60a8ab1976a866b7c1e7e7cc108c65d9243b70416a04", "heading_path": ["EXHIBIT 4.1", "Section 5.05. Adjustments to the Conversion Rate."], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 192, "char_end": 1379, "char_start": 0, "fragment_sha256": "3429f30e80dda0862544764307169f297bee7aecdc749fcb70ea191108fd5ecb", "heading_path": ["EXHIBIT 4.1", "Section 5.05. Adjustments to the Conversion Rate."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p86", "passage_kind": "narrative", "passage_sequence": 86, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s58", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(iii) Spin-Offs and Other Distributed Property.\n\n(1) Distributions Other than Spin-Offs. If the Company distributes shares of its Capital Stock, evidences of its indebtedness or other assets or property of the Company, or rights, options or warrants to acquire Capital Stock of the Company or other securities, to all or substantially all holders of the Common Stock, excluding: (u) dividends, distributions, rights, options or warrants for which an adjustment to the Conversion Rate is required (or would be required without regard to Section 5.05(C)) pursuant to Section 5.05(A)(i) or 5.05(A)(ii); (v) dividends or distributions paid exclusively in cash for which an adjustment to the Conversion Rate is required (or would be required without regard to Section 5.05(C)) pursuant to Section 5.05(A)(iv); (w) rights issued or otherwise distributed pursuant to a stockholder rights plan, except to the extent provided in Section 5.05(F); (x) Spin-Offs for which an adjustment to the Conversion Rate is required (or would be required without regard to Section 5.05(C)) pursuant to Section 5.05(A)(iii)(2); (y) a distribution solely pursuant to a tender offer or exchange offer for shares of Common Stock, as to which Section 5.05(A)(v) will apply; and (z) a distribution solely pursuant to a Common Stock Change Event, as to which Section 5.09 will apply, then the Conversion Rate will be increased based on the following formula:"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b195"], "char_count": 3309, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "03e8302b71cf0b9aa2dd48dccaf86d99238925e345afd44ea90a765fdefbe3a1", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 5.05. Adjustments to the Conversion Rate."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 195, "char_end": 3309, "char_start": 0, "fragment_sha256": "79042a44982f1543ad5b9f949034562a1d6c7f0ece8fc6d6cf08c7f43bd3e333", "heading_path": ["EXHIBIT 4.1", "Section 5.05. Adjustments to the Conversion Rate."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p87", "passage_kind": "narrative", "passage_sequence": 87, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s58", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "CR0 = the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution; CR1 = the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date; SP = the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before such Ex-Dividend Date; and FMV = the fair market value (as determined by the Board of Directors), as of such Ex-Dividend Date, of the shares of Capital Stock, evidences of indebtedness, assets, property, rights, options or warrants distributed per share of Common Stock pursuant to such distribution; provided, however, that if FMV is equal to or greater than SP, then, in lieu of the foregoing adjustment to the Conversion Rate, each Holder will receive, for each $1,000 principal amount of Notes held by such Holder on the Record Date for such distribution, at the same time and on the same terms as holders of Common Stock, and without having to convert its Notes, the amount and kind of shares of Capital Stock, evidences of indebtedness, assets, property, rights, options or warrants that such Holder would have received if such Holder had owned, on such Record Date, a number of shares of Common Stock equal to the Conversion Rate in effect on such Record Date. To the extent such distribution is not so paid or made, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only the distribution, if any, actually made or paid. For purposes of this Section 5.05(A)(iii)(1) (and subject to Section 5.05(F)), rights, options or warrants distributed by the Company to all holders of the Common Stock entitling them to subscribe for or purchase shares of the Company’s Capital Stock, including Common Stock (either initially or under certain circumstances), which rights, options or warrants, until the occurrence of a specified event or events (“Trigger Event”): (x) are deemed to be transferred with such Common Stock; (y) are not exercisable; and (z) are also issued in respect of future issuances of Common Stock, will be deemed not to have been distributed for purposes of this Section 5.05(A)(iii)(1) (and no adjustment to the Conversion Rate under this Section 5.05(A)(iii)(1) will be required) until the occurrence of the earliest Trigger Event, whereupon such rights, options or warrants will be deemed to have been distributed and an appropriate adjustment (if any is required) to the Conversion Rate will be made pursuant to this Section 5.05(A)(iii)(1). If any such right, option or warrant, including any such existing rights, options or warrants distributed before the Issue Date, are subject to events, upon the occurrence of which such rights, options or warrants become exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the occurrence of any and each such event will be deemed to be the date of distribution and Ex-Dividend Date with respect to new rights, options or warrants with such rights (in which case, the existing rights, options or warrants will be deemed to terminate and expire on such date without exercise by any of the holders thereof)."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b195"], "char_count": 2150, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "723b1197004474b38dea53ee81ddc9d006f6b57a759cbadd349aa75d24c47b4c", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 5.05. Adjustments to the Conversion Rate."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 195, "char_end": 5459, "char_start": 3309, "fragment_sha256": "79042a44982f1543ad5b9f949034562a1d6c7f0ece8fc6d6cf08c7f43bd3e333", "heading_path": ["EXHIBIT 4.1", "Section 5.05. Adjustments to the Conversion Rate."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p88", "passage_kind": "narrative", "passage_sequence": 88, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s58", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "In addition, in the event of any distribution (or deemed distribution) of rights, options or warrants, or any Trigger Event or other event (of the type described in the immediately preceding sentence) with respect thereto that was counted for purposes of calculating a distribution amount for which an adjustment to the Conversion Rate pursuant to this Section 5.05(A)(iii)(1) was made, (x) in the case of any such rights, options or warrants that shall all have been redeemed or purchased without exercise by any holders thereof, upon such final redemption or purchase (I) the Conversion Rate will be readjusted as if such rights, options or warrants had not been issued; and (II) the Conversion Rate will then again be readjusted to give effect to such distribution, deemed distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or purchase price received by a holder or holders of Common Stock with respect to such rights, options or warrants (assuming such holder had retained such rights, options or warrants), made to all holders of Common Stock as of the date of such redemption or purchase; and (y) in the case of such rights, options or warrants that have expired or been terminated without exercise by any holders thereof, the Conversion Rate will be readjusted as if such rights, options and warrants had not been issued. (2) Spin-Offs. If the Company distributes or dividends shares of Capital Stock of any class or series, or similar equity interests, of or relating to an Affiliate, a Subsidiary or other business unit of the Company to all or substantially all holders of the Common Stock (other than solely pursuant to (x) a Common Stock Change Event, as to which Section 5.09 will apply; or (y) a tender offer or exchange offer for shares of Common Stock, as to which Section 5.05(A)(v) will apply), and such Capital Stock or equity interests are listed or quoted (or will be listed or quoted upon the consummation of the transaction) on a U.S. national securities exchange (a “Spin-Off”), then the Conversion Rate will be increased based on the following formula:"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b198"], "char_count": 2155, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "773fff1c3a55fe91efc38c8d4031a7096c3af5267aae9bb9d56237af2e9cae57", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 5.05. Adjustments to the Conversion Rate."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 198, "char_end": 2155, "char_start": 0, "fragment_sha256": "83866cd6118cd62cc5258e9c6795567cdcdfecb4108d9eef530f98c03b62cf31", "heading_path": ["EXHIBIT 4.1", "Section 5.05. Adjustments to the Conversion Rate."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p89", "passage_kind": "narrative", "passage_sequence": 89, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s58", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "CR0 = the Conversion Rate in effect immediately before the Close of Business on the last Trading Day of the Spin-Off Valuation Period for such Spin-Off; CR1 = the Conversion Rate in effect immediately after the Close of Business on the last Trading Day of the Spin-Off Valuation Period; FMV = the product of (x) the average of the Last Reported Sale Prices per share or unit of the Capital Stock or equity interests distributed in such Spin-Off over the ten (10) consecutive Trading Day period (the “Spin-Off Valuation Period”) beginning on, and including, the Ex-Dividend Date for such Spin-Off (such average to be determined as if references to Common Stock in the definitions of Last Reported Sale Price, Trading Day and Market Disruption Event were instead references to such Capital Stock or equity interests); and (y) the number of shares or units of such Capital Stock or equity interests distributed per share of Common Stock in such Spin-Off; and SP = the average of the Last Reported Sale Prices per share of Common Stock for each Trading Day in the Spin-Off Valuation Period. Notwithstanding anything to the contrary in this Section 5.05(A)(iii)(2), if any VWAP Trading Day of the Observation Period for a Note to be converted occurs during the Spin-Off Valuation Period for such Spin-Off, then, solely for purposes of determining the Conversion Rate for such VWAP Trading Day for such conversion, such Spin-Off Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and including, the Ex-Dividend Date for such Spin-Off to, and including, such VWAP Trading Day. To the extent any dividend or distribution of the type set forth in this Section 5.05(A)(iii)(2) is declared but not made or paid, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only the dividend or distribution, if any, actually made or paid. (iv) Cash Dividends or Distributions. If any cash dividend or distribution is made to all or substantially all holders of Common Stock, then the Conversion Rate will be increased based on the following formula:"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b201"], "char_count": 2086, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "de59d97a5266ac4880e749ed32f29362271fb1b86864f28f971b2b221cfe1c82", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 5.05. Adjustments to the Conversion Rate."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 201, "char_end": 2086, "char_start": 0, "fragment_sha256": "66943d43d240289e3a7c8d753487bb225ac3773335258fdd5468847cbf8b0133", "heading_path": ["EXHIBIT 4.1", "Section 5.05. Adjustments to the Conversion Rate."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p90", "passage_kind": "narrative", "passage_sequence": 90, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s58", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "CR0 = the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution; CR1 = the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date; SP = the Last Reported Sale Price per share of Common Stock on the Trading Day immediately before such Ex-Dividend Date; and D = the cash amount distributed per share of Common Stock in such dividend or distribution; provided, however, that if D is equal to or greater than SP, then, in lieu of the foregoing adjustment to the Conversion Rate, each Holder will receive, for each $1,000 principal amount of Notes held by such Holder on the Record Date for such dividend or distribution, at the same time and on the same terms as holders of Common Stock, and without having to convert its Notes, the amount of cash that such Holder would have received if such Holder had owned, on such Record Date, a number of shares of Common Stock equal to the Conversion Rate in effect on such Record Date. To the extent such dividend or distribution is declared but not made or paid, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only the dividend or distribution, if any, actually made or paid. (v) Tender Offers or Exchange Offers. If the Company or any of its Subsidiaries makes a payment in respect of a tender offer or exchange offer for shares of Common Stock (other than solely pursuant to an odd-lot tender offer pursuant to Rule 13e-4(h)(5) under the Exchange Act), and the value (determined as of the Expiration Time by the Board of Directors) of the cash and other consideration paid per share of Common Stock in such tender or exchange offer exceeds the Last Reported Sale Price per share of Common Stock on the Trading Day immediately after the last date (the “Expiration Date”) on which tenders or exchanges may be made pursuant to such tender or exchange offer (as it may be amended), then the Conversion Rate will be increased based on the following formula:"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b204"], "char_count": 2639, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "31848a488f73ba94d54be111848b206ec0b5d46e77077b057eac59c49c5eb2b5", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 5.05. Adjustments to the Conversion Rate."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 204, "char_end": 2639, "char_start": 0, "fragment_sha256": "d741b0fd8e017ff18777b95d43aafdddc1d09ea74676811cb09c7576f61c4455", "heading_path": ["EXHIBIT 4.1", "Section 5.05. Adjustments to the Conversion Rate."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p91", "passage_kind": "narrative", "passage_sequence": 91, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s58", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "CR0 = the Conversion Rate in effect immediately before the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period for such tender or exchange offer; CR1 = the Conversion Rate in effect immediately after the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period; AC = the aggregate value (determined as of the time (the “Expiration Time”) such tender or exchange offer expires by the Board of Directors) of all cash and other consideration paid or payable for shares of Common Stock purchased or exchanged in such tender or exchange offer; OS0 = the number of shares of Common Stock outstanding immediately before the Expiration Time (including all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); OS1 = the number of shares of Common Stock outstanding immediately after the Expiration Time (excluding all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); and SP = the average of the Last Reported Sale Prices per share of Common Stock over the ten (10) consecutive Trading Day period (the “Tender/Exchange Offer Valuation Period”) beginning on, and including, the Trading Day immediately after the Expiration Date; provided, however, that the Conversion Rate will in no event be adjusted down pursuant to this Section 5.05(A)(v), except to the extent provided in the immediately following paragraph. Notwithstanding anything to the contrary in this Section 5.05(A)(v), if any VWAP Trading Day of the Observation Period for a Note to be converted occurs during the Tender/Exchange Offer Valuation Period for such tender or exchange offer, then, solely for purposes of determining the Conversion Rate for such VWAP Trading Day for such conversion, such Tender/Exchange Offer Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and including, the Trading Day immediately after the Expiration Date for such tender or exchange offer to, and including, such VWAP Trading Day. To the extent such tender or exchange offer is announced but not consummated (including as a result of the Company being precluded from consummating such tender or exchange offer under applicable law), or any purchases or exchanges of shares of Common Stock in such tender or exchange offer are rescinded, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only the purchases or exchanges of shares of Common Stock, if any, actually made, and not rescinded, in such tender or exchange offer."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b206"], "char_count": 36, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d849bd1c38b9d7df84a6997eff4445def6e16eabaf352b231bc597da6236d714", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 5.05. Adjustments to the Conversion Rate."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 206, "char_end": 36, "char_start": 0, "fragment_sha256": "4bd57f4925eaf733aec7022fa08e2caba0e710d7775aa815e67b7db12d46bb31", "heading_path": ["EXHIBIT 4.1", "Section 5.05. Adjustments to the Conversion Rate."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p92", "passage_kind": "narrative", "passage_sequence": 92, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s58", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(B) No Adjustments in Certain Cases."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b207"], "char_count": 3948, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d4b25caa37ddd013c784ab49035adc78df4869a8243b4ccd4307a4ce76522a42", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 5.05. Adjustments to the Conversion Rate."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 207, "char_end": 3948, "char_start": 0, "fragment_sha256": "a3ffe9bc86c97e0e25032a860fad16e552f9bd564c32e99715fa00277a45ab28", "heading_path": ["EXHIBIT 4.1", "Section 5.05. Adjustments to the Conversion Rate."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p93", "passage_kind": "narrative", "passage_sequence": 93, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s58", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(i) Where Holders Participate in the Transaction or Event Without Conversion. Notwithstanding anything to the contrary in Section 5.05(A), the Company will not be obligated to adjust the Conversion Rate on account of a transaction or other event otherwise requiring an adjustment pursuant to Section 5.05(A) (other than a stock split or combination of the type set forth in Section 5.05(A)(i) or a tender or exchange offer of the type set forth in Section 5.05(A)(v)) if each Holder participates, at the same time and on the same terms as holders of Common Stock, and solely by virtue of being a Holder of Notes, in such transaction or event without having to convert such Holder’s Notes and as if such Holder held a number of shares of Common Stock equal to the product of (i) the Conversion Rate in effect on the related Record Date; and (ii) the aggregate principal amount (expressed in thousands) of Notes held by such Holder on such date. (ii) Certain Events. The Company will not be required to adjust the Conversion Rate except as provided in Section 5.05 or Section 5.07. Without limiting the foregoing, the Company will not be obligated to adjust the Conversion Rate on account of: (1) except as otherwise provided in Section 5.05, the sale of shares of Common Stock for a purchase price that is less than the market price per share of Common Stock or less than the Conversion Price; (2) the issuance of any shares of Common Stock pursuant to any present or future plan providing for the reinvestment of dividends or interest payable on the Company’s securities and the investment of additional optional amounts in shares of Common Stock under any such plan; (3) the issuance of any shares of Common Stock or options or rights to purchase shares of Common Stock pursuant to any present or future employee, director or consultant benefit plan or program of, or assumed by, the Company or any of its Subsidiaries; (4) the issuance of any shares of Common Stock pursuant to any option, warrant, right or convertible or exchangeable security of the Company outstanding as of the Issue Date; (5) solely a change in the par value of the Common Stock; or (6) accrued and unpaid interest on the Notes. (C) If an adjustment to the Conversion Rate otherwise required by this Article 5 would result in a change of less than one percent (1%) to the Conversion Rate, then, notwithstanding anything to the contrary in this Article 5, the Company may, at its election, defer such adjustment, except that all such deferred adjustments must be given effect immediately upon the earliest of the following: (i) when all such deferred adjustments would result in an aggregate change of at least one percent (1%) to the Conversion Rate; (ii) the Conversion Date of, or any VWAP Trading Day of an Observation Period for, any Note; (iii) the effective date of a Fundamental Change or a Make-Whole Fundamental Change Effective Date; (iv) the date the Company calls any Notes for Redemption; and (v) November 15, 2029. (D) Adjustments Not Yet Effective. Notwithstanding anything to the contrary in this Indenture or the Notes, if: (i) a Note is to be converted pursuant to Combination Settlement; (ii) the Record Date, effective date or Expiration Time for any event that requires an adjustment to the Conversion Rate pursuant to Section 5.05(A) has occurred on or before any VWAP Trading Day in the Observation Period for such conversion, but an adjustment to the Conversion Rate for such event has not yet become effective as of such VWAP Trading Day; (iii) the Conversion Consideration due in respect of such VWAP Trading Day includes any whole or fractional shares of Common Stock; and (iv) such shares are not entitled to participate in such event (because they were not held on the related Record Date or otherwise), then, solely for purposes of such conversion, the Company will, without duplication, give effect to such adjustment on such VWAP Trading Day."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b207"], "char_count": 3882, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d05dedd34357e7294f9a802e95d216c4f5a07c3683eaaf3f7f57a7aebc5a34b3", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 5.05. Adjustments to the Conversion Rate."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 207, "char_end": 7830, "char_start": 3948, "fragment_sha256": "a3ffe9bc86c97e0e25032a860fad16e552f9bd564c32e99715fa00277a45ab28", "heading_path": ["EXHIBIT 4.1", "Section 5.05. Adjustments to the Conversion Rate."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p94", "passage_kind": "narrative", "passage_sequence": 94, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s58", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "In such case, if the date on which the Company is otherwise required to deliver the consideration due upon such conversion is before the first date on which the amount of such adjustment can be determined, then the Company will delay the settlement of such conversion until the second (2nd) Business Day after such first date. (E) Conversion Rate Adjustments where Converting Holders Participate in the Relevant Transaction or Event. Notwithstanding anything to the contrary in this Indenture or the Notes, if: (i) a Conversion Rate adjustment for any dividend or distribution becomes effective on any Ex-Dividend Date pursuant to Section 5.05(A); (ii) a Note is to be converted pursuant to Combination Settlement; (iii) any VWAP Trading Day in the Observation Period for such conversion occurs on or after such Ex-Dividend Date and on or before the related Record Date; (iv) the Conversion Consideration due in respect of such VWAP Trading Day includes any whole or fractional shares of Common Stock based on a Conversion Rate that is adjusted for such dividend or distribution; and (v) such shares would be entitled to participate in such dividend or distribution (including pursuant to Section 5.02(C)), then the Conversion Rate adjustment relating to such Ex-Dividend Date will be made for such conversion in respect of such VWAP Trading Day, but the shares of Common Stock issuable with respect to such VWAP Trading Day based on such adjusted Conversion Rate will not be entitled to participate in such dividend or distribution. (F) Stockholder Rights Plans. If any shares of Common Stock are to be issued upon conversion of any Note and, at the time of such conversion, the Company has in effect any stockholder rights plan, then the Holder of such Note will be entitled to receive, in addition to, and concurrently with the delivery of, the Conversion Consideration otherwise payable under this Indenture upon such conversion, the rights set forth in such stockholder rights plan, unless such rights have separated from the Common Stock at such time, in which case, and only in such case, the Conversion Rate will be adjusted pursuant to Section 5.05(A)(iii)(1) on account of such separation as if, at the time of such separation, the Company had made a distribution of the type referred to in such Section to all holders of the Common Stock, subject to potential readjustment in accordance with the last paragraph of Section 5.05(A)(iii)(1). (G) Limitation on Effecting Transactions Resulting in Certain Adjustments. The Company will not engage in or be a party to any transaction or event that would require the Conversion Rate to be adjusted pursuant to Section 5.05(A) or Section 5.07 to an amount that would result in the Conversion Price per share of Common Stock being less than the par value per share of Common Stock. (H) Equitable Adjustments to Prices. Whenever any provision of this Indenture requires the Company to calculate the Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion Values, the Daily Cash Amounts or the Daily Share Amounts over a span of multiple days (including, without limitation, over an Observation Period and the period, if any, for determining the Stock Price for purposes of a Make-Whole Fundamental Change), the Company will, acting in good faith and in a commercially reasonable manner, make appropriate adjustments to such calculations to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date, effective date or Expiration Date, as applicable, of such event occurs, at any time during the period when the Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion Values, the Daily Cash Amounts or the Daily Share Amounts are to be calculated. (I) Calculation of Number of Outstanding Shares of Common Stock."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b207"], "char_count": 1056, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d3cbdc9bd6738cd072fbc8a72d2bb627c95809f72834fe255dbf10f3334489d1", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 5.05. Adjustments to the Conversion Rate."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 207, "char_end": 8886, "char_start": 7830, "fragment_sha256": "a3ffe9bc86c97e0e25032a860fad16e552f9bd564c32e99715fa00277a45ab28", "heading_path": ["EXHIBIT 4.1", "Section 5.05. Adjustments to the Conversion Rate."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p95", "passage_kind": "narrative", "passage_sequence": 95, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s58", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "For purposes of Section 5.05(A), the number of shares of Common Stock outstanding at any time will (i) include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock; and (ii) exclude shares of Common Stock held in the Company’s treasury (unless the Company pays any dividend or makes any distribution on shares of Common Stock held in its treasury). (J) Calculations. All calculations with respect to the Conversion Rate and adjustments thereto will be made to the nearest 1/10,000th of a share of Common Stock (with 5/100,000ths rounded upward). (K) Notice of Conversion Rate Adjustments. Upon the effectiveness of any adjustment to the Conversion Rate pursuant to Section 5.05(A), the Company will promptly send notice to the Holders, the Trustee and the Conversion Agent containing (i) a brief description of the transaction or other event on account of which such adjustment was made; (ii) the Conversion Rate in effect immediately after such adjustment; and (iii) the effective time of such adjustment."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b212"], "char_count": 1062, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b1acd27dbc5f95c8430bbbf22a6f6ace30c0e03a290646f257ca420c53a5d90f", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 5.06. Voluntary Adjustments."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 212, "char_end": 1062, "char_start": 0, "fragment_sha256": "280559c591ab41008083a941f88ef82f9d97e9c979b9d25617aa13b2e0a85c70", "heading_path": ["EXHIBIT 4.1", "Section 5.06. Voluntary Adjustments."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p96", "passage_kind": "narrative", "passage_sequence": 96, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s59", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) Generally. To the extent permitted by law and applicable stock exchange rules, the Company, from time to time, may (but is not required to) increase the Conversion Rate by any amount if (i) the Board of Directors determines that such increase is either (x) in the best interest of the Company; or (y) advisable to avoid or diminish any income tax imposed on holders of Common Stock or rights to purchase Common Stock as a result of any dividend or distribution of shares (or rights to acquire shares) of Common Stock or any similar event; (ii) such increase is in effect for a period of at least twenty (20) Business Days; and (iii) such increase is irrevocable during such period. (B) Notice of Voluntary Increases. If the Board of Directors determines to increase the Conversion Rate pursuant to Section 5.06(A), then, at least fifteen (15) Business Days before such increase, the Company will send notice to each Holder, the Trustee and the Conversion Agent of such increase, the amount thereof and the period during which such increase will be in effect."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b215"], "char_count": 565, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e6d04473a92a81be42b82825c0ddf2db1c7b4765e7ec0fb466a53a2251214f86", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 5.07. Adjustments to the Conversion Rate in Connection with a Make-Whole Fundamental Change."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 215, "char_end": 565, "char_start": 0, "fragment_sha256": "451a060a48330e306326786f083775931ce882c013e09652803dddce09eac34b", "heading_path": ["EXHIBIT 4.1", "Section 5.07. Adjustments to the Conversion Rate in Connection with a Make-Whole Fundamental Change."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p97", "passage_kind": "narrative", "passage_sequence": 97, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s60", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) Generally. If a Make-Whole Fundamental Change occurs and the Conversion Date for the conversion of a Note occurs during the related Make-Whole Fundamental Change Conversion Period, then, subject to this Section 5.07, the Conversion Rate applicable to such conversion will be increased by a number of shares (the “Additional Shares”) set forth in the table below corresponding (after interpolation as provided in, and subject to, the provisions below) to the Make-Whole Fundamental Change Effective Date and the Stock Price of such Make-Whole Fundamental Change:"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b216"], "char_count": 2148, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "86623679ce3064493546ef3b00e1d91c18676371b602af006b45458d60b9de67", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 5.07. Adjustments to the Conversion Rate in Connection with a Make-Whole Fundamental Change."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 216, "char_end": 1707, "char_start": 0, "fragment_sha256": "ed13714fc1a7ee5f482689a130a7700b7c652953c7ef6e3ca4aa808e96682fef", "heading_path": ["EXHIBIT 4.1", "Section 5.07. Adjustments to the Conversion Rate in Connection with a Make-Whole Fundamental Change."], "table_index": 4, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p98", "passage_kind": "table", "passage_sequence": 98, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s60", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b216", "text": "| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Stock Price | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Make-Whole Fundamental Change Effective Date | | $ | 0.872 | | | $ | 1.25 | | | $ | 1.5696 | | | $ | 1.75 | | | $ | 2.04 | | | $ | 3.00 | | | $ | 5.00 | | | $ | 8.00 | | | $ | 11.00 | | | $ | 18.00 | | | $ | 25.00 | |\n| May 16, 2025 | | | 452.3445 | | | | 261.1680 | | | | 181.6450 | | | | 153.9029 | | | | 122.9608 | | | | 72.4433 | | | | 36.0140 | | | | 16.9300 | | | | 8.7582 | | | | 1.6111 | | | | 0.0000 | |\n| May 15, 2026 | | | 452.3445 | | | | 245.1440 | | | | 163.5512 | | | | 136.3886 | | | | 107.1667 | | | | 62.1300 | | | | 31.1040 | | | | 14.8400 | | | | 7.7764 | | | | 1.4456 | | | | 0.0000 | |\n| May 15, 2027 | | | 452.3445 | | | | 223.1600 | | | | 139.5897 | | | | 113.6571 | | | | 87.1422 | | | | 49.4567 | | | | 24.9820 | | | | 12.0888 | | | | 6.4073 | | | | 1.1789 | | | | 0.0000 | |\n| May 15, 2028 | | | 452.3445 | | | | 192.8080 | | | | 110.7862 | | | | 86.5143 | | | | 63.4020 | | | | 34.8900 | | | | 17.8740 | | | | 8.7888 | | | | 4.7282 | | | | 0.8667 | | | | 0.0000 | |\n| May 15, 2029 | | | 452.3445 | | | | 169.4560 | | | | 75.5415 | | | | 52.2286 | | | | 34.2745 | | | | 18.3600 | | | | 9.6120 | | | | 4.8050 | | | | 2.6318 | | | | 0.4828 | | | | 0.0000 | |\n| May 15, 2030 | | | 452.3445 | | | | 162.8960 | | | | 0.0000 | | | | 0.0000 | | | | 0.0000 | | | | 0.0000 | | | | 0.0000 | | | | 0.0000 | | | | 0.0000 | | | | 0.0000 | | | | 0.0000 | |"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b217"], "char_count": 2753, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0da0132400129ba99e7dc915c8e1a8f6eb937648d6ce3b91448a96ae9c347498", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 5.07. Adjustments to the Conversion Rate in Connection with a Make-Whole Fundamental Change."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 217, "char_end": 2753, "char_start": 0, "fragment_sha256": "f7feb6188e659e9baa52f9321c788900f41b3365e4d759e66919d89d7c2123e0", "heading_path": ["EXHIBIT 4.1", "Section 5.07. Adjustments to the Conversion Rate in Connection with a Make-Whole Fundamental Change."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p99", "passage_kind": "narrative", "passage_sequence": 99, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s60", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "If such Make-Whole Fundamental Change Effective Date or Stock Price is not set forth in the table above, then: (i) if such Stock Price is between two Stock Prices in the table above or the Make-Whole Fundamental Change Effective Date is between two dates in the table above, then the number of Additional Shares will be determined by straight-line interpolation between the numbers of Additional Shares set forth for the higher and lower Stock Prices in the table above or the earlier and later dates in the table above, based on a 365- or 366-day year, as applicable; and (ii) if the Stock Price is greater than $25.00 (subject to adjustment in the same manner as the Stock Prices set forth in the column headings of the table above are adjusted pursuant to Section 5.07(B)), or less than $0.872 (subject to adjustment in the same manner), per share, then no Additional Shares will be added to the Conversion Rate. Notwithstanding anything to the contrary in this Indenture or the Notes, in no event will the Conversion Rate be increased to an amount that exceeds 1,089.4495 shares of Common Stock per $1,000 principal amount of Notes, which amount is subject to adjustment in the same manner as, and at the same time and for the same events for which, the Conversion Rate is required to be adjusted pursuant to Section 5.05(A). For the avoidance of doubt, but subject to Section 4.04(J), (x) the sending of a Redemption Notice will constitute a Make-Whole Fundamental Change only with respect to the Notes called for Redemption pursuant to such Redemption Notice, and not with respect to any other Notes; and (y) the Conversion Rate applicable to the Notes not so called for Redemption will not be subject to increase pursuant to this Section 5.07 on account of such Redemption Notice. (B) Adjustment of Stock Prices and Number of Additional Shares. The Stock Prices in the first row (i.e., the column headers) of the table set forth in Section 5.07(A) will be adjusted in the same manner as, and at the same time and for the same events for which, the Conversion Price is adjusted as a result of the operation of Section 5.05(A). The numbers of Additional Shares in the table set forth in Section 5.07(A) will be adjusted in the same manner as, and at the same time and for the same events for which, the Conversion Rate is adjusted pursuant to Section 5.05(A). (C) Notice of the Occurrence of a Make-Whole Fundamental Change. The Company will notify the Holders, the Trustee and the Conversion Agent of each Make-Whole Fundamental Change (i) occurring pursuant to clause (A) of the definition thereof in accordance with Section 5.01(C)(i)(3)(b); and (ii) occurring pursuant to clause (B) of the definition thereof in accordance with Section 4.04(G)."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b220"], "char_count": 1995, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "fc9d69cb53431664b6dbb97612c7c6a30e30f5ba2e1ad75cbb3e56be8a5e2cca", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 5.08. Exchange in Lieu of Conversion."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 220, "char_end": 1995, "char_start": 0, "fragment_sha256": "9d96ed525c56738b975261ad42df9dc7e07e56059cb3c5f9044aa04bfc3b80f7", "heading_path": ["EXHIBIT 4.1", "Section 5.08. Exchange in Lieu of Conversion."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p100", "passage_kind": "narrative", "passage_sequence": 100, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s61", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "Notwithstanding anything to the contrary in this Article 5, and subject to the terms of this Section 5.08, if a Note is submitted for conversion, the Company may elect to arrange to have such Note exchanged in lieu of conversion by a financial institution designated by the Company. To make such election, the Company must send notice of such election to the Holder of such Note, the Trustee and the Conversion Agent before the Close of Business on the Business Day immediately following the Conversion Date for such Note. If the Company has made such election, then: (A) no later than the Business Day immediately following such Conversion Date, the Company must deliver (or cause the Conversion Agent to deliver) such Note, together with delivery instructions for the Conversion Consideration due upon such conversion (including wire instructions, if applicable), to a financial institution designated by the Company that has agreed to deliver such Conversion Consideration in the manner and at the time the Company would have had to deliver the same pursuant to this Article 5; (B) if such Note is a Global Note, then (i) such designated institution will send written confirmation to the Conversion Agent promptly after wiring the cash Conversion Consideration, if any, and delivering any other Conversion Consideration, due upon such conversion to the Holder of such Note; and (ii) the Conversion Agent will as soon as reasonably practicable thereafter contact such Holder’s custodian with the Depositary to confirm receipt of the same; and (C) such Note will not cease to be outstanding by reason of such exchange in lieu of conversion; provided, however, that if such financial institution does not accept such Note or fails to timely deliver such Conversion Consideration, then the Company will be responsible for delivering such Conversion Consideration in the manner and at the time provided in this Article 5 as if the Company had not elected to make an exchange in lieu of conversion."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b223"], "char_count": 14, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "cab5ae060491d52c8b40187b8d500aa1fa0d3f2d841909c5f9752d4685829a14", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 5.09. Effect of Common Stock Change Event."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 223, "char_end": 14, "char_start": 0, "fragment_sha256": "b465f8658d0a6776768a780ca897c04056f1d27a6aae2377cd497e30f3d6cbbb", "heading_path": ["EXHIBIT 4.1", "Section 5.09. Effect of Common Stock Change Event."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p101", "passage_kind": "narrative", "passage_sequence": 101, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s62", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) Generally."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b223"], "char_count": 4146, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b87d7560036fc142fbfcd9fa46990c0c819725daa5fb16dc4c0ec035cf560a91", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 5.09. Effect of Common Stock Change Event."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 223, "char_end": 4160, "char_start": 14, "fragment_sha256": "b465f8658d0a6776768a780ca897c04056f1d27a6aae2377cd497e30f3d6cbbb", "heading_path": ["EXHIBIT 4.1", "Section 5.09. Effect of Common Stock Change Event."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p102", "passage_kind": "narrative", "passage_sequence": 102, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s62", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "If there occurs any: (i) recapitalization, reclassification or change of the Common Stock (other than (x) changes solely resulting from a subdivision or combination of the Common Stock, (y) a change only in par value or from par value to no par value or no par value to par value and (z) stock splits and stock combinations that do not involve the issuance of any other series or class of securities); (ii) consolidation, merger, combination or binding or statutory share exchange involving the Company; (iii) sale, lease or other transfer of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any Person; or (iv) other similar event, and, as a result of which, the Common Stock is converted into, or is exchanged for, or represents solely the right to receive, other securities, cash or other property, or any combination of the foregoing (such an event, a “Common Stock Change Event,” and such other securities, cash or property, the “Reference Property,” and the amount and kind of Reference Property that a holder of one (1) share of Common Stock would be entitled to receive on account of such Common Stock Change Event (without giving effect to any arrangement not to issue or deliver a fractional portion of any security or other property), a “Reference Property Unit”), then, notwithstanding anything to the contrary in this Indenture or the Notes, (1) from and after the effective time of such Common Stock Change Event, (I) the Conversion Consideration due upon conversion of any Note, and the conditions to any such conversion, will be determined in the same manner as if each reference to any number of shares of Common Stock in this Article 5 (or in any related definitions) were instead a reference to the same number of Reference Property Units; (II) for purposes of Section 4.04, each reference to any number of shares of Common Stock in such Section (or in any related definitions) will instead be deemed to be a reference to the same number of Reference Property Units; (III) for purposes of the definition of “Record Date,” the term “Common Stock” will be deemed to refer to any class of securities forming part of such Reference Property; and (IV) for purposes of the definitions of “Fundamental Change” and “Make-Whole Fundamental Change,” references to “Common Stock” and the Company’s “Common Equity” will be deemed to refer to the Common Equity (including depositary receipts representing Common Equity), if any, forming part of such Reference Property; (2) if such Reference Property Unit consists entirely of cash, then (I) each conversion of any Note with a Conversion Date that occurs on or after the effective date of such Common Stock Change Event will be settled entirely in cash in an amount, per $1,000 principal amount of such Note being converted, equal to the product of (x) the Conversion Rate in effect on such Conversion Date (including, for the avoidance of doubt, any increase to such Conversion Rate pursuant to Section 5.07, if applicable); and (y) the amount of cash constituting such Reference Property Unit; and (II) the Company will settle each such conversion no later than the second (2nd) Business Day after the relevant Conversion Date; and (3) for these purposes, (I) the Daily VWAP of any Reference Property Unit or portion thereof that consists of a class of Common Equity securities listed on a national securities exchange will be determined by reference to the definition of “Daily VWAP,” substituting, if applicable, the Bloomberg page for such class of securities in such definition; and (II) the Daily VWAP of any Reference Property Unit or portion thereof that does not consist of a class of Common Equity securities listed on a national securities exchange, and the Last Reported Sale Price of any Reference Property Unit or portion thereof that does not consist of a class of securities, will be the fair value of such Reference Property Unit or portion thereof, as applicable, determined in good faith and in a commercially reasonable manner by the Company (or, in the case of cash denominated in U.S. dollars, the face amount thereof)."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b223"], "char_count": 2049, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "67fb1f1cc94a090969fdf3c91171e16aa6a73711e25c738a266267bfc6cf74d3", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 5.09. Effect of Common Stock Change Event."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 223, "char_end": 6209, "char_start": 4160, "fragment_sha256": "b465f8658d0a6776768a780ca897c04056f1d27a6aae2377cd497e30f3d6cbbb", "heading_path": ["EXHIBIT 4.1", "Section 5.09. Effect of Common Stock Change Event."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p103", "passage_kind": "narrative", "passage_sequence": 103, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s62", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "If the Reference Property consists of more than a single type of consideration to be determined based in part upon any form of stockholder election, then the composition of the Reference Property Unit will be deemed to be the weighted average of the types and amounts of consideration actually received, per share of Common Stock, by the holders of Common Stock. The Company will notify Holders, the Trustee and the Conversion Agent of such weighted average as soon as practicable after such determination is made. At or before the effective time of such Common Stock Change Event, the Company and the resulting, surviving or transferee Person (if not the Company) of such Common Stock Change Event (the “Successor Person”) will execute and deliver to the Trustee a supplemental indenture pursuant to Section 8.01(F), which supplemental indenture will (x) provide for subsequent conversions of Notes in the manner set forth in this Section 5.09; (y) provide for subsequent adjustments to the Conversion Rate pursuant to Section 5.05(A) in a manner consistent with this Section 5.09; and (z) contain such other provisions, if any, that the Company determines in good faith and in a commercially reasonable manner are appropriate to preserve the economic interests of the Holders and to give effect to the provisions of this Section 5.09(A). If the Reference Property includes shares of stock or other securities or assets (other than cash) of a Person other than the Successor Person, then such other Person will also execute such supplemental indenture and such supplemental indenture will contain such additional provisions, if any, that the Company reasonably determines are appropriate to preserve the economic interests of the Holders. (B) Notice of Common Stock Change Events. The Company will provide notice of each Common Stock Change Event in the manner provided in Section 5.01(C)(i)(3)(b). (C) Compliance Covenant. The Company will not become a party to any Common Stock Change Event unless its terms are consistent with this Section 5.09."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b228"], "char_count": 1555, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "4dcdb950713c82a6bf7fedc9706b69741387a7998eb02e1c0441c36ad79171b8", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 6.01. When the Company May Merge, Etc."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 228, "char_end": 1555, "char_start": 0, "fragment_sha256": "0ad359288530ec4270a4efa9524f8aa914920212942b7aa6b227da1076963673", "heading_path": ["EXHIBIT 4.1", "Section 6.01. When the Company May Merge, Etc."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p104", "passage_kind": "narrative", "passage_sequence": 104, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s64", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) Generally. The Company will not consolidate with or merge with or into, or (directly, or indirectly through one or more of its Subsidiaries) sell, lease or otherwise transfer, in one transaction or a series of transactions, all or substantially all of the consolidated assets of the Company and its Subsidiaries, taken as a whole, to another Person (a “Business Combination Event”), unless: (i) the resulting, surviving or transferee Person either (x) is the Company or (y) if not the Company, is a corporation (the “Successor Corporation”) duly organized and existing under the laws of the United States of America, any State thereof or the District of Columbia that expressly assumes (by executing and delivering to the Trustee, at or before the effective time of such Business Combination Event, a supplemental indenture pursuant to Section 8.01(E)) all of the Company’s obligations under this Indenture and the Notes; and (ii) immediately after giving effect to such Business Combination Event, no Default or Event of Default will have occurred and be continuing. (B) Delivery of Officer’s Certificate and Opinion of Counsel to the Trustee. Before the effective time of any Business Combination Event, the Company will deliver to the Trustee an Officer’s Certificate and Opinion of Counsel, each stating that (i) such Business Combination Event (and, if applicable, the related supplemental indenture) comply with Section 6.01(A); and (ii) all conditions precedent to such Business Combination Event provided in this Indenture have been satisfied."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b230"], "char_count": 495, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ca18a2a632b6f76cb4d1866afc09e4158731bf79a105712e81417db92c557910", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 6.02. Successor Corporation Substituted."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 230, "char_end": 495, "char_start": 0, "fragment_sha256": "b651bbfaa616507364fd183aa965b2282d5f246159b23a6b17a5af9ce73fb72f", "heading_path": ["EXHIBIT 4.1", "Section 6.02. Successor Corporation Substituted."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p105", "passage_kind": "narrative", "passage_sequence": 105, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s65", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "At the effective time of any Business Combination Event that complies with Section 6.01, the Successor Corporation (if not the Company) will succeed to, and may exercise every right and power of, the Company under this Indenture and the Notes with the same effect as if such Successor Corporation had been named as the Company in this Indenture and the Notes, and, except in the case of a lease, the predecessor Company will be discharged from its obligations under this Indenture and the Notes."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b232"], "char_count": 600, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "90a5447769cb050b29524de524da6ca09d6cf88b7b1768f2e1b52f95f6777e84", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 6.03. Exclusion for Certain Asset Transfers."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 232, "char_end": 600, "char_start": 0, "fragment_sha256": "f9ca634ddd6f851b3fa767d114a094b2429f1fc5ea235f73253fd89098ea66a2", "heading_path": ["EXHIBIT 4.1", "Section 6.03. 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Events of Default."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 236, "char_end": 36, "char_start": 0, "fragment_sha256": "84cbcac09c0f8f171b3d15f2ee907a3f984f4e7eae766f44628f933ff22b67d3", "heading_path": ["EXHIBIT 4.1", "Section 7.01. Events of Default."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p107", "passage_kind": "narrative", "passage_sequence": 107, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s68", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) Definition of Events of Default."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b236"], "char_count": 5030, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "236b3379e3dbeb23c43f8167430e79ae17e24f19c628f2f1a596905549cacb35", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 7.01. Events of Default."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 236, "char_end": 5066, "char_start": 36, "fragment_sha256": "84cbcac09c0f8f171b3d15f2ee907a3f984f4e7eae766f44628f933ff22b67d3", "heading_path": ["EXHIBIT 4.1", "Section 7.01. Events of Default."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p108", "passage_kind": "narrative", "passage_sequence": 108, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s68", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "“Event of Default” means the occurrence of any of the following: (i) a default in the payment when due (whether at maturity, upon Redemption or upon Repurchase Upon Fundamental Change or Optional Repurchase, otherwise) of the principal of, or the Redemption Price or Fundamental Change Repurchase Price or Optional Repurchase Price for, any Note; (ii) a default for thirty (30) consecutive days in the payment when due of interest on any Note; (iii) the Company’s failure to deliver, when required by this Indenture, a Fundamental Change Notice, an Optional Repurchase Date Notice or a notice pursuant to Section 5.01(C)(i)(3), if (in the case of any notice other than a notice pursuant to Section 5.01(C)(i)(3)(a)) such failure is not cured within five (5) days after its occurrence; (iv) a default in the Company’s obligation to convert a Note in accordance with Article 5 upon the exercise of the conversion right with respect thereto, if such default is not cured within three (3) Business Days after its occurrence; (v) a default in the Company’s obligations under Article 6; (vi) a default in any of the Company’s obligations or agreements under this Indenture or the Notes (other than a default set forth in clause (i), (ii), (iii), (iv) or (v) of this Section 7.01(A)) where such default is not cured or waived within sixty (60) days after notice to the Company by the Trustee, or to the Company and the Trustee by Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding, which notice must specify such default, demand that it be remedied and state that such notice is a “Notice of Default”; (vii) a default by the Company or any of the Company’s Subsidiaries with respect to any one or more mortgages, agreements or other instruments under which there is outstanding, or by which there is secured or evidenced, any indebtedness for money borrowed (other than (i) any non-recourse indebtedness for borrowed money (it being understood and agreed that limited recourse provisions in respect of the applicable financing assets, transaction structure or that otherwise are customary in transactions in which the primary recourse is to financing assets shall not cause indebtedness that is otherwise non-recourse indebtedness to constitute recourse indebtedness) or (ii) indebtedness of the Company’s Subsidiaries if such Subsidiaries are special purpose entities that serve as a vehicle to obtain financing that is otherwise non-recourse to the Company and its other non-special purpose entity Subsidiaries (it being understood and agreed that limited recourse provisions in respect of the applicable financing assets, transaction structure or that otherwise are customary in transactions in which the primary recourse is to financing assets shall not cause indebtedness that is otherwise non-recourse indebtedness to constitute recourse indebtedness)) of at least $50,000,000 (or its foreign currency equivalent) in the aggregate of the Company or any of the Company’s Subsidiaries, whether such indebtedness exists as of the Issue Date or is thereafter created, where such default: (1) constitutes a failure to pay the principal of or interest on such indebtedness when due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, in each case after the expiration of any applicable grace period; or (2) results in such indebtedness becoming or being declared due and payable before its stated maturity, in each case where such default is not cured or waived within thirty (30) days after notice to the Company by the Trustee or to the Company and the Trustee by Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding; (viii) the Company or any of its Significant Subsidiaries, pursuant to or within the meaning of any Bankruptcy Law, either: (1) commences a voluntary case or proceeding; (2) consents to the entry of an order for relief against it in an involuntary case or proceeding; (3) consents to the appointment of a custodian of it or for any substantial part of its property; (4) makes a general assignment for the benefit of its creditors; (5) takes any comparable action under any foreign Bankruptcy Law; or (6) generally is not paying its debts as they become due; or (ix) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that either: (1) is for relief against the Company or any of its Significant Subsidiaries in an involuntary case or proceeding; (2) appoints a custodian of the Company or any of its Significant Subsidiaries, or for any substantial part of the property of the Company or any of its Significant Subsidiaries; (3) orders the winding up or liquidation of the Company or any of its Significant Subsidiaries; or (4) grants any similar relief under any foreign Bankruptcy Law, and, in each case under this Section 7.01(A)(ix), such order or decree remains unstayed and in effect for at least sixty (60) days."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b236"], "char_count": 340, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "333a5f572873f259813a56d22734b633407cbf967a4e96e3681d55aee798e464", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 7.01. Events of Default."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 236, "char_end": 5406, "char_start": 5066, "fragment_sha256": "84cbcac09c0f8f171b3d15f2ee907a3f984f4e7eae766f44628f933ff22b67d3", "heading_path": ["EXHIBIT 4.1", "Section 7.01. Events of Default."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p109", "passage_kind": "narrative", "passage_sequence": 109, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s68", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(B) Cause Irrelevant. Each of the events set forth in Section 7.01(A) will constitute an Event of Default regardless of the cause thereof or whether voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b240"], "char_count": 1776, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1e96dca943ab6a29d0689289e2137515b5d956d5050a5918a33be061f3b67da2", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 7.02. Acceleration."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 240, "char_end": 1776, "char_start": 0, "fragment_sha256": "ef7166ef8674b2eb77e8237e67c1f2d2e7367a89733d1a9107fc237c666d9861", "heading_path": ["EXHIBIT 4.1", "Section 7.02. Acceleration."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p110", "passage_kind": "narrative", "passage_sequence": 110, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s69", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) Automatic Acceleration in Certain Circumstances. If an Event of Default set forth in Section 7.01(A)(viii) or 7.01(A)(ix) occurs with respect to the Company (and not solely with respect to a Significant Subsidiary of the Company), then the principal amount of, and all accrued and unpaid interest on, all of the Notes then outstanding will immediately become due and payable without any further action or notice by any Person. (B) Optional Acceleration. Subject to Section 7.03, if an Event of Default (other than an Event of Default set forth in Section 7.01(A)(viii) or 7.01(A)(ix) with respect to the Company and not solely with respect to a Significant Subsidiary of the Company) occurs and is continuing, then the Trustee, by notice to the Company, or Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding, by notice to the Company and the Trustee, may declare the principal amount of, and all accrued and unpaid interest on, all of the Notes then outstanding to become due and payable immediately. (C) Rescission of Acceleration. Notwithstanding anything to the contrary in this Indenture or the Notes, the Holders of a majority in aggregate principal amount of the Notes then outstanding, by notice to the Company and the Trustee, may, on behalf of all Holders, rescind any acceleration of the Notes and its consequences if (i) such rescission would not conflict with any judgment or decree of a court of competent jurisdiction; and (ii) all existing Events of Default (except the non-payment of principal of, or interest on, the Notes that has become due solely because of such acceleration) have been cured or waived. No such rescission will affect any subsequent Default or impair any right consequent thereto."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b242"], "char_count": 3839, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c41084f1b3c2efbfb5bf1e4331b43506a20cc31450d95920c27dc9f6f7c94c50", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 7.03. Sole Remedy for a Failure to Report."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 242, "char_end": 3839, "char_start": 0, "fragment_sha256": "85dd48f42ce595fe66c09d24b83c35d6c3be4e3575d284c40c77f1f39323fb74", "heading_path": ["EXHIBIT 4.1", "Section 7.03. Sole Remedy for a Failure to Report."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p111", "passage_kind": "narrative", "passage_sequence": 111, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s70", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) Generally. Notwithstanding anything to the contrary in this Indenture or the Notes, the Company may elect that the sole remedy for any Event of Default (a “Reporting Event of Default”) pursuant to Section 7.01(A)(vi) arising from the Company’s failure to comply with Section 3.02 will, for each of the first one hundred and eighty (180) calendar days on which a Reporting Event of Default has occurred and is continuing, consist exclusively of the accrual of Special Interest on the Notes. If the Company has made such an election, then (i) the Notes will be subject to acceleration pursuant to Section 7.02 on account of the relevant Reporting Event of Default from, and including, the one hundred and eighty first (181st) calendar day on which a Reporting Event of Default has occurred and is continuing or if the Company fails to pay any accrued and unpaid Special Interest when due; and (ii) Special Interest will cease to accrue on any Notes from, and including, such one hundred and eighty first (181st) calendar day (it being understood that interest on any defaulted Special Interest will nonetheless accrue pursuant to Section 2.05(B)). (B) Amount and Payment of Special Interest. Any Special Interest that accrues on a Note pursuant to Section 7.03(A) will be payable on the same dates and in the same manner as the Stated Interest on such Note and will accrue at a rate per annum equal to one half of one percent (0.50%) of the principal amount thereof; provided, however, that in no event will Special Interest payable at the Company’s election for its failure to comply with its reporting obligations as set forth in Section 3.02(A), together with any Additional Interest that may accrue as a result of the Company’s failure to timely file any document or report that it is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (other than reports on Form 8-K) pursuant to Section 3.04(A), accrue on any day on a Note at a combined rate per annum that exceeds one percent (1.00%). For the avoidance of doubt, any Special Interest that accrues on a Note will be in addition to the Stated Interest that accrues on such Note and, subject to the proviso of the immediately preceding sentence, in addition to any Additional Interest that accrues on such Note. (C) Notice of Election. To make the election set forth in Section 7.03(A), the Company must send to the Holders and the Trustee before the date on which each Reporting Event of Default first occurs, a notice that (i) briefly describes the report(s) that the Company failed to file with the SEC; (ii) states that the Company is electing that the sole remedy for such Reporting Event of Default consist of the accrual of Special Interest; and (iii) briefly describes the periods during which and rate at which Special Interest will accrue and the circumstances under which the Notes will be subject to acceleration on account of such Reporting Event of Default. (D) Notice to Trustee and Paying Agent; Trustee’s Disclaimer. If Special Interest accrues on any Note, then, no later than five (5) Business Days before each date on which such Special Interest is to be paid, the Company will deliver an Officer’s Certificate to the Trustee and the Paying Agent stating (i) that the Company is obligated to pay Special Interest on such Note on such date of payment; and (ii) the amount of such Special Interest that is payable on such date of payment. The Trustee will have no duty to determine whether any Special Interest is payable or the amount thereof. (E) No Effect on Other Events of Default. No election pursuant to this Section 7.03 with respect to a Reporting Event of Default will affect the rights of any Holder with respect to any other Event of Default, including with respect to any other Reporting Event of Default."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b245"], "char_count": 723, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "4a5afcb4b7c4e86d55ec8f0a026ae70abda776e5a86d10692fd5a6c64ef96434", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 7.04. Other Remedies."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 245, "char_end": 723, "char_start": 0, "fragment_sha256": "b12dcd351fcdd1b72579ac1f908a8a6b6f250974a9930df68fcb85b0d5311159", "heading_path": ["EXHIBIT 4.1", "Section 7.04. Other Remedies."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p112", "passage_kind": "narrative", "passage_sequence": 112, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s71", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) Trustee May Pursue All Remedies. If an Event of Default occurs and is continuing, then the Trustee may pursue any available remedy to collect the payment of any amounts due with respect to the Notes or to enforce the performance of any provision of this Indenture or the Notes. (B) Procedural Matters. The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in such proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy following an Event of Default will not impair the right or remedy or constitute a waiver of, or acquiescence in, such Event of Default. All remedies will be cumulative to the extent permitted by law."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b248"], "char_count": 852, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "71b43d50dfd0d7e01bb5f907d0975043d105a91c8e86371356bb565ac6286b23", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 7.05. Waiver of Past Defaults."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 248, "char_end": 852, "char_start": 0, "fragment_sha256": "ebb080e24a16cf52e983333fc70bdd8eee4786f34fad7f83bce5f2be574133db", "heading_path": ["EXHIBIT 4.1", "Section 7.05. Waiver of Past Defaults."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p113", "passage_kind": "narrative", "passage_sequence": 113, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s72", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "An Event of Default pursuant to clause (i), (ii), (iv) or (vi) of Section 7.01(A) (that, in the case of clause (vi) only, results from a Default under any covenant that cannot be amended without the consent of each affected Holder), and a Default that could lead to such an Event of Default, can be waived only with the consent of each affected Holder. Each other Default or Event of Default may be waived, on behalf of all Holders, by the Holders of a majority in aggregate principal amount of the Notes then outstanding. If an Event of Default is so waived, then it will cease to exist. If a Default is so waived, then it will be deemed to be cured and any Event of Default arising therefrom will be deemed not to occur. However, no such waiver will extend to any subsequent or other Default or Event of Default or impair any right arising therefrom."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b250"], "char_count": 746, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "94f3d07e0c1aad04e41bd19c8957eebf4063215be88543efa5240c1b8f3fb52f", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 7.06. Control by Majority."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 250, "char_end": 746, "char_start": 0, "fragment_sha256": "a9031708f722ba6a82253b15e2949841a831d238656f293947aeb10defe1c51d", "heading_path": ["EXHIBIT 4.1", "Section 7.06. Control by Majority."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p114", "passage_kind": "narrative", "passage_sequence": 114, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s73", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "Holders of a majority in aggregate principal amount of the Notes then outstanding may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law, this Indenture or the Notes, or that, subject to Section 10.01, the Trustee determines may be unduly prejudicial to the rights of other Holders or may involve the Trustee in liability, unless the Trustee is offered (and, if requested, provided with) security and indemnity satisfactory to the Trustee against any loss, liability or expense to the Trustee that may result from the Trustee’s following such direction."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b252"], "char_count": 1506, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5a35c233c624e6b6a25974eb81e60dd369460720c9a14997252c481d14bc6dbb", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 7.07. Limitation on Suits."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 252, "char_end": 1506, "char_start": 0, "fragment_sha256": "9cb98600e24eaf98bc9e08a877aeefbf3e8d7f77d4dc60ba70e4a404f76f79d6", "heading_path": ["EXHIBIT 4.1", "Section 7.07. Limitation on Suits."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p115", "passage_kind": "narrative", "passage_sequence": 115, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s74", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "No Holder may pursue any remedy with respect to this Indenture or the Notes (except to enforce (x) its rights to receive the principal of, or the Redemption Price, Fundamental Change Repurchase Price or Optional Repurchase Price for, or interest on, any Notes; or (y) the Company’s obligations to convert any Notes pursuant to Article 5), unless: (A) such Holder has previously delivered to the Trustee notice that an Event of Default is continuing; (B) Holders of at least twenty five percent (25%) in aggregate principal amount of the Notes then outstanding deliver a written request to the Trustee to pursue such remedy; (C) such Holder or Holders offer and, if requested, provide to the Trustee security and indemnity satisfactory to the Trustee against any loss, liability or expense to the Trustee that may result from the Trustee’s following such request; (D) the Trustee does not comply with such request within sixty (60) calendar days after its receipt of such request and such offer of security or indemnity; and (E) during such sixty (60) calendar day period, Holders of a majority in aggregate principal amount of the Notes then outstanding do not deliver to the Trustee a direction that is inconsistent with such request. A Holder of a Note may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder. The Trustee will have no duty to determine whether any Holder’s use of this Indenture complies with the preceding sentence."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b255"], "char_count": 601, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "787faf35c21ee124ace6d6d7c3e4618ff4f5d48995f20be83bbed4c141c79b40", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 7.08. Absolute Right of Holders to Institute Suit for the Enforcement of the Right to Receive Payment and Conversion Consideration."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 255, "char_end": 601, "char_start": 0, "fragment_sha256": "7ffe02aa5ce105fc2b23deae9d7c69ab5b1f2d756d5fe14e602715b94fb98b2c", "heading_path": ["EXHIBIT 4.1", "Section 7.08. Absolute Right of Holders to Institute Suit for the Enforcement of the Right to Receive Payment and Conversion Consideration."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p116", "passage_kind": "narrative", "passage_sequence": 116, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s75", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "Notwithstanding anything to the contrary in this Indenture or the Notes (but without limiting Section 8.01), the right of each Holder of a Note to bring suit for the enforcement of any payment or delivery, as applicable, of the principal of, or the Redemption Price, Fundamental Change Repurchase Price or Optional Repurchase Price for, or any interest on, or the Conversion Consideration due pursuant to Article 5 upon conversion of, such Note on or after the respective due dates therefor provided in this Indenture and the Notes, will not be impaired or affected without the consent of such Holder."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b257"], "char_count": 707, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c23714ce1c8b125f6f910cb6d96de3a1d9969387b2d5eb20b5ab980de0272284", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 7.09. Collection Suit by Trustee."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 257, "char_end": 707, "char_start": 0, "fragment_sha256": "27d4e3ee87364277b39a70486d7dd70f8a3e181055dbb1a98cf3c390613275ea", "heading_path": ["EXHIBIT 4.1", "Section 7.09. Collection Suit by Trustee."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p117", "passage_kind": "narrative", "passage_sequence": 117, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s76", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "The Trustee will have the right, upon the occurrence and continuance of an Event of Default pursuant to clause (i), (ii) or (iv) of Section 7.01(A), to recover judgment in its own name and as trustee of an express trust against the Company for the total unpaid or undelivered principal of, or Redemption Price, Fundamental Change Repurchase Price or Optional Repurchase Price for, or interest on, or Conversion Consideration due pursuant to Article 5 upon conversion of, the Notes, as applicable, and, to the extent lawful, any Default Interest on any Defaulted Amounts, and such further amounts sufficient to cover the costs and expenses of collection, including compensation provided for in Section 10.06."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b259"], "char_count": 1693, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b023c4012438d22e5d32bd371dc176a612c5feaca0ba5e8cd579fbf63a9127a5", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 7.10. Trustee May File Proofs of Claim."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 259, "char_end": 1693, "char_start": 0, "fragment_sha256": "6444b9798ceadd778539efd00494ec35727dda173998d7f260d43c569fd197b7", "heading_path": ["EXHIBIT 4.1", "Section 7.10. Trustee May File Proofs of Claim."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p118", "passage_kind": "narrative", "passage_sequence": 118, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s77", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "The Trustee has the right to (A) file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes) or its creditors or property and (B) collect, receive and distribute any money or other property payable or deliverable on any such claims. Each Holder authorizes any custodian in such proceeding to make such payments to the Trustee, and, if the Trustee consents to the making of such payments directly to the Holders, to pay to the Trustee any amount due to the Trustee for the reasonable compensation, expenses, disbursements and advances of the Trustee, and its agents and counsel, and any other amounts payable to the Trustee pursuant to Section 10.06. To the extent that the payment of any such compensation, expenses, disbursements, advances and other amounts out of the estate in such proceeding, is denied for any reason, payment of the same will be secured by a lien (senior to the rights of Holders) on, and will be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding (whether in liquidation or under any plan of reorganization or arrangement or otherwise). Nothing in this Indenture will be deemed to authorize the Trustee to authorize, consent to, accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b262"], "char_count": 1394, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6cc03efe253ad6ef5d634b28d0ebbcc351ad3a8fb11654f5d3457d76eb5897e6", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 7.11. Priorities."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 262, "char_end": 1394, "char_start": 0, "fragment_sha256": "9d9da58ec7c4c397701232bf2089be29e642a3711d99cf83d8eeb258a2a91b0b", "heading_path": ["EXHIBIT 4.1", "Section 7.11. Priorities."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p119", "passage_kind": "narrative", "passage_sequence": 119, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s78", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "The Trustee will pay or deliver in the following order any money or other property that it collects pursuant to this Article 7: First: to the Trustee and its agents and attorneys for amounts due under Section 10.06, including payment of all fees, compensation, expenses and liabilities incurred, and all advances made, by the Trustee (in each of its capacities under this Indenture including as Note Agent) and the costs and expenses of collection; Second: to Holders for unpaid amounts or other property due on the Notes, including the principal of, or the Redemption Price, Fundamental Change Repurchase Price or Optional Repurchase Price for, or any interest on, or any Conversion Consideration due upon conversion of, the Notes, ratably, and without preference or priority of any kind, according to such amounts or other property due and payable on all of the Notes; and Third: to the Company or such other Person as a court of competent jurisdiction directs. The Trustee may fix a record date and payment date for any payment or delivery to the Holders pursuant to this Section 7.11, in which case the Trustee will instruct the Company to, and the Company will, deliver, at least fifteen (15) calendar days before such record date, to each Holder and the Trustee a notice stating such record date, such payment date and the amount of such payment or nature of such delivery, as applicable."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b264"], "char_count": 784, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "63b893a0262ef2f702a32a196334c9a0905a47d0ad7f46e7aa9b79f99c175aa0", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 7.12. Undertaking for Costs."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 264, "char_end": 784, "char_start": 0, "fragment_sha256": "1acbf68db8f0c3ac70064cc8fa8869d0337929d0f747d1f027d037ecbe8c9c95", "heading_path": ["EXHIBIT 4.1", "Section 7.12. Undertaking for Costs."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p120", "passage_kind": "narrative", "passage_sequence": 120, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s79", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "In any suit for the enforcement of any right or remedy under this Indenture or the Notes or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court, in its discretion, may (A) require the filing by any litigant party in such suit of an undertaking to pay the costs of such suit; and (B) assess reasonable costs (including reasonable attorneys’ fees) against any litigant party in such suit, having due regard to the merits and good faith of the claims or defenses made by such litigant party; provided, however, that this Section 7.12 does not apply to any suit by the Trustee, any suit by a Holder pursuant to Section 7.08 or any suit by one or more Holders of more than ten percent (10%) in aggregate principal amount of the Notes then outstanding."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b268"], "char_count": 1907, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0d22fd13bb94c4167bade0f7bd18cbb3f65c1d7e04ca18426deb8dbf9eafa509", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 8.01. Without the Consent of Holders."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 268, "char_end": 1907, "char_start": 0, "fragment_sha256": "65c5f164abe884bb0ee872e8dca838f146ef52804699d28fc2f704b5b0a09326", "heading_path": ["EXHIBIT 4.1", "Section 8.01. Without the Consent of Holders."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p121", "passage_kind": "narrative", "passage_sequence": 121, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s81", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "Notwithstanding anything to the contrary in Section 8.02, the Company and the Trustee may amend or supplement this Indenture or the Notes without the consent of any Holder to: (A) cure any ambiguity or correct any omission, defect or inconsistency in this Indenture or the Notes; (B) add guarantees with respect to the Company’s obligations under this Indenture or the Notes; (C) secure the Notes; (D) add to the Company’s covenants or Events of Default for the benefit of the Holders or surrender any right or power conferred on the Company; (E) provide for the assumption of the Company’s obligations under this Indenture and the Notes pursuant to, and in compliance with, Article 6; (F) enter into supplemental indentures pursuant to, and in accordance with, Section 5.09 in connection with a Common Stock Change Event; (G) irrevocably elect or eliminate any Settlement Method or Specified Dollar Amount; provided, however, that (i) no such election or elimination will affect any Settlement Method theretofore elected (or deemed to be elected) with respect to any Note pursuant to Section 5.03(A); and (ii) such irrevocable election or elimination can in no event result in a Specified Dollar Amount of less than $1,000 per $1,000 principal amount of Notes applying to the conversion of any Note; (H) evidence or provide for the acceptance of the appointment, under this Indenture, of a successor Trustee; (I) [reserved]; (J) provide for or confirm the issuance of additional Notes pursuant to Section 2.03(B); (K) comply with any requirement of the SEC in connection with any qualification of this Indenture or any supplemental indenture under the Trust Indenture Act, as then in effect; or (L) make any other change to this Indenture or the Notes that does not, individually or in the aggregate with all other such changes, adversely affect the rights of the Holders, as such, in any material respect."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b271"], "char_count": 2662, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c84f50c56d31b9568a88c68ade0093af479ef3951cc2d59ada4e94c884f10f69", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 8.02. With the Consent of Holders."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 271, "char_end": 2662, "char_start": 0, "fragment_sha256": "455cef545f4ffdd6093d847e9ae78d64f5fcfe5dc51877fd10f1a600ca17145e", "heading_path": ["EXHIBIT 4.1", "Section 8.02. With the Consent of Holders."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p122", "passage_kind": "narrative", "passage_sequence": 122, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s82", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) Generally. Subject to Sections 8.01, 7.05 and 7.08 and the immediately following sentence, the Company and the Trustee may, with the consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding, amend or supplement this Indenture or the Notes or waive compliance with any provision of this Indenture or the Notes. Notwithstanding anything to the contrary in the foregoing sentence, but subject to Section 8.01, without the consent of each affected Holder, no amendment or supplement to this Indenture or the Notes, or waiver of any provision of this Indenture or the Notes, may: (i) reduce the principal, or change the stated maturity, of any Note; (ii) reduce the Redemption Price, Fundamental Change Repurchase Price or Optional Repurchase Price for any Note or change the times at which, or the circumstances under which, the Notes may or will be redeemed or repurchased by the Company; (iii) reduce the rate, or extend the time for the payment, of interest on any Note; (iv) make any change that adversely affects the conversion rights of any Note; (v) impair the rights of any Holder set forth in Section 7.08 (as such section is in effect on the Issue Date); (vi) change the ranking of the Notes; (vii) make any Note payable in money, or at a place of payment, other than that stated in this Indenture or the Note; (viii) reduce the amount of Notes whose Holders must consent to any amendment, supplement, waiver or other modification; or (ix) make any direct or indirect change to any amendment, supplement, waiver or modification provision of this Indenture or the Notes that requires the consent of each affected Holder. For the avoidance of doubt, pursuant to clauses (i), (ii), (iii) and (iv) of this Section 8.02(A), no amendment or supplement to this Indenture or the Notes, or waiver of any provision of this Indenture or the Notes, may change the amount or type of consideration due on any Note (whether on an Interest Payment Date, Redemption Date, Fundamental Change Repurchase Date, Optional Repurchase Date or the Maturity Date or upon conversion, or otherwise), or the date(s) or time(s) such consideration is payable or deliverable, as applicable, without the consent of each affected Holder. Holders do not need to approve the particular form of any proposed amendment. It will be sufficient if such Holders approve the substance of the proposed amendment. (B) Holders Need Not Approve the Particular Form of any Amendment. A consent of any Holder pursuant to this Section 8.02 need approve only the substance, and not necessarily the particular form, of the proposed amendment, supplement or waiver."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b274"], "char_count": 726, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "679397ec5f9bbd9ac9cdddb3ccfd613279b29845480b426a200e31124fcf9d48", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 8.03. Notice of Amendments, Supplements and Waivers."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 274, "char_end": 726, "char_start": 0, "fragment_sha256": "f5ca330db2ef47ef2ef24759df85fd2f40ef1f906f3fa3ca5cd97f4d8626f730", "heading_path": ["EXHIBIT 4.1", "Section 8.03. Notice of Amendments, Supplements and Waivers."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p123", "passage_kind": "narrative", "passage_sequence": 123, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s83", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "As soon as reasonably practicable after any amendment, supplement or waiver pursuant to Section 8.01 or 8.02 becomes effective, the Company will send to the Holders and the Trustee notice that (A) describes the substance of such amendment, supplement or waiver in reasonable detail and (B) states the effective date thereof; provided, however, that the Company will not be required to provide such notice to the Holders if such amendment, supplement or waiver is included in a periodic report filed by the Company with the SEC within four (4) Business Days of its effectiveness. The failure to send, or the existence of any defect in, such notice will not impair or affect the validity of such amendment, supplement or waiver."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b276"], "char_count": 1895, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "95ed87b03931fbd3a568d3e3c66bfdd3831cf53d5eb3f675e3c975e22af935af", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 8.04. Revocation, Effect and Solicitation of Consents; Special Record Dates; Etc."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 276, "char_end": 1895, "char_start": 0, "fragment_sha256": "78aa3f65c1af9fa1b0bacf7f17389f798ab59f37936f48b0569bd4ceba1c469c", "heading_path": ["EXHIBIT 4.1", "Section 8.04. Revocation, Effect and Solicitation of Consents; Special Record Dates; Etc."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p124", "passage_kind": "narrative", "passage_sequence": 124, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s84", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) Revocation and Effect of Consents. The consent of a Holder of a Note to an amendment, supplement or waiver will bind (and constitute the consent of) each subsequent Holder of any Note to the extent the same evidences any portion of the same indebtedness as the consenting Holder’s Note, subject to the right of any Holder of a Note to revoke (if not prohibited pursuant to Section 8.04(B)) any such consent with respect to such Note by delivering notice of revocation to the Trustee before the time such amendment, supplement or waiver becomes effective. (B) Special Record Dates. The Company may, but is not required to, fix a record date for the purpose of determining the Holders entitled to consent or take any other action in connection with any amendment, supplement or waiver pursuant to this Article 8. If a record date is fixed, then, notwithstanding anything to the contrary in Section 8.04(A), only Persons who are Holders as of such record date (or their duly designated proxies) will be entitled to give such consent, to revoke any consent previously given or to take any such action, regardless of whether such Persons continue to be Holders after such record date; provided, however, that no such consent will be valid or effective for more than one hundred and twenty (120) calendar days after such record date. (C) Solicitation of Consents. For the avoidance of doubt, each reference in this Indenture or the Notes to the consent of a Holder will be deemed to include any such consent obtained in connection with a repurchase of, or tender or exchange offer for, any Notes. (D) Effectiveness and Binding Effect. Each amendment, supplement or waiver pursuant to this Article 8 will become effective in accordance with its terms and, when it becomes effective with respect to any Note (or any portion thereof), will thereafter bind every Holder of such Note (or such portion)."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b279"], "char_count": 725, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "41311b05e0acf0848454e19961345e59cdebe3c578d169680150a08f51a2e041", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 8.05. Notations and Exchanges."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 279, "char_end": 725, "char_start": 0, "fragment_sha256": "03c23e0b0ad551e12071fe764afdc63a77bd1b7ca4433d61f24498f9ea15adc8", "heading_path": ["EXHIBIT 4.1", "Section 8.05. Notations and Exchanges."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p125", "passage_kind": "narrative", "passage_sequence": 125, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s85", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "If any amendment, supplement or waiver changes the terms of a Note, then the Trustee or the Company may, in its discretion, require the Holder of such Note to deliver such Note to the Trustee so that the Trustee may place an appropriate notation prepared by the Company on such Note and return such Note to such Holder. Alternatively, at its discretion, the Company may, in exchange for such Note, issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, a new Note that reflects the changed terms. The failure to make any appropriate notation or issue a new Note pursuant to this Section 8.05 will not impair or affect the validity of such amendment, supplement or waiver."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b281"], "char_count": 906, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c201b8d7b424455c3c43874d9dfa8d55483135b931f63013be56eb23880dc22a", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 8.06. Trustee to Execute Supplemental Indentures."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 281, "char_end": 906, "char_start": 0, "fragment_sha256": "13d59e1e5379093d92c90e90b9bead825ec5c75ad20f360b08123c494c13e6cf", "heading_path": ["EXHIBIT 4.1", "Section 8.06. Trustee to Execute Supplemental Indentures."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p126", "passage_kind": "narrative", "passage_sequence": 126, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s86", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "The Trustee will execute and deliver any amendment or supplemental indenture authorized pursuant to this Article 8; provided, however, that the Trustee need not (but may, in its sole and absolute discretion) execute or deliver any such amendment or supplemental indenture that the Trustee concludes adversely affects the Trustee’s rights, duties, liabilities or immunities. In executing any amendment or supplemental indenture, the Trustee will be entitled to receive, and (subject to Sections 10.01 and 10.02) will be fully protected in relying on, an Officer’s Certificate and an Opinion of Counsel stating that (A) the execution and delivery of such amendment or supplemental indenture is authorized or permitted by this Indenture; and (B) in the case of the Opinion of Counsel, such amendment or supplemental indenture is valid, binding and enforceable against the Company in accordance with its terms."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b284"], "char_count": 1712, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7f589369c499a122baaec6f2d84da024811635da51bfd90f21d2783013656ab2", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 9.01. Termination of Company’s Obligations."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 284, "char_end": 1712, "char_start": 0, "fragment_sha256": "84f137dcdf304cd811ddc45c5d526955714f87fdf062bb9dfcb27fd50075a9b8", "heading_path": ["EXHIBIT 4.1", "Section 9.01. Termination of Company’s Obligations."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p127", "passage_kind": "narrative", "passage_sequence": 127, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s88", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "This Indenture will be discharged, and will cease to be of further effect as to all Notes issued under this Indenture, when: (A) all Notes then outstanding (other than Notes replaced pursuant to Section 2.13) have (i) been delivered to the Trustee for cancellation; or (ii) become due and payable (whether on a Redemption Date, a Fundamental Change Repurchase Date, the Optional Repurchase Date, the Maturity Date, upon conversion or otherwise) for an amount of cash or Conversion Consideration, as applicable, that has been fixed; (B) the Company has caused there to be irrevocably deposited with the Trustee, or with the Paying Agent (or, with respect to Conversion Consideration, the Conversion Agent), in each case for the benefit of the Holders, or has otherwise caused there to be delivered to the Holders, cash (or, with respect to Notes to be converted, Conversion Consideration) sufficient to satisfy all amounts or other property due on all Notes then outstanding (other than Notes replaced pursuant to Section 2.13); (C) the Company has paid all other amounts payable by it under this Indenture; and (D) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that the conditions precedent to the discharge of this Indenture have been satisfied; provided, however, that Article 10 and Section 11.01 will survive such discharge and, until no Notes remain outstanding, Section 2.15 and the obligations of the Trustee, the Paying Agent and the Conversion Agent with respect to money or other property deposited with them will survive such discharge. At the Company’s request, the Trustee will acknowledge the satisfaction and discharge of this Indenture."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b287"], "char_count": 805, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "2eb79e3762041af04c09344f599382c15ed77464f447e681540cce51b9d38df2", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 9.02. Repayment to Company."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 287, "char_end": 805, "char_start": 0, "fragment_sha256": "e744b7f14135029c8cc23f04acb54a2967f28af2612869e125545ef49e857b41", "heading_path": ["EXHIBIT 4.1", "Section 9.02. Repayment to Company."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p128", "passage_kind": "narrative", "passage_sequence": 128, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s89", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "Subject to applicable unclaimed property law, the Trustee, the Paying Agent and the Conversion Agent will promptly notify the Company if there exists (and, at the Company’s request, promptly deliver to the Company) any cash, Conversion Consideration or other property held by any of them for payment or delivery on the Notes that remain unclaimed two (2) years after the date on which such payment or delivery was due. After such delivery to the Company, the Trustee, the Paying Agent and the Conversion Agent will have no further liability to any Holder with respect to such cash, Conversion Consideration or other property, and Holders entitled to the payment or delivery of such cash, Conversion Consideration or other property must look to the Company for payment as a general creditor of the Company."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b289"], "char_count": 752, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "be2d414e3909cb938d14ecdd3b07269a4e7b4c919485819adddfa875434bb5f7", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 9.03. Reinstatement."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 289, "char_end": 752, "char_start": 0, "fragment_sha256": "66adea6a7d08d545c7b3e7c5708e0db97d72cfe78252b9edd1441bf2b66c6a0c", "heading_path": ["EXHIBIT 4.1", "Section 9.03. Reinstatement."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p129", "passage_kind": "narrative", "passage_sequence": 129, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s90", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "If the Trustee, the Paying Agent or the Conversion Agent is unable to apply any cash or other property deposited with it pursuant to Section 9.01 because of any legal proceeding or any order or judgment of any court or other governmental authority that enjoins, restrains or otherwise prohibits such application, then the discharge of this Indenture pursuant to Section 9.01 will be rescinded; provided, however, that if the Company thereafter pays or delivers any cash or other property due on the Notes to the Holders thereof, then the Company will be subrogated to the rights of such Holders to receive such cash or other property from the cash or other property, if any, held by the Trustee, the Paying Agent or the Conversion Agent, as applicable."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b292"], "char_count": 3643, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6695bffef9fb9ba979a713084140d12c950091ce4a4bc69e14d0645dbe4c9a82", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 10.01. Duties of the Trustee."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 292, "char_end": 3643, "char_start": 0, "fragment_sha256": "540857c45894d62703720d591e35894238f3b91f6dee798407b01695cf2fa9f0", "heading_path": ["EXHIBIT 4.1", "Section 10.01. Duties of the Trustee."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p130", "passage_kind": "narrative", "passage_sequence": 130, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s92", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) If an Event of Default has occurred and is continuing, and a Responsible Officer of the Trustee has received written notice or obtains actual knowledge of the same, then the Trustee will exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. (B) Except during the continuance of an Event of Default: (i) the duties of the Trustee will be determined solely by the express provisions of this Indenture, and the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations will be read into this Indenture against the Trustee; and (ii) in the absence of bad faith or willful misconduct on its part, the Trustee may, without investigation, conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel that are provided to the Trustee and conform to the requirements of this Indenture; provided, however, that the Trustee will examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. (C) The Trustee may not be relieved from liabilities for its negligence or willful misconduct, except that: (i) this paragraph will not limit the effect of Section 10.01(B); (ii) the Trustee will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and (iii) the Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 7.06. (D) Each provision of this Indenture that in any way relates to the Trustee is subject to clauses (A), (B) and (C) of this Section 10.01, regardless of whether such provision so expressly provides. (E) No provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability. (F) The Trustee will not be liable for interest on any money received by it, except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds, except to the extent required by law. (G) The Trustee will not be liable in its individual capacity for the obligations evidenced by the Notes. (H) Whether or not therein provided, every provision of this Indenture relating to the conduct or affecting the liability of, or affording protection to, the Trustee will be subject to the provisions of this Section 10.01. (I) The permissive rights of the Trustee enumerated herein will not be construed as duties. (J) The Trustee will not be required to give any bond or surety in respect of the execution of this Indenture or otherwise. (K) Unless a Responsible Officer of the Trustee has received notice from the Company that Additional Interest is owing on the Notes or that the Company has elected to pay Special Interest on the Notes, the Trustee may assume no Additional Interest or Special Interest, as applicable, is payable. (L) The rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified, are extended to, and will be enforceable by, the Trustee in each of its capacities under this Indenture, including as Note Agent. (M) The Trustee will not be charged with knowledge of any document or agreement other than this Indenture and the Notes."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b292"], "char_count": 410, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a7879e6ccc7bfdd431b852dec1f413a392afd36daf370214aa7d19b7e895b604", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 10.01. Duties of the Trustee."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 292, "char_end": 4053, "char_start": 3643, "fragment_sha256": "540857c45894d62703720d591e35894238f3b91f6dee798407b01695cf2fa9f0", "heading_path": ["EXHIBIT 4.1", "Section 10.01. Duties of the Trustee."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p131", "passage_kind": "narrative", "passage_sequence": 131, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s92", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(N) Neither the Trustee nor any Note Agent will have any responsibility or liability to any person for any action taken or not taken by, or any records or any other aspect of the operations of, the Depositary (including the delivery of notices, or the making of payments, through the facilities of the Depositary) and may conclusively rely, without investigation, on any information provided by the Depositary."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b296"], "char_count": 1892, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "074e9755d6dc12f054801f087a0bb9c5466d55f2e16107410c97d7ba12fbf832", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 10.02. Rights of the Trustee."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 296, "char_end": 1892, "char_start": 0, "fragment_sha256": "c90679e266fdb3a48c5d1504e097b373d842cd59aaa4068b1964537afd7a9478", "heading_path": ["EXHIBIT 4.1", "Section 10.02. Rights of the Trustee."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p132", "passage_kind": "narrative", "passage_sequence": 132, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s93", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) The Trustee may conclusively rely on any document that it believes to be genuine and signed or presented by the proper Person, and the Trustee need not investigate any fact or matter stated in such document. (B) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate, an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. The Trustee may consult with counsel; and the written advice of such counsel, or any Opinion of Counsel, will constitute full and complete authorization of the Trustee to take or omit to take any action in good faith in reliance thereon without liability. (C) The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any such agent appointed with due care. (D) The Trustee will not be liable for any action it takes or omits to take in good faith and that it believes to be authorized or within the rights or powers vested in it by this Indenture. (E) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company will be sufficient if signed by an Officer of the Company. (F) The Trustee need not exercise any rights or powers vested in it by this Indenture at the request or direction of any Holder unless such Holder has offered (and, if requested, provided with) the Trustee security or indemnity satisfactory to the Trustee against any loss, liability or expense that it may incur in complying with such request or direction. (G) The Trustee will not be responsible or liable for any punitive, special, indirect or consequential loss or damage (including lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b298"], "char_count": 543, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "48db3eca2209983777ffa038bfe39ecdebc11fc5257a2d97a3a9b13982dc06e5", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 10.03. Individual Rights of the Trustee."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 298, "char_end": 543, "char_start": 0, "fragment_sha256": "cafe24922c20222bb385779ba2a58ad89e5b8c8d6a5c1377fd53787d629a96cd", "heading_path": ["EXHIBIT 4.1", "Section 10.03. Individual Rights of the Trustee."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p133", "passage_kind": "narrative", "passage_sequence": 133, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s94", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "The Trustee, in its individual or any other capacity, may become the owner or pledgee of any Note and may otherwise deal with the Company or any of its Affiliates with the same rights that it would have if it were not Trustee; provided, however, that if the Trustee acquires a “conflicting interest” (within the meaning of Section 310(b) of the Trust Indenture Act), then it must eliminate such conflict within ninety (90) days or resign as Trustee. Each Note Agent will have the same rights and duties as the Trustee under this Section 10.03."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b301"], "char_count": 627, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "4b0e27166a875ae45f3c679ece8c9550257ede2e4d4b430a8f77fc38eee81f70", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 10.04. Trustee’s Disclaimer."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 301, "char_end": 627, "char_start": 0, "fragment_sha256": "78d4ce86f386a6ff04d01c35f53c453c88e249131f2a4546e0831911b646db71", "heading_path": ["EXHIBIT 4.1", "Section 10.04. Trustee’s Disclaimer."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p134", "passage_kind": "narrative", "passage_sequence": 134, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s95", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "The Trustee will not be (A) responsible for, and makes no representation as to, the validity or adequacy of this Indenture or the Notes; (B) accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture; (C) responsible for the use or application of any money received by any Paying Agent other than the Trustee; and (D) responsible for any statement or recital in this Indenture, the Notes or any other document relating to the sale of the Notes or this Indenture, other than the Trustee’s certificate of authentication."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b303"], "char_count": 1086, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1cac63012664719865deee61118f72b687a3f8de1465ea2bc111f73fa9fdd337", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 10.05. Notice of Defaults."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 303, "char_end": 1086, "char_start": 0, "fragment_sha256": "a3d754d8faab84ecc0ada941ee936de15ef034435b103cfc242e6505c16c05cd", "heading_path": ["EXHIBIT 4.1", "Section 10.05. Notice of Defaults."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p135", "passage_kind": "narrative", "passage_sequence": 135, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s96", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "If a Default or Event of Default occurs and is continuing and is known to a Responsible Officer of the Trustee, then the Trustee will send Holders a notice of such Default or Event of Default within ninety (90) days after it occurs or, if it is not known to the Trustee at such time, promptly (and in any event within ten (10) Business Days) after it becomes known to a Responsible Officer; provided, however, that, except in the case of a Default or Event of Default in the payment of the principal of, or interest on, any Note, or a default in the payment or delivery of the Conversion Consideration due upon conversion, the Trustee may withhold such notice if and for so long as it in good faith determines that withholding such notice is in the interests of the Holders. The Trustee will not be deemed to have notice or be charged with knowledge of any Default or Event of Default unless written notice thereof has been received by a Responsible Officer, and such notice references the Notes and this Indenture and states on its face that a Default or Event of Default has occurred."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b305"], "char_count": 3254, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7ec6a0e83132b692fd9288d9e10785096ee5830375735ce65c7516e0860c1dd5", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 10.06. Compensation and Indemnity."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 305, "char_end": 3254, "char_start": 0, "fragment_sha256": "f79c55e1be4a1026cb6c4a17c904a832733bd9df10ed1961a3c4df5f1bbdb3ff", "heading_path": ["EXHIBIT 4.1", "Section 10.06. Compensation and Indemnity."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p136", "passage_kind": "narrative", "passage_sequence": 136, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s97", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) The Company will, from time to time, pay the Trustee reasonable compensation for its acceptance of this Indenture and services under this Indenture, as separately agreed by the Company and the Trustee. The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. In addition to the compensation for the Trustee’s services, the Company will reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it under this Indenture, including the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. (B) The Company will indemnify the Trustee (in each of its capacities) and its directors, officers, employees and agents, in their capacities as such, against any and all losses, liabilities or expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Company (including this Section 10.06) and defending itself against any claim (whether asserted by the Company, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties under this Indenture, except to the extent any such loss, liability or expense is attributable to its negligence, or willful misconduct, as determined by a final decision of a court of competent jurisdiction. The Trustee will promptly notify the Company of any claim for which it may seek indemnity, but the Trustee’s failure to so notify the Company will not relieve the Company of its obligations under this Section 10.06(B), except to the extent the Company is materially prejudiced by such failure. The Company will defend such claim, and the Trustee will cooperate in such defense. If the Trustee is advised by counsel that it may have defenses available to it that are in conflict with the defenses available to the Company, or that there is an actual or potential conflict of interest, then the Trustee may retain separate counsel, and the Company will pay the reasonable fees and expenses of such counsel (including the reasonable fees and expenses of counsel to the Trustee incurred in evaluating whether such a conflict exists). The Company need not pay for any settlement of any such claim made without its consent, which consent will not be unreasonably withheld. (C) The obligations of the Company under this Section 10.06 will survive the resignation or removal of the Trustee and the discharge of this Indenture. (D) To secure the Company’s payment obligations in this Section 10.06, the Trustee will have a lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal of, or interest on, particular Notes, which lien will survive the discharge of this Indenture. (E) If the Trustee incurs expenses or renders services after an Event of Default pursuant to clause (viii) or (ix) of Section 7.01(A) occurs, then such expenses and the compensation for such services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b308"], "char_count": 2640, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a3b39067d0258330287d6b82778a89707fdb93982becc2b67247e218d00834b2", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 10.07. Replacement of the Trustee."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 308, "char_end": 2640, "char_start": 0, "fragment_sha256": "2a46e7183362693467ee04a618e2b1757fc0953237996d20bd852d0c4b18ed38", "heading_path": ["EXHIBIT 4.1", "Section 10.07. Replacement of the Trustee."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p137", "passage_kind": "narrative", "passage_sequence": 137, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s98", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "(A) Notwithstanding anything to the contrary in this Section 10.07, a resignation or removal of the Trustee, and the appointment of a successor Trustee, will become effective only upon such successor Trustee’s acceptance of appointment as provided in this Section 10.07. (B) The Trustee may resign at any time and be discharged from the trust created by this Indenture by so notifying the Company. The Holders of a majority in aggregate principal amount of the Notes then outstanding may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if: (i) the Trustee fails to comply with Section 10.09; (ii) the Trustee is adjudged to be bankrupt or insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law; (iii) a custodian or public officer takes charge of the Trustee or its property; or (iv) the Trustee becomes incapable of acting. (C) If the Trustee resigns or is removed, or if a vacancy exists in the office of the Trustee for any reason, then (i) the Company will promptly appoint a successor Trustee; and (ii) at any time within one (1) year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the Notes then outstanding may appoint a successor Trustee to replace such successor Trustee appointed by the Company. (D) If a successor Trustee does not take office within sixty (60) days after the retiring Trustee resigns or is removed, then the retiring Trustee, the Company or the Holders of at least ten percent (10%) in aggregate principal amount of the Notes then outstanding may petition any court of competent jurisdiction for the appointment of a successor Trustee. (E) If the Trustee, after written request by a Holder of at least six (6) months, fails to comply with Section 10.09, then such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. (F) A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company, upon which notice the resignation or removal of the retiring Trustee will become effective and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will send notice of its succession to Holders. The retiring Trustee will, upon payment of all amounts due to it under this Indenture, promptly transfer all property held by it as Trustee to the successor Trustee, which property will, for the avoidance of doubt, be subject to the lien provided for in Section 10.06(D)."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b311"], "char_count": 219, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "23e50c1dfd156aebd14c9c91bc496021a94a3cd2c529f4232aa1189313175e2a", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 10.08. Successor Trustee by Merger, Etc."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 311, "char_end": 219, "char_start": 0, "fragment_sha256": "776c0c7d24357adebf3e1b0c276175e078caeda68c3ddfdf3b1970e41d9ec303", "heading_path": ["EXHIBIT 4.1", "Section 10.08. Successor Trustee by Merger, Etc."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p138", "passage_kind": "narrative", "passage_sequence": 138, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s99", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another entity, then such entity will become the successor Trustee without any further act."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b313"], "char_count": 471, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7d81aa39c79c98c9e18c261c2bc0f072b5be4ba6f857842b2aefec6d5f33caa3", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 10.09. Eligibility; Disqualification."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 313, "char_end": 471, "char_start": 0, "fragment_sha256": "ff3ddceaf4aa214b4bda756b6e033e338af8cfabfcd97dc3c0eada04986518b8", "heading_path": ["EXHIBIT 4.1", "Section 10.09. Eligibility; Disqualification."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p139", "passage_kind": "narrative", "passage_sequence": 139, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s100", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "There will at all times be a Trustee under this Indenture that is a corporation organized and doing business under the laws of the United States of America or of any state thereof, that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $100.0 million as set forth in its most recent published annual report of condition."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b316"], "char_count": 887, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "2d050f4edc7731b46fb7f22f1ca863ec62fe1b8025a692caac0862e4253315d1", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 4.1", "Section 11.01. Notices."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 316, "char_end": 887, "char_start": 0, "fragment_sha256": "79cc3fcabe5ef5440cc2b44130cbab0d8f9a4f12b5cb74e13e435b14e959d6aa", "heading_path": ["EXHIBIT 4.1", "Section 11.01. Notices."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p140", "passage_kind": "narrative", "passage_sequence": 140, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s102", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "Any notice or communication by the Company or the Trustee to the other will be deemed to have been duly given if in writing and delivered in person or by first class mail (registered or certified, return receipt requested), facsimile transmission, electronic transmission or other similar means of unsecured electronic communication or overnight air courier guaranteeing next day delivery, or to the other’s address, which initially is as follows: If to the Company: Opendoor Technologies Inc. 410 N. Scottsdale Road, Suite 1600 Tempe, AZ 85288 Attention: Chief Financial Officer with a copy (which will not constitute notice) to: Opendoor Technologies Inc. 410 N. Scottsdale Road, Suite 1600 Tempe, AZ 85288 Attention: Chief Legal Officer Email: legal@opendoor.com If to the Trustee: U.S. Bank Trust Company, National Association West Side Flats 111 Fillmore Ave E, Saint Paul, MN 55107"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b319"], "char_count": 3885, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "360331ba903545dc50d13ff387f7e207003d4296e1330e8a8d377a821dbf341b", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EP-MN-WS3C"], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 319, "char_end": 3885, "char_start": 0, "fragment_sha256": "dc89093fd9f2f4c53193be19d338bf944fecde1c7fbc3d2da440dc5e1c04da34", "heading_path": ["EP-MN-WS3C"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p141", "passage_kind": "narrative", "passage_sequence": 141, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s103", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "Attention: Joshua A. Hahn Email: joshua.hahn@usbank.com Notwithstanding anything to the contrary in the preceding paragraph, notices to the Trustee (other than a notice pursuant to Section 2.12) or any Note Agent must be in writing and will be deemed to have been given upon actual receipt by the Trustee or such Note Agent, as applicable. The Company or the Trustee, by notice to the other, may designate additional or different addresses (including facsimile numbers and electronic addresses) for subsequent notices or communications. All notices and communications (other than those sent to Holders) will be deemed to have been duly given: (A) at the time delivered by hand, if personally delivered; (B) five (5) Business Days after being deposited in the mail, postage prepaid, if mailed; (C) when receipt acknowledged, if transmitted by facsimile, electronic transmission or other similar means of unsecured electronic communication; and (D) the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. The Trustee shall not have any duty to confirm that the person sending any notice, instruction or other communication by electronic transmission (including by e-mail, facsimile transmission, web portal or other electronic methods) is, in fact, a person authorized to do so. Electronic signatures believed by the Trustee to comply with the ESIGN Act of 2000 or other applicable law (including electronic images of handwritten signatures and digital signatures provided by DocuSign, Orbit, Adobe Sign or any other digital signature provider acceptable to the Trustee) shall be deemed original signatures for all purposes. Each other party assumes all risks arising out of the use of electronic signatures and electronic methods to send communications to the Trustee, including without limitation the risk of the Trustee acting on an unauthorized communication, and the risk of interception or misuse by third parties. Notwithstanding the foregoing, the Trustee may in any instance and in its sole discretion require that an original document bearing a manual signature be delivered to the Trustee in lieu of, or in addition to, any such electronic communication. All notices or communications required to be made to a Holder pursuant to this Indenture must be made in writing and will be deemed to be duly sent or given in writing if mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery, to its address shown on the Register; provided, however, that a notice or communication to a Holder of a Global Note shall instead be sent pursuant to the Depositary Procedures (in which case, such notice will be deemed to be duly sent or given in writing). The failure to send a notice or communication to a Holder, or any defect in such notice or communication, will not affect its sufficiency with respect to any other Holder. If the Trustee is then acting as the Depositary’s custodian for the Notes, then, at the reasonable request of the Company to the Trustee, the Trustee will cause any notice prepared by the Company to be sent to any Holder(s) pursuant to the Depositary Procedures, provided such request is evidenced in a Company Order delivered, together with the text of such notice, to the Trustee at least two (2) Business Days before the date such notice is to be so sent. For the avoidance of doubt, such Company Order need not be accompanied by an Officer’s Certificate or Opinion of Counsel. The Trustee will not have any liability relating to the contents of any notice that it sends to any Holder pursuant to any such Company Order. If a notice or communication is mailed or sent in the manner provided above within the time prescribed, it will be deemed to have been duly given, whether or not the addressee receives it."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b319"], "char_count": 532, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f287efe2c3462704605f3e83245f66ccf351895b00c418179986bec06d0bcc90", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EP-MN-WS3C"], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 319, "char_end": 4417, "char_start": 3885, "fragment_sha256": "dc89093fd9f2f4c53193be19d338bf944fecde1c7fbc3d2da440dc5e1c04da34", "heading_path": ["EP-MN-WS3C"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p142", "passage_kind": "narrative", "passage_sequence": 142, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s103", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "Notwithstanding anything to the contrary in this Indenture or the Notes, (A) whenever any provision of this Indenture requires a party to send notice to another party, no such notice need be sent if the sending party and the recipient are the same Person acting in different capacities; and (B) whenever any provision of this Indenture requires a party to send notice to more than one receiving party, and each receiving party is the same Person acting in different capacities, then only one such notice need be sent to such Person."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b322"], "char_count": 643, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9cfed7f1858dc29d07448fed767f490771fb9295eb34d3b5f1ca26d3e507a32e", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EP-MN-WS3C", "Section 11.02. Delivery of Officer’s Certificate and Opinion of Counsel as to Conditions Precedent."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 322, "char_end": 643, "char_start": 0, "fragment_sha256": "6bc647936d785d2a57fd44e41851c1d5f70eb228113123ae2e1e0d91f5475766", "heading_path": ["EP-MN-WS3C", "Section 11.02. Delivery of Officer’s Certificate and Opinion of Counsel as to Conditions Precedent."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p143", "passage_kind": "narrative", "passage_sequence": 143, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s104", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "Upon any request or application by the Company to the Trustee to take any action under this Indenture (other than the initial authentication of Notes under this Indenture), the Company will furnish to the Trustee: (A) an Officer’s Certificate that complies with Section 11.03 and states that, in the opinion of the signatory thereto, all conditions precedent and covenants, if any, provided for in this Indenture relating to such action have been satisfied; and (B) an Opinion of Counsel that complies with Section 11.03 and states that, in the opinion of such counsel, all such conditions precedent and covenants, if any, have been satisfied."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b325"], "char_count": 813, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d229e54f8035a89c3caf639ba6ec2c1af7c8376916b232606d480e715ca76e98", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EP-MN-WS3C", "Section 11.03. Statements Required in Officer’s Certificate and Opinion of Counsel."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 325, "char_end": 813, "char_start": 0, "fragment_sha256": "1fe6de0b36fe12bf000704c945a6a05da7614d2655d92a7cbbe7e0dc1780a6c2", "heading_path": ["EP-MN-WS3C", "Section 11.03. Statements Required in Officer’s Certificate and Opinion of Counsel."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p144", "passage_kind": "narrative", "passage_sequence": 144, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s105", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "Each Officer’s Certificate (other than an Officer’s Certificate pursuant to Section 3.05) or Opinion of Counsel with respect to compliance with a covenant or condition provided for in this Indenture will include: (A) a statement that the signatory thereto has read such covenant or condition; (B) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained therein are based; (C) a statement that, in the opinion of such signatory, he, she or it has made such examination or investigation as is necessary to enable him, her or it to express an informed opinion as to whether or not such covenant or condition has been satisfied; and (D) a statement as to whether, in the opinion of such signatory, such covenant or condition has been satisfied."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b327"], "char_count": 204, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9bf8c080dfb986550dd66ca195d15f559c526e23c968e6399a5036fb33052db6", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EP-MN-WS3C", "Section 11.04. Rules by the Trustee, the Registrar, the Paying Agent and Conversion Agent."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 327, "char_end": 204, "char_start": 0, "fragment_sha256": "0ab7c834c6b805db5c211f639a5d0662096f72a4299d3d1322cb18dd27e71bfd", "heading_path": ["EP-MN-WS3C", "Section 11.04. Rules by the Trustee, the Registrar, the Paying Agent and Conversion Agent."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p145", "passage_kind": "narrative", "passage_sequence": 145, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s106", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar, Paying Agent or Conversion Agent may make reasonable rules and set reasonable requirements for its functions."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b329"], "char_count": 456, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "dac095d917658adef5745372b9e646c5837c256546a334129d9e06b7ef471010", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EP-MN-WS3C", "Section 11.05. No Personal Liability of Directors, Officers, Employees and Stockholders."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 329, "char_end": 456, "char_start": 0, "fragment_sha256": "f99701070d4b4c75be40ae25c6b51547c0da2a2eceb8b875db4bde65da511373", "heading_path": ["EP-MN-WS3C", "Section 11.05. No Personal Liability of Directors, Officers, Employees and Stockholders."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p146", "passage_kind": "narrative", "passage_sequence": 146, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s107", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "No past, present or future director, officer, employee, incorporator or stockholder of the Company, as such, will have any liability for any obligations of the Company under this Indenture or the Notes or for any claim based on, in respect of, or by reason of, such obligations or their creation. By accepting any Note, each Holder waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b331"], "char_count": 499, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "605e71c258a726059682573b0c5435d91fa8d389de20f01e988cb524423dcfc1", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EP-MN-WS3C", "Section 11.06. Governing Law; Waiver of Jury Trial."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 331, "char_end": 499, "char_start": 0, "fragment_sha256": "dc0ce538509cf6dad67c03daf0c03840e39dbabdc06d24a7926c0251ebe04591", "heading_path": ["EP-MN-WS3C", "Section 11.06. Governing Law; Waiver of Jury Trial."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p147", "passage_kind": "narrative", "passage_sequence": 147, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s108", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "THIS INDENTURE AND THE NOTES, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE OR THE NOTES, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY AND THE TRUSTEE IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED BY THIS INDENTURE OR THE NOTES."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b334"], "char_count": 1151, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "2c3978be2c9382c591ad1f38ccee4a7dd27ec0cf5598edd2c53e5948ad77ce46", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EP-MN-WS3C", "Section 11.07. Submission to Jurisdiction."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 334, "char_end": 1151, "char_start": 0, "fragment_sha256": "eb681100acc232d13e619afab98636aeaef470e7400986f56ab71ae76cd88be1", "heading_path": ["EP-MN-WS3C", "Section 11.07. Submission to Jurisdiction."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p148", "passage_kind": "narrative", "passage_sequence": 148, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s109", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "Any legal suit, action or proceeding arising out of or based upon this Indenture or the transactions contemplated by this Indenture may be instituted in the federal courts of the United States of America located in the City of New York or the courts of the State of New York, in each case located in the City of New York (collectively, the “Specified Courts”), and each party irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail (to the extent allowed under any applicable statute or rule of court) to such party’s address set forth in Section 11.01 will be effective service of process for any such suit, action or proceeding brought in any such court. Each of the Company, the Trustee and each Holder (by its acceptance of any Note) irrevocably and unconditionally waives any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waives and agrees not to plead or claim any such suit, action or other proceeding has been brought in an inconvenient forum."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b336"], "char_count": 276, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b13bab76fe58c0cbe529f4533337d7dfc9b8f8a053d65c9c1c76e403c284b225", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EP-MN-WS3C", "Section 11.08. 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All agreements of the Trustee in this Indenture will bind its successors."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b340"], "char_count": 522, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9130bd01b41fddb04e161b5e70937b8e20651f59f3baeb59f65f1425b3c485be", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EP-MN-WS3C", "Section 11.10. 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PATRIOT Act, the Trustee, like all financial institutions, in order to help fight the funding of terrorism and money laundering, is required to obtain, verify and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The Company agrees to provide the Trustee with such information as it may request to enable the Trustee to comply with the U.S.A. PATRIOT Act."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b345"], "char_count": 1257, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0c789b8e40032992d3061358251da84fa5b1a66b9764b66396f483f488b9573c", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EP-MN-WS3C", "Section 11.12. 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The Trustee shall not be responsible for verifying such calculations. The Company will make all calculations in good faith, and, absent manifest error, its calculations will be final and binding on all Holders. The Company will provide a schedule of its calculations to the Trustee and the Conversion Agent, and each of the Trustee and the Conversion Agent may rely conclusively on the accuracy of the Company’s calculations without independent verification. The Trustee will promptly forward a copy of each such schedule to a Holder upon its written request therefor. For the avoidance of doubt, the Trustee will not be obligated to make or confirm any calculations or other amounts called for under this Indenture orthe Notes."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b347"], "char_count": 244, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6b7b277c923672a1ae8536219c9a2c7b4647264d438f4f6cdfc0db706a900bc8", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EP-MN-WS3C", "Section 11.13. 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Delivery of an executed counterpart of this Indenture by facsimile, electronically in portable document format or in any other format will be effective as delivery of a manually executed counterpart."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b351"], "char_count": 277, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "23770ac035b1669261f9875b8d1c6d0467c2220b6461353c3b14bad88d42d28d", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EP-MN-WS3C", "Section 11.15. 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Date: By: Authorized Signatory"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b378"], "char_count": 2481, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "47c7c3d72d83320a93041f21479d3b3ecbe85a86115cb2caf0a1cfe02b54522c", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EP-MN-WS3C", "Section 11.16. 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Capitalized terms used in this Note without definition have the respective meanings ascribed to them in the Indenture. The Indenture sets forth the rights and obligations of the Company, the Trustee and the Holders and the terms of the Notes. Notwithstanding anything to the contrary in this Note, to the extent that any provision of this Note conflicts with the provisions of the Indenture, the provisions of the Indenture will control. 1. Interest. This Note will accrue interest at a rate and in the manner set forth in Section 2.05 of the Indenture. Stated Interest on this Note will begin to accrue from, and including, May 16, 2025. 2. Maturity. This Note will mature on May 15, 2030, unless earlier repurchased, redeemed or converted. 3. Method of Payment. Cash amounts due on this Note will be paid in the manner set forth in Section 2.04 of the Indenture. 4. Persons Deemed Owners. The Holder of this Note will be treated as the owner of this Note for all purposes. 5. Denominations; Transfers and Exchanges. All Notes will be in registered form, without coupons, in principal amounts equal to any Authorized Denominations. Subject to the terms of the Indenture, the Holder of this Note may transfer or exchange this Note by presenting it to the Registrar and delivering any required documentation or other materials. 6. Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change. If a Fundamental Change occurs, then each Holder will have the right to require the Company to repurchase such Holder’s Notes (or any portion thereof in an Authorized Denomination) for cash in the manner, and subject to the terms, set forth in Section 4.02 of the Indenture. 7. Right of Holders to Require the Company to Repurchase Notes on the Optional Repurchase Date. Each Holder will have the right to require the Company to repurchase such Holder’s Notes (or any portion thereof in an Authorized Denomination) on the Optional Repurchase Date for cash in the manner, and subject to the terms, set forth in Section 4.03 of the Indenture."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b380"], "char_count": 2268, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "730ad5f619c502135a982d3ef04fc1ced7ed1d8d46a3eb4c3f6c9291ebb83bdc", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["EP-MN-WS3C", "Section 11.16. 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The Holder of this Note may convert this Note into Conversion Consideration in the manner, and subject to the terms, set forth in Article 5 of the Indenture. 10. When the Company May Merge, Etc. Article 6 of the Indenture places limited restrictions on the Company’s ability to be a party to a Business Combination Event. 11. Defaults and Remedies. If an Event of Default occurs, then the principal amount of, and all accrued and unpaid interest on, all of the Notes then outstanding may (and, in certain circumstances, will automatically) become due and payable in the manner, and subject to the terms, set forth in Article 7 of the Indenture. 12. Amendments, Supplements and Waivers. The Company and the Trustee may amend or supplement the Indenture or the Notes or waive compliance with any provision of the Indenture or the Notes in the manner, and subject to the terms, set forth in Section 7.05 and Article 8 of the Indenture. 13. No Personal Liability of Directors, Officers, Employees and Stockholders. No past, present or future director, officer, employee, incorporator or stockholder of the Company, as such, will have any liability for any obligations of the Company under the Indenture or the Notes or for any claim based on, in respect of, or by reason of, such obligations or their creation. By accepting any Note, each Holder waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes. 14. Authentication. No Note will be valid until it is authenticated by the Trustee. A Note will be deemed to be duly authenticated only when an authorized signatory of the Trustee (or a duly appointed authenticating agent) manually signs the certificate of authentication of such Note. 15. Abbreviations. Customary abbreviations may be used in the name of a Holder or its assignee, such as TEN COM (tenants in common), TEN ENT (tenants by the entireties), JT TEN (joint tenants with right of survivorship and not as tenants in common), CUST (custodian), and U/G/M/A (Uniform Gift to Minors Act)."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b382"], "char_count": 5, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "109510644bb4c21f8eb3bdf0be4db1175a5311a1f6ce66b3f05a8bacae47a8b4", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": ["short_passage"], "form": "8-K", "heading_path": ["16. Governing Law. 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Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.", "A-5"], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 384, "char_end": 150, "char_start": 0, "fragment_sha256": "c4b0d302e63c482ba5ddac2448b3831b480ea4f923655d6e2b0729376dbca62e", "heading_path": ["16. Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.", "A-5"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p167", "passage_kind": "narrative", "passage_sequence": 167, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s138", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "To request a copy of the Indenture, which the Company will provide to any Holder at no charge, please send a written request to the following address:"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b392"], "char_count": 87, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "32b1a3bc6e962c9b83393dda72022c29a2a53c98b8157ae73ca1d0899938104c", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": ["short_passage"], "form": "8-K", "heading_path": ["16. Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.", "A-5", "Attention: Chief Financial Officer", "A-6", "INITIAL PRINCIPAL AMOUNT OF THIS GLOBAL NOTE: $[___]"], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 392, "char_end": 87, "char_start": 0, "fragment_sha256": "0266d7e68e60ba21c6899903c5c3bb8d6b88b58dc56a72e2a202b195366bb439", "heading_path": ["16. Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.", "A-5", "Attention: Chief Financial Officer", "A-6", "INITIAL PRINCIPAL AMOUNT OF THIS GLOBAL NOTE: $[___]"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p168", "passage_kind": "narrative", "passage_sequence": 168, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s145", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "The following exchanges, transfers or cancellations of this Global Note have been made:"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b394"], "char_count": 31, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6298c0af8231ccf801ff3adc027073dc495a6fd92279123fc625cce160f860da", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": ["short_passage"], "form": "8-K", "heading_path": ["16. Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.", "A-5", "Date Amount of Increase (Decrease) in Principal Amount of this Global Note Principal Amount of this Global Note After Such Increase (Decrease) Signature of Authorized Signatory of Trustee"], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 394, "char_end": 31, "char_start": 0, "fragment_sha256": "f4e206873fc005e07ad1a547fbb321ed5ce736abf2634e8db88175715e0f0385", "heading_path": ["16. Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.", "A-5", "Date Amount of Increase (Decrease) in Principal Amount of this Global Note Principal Amount of this Global Note After Such Increase (Decrease) Signature of Authorized Signatory of Trustee"], "table_index": null, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p169", "passage_kind": "narrative", "passage_sequence": 169, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s146", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "* Insert for Global Notes only."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b399"], "char_count": 889, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d42c7a289d4819165c96f3495da8c423870e10fec2ca785cb67b28330687c1b8", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["16. Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.", "A-5", "Date Amount of Increase (Decrease) in Principal Amount of this Global Note Principal Amount of this Global Note After Such Increase (Decrease) Signature of Authorized Signatory of Trustee", "A-7", "OPENDOOR TECHNOLOGIES INC."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 399, "char_end": 889, "char_start": 0, "fragment_sha256": "7b32aaea8f1b9108c036179c94ad37e495ca78f4b2b258cb36208d434de1b3eb", "heading_path": ["16. Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.", "A-5", "Date Amount of Increase (Decrease) in Principal Amount of this Global Note Principal Amount of this Global Note After Such Increase (Decrease) Signature of Authorized Signatory of Trustee", "A-7", "OPENDOOR TECHNOLOGIES INC."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p170", "passage_kind": "narrative", "passage_sequence": 170, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s149", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "Subject to the terms of the Indenture, by executing and delivering this Conversion Notice, the undersigned Holder of the Note identified below directs the Company to convert (check one): □ the entire principal amount of □ $ * aggregate principal amount of the Note identified by CUSIP No. and Certificate No. . The undersigned acknowledges that if the Conversion Date of a Note to be converted is after a Regular Record Date and before the next Interest Payment Date, then such Note, when surrendered for conversion, must, in certain circumstances, be accompanied with an amount of cash equal to the interest that would have accrued on such Note to, but excluding, such Interest Payment Date. Date: (Legal Name of Holder) By: Name: Title: Signature Guaranteed: Participant in a Recognized Signature Guarantee Medallion Program By: Authorized Signatory * Must be an Authorized Denomination."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b404"], "char_count": 737, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c26f8dea4f20dd834442f2b9f182b3d1a5557a8324f03aa42df87196bf73196a", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["16. Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.", "A-5", "Date Amount of Increase (Decrease) in Principal Amount of this Global Note Principal Amount of this Global Note After Such Increase (Decrease) Signature of Authorized Signatory of Trustee", "A-7", "OPENDOOR TECHNOLOGIES INC."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 404, "char_end": 737, "char_start": 0, "fragment_sha256": "3a00c24f7cf464e6e4c17a5e689710c83bd65554123275c9fab6ab11a1e47231", "heading_path": ["16. Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.", "A-5", "Date Amount of Increase (Decrease) in Principal Amount of this Global Note Principal Amount of this Global Note After Such Increase (Decrease) Signature of Authorized Signatory of Trustee", "A-7", "OPENDOOR TECHNOLOGIES INC."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p171", "passage_kind": "narrative", "passage_sequence": 171, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s152", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "Subject to the terms of the Indenture, by executing and delivering this Fundamental Change Repurchase Notice, the undersigned Holder of the Note identified below is exercising its Fundamental Change Repurchase Right with respect to (check one): □ the entire principal amount of □ $ * aggregate principal amount of the Note identified by CUSIP No. and Certificate No. . The undersigned acknowledges that this Note, duly endorsed for transfer, must be delivered to the Paying Agent before the Fundamental Change Repurchase Price will be paid. Date: (Legal Name of Holder) By: Name: Title: Signature Guaranteed: Participant in a Recognized Signature Guarantee Medallion Program By: Authorized Signatory * Must be an Authorized Denomination."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b409"], "char_count": 707, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a5a07239f33b8a2d2a5761a6eec55877a2e4c8aa1db8768450a869c2bfbc6f16", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["16. Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.", "A-5", "Date Amount of Increase (Decrease) in Principal Amount of this Global Note Principal Amount of this Global Note After Such Increase (Decrease) Signature of Authorized Signatory of Trustee", "A-7", "OPENDOOR TECHNOLOGIES INC."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 409, "char_end": 707, "char_start": 0, "fragment_sha256": "77d6ee00566ae51b58f6f20412d2fdd50275252aa4445f0cf2ccc1d77454120f", "heading_path": ["16. Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.", "A-5", "Date Amount of Increase (Decrease) in Principal Amount of this Global Note Principal Amount of this Global Note After Such Increase (Decrease) Signature of Authorized Signatory of Trustee", "A-7", "OPENDOOR TECHNOLOGIES INC."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p172", "passage_kind": "narrative", "passage_sequence": 172, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s155", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "Subject to the terms of the Indenture, by executing and delivering this Optional Repurchase Notice, the undersigned Holder of the Note identified below is exercising its Optional Repurchase Right with respect to (check one): □ the entire principal amount of □ $ * aggregate principal amount of the Note identified by CUSIP No. and Certificate No. . The undersigned acknowledges that this Note, duly endorsed for transfer, must be delivered to the Paying Agent before the Optional Repurchase Price will be paid. Date: (Legal Name of Holder) By: Name: Title: Signature Guaranteed: Participant in a Recognized Signature Guarantee Medallion Program By: Authorized Signatory * Must be an Authorized Denomination."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b414"], "char_count": 655, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "70485191488a5ce659fc81aec8fcd60309b3e24772e5cb94a976a24385571a33", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["16. Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.", "A-5", "Date Amount of Increase (Decrease) in Principal Amount of this Global Note Principal Amount of this Global Note After Such Increase (Decrease) Signature of Authorized Signatory of Trustee", "A-7", "OPENDOOR TECHNOLOGIES INC."], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 414, "char_end": 655, "char_start": 0, "fragment_sha256": "a58fadaeb7a4fe2b334d095d59f7b4674f0e47b97a285ac8a848d10fca1fece5", "heading_path": ["16. Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.", "A-5", "Date Amount of Increase (Decrease) in Principal Amount of this Global Note Principal Amount of this Global Note After Such Increase (Decrease) Signature of Authorized Signatory of Trustee", "A-7", "OPENDOOR TECHNOLOGIES INC."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p173", "passage_kind": "narrative", "passage_sequence": 173, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s158", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "Subject to the terms of the Indenture, the undersigned Holder of the Notes identified below assigns (check one): ☐ the entire principal amount of ☐ $ * aggregate principal amount of the Notes identified by CUSIP No. and Certificate No. , and all rights thereunder, to: Name: Address: Social security or tax id. #: and irrevocably appoints: as agent to transfer the within Note on the books of the Company. The agent may substitute another to act for him/her. Date: (Legal Name of Holder) By: Name: Title: Signature Guaranteed: Participant in a Recognized Signature Guarantee Medallion Program By: Authorized Signatory * Must be an Authorized Denomination."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b417", "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b418"], "char_count": 1305, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9962cfca7bee9c7a02d79554ffc272e7bcdaa1ea1b7b1476f6466bc100ac28c0", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["16. Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.", "A-5", "Date Amount of Increase (Decrease) in Principal Amount of this Global Note Principal Amount of this Global Note After Such Increase (Decrease) Signature of Authorized Signatory of Trustee", "A-7", "TRANSFEROR ACKNOWLEDGMENT"], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 417, "char_end": 182, "char_start": 0, "fragment_sha256": "e7a860b77f4c34d6c140c19dcbd6aea5c35317d016ebb0f5a548691402e04b5a", "heading_path": ["16. Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.", "A-5", "Date Amount of Increase (Decrease) in Principal Amount of this Global Note Principal Amount of this Global Note After Such Increase (Decrease) Signature of Authorized Signatory of Trustee", "A-7", "TRANSFEROR ACKNOWLEDGMENT"], "table_index": null, "tag_name": "sec-parser-merged-text"}, {"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 418, "char_end": 1121, "char_start": 0, "fragment_sha256": "2f26ff553c5525d7229d1bcde06cc37df5c0d71d719118083b025f5694495cd5", "heading_path": ["16. Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.", "A-5", "Date Amount of Increase (Decrease) in Principal Amount of this Global Note Principal Amount of this Global Note After Such Increase (Decrease) Signature of Authorized Signatory of Trustee", "A-7", "TRANSFEROR ACKNOWLEDGMENT"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p174", "passage_kind": "narrative", "passage_sequence": 174, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s160", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "If the within Note bears a Restricted Note Legend, the undersigned further certifies that (check one): 1. ☐ Such Transfer is being made to the Company or a Subsidiary of the Company.\n\n2. ☐ Such Transfer is being made pursuant to, and in accordance with, a registration statement that is effective under the Securities Act at the time of the Transfer. 3. ☐ Such Transfer is being made pursuant to, and in accordance with, Rule 144A under the Securities Act, and, accordingly, the undersigned further certifies that the within Note is being transferred to a Person that the undersigned reasonably believes is purchasing the within Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act in a transaction meeting the requirements of Rule 144A. If this item is checked, then the transferee must complete and execute the acknowledgment contained on the next page. 4. ☐ Such Transfer is being made pursuant to, and in accordance with, any other available exemption from the registration requirements of the Securities Act (including, if available, the exemption provided by Rule 144 under the Securities Act)."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b419"], "char_count": 359, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8917f7006ca9b372f681df402c43c1e1353e1075364a60e762f8665fccb093c1", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["16. Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.", "A-5", "Date Amount of Increase (Decrease) in Principal Amount of this Global Note Principal Amount of this Global Note After Such Increase (Decrease) Signature of Authorized Signatory of Trustee", "A-7", "TRANSFEROR ACKNOWLEDGMENT"], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 419, "char_end": 264, "char_start": 0, "fragment_sha256": "f6ba942be72e13d8da13bb1db731e76d6a0397cdaa5c773265aec5791e3c05f7", "heading_path": ["16. Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.", "A-5", "Date Amount of Increase (Decrease) in Principal Amount of this Global Note Principal Amount of this Global Note After Such Increase (Decrease) Signature of Authorized Signatory of Trustee", "A-7", "TRANSFEROR ACKNOWLEDGMENT"], "table_index": 5, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p175", "passage_kind": "table", "passage_sequence": 175, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s160", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b419", "text": "| | | |\n| --- | --- | --- |\n| Dated: | | |\n| | | |\n| | | |\n| (Legal Name of Holder) | | |\n| | | |\n| By: | | |\n| | Name: | |\n| | Title: | |\n| | | |\n| Signature Guaranteed: | | |\n| | | |\n| | | |\n| (Participant in a Recognized Signature Guarantee Medallion Program) | | |\n| | | |\n| By: | | |\n| Authorized Signatory | | |"} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b422"], "char_count": 702, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "e082a62092a11f9f23159471812f071312f48bc25214cd40a99b78e1ebea9605", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": ["16. Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.", "A-5", "Date Amount of Increase (Decrease) in Principal Amount of this Global Note Principal Amount of this Global Note After Such Increase (Decrease) Signature of Authorized Signatory of Trustee", "A-7", "TRANSFEREE ACKNOWLEDGMENT"], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 422, "char_end": 702, "char_start": 0, "fragment_sha256": "985be642f74da560a66fc208d361a6b8e4a2493a2953914cd3e63e628992e48e", "heading_path": ["16. Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.", "A-5", "Date Amount of Increase (Decrease) in Principal Amount of this Global Note Principal Amount of this Global Note After Such Increase (Decrease) Signature of Authorized Signatory of Trustee", "A-7", "TRANSFEREE ACKNOWLEDGMENT"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#p176", "passage_kind": "narrative", "passage_sequence": 176, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#s162", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex4-1.htm", "table_id": null, "text": "The undersigned represents that it is purchasing the within Note for its own account, or for one or more accounts with respect to which the undersigned exercises sole investment discretion, and that and the undersigned and each such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act. The undersigned acknowledges that the transferor is relying, in transferring the within Note on the exemption from the registration and prospectus-delivery requirements of the Securities Act of 1933, as amended, provided by Rule 144A and that the undersigned has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A."} +{"artifact_role": "ex4-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm#b423"], "char_count": 158, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "4349e1741e243c03df22df4ae25ce818feb0f2b721bddc6e4a79ce888ee16f02", "derivation_id": "b7d024a4189d2f81a281a74be16049cc8a6163293a86b469bc39390b39a073fd", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "document_type": "governance", "exhibit_type": "EX-4.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": ["short_passage"], "form": "8-K", "heading_path": ["16. Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.", "A-5", "Date Amount of Increase (Decrease) in Principal Amount of this Global Note Principal Amount of this Global Note After Such Increase (Decrease) Signature of Authorized Signatory of Trustee", "A-7", "TRANSFEREE ACKNOWLEDGMENT"], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 423, "char_end": 95, "char_start": 0, "fragment_sha256": "3d205a84bc78f93a0a97a1b25d254860a07a03534582520ab3461b9e04f9e4b8", "heading_path": ["16. Governing Law. 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Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.", "A-5", "Date Amount of Increase (Decrease) in Principal Amount of this Global Note Principal Amount of this Global Note After Such Increase (Decrease) Signature of Authorized Signatory of Trustee", "A-7", "A-13"], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex4-1.htm", "block_sequence": 425, "char_end": 31, "char_start": 0, "fragment_sha256": "ed92b2513836de4df65be8f8a552c9162c5888f23a372f3c1a6e016836fa14db", "heading_path": ["16. Governing Law. 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THIS NOTE WAS ISSUED WITH “ORIGINAL ISSUE DISCOUNT” (“OID”) WITHIN THE MEANING OF SECTION 1273 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. HOLDERS MAY OBTAIN INFORMATION REGARDING THE AMOUNT OF OID, THE ISSUE PRICE, THE ISSUE DATE, AND THE YIELD TO MATURITY RELATING TO THE NOTE BY CONTACTING OPENDOOR TECHNOLOGIES INC., 410 N SCOTTSDALE ROAD, SUITE 1600, TEMPE, AZ 85288, ATTENTION: CHIEF FINANCIAL OFFICER."} diff --git a/data/normalized/sec/0001801169/8-K/2025-05-19_0001140361-25-019770/norm_0001801169_0001140361-25-019770_ef20049190_ex99-1.htm.json b/data/normalized/sec/0001801169/8-K/2025-05-19_0001140361-25-019770/norm_0001801169_0001140361-25-019770_ef20049190_ex99-1.htm.json new file mode 100644 index 0000000000000000000000000000000000000000..2a9557946e4eaa6cd68d5f7c67ede898c332e0c9 --- /dev/null +++ b/data/normalized/sec/0001801169/8-K/2025-05-19_0001140361-25-019770/norm_0001801169_0001140361-25-019770_ef20049190_ex99-1.htm.json @@ -0,0 +1,106 @@ +{ + "acceptance_datetime": "2025-05-19T16:10:31.000Z", + "amends_accession": null, + "artifact_role": "ex99-01", + "blocks": [ + { + "block_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex99-1.htm#b0", + "block_sequence": 0, + "block_sha256": "58d9f9cf3243be967ffe98ea5497cdb0dd3b7942c021860ead4394f326056b07", + "block_type": "paragraph", + "char_count": 9147, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex99-1.htm", + "block_sequence": 0, + "char_end": 9147, + "char_start": 0, + "fragment_sha256": "a7c6f3ba9e5beeab54ed07485060f59b8ccdd239d471db5748d31802c3c1237e", + "heading_path": [], + "table_index": null, + "tag_name": "document" + }, + "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex99-1.htm#s0", + "table": null, + "text": "EX-99.1 3 ef20049190_ex99-1.htm EXHIBIT 99.1 Licensed to: Broadridge Document created using Broadridge PROfile 25.3.2.5298 Copyright 1995 - 2025 Broadridge Exhibit 99.1 Opendoor Announces Closing of Convertible Notes Exchange and New Convertible Notes Issuance SAN FRANCISCO, May 19, 2025 (GLOBE NEWSWIRE) -- Opendoor Technologies Inc. (Nasdaq: OPEN) (the \u201cCompany\u201d), a leading e-commerce platform for residential real estate transactions, today announced the completion of its negotiated exchange and subscription agreements (the \u201cExchange and Subscription Agreements\u201d) with certain holders of the Company\u2019s 0.25% Convertible Senior Notes due 2026 (the \u201c2026 Notes\u201d) and new investors, pursuant to which the Company issued $325.0 million aggregate principal amount of its 7.000% Convertible Senior Notes due 2030 (the \u201c2030 Notes\u201d) consisting of (a) approximately $245.8 million principal amount of 2030 Notes issued in exchange for approximately $245.8 million principal amount of 2026 Notes (the \u201cExchange Transactions\u201d), and (b) approximately $79.2 million principal amount of 2030 Notes for cash (the \u201cSubscription Transactions\u201d and, together with the Exchange Transactions, the \u201cTransactions\u201d), in each case, pursuant to exemptions from registration under the Securities Act of 1933, as amended (the \u201cSecurities Act\u201d), and the rules and regulations thereunder. \u201cWe are pleased to have achieved several key objectives for the Company and our stockholders through this transaction,\u201d said Selim Freiha, CFO of Opendoor. \u201cWe successfully exchanged the majority of our outstanding 2026 Notes for 2030 Notes and opportunistically added $75.3 million in cash to our balance sheet\u2014reflecting strong support from our investors. These steps position us to stay focused on our mission to reinvent the U.S. residential real estate industry\u2014making it simpler, more convenient, and more customer-centric.\u201d The 2030 Notes are senior, unsecured obligations of the Company and accrue interest at a rate of 7.000% per annum. The Company expects that the gross proceeds from the Subscription Transactions will be approximately $75.3 million, excluding offering fees and transaction expenses, and intends to use the net proceeds for general corporate purposes. The 2030 Notes will mature on May 15, 2030, unless earlier converted, redeemed or repurchased. Before November 15, 2029, the 2030 Notes are convertible at the option of holders only upon satisfaction of certain conditions and during certain periods, and on such day and thereafter, at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company will settle conversions by paying cash up to the aggregate principal amount of the 2030 Notes to be converted and paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the 2030 Notes being converted based on the applicable conversion rate. The 2030 Notes have an initial conversion rate of 637.1050 shares of common stock per $1,000 principal amount of 2030 Notes (which is subject to adjustment in certain circumstances). This is equivalent to an initial conversion price of approximately $1.57 per share. The initial conversion price represents a premium of approximately 80% over the last reported sale price of $0.872 per share of the Company\u2019s common stock on May 8, 2025. Holders of the 2030 Notes have the right to require the Company to repurchase for cash all or a portion of their 2030 Notes at 100% of their principal amount, plus any accrued and unpaid interest, upon the occurrence of a fundamental change (as defined in the indenture relating to the 2030 Notes). The Company is also required to increase the conversion rate for holders who convert their 2030 Notes in connection with certain fundamental changes or a redemption notice, as the case may be, prior to the maturity date. The 2030 Notes are redeemable, in whole or in part (subject to certain limitations), for cash at the Company\u2019s option at any time, and from time to time, on or after May 22, 2028, but only if the last reported sale price per share of the common stock exceeds 130% of the conversion price then in effect for a specified period of time. Unless the Company has previously called all outstanding 2030 Notes for redemption, holders of the 2030 Notes may require the Company to repurchase their 2030 Notes on May 15, 2028, at a cash repurchase price equal to the principal amount of the 2030 Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. J. Wood Capital Advisors LLC served as advisor to the Company in the Transactions. For additional information regarding the terms of the Transactions, please see the Company\u2019s Current Report on Form 8-K, filed with the Securities and Exchange Commission on May 19, 2025. About Opendoor Opendoor is a leading e-commerce platform for residential real estate transactions whose mission is to power life\u2019s progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple and certain way to sell and buy a home. Opendoor is a team of problem solvers, innovators, and operators who are leading the future of real estate. Opendoor currently operates in markets nationwide. For more information, please visit www.opendoor.com Forward Looking Statements This press release contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding future financial results including driving toward sustainable positive cash flow; the future health and status of the Company\u2019s financial condition; and its business strategy and mission. These forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cguidance\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201coutlook\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cvision\u201d, \u201cwill\u201d, or \u201cwould\u201d, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this press release include but are not limited to: risks associated with the Company\u2019s indebtedness and capital structure; the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, the imposition of tariffs and price or exchange controls, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that impact demand for the Company\u2019s products and services, lower the Company\u2019s profitability or reduce its access to future financings; actual or anticipated fluctuations in the Company\u2019s financial condition and results of operations; the Company\u2019s ability to access sources of capital, including debt financing and securitization funding to finance its real estate inventories and other sources of capital to finance operations and growth. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \u201cRisk Factors\u201d in the Company\u2019s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 27, 2025, as updated by its periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. The Company does not give any assurance that it will achieve its expectations. 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2025 Broadridge Exhibit 99.1 Opendoor Announces Closing of Convertible Notes Exchange and New Convertible Notes Issuance SAN FRANCISCO, May 19, 2025 (GLOBE NEWSWIRE) -- Opendoor Technologies Inc. (Nasdaq: OPEN) (the “Company”), a leading e-commerce platform for residential real estate transactions, today announced the completion of its negotiated exchange and subscription agreements (the “Exchange and Subscription Agreements”) with certain holders of the Company’s 0.25% Convertible Senior Notes due 2026 (the “2026 Notes”) and new investors, pursuant to which the Company issued $325.0 million aggregate principal amount of its 7.000% Convertible Senior Notes due 2030 (the “2030 Notes”) consisting of (a) approximately $245.8 million principal amount of 2030 Notes issued in exchange for approximately $245.8 million principal amount of 2026 Notes (the “Exchange Transactions”), and (b) approximately $79.2 million principal amount of 2030 Notes for cash (the “Subscription Transactions” and, together with the Exchange Transactions, the “Transactions”), in each case, pursuant to exemptions from registration under the Securities Act of 1933, as amended (the “Securities Act”), and the rules and regulations thereunder. “We are pleased to have achieved several key objectives for the Company and our stockholders through this transaction,” said Selim Freiha, CFO of Opendoor. “We successfully exchanged the majority of our outstanding 2026 Notes for 2030 Notes and opportunistically added $75.3 million in cash to our balance sheet—reflecting strong support from our investors. These steps position us to stay focused on our mission to reinvent the U.S. residential real estate industry—making it simpler, more convenient, and more customer-centric.” The 2030 Notes are senior, unsecured obligations of the Company and accrue interest at a rate of 7.000% per annum. The Company expects that the gross proceeds from the Subscription Transactions will be approximately $75.3 million, excluding offering fees and transaction expenses, and intends to use the net proceeds for general corporate purposes. The 2030 Notes will mature on May 15, 2030, unless earlier converted, redeemed or repurchased. Before November 15, 2029, the 2030 Notes are convertible at the option of holders only upon satisfaction of certain conditions and during certain periods, and on such day and thereafter, at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company will settle conversions by paying cash up to the aggregate principal amount of the 2030 Notes to be converted and paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the 2030 Notes being converted based on the applicable conversion rate. The 2030 Notes have an initial conversion rate of 637.1050 shares of common stock per $1,000 principal amount of 2030 Notes (which is subject to adjustment in certain circumstances). This is equivalent to an initial conversion price of approximately $1.57 per share. The initial conversion price represents a premium of approximately 80% over the last reported sale price of $0.872 per share of the Company’s common stock on May 8, 2025. Holders of the 2030 Notes have the right to require the Company to repurchase for cash all or a portion of their 2030 Notes at 100% of their principal amount, plus any accrued and unpaid interest, upon the occurrence of a fundamental change (as defined in the indenture relating to the 2030 Notes)."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex99-1.htm#b0"], "char_count": 3033, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0561760e7c2aacd437e1928be7e212d09afdd4654d904aadc45354b935cc87ce", "derivation_id": "17b9e11fa9dd9c8e894a1c46524cc7bac442e610e11d827808cbeea11437f322", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex99-1.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": [], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex99-1.htm", "block_sequence": 0, "char_end": 6885, "char_start": 3852, "fragment_sha256": "a7c6f3ba9e5beeab54ed07485060f59b8ccdd239d471db5748d31802c3c1237e", "heading_path": [], "table_index": null, "tag_name": "document"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex99-1.htm#p1", "passage_kind": "narrative", "passage_sequence": 1, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex99-1.htm#s0", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex99-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex99-1.htm", "table_id": null, "text": "The Company is also required to increase the conversion rate for holders who convert their 2030 Notes in connection with certain fundamental changes or a redemption notice, as the case may be, prior to the maturity date. The 2030 Notes are redeemable, in whole or in part (subject to certain limitations), for cash at the Company’s option at any time, and from time to time, on or after May 22, 2028, but only if the last reported sale price per share of the common stock exceeds 130% of the conversion price then in effect for a specified period of time. Unless the Company has previously called all outstanding 2030 Notes for redemption, holders of the 2030 Notes may require the Company to repurchase their 2030 Notes on May 15, 2028, at a cash repurchase price equal to the principal amount of the 2030 Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. J. Wood Capital Advisors LLC served as advisor to the Company in the Transactions. For additional information regarding the terms of the Transactions, please see the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on May 19, 2025. About Opendoor Opendoor is a leading e-commerce platform for residential real estate transactions whose mission is to power life’s progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple and certain way to sell and buy a home. Opendoor is a team of problem solvers, innovators, and operators who are leading the future of real estate. Opendoor currently operates in markets nationwide. For more information, please visit www.opendoor.com Forward Looking Statements This press release contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding future financial results including driving toward sustainable positive cash flow; the future health and status of the Company’s financial condition; and its business strategy and mission. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “vision”, “will”, or “would”, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001140361-25-019770:ef20049190_ex99-1.htm#b0"], "char_count": 2260, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "891b4f984f97cc5cea591dc590cd524156fdd384285ac8f0dfa5095fefe98385", "derivation_id": "17b9e11fa9dd9c8e894a1c46524cc7bac442e610e11d827808cbeea11437f322", "document_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex99-1.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-05-19", "filing_id": "sec:0001801169:0001140361-25-019770", "flags": [], "form": "8-K", "heading_path": [], "items": ["1.01", "2.03", "3.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex99-1.htm", "block_sequence": 0, "char_end": 9145, "char_start": 6885, "fragment_sha256": "a7c6f3ba9e5beeab54ed07485060f59b8ccdd239d471db5748d31802c3c1237e", "heading_path": [], "table_index": null, "tag_name": "document"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex99-1.htm#p2", "passage_kind": "narrative", "passage_sequence": 2, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-16", "section_id": "norm:0001801169:0001140361-25-019770:ef20049190_ex99-1.htm#s0", "source_artifact_id": "sec:0001801169:0001140361-25-019770:ef20049190_ex99-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125019770/ef20049190_ex99-1.htm", "table_id": null, "text": "The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this press release include but are not limited to: risks associated with the Company’s indebtedness and capital structure; the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, the imposition of tariffs and price or exchange controls, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that impact demand for the Company’s products and services, lower the Company’s profitability or reduce its access to future financings; actual or anticipated fluctuations in the Company’s financial condition and results of operations; the Company’s ability to access sources of capital, including debt financing and securitization funding to finance its real estate inventories and other sources of capital to finance operations and growth. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption “Risk Factors” in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2025, as updated by its periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. The Company does not give any assurance that it will achieve its expectations. 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(the \u201cCompany\u201d) received written notice (the \u201cNotice\u201d) from the Listing Qualifications Department (the \u201cStaff\u201d) of The Nasdaq Stock Market LLC (\u201cNasdaq\u201d) notifying the Company that, because the closing bid price for the Company\u2019s common stock, par value $0.0001 per share (the \u201cCommon Stock\u201d), has fallen below $1.00 per share for 30 consecutive business days, the Company no longer meets the minimum bid price requirement for continued listing on the Nasdaq Global Select Market pursuant to Nasdaq Listing Rule 5450(a)(1) (the \u201cBid Price Requirement\u201d). The Notice has no immediate effect on the listing or trading of the Company\u2019s Common Stock, which continues to trade on the Nasdaq Global Select Market under the symbol \u201cOPEN.\u201d The Notice also does not affect the Company\u2019s ongoing business operations or its reporting requirements with the Securities and Exchange Commission. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A) (the \u201cCompliance Period Rule\u201d), the Company has been provided an initial period of 180 calendar days, or until November 24, 2025 (the \u201cCompliance Date\u201d), to regain compliance with the Bid Price Requirement. To regain compliance, the closing bid price of the Company\u2019s Common Stock must be at least $1.00 per share for a minimum of 10 consecutive business days during the 180-day compliance period as required under the Compliance Period Rule (unless the Staff exercises its discretion to extend this ten-day period pursuant to Nasdaq Listing Rule 5810(c)(3)(H)). If the Company does not regain compliance with the Bid Price Requirement by the Compliance Date, the Company may be eligible for an additional 180 calendar day compliance period. To qualify, the Company would need to transfer the listing of its Common Stock to the Nasdaq Capital Market and meet the continued listing requirement for the market value of publicly held shares and all other initial listing standards, with the exception of the Bid Price Requirement. To effect such a transfer, the Company would also need to pay an application fee to Nasdaq and would need to provide written notice to the Staff of the Company\u2019s intention to cure the deficiency during the additional compliance period, for example, by implementing a reverse stock split, if necessary. If the Staff concludes that the Company will not be able to cure the deficiency during such additional compliance period, or if the Company does not regain compliance with the Bid Price Requirement within any such additional 180 calendar day compliance period, the Staff will provide written notification to the Company that the Company\u2019s Common Stock will be subject to delisting. At that time, the Company may appeal the Staff\u2019s delisting determination to a Nasdaq Hearings Panel (the \u201cPanel\u201d). However, there can be no assurance that, if the Company receives a delisting notice and appeals the delisting determination by the Staff to the Panel, such appeal would be successful. The Company intends to monitor the closing bid price of its Common Stock and will consider all available options to regain compliance with the Bid Price Requirement, including potentially seeking to effect a reverse stock split. However, there can be no assurance that the Company will be able to regain compliance with the Bid Price Requirement by the Compliance Date or that the Staff will grant the Company a further extension of time to regain compliance, if applicable." + }, + { + "block_id": "norm:0001801169:0001801169-25-000042:open-20250528.htm#b23", + "block_sequence": 23, + "block_sha256": "1d8469bf9c663edb3c938b337e8eb7b6386c9f6dc8633427fe813d5f0ad02182", + "block_type": "heading", + "char_count": 26, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000042:open-20250528.htm", + "block_sequence": 23, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "b26072274076cfde3262ac5fce4ddaa276778da055445c19df370d95f24ece3b", + "heading_path": [ + "UNITED STATES", + "Item 3.01.", + "Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.", + "Forward Looking Statements" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000042:open-20250528.htm#s13", + "table": null, + "text": "Forward Looking Statements" + }, + { + "block_id": "norm:0001801169:0001801169-25-000042:open-20250528.htm#b24", + "block_sequence": 24, + "block_sha256": "57ac102bf8ba1aa9537a8c3a7e1befd3c93fb9647a04d1f8e9766cc5cd1b2a05", + "block_type": "paragraph", + "char_count": 2206, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000042:open-20250528.htm", + "block_sequence": 24, + "char_end": 2206, + "char_start": 0, + "fragment_sha256": "bb5e5c3554438ea2ba0ae5dde03581e40bc75ca4e55d5ead0333e3a27dbf01a1", + "heading_path": [ + "UNITED STATES", + "Item 3.01.", + "Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.", + "Forward Looking Statements" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000042:open-20250528.htm#s13", + "table": null, + "text": "This Current Report on Form 8-K (\u201cForm 8-K\u201d) contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this Form 8-K that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the Company\u2019s intention to monitor the closing bid price of its Common Stock and consider all available options, including a reverse stock split, to regain compliance with the Bid Price Requirement; and the Company\u2019s potential eligibility for an additional 180 calendar day compliance period. These forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cguidance\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201coutlook\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cvision\u201d, \u201cwill\u201d, or \u201cwould\u201d, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this Form 8-K include but are not limited to: whether the Company will meet the bid price requirement during any compliance period or otherwise in the future, whether the Company will otherwise meet Nasdaq compliance standards, whether Nasdaq will grant the Company any relief from delisting as necessary, or whether the Company can agree to or ultimately meet applicable Nasdaq requirements for any such relief, and the other risks and uncertainties described under the caption \u201cRisk Factors\u201d in the Company\u2019s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on" + }, + { + "block_id": "norm:0001801169:0001801169-25-000042:open-20250528.htm#b25", + "block_sequence": 25, + "block_sha256": "d4735e3a265e16eee03f59718b9b5d03019c07d8b6c51f90da3a666eec13ab35", + "block_type": "heading", + "char_count": 1, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000042:open-20250528.htm", + "block_sequence": 25, + "char_end": 1, + "char_start": 0, + "fragment_sha256": "c7f907368e44bbc5ff89addb6a7211acac04721f9737f89f3f43f2e50f716a0a", + "heading_path": [ + "UNITED STATES", + "Item 3.01.", + "Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.", + "2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000042:open-20250528.htm#s14", + "table": null, + "text": "2" + }, + { + "block_id": "norm:0001801169:0001801169-25-000042:open-20250528.htm#b26", + "block_sequence": 26, + "block_sha256": "9b681c18b96eae62f468886c42fdf5ac6aacd978550efe3cd305ebf17aabecb4", + "block_type": "paragraph", + "char_count": 715, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000042:open-20250528.htm", + "block_sequence": 26, + "char_end": 715, + "char_start": 0, + "fragment_sha256": "85708c3620456aa6b0ae18fc2c9b311be7f3ea757dc426ef0cfe1f64d113c079", + "heading_path": [ + "UNITED STATES", + "Item 3.01.", + "Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.", + "2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000042:open-20250528.htm#s14", + "table": null, + "text": "February 27, 2025, as updated by its periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. 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of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-25-000042:open-20250528.htm#b22"], "char_count": 3455, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7a6d9aa22f77e09c16c884dba9484c1317aee52bda97a915f69494f41dff1816", "derivation_id": "1f5894362cff422c4e07c7cd1b1e7d3f750958bf274de4d559a00a0846bb93b7", "document_id": "norm:0001801169:0001801169-25-000042:open-20250528.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-05-30", "filing_id": "sec:0001801169:0001801169-25-000042", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 3.01.", "Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing."], "items": ["3.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000042:open-20250528.htm", "block_sequence": 22, "char_end": 3455, "char_start": 0, "fragment_sha256": "0689c9b11bd9fe47f2e2bcb8a046782bf805b1d1fe0c5424b40e75abf9a179a6", "heading_path": ["UNITED STATES", "Item 3.01.", "Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000042:open-20250528.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-28", "section_id": "norm:0001801169:0001801169-25-000042:open-20250528.htm#s12", "source_artifact_id": "sec:0001801169:0001801169-25-000042:open-20250528.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000042/open-20250528.htm", "table_id": null, "text": "On May 28, 2025, Opendoor Technologies Inc. (the “Company”) received written notice (the “Notice”) from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, because the closing bid price for the Company’s common stock, par value $0.0001 per share (the “Common Stock”), has fallen below $1.00 per share for 30 consecutive business days, the Company no longer meets the minimum bid price requirement for continued listing on the Nasdaq Global Select Market pursuant to Nasdaq Listing Rule 5450(a)(1) (the “Bid Price Requirement”). The Notice has no immediate effect on the listing or trading of the Company’s Common Stock, which continues to trade on the Nasdaq Global Select Market under the symbol “OPEN.” The Notice also does not affect the Company’s ongoing business operations or its reporting requirements with the Securities and Exchange Commission. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A) (the “Compliance Period Rule”), the Company has been provided an initial period of 180 calendar days, or until November 24, 2025 (the “Compliance Date”), to regain compliance with the Bid Price Requirement. To regain compliance, the closing bid price of the Company’s Common Stock must be at least $1.00 per share for a minimum of 10 consecutive business days during the 180-day compliance period as required under the Compliance Period Rule (unless the Staff exercises its discretion to extend this ten-day period pursuant to Nasdaq Listing Rule 5810(c)(3)(H)). If the Company does not regain compliance with the Bid Price Requirement by the Compliance Date, the Company may be eligible for an additional 180 calendar day compliance period. To qualify, the Company would need to transfer the listing of its Common Stock to the Nasdaq Capital Market and meet the continued listing requirement for the market value of publicly held shares and all other initial listing standards, with the exception of the Bid Price Requirement. To effect such a transfer, the Company would also need to pay an application fee to Nasdaq and would need to provide written notice to the Staff of the Company’s intention to cure the deficiency during the additional compliance period, for example, by implementing a reverse stock split, if necessary. If the Staff concludes that the Company will not be able to cure the deficiency during such additional compliance period, or if the Company does not regain compliance with the Bid Price Requirement within any such additional 180 calendar day compliance period, the Staff will provide written notification to the Company that the Company’s Common Stock will be subject to delisting. At that time, the Company may appeal the Staff’s delisting determination to a Nasdaq Hearings Panel (the “Panel”). However, there can be no assurance that, if the Company receives a delisting notice and appeals the delisting determination by the Staff to the Panel, such appeal would be successful. The Company intends to monitor the closing bid price of its Common Stock and will consider all available options to regain compliance with the Bid Price Requirement, including potentially seeking to effect a reverse stock split. However, there can be no assurance that the Company will be able to regain compliance with the Bid Price Requirement by the Compliance Date or that the Staff will grant the Company a further extension of time to regain compliance, if applicable."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-25-000042:open-20250528.htm#b24"], "char_count": 2206, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "57ac102bf8ba1aa9537a8c3a7e1befd3c93fb9647a04d1f8e9766cc5cd1b2a05", "derivation_id": "1f5894362cff422c4e07c7cd1b1e7d3f750958bf274de4d559a00a0846bb93b7", "document_id": "norm:0001801169:0001801169-25-000042:open-20250528.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-05-30", "filing_id": "sec:0001801169:0001801169-25-000042", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 3.01.", "Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.", "Forward Looking Statements"], "items": ["3.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000042:open-20250528.htm", "block_sequence": 24, "char_end": 2206, "char_start": 0, "fragment_sha256": "bb5e5c3554438ea2ba0ae5dde03581e40bc75ca4e55d5ead0333e3a27dbf01a1", "heading_path": ["UNITED STATES", "Item 3.01.", "Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.", "Forward Looking Statements"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000042:open-20250528.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-28", "section_id": "norm:0001801169:0001801169-25-000042:open-20250528.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-25-000042:open-20250528.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000042/open-20250528.htm", "table_id": null, "text": "This Current Report on Form 8-K (“Form 8-K”) contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this Form 8-K that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the Company’s intention to monitor the closing bid price of its Common Stock and consider all available options, including a reverse stock split, to regain compliance with the Bid Price Requirement; and the Company’s potential eligibility for an additional 180 calendar day compliance period. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “vision”, “will”, or “would”, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this Form 8-K include but are not limited to: whether the Company will meet the bid price requirement during any compliance period or otherwise in the future, whether the Company will otherwise meet Nasdaq compliance standards, whether Nasdaq will grant the Company any relief from delisting as necessary, or whether the Company can agree to or ultimately meet applicable Nasdaq requirements for any such relief, and the other risks and uncertainties described under the caption “Risk Factors” in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-25-000042:open-20250528.htm#b26"], "char_count": 715, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9b681c18b96eae62f468886c42fdf5ac6aacd978550efe3cd305ebf17aabecb4", "derivation_id": "1f5894362cff422c4e07c7cd1b1e7d3f750958bf274de4d559a00a0846bb93b7", "document_id": "norm:0001801169:0001801169-25-000042:open-20250528.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-05-30", "filing_id": "sec:0001801169:0001801169-25-000042", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 3.01.", "Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.", "2"], "items": ["3.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000042:open-20250528.htm", "block_sequence": 26, "char_end": 715, "char_start": 0, "fragment_sha256": "85708c3620456aa6b0ae18fc2c9b311be7f3ea757dc426ef0cfe1f64d113c079", "heading_path": ["UNITED STATES", "Item 3.01.", "Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.", "2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000042:open-20250528.htm#p11", "passage_kind": "narrative", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-28", "section_id": "norm:0001801169:0001801169-25-000042:open-20250528.htm#s14", "source_artifact_id": "sec:0001801169:0001801169-25-000042:open-20250528.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000042/open-20250528.htm", "table_id": null, "text": "February 27, 2025, as updated by its periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. The Company does not give any assurance that it will achieve its expectations."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-25-000042:open-20250528.htm#b29"], "char_count": 304, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f3af87e8e5b583a05480dc5f3cf31eca02967e3439332ed17d064aa4d293c581", "derivation_id": "1f5894362cff422c4e07c7cd1b1e7d3f750958bf274de4d559a00a0846bb93b7", "document_id": "norm:0001801169:0001801169-25-000042:open-20250528.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-05-30", "filing_id": "sec:0001801169:0001801169-25-000042", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "SIGNATURES"], "items": ["3.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000042:open-20250528.htm", "block_sequence": 29, "char_end": 304, "char_start": 0, "fragment_sha256": "024b13d7685752829a18a1b728c643608e6016590d2455f024a38750ef19211b", "heading_path": ["UNITED STATES", "SIGNATURES"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000042:open-20250528.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-05-28", "section_id": "norm:0001801169:0001801169-25-000042:open-20250528.htm#s16", "source_artifact_id": "sec:0001801169:0001801169-25-000042:open-20250528.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000042/open-20250528.htm", "table_id": null, "text": "Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Opendoor Technologies Inc. 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(the \u201cCompany\u201d) held its 2025 Annual Meeting of Stockholders on June 13, 2025 (the \u201cMeeting\u201d). A total of 505,083,522 shares of the Company's common stock were present virtually or represented by proxy at the Meeting, representing approximately 69.29% of the Company\u2019s outstanding common stock as of April 16, 2025, the record date for the Meeting. The final voting results for the proposals considered and voted upon at the Meeting, all of which were described in the Company\u2019s definitive proxy statement filed with the Securities and Exchange Commission on April 25, 2025 are as follows: Proposal No. 1: The Company\u2019s stockholders elected each of Adam Bain and Pueo Keffer, to hold office as Class II members of the board of directors and to serve a three-year term ending at the 2028 Annual Meeting of Stockholders, or until their successors are duly elected and qualified, subject to their earlier removal or resignation. 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The result of such vote was as follows:" + }, + { + "block_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm#b25", + "block_sequence": 25, + "block_sha256": "8df27f37adad291f68b85778466e3ab9b869ded132759e050b1a525194d2ae57", + "block_type": "table", + "char_count": 78, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000044:open-20250613.htm", + "block_sequence": 25, + "char_end": 78, + "char_start": 0, + "fragment_sha256": "b371a3df5b3bad84781350a21dffdaf887c81363cca133cabbff7cc86fb003ce", + "heading_path": [ + "UNITED STATES", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders." + ], + "table_index": 4, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm#s13", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.95, + "markdown": "| | | | | | |\n| --- | --- | --- | --- | --- | --- |\n| For | | Against | | Abstain | |\n| 489,604,256 | | 10,362,340 | | 5,116,926 | |", + "n_cols": 6, + "n_rows": 2, + "plain_text": "For | | Against | | Abstain | \n489,604,256 | | 10,362,340 | | 5,116,926 | ", + "rows": [ + [ + "For", + "", + "Against", + "", + "Abstain", + "" + ], + [ + "489,604,256", + "", + "10,362,340", + "", + "5,116,926", + "" + ] + ], + "table_index": 4, + "table_kind": "data" + }, + "text": "For | | Against | | Abstain | \n489,604,256 | | 10,362,340 | | 5,116,926 | " + }, + { + "block_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm#b26", + "block_sequence": 26, + "block_sha256": "c316b32339eee212e41f1caf9edf98090c1bcf9ad84504334e95e9a8634f35cf", + "block_type": "paragraph", + "char_count": 188, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000044:open-20250613.htm", + "block_sequence": 26, + "char_end": 188, + "char_start": 0, + "fragment_sha256": "ddb45b8a14f1e9773d3eb349ac301ef2700b221590b43f8c02e09c954f3e7b32", + "heading_path": [ + "UNITED STATES", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders." + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm#s13", + "table": null, + "text": "Proposal No. 3: The Company\u2019s stockholders approved, on an advisory (non-binding) basis, the compensation of the Company's named executive officers. The result of such vote was as follows:" + }, + { + "block_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm#b27", + "block_sequence": 27, + "block_sha256": "6b2282135293cdaac4e7f806b5caa3fe60342d9ae01c551c152907b459d5aa43", + "block_type": "table", + "char_count": 108, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000044:open-20250613.htm", + "block_sequence": 27, + "char_end": 108, + "char_start": 0, + "fragment_sha256": "7ebf1baf670bbf1851510e7d9920e9a9282a6a10344ec6161008f6b9e0421e1c", + "heading_path": [ + "UNITED STATES", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders." + ], + "table_index": 5, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm#s13", + "table": { + "caption": null, + "flags": [], + "has_merged_cells": true, + "header_rows": 0, + "kind_confidence": 0.95, + "markdown": "| | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| For | | Against | | Abstain | | Broker Non-Votes |\n| 295,550,350 | | 8,399,222 | | 824,987 | | 200,308,963 |", + "n_cols": 7, + "n_rows": 2, + "plain_text": "For | | Against | | Abstain | | Broker Non-Votes\n295,550,350 | | 8,399,222 | | 824,987 | | 200,308,963", + "rows": [ + [ + "For", + "", + "Against", + "", + "Abstain", + "", + "Broker Non-Votes" + ], + [ + "295,550,350", + "", + "8,399,222", + "", + "824,987", + "", + "200,308,963" + ] + ], + "table_index": 5, + "table_kind": "data" + }, + "text": "For | | Against | | Abstain | | Broker Non-Votes\n295,550,350 | | 8,399,222 | | 824,987 | | 200,308,963" + }, + { + "block_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm#b28", + "block_sequence": 28, + "block_sha256": "d4735e3a265e16eee03f59718b9b5d03019c07d8b6c51f90da3a666eec13ab35", + "block_type": "heading", + "char_count": 1, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000044:open-20250613.htm", + "block_sequence": 28, + "char_end": 1, + "char_start": 0, + "fragment_sha256": "c7f907368e44bbc5ff89addb6a7211acac04721f9737f89f3f43f2e50f716a0a", + "heading_path": [ + "UNITED STATES", + "Item 5.07", + "Submission of Matters to a Vote of Security Holders.", + "2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm#s14", + "table": null, + "text": "2" + }, + { + "block_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm#b29", + "block_sequence": 29, + "block_sha256": "642e510766e16f8a11cf440c0658d263396e5791ed944157344e27a66c50fddf", + "block_type": "heading", + "char_count": 10, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000044:open-20250613.htm", + "block_sequence": 29, + "char_end": 10, + "char_start": 0, + "fragment_sha256": "1183d7c283221712938e578bf748dd95edee73049619b8b1aff3163482ad1bde", + "heading_path": [ + "UNITED STATES", + "SIGNATURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm#s15", + "table": null, + "text": "SIGNATURES" + }, + { + "block_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm#b30", + "block_sequence": 30, + "block_sha256": "115d8d1ce32e7b79b8cea8ddb5e2bc94faec221c0b7d5a2bf2df90c5ad445e96", + "block_type": "paragraph", + "char_count": 305, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000044:open-20250613.htm", + "block_sequence": 30, + "char_end": 305, + "char_start": 0, + "fragment_sha256": "dc94a10600d301a0b1cd0499e77c12f6af29d63bb315cbeff1ae4037f3a32c30", + "heading_path": [ + "UNITED STATES", + "SIGNATURES" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm#s15", + "table": null, + "text": "Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Opendoor Technologies Inc. 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["norm:0001801169:0001801169-25-000044:open-20250613.htm#b18"], "char_count": 231, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9d1b778065471f9637ce3bcd2a7e63ace885cc368bf8c65cf055480eea31ab04", "derivation_id": "31b281c6c959f3764c65f5a75f1ab50803562b6c922ebd19e91533674e695f1e", "document_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-06-17", "filing_id": "sec:0001801169:0001801169-25-000044", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "N/A"], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000044:open-20250613.htm", "block_sequence": 18, "char_end": 174, "char_start": 0, "fragment_sha256": "80556a984c8f14e2befcda7476056b823e2013d3c9d72c63a208aefb1ceae969", "heading_path": ["UNITED STATES", "N/A"], "table_index": 2, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", 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"Opendoor Technologies Inc.", "content_sha256": "1cedb6b0b4276528db71c05e6865869a2cddd8e2ffef4416adb0a98d741a2bd6", "derivation_id": "31b281c6c959f3764c65f5a75f1ab50803562b6c922ebd19e91533674e695f1e", "document_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-06-17", "filing_id": "sec:0001801169:0001801169-25-000044", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "N/A"], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000044:open-20250613.htm", "block_sequence": 19, "char_end": 517, "char_start": 0, "fragment_sha256": "0f1d2504263bbe20bcbb1e090981b779b3d60c0e8276428f633793f5c90c8e03", "heading_path": ["UNITED STATES", "N/A"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-06-13", "section_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm#s11", "source_artifact_id": "sec:0001801169:0001801169-25-000044:open-20250613.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000044/open-20250613.htm", "table_id": null, "text": "Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-25-000044:open-20250613.htm#b22"], "char_count": 992, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "60e4fd50865af6a38eda4058b49f498b95179318ba07708b3f7cc8a348cdc414", "derivation_id": "31b281c6c959f3764c65f5a75f1ab50803562b6c922ebd19e91533674e695f1e", "document_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-06-17", "filing_id": "sec:0001801169:0001801169-25-000044", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000044:open-20250613.htm", "block_sequence": 22, "char_end": 992, "char_start": 0, "fragment_sha256": "2d3f6661bd4dcd986349a8be971b8b5f0c73e79d4c7a0dc395b151d840dfba52", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-06-13", "section_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-25-000044:open-20250613.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000044/open-20250613.htm", "table_id": null, "text": "Opendoor Technologies Inc. (the “Company”) held its 2025 Annual Meeting of Stockholders on June 13, 2025 (the “Meeting”). A total of 505,083,522 shares of the Company's common stock were present virtually or represented by proxy at the Meeting, representing approximately 69.29% of the Company’s outstanding common stock as of April 16, 2025, the record date for the Meeting. The final voting results for the proposals considered and voted upon at the Meeting, all of which were described in the Company’s definitive proxy statement filed with the Securities and Exchange Commission on April 25, 2025 are as follows: Proposal No. 1: The Company’s stockholders elected each of Adam Bain and Pueo Keffer, to hold office as Class II members of the board of directors and to serve a three-year term ending at the 2028 Annual Meeting of Stockholders, or until their successors are duly elected and qualified, subject to their earlier removal or resignation. The result of such vote was as follows:"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-25-000044:open-20250613.htm#b23"], "char_count": 254, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5eccc70015de8f0a6b301def37c8107f79ef84733ec05ed3b01d36c3711fab7c", "derivation_id": "31b281c6c959f3764c65f5a75f1ab50803562b6c922ebd19e91533674e695f1e", "document_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-06-17", "filing_id": "sec:0001801169:0001801169-25-000044", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000044:open-20250613.htm", "block_sequence": 23, "char_end": 175, "char_start": 0, "fragment_sha256": "98257695785e2f852d2b4aa253dd8af33e2dcd23524d1193569bed7f2c8344df", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "table_index": 3, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm#p9", "passage_kind": "table", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-06-13", "section_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-25-000044:open-20250613.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000044/open-20250613.htm", "table_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm#b23", "text": "| | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| Nominees | | For | | Withhold | | Broker Non-Votes |\n| Adam Bain | | 270,177,053 | | 34,597,506 | | 200,308,963 |\n| Pueo Keffer | | 293,342,255 | | 11,432,304 | | 200,308,963 |"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-25-000044:open-20250613.htm#b24"], "char_count": 222, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "321ac5be6842a75f46aef2c73474033acf1dd5f5f2fcf0c98b22d5f41a7022f6", "derivation_id": "31b281c6c959f3764c65f5a75f1ab50803562b6c922ebd19e91533674e695f1e", "document_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-06-17", "filing_id": "sec:0001801169:0001801169-25-000044", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000044:open-20250613.htm", "block_sequence": 24, "char_end": 222, "char_start": 0, "fragment_sha256": "ba213c4c601d2577bc6622862d82dccf19edfbc5e5aaad37925ef6ea4780e0b0", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-06-13", "section_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-25-000044:open-20250613.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000044/open-20250613.htm", "table_id": null, "text": "Proposal No. 2: The Company’s stockholders ratified Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2025. The result of such vote was as follows:"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-25-000044:open-20250613.htm#b25"], "char_count": 144, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a7a6f427ab15bf8de15601ccef33a808a0641867d00619af4e154822e25d58ae", "derivation_id": "31b281c6c959f3764c65f5a75f1ab50803562b6c922ebd19e91533674e695f1e", "document_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-06-17", "filing_id": "sec:0001801169:0001801169-25-000044", "flags": ["short_passage"], "form": "8-K", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000044:open-20250613.htm", "block_sequence": 25, "char_end": 78, "char_start": 0, "fragment_sha256": "b371a3df5b3bad84781350a21dffdaf887c81363cca133cabbff7cc86fb003ce", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "table_index": 4, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm#p11", "passage_kind": "table", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-06-13", "section_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-25-000044:open-20250613.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000044/open-20250613.htm", "table_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm#b25", "text": "| | | | | | |\n| --- | --- | --- | --- | --- | --- |\n| For | | Against | | Abstain | |\n| 489,604,256 | | 10,362,340 | | 5,116,926 | |"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-25-000044:open-20250613.htm#b26"], "char_count": 188, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c316b32339eee212e41f1caf9edf98090c1bcf9ad84504334e95e9a8634f35cf", "derivation_id": "31b281c6c959f3764c65f5a75f1ab50803562b6c922ebd19e91533674e695f1e", "document_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-06-17", "filing_id": "sec:0001801169:0001801169-25-000044", "flags": ["short_passage"], "form": "8-K", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000044:open-20250613.htm", "block_sequence": 26, "char_end": 188, "char_start": 0, "fragment_sha256": "ddb45b8a14f1e9773d3eb349ac301ef2700b221590b43f8c02e09c954f3e7b32", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-06-13", "section_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-25-000044:open-20250613.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000044/open-20250613.htm", "table_id": null, "text": "Proposal No. 3: The Company’s stockholders approved, on an advisory (non-binding) basis, the compensation of the Company's named executive officers. The result of such vote was as follows:"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-25-000044:open-20250613.htm#b27"], "char_count": 183, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ca47bb71c26051d909b22f0e587a36d13686a0c06cf90504855af8c25b0392c3", "derivation_id": "31b281c6c959f3764c65f5a75f1ab50803562b6c922ebd19e91533674e695f1e", "document_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-06-17", "filing_id": "sec:0001801169:0001801169-25-000044", "flags": ["short_passage"], "form": "8-K", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000044:open-20250613.htm", "block_sequence": 27, "char_end": 108, "char_start": 0, "fragment_sha256": "7ebf1baf670bbf1851510e7d9920e9a9282a6a10344ec6161008f6b9e0421e1c", "heading_path": ["UNITED STATES", "Item 5.07", "Submission of Matters to a Vote of Security Holders."], "table_index": 5, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm#p13", "passage_kind": "table", "passage_sequence": 13, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-06-13", "section_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-25-000044:open-20250613.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000044/open-20250613.htm", "table_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm#b27", "text": "| | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| For | | Against | | Abstain | | Broker Non-Votes |\n| 295,550,350 | | 8,399,222 | | 824,987 | | 200,308,963 |"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-25-000044:open-20250613.htm#b30"], "char_count": 305, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "115d8d1ce32e7b79b8cea8ddb5e2bc94faec221c0b7d5a2bf2df90c5ad445e96", "derivation_id": "31b281c6c959f3764c65f5a75f1ab50803562b6c922ebd19e91533674e695f1e", "document_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-06-17", "filing_id": "sec:0001801169:0001801169-25-000044", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "SIGNATURES"], "items": ["5.07"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000044:open-20250613.htm", "block_sequence": 30, "char_end": 305, "char_start": 0, "fragment_sha256": "dc94a10600d301a0b1cd0499e77c12f6af29d63bb315cbeff1ae4037f3a32c30", "heading_path": ["UNITED STATES", "SIGNATURES"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm#p14", "passage_kind": "narrative", "passage_sequence": 14, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-06-13", "section_id": "norm:0001801169:0001801169-25-000044:open-20250613.htm#s15", "source_artifact_id": "sec:0001801169:0001801169-25-000044:open-20250613.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000044/open-20250613.htm", "table_id": null, "text": "Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Opendoor Technologies Inc. Date: June 17, 2025 By: /s/ Carrie Wheeler Name: Carrie Wheeler Title: Chief Executive Officer"} diff --git a/data/normalized/sec/0001801169/8-K/2025-08-01_0001801169-25-000069/norm_0001801169_0001801169-25-000069_exhibit991pressreleasedate.htm.json b/data/normalized/sec/0001801169/8-K/2025-08-01_0001801169-25-000069/norm_0001801169_0001801169-25-000069_exhibit991pressreleasedate.htm.json new file mode 100644 index 0000000000000000000000000000000000000000..714717920a075823040348d7a7ee715b1aafe0cf --- /dev/null +++ b/data/normalized/sec/0001801169/8-K/2025-08-01_0001801169-25-000069/norm_0001801169_0001801169-25-000069_exhibit991pressreleasedate.htm.json @@ -0,0 +1,103 @@ +{ + "acceptance_datetime": "2025-08-01T17:07:16.000Z", + "amends_accession": null, + "artifact_role": "ex99-01", + "blocks": [ + { + "block_id": "norm:0001801169:0001801169-25-000069:exhibit991pressreleasedate.htm#b0", + "block_sequence": 0, + "block_sha256": "77f1e664fc82209dad569a831255944e329e94dcf0025214e604383a8ec52fa7", + "block_type": "paragraph", + "char_count": 5876, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000069:exhibit991pressreleasedate.htm", + "block_sequence": 0, + "char_end": 5876, + "char_start": 0, + "fragment_sha256": "f462210f0f7000e60e5c36b3c7af54060f82e4d33d3509ec988a10febf9daa02", + "heading_path": [], + "table_index": null, + "tag_name": "document" + }, + "section_id": "norm:0001801169:0001801169-25-000069:exhibit991pressreleasedate.htm#s0", + "table": null, + "text": "EX-99.1 2 exhibit991pressreleasedate.htm EX-99.1 Document created using Wdesk Copyright 2025 Workiva Document Exhibit 99.1 Opendoor Regains Compliance with Nasdaq Minimum Bid Price Requirement and Cancels Special Meeting of Stockholders SAN FRANCISCO, August 1, 2025 -- Opendoor Technologies Inc. (\u201cOpendoor\u201d or the \u201cCompany\u201d) (Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today announced it received written notice from the Nasdaq Stock Market LLC that the Company has regained compliance with Nasdaq\u2019s minimum bid price requirement. Opendoor\u2019s common stock will continue to be listed on the Nasdaq Global Select Market. To regain compliance with the minimum bid price requirement, the Company's shares were required to maintain a closing bid price of $1.00 or more for at least 10 consecutive business days. Nasdaq\u2019s notice confirmed that Opendoor maintained a closing bid price of at least $1.00 for 12 consecutive business days from July 15, 2025 to July 30, 2025, thereby regaining compliance with the minimum bid price requirement. Accordingly, Nasdaq has determined that the matter is now closed. The Board of Directors of the Company has decided to cancel the Special Meeting of Stockholders, scheduled for August 27, 2025, which was intended to consider two proposals related to a discretionary reverse stock split of the Company\u2019s common stock. In light of Opendoor regaining compliance with the minimum bid price requirement, the Board has determined that it is in the best interests of the Company and its stockholders to not proceed with the reverse stock split proposal at this time and to cancel the Special Meeting. About Opendoor Opendoor is a leading e-commerce platform for residential real estate transactions whose mission is to power life\u2019s progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple and certain way to sell and buy a home. Opendoor is a team of problem solvers, innovators, and operators who are leading the future of real estate. Opendoor currently operates in markets nationwide. For more information, please visit www.opendoor.com Forward Looking Statements This press release contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the Company\u2019s ability to comply with the continued listing requirements for the Nasdaq Global Select Market. These forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cguidance\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201coutlook\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cvision\u201d, \u201cwill\u201d, or \u201cwould\u201d, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this press release include but are not limited to: the Company\u2019s ability to continue to comply with the continued listing requirements of the Nasdaq Global Select Market; risks associated with the Company\u2019s indebtedness and capital structure; the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, the imposition of tariffs and price or exchange controls, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that impact demand for the Company\u2019s products and services, lower the Company\u2019s profitability or reduce its access to future financings; actual or anticipated fluctuations in the Company\u2019s financial condition and results of operations; the Company\u2019s ability to access sources of capital, including debt financing and securitization funding to finance its real estate inventories and other sources of capital to finance operations and growth; and the volatility in the price of the Company\u2019s common stock. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \u201cRisk Factors\u201d in the Company\u2019s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 27, 2025, as updated by its periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. The Company does not give any assurance that it will achieve its expectations. Contacts Investors: investors@opendoor.com Media: press@opendoor.com" + } + ], + "cik": 1801169, + "cik10": "0001801169", + "company_name": "Opendoor Technologies Inc.", + "config_hash": "a8e88d258eb39664414697e0926a7d29600e676d9810ec79743c3c9490c9d4a1", + "content_sha256": "77f1e664fc82209dad569a831255944e329e94dcf0025214e604383a8ec52fa7", + "derivation_id": "e32c52ba3f5fdf3a836c5b4638405d767dec204d7155df1da17a65763d85bc48", + "document_id": "norm:0001801169:0001801169-25-000069:exhibit991pressreleasedate.htm", + "document_type": "earnings_release", + "exhibit_type": "EX-99.1", + "filing_date": "2025-08-01", + "filing_id": "sec:0001801169:0001801169-25-000069", + "flags": [ + "hierarchy_uncertain" + ], + "form": "8-K", + "form_sanitized": "8-K", + "is_amendment": false, + "items": [ + "8.01", + "9.01" + ], + "normalizer_version": "1.0.0", + "original_filename": "exhibit991pressreleasedate.htm", + "parser_fallback_from": null, + "parser_fallback_reason": null, + "parser_name": 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"https://www.sec.gov/Archives/edgar/data/1801169/000180116925000069/exhibit991pressreleasedate.htm", "table_id": null, "text": "EX-99.1 2 exhibit991pressreleasedate.htm EX-99.1 Document created using Wdesk Copyright 2025 Workiva Document Exhibit 99.1 Opendoor Regains Compliance with Nasdaq Minimum Bid Price Requirement and Cancels Special Meeting of Stockholders SAN FRANCISCO, August 1, 2025 -- Opendoor Technologies Inc. (“Opendoor” or the “Company”) (Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today announced it received written notice from the Nasdaq Stock Market LLC that the Company has regained compliance with Nasdaq’s minimum bid price requirement. Opendoor’s common stock will continue to be listed on the Nasdaq Global Select Market. To regain compliance with the minimum bid price requirement, the Company's shares were required to maintain a closing bid price of $1.00 or more for at least 10 consecutive business days. Nasdaq’s notice confirmed that Opendoor maintained a closing bid price of at least $1.00 for 12 consecutive business days from July 15, 2025 to July 30, 2025, thereby regaining compliance with the minimum bid price requirement. Accordingly, Nasdaq has determined that the matter is now closed. The Board of Directors of the Company has decided to cancel the Special Meeting of Stockholders, scheduled for August 27, 2025, which was intended to consider two proposals related to a discretionary reverse stock split of the Company’s common stock. In light of Opendoor regaining compliance with the minimum bid price requirement, the Board has determined that it is in the best interests of the Company and its stockholders to not proceed with the reverse stock split proposal at this time and to cancel the Special Meeting. About Opendoor Opendoor is a leading e-commerce platform for residential real estate transactions whose mission is to power life’s progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple and certain way to sell and buy a home. Opendoor is a team of problem solvers, innovators, and operators who are leading the future of real estate. Opendoor currently operates in markets nationwide. For more information, please visit www.opendoor.com Forward Looking Statements This press release contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the Company’s ability to comply with the continued listing requirements for the Nasdaq Global Select Market. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “vision”, “will”, or “would”, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000069:exhibit991pressreleasedate.htm#b0"], "char_count": 2432, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "af5acda37e906aa4849e629211f0eb2c55027d35aa2756f5615928556d9fbe90", "derivation_id": "e32c52ba3f5fdf3a836c5b4638405d767dec204d7155df1da17a65763d85bc48", "document_id": "norm:0001801169:0001801169-25-000069:exhibit991pressreleasedate.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-08-01", "filing_id": "sec:0001801169:0001801169-25-000069", "flags": [], "form": "8-K", "heading_path": [], "items": ["8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000069:exhibit991pressreleasedate.htm", "block_sequence": 0, "char_end": 5875, "char_start": 3443, "fragment_sha256": "f462210f0f7000e60e5c36b3c7af54060f82e4d33d3509ec988a10febf9daa02", "heading_path": [], "table_index": null, "tag_name": "document"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000069:exhibit991pressreleasedate.htm#p1", "passage_kind": "narrative", "passage_sequence": 1, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-07-31", "section_id": "norm:0001801169:0001801169-25-000069:exhibit991pressreleasedate.htm#s0", "source_artifact_id": "sec:0001801169:0001801169-25-000069:exhibit991pressreleasedate.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000069/exhibit991pressreleasedate.htm", "table_id": null, "text": "The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this press release include but are not limited to: the Company’s ability to continue to comply with the continued listing requirements of the Nasdaq Global Select Market; risks associated with the Company’s indebtedness and capital structure; the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, the imposition of tariffs and price or exchange controls, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that impact demand for the Company’s products and services, lower the Company’s profitability or reduce its access to future financings; actual or anticipated fluctuations in the Company’s financial condition and results of operations; the Company’s ability to access sources of capital, including debt financing and securitization funding to finance its real estate inventories and other sources of capital to finance operations and growth; and the volatility in the price of the Company’s common stock. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption “Risk Factors” in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2025, as updated by its periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. The Company does not give any assurance that it will achieve its expectations. 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Opendoor Technologies Inc. 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+ }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b8", + "block_sequence": 8, + "block_sha256": "4fc7a77c0b60d5e670baf5ca61d2cc69354043a20f42a97a9887621953ae84fe", + "block_type": "paragraph", + "char_count": 2032, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 8, + "char_end": 2032, + "char_start": 0, + "fragment_sha256": "fa039167474c6045b13fd40a91ac23fc751793d1dab75a7038af177b90c81eee", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 2Q25 At Opendoor, we believe that selling your home should be simple. For too long, the process has been frustratingly complex, opaque, and slow. Our mission remains clear and resolute: to reinvent the U.S. residential real estate industry, making it simpler, more convenient, and more customer-centric for everyone involved. For the past decade, we\u2019ve invested in the deep infrastructure of real estate, building pricing intelligence, operational capabilities, and a robust marketing engine. Given our unprecedented access to homes, we have amassed an unparalleled dataset: photos, videos, agent notes, and customer interactions from millions of home visits. This proprietary data fuels our AI \u2014 and that AI powers our flagship product, the cash offer, which delivers what traditional sales cannot: speed, certainty, and control. Sellers understand the value instantly. Our Net Promoter Score of nearly 80 over the past four years speaks for itself. Increasingly, agents understand that value, too. While we were once seen as disruptors, today we\u2019re collaborators. Our positioning has evolved as we built strong agent relationships \u2014 in fact, about one quarter of our acquisitions come from agents bringing their clients directly to us for a cash offer. We believe a great agent can be an invaluable guide through one of life\u2019s biggest decisions, and our path forward lies in deepening these partnerships. Today, we are outlining our plans to enable Key Connections agents to distribute our offerings, and create a platform where our success is aligned with the success of agents. We\u2019ve already done the hard work of integrating the messy, fragmented layers of the transaction across pricing, home assessment, repairs, title, escrow, and beyond. Now we\u2019re opening up that platform. When agents plug in, they gain access to our qualified leads and our capabilities, while homeowners gain more options. Opendoor is able to serve more sellers. Everyone wins. Opendoor Shareholders, 2 A letter from our Chair and CEO" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b9", + "block_sequence": 9, + "block_sha256": "6297c5ecfae2643c225a3ebe32aadcb40c6c668ef0481bd504365b5815d17c8d", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 9, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "def194b4087cf359f15b507dbcba36536c7c3f424af3dc80a928d62e0d0687d4", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q25opendoorsh003.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b10", + "block_sequence": 10, + "block_sha256": "78291f0b06ab1b83f7dd123dd193e73257779ce7404e393b0c5ab172e13ee6ae", + "block_type": "paragraph", + "char_count": 2133, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 10, + "char_end": 2133, + "char_start": 0, + "fragment_sha256": "227970728066ed0e9e40a6c46a736dfa5b54e4dc9f0f5d241d4b50a44141d44e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 2Q25 This evolution marks a fundamental shift in how we operate and what we offer \u2014 and it\u2019s reshaping our business model in meaningful ways. We began piloting this new approach in select markets in the second quarter, and the early signals have been encouraging: \u25cf Twice as many customers are reaching a final underwritten cash offer as compared to our traditional direct-to-consumer flow. With more customers getting to a final cash offer, we have the opportunity to increase our conversion. \u25cf Customers get their final offer even faster with a streamlined assessments process via the in-home agent visit. \u25cf Listing agreement conversion rates (i.e., consumers who end up listing with a partner agent) are 5x greater than what we have realized in our direct-to-consumer flow. We get more sellers to an outcome they desire. \u25cf And we unlock more capital-light earnings via our share of listing commission revenue. This is a powerful lever for long-term margin expansion, which also enables us to pursue incremental attach opportunities over time. Based on the early results, we have moved quickly from pilot to rapid expansion. Today, we\u2019re excited to announce we have partner agents live in each of our markets. From Product to Platform 3 Our focus is now on optimization via additional agent onboarding, training, and product expansion. For example, we recently launched our Key Agent iOS app, which enables agents to perform high-fidelity home assessments directly from their mobile devices. Use of the app provides Opendoor with incremental data to further fuel our AI algorithms. Building on our new go-to-market efforts, we recently introduced Cash Plus. Cash Plus is a hybrid product designed for sellers who want the convenience of a cash offer but hope to maximize upside by going to market. For sellers, it\u2019s the best of both worlds. For Opendoor, we believe it\u2019s a better risk-adjusted product for us to deliver \u2014 we deploy less capital upfront and retain greater downside protection. And agents are central to delivery: they\u2019re the distribution channel, the customer counselor, and the face of the sale." + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b11", + "block_sequence": 11, + "block_sha256": "753d87883453ee04f0fe499d1b8aa505496c29296a4d1b11c3279fc553f958bb", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 11, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "51590451190ad9726de47ce03f052c836d53cb94515ccd5e56c2b980cacb9932", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q25opendoorsh004.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b12", + "block_sequence": 12, + "block_sha256": "892ab05afc61c864293e61fadfba9fee182404507d449424b41f87fec3043d82", + "block_type": "paragraph", + "char_count": 3132, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 12, + "char_end": 3132, + "char_start": 0, + "fragment_sha256": "228539241d04db404abae6bc9687f71badc83f8a2e41a06e70e4e33d9c64cfb1", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 2Q25 We delivered a strong second quarter, exceeding our guidance for both Revenue and Adjusted EBITDA. This performance reflects deliberate choices: heavier marketing spend in 4Q24 and 1Q25 to align with resale seasonality, and wider offer spreads in 2Q25 to manage risk in a volatile market. This drove higher resale volumes but lower acquisitions in the quarter, as we continue to prioritize prudence over pace \u2014 focusing on disciplined underwriting and efficient spend, rather than pursuing growth that could compromise long-term value creation. While our full quarter performance was strong, we observed a consistent slowing of the housing market as the quarter progressed. In response, we further raised spreads, exiting the quarter with a materially lower acquisition pace than we entered, which will impact our second half outlook. Looking ahead, we believe housing market weakness will persist, and we are not assuming any near-term catalyst for improvement. We expect to see sequential acquisition and resale volume declines driven by a combination of macro dynamics, typical seasonal patterns in our cash offer business, and the early-stage nature of our platform pivot, which will take time to mature. We are transitioning our business model during a historically difficult macro environment \u2013 the benefits of this evolution will take time to materialize. Still, our 2Q25 results underscore the progress we\u2019ve made. At $1.6 billion in revenue, we achieved our first quarter of Adjusted EBITDA profitability in three years \u2014 a clear reflection of the cost discipline and operating leverage we've developed. While we don\u2019t expect to maintain profitability in the back half given lower acquisition volume and inventory levels, this milestone is a meaningful indicator of the substantial progress we are making. This is a moment of necessary transition \u2014 one that will reposition Opendoor for durability, relevance, and scale in the years ahead. Our near-term expectations don\u2019t reflect our ambitions. We know where we\u2019re going, and we\u2019re taking deliberate steps to get there. Executing Against Our Plan 4 Delivered Adjusted EBITDA of $23 million in 2Q25, compared to $(5) million in 2Q24, achieving our first quarter of Adjusted EBITDA profitability in three years. Sold 4,299 homes, which generated $1.6 billion revenue, representing a 5% increase versus 2Q24. Carrie Wheeler, Chair and CEO Delivered $128 million of gross profit, versus $129 million in 2Q24, representing an 8.2% gross margin, and $69 million of Contribution Profit, versus $95 million in 2Q24, representing a 4.4% Contribution Margin. Note: Adjusted Operating Expenses, Adjusted Gross Profit, Contribution Profit, Contribution Margin, Adjusted Net Loss, and Adjusted EBITDA are non-GAAP financial measures. See \u201cUse of Non-GAAP Financial Measures\u201d following the financial tables below for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures. Narrowed our Net Loss to $(29) million and Adjusted Net Loss to $(9) million, versus $(92) million and $(31) million in 2Q24, respectively." + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b13", + "block_sequence": 13, + "block_sha256": "012869e645b89c3c6e3e13d46ac8d87d80daeff693d3d510085d7e32ccbf470e", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 13, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "a4cb6f0bbf5bd6b379f5fa3e315e607c5675ff308ebfca3cbf4613185851af74", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q25opendoorsh005.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b14", + "block_sequence": 14, + "block_sha256": "8be4ce5c1c06fd9533e4d66170b556fe4755c5e7560327b27d0c7b59f11830c3", + "block_type": "paragraph", + "char_count": 1911, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 14, + "char_end": 1911, + "char_start": 0, + "fragment_sha256": "00fb1600aa30ea75c1a031e0a1d48c4f82e556fb87ef188aee733e5798f6f84c", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 2Q25 GAAP Net Loss was $(29) million in 2Q25 versus $(92) million in 2Q24. Adjusted Net Loss was $(9) million in 2Q25 versus $(31) million in 2Q24. GAAP Operating Expenses were $141 million in 2Q25, down from $201 million in 2Q24. Adjusted Operating Expenses, defined as the delta between Contribution Profit (Loss) and Adjusted EBITDA, were $46 million in 2Q25, down from $100 million in 2Q24. Adjusted EBITDA was $23 million in 2Q25, ahead of the high end of our guidance range and compared to $(5) million in 2Q24. This outperformance was driven by the beat in both Revenue and Adjusted Operating Expenses. GAAP Gross Profit was $128 million in 2Q25, versus $129 million in 2Q24. GAAP Gross Margin was 8.2% in 2Q25, versus 8.5% in 2Q24. Adjusted Gross Profit was $135 million in 2Q25, versus $154 million in 2Q24. Contribution Profit was $69 million in the second quarter, near the midpoint of our guidance range of $65 million to $75 million, and compared to $95 million in 2Q24. Contribution Margin of 4.4% came in just below our prior guidance range of 4.5% to 4.9%, and compares to 6.3% in 2Q24. In the second quarter, we delivered $1.6 billion of revenue, above the high end of our guidance range of $1.45 billion to $1.525 billion, representing 4,299 homes sold. This represents a 5% increase versus 2Q24. On the acquisition side, we purchased 1,757 homes in the second quarter, surpassing our guidance of approximately 1,700 homes. This represents a 63% decrease versus 2Q24 given elevated spread levels. Notably, we observed continually worsening housing conditions (including slowing clearance and rising delistings) throughout the quarter and concomitantly raised spreads. This slowed our acquisition pace and resulted in us exiting the quarter on a lower acquisition trajectory than we started. Financial Highlights Volume and Revenue Unit Economics Net Loss and Adjusted EBITDA" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b15", + "block_sequence": 15, + "block_sha256": "5f9fae61e96d2e387a30b2b8dc3aeb1dae6bb9fa67e096de3e8313ae219ffdc7", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 15, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "04f0b62b7dac384bf2b5c231f1f4f165f88d634103205a42702ddc966c5bfc47", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q25opendoorsh006.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b16", + "block_sequence": 16, + "block_sha256": "b85abb0c22df5619ac02e6c85cab1eec571ef801d627268c188fa2ca819d6091", + "block_type": "paragraph", + "char_count": 2018, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 16, + "char_end": 2018, + "char_start": 0, + "fragment_sha256": "8fbb04be444524b030e487a301124dabe3f098f99ea25eec5579685d0bd7e0b3", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 2Q25 Amid heightened uncertainty from shifting economic policies, the evolving tariff landscape, and geopolitical tensions, the broader macroeconomic environment remains challenging. The U.S. housing market is no exception. With mortgage rates hovering in the high 6% range and affordability near all-time lows, buyer demand remains persistently weak. Only 12% of consumers expressed that it is a good time to buy a home, and sellers currently outnumber buyers by the widest margin in over a decade. This has led to low clearance rates, decade high delistings, and gave rise to the slowest spring selling season in thirteen years. We expect these trends to continue to weigh on the housing market through the second half of the year. We ended the second quarter with 4,538 homes, representing $1.5 billion in net inventory, versus $2.2 billion in 2Q24, and $1.1 billion in capital, which is primarily composed of $789 million in unrestricted cash and $167 million of equity invested in homes and related assets (net of inventory valuation adjustments). At quarter end, we had $7.8 billion in non-recourse, asset-backed borrowing capacity, of which $1.8 billion was outstanding. Of that capacity, $7.4 billion has a scheduled revolving or withdrawal period that ends in 2026 or later. And our total committed borrowing capacity was $2.0 billion, of which $1.7 billion has a scheduled revolving or withdrawal period ending in 2026 or later. In May, we completed the successful issuance of $325 million of 7.0% Convertible Senior Notes due 2030, consisting of (a) approximately $246 million principal amount of 2030 Notes issued in exchange for approximately $246 million principal amount of 0.25% Convertible Senior Notes due 2026, and (b) approximately $79 million principal amount of 2030 Notes for cash. This transaction allowed us to extend maturities to 2030 and opportunistically add approximately $75 million in cash to our balance sheet. 6 Inventory and Other Balance Sheet Items Looking Ahead" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b17", + "block_sequence": 17, + "block_sha256": "749dc124ba59f5a67cda5db57adcbce393cfb1b92c9bc7564f0868dee1e44a33", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 17, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "e8681ab50d92341290c6947071556e59d4eeb203336bce29efbc0f5be0f5c3cc", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q25opendoorsh007.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b18", + "block_sequence": 18, + "block_sha256": "6d19b8aca05817059e69090607b1835b5bb48e5109c13791bea011e70caf3f86", + "block_type": "paragraph", + "char_count": 3124, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 18, + "char_end": 3124, + "char_start": 0, + "fragment_sha256": "e1e6d348fefd01b48257d6b83544e28ac2925c45394b9ae4ddc8a63a40669b41", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 2Q25 7 Guidance (1) Opendoor has not provided a quantitative reconciliation of forecasted forecasted Contribution Profit (Loss) to forecasted GAAP gross profit (loss), forecasted Contribution Margin to forecasted GAAP Gross Margin, nor forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss), GAAP gross margin, operating expenses and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company\u2019s control. For more information regarding the non-GAAP financial measures discussed in this shareholder letter, please see \u201cUse of Non-GAAP Financial Measures\u201d following the financial tables below. While we\u2019re not providing full year guidance, we\u2019d like to provide some additional color for the balance of the year. Given our expectation for a continued challenging macro, typical seasonal patterns in our cash offer business, and the early-stage nature of our platform pivot, we expect 4Q25 revenue to decline sequentially at a similar level to the 3Q25 sequential decline. Contribution Margin will also be pressured in the second half by an unfavorable mix of older, lower margin homes given lower acquisition volumes, likely putting our goal of year-on-year Contribution Margin improvement out of reach. We remain vigilant in monitoring and incorporating macro expectations into our pricing, but are diligently executing against the factors within our control, including our evolution to become a distributed platform serving the broader ecosystem. Ultimately, we believe that the strategic changes we are making will position us to serve more sellers in any housing environment. Our outlook is informed primarily by: Spreads. Given the ongoing uncertainty in the housing macro environment, we continue to take a cautious approach to pricing, maintaining spreads above historical seasonal norms to account for ongoing softness in demand. We will continue to dynamically adjust our spreads in response to market conditions as they evolve. Marketing. As we have discussed previously, we have realigned our marketing spend cadence across the year to deploy our advertising dollars efficiently. Given seasonality, the macroeconomic backdrop and forecasted continued high spreads, we expect marketing spend to be down materially on a year-over-year basis. Looking forward, we expect the following results for the third quarter of 2025: Our outlook is informed primarily by: Home acquisitions of approximately 1,200 Revenue between $800 and $875 million Contribution Profit (1) between $22 and $29 million, which implies a Contribution Margin of 2.8% to 3.3% Adjusted EBITDA(1) between $(28) and $(21) million Stock-based compensation expense between $10 and $12 million" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b19", + "block_sequence": 19, + "block_sha256": "7962f465a18a7924204f3aa36719309f546ccb01513c17604cc9f914359c1766", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 19, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "9e45dc1b36908dff39f2a94b5b9b7bc6494fde9808c6ef1778c6aa4dc5d248d6", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q25opendoorsh008.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b20", + "block_sequence": 20, + "block_sha256": "94fae5aafb907b8a687b5a0b384594ea421a22f5122975575a6818d4c599a6c6", + "block_type": "paragraph", + "char_count": 510, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 20, + "char_end": 510, + "char_start": 0, + "fragment_sha256": "78d55d83d497c7d623b528a41f88d4c165068bbb115c5f61a362314f176dc374", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 2Q25 Carrie Wheeler, Chair and CEO Selim Freiha, Chief Financial Officer Opendoor will host a conference call to discuss its financial results on August 5, 2025 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor\u2019s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. August 5, 2025 at 2 p.m. PT investor.opendoor.com Conference Call Information 8 Live Webcast" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b21", + "block_sequence": 21, + "block_sha256": "bbb14da992a0320dd841db38d59ee9aed7cb02c3a1679de428b1af3d0756dfb2", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 21, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "abcfc283f7fe24aeb1439825e5c63eb2dc4296b42d6ae0db4134f452204b8060", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q25opendoorsh009.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b22", + "block_sequence": 22, + "block_sha256": "c4eea6bbd64a347169b14557c1559ae54e4b05c1d35be48301f3e2b2a6771a1d", + "block_type": "paragraph", + "char_count": 90, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 22, + "char_end": 90, + "char_start": 0, + "fragment_sha256": "f953a7319a770ed680ecc78bff2fb6e03858776ad3fa06991c1fee7c71a45b31", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 2Q25/ Opendoor/ OpendoorHQ Company / Opendoor-com investor.opendoor.com" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b23", + "block_sequence": 23, + "block_sha256": "ef98639a6ac03c09b6003703125b188c3e84b8c4736521b4e77e212c0df1fbe4", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 23, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "39a1c15776eddc9ba173d6989b9a304a719e1d3a79111b0b09ded8c9c23b5014", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q25opendoorsh010.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b24", + "block_sequence": 24, + "block_sha256": "f4c9931dfb7d4869575c72ccdb3b9e070c3421386ff7fd35c5a34e5a768388df", + "block_type": "paragraph", + "char_count": 102, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 24, + "char_end": 102, + "char_start": 0, + "fragment_sha256": "5b6ce8e33e7d1b138dc382db369e7c9797007d5f2fe099232a99654ae8f20b23", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 2Q25 Shareholder Letter 1Q25 Definitions & Financial Tables Shareholder Letter 1Q25" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b25", + "block_sequence": 25, + "block_sha256": "9ab9f68f13794260efc16474a22b10fd10d17f4cf8608fa7baafc9a4619d331a", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 25, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "ab913641dd5791a18db3437d34e7f65da3c6a69633a653e0faa0d417e89bdf4a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q25opendoorsh011.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b26", + "block_sequence": 26, + "block_sha256": "4e920b27e7464a890727bf0d65c615407ce5c2fc2b2c80f9f1ecfd4005854092", + "block_type": "paragraph", + "char_count": 7460, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 26, + "char_end": 7460, + "char_start": 0, + "fragment_sha256": "61b19915ee80f52be1d0360d494df18ea5179ea112d7cc286fab21cb886243c8", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "This shareholder letter contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including, without limitation, statements regarding: current and future health and stability of the real estate housing market and general economy, including the effects of tariffs and shifting economic policies on the macroeconomic environment; volatility of mortgage interest rates, changes in resale clearance rates, delistings and expectations regarding future behavior of consumers and partners; impacts of changes to our acquisition rates; whether we are able to safeguard our margins by widening our spreads; the health and status of our financial condition; our ongoing transformation efforts and cost-efficiency opportunities; whether our efforts to optimize spread and adjust our marketing strategy for seasonality trends will improve profitability; anticipated future results of operations or financial performance, including our third quarter and full-year 2025 outlook and projections; our ability to achieve other long- term performance targets; our ability to attract potential customers and agents through our Key Agent and Cash Plus programs; our expectations regarding the impact of trends in seasonality on the real estate industry and our business; priorities of the Company to achieve future financial and business goals; our ability to continue to effectively navigate the markets in which we operate; health of our balance sheet to weather ongoing market transitions; our ability to adopt an effective approach to manage economic and industry risk, as well as inventory health; business strategy and plans, including any plans to expand into additional markets, market opportunity and expansion and objectives of management for future operations, including statements regarding the benefits and timing of the roll out of new markets, products or technology; and the expected benefits of refinancing efforts. Forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cguidance\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201coutlook\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cvision\u201d, \u201cwill\u201d, or \u201cwould\u201d, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this shareholder letter include but are not limited to: the current and future health and stability of the economy, financial conditions and the residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, the imposition of tariffs and price or exchange controls, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that may impact demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our digital platform, including our automated pricing and valuation technology; our ability to realize expected benefits from our restructuring and cost reduction efforts; our ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our ability to protect our brand and intellectual property; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; any future impact of pandemics, epidemics, or other public health crises on our ability to operate, demand for our products and services, or other general economic conditions; our ability to maintain our listing on the Nasdaq Global Select Market; the impact of the regulatory environment and potential regulatory instability within our industry and complexities with compliance related to such environment; changes in laws or government regulation affecting our business; the impact of pending or future litigation or regulatory actions; and the volatility in the price of our common stock. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \u201cRisk Factors\u201d in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 27, 2025, as updated by our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 11 Forward-Looking Statements" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b27", + "block_sequence": 27, + "block_sha256": "e5cc20dc8186da7e33d8d7160182a3d3de0273f103866b481f333bf7510345b4", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 27, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "007fa06ba239af7c8b6b22cbef2da2383914033d9c837ec1e90a4a405daed0ab", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q25opendoorsh012.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b28", + "block_sequence": 28, + "block_sha256": "dd2fcec414ce8072a6f29d89736227d454bec6e68f5804b79ea282ba0051fd9f", + "block_type": "paragraph", + "char_count": 3096, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 28, + "char_end": 3096, + "char_start": 0, + "fragment_sha256": "3af846f5a0bc05b562b0b9c270e72850ba56e14ca1fcf5d309844bb5ddf666d2", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company\u2019s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit, Adjusted Net Loss, Adjusted EBITDA, Adjusted Operating Expenses, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non- GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results. Adjusted Gross Profit and Contribution Profit To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit and Contribution Profit, which are non-GAAP financial measures. We believe that Adjusted Gross Profit and Contribution Profit are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit and Contribution Profit are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit. 12 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b29", + "block_sequence": 29, + "block_sha256": "227f12391ec87ef1acbfe4e1ca78a240af16a9f70aa864a18e9dd734b9434326", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 29, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "7da3c73a60b78e6326118f2bce7cc5676bd389c4501640c2524584d513a249b8", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q25opendoorsh013.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b30", + "block_sequence": 30, + "block_sha256": "7c52a3aefc254cc112806640baa7c9a17cc8a3d5492f8de238c12a086a7fd15b", + "block_type": "paragraph", + "char_count": 1798, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 30, + "char_end": 1798, + "char_start": 0, + "fragment_sha256": "5f288e3d806e82973c86a16c3c815607ce43eabed51d9f62cfab6f854e5c4ad7", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "Adjusted Gross Profit / Margin We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. Adjusted Gross Margin is Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution Profit / Margin We calculate Contribution Profit as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflows directly associated with a specific resale cohort. 13 Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b31", + "block_sequence": 31, + "block_sha256": "804f1d41b7f9884d95b066983b12ae406a5160e5e6dd63ad231ffcdf82a532d4", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 31, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "10a1ea7faea4b0a25a4ef051c8cb6e91bd39e17393d9b3b62492335c365a13f5", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q25opendoorsh014.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b32", + "block_sequence": 32, + "block_sha256": "4b67bee8aecd786f08329526257134492e0ea1f51c6bf429fcf21f808894ea7d", + "block_type": "paragraph", + "char_count": 3266, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 32, + "char_end": 3266, + "char_start": 0, + "fragment_sha256": "125d1a66f10f4f8b9a15b244fa788c3c9e0bc493f470bf9394fbcee7ab9c964b", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "14 Adjusted Net Loss and Adjusted EBITDA / Margin We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss. We calculate Adjusted Net Loss as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, intangibles amortization expense, and the amortization of stock-based compensation capitalized to internally developed software (\"IDSW\"). It excludes expenses that are not directly related to our revenue- generating operations such as restructuring and legal contingency accruals. It excludes (gain) loss on extinguishment of debt as these gains or expenses were incurred as a result of decisions made by management to terminate or partially extinguish portions of our outstanding credit facilities or convertible senior notes early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue. Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b33", + "block_sequence": 33, + "block_sha256": "e68f3dd74b2d68ce51d3d050310360afdda31f5006dbdf90d0482b0f391456e8", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 33, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "27b1f49b1b5fda13edb41375a8e5a38056bdb2499c91893706a95706aef272f1", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q25opendoorsh015.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b34", + "block_sequence": 34, + "block_sha256": "5a346a331ef16cc3b5352fdbd5f19b6137e341b4e6b7e4d1f28bb5cef883f458", + "block_type": "paragraph", + "char_count": 4411, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 34, + "char_end": 4411, + "char_start": 0, + "fragment_sha256": "3410ffa0f2c02359f646d89eee2968e65c1dca0f0396a78d6f72763e9e21292e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "15 Adjusted Operating Expense We also present Adjusted Operating Expense, which is a non-GAAP financial measure that bridges the difference between Contribution Profit and Adjusted EBITDA. We believe this measure provides investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to Contribution Profit and certain charges that are non-cash, or not directly related to our revenue-generating operations are removed. Adjusted Operating Expense is a supplemental measure of our operating expenditures and has important limitations. For example, this measure excludes the impact of certain costs required to be recorded under GAAP. This measure removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to Contribution Margin. This measure could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, this measure should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of this measure to the most directly comparable GAAP financial measure, which is operating expenses. We calculate Adjusted Operating Expense as GAAP operating expense adjusted to exclude direct selling costs and holding costs included in determining Contribution Profit. The measure also excludes non-cash expenses of stock-based compensation, depreciation and amortization, intangibles amortization, and the amortization of stock-based compensation capitalized to IDSW. It also excludes expenses that are not directly related to our revenue-generating operations such as restructuring charges and legal contingency accruals. Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, Adjusted Technology and Development We also present Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, and Adjusted Technology and Development, which are non-GAAP financial measures that provide investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to contribution profit and certain charges that are non-cash are removed. These supplemental measures of our operating expenditures have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. Specifically, Adjusted Sales, Marketing and Operations removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to Contribution Margin. These measures could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which are Sales, marketing and operations expense, General and administrative expense and Technology and development expense. We calculate Adjusted Sales, Marketing and Operations as GAAP sales, marketing and operations expenses to exclude direct selling costs and holding costs included in determining Contribution Profit. This measure also excludes non-cash expenses of stock-based compensation and amortization of intangibles associated with sales, marketing and operations assets. We calculate Adjusted General and Administrative as GAAP general and administrative expenses to exclude non-cash expenses of stock-based compensation, depreciation and amortization of intangibles associated with general and administrative assets. It also excludes expenses that are not directly related to our revenue-generating operations such as legal contingency accruals. We calculate Adjusted Technology and Development as GAAP technology and development expenses to exclude non-cash expenses of stock-based compensation, the amortization of stock-based compensation capitalized to IDSW, and depreciation and amortization associated with technology and development assets. Definitions" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b35", + "block_sequence": 35, + "block_sha256": "b3b1f7f77da2c73ad0a9e29e0ac9fb89c323761d4a29711eb4957fbfb11b4036", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 35, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "73ae9d740a212de9834406329cb73d40f98ecb33ffebc7dd6bc40305fbdbfc51", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q25opendoorsh016.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b36", + "block_sequence": 36, + "block_sha256": "6614679656adc0b972b0ba50abaed707ba20d7fb00b2a85ff4bae0d3db23722e", + "block_type": "paragraph", + "char_count": 1282, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 36, + "char_end": 1282, + "char_start": 0, + "fragment_sha256": "7c1c8495e83cc673850277de4f053f4d562d5514b8797b0ef2bba3c401f3f64b", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "16 Three Months Ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Revenue $ 1,567 $ 1,153 $ 1,084 $ 1,377 $ 1,511 Gross profit $ 128 $ 99 $ 85 $ 105 $ 129 Gross Margin 8.2 % 8.6 % 7.8 % 7.6 % 8.5 % Net loss $ (29) $ (85) $ (113) $ (78) $ (92) Number of markets (at period end) 50 50 50 50 50 Homes sold 4,299 2,946 2,822 3,615 4,078 Homes purchased 1,757 3,609 2,951 3,504 4,771 Homes in inventory (at period end) 4,538 7,080 6,417 6,288 6,399 Inventory (at period end) $ 1,530 $ 2,362 $ 2,159 $ 2,145 $ 2,234 Percentage of homes \u201con the market\u201d for greater than 120 days (at period end) 36 % 27 % 46 % 23 % 14 % Non-GAAP Financial Highlights (1) Contribution Profit $ 69 $ 54 $ 38 $ 52 $ 95 Contribution Margin 4.4 % 4.7 % 3.5 % 3.8 % 6.3 % Adjusted EBITDA $ 23 $ (30) $ (49) $ (38) $ (5) Adjusted EBITDA Margin 1.5 % (2.6) % (4.5) % (2.8) % (0.3) % Adjusted Net Loss $ (9) $ (63) $ (77) $ (70) $ (31) OPENDOOR TECHNOLOGIES INC. FINANCIAL HIGHLIGHTS AND OPERATING METRICS (In millions, except percentages, homes sold, number of markets, homes purchased, and homes in inventory) (Unaudited) (1) See \u201c\u2014Use of Non-GAAP Financial Measures\u201d for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures." + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b37", + "block_sequence": 37, + "block_sha256": "153dc27b345321c22e800e6699d94e2cecdcd40ff503f14c90b4c80aeac079a7", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 37, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "458a2789dea7ccee88fcec478d9af1c6eda50e68ed25eb2ed23a4c443e6aa59b", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q25opendoorsh017.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b38", + "block_sequence": 38, + "block_sha256": "9aa81d68b6d8d9032f81480ca903d1d2ab1e905a512547bebcbc7d227d61726a", + "block_type": "paragraph", + "char_count": 1457, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 38, + "char_end": 1457, + "char_start": 0, + "fragment_sha256": "24c8dff954de72a0e373d609d453d23a72574e7a6c48f6029a3cf998db125966", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "17 Three Months Ended Six Months Ended June 30, June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 2025 2024 REVENUE $ 1,567 $ 1,153 $ 1,084 $ 1,377 $ 1,511 $ 2,720 $ 2,692 COST OF REVENUE 1,439 1,054 999 1,272 1,382 2,493 2,449 GROSS PROFIT 128 99 85 105 129 227 243 OPERATING EXPENSES: Sales, marketing and operations 86 98 88 96 116 184 229 General and administrative 28 33 41 46 48 61 95 Technology and development 21 21 33 30 37 42 78 Restructuring 6 3 17 \u2014 \u2014 9 \u2014 Total operating expenses 141 155 179 172 201 296 402 LOSS FROM OPERATIONS (13) (56) (94) (67) (72) (69) (159) GAIN (LOSS) ON EXTINGUISHMENT OF DEBT 10 \u2014 (1) \u2014 (1) 10 (1) INTEREST EXPENSE (36) (33) (32) (34) (30) (69) (67) OTHER INCOME \u2013 Net 10 4 14 23 12 14 27 LOSS BEFORE INCOME TAXES (29) (85) (113) (78) (91) (114) (200) INCOME TAX EXPENSE \u2014 \u2014 \u2014 \u2014 (1) \u2014 (1) NET LOSS $ (29) $ (85) $ (113) $ (78) $ (92) $ (114) $ (201) Net loss per share attributable to common shareholders: Basic $ (0.04) $ (0.12) $ (0.16) $ (0.11) $ (0.13) $ (0.16) $ (0.29) Diluted $ (0.04) $ (0.12) $ (0.16) $ (0.11) $ (0.13) $ (0.16) $ (0.29) Weighted-average shares outstanding: Basic 729,484 723,542 716,317 705,359 693,445 726,529 687,951 Diluted 729,484 723,542 716,317 705,359 693,445 726,529 687,951 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited)" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b39", + "block_sequence": 39, + "block_sha256": "1406bb90b18f21a001445111e2833cdfe3a6c8e937bac85ca92ba599e33b857c", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 39, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "5bf0ce4b3a3b18b4e49b93d08c568f857976e1718ff6bddfc515b855e360911a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q25opendoorsh018.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b40", + "block_sequence": 40, + "block_sha256": "14a059972de153a5cf524594da07c906acd6424d6fed0a9223bcc34d5aadac60", + "block_type": "paragraph", + "char_count": 1389, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 40, + "char_end": 1389, + "char_start": 0, + "fragment_sha256": "e4849b29325488275efe137e1032eba6ab31f6e7c28bf45eab087965788fe94c", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "18 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) June 30, 2025 December 31, 2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 789 $ 671 Restricted cash 396 92 Marketable securities \u2014 8 Escrow receivable 10 6 Real estate inventory, net 1,530 2,159 Other current assets 72 61 Total current assets 2,797 2,997 PROPERTY AND EQUIPMENT \u2013 Net 37 48 RIGHT OF USE ASSETS 9 18 GOODWILL 3 3 OTHER ASSETS 61 60 TOTAL ASSETS $ 2,907 $ 3,126 LIABILITIES AND SHAREHOLDERS\u2019 EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 86 $ 92 Non-recourse asset-backed debt \u2013 current portion 550 432 Interest payable 5 3 Lease liabilities \u2013 current portion 2 2 Total current liabilities 643 529 NON-RECOURSE ASSET-BACKED DEBT \u2013 Net of current portion 1,189 1,492 CONVERTIBLE SENIOR NOTES 437 378 LEASE LIABILITIES \u2013 Net of current portion 6 13 OTHER LIABILITIES 1 1 Total liabilities 2,276 2,413 SHAREHOLDERS\u2019 EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 733,592,980 and 719,990,121 shares issued, respectively; 733,592,980 and 719,990,121 shares outstanding, respectively \u2014 \u2014 Additional paid-in capital 4,470 4,438 Accumulated deficit (3,839) (3,725) Accumulated other comprehensive loss \u2014 \u2014 Total shareholders\u2019 equity 631 713 TOTAL LIABILITIES AND SHAREHOLDERS\u2019 EQUITY $ 2,907 $ 3,126" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b41", + "block_sequence": 41, + "block_sha256": "c7300f80b61f59c3d3a7ff0090ff5a75ede7fd8cd4b581662d26e7579658752b", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 41, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "f0272d417d9ce048e50ec9fbed6ce9df8c53d7a34a554c6c040e61d7ac737b68", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q25opendoorsh019.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b42", + "block_sequence": 42, + "block_sha256": "2861af2077702335725aa7f490aeac7b76a376f0cace057463226ba8f987d961", + "block_type": "paragraph", + "char_count": 2270, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 42, + "char_end": 2270, + "char_start": 0, + "fragment_sha256": "ea2ca6a01d380aef8292d663b1bdcd9429d0eb8266d953ae3c214ae5a9bab55a", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "19 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Six Months Ended June 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (114) $ (201) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash provided by (used in) operating activities: Depreciation and amortization 22 26 Amortization of right of use asset 1 3 Stock-based compensation 27 66 Inventory valuation adjustment 34 41 Change in fair value of equity securities 3 4 Other 4 3 (Gain) loss on early extinguishment of debt (10) 1 Changes in operating assets and liabilities: Escrow receivable (4) (15) Real estate inventory 593 (498) Other assets (11) (10) Accounts payable and other accrued liabilities (2) 7 Interest payable 2 \u2014 Lease liabilities (1) (4) Net cash provided by (used in) operating activities 544 (577) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (6) (16) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 6 47 Net cash provided by investing activities \u2014 31 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of convertible senior notes, net of discount 75 \u2014 Proceeds from issuance of common stock for ESPP 1 2 Proceeds from non-recourse asset-backed debt 671 217 Principal payments on non-recourse asset-backed debt (853) (302) Payment of loan origination fees and debt issuance costs (16) \u2014 Net cash used in financing activities (122) (83) NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 422 (629) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 Beginning of period 763 1,540 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 End of period $ 1,185 $ 911 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION \u2013 Cash paid during the period for interest $ 62 $ 62 DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 2 $ 10 Principal value of 2026 Notes extinguished in Debt Exchange $ (246) $ \u2014 Principal value of 2030 Notes issued in Debt Exchange $ 246 $ \u2014 RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 789 $ 790 Restricted cash 396 121 Cash, cash equivalents, and restricted cash $ 1,185 $ 911" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b43", + "block_sequence": 43, + "block_sha256": "aed0257774941c6220e4addc45e840a0a4aced78f157b82b2afdf0e4ce2f18c9", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 43, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "d9e6c94d910d788007078ba53839be7a5e764ca770001da09498f3af778a57f5", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q25opendoorsh020.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b44", + "block_sequence": 44, + "block_sha256": "7084e49a91eb2469b025940d1fbabdc4697bd556b574225d52bfd37c851f3075", + "block_type": "paragraph", + "char_count": 2577, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 44, + "char_end": 2577, + "char_start": 0, + "fragment_sha256": "14304183b0cd5ba33e29fff802f2824d7c8aba82c2d08a3ba0985c8137444999", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "20 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT AND CONTRIBUTION PROFIT TO OUR GROSS PROFIT (Unaudited) Three Months Ended Six Months Ended June 30, (in millions, except percentages and homes sold, or as noted) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 2025 2024 Revenue (GAAP) $ 1,567 $ 1,153 $ 1,084 $ 1,377 $ 1,511 $ 2,720 $ 2,692 Gross profit (GAAP) $ 128 $ 99 $ 85 $ 105 $ 129 $ 227 $ 243 Gross Margin 8.2 % 8.6 % 7.8 % 7.6 % 8.5 % 8.3 % 9.0 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f(1)(2) 21 13 6 10 34 27 38 Inventory valuation adjustment \u2013 Prior Periods\u034f(1)(3) (14) (12) (16) (16) (9) (19) (23) Adjusted Gross Profit $ 135 $ 100 $ 75 $ 99 $ 154 $ 235 $ 258 Adjusted Gross Margin 8.6 % 8.7 % 6.9 % 7.2 % 10.2 % 8.6 % 9.6 % Adjustments: Direct selling costs(4) (43) (29) (23) (32) (43) (72) (77) Holding costs on sales \u2013 Current Period\u034f(5)(6) (6) (5) (4) (6) (5) (20) (16) Holding costs on sales \u2013 Prior Periods\u034f(5)(7) (17) (12) (10) (9) (11) (20) (13) Contribution Profit $ 69 $ 54 $ 38 $ 52 $ 95 $ 123 $ 152 Homes sold in period 4,299 2,946 2,822 3,615 4,078 7,245 7,156 Contribution Profit per Home Sold (in thousands) $ 16 $ 18 $ 13 $ 14 $ 23 $ 17 $ 21 Contribution Margin 4.4 % 4.7 % 3.5 % 3.8 % 6.3 % 4.5 % 5.6 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. Selling costs are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented." + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b45", + "block_sequence": 45, + "block_sha256": "e0ab3d130013064d358c76c98c93cb8d0c61b77ec82fa35d9655891c273f8929", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 45, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "1d3deff67308a1188a2f5456fdda38ba55d3965de85e888b14c60aede1157eab", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q25opendoorsh021.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b46", + "block_sequence": 46, + "block_sha256": "fc8fc0a17e580cd3edf809174dfe0d07977a17d870a7b2b944ee59431b56fe73", + "block_type": "paragraph", + "char_count": 3888, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 46, + "char_end": 3888, + "char_start": 0, + "fragment_sha256": "3baaef9b174671c2eef286a811b1e8ef233041904c845229f53e3ec229087bc6", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "21 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED NET LOSS AND ADJUSTED EBITDA TO OUR NET LOSS (Unaudited) Three Months Ended Six Months Ended June 30, (in millions, except percentages) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 2025 2024 Revenue (GAAP) $ 1,567 $ 1,153 $ 1,084 $ 1,377 $ 1,511 $ 2,720 $ 2,692 Net loss (GAAP) $ (29) $ (85) $ (113) $ (78) $ (92) $ (114) $ (201) Adjustments: Stock-based compensation 13 14 23 25 33 27 66 Equity securities fair value adjustment(1) \u2014 3 \u2014 3 2 3 4 Intangibles amortization expense(2) \u2014 \u2014 \u2014 1 1 \u2014 3 Amortization of stock-based compensation capitalized to IDSW(3) 4 3 \u2014 \u2014 \u2014 7 \u2014 Inventory valuation adjustment \u2013 Current Period\u034f(4)(5) 21 13 6 10 34 27 38 Inventory valuation adjustment \u2014 Prior Periods\u034f(4)(6) (14) (12) (16) (16) (9) (19) (23) Restructuring(7) 6 3 17 \u2014 \u2014 9 \u2014 (Gain) loss on extinguishment of debt (10) \u2014 1 \u2014 1 (10) 1 Legal contingency accrual and related expenses \u2014 \u2014 5 \u2014 \u2014 \u2014 \u2014 Other(8) \u2014 (2) \u2014 (15) (1) (2) 1 Adjusted Net Loss $ (9) $ (63) $ (77) $ (70) $ (31) $ (72) $ (111) Adjustments: Depreciation and amortization, excluding amortization of intangibles 5 5 7 10 7 10 18 Property financing(9) 29 29 28 30 26 58 58 Other interest expense(10) 7 4 4 4 4 11 9 Interest income(11) (9) (5) (11) (12) (12) (14) (30) Income tax expense \u2014 \u2014 \u2014 \u2014 1 \u2014 1 Adjusted EBITDA $ 23 $ (30) $ (49) $ (38) $ (5) $ (7) $ (55) Adjusted EBITDA Margin 1.5 % (2.6) % (4.5) % (2.8) % (0.3) % (0.3) % (2.0) % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets had useful lives ranging from 1 to 5 years and amortization was incurred until the intangible assets were fully amortized in 2024. (3) Beginning in the quarter ended March 31, 2025, the Company revised the presentation of the amortization of stock-based compensation capitalized to IDSW to more appropriately present the full impact of all stock-based compensation expenses. This expense was previously included in \u201cDepreciation and amortization, excluding amortization of intangibles.\u201d Had this presentation been applied for the three months ended December 31, 2024, September 30, 2024, and June 30, 2024, Adjusted Net Loss would have improved by $3 million, $3 million, and $3 million, respectively, and by $7 million for the six month ended June 30, 2024, with no impact to Adjusted EBITDA. (4) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (5) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (6) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (7) Restructuring costs consist primarily of severance and employee termination benefits and bonuses incurred in connection with the elimination of employees\u2019 roles, consulting fees, and expenses related to the termination of certain leases incurred during the restructuring process. (8) Primarily includes gain on deconsolidation, net, related party services income, and sublease income. (9) Includes interest expense on our non-recourse asset-backed debt facilities. (10) Includes amortization of debt issuance costs and loan origination fees, amortization of debt discounts, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, and interest expense related to the convertible senior notes outstanding. (11) Consists mainly of interest earned on cash, cash equivalents, restricted cash, and marketable securities." + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b47", + "block_sequence": 47, + "block_sha256": "f6e807a4cf109473bab9ae53e498f07dbabd0e39ba0c9c3765ddbf431ef8ab2a", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 47, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "b7c24ae9cef48a11153a10e2f6a91f158ab26631590bd50bca70969f6dce2e15", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q25opendoorsh022.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b48", + "block_sequence": 48, + "block_sha256": "39348682babf18c11e11f066a2fc26747f68bca94148075fafd577abb082db64", + "block_type": "paragraph", + "char_count": 2726, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 48, + "char_end": 2726, + "char_start": 0, + "fragment_sha256": "550c529b190a64eb0034d709ae2e2fdf06437c1ac02552e66915a646100c4969", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "22 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED OPERATING EXPENSES TO OUR OPERATING EXPENSES (Unaudited) Three Months Ended (in millions, except percentages) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 OPERATING EXPENSES: Sales, marketing and operations 86 98 88 96 116,000 116 General and administrative 28 33 41 46 48 Technology and development 21 21 33 30 37 Restructuring 6 3 17 \u2014 \u2014 Total Operating Expenses (GAAP) $ 141 $ 155 $ 179 $ 172 $ 201 Operating Expenses (GAAP) $ 141 $ 155 $ 179 $ 172 $ 201 Adjustments: Direct Selling Costs(1) (43) (29) (23) (32) (43) Holding costs included in contribution profit(2) (23) (17) (14) (15) (16) Stock-based compensation (13) (14) (23) (25) (33) Intangibles amortization expense(3) \u2014 \u2014 \u2014 (1) (1) Amortization of stock-based compensation capitalized IDSW(4) (4) (3) \u2014 \u2014 \u2014 Restructuring (6) (3) (17) \u2014 \u2014 Legal contingency accrual \u2014 \u2014 (5) \u2014 \u2014 Depreciation and amortization, excluding amortization of intangibles (5) (5) (7) (10) (7) Other (1) \u2014 (3) 1 (1) Total Adjusted Operating Expenses (Non-GAAP) $ 46 $ 84 $ 87 $ 90 $ 100 (1) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes, and are included in Sales, marketing and operations. (2) Represents holding costs incurred in the period presented on homes sold in the period presented as well as holding costs incurred in prior periods on homes sold in the period presented (\u201cResale Cohort Holding Costs.\u201d) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations in the period in which they are incurred (\u201cGAAP Holding Costs.\u201d) (3) Represents amortization of acquisition-related intangible assets. The acquired intangible assets had useful lives ranging from 1 to 5 years and amortization was expected until the intangible assets were fully amortized in 2024. (4) Beginning in the quarter ended March 31, 2025, the Company revised the presentation of the amortization of stock-based compensation capitalized to IDSW to more appropriately present the full impact of all stock-based compensation expenses. This expense was previously included in \u201cDepreciation and amortization, excluding amortization of intangibles.\u201d Had this presentation been applied for the three months ended December 31, 2024, September 30, 2024, and June 30, 2024, Adjusted Net Loss would have improved by $3 million, $3 million, and $3 million, respectively, with no impact to Adjusted EBITDA." + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b49", + "block_sequence": 49, + "block_sha256": "c688253e48ca4f536ba8d2ff29f482c35fb60d8b33887428c95ed5bf340ac374", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 49, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "b1942aff5d99a2de7273f30f2b1d809f0a98189c6482a29112f3b828291a13a8", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q25opendoorsh023.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b50", + "block_sequence": 50, + "block_sha256": "9a0b73ee9f5b52a32a1e671c76aff760780013ef8fdb7646b1c5b101d9a40f0f", + "block_type": "paragraph", + "char_count": 4261, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 50, + "char_end": 4261, + "char_start": 0, + "fragment_sha256": "1c086cde6f6f81e72aadf5d314d1798159288afa7e6a0f8d8f6d0c2beb3d6a2b", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "23 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED SALES, MARKETING AND OPERATIONS; ADJUSTED GENERAL AND ADMINISTRATIVE; AND ADJUSTED TECHNOLOGY AND DEVELOPMENT EXPENSES TO THEIR CORRESPONDING GAAP MEASURES (Unaudited) Three Months Ended (in millions) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Sales, marketing and operations (GAAP)(1) $ 86 $ 98 $ 88 $ 96 $ 116 Direct Selling Costs(2) (43) (29) (23) (32) (43) Holding costs included in contribution profit(3)(4) (23) (17) (14) (15) (16) Stock-based compensation (2) (2) (2) (2) (4) Intangibles amortization expense(5) \u2014 \u2014 \u2014 (1) (1) Adjusted Sales, Marketing and Operations (Non- GAAP)(6) $ 18 $ 50 $ 49 $ 46 $ 52 General and administrative (GAAP) $ 28 $ 33 $ 41 $ 46 $ 48 Stock-based compensation (9) (9) (13) (16) (17) Legal contingency accrual and related expenses \u2014 \u2014 (5) \u2014 \u2014 Depreciation and amortization, excluding amortization of intangibles \u2014 \u2014 \u2014 (2) \u2014 Other \u2014 \u2014 \u2014 1 (1) Adjusted General and Administrative (Non-GAAP)(6) $ 19 $ 24 $ 23 $ 29 $ 30 Technology and development (GAAP) $ 21 $ 21 $ 33 $ 30 $ 37 Stock-based compensation (2) (3) (8) (7) (12) Amortization of stock-based compensation capitalized to IDSW(7) (4) (3) \u2014 \u2014 \u2014 Depreciation and amortization, excluding amortization of intangibles (5) (5) (7) (8) (7) Other (1) \u2014 (3) \u2014 \u2014 Adjusted Technology and Development (Non- GAAP)(7) $ 9 $ 10 $ 15 $ 15 $ 18 Note: Advertising expenses(1) $ 7 $ 24 $ 23 $ 15 $ 21 (1) Advertising expenses are included in Sales, marketing and operations. (2) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow- related fees and transfer taxes and are included in Sales, marketing and operations. (3) Represents holding costs incurred in the period presented on homes sold in the period presented as well as holding costs incurred in prior periods on homes sold in the period presented (\u201cResale Cohort Holding Costs.\u201d) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations in the period in which they are incurred (\u201cGAAP Holding Costs.\u201d) (4) The table below presents the timing difference within Adjusted Sales, marketing and operations related to holding costs. The amount of GAAP Holding Costs recognized during the period may be in excess of/ (less than) the amount of Resale Cohort Holding costs related to homes sold in the relevant period and included in Contribution Profit. Three Months Ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Total GAAP Holding Costs $ 16 $ 21 $ 21 $ 20 $ 17 Holding costs on sales - Current Period (6) (5) (4) (6) (5) Holding costs on sales - Prior Periods (17) (12) (10) (9) (11) Less: Resale Cohort Holding Costs (23) (17) (14) (15) (16) GAAP Holding Costs in excess of / (less than) Resale Holding Costs included in Contribution Profit $ (7) $ 4 $ 7 $ 5 $ 1 (5) Represents amortization of acquisition-related intangible assets. The acquired intangible assets had useful lives ranging from 1 to 5 years and amortization was expected until the intangible assets were fully amortized in 2024. (6) The sum of Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, and Adjusted Technology and Development expenses is equal to Total Adjusted Operated Expenses (Non-GAAP). Refer to the \"Reconciliation of our Adjusted Operating Expenses to our Operating Expenses\" table on Page 22. (7) Beginning in the quarter ended March 31, 2025, the Company revised the presentation of the amortization of stock-based compensation capitalized to IDSW to more appropriately present the full impact of all stock-based compensation expenses. This expense was previously included in \u201cDepreciation and amortization, excluding amortization of intangibles.\u201d Had this presentation been applied for the three months ended December 31, 2024, September 30, 2024, and June 30, 2024, Adjusted Net Loss would have improved by $3 million, $3 million, and $3 million, respectively, with no impact to Adjusted EBITDA." + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b51", + "block_sequence": 51, + "block_sha256": "4c4e680e8ba40bea40887903253a5e68f4454fe579a504a47e6dcb646c4e6bdf", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 51, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "6f9c69cd28961641693dc98a650a4f86eb10d00b1a430a6b86ab85c2ecb50f4d", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q25opendoorsh024.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b52", + "block_sequence": 52, + "block_sha256": "ad738ba88e0c954ab17ab329a06f53f71f5d251e039b61268202fb49622c303b", + "block_type": "paragraph", + "char_count": 41, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 52, + "char_end": 41, + "char_start": 0, + "fragment_sha256": "98ed30e8db557fbc09fc09eda13b80bff03a3d40a5df65750dab76bcb9377a84", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 2Q25 Appendix Appendix" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b53", + "block_sequence": 53, + "block_sha256": "c893d2d0955e13cae2b48621777531129706f42c473d42e236ebc89dd9ec6b57", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 53, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "89aa83883570e4ca40a3161308dec6242be52a7af10435512863d3b6059d5c6c", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q25opendoorsh025.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b54", + "block_sequence": 54, + "block_sha256": "7216373e6d50096fb87ba88d96d24f0fde016abc6240f19bf1bbe0e3c329404d", + "block_type": "paragraph", + "char_count": 618, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 54, + "char_end": 618, + "char_start": 0, + "fragment_sha256": "c949d36e87fe3eac4a7b55d265ef28a1c508a96918c44db13550014a10bc825e", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 2Q25 Appendix Trailing 7-Day MLS Clearance Rate1 MLS Data Filtered to Opendoor Markets and Buybox 25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1 Note: MLS Clearance Rate is defined as the number of daily contracts that enter pending status on the Multiple Listing Service (i.e. market listings), filtered for Opendoor\u2019s markets and buybox, divided by the number of active listings on the Multiple Listing Service, filtered for the same markets and buybox. Time Period Comparison Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2025 MLS Clearance Rate currently below 2024 and 2014-2019 average" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b55", + "block_sequence": 55, + "block_sha256": "271cae7fb08084cd4ae7567c1977a076d1cf2eacbe536bd0d91f8238f5e1e6ab", + "block_type": "page_number", + "char_count": 31, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 55, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "723e32b9b1e060a1ff96ffa4dc838a1ada6fe6b706f2819c264aea0cee6a0e5b", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "exhibit9922q25opendoorsh026.jpg" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b56", + "block_sequence": 56, + "block_sha256": "5fd95ce9ce67007ec4958b4ef026c79bb2f2caee822381196462fea9ead2b058", + "block_type": "paragraph", + "char_count": 831, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", + "block_sequence": 56, + "char_end": 831, + "char_start": 0, + "fragment_sha256": "6605f5101e7bcbec8be09c9182e67d392f0e22dc0b0b5c9f27bf670131c8a668", + "heading_path": [ + "EX-99.2" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", + "table": null, + "text": "Shareholder Letter 2Q25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Appendix Trailing 7-Day MLS OD Price-Weighted Gross Clearance Rate1 MLS Data Filtered to Opendoor Markets and Buybox 26 1 Note: MLS OD Price-Weighted Gross Clearance Rate is defined as the number of daily contracts that enter pending status on the Multiple Listing Service (i.e. market listings), filtered for Opendoor\u2019s markets and buybox, divided by the number of active listings on the Multiple Listing Service, filtered for the same markets and buybox, and weighted by Opendoor's price point and market mix, defined by the distribution of Opendoor's listed inventory across price points and markets. 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"https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/exhibit9922q25opendoorsh.htm", "table_id": null, "text": "Document generated by Workiva Inc exhibit9922q25opendoorsh\n\nShareholder Letter 2Q25 Letter to Shareholders 2Q25 Exhibit 99.2\n\nShareholder Letter 2Q25 At Opendoor, we believe that selling your home should be simple. For too long, the process has been frustratingly complex, opaque, and slow. Our mission remains clear and resolute: to reinvent the U.S. residential real estate industry, making it simpler, more convenient, and more customer-centric for everyone involved. For the past decade, we’ve invested in the deep infrastructure of real estate, building pricing intelligence, operational capabilities, and a robust marketing engine. Given our unprecedented access to homes, we have amassed an unparalleled dataset: photos, videos, agent notes, and customer interactions from millions of home visits. This proprietary data fuels our AI — and that AI powers our flagship product, the cash offer, which delivers what traditional sales cannot: speed, certainty, and control. Sellers understand the value instantly. Our Net Promoter Score of nearly 80 over the past four years speaks for itself. Increasingly, agents understand that value, too. While we were once seen as disruptors, today we’re collaborators. Our positioning has evolved as we built strong agent relationships — in fact, about one quarter of our acquisitions come from agents bringing their clients directly to us for a cash offer. We believe a great agent can be an invaluable guide through one of life’s biggest decisions, and our path forward lies in deepening these partnerships. Today, we are outlining our plans to enable Key Connections agents to distribute our offerings, and create a platform where our success is aligned with the success of agents. We’ve already done the hard work of integrating the messy, fragmented layers of the transaction across pricing, home assessment, repairs, title, escrow, and beyond. Now we’re opening up that platform. When agents plug in, they gain access to our qualified leads and our capabilities, while homeowners gain more options. Opendoor is able to serve more sellers. Everyone wins. Opendoor Shareholders, 2 A letter from our Chair and CEO"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b10"], "char_count": 2133, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "78291f0b06ab1b83f7dd123dd193e73257779ce7404e393b0c5ab172e13ee6ae", "derivation_id": "e2ea22ef38b013b299c5e0bd543928491c884bb6b92b303151d4f0684289cfad", "document_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "block_sequence": 10, "char_end": 2133, "char_start": 0, "fragment_sha256": "227970728066ed0e9e40a6c46a736dfa5b54e4dc9f0f5d241d4b50a44141d44e", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#p2", "passage_kind": "narrative", "passage_sequence": 2, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/exhibit9922q25opendoorsh.htm", "table_id": null, "text": "Shareholder Letter 2Q25 This evolution marks a fundamental shift in how we operate and what we offer — and it’s reshaping our business model in meaningful ways. We began piloting this new approach in select markets in the second quarter, and the early signals have been encouraging: ● Twice as many customers are reaching a final underwritten cash offer as compared to our traditional direct-to-consumer flow. With more customers getting to a final cash offer, we have the opportunity to increase our conversion. ● Customers get their final offer even faster with a streamlined assessments process via the in-home agent visit. ● Listing agreement conversion rates (i.e., consumers who end up listing with a partner agent) are 5x greater than what we have realized in our direct-to-consumer flow. We get more sellers to an outcome they desire. ● And we unlock more capital-light earnings via our share of listing commission revenue. This is a powerful lever for long-term margin expansion, which also enables us to pursue incremental attach opportunities over time. Based on the early results, we have moved quickly from pilot to rapid expansion. Today, we’re excited to announce we have partner agents live in each of our markets. From Product to Platform 3 Our focus is now on optimization via additional agent onboarding, training, and product expansion. For example, we recently launched our Key Agent iOS app, which enables agents to perform high-fidelity home assessments directly from their mobile devices. Use of the app provides Opendoor with incremental data to further fuel our AI algorithms. Building on our new go-to-market efforts, we recently introduced Cash Plus. Cash Plus is a hybrid product designed for sellers who want the convenience of a cash offer but hope to maximize upside by going to market. For sellers, it’s the best of both worlds. For Opendoor, we believe it’s a better risk-adjusted product for us to deliver — we deploy less capital upfront and retain greater downside protection. And agents are central to delivery: they’re the distribution channel, the customer counselor, and the face of the sale."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b12"], "char_count": 3132, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "892ab05afc61c864293e61fadfba9fee182404507d449424b41f87fec3043d82", "derivation_id": "e2ea22ef38b013b299c5e0bd543928491c884bb6b92b303151d4f0684289cfad", "document_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "block_sequence": 12, "char_end": 3132, "char_start": 0, "fragment_sha256": "228539241d04db404abae6bc9687f71badc83f8a2e41a06e70e4e33d9c64cfb1", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/exhibit9922q25opendoorsh.htm", "table_id": null, "text": "Shareholder Letter 2Q25 We delivered a strong second quarter, exceeding our guidance for both Revenue and Adjusted EBITDA. This performance reflects deliberate choices: heavier marketing spend in 4Q24 and 1Q25 to align with resale seasonality, and wider offer spreads in 2Q25 to manage risk in a volatile market. This drove higher resale volumes but lower acquisitions in the quarter, as we continue to prioritize prudence over pace — focusing on disciplined underwriting and efficient spend, rather than pursuing growth that could compromise long-term value creation. While our full quarter performance was strong, we observed a consistent slowing of the housing market as the quarter progressed. In response, we further raised spreads, exiting the quarter with a materially lower acquisition pace than we entered, which will impact our second half outlook. Looking ahead, we believe housing market weakness will persist, and we are not assuming any near-term catalyst for improvement. We expect to see sequential acquisition and resale volume declines driven by a combination of macro dynamics, typical seasonal patterns in our cash offer business, and the early-stage nature of our platform pivot, which will take time to mature. We are transitioning our business model during a historically difficult macro environment – the benefits of this evolution will take time to materialize. Still, our 2Q25 results underscore the progress we’ve made. At $1.6 billion in revenue, we achieved our first quarter of Adjusted EBITDA profitability in three years — a clear reflection of the cost discipline and operating leverage we've developed. While we don’t expect to maintain profitability in the back half given lower acquisition volume and inventory levels, this milestone is a meaningful indicator of the substantial progress we are making. This is a moment of necessary transition — one that will reposition Opendoor for durability, relevance, and scale in the years ahead. Our near-term expectations don’t reflect our ambitions. We know where we’re going, and we’re taking deliberate steps to get there. Executing Against Our Plan 4 Delivered Adjusted EBITDA of $23 million in 2Q25, compared to $(5) million in 2Q24, achieving our first quarter of Adjusted EBITDA profitability in three years. Sold 4,299 homes, which generated $1.6 billion revenue, representing a 5% increase versus 2Q24. Carrie Wheeler, Chair and CEO Delivered $128 million of gross profit, versus $129 million in 2Q24, representing an 8.2% gross margin, and $69 million of Contribution Profit, versus $95 million in 2Q24, representing a 4.4% Contribution Margin. Note: Adjusted Operating Expenses, Adjusted Gross Profit, Contribution Profit, Contribution Margin, Adjusted Net Loss, and Adjusted EBITDA are non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” following the financial tables below for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures. Narrowed our Net Loss to $(29) million and Adjusted Net Loss to $(9) million, versus $(92) million and $(31) million in 2Q24, respectively."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b14"], "char_count": 1911, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8be4ce5c1c06fd9533e4d66170b556fe4755c5e7560327b27d0c7b59f11830c3", "derivation_id": "e2ea22ef38b013b299c5e0bd543928491c884bb6b92b303151d4f0684289cfad", "document_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "block_sequence": 14, "char_end": 1911, "char_start": 0, "fragment_sha256": "00fb1600aa30ea75c1a031e0a1d48c4f82e556fb87ef188aee733e5798f6f84c", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/exhibit9922q25opendoorsh.htm", "table_id": null, "text": "Shareholder Letter 2Q25 GAAP Net Loss was $(29) million in 2Q25 versus $(92) million in 2Q24. Adjusted Net Loss was $(9) million in 2Q25 versus $(31) million in 2Q24. GAAP Operating Expenses were $141 million in 2Q25, down from $201 million in 2Q24. Adjusted Operating Expenses, defined as the delta between Contribution Profit (Loss) and Adjusted EBITDA, were $46 million in 2Q25, down from $100 million in 2Q24. Adjusted EBITDA was $23 million in 2Q25, ahead of the high end of our guidance range and compared to $(5) million in 2Q24. This outperformance was driven by the beat in both Revenue and Adjusted Operating Expenses. GAAP Gross Profit was $128 million in 2Q25, versus $129 million in 2Q24. GAAP Gross Margin was 8.2% in 2Q25, versus 8.5% in 2Q24. Adjusted Gross Profit was $135 million in 2Q25, versus $154 million in 2Q24. Contribution Profit was $69 million in the second quarter, near the midpoint of our guidance range of $65 million to $75 million, and compared to $95 million in 2Q24. Contribution Margin of 4.4% came in just below our prior guidance range of 4.5% to 4.9%, and compares to 6.3% in 2Q24. In the second quarter, we delivered $1.6 billion of revenue, above the high end of our guidance range of $1.45 billion to $1.525 billion, representing 4,299 homes sold. This represents a 5% increase versus 2Q24. On the acquisition side, we purchased 1,757 homes in the second quarter, surpassing our guidance of approximately 1,700 homes. This represents a 63% decrease versus 2Q24 given elevated spread levels. Notably, we observed continually worsening housing conditions (including slowing clearance and rising delistings) throughout the quarter and concomitantly raised spreads. This slowed our acquisition pace and resulted in us exiting the quarter on a lower acquisition trajectory than we started. Financial Highlights Volume and Revenue Unit Economics Net Loss and Adjusted EBITDA"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b16"], "char_count": 2018, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "b85abb0c22df5619ac02e6c85cab1eec571ef801d627268c188fa2ca819d6091", "derivation_id": "e2ea22ef38b013b299c5e0bd543928491c884bb6b92b303151d4f0684289cfad", "document_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "block_sequence": 16, "char_end": 2018, "char_start": 0, "fragment_sha256": "8fbb04be444524b030e487a301124dabe3f098f99ea25eec5579685d0bd7e0b3", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/exhibit9922q25opendoorsh.htm", "table_id": null, "text": "Shareholder Letter 2Q25 Amid heightened uncertainty from shifting economic policies, the evolving tariff landscape, and geopolitical tensions, the broader macroeconomic environment remains challenging. The U.S. housing market is no exception. With mortgage rates hovering in the high 6% range and affordability near all-time lows, buyer demand remains persistently weak. Only 12% of consumers expressed that it is a good time to buy a home, and sellers currently outnumber buyers by the widest margin in over a decade. This has led to low clearance rates, decade high delistings, and gave rise to the slowest spring selling season in thirteen years. We expect these trends to continue to weigh on the housing market through the second half of the year. We ended the second quarter with 4,538 homes, representing $1.5 billion in net inventory, versus $2.2 billion in 2Q24, and $1.1 billion in capital, which is primarily composed of $789 million in unrestricted cash and $167 million of equity invested in homes and related assets (net of inventory valuation adjustments). At quarter end, we had $7.8 billion in non-recourse, asset-backed borrowing capacity, of which $1.8 billion was outstanding. Of that capacity, $7.4 billion has a scheduled revolving or withdrawal period that ends in 2026 or later. And our total committed borrowing capacity was $2.0 billion, of which $1.7 billion has a scheduled revolving or withdrawal period ending in 2026 or later. In May, we completed the successful issuance of $325 million of 7.0% Convertible Senior Notes due 2030, consisting of (a) approximately $246 million principal amount of 2030 Notes issued in exchange for approximately $246 million principal amount of 0.25% Convertible Senior Notes due 2026, and (b) approximately $79 million principal amount of 2030 Notes for cash. This transaction allowed us to extend maturities to 2030 and opportunistically add approximately $75 million in cash to our balance sheet. 6 Inventory and Other Balance Sheet Items Looking Ahead"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b18"], "char_count": 3124, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6d19b8aca05817059e69090607b1835b5bb48e5109c13791bea011e70caf3f86", "derivation_id": "e2ea22ef38b013b299c5e0bd543928491c884bb6b92b303151d4f0684289cfad", "document_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "block_sequence": 18, "char_end": 3124, "char_start": 0, "fragment_sha256": "e1e6d348fefd01b48257d6b83544e28ac2925c45394b9ae4ddc8a63a40669b41", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/exhibit9922q25opendoorsh.htm", "table_id": null, "text": "Shareholder Letter 2Q25 7 Guidance (1) Opendoor has not provided a quantitative reconciliation of forecasted forecasted Contribution Profit (Loss) to forecasted GAAP gross profit (loss), forecasted Contribution Margin to forecasted GAAP Gross Margin, nor forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this shareholder letter because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss), GAAP gross margin, operating expenses and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. For more information regarding the non-GAAP financial measures discussed in this shareholder letter, please see “Use of Non-GAAP Financial Measures” following the financial tables below. While we’re not providing full year guidance, we’d like to provide some additional color for the balance of the year. Given our expectation for a continued challenging macro, typical seasonal patterns in our cash offer business, and the early-stage nature of our platform pivot, we expect 4Q25 revenue to decline sequentially at a similar level to the 3Q25 sequential decline. Contribution Margin will also be pressured in the second half by an unfavorable mix of older, lower margin homes given lower acquisition volumes, likely putting our goal of year-on-year Contribution Margin improvement out of reach. We remain vigilant in monitoring and incorporating macro expectations into our pricing, but are diligently executing against the factors within our control, including our evolution to become a distributed platform serving the broader ecosystem. Ultimately, we believe that the strategic changes we are making will position us to serve more sellers in any housing environment. Our outlook is informed primarily by: Spreads. Given the ongoing uncertainty in the housing macro environment, we continue to take a cautious approach to pricing, maintaining spreads above historical seasonal norms to account for ongoing softness in demand. We will continue to dynamically adjust our spreads in response to market conditions as they evolve. Marketing. As we have discussed previously, we have realigned our marketing spend cadence across the year to deploy our advertising dollars efficiently. Given seasonality, the macroeconomic backdrop and forecasted continued high spreads, we expect marketing spend to be down materially on a year-over-year basis. Looking forward, we expect the following results for the third quarter of 2025: Our outlook is informed primarily by: Home acquisitions of approximately 1,200 Revenue between $800 and $875 million Contribution Profit (1) between $22 and $29 million, which implies a Contribution Margin of 2.8% to 3.3% Adjusted EBITDA(1) between $(28) and $(21) million Stock-based compensation expense between $10 and $12 million"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b20", "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b22", "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b24"], "char_count": 706, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "3188ff023b8fe6d4e0a96d6e6be1eedde87bc6b34360b1069008faf0001411ee", "derivation_id": "e2ea22ef38b013b299c5e0bd543928491c884bb6b92b303151d4f0684289cfad", "document_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "block_sequence": 20, "char_end": 510, "char_start": 0, "fragment_sha256": "78d55d83d497c7d623b528a41f88d4c165068bbb115c5f61a362314f176dc374", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "block_sequence": 22, "char_end": 90, "char_start": 0, "fragment_sha256": "f953a7319a770ed680ecc78bff2fb6e03858776ad3fa06991c1fee7c71a45b31", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "block_sequence": 24, "char_end": 102, "char_start": 0, "fragment_sha256": "5b6ce8e33e7d1b138dc382db369e7c9797007d5f2fe099232a99654ae8f20b23", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/exhibit9922q25opendoorsh.htm", "table_id": null, "text": "Shareholder Letter 2Q25 Carrie Wheeler, Chair and CEO Selim Freiha, Chief Financial Officer Opendoor will host a conference call to discuss its financial results on August 5, 2025 at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call. August 5, 2025 at 2 p.m. PT investor.opendoor.com Conference Call Information 8 Live Webcast\n\nShareholder Letter 2Q25/ Opendoor/ OpendoorHQ Company / Opendoor-com investor.opendoor.com\n\nShareholder Letter 2Q25 Shareholder Letter 1Q25 Definitions & Financial Tables Shareholder Letter 1Q25"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b26"], "char_count": 2954, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "641c4bbc2e434ec8a49a24ba27d9badd700cb97eebdfa89548038e593923357e", "derivation_id": "e2ea22ef38b013b299c5e0bd543928491c884bb6b92b303151d4f0684289cfad", "document_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "block_sequence": 26, "char_end": 2954, "char_start": 0, "fragment_sha256": "61b19915ee80f52be1d0360d494df18ea5179ea112d7cc286fab21cb886243c8", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/exhibit9922q25opendoorsh.htm", "table_id": null, "text": "This shareholder letter contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this shareholder letter that do not relate to matters of historical fact should be considered forward-looking, including, without limitation, statements regarding: current and future health and stability of the real estate housing market and general economy, including the effects of tariffs and shifting economic policies on the macroeconomic environment; volatility of mortgage interest rates, changes in resale clearance rates, delistings and expectations regarding future behavior of consumers and partners; impacts of changes to our acquisition rates; whether we are able to safeguard our margins by widening our spreads; the health and status of our financial condition; our ongoing transformation efforts and cost-efficiency opportunities; whether our efforts to optimize spread and adjust our marketing strategy for seasonality trends will improve profitability; anticipated future results of operations or financial performance, including our third quarter and full-year 2025 outlook and projections; our ability to achieve other long- term performance targets; our ability to attract potential customers and agents through our Key Agent and Cash Plus programs; our expectations regarding the impact of trends in seasonality on the real estate industry and our business; priorities of the Company to achieve future financial and business goals; our ability to continue to effectively navigate the markets in which we operate; health of our balance sheet to weather ongoing market transitions; our ability to adopt an effective approach to manage economic and industry risk, as well as inventory health; business strategy and plans, including any plans to expand into additional markets, market opportunity and expansion and objectives of management for future operations, including statements regarding the benefits and timing of the roll out of new markets, products or technology; and the expected benefits of refinancing efforts. Forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “vision”, “will”, or “would”, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b26"], "char_count": 3868, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "36b7741de501a3eb1654dbf417ad4f4f2155af866488cd82e9c0c1d703ddd148", "derivation_id": "e2ea22ef38b013b299c5e0bd543928491c884bb6b92b303151d4f0684289cfad", "document_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "block_sequence": 26, "char_end": 6822, "char_start": 2954, "fragment_sha256": "61b19915ee80f52be1d0360d494df18ea5179ea112d7cc286fab21cb886243c8", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/exhibit9922q25opendoorsh.htm", "table_id": null, "text": "The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this shareholder letter include but are not limited to: the current and future health and stability of the economy, financial conditions and the residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, the imposition of tariffs and price or exchange controls, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that may impact demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our digital platform, including our automated pricing and valuation technology; our ability to realize expected benefits from our restructuring and cost reduction efforts; our ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our ability to protect our brand and intellectual property; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; any future impact of pandemics, epidemics, or other public health crises on our ability to operate, demand for our products and services, or other general economic conditions; our ability to maintain our listing on the Nasdaq Global Select Market; the impact of the regulatory environment and potential regulatory instability within our industry and complexities with compliance related to such environment; changes in laws or government regulation affecting our business; the impact of pending or future litigation or regulatory actions; and the volatility in the price of our common stock. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2025, as updated by our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 and other filings with the SEC."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b26"], "char_count": 636, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "fa9b5a2ca1379d0c1f9843d8cc4f5e8534209ce70edadd76ef638283dc4d5173", "derivation_id": "e2ea22ef38b013b299c5e0bd543928491c884bb6b92b303151d4f0684289cfad", "document_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "block_sequence": 26, "char_end": 7458, "char_start": 6822, "fragment_sha256": "61b19915ee80f52be1d0360d494df18ea5179ea112d7cc286fab21cb886243c8", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/exhibit9922q25opendoorsh.htm", "table_id": null, "text": "These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. 11 Forward-Looking Statements"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b28"], "char_count": 3096, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "dd2fcec414ce8072a6f29d89736227d454bec6e68f5804b79ea282ba0051fd9f", "derivation_id": "e2ea22ef38b013b299c5e0bd543928491c884bb6b92b303151d4f0684289cfad", "document_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "block_sequence": 28, "char_end": 3096, "char_start": 0, "fragment_sha256": "3af846f5a0bc05b562b0b9c270e72850ba56e14ca1fcf5d309844bb5ddf666d2", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#p11", "passage_kind": "narrative", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/exhibit9922q25opendoorsh.htm", "table_id": null, "text": "Use of Non-GAAP Financial Measures To provide investors with additional information regarding the Company’s financial results, this shareholder letter includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit, Adjusted Net Loss, Adjusted EBITDA, Adjusted Operating Expenses, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non- GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results. Adjusted Gross Profit and Contribution Profit To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit and Contribution Profit, which are non-GAAP financial measures. We believe that Adjusted Gross Profit and Contribution Profit are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit and Contribution Profit are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit. 12 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b30"], "char_count": 1798, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7c52a3aefc254cc112806640baa7c9a17cc8a3d5492f8de238c12a086a7fd15b", "derivation_id": "e2ea22ef38b013b299c5e0bd543928491c884bb6b92b303151d4f0684289cfad", "document_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "block_sequence": 30, "char_end": 1798, "char_start": 0, "fragment_sha256": "5f288e3d806e82973c86a16c3c815607ce43eabed51d9f62cfab6f854e5c4ad7", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/exhibit9922q25opendoorsh.htm", "table_id": null, "text": "Adjusted Gross Profit / Margin We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. Adjusted Gross Margin is Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Contribution Profit / Margin We calculate Contribution Profit as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflows directly associated with a specific resale cohort. 13 Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b32"], "char_count": 3266, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "4b67bee8aecd786f08329526257134492e0ea1f51c6bf429fcf21f808894ea7d", "derivation_id": "e2ea22ef38b013b299c5e0bd543928491c884bb6b92b303151d4f0684289cfad", "document_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "block_sequence": 32, "char_end": 3266, "char_start": 0, "fragment_sha256": "125d1a66f10f4f8b9a15b244fa788c3c9e0bc493f470bf9394fbcee7ab9c964b", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#p13", "passage_kind": "narrative", "passage_sequence": 13, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/exhibit9922q25opendoorsh.htm", "table_id": null, "text": "14 Adjusted Net Loss and Adjusted EBITDA / Margin We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss. We calculate Adjusted Net Loss as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, intangibles amortization expense, and the amortization of stock-based compensation capitalized to internally developed software (\"IDSW\"). It excludes expenses that are not directly related to our revenue- generating operations such as restructuring and legal contingency accruals. It excludes (gain) loss on extinguishment of debt as these gains or expenses were incurred as a result of decisions made by management to terminate or partially extinguish portions of our outstanding credit facilities or convertible senior notes early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date. We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue. Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b34"], "char_count": 3968, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "34e8d97db93dea0f5dd3cf133df25da097964e2cd6f7e52a01a42a645334fd51", "derivation_id": "e2ea22ef38b013b299c5e0bd543928491c884bb6b92b303151d4f0684289cfad", "document_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "block_sequence": 34, "char_end": 3968, "char_start": 0, "fragment_sha256": "3410ffa0f2c02359f646d89eee2968e65c1dca0f0396a78d6f72763e9e21292e", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#p14", "passage_kind": "narrative", "passage_sequence": 14, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/exhibit9922q25opendoorsh.htm", "table_id": null, "text": "15 Adjusted Operating Expense We also present Adjusted Operating Expense, which is a non-GAAP financial measure that bridges the difference between Contribution Profit and Adjusted EBITDA. We believe this measure provides investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to Contribution Profit and certain charges that are non-cash, or not directly related to our revenue-generating operations are removed. Adjusted Operating Expense is a supplemental measure of our operating expenditures and has important limitations. For example, this measure excludes the impact of certain costs required to be recorded under GAAP. This measure removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to Contribution Margin. This measure could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, this measure should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of this measure to the most directly comparable GAAP financial measure, which is operating expenses. We calculate Adjusted Operating Expense as GAAP operating expense adjusted to exclude direct selling costs and holding costs included in determining Contribution Profit. The measure also excludes non-cash expenses of stock-based compensation, depreciation and amortization, intangibles amortization, and the amortization of stock-based compensation capitalized to IDSW. It also excludes expenses that are not directly related to our revenue-generating operations such as restructuring charges and legal contingency accruals. Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, Adjusted Technology and Development We also present Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, and Adjusted Technology and Development, which are non-GAAP financial measures that provide investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to contribution profit and certain charges that are non-cash are removed. These supplemental measures of our operating expenditures have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. Specifically, Adjusted Sales, Marketing and Operations removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to Contribution Margin. These measures could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which are Sales, marketing and operations expense, General and administrative expense and Technology and development expense. We calculate Adjusted Sales, Marketing and Operations as GAAP sales, marketing and operations expenses to exclude direct selling costs and holding costs included in determining Contribution Profit. This measure also excludes non-cash expenses of stock-based compensation and amortization of intangibles associated with sales, marketing and operations assets. We calculate Adjusted General and Administrative as GAAP general and administrative expenses to exclude non-cash expenses of stock-based compensation, depreciation and amortization of intangibles associated with general and administrative assets."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b34"], "char_count": 442, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "48be2312715cd87c5871ce8651bc3855479ed0a8dd3fa4c00875f4886ca16573", "derivation_id": "e2ea22ef38b013b299c5e0bd543928491c884bb6b92b303151d4f0684289cfad", "document_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "block_sequence": 34, "char_end": 4410, "char_start": 3968, "fragment_sha256": "3410ffa0f2c02359f646d89eee2968e65c1dca0f0396a78d6f72763e9e21292e", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#p15", "passage_kind": "narrative", "passage_sequence": 15, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/exhibit9922q25opendoorsh.htm", "table_id": null, "text": "It also excludes expenses that are not directly related to our revenue-generating operations such as legal contingency accruals. We calculate Adjusted Technology and Development as GAAP technology and development expenses to exclude non-cash expenses of stock-based compensation, the amortization of stock-based compensation capitalized to IDSW, and depreciation and amortization associated with technology and development assets. Definitions"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b36", "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b38"], "char_count": 2741, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "6d779b79e74487f5d10558446e8c68adc803f61f7cc09861c5439c7ce8dcbeb6", "derivation_id": "e2ea22ef38b013b299c5e0bd543928491c884bb6b92b303151d4f0684289cfad", "document_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "block_sequence": 36, "char_end": 1282, "char_start": 0, "fragment_sha256": "7c1c8495e83cc673850277de4f053f4d562d5514b8797b0ef2bba3c401f3f64b", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "block_sequence": 38, "char_end": 1457, "char_start": 0, "fragment_sha256": "24c8dff954de72a0e373d609d453d23a72574e7a6c48f6029a3cf998db125966", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#p16", "passage_kind": "narrative", "passage_sequence": 16, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/exhibit9922q25opendoorsh.htm", "table_id": null, "text": "16 Three Months Ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Revenue $ 1,567 $ 1,153 $ 1,084 $ 1,377 $ 1,511 Gross profit $ 128 $ 99 $ 85 $ 105 $ 129 Gross Margin 8.2 % 8.6 % 7.8 % 7.6 % 8.5 % Net loss $ (29) $ (85) $ (113) $ (78) $ (92) Number of markets (at period end) 50 50 50 50 50 Homes sold 4,299 2,946 2,822 3,615 4,078 Homes purchased 1,757 3,609 2,951 3,504 4,771 Homes in inventory (at period end) 4,538 7,080 6,417 6,288 6,399 Inventory (at period end) $ 1,530 $ 2,362 $ 2,159 $ 2,145 $ 2,234 Percentage of homes “on the market” for greater than 120 days (at period end) 36 % 27 % 46 % 23 % 14 % Non-GAAP Financial Highlights (1) Contribution Profit $ 69 $ 54 $ 38 $ 52 $ 95 Contribution Margin 4.4 % 4.7 % 3.5 % 3.8 % 6.3 % Adjusted EBITDA $ 23 $ (30) $ (49) $ (38) $ (5) Adjusted EBITDA Margin 1.5 % (2.6) % (4.5) % (2.8) % (0.3) % Adjusted Net Loss $ (9) $ (63) $ (77) $ (70) $ (31) OPENDOOR TECHNOLOGIES INC. FINANCIAL HIGHLIGHTS AND OPERATING METRICS (In millions, except percentages, homes sold, number of markets, homes purchased, and homes in inventory) (Unaudited) (1) See “—Use of Non-GAAP Financial Measures” for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures.\n\n17 Three Months Ended Six Months Ended June 30, June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 2025 2024 REVENUE $ 1,567 $ 1,153 $ 1,084 $ 1,377 $ 1,511 $ 2,720 $ 2,692 COST OF REVENUE 1,439 1,054 999 1,272 1,382 2,493 2,449 GROSS PROFIT 128 99 85 105 129 227 243 OPERATING EXPENSES: Sales, marketing and operations 86 98 88 96 116 184 229 General and administrative 28 33 41 46 48 61 95 Technology and development 21 21 33 30 37 42 78 Restructuring 6 3 17 — — 9 — Total operating expenses 141 155 179 172 201 296 402 LOSS FROM OPERATIONS (13) (56) (94) (67) (72) (69) (159) GAIN (LOSS) ON EXTINGUISHMENT OF DEBT 10 — (1) — (1) 10 (1) INTEREST EXPENSE (36) (33) (32) (34) (30) (69) (67) OTHER INCOME – Net 10 4 14 23 12 14 27 LOSS BEFORE INCOME TAXES (29) (85) (113) (78) (91) (114) (200) INCOME TAX EXPENSE — — — — (1) — (1) NET LOSS $ (29) $ (85) $ (113) $ (78) $ (92) $ (114) $ (201) Net loss per share attributable to common shareholders: Basic $ (0.04) $ (0.12) $ (0.16) $ (0.11) $ (0.13) $ (0.16) $ (0.29) Diluted $ (0.04) $ (0.12) $ (0.16) $ (0.11) $ (0.13) $ (0.16) $ (0.29) Weighted-average shares outstanding: Basic 729,484 723,542 716,317 705,359 693,445 726,529 687,951 Diluted 729,484 723,542 716,317 705,359 693,445 726,529 687,951 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited)"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b40", "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b42"], "char_count": 3661, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "df51a0dd95079baf3670851200bdd696fb538b3d51611704a58dfe97f111ffe6", "derivation_id": "e2ea22ef38b013b299c5e0bd543928491c884bb6b92b303151d4f0684289cfad", "document_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "block_sequence": 40, "char_end": 1389, "char_start": 0, "fragment_sha256": "e4849b29325488275efe137e1032eba6ab31f6e7c28bf45eab087965788fe94c", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "block_sequence": 42, "char_end": 2270, "char_start": 0, "fragment_sha256": "ea2ca6a01d380aef8292d663b1bdcd9429d0eb8266d953ae3c214ae5a9bab55a", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#p17", "passage_kind": "narrative", "passage_sequence": 17, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/exhibit9922q25opendoorsh.htm", "table_id": null, "text": "18 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) June 30, 2025 December 31, 2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 789 $ 671 Restricted cash 396 92 Marketable securities — 8 Escrow receivable 10 6 Real estate inventory, net 1,530 2,159 Other current assets 72 61 Total current assets 2,797 2,997 PROPERTY AND EQUIPMENT – Net 37 48 RIGHT OF USE ASSETS 9 18 GOODWILL 3 3 OTHER ASSETS 61 60 TOTAL ASSETS $ 2,907 $ 3,126 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 86 $ 92 Non-recourse asset-backed debt – current portion 550 432 Interest payable 5 3 Lease liabilities – current portion 2 2 Total current liabilities 643 529 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 1,189 1,492 CONVERTIBLE SENIOR NOTES 437 378 LEASE LIABILITIES – Net of current portion 6 13 OTHER LIABILITIES 1 1 Total liabilities 2,276 2,413 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 733,592,980 and 719,990,121 shares issued, respectively; 733,592,980 and 719,990,121 shares outstanding, respectively — — Additional paid-in capital 4,470 4,438 Accumulated deficit (3,839) (3,725) Accumulated other comprehensive loss — — Total shareholders’ equity 631 713 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 2,907 $ 3,126\n\n19 OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Six Months Ended June 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (114) $ (201) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash provided by (used in) operating activities: Depreciation and amortization 22 26 Amortization of right of use asset 1 3 Stock-based compensation 27 66 Inventory valuation adjustment 34 41 Change in fair value of equity securities 3 4 Other 4 3 (Gain) loss on early extinguishment of debt (10) 1 Changes in operating assets and liabilities: Escrow receivable (4) (15) Real estate inventory 593 (498) Other assets (11) (10) Accounts payable and other accrued liabilities (2) 7 Interest payable 2 — Lease liabilities (1) (4) Net cash provided by (used in) operating activities 544 (577) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (6) (16) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 6 47 Net cash provided by investing activities — 31 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of convertible senior notes, net of discount 75 — Proceeds from issuance of common stock for ESPP 1 2 Proceeds from non-recourse asset-backed debt 671 217 Principal payments on non-recourse asset-backed debt (853) (302) Payment of loan origination fees and debt issuance costs (16) — Net cash used in financing activities (122) (83) NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 422 (629) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 763 1,540 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $ 1,185 $ 911 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $ 62 $ 62 DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 2 $ 10 Principal value of 2026 Notes extinguished in Debt Exchange $ (246) $ — Principal value of 2030 Notes issued in Debt Exchange $ 246 $ — RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 789 $ 790 Restricted cash 396 121 Cash, cash equivalents, and restricted cash $ 1,185 $ 911"} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b44"], "char_count": 2577, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7084e49a91eb2469b025940d1fbabdc4697bd556b574225d52bfd37c851f3075", "derivation_id": "e2ea22ef38b013b299c5e0bd543928491c884bb6b92b303151d4f0684289cfad", "document_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "block_sequence": 44, "char_end": 2577, "char_start": 0, "fragment_sha256": "14304183b0cd5ba33e29fff802f2824d7c8aba82c2d08a3ba0985c8137444999", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#p18", "passage_kind": "narrative", "passage_sequence": 18, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/exhibit9922q25opendoorsh.htm", "table_id": null, "text": "20 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED GROSS PROFIT AND CONTRIBUTION PROFIT TO OUR GROSS PROFIT (Unaudited) Three Months Ended Six Months Ended June 30, (in millions, except percentages and homes sold, or as noted) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 2025 2024 Revenue (GAAP) $ 1,567 $ 1,153 $ 1,084 $ 1,377 $ 1,511 $ 2,720 $ 2,692 Gross profit (GAAP) $ 128 $ 99 $ 85 $ 105 $ 129 $ 227 $ 243 Gross Margin 8.2 % 8.6 % 7.8 % 7.6 % 8.5 % 8.3 % 9.0 % Adjustments: Inventory valuation adjustment – Current Period͏(1)(2) 21 13 6 10 34 27 38 Inventory valuation adjustment – Prior Periods͏(1)(3) (14) (12) (16) (16) (9) (19) (23) Adjusted Gross Profit $ 135 $ 100 $ 75 $ 99 $ 154 $ 235 $ 258 Adjusted Gross Margin 8.6 % 8.7 % 6.9 % 7.2 % 10.2 % 8.6 % 9.6 % Adjustments: Direct selling costs(4) (43) (29) (23) (32) (43) (72) (77) Holding costs on sales – Current Period͏(5)(6) (6) (5) (4) (6) (5) (20) (16) Holding costs on sales – Prior Periods͏(5)(7) (17) (12) (10) (9) (11) (20) (13) Contribution Profit $ 69 $ 54 $ 38 $ 52 $ 95 $ 123 $ 152 Homes sold in period 4,299 2,946 2,822 3,615 4,078 7,245 7,156 Contribution Profit per Home Sold (in thousands) $ 16 $ 18 $ 13 $ 14 $ 23 $ 17 $ 21 Contribution Margin 4.4 % 4.7 % 3.5 % 3.8 % 6.3 % 4.5 % 5.6 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. Selling costs are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b46"], "char_count": 3888, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "fc8fc0a17e580cd3edf809174dfe0d07977a17d870a7b2b944ee59431b56fe73", "derivation_id": "e2ea22ef38b013b299c5e0bd543928491c884bb6b92b303151d4f0684289cfad", "document_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "block_sequence": 46, "char_end": 3888, "char_start": 0, "fragment_sha256": "3baaef9b174671c2eef286a811b1e8ef233041904c845229f53e3ec229087bc6", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#p19", "passage_kind": "narrative", "passage_sequence": 19, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/exhibit9922q25opendoorsh.htm", "table_id": null, "text": "21 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED NET LOSS AND ADJUSTED EBITDA TO OUR NET LOSS (Unaudited) Three Months Ended Six Months Ended June 30, (in millions, except percentages) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 2025 2024 Revenue (GAAP) $ 1,567 $ 1,153 $ 1,084 $ 1,377 $ 1,511 $ 2,720 $ 2,692 Net loss (GAAP) $ (29) $ (85) $ (113) $ (78) $ (92) $ (114) $ (201) Adjustments: Stock-based compensation 13 14 23 25 33 27 66 Equity securities fair value adjustment(1) — 3 — 3 2 3 4 Intangibles amortization expense(2) — — — 1 1 — 3 Amortization of stock-based compensation capitalized to IDSW(3) 4 3 — — — 7 — Inventory valuation adjustment – Current Period͏(4)(5) 21 13 6 10 34 27 38 Inventory valuation adjustment — Prior Periods͏(4)(6) (14) (12) (16) (16) (9) (19) (23) Restructuring(7) 6 3 17 — — 9 — (Gain) loss on extinguishment of debt (10) — 1 — 1 (10) 1 Legal contingency accrual and related expenses — — 5 — — — — Other(8) — (2) — (15) (1) (2) 1 Adjusted Net Loss $ (9) $ (63) $ (77) $ (70) $ (31) $ (72) $ (111) Adjustments: Depreciation and amortization, excluding amortization of intangibles 5 5 7 10 7 10 18 Property financing(9) 29 29 28 30 26 58 58 Other interest expense(10) 7 4 4 4 4 11 9 Interest income(11) (9) (5) (11) (12) (12) (14) (30) Income tax expense — — — — 1 — 1 Adjusted EBITDA $ 23 $ (30) $ (49) $ (38) $ (5) $ (7) $ (55) Adjusted EBITDA Margin 1.5 % (2.6) % (4.5) % (2.8) % (0.3) % (0.3) % (2.0) % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets had useful lives ranging from 1 to 5 years and amortization was incurred until the intangible assets were fully amortized in 2024. (3) Beginning in the quarter ended March 31, 2025, the Company revised the presentation of the amortization of stock-based compensation capitalized to IDSW to more appropriately present the full impact of all stock-based compensation expenses. This expense was previously included in “Depreciation and amortization, excluding amortization of intangibles.” Had this presentation been applied for the three months ended December 31, 2024, September 30, 2024, and June 30, 2024, Adjusted Net Loss would have improved by $3 million, $3 million, and $3 million, respectively, and by $7 million for the six month ended June 30, 2024, with no impact to Adjusted EBITDA. (4) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (5) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (6) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (7) Restructuring costs consist primarily of severance and employee termination benefits and bonuses incurred in connection with the elimination of employees’ roles, consulting fees, and expenses related to the termination of certain leases incurred during the restructuring process. (8) Primarily includes gain on deconsolidation, net, related party services income, and sublease income. (9) Includes interest expense on our non-recourse asset-backed debt facilities. (10) Includes amortization of debt issuance costs and loan origination fees, amortization of debt discounts, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, and interest expense related to the convertible senior notes outstanding. (11) Consists mainly of interest earned on cash, cash equivalents, restricted cash, and marketable securities."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b48"], "char_count": 2726, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "39348682babf18c11e11f066a2fc26747f68bca94148075fafd577abb082db64", "derivation_id": "e2ea22ef38b013b299c5e0bd543928491c884bb6b92b303151d4f0684289cfad", "document_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "block_sequence": 48, "char_end": 2726, "char_start": 0, "fragment_sha256": "550c529b190a64eb0034d709ae2e2fdf06437c1ac02552e66915a646100c4969", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#p20", "passage_kind": "narrative", "passage_sequence": 20, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/exhibit9922q25opendoorsh.htm", "table_id": null, "text": "22 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED OPERATING EXPENSES TO OUR OPERATING EXPENSES (Unaudited) Three Months Ended (in millions, except percentages) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 OPERATING EXPENSES: Sales, marketing and operations 86 98 88 96 116,000 116 General and administrative 28 33 41 46 48 Technology and development 21 21 33 30 37 Restructuring 6 3 17 — — Total Operating Expenses (GAAP) $ 141 $ 155 $ 179 $ 172 $ 201 Operating Expenses (GAAP) $ 141 $ 155 $ 179 $ 172 $ 201 Adjustments: Direct Selling Costs(1) (43) (29) (23) (32) (43) Holding costs included in contribution profit(2) (23) (17) (14) (15) (16) Stock-based compensation (13) (14) (23) (25) (33) Intangibles amortization expense(3) — — — (1) (1) Amortization of stock-based compensation capitalized IDSW(4) (4) (3) — — — Restructuring (6) (3) (17) — — Legal contingency accrual — — (5) — — Depreciation and amortization, excluding amortization of intangibles (5) (5) (7) (10) (7) Other (1) — (3) 1 (1) Total Adjusted Operating Expenses (Non-GAAP) $ 46 $ 84 $ 87 $ 90 $ 100 (1) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes, and are included in Sales, marketing and operations. (2) Represents holding costs incurred in the period presented on homes sold in the period presented as well as holding costs incurred in prior periods on homes sold in the period presented (“Resale Cohort Holding Costs.”) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations in the period in which they are incurred (“GAAP Holding Costs.”) (3) Represents amortization of acquisition-related intangible assets. The acquired intangible assets had useful lives ranging from 1 to 5 years and amortization was expected until the intangible assets were fully amortized in 2024. (4) Beginning in the quarter ended March 31, 2025, the Company revised the presentation of the amortization of stock-based compensation capitalized to IDSW to more appropriately present the full impact of all stock-based compensation expenses. This expense was previously included in “Depreciation and amortization, excluding amortization of intangibles.” Had this presentation been applied for the three months ended December 31, 2024, September 30, 2024, and June 30, 2024, Adjusted Net Loss would have improved by $3 million, $3 million, and $3 million, respectively, with no impact to Adjusted EBITDA."} +{"artifact_role": "ex99-02", "block_ids": ["norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#b50"], "char_count": 3899, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "d06abd7751c4776b4eacaf7a548bc801dbea9c46198edaf37e8b8401b5f6e38b", "derivation_id": "e2ea22ef38b013b299c5e0bd543928491c884bb6b92b303151d4f0684289cfad", "document_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "document_type": "shareholder_letter", "exhibit_type": "EX-99.2", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.2"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "block_sequence": 50, "char_end": 3899, "char_start": 0, "fragment_sha256": "1c086cde6f6f81e72aadf5d314d1798159288afa7e6a0f8d8f6d0c2beb3d6a2b", "heading_path": ["EX-99.2"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#p21", "passage_kind": "narrative", "passage_sequence": 21, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000073:exhibit9922q25opendoorsh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/exhibit9922q25opendoorsh.htm", "table_id": null, "text": "23 OPENDOOR TECHNOLOGIES INC. RECONCILIATION OF OUR ADJUSTED SALES, MARKETING AND OPERATIONS; ADJUSTED GENERAL AND ADMINISTRATIVE; AND ADJUSTED TECHNOLOGY AND DEVELOPMENT EXPENSES TO THEIR CORRESPONDING GAAP MEASURES (Unaudited) Three Months Ended (in millions) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Sales, marketing and operations (GAAP)(1) $ 86 $ 98 $ 88 $ 96 $ 116 Direct Selling Costs(2) (43) (29) (23) (32) (43) Holding costs included in contribution profit(3)(4) (23) (17) (14) (15) (16) Stock-based compensation (2) (2) (2) (2) (4) Intangibles amortization expense(5) — — — (1) (1) Adjusted Sales, Marketing and Operations (Non- GAAP)(6) $ 18 $ 50 $ 49 $ 46 $ 52 General and administrative (GAAP) $ 28 $ 33 $ 41 $ 46 $ 48 Stock-based compensation (9) (9) (13) (16) (17) Legal contingency accrual and related expenses — — (5) — — Depreciation and amortization, excluding amortization of intangibles — — — (2) — Other — — — 1 (1) Adjusted General and Administrative (Non-GAAP)(6) $ 19 $ 24 $ 23 $ 29 $ 30 Technology and development (GAAP) $ 21 $ 21 $ 33 $ 30 $ 37 Stock-based compensation (2) (3) (8) (7) (12) Amortization of stock-based compensation capitalized to IDSW(7) (4) (3) — — — Depreciation and amortization, excluding amortization of intangibles (5) (5) (7) (8) (7) Other (1) — (3) — — Adjusted Technology and Development (Non- GAAP)(7) $ 9 $ 10 $ 15 $ 15 $ 18 Note: Advertising expenses(1) $ 7 $ 24 $ 23 $ 15 $ 21 (1) Advertising expenses are included in Sales, marketing and operations. (2) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow- related fees and transfer taxes and are included in Sales, marketing and operations. (3) Represents holding costs incurred in the period presented on homes sold in the period presented as well as holding costs incurred in prior periods on homes sold in the period presented (“Resale Cohort Holding Costs.”) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations in the period in which they are incurred (“GAAP Holding Costs.”) (4) The table below presents the timing difference within Adjusted Sales, marketing and operations related to holding costs. The amount of GAAP Holding Costs recognized during the period may be in excess of/ (less than) the amount of Resale Cohort Holding costs related to homes sold in the relevant period and included in Contribution Profit. Three Months Ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Total GAAP Holding Costs $ 16 $ 21 $ 21 $ 20 $ 17 Holding costs on sales - Current Period (6) (5) (4) (6) (5) Holding costs on sales - Prior Periods (17) (12) (10) (9) (11) Less: Resale Cohort Holding Costs (23) (17) (14) (15) (16) GAAP Holding Costs in excess of / (less than) Resale Holding Costs included in Contribution Profit $ (7) $ 4 $ 7 $ 5 $ 1 (5) Represents amortization of acquisition-related intangible assets. The acquired intangible assets had useful lives ranging from 1 to 5 years and amortization was expected until the intangible assets were fully amortized in 2024. (6) The sum of Adjusted Sales, Marketing and Operations, Adjusted General and Administrative, and Adjusted Technology and Development expenses is equal to Total Adjusted Operated Expenses (Non-GAAP). Refer to the \"Reconciliation of our Adjusted Operating Expenses to our Operating Expenses\" table on Page 22. 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"https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/exhibit9922q25opendoorsh.htm", "table_id": null, "text": "Shareholder Letter 2Q25 Appendix Appendix\n\nShareholder Letter 2Q25 Appendix Trailing 7-Day MLS Clearance Rate1 MLS Data Filtered to Opendoor Markets and Buybox 25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1 Note: MLS Clearance Rate is defined as the number of daily contracts that enter pending status on the Multiple Listing Service (i.e. market listings), filtered for Opendoor’s markets and buybox, divided by the number of active listings on the Multiple Listing Service, filtered for the same markets and buybox. 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2024\n\nShareholder Letter 2Q25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun l ec Appendix Trailing 28-Day MLS Daily Delisting to Contract Ratio MLS Data Filtered to Opendoor Markets and Buybox; excludes California markets 29 Time Period Comparison Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2025 Delistings meaningfully above 2024 and 2014-2019 average\n\nShareholder Letter 2Q25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Appendix Trailing 7-Day MLS New Listings MLS Data Filtered to Opendoor Markets and Buybox 30 Time Period Comparison Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2025 New Listings compared to 2024 and 2014-2019 average\n\nShareholder Letter 2Q25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Appendix 30-Day Rolling Home Price Appreciation (HPA) Weighted to Opendoor Markets; Non-Seasonally Adjusted 31 Time Period Comparison Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2025 30-Day HPA compared to 2024 and 2014-2019 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NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Gross Profit and Contribution Profit to our Gross Profit Three Months Ended (in millions, except percentages and homes sold, or as noted) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Revenue (GAAP) $ 1,567 $ 1,153 $ 1,084 $ 1,377 $ 1,511 Gross profit (GAAP) $ 128 $ 99 $ 85 $ 105 $ 129 Gross Margin 8.2 % 8.6 % 7.8 % 7.6 % 8.5 % Adjustments: Inventory valuation adjustment \u2013 Current Period\u034f (1)(2) 21 13 6 10 34 Inventory valuation adjustment \u2013 Prior Periods\u034f (1)(3) (14) (12) (16) (16) (9) Adjusted Gross Profit $ 135 $ 100 $ 75 $ 99 $ 154 Adjusted Gross Margin 8.6 % 8.7 % 6.9 % 7.2 % 10.2 % Adjustments: Direct selling costs (4) (43) (29) (23) (32) (43) Holding costs on sales \u2013 Current Period\u034f (5)(6) (6) (5) (4) (6) (5) Holding costs on sales \u2013 Prior Periods\u034f (5)(7) (17) (12) (10) (9) (11) Contribution Profit $ 69 $ 54 $ 38 $ 52 $ 95 Homes sold in period 4,299 2,946 2,822 3,615 4,078 Contribution Profit per Home Sold (in thousands) $ 16 $ 18 $ 13 $ 14 $ 23 Contribution Margin 4.4 % 4.7 % 3.5 % 3.8 % 6.3 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. Selling costs are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. 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NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our Net Loss Three Months Ended (in millions, except percentages) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Revenue (GAAP) $ 1,567 $ 1,153 $ 1,084 $ 1,377 $ 1,511 Net loss (GAAP) $ (29) $ (85) $ (113) $ (78) $ (92) Adjustments: Stock-based compensation 13 14 23 25 33 Equity securities fair value adjustment(1) \u2014 3 \u2014 3 2 Intangibles amortization expense(2) \u2014 \u2014 \u2014 1 1 Amortization of stock-based compensation capitalized to IDSW(3) 4 3 \u2014 \u2014 \u2014 Inventory valuation adjustment \u2013 Current Period\u034f(4)(5) 21 13 6 10 34 Inventory valuation adjustment \u2014 Prior Periods\u034f(4)(6) (14) (12) (16) (16) (9) Restructuring(7) 6 3 17 \u2014 \u2014 (Gain) loss on extinguishment of debt (10) \u2014 1 \u2014 1 Legal contingency accrual and related expenses \u2014 \u2014 5 \u2014 \u2014 Other(8) \u2014 (2) \u2014 (15) (1) Adjusted Net Loss $ (9) $ (63) $ (77) $ (70) $ (31) Adjustments: Depreciation and amortization, excluding amortization of intangibles 5 5 7 10 7 Property financing(9) 29 29 28 30 26 Other interest expense(10) 7 4 4 4 4 Interest income(11) (9) (5) (11) (12) (12) Income tax expense \u2014 \u2014 \u2014 \u2014 1 Adjusted EBITDA $ 23 $ (30) $ (49) $ (38) $ (5) Adjusted EBITDA Margin 1.5 % (2.6) % (4.5) % (2.8) % (0.3) % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets had useful lives ranging from 1 to 5 years and amortization was incurred until the intangible assets were fully amortized in 2024. (3) Beginning in the quarter ended March 31, 2025, the Company revised the presentation of the amortization of stock-based compensation capitalized to IDSW to more appropriately present the full impact of all stock-based compensation expenses. This expense was previously included in \u201cDepreciation and amortization, excluding amortization of intangibles.\u201d Had this presentation been applied for the three months ended December 31, 2024, September 30, 2024, and June 30, 2024, Adjusted Net Loss would have improved by $3 million, $3 million, and $3 million, respectively, with no impact to Adjusted EBITDA. (4) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (5) Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (6) Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (7) Restructuring costs consist primarily of severance and employee termination benefits and bonuses incurred in connection with the elimination of employees\u2019 roles, consulting fees, and expenses related to the termination of certain leases incurred during the restructuring process. (8) Primarily includes gain on deconsolidation, net, related party services income, and sublease income. (9) Includes interest expense on our non-recourse asset-backed debt facilities. (10) Includes amortization of debt issuance costs and loan origination fees, amortization of debt discounts, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, and interest expense related to the convertible senior notes outstanding. 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NON-GAAP MEASURES & KEY METRICS (Unaudited) Period Ended ($ in millions, except markets, homes purchased, homes sold, homes in inventory, and margins) Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Key Metrics Total Markets (at period end) 50 50 50 50 50 Total Revenue $ 1,567 $ 1,153 $ 1,084 $ 1,377 $ 1,511 Gross profit $ 128 $ 99 $ 85 $ 105 $ 129 Net loss $ (29) $ (85) $ (113) $ (78) $ (92) Inventory (at period end) $ 1,530 $ 2,362 $ 2,159 $ 2,145 $ 2,234 Non-GAAP Financial Measures Adjusted Gross Profit $ 135 $ 100 $ 75 $ 99 $ 154 Selling Costs (43) (29) (23) (32) (43) Holding Costs (23) (17) (14) (15) (16) Contribution Profit $ 69 $ 54 $ 38 $ 52 $ 95 Adjusted EBITDA $ 23 $ (30) $ (49) $ (38) $ (5) Adjusted Net Loss $ (9) $ (63) $ (77) $ (70) $ (31) Margins Total Revenue 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Gross profit 8.2 % 8.6 % 7.8 % 7.6 % 8.5 % Adjusted Gross Profit 8.6 % 8.7 % 6.9 % 7.2 % 10.2 % Contribution Profit 4.4 % 4.7 % 3.5 % 3.8 % 6.3 % Net loss (1.9) % (7.4) % (10.4) % (5.7) % (6.1) % Adjusted EBITDA 1.5 % (2.6) % (4.5) % (2.8) % (0.3) % Adjusted Net Loss (0.6) % (5.5) % (7.1) % (5.1) % (2.1) % Inventory Rollforward Homes in Inventory (at beginning of period) 7,080 6,417 6,288 6,399 5,706 Homes Purchased 1,757 3,609 2,951 3,504 4,771 Homes Sold (4,299) (2,946) (2,822) (3,615) (4,078) Homes in Inventory (at period end) 4,538 7,080 6,417 6,288 6,399 Exhibit 99.3\n\nOPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share amounts which are presented in thousands, and per share amounts) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 REVENUE $ 1,567 $ 1,511 $ 2,720 $ 2,692 COST OF REVENUE 1,439 1,382 2,493 2,449 GROSS PROFIT 128 129 227 243 OPERATING EXPENSES: Sales, marketing and operations 86 116 184 229 General and administrative 28 48 61 95 Technology and development 21 37 42 78 Restructuring 6 — 9 — Total operating expenses 141 201 296 402 LOSS FROM OPERATIONS (13) (72) (69) (159) GAIN (LOSS) ON EXTINGUISHMENT OF DEBT 10 (1) 10 (1) INTEREST EXPENSE (36) (30) (69) (67) OTHER INCOME – Net 10 12 14 27 LOSS BEFORE INCOME TAXES (29) (91) (114) (200) INCOME TAX EXPENSE — (1) — (1) NET LOSS $ (29) $ (92) $ (114) $ (201) Net loss per share attributable to common shareholders: Basic $ (0.04) $ (0.13) $ (0.16) $ (0.29) Diluted $ (0.04) $ (0.13) $ (0.16) $ (0.29) Weighted-average shares outstanding: Basic 729,484 693,445 726,529 687,951 Diluted 729,484 693,445 726,529 687,951"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-25-000073:exhibit993q22025formxexh.htm#b10", "norm:0001801169:0001801169-25-000073:exhibit993q22025formxexh.htm#b12"], "char_count": 3474, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "9c5aa2a90f36f61fb61c47a496e463f1e6b0526fb1a611fb8f80afb6ee4eb17b", "derivation_id": "bbf28a4f1e2fb3cb86c82dee7ffd46865323ded1b302ce928740d4e19248f140", "document_id": "norm:0001801169:0001801169-25-000073:exhibit993q22025formxexh.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:exhibit993q22025formxexh.htm", "block_sequence": 10, "char_end": 1382, "char_start": 0, "fragment_sha256": "194bdd4e1dedce27323552a2f8dcc12c945409b17848d1969b6314f8417ba204", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-25-000073:exhibit993q22025formxexh.htm", "block_sequence": 12, "char_end": 2090, "char_start": 0, "fragment_sha256": "f79ad72cd1b1745731f919926b7182a61bb61560ad663e52ac1cfeb897b1727c", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:exhibit993q22025formxexh.htm#p2", "passage_kind": "narrative", "passage_sequence": 2, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:exhibit993q22025formxexh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000073:exhibit993q22025formxexh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/exhibit993q22025formxexh.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) June 30, 2025 December 31, 2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 789 $ 671 Restricted cash 396 92 Marketable securities — 8 Escrow receivable 10 6 Real estate inventory, net 1,530 2,159 Other current assets 72 61 Total current assets 2,797 2,997 PROPERTY AND EQUIPMENT – Net 37 48 RIGHT OF USE ASSETS 9 18 GOODWILL 3 3 OTHER ASSETS 61 60 TOTAL ASSETS $ 2,907 $ 3,126 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and other accrued liabilities $ 86 $ 92 Non-recourse asset-backed debt – current portion 550 432 Interest payable 5 3 Lease liabilities – current portion 2 2 Total current liabilities 643 529 NON-RECOURSE ASSET-BACKED DEBT – Net of current portion 1,189 1,492 CONVERTIBLE SENIOR NOTES 437 378 LEASE LIABILITIES – Net of current portion 6 13 OTHER LIABILITIES 1 1 Total liabilities 2,276 2,413 SHAREHOLDERS’ EQUITY: Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 733,592,980 and 719,990,121 shares issued, respectively; 733,592,980 and 719,990,121 shares outstanding, respectively — — Additional paid-in capital 4,470 4,438 Accumulated deficit (3,839) (3,725) Accumulated other comprehensive loss — — Total shareholders’ equity 631 713 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 2,907 $ 3,126\n\nOPENDOOR TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Six Months Ended June 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (114) $ (201) Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash provided by (used in) operating activities: Depreciation and amortization 22 26 Amortization of right of use asset 1 3 Stock-based compensation 27 66 Inventory valuation adjustment 34 41 Change in fair value of equity securities 3 4 Other 4 3 (Gain) loss on early extinguishment of debt (10) 1 Changes in operating assets and liabilities: Escrow receivable (4) (15) Real estate inventory 593 (498) Other assets (11) (10) Accounts payable and other accrued liabilities (2) 7 Interest payable 2 — Lease liabilities (1) (4) Net cash provided by (used in) operating activities 544 (577) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (6) (16) Proceeds from sales, maturities, redemptions and paydowns of marketable securities 6 47 Net cash provided by investing activities — 31 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of convertible senior notes, net of discount 75 — Proceeds from issuance of common stock for ESPP 1 2 Proceeds from non-recourse asset-backed debt 671 217 Principal payments on non-recourse asset-backed debt (853) (302) Payment of loan origination fees and debt issuance costs (16) — Net cash used in financing activities (122) (83) NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 422 (629) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 763 1,540 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period $ 1,185 $ 911 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest $ 62 $ 62 DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: Stock-based compensation expense capitalized for internally developed software $ 2 $ 10 Principal value of 2026 Notes extinguished in Debt Exchange $ (246) $ — Principal value of 2030 Notes issued in Debt Exchange $ 246 $ —"} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-25-000073:exhibit993q22025formxexh.htm#b14", "norm:0001801169:0001801169-25-000073:exhibit993q22025formxexh.htm#b16"], "char_count": 2593, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "705f95cf331a4bac2a3818830ddd60dd3924663936920e2f5f7734a7a024bbaf", "derivation_id": "bbf28a4f1e2fb3cb86c82dee7ffd46865323ded1b302ce928740d4e19248f140", "document_id": "norm:0001801169:0001801169-25-000073:exhibit993q22025formxexh.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:exhibit993q22025formxexh.htm", "block_sequence": 14, "char_end": 176, "char_start": 0, "fragment_sha256": "9923532e42a0581ac855df46080adf6c7f68cad0f9ce51a0163fe2f424dce96f", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-25-000073:exhibit993q22025formxexh.htm", "block_sequence": 16, "char_end": 2415, "char_start": 0, "fragment_sha256": "f33262cc584330ae0ae0d60d15cf84e4d3c9c7bbf55feb4094a2d5d78d3b863a", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:exhibit993q22025formxexh.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:exhibit993q22025formxexh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000073:exhibit993q22025formxexh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/exhibit993q22025formxexh.htm", "table_id": null, "text": "RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents $ 789 $ 790 Restricted cash 396 121 Cash, cash equivalents, and restricted cash $ 1,185 $ 911\n\nOPENDOOR TECHNOLOGIES INC. NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Gross Profit and Contribution Profit to our Gross Profit Three Months Ended (in millions, except percentages and homes sold, or as noted) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Revenue (GAAP) $ 1,567 $ 1,153 $ 1,084 $ 1,377 $ 1,511 Gross profit (GAAP) $ 128 $ 99 $ 85 $ 105 $ 129 Gross Margin 8.2 % 8.6 % 7.8 % 7.6 % 8.5 % Adjustments: Inventory valuation adjustment – Current Period͏ (1)(2) 21 13 6 10 34 Inventory valuation adjustment – Prior Periods͏ (1)(3) (14) (12) (16) (16) (9) Adjusted Gross Profit $ 135 $ 100 $ 75 $ 99 $ 154 Adjusted Gross Margin 8.6 % 8.7 % 6.9 % 7.2 % 10.2 % Adjustments: Direct selling costs (4) (43) (29) (23) (32) (43) Holding costs on sales – Current Period͏ (5)(6) (6) (5) (4) (6) (5) Holding costs on sales – Prior Periods͏ (5)(7) (17) (12) (10) (9) (11) Contribution Profit $ 69 $ 54 $ 38 $ 52 $ 95 Homes sold in period 4,299 2,946 2,822 3,615 4,078 Contribution Profit per Home Sold (in thousands) $ 16 $ 18 $ 13 $ 14 $ 23 Contribution Margin 4.4 % 4.7 % 3.5 % 3.8 % 6.3 % (1) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4) Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes. Selling costs are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations. (5) Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6) Represents holding costs incurred in the period presented on homes sold in the period presented. (7) Represents holding costs incurred in prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-03", "block_ids": ["norm:0001801169:0001801169-25-000073:exhibit993q22025formxexh.htm#b18"], "char_count": 3658, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "fc26081d917a6268ad8cb64011a6ccc642a25579c94c31e340c84aa906a18f54", "derivation_id": "bbf28a4f1e2fb3cb86c82dee7ffd46865323ded1b302ce928740d4e19248f140", "document_id": "norm:0001801169:0001801169-25-000073:exhibit993q22025formxexh.htm", "document_type": "supplemental", "exhibit_type": "EX-99.3", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.3"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:exhibit993q22025formxexh.htm", "block_sequence": 18, "char_end": 3658, "char_start": 0, "fragment_sha256": "d848abd2ba60c3bfccf3d6acd47b7037924ab23b59f7f7830df301102917a33a", "heading_path": ["EX-99.3"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:exhibit993q22025formxexh.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:exhibit993q22025formxexh.htm#s2", "source_artifact_id": "sec:0001801169:0001801169-25-000073:exhibit993q22025formxexh.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/exhibit993q22025formxexh.htm", "table_id": null, "text": "OPENDOOR TECHNOLOGIES INC. NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our Net Loss Three Months Ended (in millions, except percentages) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Revenue (GAAP) $ 1,567 $ 1,153 $ 1,084 $ 1,377 $ 1,511 Net loss (GAAP) $ (29) $ (85) $ (113) $ (78) $ (92) Adjustments: Stock-based compensation 13 14 23 25 33 Equity securities fair value adjustment(1) — 3 — 3 2 Intangibles amortization expense(2) — — — 1 1 Amortization of stock-based compensation capitalized to IDSW(3) 4 3 — — — Inventory valuation adjustment – Current Period͏(4)(5) 21 13 6 10 34 Inventory valuation adjustment — Prior Periods͏(4)(6) (14) (12) (16) (16) (9) Restructuring(7) 6 3 17 — — (Gain) loss on extinguishment of debt (10) — 1 — 1 Legal contingency accrual and related expenses — — 5 — — Other(8) — (2) — (15) (1) Adjusted Net Loss $ (9) $ (63) $ (77) $ (70) $ (31) Adjustments: Depreciation and amortization, excluding amortization of intangibles 5 5 7 10 7 Property financing(9) 29 29 28 30 26 Other interest expense(10) 7 4 4 4 4 Interest income(11) (9) (5) (11) (12) (12) Income tax expense — — — — 1 Adjusted EBITDA $ 23 $ (30) $ (49) $ (38) $ (5) Adjusted EBITDA Margin 1.5 % (2.6) % (4.5) % (2.8) % (0.3) % (1) Represents the gains and losses on certain financial instruments, which are marked to fair value at the end of each period. (2) Represents amortization of acquisition-related intangible assets. The acquired intangible assets had useful lives ranging from 1 to 5 years and amortization was incurred until the intangible assets were fully amortized in 2024. (3) Beginning in the quarter ended March 31, 2025, the Company revised the presentation of the amortization of stock-based compensation capitalized to IDSW to more appropriately present the full impact of all stock-based compensation expenses. This expense was previously included in “Depreciation and amortization, excluding amortization of intangibles.” Had this presentation been applied for the three months ended December 31, 2024, September 30, 2024, and June 30, 2024, Adjusted Net Loss would have improved by $3 million, $3 million, and $3 million, respectively, with no impact to Adjusted EBITDA. (4) Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (5) Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (6) Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (7) Restructuring costs consist primarily of severance and employee termination benefits and bonuses incurred in connection with the elimination of employees’ roles, consulting fees, and expenses related to the termination of certain leases incurred during the restructuring process. (8) Primarily includes gain on deconsolidation, net, related party services income, and sublease income. (9) Includes interest expense on our non-recourse asset-backed debt facilities. (10) Includes amortization of debt issuance costs and loan origination fees, amortization of debt discounts, commitment fees, unused fees, other interest related costs on our asset-backed debt facilities, and interest expense related to the convertible senior notes outstanding. 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Emerging growth company \u2610 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:open-20250805.htm#b20", + "block_sequence": 20, + "block_sha256": "5307a7e048eb396b1c5276f7cf16cf2e9f1135d2d24aedc7fff830e4d32b3091", + "block_type": "heading", + "char_count": 9, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:open-20250805.htm", + "block_sequence": 20, + "char_end": 9, + "char_start": 0, + "fragment_sha256": "6aeb08ec5669ca7c6bb35b2a72c3c21d0e235fe1f08e0624e51f0ee00bed5dbf", + "heading_path": [ + "UNITED STATES", + "Item 2.02" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000073:open-20250805.htm#s12", + "table": null, + "text": "Item 2.02" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:open-20250805.htm#b21", + "block_sequence": 21, + "block_sha256": "58c5517f0aa14eebc720b301fc7cce224252190d0c71fc33fdbe6ac5f8920c71", + "block_type": "heading", + "char_count": 45, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:open-20250805.htm", + "block_sequence": 21, + "char_end": 45, + "char_start": 0, + "fragment_sha256": "1141b9dd398a3516dafcbb42868b9927a07a3a68012a3a166ecfb0d0a0710b9d", + "heading_path": [ + "UNITED STATES", + "Item 2.02", + "Results of Operations and Financial Condition" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000073:open-20250805.htm#s13", + "table": null, + "text": "Results of Operations and Financial Condition" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:open-20250805.htm#b22", + "block_sequence": 22, + "block_sha256": "eaa1fc1c4a894191ec97a86cef53f65cc22e164f44df9d72540af661dd10aeac", + "block_type": "paragraph", + "char_count": 338, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:open-20250805.htm", + "block_sequence": 22, + "char_end": 338, + "char_start": 0, + "fragment_sha256": "d18e27793fc7a9842899ca05fb59456bb6aefa33d08a85336492b211d9e2d018", + "heading_path": [ + "UNITED STATES", + "Item 2.02", + "Results of Operations and Financial Condition" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:open-20250805.htm#s13", + "table": null, + "text": "On August 5, 2025, Opendoor Technologies Inc. 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A copy of the press release and the shareholder letter is furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K." + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:open-20250805.htm#b23", + "block_sequence": 23, + "block_sha256": "b89696dd562dc98e2d1749a869ddb9e170e8ec4b569de938d823dcf31e61ed4a", + "block_type": "heading", + "char_count": 34, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:open-20250805.htm", + "block_sequence": 23, + "char_end": 34, + "char_start": 0, + "fragment_sha256": "a519ddf1f70259f3944c70d9892a25a515ee43d30c566946f7b2f4a287970f99", + "heading_path": [ + "UNITED STATES", + "Item 7.01 Regulation FD Disclosure" + ], + "table_index": null, + "tag_name": "span" + }, + "section_id": "norm:0001801169:0001801169-25-000073:open-20250805.htm#s14", + "table": null, + "text": "Item 7.01 Regulation FD Disclosure" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:open-20250805.htm#b24", + "block_sequence": 24, + "block_sha256": "97f37767194c134837e3b90570ca985ac576d0e02137bf6eabb05e96299b5741", + "block_type": "paragraph", + "char_count": 769, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:open-20250805.htm", + "block_sequence": 24, + "char_end": 769, + "char_start": 0, + "fragment_sha256": "dab4ee7a804c112648bb10eac1590c35b8b05605430d5b49387aa2a481c8e6da", + "heading_path": [ + "UNITED STATES", + "Item 7.01 Regulation FD Disclosure" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-25-000073:open-20250805.htm#s14", + "table": null, + "text": "On August 5, 2025, the Company posted an earnings supplement (the \u201cSupplement\u201d) in the \u201cInvestor Relations\u201d portion of its website at investor.opendoor.com. A copy of the Supplement is attached to this Current Report on Form 8-K as Exhibit 99.3. The information contained in Items 2.02 and 7.01 of this Current Report (including Exhibits 99.1, 99.2, and 99.3 attached hereto) shall not be deemed \u201cfiled\u201d for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing." + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:open-20250805.htm#b25", + "block_sequence": 25, + "block_sha256": "ceb51f1f84b7628f894076641909a6ff2852ffbb2bd4591f0389564d97779dc4", + "block_type": "heading", + "char_count": 9, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:open-20250805.htm", + "block_sequence": 25, + "char_end": 9, + "char_start": 0, + "fragment_sha256": 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Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-25-000073:open-20250805.htm#b22"], "char_count": 338, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "eaa1fc1c4a894191ec97a86cef53f65cc22e164f44df9d72540af661dd10aeac", "derivation_id": "3f2f2da884e71c5c4e720f190b7be3dd8854cd9acfafbeea276c0e519b4f54b5", "document_id": "norm:0001801169:0001801169-25-000073:open-20250805.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 2.02", "Results of Operations and Financial Condition"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:open-20250805.htm", "block_sequence": 22, "char_end": 338, "char_start": 0, "fragment_sha256": "d18e27793fc7a9842899ca05fb59456bb6aefa33d08a85336492b211d9e2d018", "heading_path": ["UNITED STATES", "Item 2.02", "Results of Operations and Financial Condition"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:open-20250805.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:open-20250805.htm#s13", "source_artifact_id": "sec:0001801169:0001801169-25-000073:open-20250805.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/open-20250805.htm", "table_id": null, "text": "On August 5, 2025, Opendoor Technologies Inc. (the “Company”) issued a press release and a shareholder letter announcing its financial results for the second quarter ended June 30, 2025. A copy of the press release and the shareholder letter is furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-25-000073:open-20250805.htm#b24"], "char_count": 769, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "97f37767194c134837e3b90570ca985ac576d0e02137bf6eabb05e96299b5741", "derivation_id": "3f2f2da884e71c5c4e720f190b7be3dd8854cd9acfafbeea276c0e519b4f54b5", "document_id": "norm:0001801169:0001801169-25-000073:open-20250805.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["UNITED STATES", "Item 7.01 Regulation FD Disclosure"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:open-20250805.htm", "block_sequence": 24, "char_end": 769, "char_start": 0, "fragment_sha256": "dab4ee7a804c112648bb10eac1590c35b8b05605430d5b49387aa2a481c8e6da", "heading_path": ["UNITED STATES", "Item 7.01 Regulation FD Disclosure"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:open-20250805.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:open-20250805.htm#s14", "source_artifact_id": "sec:0001801169:0001801169-25-000073:open-20250805.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/open-20250805.htm", "table_id": null, "text": "On August 5, 2025, the Company posted an earnings supplement (the “Supplement”) in the “Investor Relations” portion of its website at investor.opendoor.com. A copy of the Supplement is attached to this Current Report on Form 8-K as Exhibit 99.3. The information contained in Items 2.02 and 7.01 of this Current Report (including Exhibits 99.1, 99.2, and 99.3 attached hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001801169-25-000073:open-20250805.htm#b27"], "char_count": 12, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1bb512677b8189f063271298af785857c211249e9a13edc9cf8a2d4545faefd7", "derivation_id": "3f2f2da884e71c5c4e720f190b7be3dd8854cd9acfafbeea276c0e519b4f54b5", "document_id": "norm:0001801169:0001801169-25-000073:open-20250805.htm", "document_type": 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(Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported financial results for its second quarter ended June 30, 2025. Opendoor\u2019s second quarter 2025 financial results and management commentary can be accessed through the Company\u2019s shareholder letter on the \u201cQuarterly Reports\u201d page of Opendoor\u2019s investor relations website at https://investor.opendoor.com/financials-filings/quarterly-reports. \u201cWe delivered $1.6 billion in revenue in the second quarter and achieved our first quarter of Adjusted EBITDA profitability since 2022, even as housing market conditions continued to deteriorate. This progress reflects the discipline and expertise we\u2019ve built into every part of our business,\u201d said Carrie Wheeler, CEO and Chair of the Board of Directors of Opendoor. Wheeler continued, \u201cWe are building on that foundation by expanding our agent-led distribution platform, enabling partner agents to offer multiple solutions to address each homeowner's needs. 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with 4,299 total homes sold, up 5% versus 2Q24 and up 46% versus 1Q25 \u2022Gross profit of $128 million, versus $129 million in 2Q24 and $99 million in 1Q25; Gross Margin of 8.2%, versus 8.5% in 2Q24 and 8.6% in 1Q25 \u2022Net loss of $(29) million, versus $(92) million in 2Q24 and $(85) million in 1Q25 \u2022Inventory balance of $1.5 billion, representing 4,538 homes, down (32)% versus 2Q24 and down (35)% versus 1Q25 \u2022Purchased 1,757 homes, down (63)% versus 2Q24 and down (51)% versus 1Q25 \u2022Ended the quarter with 393 homes under contract for purchase, down (78)% versus 2Q24 and down (63)% versus 1Q25" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b10", + "block_sequence": 10, + "block_sha256": "3df3d0bf1a9889fbab461edc97ccf75079eec59494edddef045558d3d41caa05", + "block_type": "heading", + "char_count": 24, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", + "block_sequence": 10, + "char_end": 24, + "char_start": 0, + "fragment_sha256": "ca69d066f19556f1e9165efd152ae05b80da69d33b41648146f251fdbd87d537", + "heading_path": [ + "EX-99.1", + "Second Quarter 2025 Key Highlights", + "Non-GAAP Key Highlights*" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s6", + "table": null, + "text": "Non-GAAP Key Highlights*" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b11", + "block_sequence": 11, + "block_sha256": "5387b7593f23a931b43a597e47225bf974752a9af1f6c3bd54e0a540f7e0242a", + "block_type": "paragraph", + "char_count": 565, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", + "block_sequence": 11, + "char_end": 565, + "char_start": 0, + "fragment_sha256": "88bf5ee0aabd0aab8e8e2d4a463443a807562c824b748f0d719cabeabfe2ad05", + "heading_path": [ + "EX-99.1", + "Second Quarter 2025 Key Highlights", + "Non-GAAP Key Highlights*" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s6", + "table": null, + "text": "\u2022Contribution Profit of $69 million, versus $95 million in 2Q24 and $54 million in 1Q25; Contribution Margin of 4.4%, versus 6.3% in 2Q24 and 4.7% in 1Q25 \u2022Adjusted EBITDA of $23 million, versus $(5) million in 2Q24 and $(30) million in 1Q25; Adjusted EBITDA Margin of 1.5%, versus (0.3)% in 2Q24 and (2.6)% in 1Q25 \u2022Adjusted Net Loss of $(9) million, versus $(31) million in 2Q24 and $(63) million in 1Q25 *See \u201c\u2014Use of Non-GAAP Financial Measures\u201d below for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures." + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b12", + "block_sequence": 12, + "block_sha256": "c0e64488812d8f76eacb9e1cc84b0b625f6830944b3a1f7106e25c33866e9842", + "block_type": "heading", + "char_count": 36, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", + "block_sequence": 12, + "char_end": 36, + "char_start": 0, + "fragment_sha256": "0f060acd110672da0b6ac519803f9b22337925f3d3a2d0a75c6949c44a376d3c", + "heading_path": [ + "EX-99.1", + "Third Quarter 2025 Financial Outlook" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s7", + "table": null, + "text": "Third Quarter 2025 Financial Outlook" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b13", + "block_sequence": 13, + "block_sha256": "eb690fe3b31044867f61c21405211d21a611dd012bbb9af8962db0cb848009ae", + "block_type": "paragraph", + "char_count": 186, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", + "block_sequence": 13, + "char_end": 186, + "char_start": 0, + "fragment_sha256": "bd9c5727e155c64126b25902893559b0871c4bee764fdf7a3d0550486f569a7c", + "heading_path": [ + "EX-99.1", + "Third Quarter 2025 Financial Outlook" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s7", + "table": null, + "text": "\u20223Q25 revenue guidance of $800 million to $875 million \u20223Q25 Contribution Profit1 guidance of $22 million to $29 million \u20223Q25 Adjusted EBITDA1 guidance of $(28) million to $(21) million" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b14", + "block_sequence": 14, + "block_sha256": "a6d5472b2970d188397362cbeb120c141dfa00ea685622341f4da2accca23ec9", + "block_type": "heading", + "char_count": 35, + "level": 5, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", + "block_sequence": 14, + "char_end": 35, + "char_start": 0, + "fragment_sha256": "ccf6c2cf0f1f487e4dee6c0db9db5e9ad5d5e52b2d1efdb317ea9c44fd3567ef", + "heading_path": [ + "EX-99.1", + "Third Quarter 2025 Financial Outlook", + "Conference Call and Webcast Details" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s8", + "table": null, + "text": "Conference Call and Webcast Details" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b15", + "block_sequence": 15, + "block_sha256": "ca9a5d49f20a982a550edf647f6a821b8872b81ba53f2a86fadcb30fc6ad42ea", + "block_type": "paragraph", + "char_count": 326, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", + "block_sequence": 15, + "char_end": 326, + "char_start": 0, + "fragment_sha256": "c38a0e208fbd6d08586ee6a15f88f364f7a6952808faa600ed011a8074470841", + "heading_path": [ + "EX-99.1", + "Third Quarter 2025 Financial Outlook", + "Conference Call and Webcast Details" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s8", + "table": null, + "text": "Opendoor will host a conference call to discuss its financial results on August 5, 2025, at 2:00 p.m. Pacific Time. 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Since 2014, Opendoor has provided people across the U.S. with a simple and certain way to sell and buy a home. Opendoor is a team of problem solvers, innovators, and operators who are leading the future of real estate. Opendoor currently operates in markets nationwide. 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All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the current and future health and stability of the real estate housing market and general economy; anticipated future results of operations and financial performance, including our third quarter financial outlook; our ability to realize non-GAAP profitability and other benefits from the discipline and expertise we\u2019ve built into every part of our business; our product offerings, including our agent-led distribution platform, and our ability to serve more sellers and capture capital-light revenue streams as we build the best place to sell; the future health and status of our financial condition; and our business strategy and plans, including plans to continue to invest in and enhance our products. These forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cguidance\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201coutlook\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cvision\u201d, \u201cwill\u201d, or \u201cwould\u201d, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this press release include but are not limited to: the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturns or slowdowns; 1 Opendoor has not provided a quantitative reconciliation of forecasted Contribution Profit to forecasted GAAP gross profit (loss) nor a reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss) and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company\u2019s control. For more information regarding the non-GAAP financial measures discussed in this press release, please see \u201cUse of Non-GAAP Financial Measures\u201d following the financial tables below. changes in general economic and financial conditions (including federal monetary policy, the imposition of tariffs and price or exchange controls, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that impact demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our digital platform, including our automated pricing and valuation technology; our ability to realize expected benefits from our restructuring and cost reduction efforts; our ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our ability to protect our brand and intellectual property; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment and potential regulatory instability within our industry and complexities with compliance related to such environment; any future impact of pandemics, epidemics, or other public health crises on our ability to operate, demand for our products and services, or general economic conditions; our ability to maintain our listing on the Nasdaq Global Select Market; changes in laws or government regulation affecting our business; the impact of pending or future litigation or regulatory actions; and the volatility in the price of our common stock. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \u201cRisk Factors\u201d in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 27, 2025, as updated by our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. 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| | 66 | | | \n | | | | | | | \n | | | | | | | \nInventory valuation adjustment | 34 | | | 41 | | | \n | | | | | | | \n | | | | | | | \nChange in fair value of equity securities | 3 | | | 4 | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \nOther | 4 | | | 3 | | | \n | | | | | | | \n | | | | | | | \n(Gain) loss on early extinguishment of debt | (10) | | | 1 | | | \n | | | | | | | \nChanges in operating assets and liabilities: | | | | | | | \nEscrow receivable | (4) | | | (15) | | | \nReal estate inventory | 593 | | | (498) | | | \nOther assets | (11) | | | (10) | | | \nAccounts payable and other accrued liabilities | (2) | | | 7 | | | \nInterest payable | 2 | | | \u2014 | | | \nLease liabilities | (1) | | | (4) | | | \nNet cash provided by (used in) operating activities | 544 | | | (577) | | | \nCASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | \nPurchase of property and equipment | (6) | | | (16) | | | \n | | | | | | | \n | | | | | | | \nProceeds from sales, maturities, redemptions and paydowns of marketable securities | 6 | | | 47 | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \nNet cash provided by investing activities | \u2014 | | | 31 | | | \nCASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \nProceeds from issuance of convertible senior notes, net of discount | 75 | | | \u2014 | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \nProceeds from issuance of common stock for ESPP | 1 | | | 2 | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \nProceeds from non-recourse asset-backed debt | 671 | | | 217 | | | \nPrincipal payments on non-recourse asset-backed debt | (853) | | | (302) | | | \n | | | | | | | \n | | | | | | | \nPayment of loan origination fees and debt issuance costs | (16) | | | \u2014 | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \nNet cash used in financing activities | (122) | | | (83) | | | \nNET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 422 | | | (629) | | | \nCASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 Beginning of period | 763 | | | 1,540 | | | \nCASH, CASH EQUIVALENTS, AND RESTRICTED CASH \u2013 End of period | $ | 1,185 | | | $ | 911 | \nSUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION \u2013 Cash paid during the period for interest | $ | 62 | | | $ | 62 | \nDISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \n | | | | | | | \nStock-based compensation expense capitalized for internally developed software | $ | 2 | | | $ | 10 | \nPrincipal value of 2026 Notes extinguished in Debt Exchange | $ | (246) | | | $ | \u2014 | \nPrincipal value of 2030 Notes issued in Debt Exchange | $ | 246 | | | $ | \u2014 | \n | | | | | | | 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"table": null, + "text": "Use of Non-GAAP Financial Measures" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b47", + "block_sequence": 47, + "block_sha256": "40583c03f1d3b0e2e16efb16add734383057d49d69eee7f83c2684672ce6e3fd", + "block_type": "paragraph", + "char_count": 1234, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", + "block_sequence": 47, + "char_end": 1234, + "char_start": 0, + "fragment_sha256": "59205403c1cf321612cff489025e62246c60944c87d20a3b172b788538b0b4ba", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s18", + "table": null, + "text": "To provide investors with additional information regarding the Company\u2019s financial results, this press release includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit, Adjusted Net Loss, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company\u2019s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company\u2019s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company\u2019s performance by excluding certain items that may not be indicative of the Company\u2019s recurring operating results." + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b48", + "block_sequence": 48, + "block_sha256": "cf4412b7f2e978b2176133264010c82edd93914c688c938a6288ba932a7fe02a", + "block_type": "heading", + "char_count": 45, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", + "block_sequence": 48, + "char_end": 45, + "char_start": 0, + "fragment_sha256": "cf1b29446f8347dbf44d3e68ff9575480b999e280b6eb3c083fd07ac58bd12ec", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit and Contribution Profit" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s19", + "table": null, + "text": "Adjusted Gross Profit and Contribution Profit" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b49", + "block_sequence": 49, + "block_sha256": "f3cfb30b6551441a3bbe77bf58a22571ed60536ec7666584924c117fa1614884", + "block_type": "paragraph", + "char_count": 1730, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", + "block_sequence": 49, + "char_end": 1730, + "char_start": 0, + "fragment_sha256": "be052a30e7db53aabe2507012e4ccedc3a40b4a46a2942350d1a3f9148150b98", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit and Contribution Profit" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s19", + "table": null, + "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit and Contribution Profit, which are non-GAAP financial measures. We believe that Adjusted Gross Profit and Contribution Profit are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit provides investors a measure to assess Opendoor\u2019s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit and Contribution Profit are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit." + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b50", + "block_sequence": 50, + "block_sha256": "3a0f4b517b2973d0284f077238ba89bbd42b072b4d09fc22bba1dad3687e0f87", + "block_type": "heading", + "char_count": 30, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", + "block_sequence": 50, + "char_end": 30, + "char_start": 0, + "fragment_sha256": "baa0cb19238757da38579cd06f1b18a8019e1e41ed4f96c6339b96ea68bd5910", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit and Contribution Profit", + "Adjusted Gross Profit / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s20", + "table": null, + "text": "Adjusted Gross Profit / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b51", + "block_sequence": 51, + "block_sha256": "4d6022774af95a17dc18d15aa406e015335223e69ab92b2f6d95abe057dab923", + "block_type": "paragraph", + "char_count": 966, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", + "block_sequence": 51, + "char_end": 966, + "char_start": 0, + "fragment_sha256": "62f3140fc23d7d69b87d6eceb6bd6e24d053b85b840902cc4a056be75d3eac42", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit and Contribution Profit", + "Adjusted Gross Profit / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s20", + "table": null, + "text": "We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. Adjusted Gross Margin is Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b52", + "block_sequence": 52, + "block_sha256": "530922c6281eb17366bc5afad3d135e14758fe69731bdbd8be3f74f8618ea5bf", + "block_type": "heading", + "char_count": 28, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", + "block_sequence": 52, + "char_end": 28, + "char_start": 0, + "fragment_sha256": "4eedaa2d56b5e54507af525e8ebf0b1949eefc457d669b2295216ca9304155f7", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit and Contribution Profit", + "Contribution Profit / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s21", + "table": null, + "text": "Contribution Profit / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b53", + "block_sequence": 53, + "block_sha256": "a3c65232767a825ecc9d53c876193982e578d4693221931b9d9ed70f0525885e", + "block_type": "paragraph", + "char_count": 654, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", + "block_sequence": 53, + "char_end": 654, + "char_start": 0, + "fragment_sha256": "8e28aa29b1239c09ea02486d64731180085b17a7f67a4c22d65b6aa94f637ba5", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit and Contribution Profit", + "Contribution Profit / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s21", + "table": null, + "text": "We calculate Contribution Profit as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. Contribution Margin is Contribution Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflows directly associated with a specific resale cohort." + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b54", + "block_sequence": 54, + "block_sha256": "7460ff5afa74595bed1ed49c4ec349f88984782302cbab9cee3bae99ec2b46cd", + "block_type": "page_header", + "char_count": 26, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", + "block_sequence": 54, + "char_end": 26, + "char_start": 0, + "fragment_sha256": "6c09580c898ba7f1f243df20dc138e96cf3b26da61a7a28dfe22dc8b2b89bd47", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Gross Profit and Contribution Profit", + "Contribution Profit / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s21", + "table": null, + "text": "OPENDOOR TECHNOLOGIES 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(2)Inventory valuation adjustment \u2014 Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3)Inventory valuation adjustment \u2014 Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes, and are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations. (5)Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented." + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b62", + "block_sequence": 62, + "block_sha256": "37935488b247cdf343c0c8144ff521e96ad9f18f66bbb30d6e7419e323a258dd", + "block_type": "heading", + "char_count": 37, + "level": 8, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", + "block_sequence": 62, + "char_end": 37, + "char_start": 0, + "fragment_sha256": "7d73a982a3059ce2d3fb2d6b67792ead1f8b44bb37c4d2e384f2b18bb474ec56", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s23", + "table": null, + "text": "Adjusted Net Loss and Adjusted EBITDA" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b63", + "block_sequence": 63, + "block_sha256": "30e3586e1712e96c1479714394b97d9b879cbd2828d27d768e91ef2ae245842e", + "block_type": "paragraph", + "char_count": 1547, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", + "block_sequence": 63, + "char_end": 1547, + "char_start": 0, + "fragment_sha256": "a1a8ccfd071c8de8eda06c6ff64659d7fadb79fec3b42f3c93f08264bb446d21", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s23", + "table": null, + "text": "We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss." + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b64", + "block_sequence": 64, + "block_sha256": "236a9f2403017a5277b663ccb31ec43d8c2bfa477b0ef7a6739ae4ae9f4de383", + "block_type": "heading", + "char_count": 17, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", + "block_sequence": 64, + "char_end": 17, + "char_start": 0, + "fragment_sha256": "cb70ddf5f8ea6dedb56e75aef3d884bf0809082eeb0587d69c740ed25a2bff05", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted Net Loss" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s24", + "table": null, + "text": "Adjusted Net Loss" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b65", + "block_sequence": 65, + "block_sha256": "5e8da8525cec364b049c68c2820166dd13e200f498fede11af4a06c0842799ab", + "block_type": "paragraph", + "char_count": 1248, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", + "block_sequence": 65, + "char_end": 1248, + "char_start": 0, + "fragment_sha256": "4dc37208416542f2bfd8270a66c14543fd3e301686a62249e6d4a040125c7353", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted Net Loss" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s24", + "table": null, + "text": "We calculate Adjusted Net Loss as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, intangibles amortization expense, and the amortization of stock-based compensation capitalized to internally developed software (\u201cIDSW\u201d). It excludes expenses that are not directly related to our revenue-generating operations such as restructuring and legal contingency accruals. It also excludes (gain) loss on extinguishment of debt as these gains or expenses were incurred as a result of decisions made by management to terminate or partially extinguish portions of our outstanding credit facilities or convertible senior notes early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date." + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b66", + "block_sequence": 66, + "block_sha256": "e21a9b231049964de5ed48be4f1552178df178466705ae25a8ad92f9d827c980", + "block_type": "heading", + "char_count": 24, + "level": 4, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", + "block_sequence": 66, + "char_end": 24, + "char_start": 0, + "fragment_sha256": "ac44008dd990c7ef1bad8982285a2d3ddeb230acc700e6c05708926dcdc574ab", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted EBITDA / Margin" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s25", + "table": null, + "text": "Adjusted EBITDA / Margin" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b67", + "block_sequence": 67, + "block_sha256": "dfcdd3eb3c508d47aa6b0f99c68aa27a5d519764353000222958249f2ccea5c0", + "block_type": "paragraph", + "char_count": 598, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", + "block_sequence": 67, + "char_end": 598, + "char_start": 0, + "fragment_sha256": "be86067c82d7130ef9ef84b3f3cfd8254f2d781e91fad24e7d514b62fd4b394b", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted EBITDA / Margin" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s25", + "table": null, + "text": "We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue. The following table presents a reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our net loss, which is the most directly comparable GAAP measure, for the periods indicated:" + }, + { + "block_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b68", + "block_sequence": 68, + "block_sha256": "7f266597305089352ef394980c409aaa3c289440ba934f700748632544e8a0f5", + "block_type": "table", + "char_count": 3628, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", + "block_sequence": 68, + "char_end": 3628, + "char_start": 0, + "fragment_sha256": "24666d6f1c2951b45c84f9ac1ab8ce6a66dd49202e3edcbe5a2f07ca10454599", + "heading_path": [ + "EX-99.1", + "Use of Non-GAAP Financial Measures", + "Adjusted Net Loss and Adjusted EBITDA", + "Adjusted EBITDA / Margin" + ], + "table_index": 5, + "tag_name": "table" + }, + "section_id": 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(Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported financial results for its second quarter ended June 30, 2025. Opendoor’s second quarter 2025 financial results and management commentary can be accessed through the Company’s shareholder letter on the “Quarterly Reports” page of Opendoor’s investor relations website at https://investor.opendoor.com/financials-filings/quarterly-reports. “We delivered $1.6 billion in revenue in the second quarter and achieved our first quarter of Adjusted EBITDA profitability since 2022, even as housing market conditions continued to deteriorate. This progress reflects the discipline and expertise we’ve built into every part of our business,” said Carrie Wheeler, CEO and Chair of the Board of Directors of Opendoor. Wheeler continued, “We are building on that foundation by expanding our agent-led distribution platform, enabling partner agents to offer multiple solutions to address each homeowner's needs. This is a significant evolution in how we operate, allowing us to serve many more sellers and capture capital-light revenue streams as we build the best place to sell.”"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b9"], "char_count": 662, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "0b32203a840d4654138a04e64586f09b05932b43dfd9e0632e3e3e60472a20d0", "derivation_id": "e3daa974c76bfea407dd47b91d5b1f71c2889df33725060e65de1da0b91b065d", "document_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Second Quarter 2025 Key Highlights"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "block_sequence": 9, "char_end": 662, "char_start": 0, "fragment_sha256": "3e8cfcc0018a2957dc28886196d21b783655ceb3de87647e1d0ab3b2adc408c8", "heading_path": ["EX-99.1", "Second Quarter 2025 Key Highlights"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#p3", "passage_kind": "narrative", "passage_sequence": 3, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s5", "source_artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/q22025formxex991earningsre.htm", "table_id": null, "text": "•Revenue of $1.6 billion, up 4% versus 2Q24 and up 36% versus 1Q25; with 4,299 total homes sold, up 5% versus 2Q24 and up 46% versus 1Q25 •Gross profit of $128 million, versus $129 million in 2Q24 and $99 million in 1Q25; Gross Margin of 8.2%, versus 8.5% in 2Q24 and 8.6% in 1Q25 •Net loss of $(29) million, versus $(92) million in 2Q24 and $(85) million in 1Q25 •Inventory balance of $1.5 billion, representing 4,538 homes, down (32)% versus 2Q24 and down (35)% versus 1Q25 •Purchased 1,757 homes, down (63)% versus 2Q24 and down (51)% versus 1Q25 •Ended the quarter with 393 homes under contract for purchase, down (78)% versus 2Q24 and down (63)% versus 1Q25"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b11"], "char_count": 565, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5387b7593f23a931b43a597e47225bf974752a9af1f6c3bd54e0a540f7e0242a", "derivation_id": "e3daa974c76bfea407dd47b91d5b1f71c2889df33725060e65de1da0b91b065d", "document_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Second Quarter 2025 Key Highlights", "Non-GAAP Key Highlights*"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "block_sequence": 11, "char_end": 565, "char_start": 0, "fragment_sha256": "88bf5ee0aabd0aab8e8e2d4a463443a807562c824b748f0d719cabeabfe2ad05", "heading_path": ["EX-99.1", "Second Quarter 2025 Key Highlights", "Non-GAAP Key Highlights*"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#p4", "passage_kind": "narrative", "passage_sequence": 4, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s6", "source_artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/q22025formxex991earningsre.htm", "table_id": null, "text": "•Contribution Profit of $69 million, versus $95 million in 2Q24 and $54 million in 1Q25; Contribution Margin of 4.4%, versus 6.3% in 2Q24 and 4.7% in 1Q25 •Adjusted EBITDA of $23 million, versus $(5) million in 2Q24 and $(30) million in 1Q25; Adjusted EBITDA Margin of 1.5%, versus (0.3)% in 2Q24 and (2.6)% in 1Q25 •Adjusted Net Loss of $(9) million, versus $(31) million in 2Q24 and $(63) million in 1Q25 *See “—Use of Non-GAAP Financial Measures” below for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b13"], "char_count": 186, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "eb690fe3b31044867f61c21405211d21a611dd012bbb9af8962db0cb848009ae", "derivation_id": "e3daa974c76bfea407dd47b91d5b1f71c2889df33725060e65de1da0b91b065d", "document_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EX-99.1", "Third Quarter 2025 Financial Outlook"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "block_sequence": 13, "char_end": 186, "char_start": 0, "fragment_sha256": "bd9c5727e155c64126b25902893559b0871c4bee764fdf7a3d0550486f569a7c", "heading_path": ["EX-99.1", "Third Quarter 2025 Financial Outlook"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s7", "source_artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/q22025formxex991earningsre.htm", "table_id": null, "text": "•3Q25 revenue guidance of $800 million to $875 million •3Q25 Contribution Profit1 guidance of $22 million to $29 million •3Q25 Adjusted EBITDA1 guidance of $(28) million to $(21) million"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b15"], "char_count": 326, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ca9a5d49f20a982a550edf647f6a821b8872b81ba53f2a86fadcb30fc6ad42ea", "derivation_id": "e3daa974c76bfea407dd47b91d5b1f71c2889df33725060e65de1da0b91b065d", "document_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Third Quarter 2025 Financial Outlook", "Conference Call and Webcast Details"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "block_sequence": 15, "char_end": 326, "char_start": 0, "fragment_sha256": "c38a0e208fbd6d08586ee6a15f88f364f7a6952808faa600ed011a8074470841", "heading_path": ["EX-99.1", "Third Quarter 2025 Financial Outlook", "Conference Call and Webcast Details"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s8", "source_artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/q22025formxex991earningsre.htm", "table_id": null, "text": "Opendoor will host a conference call to discuss its financial results on August 5, 2025, at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b17"], "char_count": 467, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "23200c058f7f66c1228eb5b03aff2b58dbc6b38a7b992cc2006f4eff7328e0dc", "derivation_id": "e3daa974c76bfea407dd47b91d5b1f71c2889df33725060e65de1da0b91b065d", "document_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Third Quarter 2025 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "block_sequence": 17, "char_end": 467, "char_start": 0, "fragment_sha256": "62fc5ec0e0b78ca33f1cc7c8e4e6c5f940a0e66c10c651f560a95bf2e76fcd92", "heading_path": ["EX-99.1", "Third Quarter 2025 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s9", "source_artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/q22025formxex991earningsre.htm", "table_id": null, "text": "Opendoor is a leading e-commerce platform for residential real estate transactions whose mission is to power life’s progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple and certain way to sell and buy a home. Opendoor is a team of problem solvers, innovators, and operators who are leading the future of real estate. Opendoor currently operates in markets nationwide. 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All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the current and future health and stability of the real estate housing market and general economy; anticipated future results of operations and financial performance, including our third quarter financial outlook; our ability to realize non-GAAP profitability and other benefits from the discipline and expertise we’ve built into every part of our business; our product offerings, including our agent-led distribution platform, and our ability to serve more sellers and capture capital-light revenue streams as we build the best place to sell; the future health and status of our financial condition; and our business strategy and plans, including plans to continue to invest in and enhance our products. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “vision”, “will”, or “would”, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this press release include but are not limited to: the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturns or slowdowns; 1 Opendoor has not provided a quantitative reconciliation of forecasted Contribution Profit to forecasted GAAP gross profit (loss) nor a reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss) and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b19"], "char_count": 3959, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "bfd392ce492736ee4293c871fa36d6a77aace1cb7e73536e407aab9f648ad34b", "derivation_id": "e3daa974c76bfea407dd47b91d5b1f71c2889df33725060e65de1da0b91b065d", "document_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Third Quarter 2025 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor", "Forward Looking Statements"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "block_sequence": 19, "char_end": 6876, "char_start": 2917, "fragment_sha256": "9518d27a20a61228723aa19cbede76acd09cb6acfec48fe3a6aa4ee3ebaae7a5", "heading_path": ["EX-99.1", "Third Quarter 2025 Financial Outlook", "Conference Call and Webcast Details", "About Opendoor", "Forward Looking Statements"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s10", "source_artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/q22025formxex991earningsre.htm", "table_id": null, "text": "For more information regarding the non-GAAP financial measures discussed in this press release, please see “Use of Non-GAAP Financial Measures” following the financial tables below. changes in general economic and financial conditions (including federal monetary policy, the imposition of tariffs and price or exchange controls, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that impact demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our digital platform, including our automated pricing and valuation technology; our ability to realize expected benefits from our restructuring and cost reduction efforts; our ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our ability to protect our brand and intellectual property; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment and potential regulatory instability within our industry and complexities with compliance related to such environment; any future impact of pandemics, epidemics, or other public health crises on our ability to operate, demand for our products and services, or general economic conditions; our ability to maintain our listing on the Nasdaq Global Select Market; changes in laws or government regulation affecting our business; the impact of pending or future litigation or regulatory actions; and the volatility in the price of our common stock. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2025, as updated by our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. 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"table_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b40", "text": "| | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | June 30, 2025 | | December 31, 2024 | | | | |\n| ASSETS | | | | | | | | |\n| CURRENT ASSETS: | | | | | | | | |\n| Cash and cash equivalents | | $ | 789 | | | $ | 671 | |\n| Restricted cash | | 396 | | | 92 | | | |\n| Marketable securities | | — | | | 8 | | | |\n| Escrow receivable | | 10 | | | 6 | | | |\n| | | | | | | | | |\n| Real estate inventory, net | | 1,530 | | | 2,159 | | | |\n| Other current assets | | 72 | | | 61 | | | |\n| Total current assets | | 2,797 | | | 2,997 | | | |\n| PROPERTY AND EQUIPMENT – Net | | 37 | | | 48 | | | |\n| RIGHT OF USE ASSETS | | 9 | | | 18 | | | |\n| GOODWILL | | 3 | | | 3 | | | |\n| | | | | | | | | |\n| OTHER ASSETS | | 61 | | | 60 | | | |\n| TOTAL ASSETS | | $ | 2,907 | | | $ | 3,126 | |\n| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | |\n| CURRENT LIABILITIES: | | 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(114) | | | $ | (201) | |\n| Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash provided by (used in) operating activities: | | | | | | | |\n| Depreciation and amortization | 22 | | | 26 | | | |\n| Amortization of right of use asset | 1 | | | 3 | | | |\n| | | | | | | | |\n| Stock-based compensation | 27 | | | 66 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Inventory valuation adjustment | 34 | | | 41 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Change in fair value of equity securities | 3 | | | 4 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Other | 4 | | | 3 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| (Gain) loss on early extinguishment of debt | (10) | | | 1 | | | |\n| | | | | | | | |\n| Changes in operating assets and liabilities: | | | | | | | |\n| Escrow receivable | (4) | | | (15) | | | |\n| Real estate inventory | 593 | | | (498) | | | |\n| Other assets | (11) | | | (10) | | | |\n| Accounts payable and other accrued liabilities | (2) | | | 7 | | | |\n| Interest payable | 2 | | | — | | | |\n| Lease liabilities | (1) | | | (4) | | | |\n| Net cash provided by (used in) operating activities | 544 | | | (577) | | | |\n| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | |\n| Purchase of property and equipment | (6) | | | (16) | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from sales, maturities, redemptions and paydowns of marketable securities | 6 | | | 47 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Net cash provided by investing activities | — | | | 31 | | | |\n| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from issuance of convertible senior notes, net of discount | 75 | | | — | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from issuance of common stock for ESPP | 1 | | | 2 | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Proceeds from non-recourse asset-backed debt | 671 | | | 217 | | | |\n| Principal payments on non-recourse asset-backed debt | (853) | | | (302) | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Payment of loan origination fees and debt issuance costs | (16) | | | — | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Net cash used in financing activities | (122) | | | (83) | | | |\n| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 422 | | | (629) | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period | 763 | | | 1,540 | | | |\n| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period | $ | 1,185 | | | $ | 911 | |\n| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest | $ | 62 | | | $ | 62 | |\n| DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| | | | | | | | |\n| Stock-based compensation expense capitalized for internally developed software | $ | 2 | | | $ | 10 | |\n| Principal value of 2026 Notes extinguished in Debt Exchange | $ | (246) | | | $ | — | |\n| Principal value of 2030 Notes issued in Debt Exchange | $ | 246 | | | $ | — | |\n| | | | | | | | |\n| | | | | | | | |\n| RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS: | | | | | | | |\n| Cash and cash equivalents | $ | 789 | | | $ | 790 | |\n| Restricted cash | 396 | | | 121 | | | |\n| Cash, cash equivalents, and restricted cash | $ | 1,185 | | | $ | 911 | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b47"], "char_count": 1234, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "40583c03f1d3b0e2e16efb16add734383057d49d69eee7f83c2684672ce6e3fd", "derivation_id": "e3daa974c76bfea407dd47b91d5b1f71c2889df33725060e65de1da0b91b065d", "document_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "block_sequence": 47, "char_end": 1234, "char_start": 0, "fragment_sha256": "59205403c1cf321612cff489025e62246c60944c87d20a3b172b788538b0b4ba", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#p22", "passage_kind": "narrative", "passage_sequence": 22, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s18", "source_artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/q22025formxex991earningsre.htm", "table_id": null, "text": "To provide investors with additional information regarding the Company’s financial results, this press release includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures including Adjusted Gross Profit, Contribution Profit, Adjusted Net Loss, Adjusted EBITDA, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company’s financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of the Company’s recurring operating results."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b49"], "char_count": 1730, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f3cfb30b6551441a3bbe77bf58a22571ed60536ec7666584924c117fa1614884", "derivation_id": "e3daa974c76bfea407dd47b91d5b1f71c2889df33725060e65de1da0b91b065d", "document_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit and Contribution Profit"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "block_sequence": 49, "char_end": 1730, "char_start": 0, "fragment_sha256": "be052a30e7db53aabe2507012e4ccedc3a40b4a46a2942350d1a3f9148150b98", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit and Contribution Profit"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#p23", "passage_kind": "narrative", "passage_sequence": 23, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s19", "source_artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/q22025formxex991earningsre.htm", "table_id": null, "text": "To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit and Contribution Profit, which are non-GAAP financial measures. We believe that Adjusted Gross Profit and Contribution Profit are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit provides investors a measure to assess Opendoor’s ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit and Contribution Profit are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b51"], "char_count": 966, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "4d6022774af95a17dc18d15aa406e015335223e69ab92b2f6d95abe057dab923", "derivation_id": "e3daa974c76bfea407dd47b91d5b1f71c2889df33725060e65de1da0b91b065d", "document_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit and Contribution Profit", "Adjusted Gross Profit / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "block_sequence": 51, "char_end": 966, "char_start": 0, "fragment_sha256": "62f3140fc23d7d69b87d6eceb6bd6e24d053b85b840902cc4a056be75d3eac42", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit and Contribution Profit", "Adjusted Gross Profit / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#p24", "passage_kind": "narrative", "passage_sequence": 24, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s20", "source_artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/q22025formxex991earningsre.htm", "table_id": null, "text": "We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. Adjusted Gross Margin is Adjusted Gross Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit helps management assess home pricing, service fees and renovation performance for a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b53"], "char_count": 654, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "a3c65232767a825ecc9d53c876193982e578d4693221931b9d9ed70f0525885e", "derivation_id": "e3daa974c76bfea407dd47b91d5b1f71c2889df33725060e65de1da0b91b065d", "document_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit and Contribution Profit", "Contribution Profit / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "block_sequence": 53, "char_end": 654, "char_start": 0, "fragment_sha256": "8e28aa29b1239c09ea02486d64731180085b17a7f67a4c22d65b6aa94f637ba5", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Gross Profit and Contribution Profit", "Contribution Profit / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#p25", "passage_kind": "narrative", "passage_sequence": 25, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s21", "source_artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/q22025formxex991earningsre.htm", "table_id": null, "text": "We calculate Contribution Profit as Adjusted Gross Profit, minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. Contribution Margin is Contribution Profit as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit helps management assess inflows and outflows directly associated with a specific resale cohort."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b56", "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b57", "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b58"], "char_count": 262, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "1a993c4a3eaa7970ba15341d033a4cefd409e70c50863249d87a2e8864081c79", "derivation_id": "e3daa974c76bfea407dd47b91d5b1f71c2889df33725060e65de1da0b91b065d", "document_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "block_sequence": 56, "char_end": 49, "char_start": 0, "fragment_sha256": "395a21a03e186ca1839aa8dff22871752c006e55a2788d87e399882e6a8266e1", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "block_sequence": 57, "char_end": 11, "char_start": 0, "fragment_sha256": "0417672dc31cc792cda6f9f98c166b641752fa3aa6bc0a5e7f172b28d5519f79", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "block_sequence": 58, "char_end": 198, "char_start": 0, "fragment_sha256": "a0f6ae29659d90a33390f82e630c370861c4e68f01a915a1d115010bcea06190", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#p26", "passage_kind": "narrative", "passage_sequence": 26, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s22", "source_artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/q22025formxex991earningsre.htm", "table_id": null, "text": "(In millions, except percentages, and homes sold)\n\n(Unaudited)\n\nThe following table presents a reconciliation of our Adjusted Gross Profit and Contribution Profit to our gross profit, which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b59"], "char_count": 2952, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f315c32e1d5b9a063a342d5ef02983f36ceb43a215afed201a7a8684071af2ea", "derivation_id": "e3daa974c76bfea407dd47b91d5b1f71c2889df33725060e65de1da0b91b065d", "document_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": 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"table_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b59", "text": "| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended | | Six Months Ended June 30, | | | | | | | | | | | | | | | | | | | | | | | | |\n| (in millions, except percentages and homes sold, or as noted) | | June 30, 2025 | | March 31, 2025 | | December 31, 2024 | | September 30, 2024 | | June 30, 2024 | | 2025 | | 2024 | | | | | | | | | | | | | | |\n| Revenue (GAAP) | | $ | 1,567 | | | $ | 1,153 | | | $ | 1,084 | | | $ | 1,377 | | | $ | 1,511 | | | $ | 2,720 | | | $ | 2,692 | |\n| Gross profit (GAAP) | | $ | 128 | | | $ | 99 | | | $ | 85 | | | $ | 105 | | | $ | 129 | | | $ | 227 | | | $ | 243 | |\n| Gross Margin | | 8.2 | % | | 8.6 | % | | 7.8 | % | | 7.6 | % | | 8.5 | % | | 8.3 | % | | 9.0 | % | | | | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Inventory valuation adjustment – Current Period(1)(2) | | 21 | | | 13 | | | 6 | | | 10 | | | 34 | | | 27 | | | 38 | | | | | | | | |\n| Inventory valuation adjustment – Prior Periods(1)(3) | | (14) | | | (12) | | | (16) | | | (16) | | | (9) | | | (19) | | | (23) | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Adjusted Gross Profit | | $ | 135 | | | $ | 100 | | | $ | 75 | | | $ | 99 | | | $ | 154 | | | $ | 235 | | | $ | 258 | |\n| Adjusted Gross Margin | | 8.6 | % | | 8.7 | % | | 6.9 | % | | 7.2 | % | | 10.2 | % | | 8.6 | % | | 9.6 | % | | | | | | | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Direct selling costs(4) | | (43) | | | (29) | | | (23) | | | (32) | | | (43) | | | (72) | | | (77) | | | | | | | | |\n| Holding costs on sales – Current Period(5)(6) | | (6) | | | (5) | | | (4) | | | (6) | | | (5) | | | (20) | | | (16) | | | | | | | | |\n| Holding costs on sales – Prior Periods(5)(7) | | (17) | | | (12) | | | (10) | | | (9) | | | (11) | | | (20) | | | (13) | | | | | | | | |\n| Contribution Profit | | $ | 69 | | | $ | 54 | | | $ | 38 | | | $ | 52 | | | $ | 95 | | | $ | 123 | | | $ | 152 | |\n| Homes sold in period | | 4,299 | | | 2,946 | | | 2,822 | | | 3,615 | | | 4,078 | | | 7,245 | | | 7,156 | | | | | | | | |\n| Contribution Profit per Home Sold (in thousands) | | $ | 16 | | | $ | 18 | | | $ | 13 | | | $ | 14 | | | $ | 23 | | | $ | 17 | | | $ | 21 | |\n| Contribution Margin | | 4.4 | % | | 4.7 | % | | 3.5 | % | | 3.8 | % | | 6.3 | % | | 4.5 | % | | 5.6 | % | | | | | | | |"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b60", "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b61"], "char_count": 1267, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "7d844b134d48a1df68b56fd8c1091917d13475e9982a0b47692178322fc85f63", "derivation_id": "e3daa974c76bfea407dd47b91d5b1f71c2889df33725060e65de1da0b91b065d", "document_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "block_sequence": 60, "char_end": 16, "char_start": 0, "fragment_sha256": "f32497db0e534f3cac2134131e10d08e6e47abcc4f817b11288fab40531d3189", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "div"}, {"artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "block_sequence": 61, "char_end": 1249, "char_start": 0, "fragment_sha256": "df526ee76f2328cf79fd0337b04f7b5d044b1d60b496835591f90d4ce24b8f52", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "RECONCILIATION OF GAAP TO NON-GAAP MEASURES"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#p28", "passage_kind": "narrative", "passage_sequence": 28, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s22", "source_artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/q22025formxex991earningsre.htm", "table_id": null, "text": "________________\n\n(1)Inventory valuation adjustment includes adjustments to record real estate inventory at the lower of its carrying amount or its net realizable value. (2)Inventory valuation adjustment — Current Period is the inventory valuation adjustments recorded during the period presented associated with homes that remain in inventory at period end. (3)Inventory valuation adjustment — Prior Periods is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. (4)Represents selling costs incurred related to homes sold in the relevant period. This primarily includes broker commissions, external title and escrow-related fees and transfer taxes, and are included in Sales, marketing and operations on the Condensed Consolidated Statements of Operations. (5)Holding costs include mainly property taxes, insurance, utilities, homeowners association dues, cleaning and maintenance costs. Holding costs are included in Sales, marketing, and operations on the Condensed Consolidated Statements of Operations. (6)Represents holding costs incurred in the period presented on homes sold in the period presented. (7)Represents holding costs incurred in prior periods on homes sold in the period presented."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b63"], "char_count": 1547, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "30e3586e1712e96c1479714394b97d9b879cbd2828d27d768e91ef2ae245842e", "derivation_id": "e3daa974c76bfea407dd47b91d5b1f71c2889df33725060e65de1da0b91b065d", "document_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "block_sequence": 63, "char_end": 1547, "char_start": 0, "fragment_sha256": "a1a8ccfd071c8de8eda06c6ff64659d7fadb79fec3b42f3c93f08264bb446d21", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#p29", "passage_kind": "narrative", "passage_sequence": 29, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s23", "source_artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/q22025formxex991earningsre.htm", "table_id": null, "text": "We also present Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures that management uses to assess our underlying financial performance. These measures are also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe these measures provide investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-cash, not directly related to our revenue-generating operations, not aligned to related revenue, or not reflective of ongoing operating results that vary in frequency and amount. Adjusted Net Loss and Adjusted EBITDA are supplemental measures of our operating performance and have important limitations. For example, these measures exclude the impact of certain costs required to be recorded under GAAP. These measures also include inventory valuation adjustments that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, inventory valuation adjustments required to be recorded under GAAP in the same period. These measures could differ substantially from similarly titled measures presented by other companies in our industry or companies in other industries. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is net loss."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b65"], "char_count": 1248, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "5e8da8525cec364b049c68c2820166dd13e200f498fede11af4a06c0842799ab", "derivation_id": "e3daa974c76bfea407dd47b91d5b1f71c2889df33725060e65de1da0b91b065d", "document_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted Net Loss"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "block_sequence": 65, "char_end": 1248, "char_start": 0, "fragment_sha256": "4dc37208416542f2bfd8270a66c14543fd3e301686a62249e6d4a040125c7353", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted Net Loss"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#p30", "passage_kind": "narrative", "passage_sequence": 30, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s24", "source_artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/q22025formxex991earningsre.htm", "table_id": null, "text": "We calculate Adjusted Net Loss as GAAP net loss adjusted to exclude non-cash expenses of stock-based compensation, equity securities fair value adjustment, intangibles amortization expense, and the amortization of stock-based compensation capitalized to internally developed software (“IDSW”). It excludes expenses that are not directly related to our revenue-generating operations such as restructuring and legal contingency accruals. It also excludes (gain) loss on extinguishment of debt as these gains or expenses were incurred as a result of decisions made by management to terminate or partially extinguish portions of our outstanding credit facilities or convertible senior notes early; these expenses are not reflective of ongoing operating results and vary in frequency and amount. Adjusted Net Loss also aligns the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue is recorded in order to improve the comparability of this measure to our non-GAAP financial measures of unit economics, as described above. Our calculation of Adjusted Net Loss does not currently include the tax effects of the non-GAAP adjustments because our taxes and such tax effects have not been material to date."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b67"], "char_count": 598, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "dfcdd3eb3c508d47aa6b0f99c68aa27a5d519764353000222958249f2ccea5c0", "derivation_id": "e3daa974c76bfea407dd47b91d5b1f71c2889df33725060e65de1da0b91b065d", "document_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": [], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "block_sequence": 67, "char_end": 598, "char_start": 0, "fragment_sha256": "be86067c82d7130ef9ef84b3f3cfd8254f2d781e91fad24e7d514b62fd4b394b", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#p31", "passage_kind": "narrative", "passage_sequence": 31, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/q22025formxex991earningsre.htm", "table_id": null, "text": "We calculated Adjusted EBITDA as Adjusted Net Loss adjusted for depreciation and amortization, property financing and other interest expense, interest income, and income tax expense. Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue. The following table presents a reconciliation of our Adjusted Net Loss and Adjusted EBITDA to our net loss, which is the most directly comparable GAAP measure, for the periods indicated:"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b68"], "char_count": 4009, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "c8378701c02e69b98ee8c04acadf79eeb3ec5c13f19475c0387e5ed3487294a1", "derivation_id": "e3daa974c76bfea407dd47b91d5b1f71c2889df33725060e65de1da0b91b065d", "document_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-08-05", "filing_id": "sec:0001801169:0001801169-25-000073", "flags": ["oversize_table_passage"], "form": "8-K", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "items": ["2.02", "7.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "block_sequence": 68, "char_end": 3628, "char_start": 0, "fragment_sha256": "24666d6f1c2951b45c84f9ac1ab8ce6a66dd49202e3edcbe5a2f07ca10454599", "heading_path": ["EX-99.1", "Use of Non-GAAP Financial Measures", "Adjusted Net Loss and Adjusted EBITDA", "Adjusted EBITDA / Margin"], "table_index": 5, "tag_name": "table"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#p32", "passage_kind": "table", "passage_sequence": 32, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-08-05", "section_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#s25", "source_artifact_id": "sec:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000180116925000073/q22025formxex991earningsre.htm", "table_id": "norm:0001801169:0001801169-25-000073:q22025formxex991earningsre.htm#b68", "text": "| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | | Three Months Ended | | Six Months Ended June 30, | | | | | | | | | | | | | | | | | | | | | | | | |\n| (in millions, except percentages) | | June 30, 2025 | | March 31, 2025 | | December 31, 2024 | | September 30, 2024 | | June 30, 2024 | | 2025 | | 2024 | | | | | | | | | | | | | | |\n| Revenue (GAAP) | | $ | 1,567 | | | $ | 1,153 | | | $ | 1,084 | | | $ | 1,377 | | | $ | 1,511 | | | $ | 2,720 | | | $ | 2,692 | |\n| Net loss (GAAP) | | $ | (29) | | | $ | (85) | | | $ | (113) | | | $ | (78) | | | $ | (92) | | | $ | (114) | | | $ | (201) | |\n| 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| | | | | | | | | | | | | | | | | | | | | |\n| (Gain) loss on extinguishment of debt | | (10) | | | — | | | 1 | | | — | | | 1 | | | (10) | | | 1 | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Legal contingency accrual and related expenses | | — | | | — | | | 5 | | | — | | | — | | | — | | | — | | | | | | | | |\n| Other(8) | | — | | | (2) | | | — | | | (15) | | | (1) | | | (2) | | | 1 | | | | | | | | |\n| Adjusted Net Loss | | $ | (9) | | | $ | (63) | | | $ | (77) | | | $ | (70) | | | $ | (31) | | | $ | (72) | | | $ | (111) | |\n| Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |\n| Depreciation and amortization, excluding amortization of intangibles | | 5 | | | 5 | | | 7 | | | 10 | | | 7 | | | 10 | | | 18 | | | | | | | | |\n| Property financing(9) | | 29 | | | 29 | | | 28 | | | 30 | | | 26 | | | 58 | | | 58 | | 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Emerging growth company \u2610 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. \u2610" + }, + { + "block_id": "norm:0001801169:0001140361-25-031416:ef20054058_8k.htm#b21", + "block_sequence": 21, + "block_sha256": "588fe38fd20b82d3b74bea9ce31a5c0782fd9b1b08d079a4c0a09723578091b0", + "block_type": "heading", + "char_count": 156, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-031416:ef20054058_8k.htm", + "block_sequence": 21, + "char_end": 156, + "char_start": 0, + "fragment_sha256": "e90a18c7f84811db788f02807911b5245fe7a4289dc19a1c7e03b7f04aac50a2", + "heading_path": [ + "N/A", + "Item 5.02. 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On August 15, 2025, the Board appointed Shrisha Radhakrishna as President of the Company and designated Mr. Radhakrishna as the Company\u2019s interim principal executive officer. Mr. Radhakrishna will report directly to the Board. The Board is engaged in a comprehensive search process to identify a permanent successor to Ms. Wheeler. The Board of the Company has also appointed Eric Feder as the Lead Independent Director, effective immediately, to assist the Board in its oversight responsibilities during the transition. Mr. Radhakrishna previously served as the Company\u2019s Chief Technology & Product Officer since November 2024. Prior to that he served as Chief Technology & Product Officer at LegalZoom.com, Inc. (\u201cLegalZoom\u201d), a legal technology company, from November 2021 to November 2024 and as Legal Zoom\u2019s Chief Technology Officer from August 2020 to November 2021. Mr. Radhakrishna also served in various leadership roles at Intuit Inc., a business software company, for over a decade, including as Vice President of Product Development from August 2016 to August 2020. Mr. Radhakrishna holds a B.E. in Information Sciences from Bangalore University in India and an M.B.A. from Northwestern University\u2019s Kellogg School of Management. In connection with Ms. Wheeler\u2019s resignation, the Company has entered into an Advisory Agreement with Ms. Wheeler, dated August 15, 2025 (the \u201cAdvisory Agreement\u201d). Pursuant to the Advisory Agreement, Ms. Wheeler has agreed to provide advisor services to the Board in order to ensure an orderly transition of the Chief Executive Officer role, beginning on August 15, 2025 through December 31, 2025 (the \u201cAdvisory Term\u201d). During the Advisory Term, Ms. Wheeler will be entitled to receive cash compensation of $62,500 per month upon completion of each month of services during the Advisory Term, and reimbursement of COBRA premiums. In addition, Ms. Wheeler\u2019s outstanding time-based equity awards will continue to vest during the Advisory Term, subject to Ms. Wheeler providing advisor services pursuant to the Advisory Agreement through each applicable vesting date. In the event that the Advisory Agreement is terminated by the Company prior to December 31, 2025 other than for Cause (as such term is defined in the Advisory Agreement), then Ms. Wheeler will be entitled to receive the compensation payable under the Advisory Agreement through December 31, 2025 as though she continued to provide advisor services pursuant to the Advisory Agreement through December 31, 2025. The Company intends to file an amendment to this filing containing any information called for in this Item 5.02 that is not determined or is unavailable at the time of this filing, such as material compensation arrangements for Mr. Radhakrishna, if any, within four business days after the information is determined or becomes available." + }, + { + "block_id": "norm:0001801169:0001140361-25-031416:ef20054058_8k.htm#b23", + "block_sequence": 23, + "block_sha256": "642e510766e16f8a11cf440c0658d263396e5791ed944157344e27a66c50fddf", + "block_type": "heading", + "char_count": 10, + "level": 1, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-031416:ef20054058_8k.htm", + "block_sequence": 23, + "char_end": 10, + "char_start": 0, + "fragment_sha256": "66793c340f81d6b7dc9e59d62e95f09c7074db071f747e40ba839af0c1b89649", + "heading_path": [ + "N/A", + "SIGNATURES" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-031416:ef20054058_8k.htm#s13", + "table": null, + "text": "SIGNATURES" + }, + { + "block_id": "norm:0001801169:0001140361-25-031416:ef20054058_8k.htm#b24", + "block_sequence": 24, + "block_sha256": "c902f001df406757d1ab70fd4cccf9148478ce35838125038b903ed396f128b9", + "block_type": "paragraph", + "char_count": 303, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-031416:ef20054058_8k.htm", + "block_sequence": 24, + "char_end": 303, + "char_start": 0, + "fragment_sha256": "343329ec4d12eb415d9d295275be8efa136fc9aeeb835a6c138c6ecf5ace0c62", + "heading_path": [ + "N/A", + "SIGNATURES" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-031416:ef20054058_8k.htm#s13", + "table": null, + "text": "Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. 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Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001140361-25-031416:ef20054058_8k.htm#b22"], "char_count": 3375, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8f8470c802543cc7c55d7841ca703deb31c63ab3d7b8091687fbe94dc298d3cb", "derivation_id": "c40a7cac8d5aedd093c4037c1bb35d98d430a5fdc0e343a8f5d2d156ed9b34bb", "document_id": "norm:0001801169:0001140361-25-031416:ef20054058_8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-08-15", "filing_id": "sec:0001801169:0001140361-25-031416", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 5.02. 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(the “Company”) announced that Carrie Wheeler has stepped down as the Company’s Chief Executive Officer and as a member of the Board, effective August 15, 2025. Ms. Wheeler has agreed to serve as an advisor to the Board of Directors (the “Board”) to assist in a smooth transition of her role through the end of 2025. Ms. Wheeler’s resignation was not the result of any disagreement with the Company on any matter related to the Company’s operations, policies or practices. On August 15, 2025, the Board appointed Shrisha Radhakrishna as President of the Company and designated Mr. Radhakrishna as the Company’s interim principal executive officer. Mr. Radhakrishna will report directly to the Board. The Board is engaged in a comprehensive search process to identify a permanent successor to Ms. Wheeler. The Board of the Company has also appointed Eric Feder as the Lead Independent Director, effective immediately, to assist the Board in its oversight responsibilities during the transition. Mr. Radhakrishna previously served as the Company’s Chief Technology & Product Officer since November 2024. Prior to that he served as Chief Technology & Product Officer at LegalZoom.com, Inc. (“LegalZoom”), a legal technology company, from November 2021 to November 2024 and as Legal Zoom’s Chief Technology Officer from August 2020 to November 2021. Mr. Radhakrishna also served in various leadership roles at Intuit Inc., a business software company, for over a decade, including as Vice President of Product Development from August 2016 to August 2020. Mr. Radhakrishna holds a B.E. in Information Sciences from Bangalore University in India and an M.B.A. from Northwestern University’s Kellogg School of Management. In connection with Ms. Wheeler’s resignation, the Company has entered into an Advisory Agreement with Ms. Wheeler, dated August 15, 2025 (the “Advisory Agreement”). Pursuant to the Advisory Agreement, Ms. Wheeler has agreed to provide advisor services to the Board in order to ensure an orderly transition of the Chief Executive Officer role, beginning on August 15, 2025 through December 31, 2025 (the “Advisory Term”). During the Advisory Term, Ms. Wheeler will be entitled to receive cash compensation of $62,500 per month upon completion of each month of services during the Advisory Term, and reimbursement of COBRA premiums. In addition, Ms. Wheeler’s outstanding time-based equity awards will continue to vest during the Advisory Term, subject to Ms. Wheeler providing advisor services pursuant to the Advisory Agreement through each applicable vesting date. In the event that the Advisory Agreement is terminated by the Company prior to December 31, 2025 other than for Cause (as such term is defined in the Advisory Agreement), then Ms. Wheeler will be entitled to receive the compensation payable under the Advisory Agreement through December 31, 2025 as though she continued to provide advisor services pursuant to the Advisory Agreement through December 31, 2025. 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Emerging growth company \u2610 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. \u2610" + }, + { + "block_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#b21", + "block_sequence": 21, + "block_sha256": "817e52e45f674bf7be4120910829165192123beb27e788221815ce63a96c23e1", + "block_type": "heading", + "char_count": 51, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_8k.htm", + "block_sequence": 21, + "char_end": 51, + "char_start": 0, + "fragment_sha256": "2abe8595d115ab2502df95e4c1c88400e81bcb0e9b6bb7f8984e8586a7a025ae", + "heading_path": [ + "N/A", + "Item 3.02. Unregistered Sales of Equity Securities." + ], + "table_index": null, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#s14", + "table": null, + "text": "Item 3.02. Unregistered Sales of Equity Securities." + }, + { + "block_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#b22", + "block_sequence": 22, + "block_sha256": "bca328fd38d2dcaad1ce1d4e77999eefd28358355b7e5c68bd7b79c6a4745051", + "block_type": "paragraph", + "char_count": 1303, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_8k.htm", + "block_sequence": 22, + "char_end": 1303, + "char_start": 0, + "fragment_sha256": "40ec24074a797c03f106325ac6511fb01ca53131b8fff3bf8eeed01d55d99e96", + "heading_path": [ + "N/A", + "Item 3.02. Unregistered Sales of Equity Securities." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#s14", + "table": null, + "text": "On September 10, 2025, Opendoor Technologies Inc. (the \u201cCompany\u201d) entered into Stock Purchase Agreements with Khosla Ventures Opportunity III, LP (the \u201cKhosla Ventures Purchase Agreement\u201d), Eric Wu (the \u201cEric Wu Purchase Agreement\u201d) and certain other purchasers (the \u201cOther Purchase Agreements\u201d and together with the Khosla Ventures Purchase Agreement and the Eric Wu Purchase Agreement, the \u201cPurchase Agreements\u201d). Pursuant to the terms of the Purchase Agreements, Khosla Ventures Opportunity III, LP agreed to purchase 5,263,158 shares of common stock of the Company, par value of $0.0001 per share (the \u201cCommon Stock\u201d) for an aggregate investment of $35 million in a private offering, Eric Wu agreed to purchase 751,879 shares of Common Stock for an aggregate investment of $5 million in a private offering, and certain other purchasers agreed to purchase 150,375 shares of Common Stock for an aggregate investment of $1 million in a private offering (collectively, the \u201cPIPE Transactions\u201d). In connection with the PIPE Transactions, the Company issued an aggregate of 6,165,412 shares of Common Stock. The shares were issued in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended, and Regulation D thereunder, and were not registered under the Securities Act of 1933." + }, + { + "block_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#b23", + "block_sequence": 23, + "block_sha256": "7772f1cf09a707434d982171b5617e15ca8423a8b60f7634c9108a1ef61b89e1", + "block_type": "heading", + "char_count": 157, + "level": 3, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_8k.htm", + "block_sequence": 23, + "char_end": 157, + "char_start": 0, + "fragment_sha256": "58621a66eab74b0d2c89b40caa418277bf4e75d94790a5103ebcaa061b2c4b8c", + "heading_path": [ + "N/A", + "Item 5.02. 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Departure of Directors or Certain Officers\u037e Election of Directors\u037e Appointment of Certain Officers\u037e Compensatory Arrangements of Certain Officers.", + "Election of Directors" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#s16", + "table": null, + "text": "In connection with the PIPE Transactions, the size of the Board was increased from six (6) directors to eight (8) directors. The Board appointed Keith Rabois to be a Class I director of the Company, effective immediately, for a term expiring at the 2027 annual meeting of stockholders, or until his earlier death, resignation or removal, and the Board appointed Eric Wu to be a Class III director of the Company, effective immediately, for a term expiring at the 2026 annual meeting of stockholders, or until his earlier death, resignation or removal. Keith Rabois was appointed as Chairman of the Board. Eric Feder will continue to serve as Lead Independent Director of the Board. Keith Rabois was also appointed as a member of the Audit and Risk Committee of the Board and the Compensation Committee of the Board. In connection with these appointments, the Board determined that Keith Rabois is an independent director, within the meaning of the rules of the Nasdaq Stock Market LLC and the rules under Section 16 of the Securities Exchange Act of 1934, as amended, and satisfies the requirements for audit committee and compensation committee membership. Messrs. Rabois and Wu will be compensated for their service as directors on the same basis as other non-employee directors of the Company. Other than with respect to the matters referenced under Item 3.02 of this Current Report on Form 8-K, there are no arrangements or understandings between Keith Rabois or Eric Wu and any other person pursuant to which each was selected as a director, and there are no related person transactions within the meaning of Item 404(a) of Regulation S-K promulgated by the Securities and Exchange Commission between the Company and Keith Rabois or Eric Wu required to be disclosed herein." + }, + { + "block_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#b26", + "block_sequence": 26, + "block_sha256": "686aae6ce035dc0c7b5da63a8c2011870da0505ba04d7cc2420ff895b74ac3e5", + "block_type": "heading", + "char_count": 12, + "level": 3, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_8k.htm", + "block_sequence": 26, + "char_end": 12, + "char_start": 0, + "fragment_sha256": "f6de61100538ab8510a188eb0d7980d5a116d8316e515a525d381df109c61534", + "heading_path": [ + "N/A", + "Item 5.02. Departure of Directors or Certain Officers\u037e Election of Directors\u037e Appointment of Certain Officers\u037e Compensatory Arrangements of Certain Officers.", + "Keith Rabois" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#s17", + "table": null, + "text": "Keith Rabois" + }, + { + "block_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#b27", + "block_sequence": 27, + "block_sha256": "82ce9409d1c0650c96af2ba3616e8c985e5931218ef31edc3078fde41fd5e5e6", + "block_type": "paragraph", + "char_count": 1503, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_8k.htm", + "block_sequence": 27, + "char_end": 1503, + "char_start": 0, + "fragment_sha256": "6fe257a55684e65d79f7f75e278607ea240bcc1ceb25f3fb22a45bc9a8ae55cf", + "heading_path": [ + "N/A", + "Item 5.02. Departure of Directors or Certain Officers\u037e Election of Directors\u037e Appointment of Certain Officers\u037e Compensatory Arrangements of Certain Officers.", + "Keith Rabois" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#s17", + "table": null, + "text": "Keith Rabois is a Managing Director at Khosla Ventures, where he invests across sectors and stages leveraging his experience as a world-class founder, operator, and investor. Keith has helped build some of the largest, globally-recognized technology companies in his more than 20-year career. At Khosla Ventures, he led the first institutional investments in DoorDash, Affirm, and Faire, invested early in Stripe, and co-founded Opendoor. While a General Partner at Founders Fund, he led investments in Ramp, Trade Republic, and Aven, and before that made early personal investments in YouTube, Airbnb, and Palantir. Keith is consistently recognized on the Forbes Midas list, ranking as high as #4 in the U.S. and #8 globally. He has served on multiple boards, including Reddit's from 2012 to 2019, and on Yelp and Xoom's boards, guiding them from their early stages through IPOs. Keith currently serves on the boards of Ramp and Faire, among others. He started his technology career with leadership roles at PayPal, as their EVP of Business Development, Public Affairs & Policy, before joining LinkedIn as VP of Business & Corporate Development, and finally, Block (formerly known as Square), as Chief Operating Officer. Keith served as a litigator at Sullivan & Cromwell following his clerkship for the United States Court of Appeals for the Fifth Circuit. He holds a bachelor's degree in political science from Stanford University and earned a juris doctor degree with honors from Harvard University." + }, + { + "block_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#b28", + "block_sequence": 28, + "block_sha256": "01850c5c3e2f0ff640d74de968b5396bd62087e9b494aa53e2fb7d3d4dfce796", + "block_type": "heading", + "char_count": 7, + "level": 3, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_8k.htm", + "block_sequence": 28, + "char_end": 7, + "char_start": 0, + "fragment_sha256": "fc809526152928425c3353cbbd1c7f80a4328aff5e0b47076e9aab4a6bdf47d3", + "heading_path": [ + "N/A", + "Item 5.02. Departure of Directors or Certain Officers\u037e Election of Directors\u037e Appointment of Certain Officers\u037e Compensatory Arrangements of Certain Officers.", + "Eric Wu" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#s18", + "table": null, + "text": "Eric Wu" + }, + { + "block_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#b29", + "block_sequence": 29, + "block_sha256": "dc865bd79a747c86e905bd36821a707a43919ac81e349dcb6a5d274df5c620c3", + "block_type": "paragraph", + "char_count": 6961, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_8k.htm", + "block_sequence": 29, + "char_end": 6961, + "char_start": 0, + "fragment_sha256": "d5f726d3bd7d21dd61d027ead6403dac5be32fbd6e21075b322296dc7ce778c6", + "heading_path": [ + "N/A", + "Item 5.02. Departure of Directors or Certain Officers\u037e Election of Directors\u037e Appointment of Certain Officers\u037e Compensatory Arrangements of Certain Officers.", + "Eric Wu" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#s18", + "table": null, + "text": "Eric Wu is the founder and former CEO of Opendoor, where he served as Chief Executive from 2013 to 2022 and as Chairman of the Board from 2020 to 2022. He is an active angel investor and advisor to leading technology companies including Harvey, Airtable, Ramp, Faire, and Mercury. Eric has been recognized as EY's Entrepreneur of the Year, included on Fortune's 40 Under 40, named one of Business Insider's Best Early Stage Investors, and in 2022 became the third-youngest Fortune 500 CEO. Earlier in his career, Eric founded Movity.com, a Y Combinator -backed startup acquired by Trulia in 2011, and prior to that launched a real estate investment trust focused on student housing. Appointment of Chief Executive Officer On September 10, 2025, the Company appointed Kaz Nejatian as the new Chief Executive Officer of the Company and as a Class II director, effective as soon as reasonably practicable and in any event prior to October 7, 2025, for a term expiring at the 2028 annual meeting of stockholders, or until his earlier death, resignation or removal. As of Kaz Nejatian\u2019s appointment as Chief Executive Officer, Shrisha Radhakrishna will no longer serve as interim principal executive officer of the Company. There are no arrangements or understandings between Kaz Nejatian and any other person pursuant to which his appointment was made, and there are no related person transactions within the meaning of Item 404(a) of Regulation S-K promulgated by the Securities and Exchange Commission between the Company and Kaz Nejatian required to be disclosed herein. In connection with Kaz Nejatian\u2019s appointment as the new Chief Executive Officer of the Company, the Company and its wholly owned subsidiary, Opendoor Labs Inc., entered into an offer letter with Kaz Nejatian on September 10, 2025 (the \u201cOffer Letter\u201d). Position; Reporting. Under the Offer Letter, Kaz Nejatian will serve as the Chief Executive Officer of the Company and Opendoor Labs, Inc. effective as soon as reasonably practicable following the date of the Offer Letter and in any event no later than October 7, 2025. Kaz Nejatian will also be appointed to serve as a member of the Board of Directors of the Company as of his employment start date. Cash Compensation. The Offer Letter provides that Kaz Nejatian\u2019s annual base salary will be $1. Kaz Nejatian shall not be eligible to receive an annual bonus. Inducement Equity Awards. On his employment start date, Kaz Nejatian will receive two performance-based inducement equity awards in respect of a total 81,772,688 shares of Company common stock. These inducement equity awards will be granted solely in the form of performance-based restricted stock units, and each award will correspond to 40,886,344 shares of Company common stock. The awards, together with the restricted stock unit Make-Whole Award described below, are intended to serve as Kaz Nejatian\u2019s exclusive for his initial five years of employment with the Company. The first performance-based inducement equity award (the \u201cFirst Award\u201d) will be eligible to vest in installments over a period of five (5) years from the date of grant, with twenty percent (20%) of the award vesting on the first anniversary of the grant date and the remainder of the award vesting in quarterly installments thereafter, subject to Kaz Nejatian\u2019s continued employment through each applicable vesting date and the achievement of an average closing stock price that equals or exceeds $6.24 over the sixty (60) trading day period preceding the applicable vesting date (the \u201cStock Price Gate\u201d) or any of the four immediately following vesting dates. The First Award includes certain termination-related vesting provisions generally providing for, in the event of an involuntary termination of employment without cause, for good reason, or due to Kaz Nejatian\u2019s death or disability (a \u201cQualifying Termination\u201d), accelerated vesting of up to one-tenth (1/10th) of the First Award. The First Award is also subject to certain double trigger vesting provisions that apply in connection with a change in control where the change in control price exceeds specified thresholds starting at $25 per share. The second performance-based inducement equity award (the \u201cSecond Award\u201d) has a five (5)-year performance period and is divided into seven (7) equal tranches, with each tranche subject to a performance-based vesting condition that requires achievement of an average closing price stock price hurdle (equal to $9, $13, $17, $21, $25, $29 and $33) over a sixty (60) trading day period commencing after the first anniversary of the grant date and ending prior to the end of the performance period. In addition, each tranche is subject to a time-based vesting condition: the first tranche of the Second Award will satisfy the time-based vesting condition on the first anniversary of the date of grant, the second and third tranches of the Second Award will vest quarterly over the second and third years following the date of grant, respectively, the fourth and fifth tranches of the Second Award will vest quarterly over the fourth year following the date of grant, and the sixth and seventh tranches of the Second Award will vest quarterly over the fifth year following the date of grant. Upon a termination due to Kaz Nejatian\u2019s death or disability, each earned but unvested tranche will immediately vest, and upon a Qualifying Termination, Kaz Nejatian will be treated as if he had remained employed for an additional 60 trading days for purposes of the achievement of any time-based vesting condition and the performance-based vesting condition applicable to the tranche with the lowest stock price hurdle that remains unvested as of Kaz Nejatian\u2019s termination date. The Second Award is also subject to certain double trigger vesting provisions that apply in connection with a change in control where the change in control price exceeds specified thresholds starting at $25 per share. Make-Whole Compensation. Kaz Nejatian will also receive two make-whole awards in respect of compensation awarded by his former employer that he is forfeiting. The awards consist of a $15,000,000 cash make-whole award and a restricted stock unit make-whole award, granted as an inducement award, with a grant date value of $15,000,000 (together, the \u201cMake-Whole Awards\u201d). The Make-Whole Awards will vest on the date that is nine (9) months after the date on which he commences his employment with the Company, subject to Kaz Nejatian\u2019s continued employment as Chief Executive Officer of the Company through such vesting date. Notwithstanding the foregoing, each of the Make-Whole Awards will be subject to accelerated vesting upon Kaz Nejatian\u2019s Qualifying Termination. Other Agreements. In connection with his employment with the Company, Kaz Nejatian has also executed the Company\u2019s standard form of Confidential Information and Invention Assignment Agreement and standard form of Indemnification Agreement." + }, + { + "block_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#b30", + "block_sequence": 30, + "block_sha256": "cacbdf9d35f44c6e05388cbf12c383fb8540994267a7460c3aeedef191e3c9a7", + "block_type": "heading", + "char_count": 12, + "level": 3, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_8k.htm", + "block_sequence": 30, + "char_end": 12, + "char_start": 0, + "fragment_sha256": "3a58b140c37ec08376810837e037112afafac9cfa188eb1962f5df57d1ad4841", + "heading_path": [ + "N/A", + "Item 5.02. Departure of Directors or Certain Officers\u037e Election of Directors\u037e Appointment of Certain Officers\u037e Compensatory Arrangements of Certain Officers.", + "Kaz Nejatian" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#s19", + "table": null, + "text": "Kaz Nejatian" + }, + { + "block_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#b31", + "block_sequence": 31, + "block_sha256": "19267b332e1b12756047510f8f8b7e062bb78a2703acd430cf7cd0fa7f7ad880", + "block_type": "paragraph", + "char_count": 2104, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_8k.htm", + "block_sequence": 31, + "char_end": 2104, + "char_start": 0, + "fragment_sha256": "87ab425eb85303570974a4e0c0c43937174769e762fc40c36af1afa9a6340ff8", + "heading_path": [ + "N/A", + "Item 5.02. Departure of Directors or Certain Officers\u037e Election of Directors\u037e Appointment of Certain Officers\u037e Compensatory Arrangements of Certain Officers.", + "Kaz Nejatian" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#s19", + "table": null, + "text": "After working as a lawyer earlier in his career, Kaz Nejatian became the founder and CEO of Kash, a payment technology company. Kash was one of the early players in giving small businesses access to mobile payments technology for brick-and-mortar stores, and was acquired in 2017 by one of the largest fintech companies in the U.S. Kaz then served in various product roles at Meta (formerly Facebook) and Shopify before becoming its Chief Operating Officer in 2022. He is a graduate of Queen's University School of Business and University of Toronto law school, and is a proud husband and father to four young children. Resignation of Directors On September 6, 2025, Glenn Solomon informed the Board of his decision to retire from his position as director on the Board and from all committees of the Board, effective immediately. Following Glenn Solomon\u2019s resignation, Eric Feder was appointed as the new Chair of the Compensation Committee of the Board. On September 10, 2025, in connection with the appointment of Kaz Nejatian as Chief Executive Officer and director, Pueo Keffer informed the Board of his decision to retire from this position as director on the Board and all committees of the Board, effective immediately. The Board approved the acceleration of the vesting of Pueo Keffer\u2019s restricted stock unit (RSU) awards, granted to him pursuant to the Company\u2019s non-employee director compensation policy, which were previously scheduled to vest on the earlier of (a) the date of the 2026 annual meeting of stockholders or (b) June 13, 2026. Following Pueo Keffer\u2019s resignation, David Benson was appointed as the new Chair of the Audit and Risk Committee of the Board. The decisions by Messrs. Keffer and Solomon to resign from the Board were not the result of any disagreement with the Company on any matter regarding the Company\u2019s operations, policies or practices. In connection with the resignations of Messrs. Keffer and Solomon, the size of the Board was set to be six (6) directors, until the appointment of Kaz Nejatian to the Board, at which point the Board will be seven (7) directors." + }, + { + "block_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#b32", + "block_sequence": 32, + "block_sha256": "a26ecc1bf87128473ffad4185b673c1eb6c84e52497cbd9b9933e287c1b76dd6", + "block_type": "heading", + "char_count": 36, + "level": 3, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_8k.htm", + "block_sequence": 32, + "char_end": 36, + "char_start": 0, + "fragment_sha256": "c35688d9a75d2d8c219175b7684a1030f0b5c6ab8ae49f41d56ae9a2380b100c", + "heading_path": [ + "N/A", + "Item 7.01. Regulation FD Disclosure." + ], + "table_index": null, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#s20", + "table": null, + "text": "Item 7.01. Regulation FD Disclosure." + }, + { + "block_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#b33", + "block_sequence": 33, + "block_sha256": "93d7e9fff6b924f520684317aca196353b8dba27914308a5c778de38c43750f7", + "block_type": "paragraph", + "char_count": 768, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_8k.htm", + "block_sequence": 33, + "char_end": 768, + "char_start": 0, + "fragment_sha256": "34b42a08c692b311d2292c298f3cbc01e8ecebfc51a67ce53c5ae469edad8778", + "heading_path": [ + "N/A", + "Item 7.01. Regulation FD Disclosure." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#s20", + "table": null, + "text": "On September 10, 2025, the Company issued a press release announcing the PIPE Transactions, the election of its new directors, and the appointment of its new Chief Executive Officer. A copy of such press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information set forth in this Item 7.01 and Exhibit 99.1 attached hereto is intended to be furnished and shall not be deemed \u201cfiled\u201d for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing." + }, + { + "block_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#b34", + "block_sequence": 34, + "block_sha256": "44295c0de504babc0bd924aea11c28e2fce16651c8639a2c15cd80d7ed36a7d8", + "block_type": "heading", + "char_count": 24, + "level": 3, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_8k.htm", + "block_sequence": 34, + "char_end": 24, + "char_start": 0, + "fragment_sha256": "76f4f810673d10b1321f7b3883cbf75058b85cebf8cac4defff72451cede1225", + "heading_path": [ + "N/A", + "Item 8.01. Other Events." + ], + "table_index": null, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#s21", + "table": null, + "text": "Item 8.01. Other Events." + }, + { + "block_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#b35", + "block_sequence": 35, + "block_sha256": "788b61d7930a8197f795dc86d7b8c38be57dfa0217213405e6927bc5dfbe0c4e", + "block_type": "paragraph", + "char_count": 1155, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_8k.htm", + "block_sequence": 35, + "char_end": 1155, + "char_start": 0, + "fragment_sha256": "6697d0f327fc3e7aceeb6a814597385a829f794becc84da33f4d3afe50f83de5", + "heading_path": [ + "N/A", + "Item 8.01. Other Events." + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#s21", + "table": null, + "text": "In connection with the Khosla Ventures Purchase Agreement, Khosla Ventures Opportunity III, LP agreed to certain customary standstill and non-disparagement provisions that remain in place until ninety (90) days after the date on which Keith Rabois has ceased to serve as a director of the Company, as well as certain voting commitments that remain in place for so long as Khosla Ventures Opportunity III, LP and its affiliates are the record or beneficial owners of any of the shares of Common Stock purchased pursuant to the PIPE Transactions. In connection with the Eric Wu Purchase Agreement, Eric Wu agreed to certain customary standstill and non-disparagement provisions that remain in place until ninety (90) days after the date on which Eric Wu has ceased to serve as a director of the Company, as well as certain voting commitments that remain in place for so long as Eric Wu and his affiliates are the record or beneficial owners of any of the shares of Common Stock purchased pursuant to the PIPE Transactions. The Purchase Agreements also contain transfer restrictions that remain in place until the first (1st) anniversary of the closing date." + }, + { + "block_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#b36", + "block_sequence": 36, + "block_sha256": "6590b967fc39cbbfef7a9d96593f05b6aa880e9fcb36f42a60000c650e9a02e5", + "block_type": "heading", + "char_count": 44, + "level": 3, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_8k.htm", + "block_sequence": 36, + "char_end": 44, + "char_start": 0, + "fragment_sha256": "e286045374c12fe8c521a43053adfbb87a52e6652ccca6e52158bf4749bc09a6", + "heading_path": [ + "N/A", + "Item 9.01 Financial Statements and Exhibits." + ], + "table_index": null, + "tag_name": "table" + }, + "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#s22", + "table": null, + "text": "Item 9.01 Financial Statements and Exhibits." + }, + { + "block_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#b37", 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Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐"} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#b22"], "char_count": 1303, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "bca328fd38d2dcaad1ce1d4e77999eefd28358355b7e5c68bd7b79c6a4745051", "derivation_id": "f1002dab426d6563b400cb21b7a6a28218a8f173c50a38fda1b2ba7df7498bbd", "document_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-09-11", "filing_id": "sec:0001801169:0001140361-25-034609", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 3.02. 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Unregistered Sales of Equity Securities."], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-09-06", "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#s14", "source_artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_8k.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125034609/ef20055426_8k.htm", "table_id": null, "text": "On September 10, 2025, Opendoor Technologies Inc. (the “Company”) entered into Stock Purchase Agreements with Khosla Ventures Opportunity III, LP (the “Khosla Ventures Purchase Agreement”), Eric Wu (the “Eric Wu Purchase Agreement”) and certain other purchasers (the “Other Purchase Agreements” and together with the Khosla Ventures Purchase Agreement and the Eric Wu Purchase Agreement, the “Purchase Agreements”). Pursuant to the terms of the Purchase Agreements, Khosla Ventures Opportunity III, LP agreed to purchase 5,263,158 shares of common stock of the Company, par value of $0.0001 per share (the “Common Stock”) for an aggregate investment of $35 million in a private offering, Eric Wu agreed to purchase 751,879 shares of Common Stock for an aggregate investment of $5 million in a private offering, and certain other purchasers agreed to purchase 150,375 shares of Common Stock for an aggregate investment of $1 million in a private offering (collectively, the “PIPE Transactions”). In connection with the PIPE Transactions, the Company issued an aggregate of 6,165,412 shares of Common Stock. The shares were issued in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended, and Regulation D thereunder, and were not registered under the Securities Act of 1933."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#b25"], "char_count": 1778, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "40c96ceebcc0a98b79f51acdb435df10ce793dc768ab5c394f742e7e34dfe4c8", "derivation_id": "f1002dab426d6563b400cb21b7a6a28218a8f173c50a38fda1b2ba7df7498bbd", "document_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-09-11", "filing_id": "sec:0001801169:0001140361-25-034609", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.", "Election of Directors"], "items": ["3.02", "5.02", "7.01", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_8k.htm", "block_sequence": 25, "char_end": 1778, "char_start": 0, "fragment_sha256": "bb7f52cec910e5e5fa3aa048cfd559db6d8f807ed35a00760d990bf156af49ec", "heading_path": ["N/A", "Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.", "Election of Directors"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-09-06", "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#s16", "source_artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_8k.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125034609/ef20055426_8k.htm", "table_id": null, "text": "In connection with the PIPE Transactions, the size of the Board was increased from six (6) directors to eight (8) directors. The Board appointed Keith Rabois to be a Class I director of the Company, effective immediately, for a term expiring at the 2027 annual meeting of stockholders, or until his earlier death, resignation or removal, and the Board appointed Eric Wu to be a Class III director of the Company, effective immediately, for a term expiring at the 2026 annual meeting of stockholders, or until his earlier death, resignation or removal. Keith Rabois was appointed as Chairman of the Board. Eric Feder will continue to serve as Lead Independent Director of the Board. Keith Rabois was also appointed as a member of the Audit and Risk Committee of the Board and the Compensation Committee of the Board. In connection with these appointments, the Board determined that Keith Rabois is an independent director, within the meaning of the rules of the Nasdaq Stock Market LLC and the rules under Section 16 of the Securities Exchange Act of 1934, as amended, and satisfies the requirements for audit committee and compensation committee membership. Messrs. Rabois and Wu will be compensated for their service as directors on the same basis as other non-employee directors of the Company. Other than with respect to the matters referenced under Item 3.02 of this Current Report on Form 8-K, there are no arrangements or understandings between Keith Rabois or Eric Wu and any other person pursuant to which each was selected as a director, and there are no related person transactions within the meaning of Item 404(a) of Regulation S-K promulgated by the Securities and Exchange Commission between the Company and Keith Rabois or Eric Wu required to be disclosed herein."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#b27"], "char_count": 1503, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "82ce9409d1c0650c96af2ba3616e8c985e5931218ef31edc3078fde41fd5e5e6", "derivation_id": "f1002dab426d6563b400cb21b7a6a28218a8f173c50a38fda1b2ba7df7498bbd", "document_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-09-11", "filing_id": "sec:0001801169:0001140361-25-034609", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.", "Keith Rabois"], "items": ["3.02", "5.02", "7.01", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_8k.htm", "block_sequence": 27, "char_end": 1503, "char_start": 0, "fragment_sha256": "6fe257a55684e65d79f7f75e278607ea240bcc1ceb25f3fb22a45bc9a8ae55cf", "heading_path": ["N/A", "Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.", "Keith Rabois"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-09-06", "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#s17", "source_artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_8k.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125034609/ef20055426_8k.htm", "table_id": null, "text": "Keith Rabois is a Managing Director at Khosla Ventures, where he invests across sectors and stages leveraging his experience as a world-class founder, operator, and investor. Keith has helped build some of the largest, globally-recognized technology companies in his more than 20-year career. At Khosla Ventures, he led the first institutional investments in DoorDash, Affirm, and Faire, invested early in Stripe, and co-founded Opendoor. While a General Partner at Founders Fund, he led investments in Ramp, Trade Republic, and Aven, and before that made early personal investments in YouTube, Airbnb, and Palantir. Keith is consistently recognized on the Forbes Midas list, ranking as high as #4 in the U.S. and #8 globally. He has served on multiple boards, including Reddit's from 2012 to 2019, and on Yelp and Xoom's boards, guiding them from their early stages through IPOs. Keith currently serves on the boards of Ramp and Faire, among others. He started his technology career with leadership roles at PayPal, as their EVP of Business Development, Public Affairs & Policy, before joining LinkedIn as VP of Business & Corporate Development, and finally, Block (formerly known as Square), as Chief Operating Officer. Keith served as a litigator at Sullivan & Cromwell following his clerkship for the United States Court of Appeals for the Fifth Circuit. He holds a bachelor's degree in political science from Stanford University and earned a juris doctor degree with honors from Harvard University."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#b29"], "char_count": 3949, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "66c44bab01e44f33b6dfbaeec2df99f29b22cc5e63da47a11ea6eea79cb2de47", "derivation_id": "f1002dab426d6563b400cb21b7a6a28218a8f173c50a38fda1b2ba7df7498bbd", "document_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-09-11", "filing_id": "sec:0001801169:0001140361-25-034609", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.", "Eric Wu"], "items": ["3.02", "5.02", "7.01", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_8k.htm", "block_sequence": 29, "char_end": 3949, "char_start": 0, "fragment_sha256": "d5f726d3bd7d21dd61d027ead6403dac5be32fbd6e21075b322296dc7ce778c6", "heading_path": ["N/A", "Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.", "Eric Wu"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-09-06", "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#s18", "source_artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_8k.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125034609/ef20055426_8k.htm", "table_id": null, "text": "Eric Wu is the founder and former CEO of Opendoor, where he served as Chief Executive from 2013 to 2022 and as Chairman of the Board from 2020 to 2022. He is an active angel investor and advisor to leading technology companies including Harvey, Airtable, Ramp, Faire, and Mercury. Eric has been recognized as EY's Entrepreneur of the Year, included on Fortune's 40 Under 40, named one of Business Insider's Best Early Stage Investors, and in 2022 became the third-youngest Fortune 500 CEO. Earlier in his career, Eric founded Movity.com, a Y Combinator -backed startup acquired by Trulia in 2011, and prior to that launched a real estate investment trust focused on student housing. Appointment of Chief Executive Officer On September 10, 2025, the Company appointed Kaz Nejatian as the new Chief Executive Officer of the Company and as a Class II director, effective as soon as reasonably practicable and in any event prior to October 7, 2025, for a term expiring at the 2028 annual meeting of stockholders, or until his earlier death, resignation or removal. As of Kaz Nejatian’s appointment as Chief Executive Officer, Shrisha Radhakrishna will no longer serve as interim principal executive officer of the Company. There are no arrangements or understandings between Kaz Nejatian and any other person pursuant to which his appointment was made, and there are no related person transactions within the meaning of Item 404(a) of Regulation S-K promulgated by the Securities and Exchange Commission between the Company and Kaz Nejatian required to be disclosed herein. In connection with Kaz Nejatian’s appointment as the new Chief Executive Officer of the Company, the Company and its wholly owned subsidiary, Opendoor Labs Inc., entered into an offer letter with Kaz Nejatian on September 10, 2025 (the “Offer Letter”). Position; Reporting. Under the Offer Letter, Kaz Nejatian will serve as the Chief Executive Officer of the Company and Opendoor Labs, Inc. effective as soon as reasonably practicable following the date of the Offer Letter and in any event no later than October 7, 2025. Kaz Nejatian will also be appointed to serve as a member of the Board of Directors of the Company as of his employment start date. Cash Compensation. The Offer Letter provides that Kaz Nejatian’s annual base salary will be $1. Kaz Nejatian shall not be eligible to receive an annual bonus. Inducement Equity Awards. On his employment start date, Kaz Nejatian will receive two performance-based inducement equity awards in respect of a total 81,772,688 shares of Company common stock. These inducement equity awards will be granted solely in the form of performance-based restricted stock units, and each award will correspond to 40,886,344 shares of Company common stock. The awards, together with the restricted stock unit Make-Whole Award described below, are intended to serve as Kaz Nejatian’s exclusive for his initial five years of employment with the Company. The first performance-based inducement equity award (the “First Award”) will be eligible to vest in installments over a period of five (5) years from the date of grant, with twenty percent (20%) of the award vesting on the first anniversary of the grant date and the remainder of the award vesting in quarterly installments thereafter, subject to Kaz Nejatian’s continued employment through each applicable vesting date and the achievement of an average closing stock price that equals or exceeds $6.24 over the sixty (60) trading day period preceding the applicable vesting date (the “Stock Price Gate”) or any of the four immediately following vesting dates. The First Award includes certain termination-related vesting provisions generally providing for, in the event of an involuntary termination of employment without cause, for good reason, or due to Kaz Nejatian’s death or disability (a “Qualifying Termination”), accelerated vesting of up to one-tenth (1/10th) of the First Award."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#b29"], "char_count": 3011, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "52e2c9ce1bcb6fd0456fc52abb9161b9897f9b6bb77088c6073b5b86b2eb4151", "derivation_id": "f1002dab426d6563b400cb21b7a6a28218a8f173c50a38fda1b2ba7df7498bbd", "document_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-09-11", "filing_id": "sec:0001801169:0001140361-25-034609", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.", "Eric Wu"], "items": ["3.02", "5.02", "7.01", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_8k.htm", "block_sequence": 29, "char_end": 6960, "char_start": 3949, "fragment_sha256": "d5f726d3bd7d21dd61d027ead6403dac5be32fbd6e21075b322296dc7ce778c6", "heading_path": ["N/A", "Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.", "Eric Wu"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#p11", "passage_kind": "narrative", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-09-06", "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#s18", "source_artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_8k.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125034609/ef20055426_8k.htm", "table_id": null, "text": "The First Award is also subject to certain double trigger vesting provisions that apply in connection with a change in control where the change in control price exceeds specified thresholds starting at $25 per share. The second performance-based inducement equity award (the “Second Award”) has a five (5)-year performance period and is divided into seven (7) equal tranches, with each tranche subject to a performance-based vesting condition that requires achievement of an average closing price stock price hurdle (equal to $9, $13, $17, $21, $25, $29 and $33) over a sixty (60) trading day period commencing after the first anniversary of the grant date and ending prior to the end of the performance period. In addition, each tranche is subject to a time-based vesting condition: the first tranche of the Second Award will satisfy the time-based vesting condition on the first anniversary of the date of grant, the second and third tranches of the Second Award will vest quarterly over the second and third years following the date of grant, respectively, the fourth and fifth tranches of the Second Award will vest quarterly over the fourth year following the date of grant, and the sixth and seventh tranches of the Second Award will vest quarterly over the fifth year following the date of grant. Upon a termination due to Kaz Nejatian’s death or disability, each earned but unvested tranche will immediately vest, and upon a Qualifying Termination, Kaz Nejatian will be treated as if he had remained employed for an additional 60 trading days for purposes of the achievement of any time-based vesting condition and the performance-based vesting condition applicable to the tranche with the lowest stock price hurdle that remains unvested as of Kaz Nejatian’s termination date. The Second Award is also subject to certain double trigger vesting provisions that apply in connection with a change in control where the change in control price exceeds specified thresholds starting at $25 per share. Make-Whole Compensation. Kaz Nejatian will also receive two make-whole awards in respect of compensation awarded by his former employer that he is forfeiting. The awards consist of a $15,000,000 cash make-whole award and a restricted stock unit make-whole award, granted as an inducement award, with a grant date value of $15,000,000 (together, the “Make-Whole Awards”). The Make-Whole Awards will vest on the date that is nine (9) months after the date on which he commences his employment with the Company, subject to Kaz Nejatian’s continued employment as Chief Executive Officer of the Company through such vesting date. Notwithstanding the foregoing, each of the Make-Whole Awards will be subject to accelerated vesting upon Kaz Nejatian’s Qualifying Termination. Other Agreements. In connection with his employment with the Company, Kaz Nejatian has also executed the Company’s standard form of Confidential Information and Invention Assignment Agreement and standard form of Indemnification Agreement."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#b31"], "char_count": 2104, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "19267b332e1b12756047510f8f8b7e062bb78a2703acd430cf7cd0fa7f7ad880", "derivation_id": "f1002dab426d6563b400cb21b7a6a28218a8f173c50a38fda1b2ba7df7498bbd", "document_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-09-11", "filing_id": "sec:0001801169:0001140361-25-034609", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 5.02. 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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.", "Kaz Nejatian"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-09-06", "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#s19", "source_artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_8k.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125034609/ef20055426_8k.htm", "table_id": null, "text": "After working as a lawyer earlier in his career, Kaz Nejatian became the founder and CEO of Kash, a payment technology company. Kash was one of the early players in giving small businesses access to mobile payments technology for brick-and-mortar stores, and was acquired in 2017 by one of the largest fintech companies in the U.S. Kaz then served in various product roles at Meta (formerly Facebook) and Shopify before becoming its Chief Operating Officer in 2022. He is a graduate of Queen's University School of Business and University of Toronto law school, and is a proud husband and father to four young children. Resignation of Directors On September 6, 2025, Glenn Solomon informed the Board of his decision to retire from his position as director on the Board and from all committees of the Board, effective immediately. Following Glenn Solomon’s resignation, Eric Feder was appointed as the new Chair of the Compensation Committee of the Board. On September 10, 2025, in connection with the appointment of Kaz Nejatian as Chief Executive Officer and director, Pueo Keffer informed the Board of his decision to retire from this position as director on the Board and all committees of the Board, effective immediately. The Board approved the acceleration of the vesting of Pueo Keffer’s restricted stock unit (RSU) awards, granted to him pursuant to the Company’s non-employee director compensation policy, which were previously scheduled to vest on the earlier of (a) the date of the 2026 annual meeting of stockholders or (b) June 13, 2026. Following Pueo Keffer’s resignation, David Benson was appointed as the new Chair of the Audit and Risk Committee of the Board. The decisions by Messrs. Keffer and Solomon to resign from the Board were not the result of any disagreement with the Company on any matter regarding the Company’s operations, policies or practices. In connection with the resignations of Messrs. Keffer and Solomon, the size of the Board was set to be six (6) directors, until the appointment of Kaz Nejatian to the Board, at which point the Board will be seven (7) directors."} +{"artifact_role": "primary", "block_ids": ["norm:0001801169:0001140361-25-034609:ef20055426_8k.htm#b33"], "char_count": 768, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "93d7e9fff6b924f520684317aca196353b8dba27914308a5c778de38c43750f7", "derivation_id": "f1002dab426d6563b400cb21b7a6a28218a8f173c50a38fda1b2ba7df7498bbd", "document_id": "norm:0001801169:0001140361-25-034609:ef20055426_8k.htm", "document_type": "narrative_primary", "exhibit_type": "8-K", "filing_date": "2025-09-11", "filing_id": "sec:0001801169:0001140361-25-034609", "flags": [], "form": "8-K", "heading_path": ["N/A", "Item 7.01. 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"table": null, + "text": "SAN FRANCISCO, Sept. 10, 2025 (GLOBE NEWSWIRE) -- Opendoor Technologies Inc. (Nasdaq: OPEN) today announced that Kaz Nejatian, Chief Operating Officer of Shopify, has been appointed Chief Executive Officer and member of the Board of Directors. Co-Founders Keith Rabois and Eric Wu are returning to the Board of Directors, with Rabois taking on the role of Chairman." + }, + { + "block_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#b11", + "block_sequence": 11, + "block_sha256": "d9f793b3e6db08f634301a7061c980431f6ceb3b39ec6ba0f667374ff621c4f8", + "block_type": "heading", + "char_count": 31, + "level": 3, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", + "block_sequence": 11, + "char_end": 31, + "char_start": 0, + "fragment_sha256": "e31e3fa83fc5ced4a1609108b61f8e1317bb9047e26ad22adf9363451ccdf031", + "heading_path": [ + "EXHIBIT 99.1", + "Opendoor Names Kaz Nejatian as CEO; Founders Rabois and Wu Rejoin Board", + "The Right Leader for the AI Era" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#s8", + "table": null, + "text": "The Right Leader for the AI Era" + }, + { + "block_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#b12", + "block_sequence": 12, + "block_sha256": "87d5c50a76a4259d4dcbdfb124ab67acbfa447f23552d598fc9a2f6a3b51d4b0", + "block_type": "paragraph", + "char_count": 1496, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", + "block_sequence": 12, + "char_end": 1496, + "char_start": 0, + "fragment_sha256": "f5cca8546dc1c0ff4d06e443d76c69b7357c252482b9db3958c935b242a2f81e", + "heading_path": [ + "EXHIBIT 99.1", + "Opendoor Names Kaz Nejatian as CEO; Founders Rabois and Wu Rejoin Board", + "The Right Leader for the AI Era" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#s8", + "table": null, + "text": "Nejatian, a lawyer-turned entrepreneur and product leader, is an AI-native executive with a track record of transforming products, teams, and companies at scale. He joins Opendoor after serving as Chief Operating Officer and Vice President of Product at Shopify, where since 2019 he helped build the teams and the products at one of the world\u2019s most important commerce platforms. He is an exceptional operator, known for driving significant operating leverage while increasing speed of execution. He is a leader in the craft of product management and has helped build products used by hundreds of millions of people every day. \u201cLiterally there was only one choice for the job: Kaz. I am thrilled that he will be serving as CEO of Opendoor,\u201d said Rabois, Chairman. \u201cHe is a decisive leader who has driven product innovation at scale, ruthlessly reduced G&A expenses to drive profitability and deeply understands the potential for AI to radically reshape a company\u2019s entire operations. He is a proven executive with a founder\u2019s brain. He is the right leader to unlock Opendoor\u2019s unique data and assets as we build on Opendoor\u2019s original mission, now enhanced as an AI-first company. The future of home buying and selling is now in the chat.\u201d \u201cIt\u2019s a privilege to become Opendoor\u2019s leader,\u201d said Nejatian. \u201cFew life events are as important as buying or selling a home. With AI, we have the tools to make that experience radically simpler, faster, and more certain. That\u2019s the future we\u2019re building.\u201d" + }, + { + "block_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#b13", + "block_sequence": 13, + "block_sha256": "3fcbf9524b738ff60cfec418a74d469b72f7678f4323cbfba2e1fbe9de48b2eb", + "block_type": "heading", + "char_count": 90, + "level": 3, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", + "block_sequence": 13, + "char_end": 90, + "char_start": 0, + "fragment_sha256": "9adeaf56b7740d12b6ffb22d6618fc52aef00279d533f04b8fc5e8903ee17a7b", + "heading_path": [ + "EXHIBIT 99.1", + "Opendoor Names Kaz Nejatian as CEO; Founders Rabois and Wu Rejoin Board", + "Opendoor Going Into Founder Mode with Nejatian as CEO and Rabois and Wu Board Appointments" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#s9", + "table": null, + "text": "Opendoor Going Into Founder Mode with Nejatian as CEO and Rabois and Wu Board Appointments" + }, + { + "block_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#b14", + "block_sequence": 14, + "block_sha256": "2a7c5d889209e3ae874ed95b9eeaf62360dcc5bb1c848cc1f52b6dc21f95c135", + "block_type": "paragraph", + "char_count": 1076, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", + "block_sequence": 14, + "char_end": 1076, + "char_start": 0, + "fragment_sha256": "69c97d6d65a029cffd11c6bf6a0e9995c8fea0f881302487d3a5b6cae387306d", + "heading_path": [ + "EXHIBIT 99.1", + "Opendoor Names Kaz Nejatian as CEO; Founders Rabois and Wu Rejoin Board", + "Opendoor Going Into Founder Mode with Nejatian as CEO and Rabois and Wu Board Appointments" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#s9", + "table": null, + "text": "The Company also announced the appointments of Opendoor co-founders Keith Rabois, Managing Director at Khosla Ventures, and Eric Wu, co-founder NavigateAI, to the Board of Directors, effective immediately. Rabois will assume the role of Chairman, and Eric Feder will continue in his role as Lead Independent Director. \u201cRabois and Wu, who co-founded Opendoor in 2013, will inject the \u201cfounder DNA\u201d and energy at a pivotal moment for Opendoor. They are passionate about our community and we\u2019re excited to welcome them back to the Board,\u201d stated Feder. \u201cOpendoor\u2019s mission is more relevant than ever,\u201d added Wu. \u201cHomeowners deserve a better system, and with Kaz\u2019s vision, mentality and creativity, I\u2019m confident he can lead Opendoor\u2019s next chapter and build a category-defining company.\u201d Along with Mr. Rabois\u2019 and Mr. Wu\u2019s appointments to the Board, Pueo Keffer and Glenn Solomon have stepped down from the Board of Directors. Feder continued, \u201cWe are grateful to Pueo and Glenn for their many contributions to the company and their dedication to Opendoor and our shareholders.\u201d" + }, + { + "block_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#b15", + "block_sequence": 15, + "block_sha256": "e98fcf0090cf154a0309ef667be81a74d798f695df75d58f1c148149c2e87e58", + "block_type": "heading", + "char_count": 86, + "level": 3, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", + "block_sequence": 15, + "char_end": 86, + "char_start": 0, + "fragment_sha256": "6889fa248f7162541d27f120bff5e2e0bf8a088524faf97c63877ce34d19f2ec", + "heading_path": [ + "EXHIBIT 99.1", + "Opendoor Names Kaz Nejatian as CEO; Founders Rabois and Wu Rejoin Board", + "Khosla Ventures and Eric Wu Invest $40 million in Opendoor Equity to Accelerate Growth" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#s10", + "table": null, + "text": "Khosla Ventures and Eric Wu Invest $40 million in Opendoor Equity to Accelerate Growth" + }, + { + "block_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#b16", + "block_sequence": 16, + "block_sha256": "cfa88614ec7f53a99288d4bc4ad8cca67d063aec872a6a9b601cc48c15976e43", + "block_type": "paragraph", + "char_count": 259, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", + "block_sequence": 16, + "char_end": 259, + "char_start": 0, + "fragment_sha256": "34a417a16f48ab586f5b7619d639aedcbc0e7082b8e127e950e04e0580b64867", + "heading_path": [ + "EXHIBIT 99.1", + "Opendoor Names Kaz Nejatian as CEO; Founders Rabois and Wu Rejoin Board", + "Khosla Ventures and Eric Wu Invest $40 million in Opendoor Equity to Accelerate Growth" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#s10", + "table": null, + "text": "Opendoor has entered into securities purchase agreements with Khosla Ventures and Mr. Wu to invest $40 million of equity capital through a private investment in the Company. The Company intends to use the proceeds to fund continued investment in the business." + }, + { + "block_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#b17", + "block_sequence": 17, + "block_sha256": "10b24db652db194b2154d5bdcfb475086843328945a361467eb43f0a94b3890d", + "block_type": "heading", + "char_count": 8, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", + "block_sequence": 17, + "char_end": 8, + "char_start": 0, + "fragment_sha256": "f8bdeccbd15b2b06728cff6b9152c7d3516272d874a3807fd5ab89e08dc5e874", + "heading_path": [ + "EXHIBIT 99.1", + "Advisors" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#s11", + "table": null, + "text": "Advisors" + }, + { + "block_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#b18", + "block_sequence": 18, + "block_sha256": "701a8e5abdb9b94488c419517402e87856a3731286fe12aa96627e32f63f9b27", + "block_type": "paragraph", + "char_count": 126, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", + "block_sequence": 18, + "char_end": 126, + "char_start": 0, + "fragment_sha256": "978300d217c754472055d6b79a1a9b8a1f7c7581cde30197ea64eae54a5aec6d", + "heading_path": [ + "EXHIBIT 99.1", + "Advisors" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#s11", + "table": null, + "text": "Wachtell, Lipton, Rosen & Katz served as legal advisor to Opendoor and Goldman Sachs acted as the Company\u2019s financial advisor." + }, + { + "block_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#b19", + "block_sequence": 19, + "block_sha256": "6d1c3fa666c8c290234e47ff847e5a235d76d4909c16326715727b61e29189e4", + "block_type": "heading", + "char_count": 11, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", + "block_sequence": 19, + "char_end": 11, + "char_start": 0, + "fragment_sha256": "9ec7a58454bc6dabc6da412a576803823d05eb1e4267b47719d15a196c9c1c10", + "heading_path": [ + "EXHIBIT 99.1", + "Biographies" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#s12", + "table": null, + "text": "Biographies" + }, + { + "block_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#b20", + "block_sequence": 20, + "block_sha256": "cacbdf9d35f44c6e05388cbf12c383fb8540994267a7460c3aeedef191e3c9a7", + "block_type": "heading", + "char_count": 12, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", + "block_sequence": 20, + "char_end": 12, + "char_start": 0, + "fragment_sha256": "56d192d5e007ac8539bf5dc22097fa6587fba80a4332fff8adf29dc6e0567e7f", + "heading_path": [ + "EXHIBIT 99.1", + "Kaz Nejatian" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#s13", + "table": null, + "text": "Kaz Nejatian" + }, + { + "block_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#b21", + "block_sequence": 21, + "block_sha256": "2da231b8562df83d2f9994c8bba58991d7356c068b562ce34b0e88fdfe0a91b1", + "block_type": "paragraph", + "char_count": 619, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", + "block_sequence": 21, + "char_end": 619, + "char_start": 0, + "fragment_sha256": "56222f21644c503d12efec11c50a706237dff8208bed2040e82fd90cff021385", + "heading_path": [ + "EXHIBIT 99.1", + "Kaz Nejatian" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#s13", + "table": null, + "text": "After working as a lawyer earlier in his career, Kaz Nejatian became the founder and CEO of Kash, a payment technology company. Kash was one of the early players in giving small businesses access to mobile payments technology for brick-and-mortar stores, and was acquired in 2017 by one of the largest fintech companies in the U.S. Kaz then served in various product roles at Meta (formerly Facebook) and Shopify before becoming its Chief Operating Officer in 2022. He is a graduate of Queen\u2019s University School of Business and University of Toronto law school, and is a proud husband and father to four young children." + }, + { + "block_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#b22", + "block_sequence": 22, + "block_sha256": "686aae6ce035dc0c7b5da63a8c2011870da0505ba04d7cc2420ff895b74ac3e5", + "block_type": "heading", + "char_count": 12, + "level": 2, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", + "block_sequence": 22, + "char_end": 12, + "char_start": 0, + "fragment_sha256": "68d4199187a1643b75d2a2b3842c8b0f613ba8f25970b2e26741945585bcc3ef", + "heading_path": [ + "EXHIBIT 99.1", + "Keith Rabois" + ], + "table_index": null, + "tag_name": "div" + }, + "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#s14", + "table": null, + "text": "Keith Rabois" + }, + { + "block_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#b23", + "block_sequence": 23, + "block_sha256": "95179f3b9a6cb6130ef85d2139f4d348e2b6ad2c556714550822973887c6736c", + "block_type": "paragraph", + "char_count": 1503, + "level": null, + "locator": { + "artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", + "block_sequence": 23, + "char_end": 1503, + "char_start": 0, + "fragment_sha256": "a7d48272b703cdae5d772b165ca6d2c3eb5d4d707de53991f343c551f2430df9", + "heading_path": [ + "EXHIBIT 99.1", + "Keith Rabois" + ], + "table_index": null, + "tag_name": "sec-parser-merged-text" + }, + "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#s14", + "table": null, + "text": "Keith Rabois is a Managing Director at Khosla Ventures, where he invests across sectors and stages leveraging his experience as a world-class founder, operator, and investor. Keith has helped build some of the largest, globally-recognized technology companies in his more than 20-year career. At Khosla Ventures, he led the first institutional investments in DoorDash, Affirm, and Faire, invested early in Stripe, and co-founded Opendoor. While a General Partner at Founders Fund, he led investments in Ramp, Trade Republic, and Aven, and before that made early personal investments in YouTube, Airbnb, and Palantir. Keith is consistently recognized on the Forbes Midas list, ranking as high as #4 in the U.S. and #8 globally. He has served on multiple boards, including Reddit\u2019s from 2012 to 2019, and on Yelp and Xoom\u2019s boards, guiding them from their early stages through IPOs. Keith currently serves on the boards of Ramp and Faire, among others. He started his technology career with leadership roles at PayPal, as their EVP of Business Development, Public Affairs & Policy, before joining LinkedIn as VP of Business & Corporate Development, and finally, Block (formerly known as Square), as Chief Operating Officer. Keith served as a litigator at Sullivan & Cromwell following his clerkship for the United States Court of Appeals for the Fifth Circuit. 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He is an active angel investor and advisor to leading technology companies including Harvey, Airtable, Ramp, Faire, and Mercury. Eric has been recognized as EY\u2019s Entrepreneur of the Year, included on Fortune\u2019s 40 Under 40, named one of Business Insider\u2019s Best Early Stage Investors, and in 2022 became the third-youngest Fortune 500 CEO. 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Since 2014, Opendoor has provided people across the U.S. with a simple and certain way to sell and buy a home. Opendoor is a team of problem solvers, innovators, and operators who are leading the future of real estate. Opendoor currently operates in markets nationwide. 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All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our CEO search, our new and enhanced product offerings, our business strategy and our ability to create long-term value for sellers, agents and shareholders. These forward-looking statements generally are identified by the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cfuture\u201d, \u201cguidance\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cmight\u201d, \u201copportunity\u201d, \u201coutlook\u201d, \u201cplan\u201d, \u201cpossible\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201cstrive\u201d, \u201ctarget\u201d, \u201cvision\u201d, \u201cwill\u201d, or \u201cwould\u201d, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this press release include but are not limited to: the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, the imposition of tariffs and price or exchange controls, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that impact demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our digital platform, including our automated pricing and valuation technology; our ability to realize expected benefits from our restructuring and cost reduction efforts; our ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our ability to protect our brand and intellectual property; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors, including our Chief Executive Officer role; the impact of the regulatory environment and potential regulatory instability within our industry and complexities with compliance related to such environment; any future impact of pandemics, epidemics, or other public health crises on our ability to operate, demand for our products and services, or general economic conditions; our ability to maintain our listing on the Nasdaq Global Select Market; changes in laws or government regulation affecting our business; the impact of pending or future litigation or regulatory actions; and the volatility in the price of our common stock. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption \u201cRisk Factors\u201d in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 27, 2025, as updated by our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. 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He is the right leader to unlock Opendoor’s unique data and assets as we build on Opendoor’s original mission, now enhanced as an AI-first company. The future of home buying and selling is now in the chat.” “It’s a privilege to become Opendoor’s leader,” said Nejatian. “Few life events are as important as buying or selling a home. With AI, we have the tools to make that experience radically simpler, faster, and more certain. 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Rabois will assume the role of Chairman, and Eric Feder will continue in his role as Lead Independent Director. “Rabois and Wu, who co-founded Opendoor in 2013, will inject the “founder DNA” and energy at a pivotal moment for Opendoor. They are passionate about our community and we’re excited to welcome them back to the Board,” stated Feder. “Opendoor’s mission is more relevant than ever,” added Wu. “Homeowners deserve a better system, and with Kaz’s vision, mentality and creativity, I’m confident he can lead Opendoor’s next chapter and build a category-defining company.” Along with Mr. Rabois’ and Mr. Wu’s appointments to the Board, Pueo Keffer and Glenn Solomon have stepped down from the Board of Directors. Feder continued, “We are grateful to Pueo and Glenn for their many contributions to the company and their dedication to Opendoor and our shareholders.”"} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#b16"], "char_count": 259, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "cfa88614ec7f53a99288d4bc4ad8cca67d063aec872a6a9b601cc48c15976e43", "derivation_id": "a78286dd321ce17adc1de267da5efd0c2319b9d59ea5489a8e29110e7cf2d391", "document_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-09-11", "filing_id": "sec:0001801169:0001140361-25-034609", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 99.1", "Opendoor Names Kaz Nejatian as CEO; Founders Rabois and Wu Rejoin Board", "Khosla Ventures and Eric Wu Invest $40 million in Opendoor Equity to Accelerate Growth"], "items": ["3.02", "5.02", "7.01", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", "block_sequence": 16, "char_end": 259, "char_start": 0, "fragment_sha256": "34a417a16f48ab586f5b7619d639aedcbc0e7082b8e127e950e04e0580b64867", "heading_path": ["EXHIBIT 99.1", "Opendoor Names Kaz Nejatian as CEO; Founders Rabois and Wu Rejoin Board", "Khosla Ventures and Eric Wu Invest $40 million in Opendoor Equity to Accelerate Growth"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#p5", "passage_kind": "narrative", "passage_sequence": 5, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-09-06", "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#s10", "source_artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125034609/ef20055426_ex99-1.htm", "table_id": null, "text": "Opendoor has entered into securities purchase agreements with Khosla Ventures and Mr. Wu to invest $40 million of equity capital through a private investment in the Company. The Company intends to use the proceeds to fund continued investment in the business."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#b18"], "char_count": 126, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "701a8e5abdb9b94488c419517402e87856a3731286fe12aa96627e32f63f9b27", "derivation_id": "a78286dd321ce17adc1de267da5efd0c2319b9d59ea5489a8e29110e7cf2d391", "document_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-09-11", "filing_id": "sec:0001801169:0001140361-25-034609", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EXHIBIT 99.1", "Advisors"], "items": ["3.02", "5.02", "7.01", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", "block_sequence": 18, "char_end": 126, "char_start": 0, "fragment_sha256": "978300d217c754472055d6b79a1a9b8a1f7c7581cde30197ea64eae54a5aec6d", "heading_path": ["EXHIBIT 99.1", "Advisors"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#p6", "passage_kind": "narrative", "passage_sequence": 6, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-09-06", "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#s11", "source_artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125034609/ef20055426_ex99-1.htm", "table_id": null, "text": "Wachtell, Lipton, Rosen & Katz served as legal advisor to Opendoor and Goldman Sachs acted as the Company’s financial advisor."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#b21"], "char_count": 619, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "2da231b8562df83d2f9994c8bba58991d7356c068b562ce34b0e88fdfe0a91b1", "derivation_id": "a78286dd321ce17adc1de267da5efd0c2319b9d59ea5489a8e29110e7cf2d391", "document_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-09-11", "filing_id": "sec:0001801169:0001140361-25-034609", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 99.1", "Kaz Nejatian"], "items": ["3.02", "5.02", "7.01", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", "block_sequence": 21, "char_end": 619, "char_start": 0, "fragment_sha256": "56222f21644c503d12efec11c50a706237dff8208bed2040e82fd90cff021385", "heading_path": ["EXHIBIT 99.1", "Kaz Nejatian"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#p7", "passage_kind": "narrative", "passage_sequence": 7, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-09-06", "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#s13", "source_artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125034609/ef20055426_ex99-1.htm", "table_id": null, "text": "After working as a lawyer earlier in his career, Kaz Nejatian became the founder and CEO of Kash, a payment technology company. Kash was one of the early players in giving small businesses access to mobile payments technology for brick-and-mortar stores, and was acquired in 2017 by one of the largest fintech companies in the U.S. Kaz then served in various product roles at Meta (formerly Facebook) and Shopify before becoming its Chief Operating Officer in 2022. He is a graduate of Queen’s University School of Business and University of Toronto law school, and is a proud husband and father to four young children."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#b23"], "char_count": 1503, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "95179f3b9a6cb6130ef85d2139f4d348e2b6ad2c556714550822973887c6736c", "derivation_id": "a78286dd321ce17adc1de267da5efd0c2319b9d59ea5489a8e29110e7cf2d391", "document_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-09-11", "filing_id": "sec:0001801169:0001140361-25-034609", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 99.1", "Keith Rabois"], "items": ["3.02", "5.02", "7.01", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", "block_sequence": 23, "char_end": 1503, "char_start": 0, "fragment_sha256": "a7d48272b703cdae5d772b165ca6d2c3eb5d4d707de53991f343c551f2430df9", "heading_path": ["EXHIBIT 99.1", "Keith Rabois"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#p8", "passage_kind": "narrative", "passage_sequence": 8, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-09-06", "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#s14", "source_artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125034609/ef20055426_ex99-1.htm", "table_id": null, "text": "Keith Rabois is a Managing Director at Khosla Ventures, where he invests across sectors and stages leveraging his experience as a world-class founder, operator, and investor. Keith has helped build some of the largest, globally-recognized technology companies in his more than 20-year career. At Khosla Ventures, he led the first institutional investments in DoorDash, Affirm, and Faire, invested early in Stripe, and co-founded Opendoor. While a General Partner at Founders Fund, he led investments in Ramp, Trade Republic, and Aven, and before that made early personal investments in YouTube, Airbnb, and Palantir. Keith is consistently recognized on the Forbes Midas list, ranking as high as #4 in the U.S. and #8 globally. He has served on multiple boards, including Reddit’s from 2012 to 2019, and on Yelp and Xoom’s boards, guiding them from their early stages through IPOs. Keith currently serves on the boards of Ramp and Faire, among others. He started his technology career with leadership roles at PayPal, as their EVP of Business Development, Public Affairs & Policy, before joining LinkedIn as VP of Business & Corporate Development, and finally, Block (formerly known as Square), as Chief Operating Officer. Keith served as a litigator at Sullivan & Cromwell following his clerkship for the United States Court of Appeals for the Fifth Circuit. He holds a bachelor's degree in political science from Stanford University and earned a juris doctor degree with honors from Harvard University."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#b25"], "char_count": 681, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "93965e22a9ec7ff6de12a34a0fb57420a5a2bc791e9977035e5396d6933b11fa", "derivation_id": "a78286dd321ce17adc1de267da5efd0c2319b9d59ea5489a8e29110e7cf2d391", "document_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-09-11", "filing_id": "sec:0001801169:0001140361-25-034609", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 99.1", "Eric Wu"], "items": ["3.02", "5.02", "7.01", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", "block_sequence": 25, "char_end": 681, "char_start": 0, "fragment_sha256": "8c6a99df2ade1d738d3ff9b335274dc5357cc7482d17b016fb5ce208844765cc", "heading_path": ["EXHIBIT 99.1", "Eric Wu"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#p9", "passage_kind": "narrative", "passage_sequence": 9, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-09-06", "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#s15", "source_artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125034609/ef20055426_ex99-1.htm", "table_id": null, "text": "Eric Wu is the founder and former CEO of Opendoor, where he served as Chief Executive from 2013 to 2022 and as Chairman of the Board from 2020 to 2022. He is an active angel investor and advisor to leading technology companies including Harvey, Airtable, Ramp, Faire, and Mercury. Eric has been recognized as EY’s Entrepreneur of the Year, included on Fortune’s 40 Under 40, named one of Business Insider’s Best Early Stage Investors, and in 2022 became the third-youngest Fortune 500 CEO. Earlier in his career, Eric founded Movity.com, a Y Combinator–backed startup acquired by Trulia in 2011, and prior to that launched a real estate investment trust focused on student housing."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#b27"], "char_count": 468, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "007f9896616af3b6045f4856d76a8912f23cb7fd80ba5c434bef3881b602ee22", "derivation_id": "a78286dd321ce17adc1de267da5efd0c2319b9d59ea5489a8e29110e7cf2d391", "document_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-09-11", "filing_id": "sec:0001801169:0001140361-25-034609", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 99.1", "About Opendoor"], "items": ["3.02", "5.02", "7.01", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", "block_sequence": 27, "char_end": 468, "char_start": 0, "fragment_sha256": "97c3734cda039edc1557cd417746394dac14cc00daa1f92879ed1b5bb1297acb", "heading_path": ["EXHIBIT 99.1", "About Opendoor"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#p10", "passage_kind": "narrative", "passage_sequence": 10, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-09-06", "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#s16", "source_artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125034609/ef20055426_ex99-1.htm", "table_id": null, "text": "Opendoor is a leading e-commerce platform for residential real estate transactions whose mission is to power life’s progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple and certain way to sell and buy a home. Opendoor is a team of problem solvers, innovators, and operators who are leading the future of real estate. Opendoor currently operates in markets nationwide. For more information, please visit www.opendoor.com."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#b29"], "char_count": 1308, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "8f33bc00e5f1a609b4f1e6699c030f67aaff9f62da61b563e60a21935cdb416a", "derivation_id": "a78286dd321ce17adc1de267da5efd0c2319b9d59ea5489a8e29110e7cf2d391", "document_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-09-11", "filing_id": "sec:0001801169:0001140361-25-034609", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 99.1", "Forward Looking Statements"], "items": ["3.02", "5.02", "7.01", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", "block_sequence": 29, "char_end": 1308, "char_start": 0, "fragment_sha256": "fd4fac30ac2443429209254cb88a49810e519e4d737f1dae63f4549f1fb723ee", "heading_path": ["EXHIBIT 99.1", "Forward Looking Statements"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#p11", "passage_kind": "narrative", "passage_sequence": 11, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-09-06", "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#s17", "source_artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125034609/ef20055426_ex99-1.htm", "table_id": null, "text": "This press release contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our CEO search, our new and enhanced product offerings, our business strategy and our ability to create long-term value for sellers, agents and shareholders. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “vision”, “will”, or “would”, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#b29"], "char_count": 3896, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "f4a2e08449d6a8b182c16cbc6ccb89122e22726f76f2c2ba477a6f70a3f06e30", "derivation_id": "a78286dd321ce17adc1de267da5efd0c2319b9d59ea5489a8e29110e7cf2d391", "document_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-09-11", "filing_id": "sec:0001801169:0001140361-25-034609", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 99.1", "Forward Looking Statements"], "items": ["3.02", "5.02", "7.01", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", "block_sequence": 29, "char_end": 5204, "char_start": 1308, "fragment_sha256": "fd4fac30ac2443429209254cb88a49810e519e4d737f1dae63f4549f1fb723ee", "heading_path": ["EXHIBIT 99.1", "Forward Looking Statements"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#p12", "passage_kind": "narrative", "passage_sequence": 12, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-09-06", "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#s17", "source_artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125034609/ef20055426_ex99-1.htm", "table_id": null, "text": "The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this press release include but are not limited to: the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, the imposition of tariffs and price or exchange controls, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that impact demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our digital platform, including our automated pricing and valuation technology; our ability to realize expected benefits from our restructuring and cost reduction efforts; our ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our ability to protect our brand and intellectual property; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors, including our Chief Executive Officer role; the impact of the regulatory environment and potential regulatory instability within our industry and complexities with compliance related to such environment; any future impact of pandemics, epidemics, or other public health crises on our ability to operate, demand for our products and services, or general economic conditions; our ability to maintain our listing on the Nasdaq Global Select Market; changes in laws or government regulation affecting our business; the impact of pending or future litigation or regulatory actions; and the volatility in the price of our common stock. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2025, as updated by our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 and other filings with the SEC."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#b29"], "char_count": 606, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "cfde466c5974ec5de063d1708498b239582b9df218659cbc805265a35695736d", "derivation_id": "a78286dd321ce17adc1de267da5efd0c2319b9d59ea5489a8e29110e7cf2d391", "document_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-09-11", "filing_id": "sec:0001801169:0001140361-25-034609", "flags": [], "form": "8-K", "heading_path": ["EXHIBIT 99.1", "Forward Looking Statements"], "items": ["3.02", "5.02", "7.01", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", "block_sequence": 29, "char_end": 5810, "char_start": 5204, "fragment_sha256": "fd4fac30ac2443429209254cb88a49810e519e4d737f1dae63f4549f1fb723ee", "heading_path": ["EXHIBIT 99.1", "Forward Looking Statements"], "table_index": null, "tag_name": "div"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#p13", "passage_kind": "narrative", "passage_sequence": 13, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-09-06", "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#s17", "source_artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125034609/ef20055426_ex99-1.htm", "table_id": null, "text": "These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations."} +{"artifact_role": "ex99-01", "block_ids": ["norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#b31"], "char_count": 59, "cik10": "0001801169", "company_name": "Opendoor Technologies Inc.", "content_sha256": "ea35184e597337d730affb491998e684d1686e130c83f1bd9046ee18f654d079", "derivation_id": "a78286dd321ce17adc1de267da5efd0c2319b9d59ea5489a8e29110e7cf2d391", "document_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", "document_type": "earnings_release", "exhibit_type": "EX-99.1", "filing_date": "2025-09-11", "filing_id": "sec:0001801169:0001140361-25-034609", "flags": ["short_passage"], "form": "8-K", "heading_path": ["EXHIBIT 99.1", "Contact Information"], "items": ["3.02", "5.02", "7.01", "8.01", "9.01"], "locators": [{"artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", "block_sequence": 31, "char_end": 59, "char_start": 0, "fragment_sha256": "b0e9a154cb37ef74d9f8116ff03857c8ab2d95ca04d0a39fbd477062746b19f3", "heading_path": ["EXHIBIT 99.1", "Contact Information"], "table_index": null, "tag_name": "sec-parser-merged-text"}], "normalizer_version": "1.0.0", "parser_name": "sec_html", "parser_version": "0.58.1", "passage_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#p14", "passage_kind": "narrative", "passage_sequence": 14, "passage_strategy_name": "section_aware", "passage_strategy_version": "1.0.0", "report_date": "2025-09-06", "section_id": "norm:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm#s18", "source_artifact_id": "sec:0001801169:0001140361-25-034609:ef20055426_ex99-1.htm", "source_url": "https://www.sec.gov/Archives/edgar/data/1801169/000114036125034609/ef20055426_ex99-1.htm", "table_id": null, "text": "Investors: investors@opendoor.com Media: press@opendoor.com"}